Source: Fervo Energy IPO Prospectus (Form 424B4, May 2026)

Summary

Fervo Energy Company's final IPO prospectus, filed under Rule 424(b)(4) on 2026-05-14. Accession number 0001628280-26-034849; filer CIK 0001853868; IRS employer identification number 82-3168838; Nasdaq ticker FRVO.

This filing resolves what the wiki previously had to infer from press releases. It is the primary record for Cape Station's contracted capacity and schedule, for Fervo's offtake book, and for the company's size — and it supersedes the 2023 groundbreaking release, which announced Cape Station at 400 MW.

Useful Claims

• Cape Station is a 500-megawatt greenfield GeoCluster located in Milford, Utah (Beaver County), with 500 MW under construction, commercial contracts in place, and physical work underway.
• Fervo expects first power by late 2026 and approximately 100 megawatts of operating capacity by early 2027. The 500 MW represents only the first two phases of the Cape Station GeoCluster.
• Across the full portfolio Fervo had signed 658 megawatts of binding power purchase agreements with investment-grade utility and corporate buyers including Southern California Edison and Shell; as of March 31, 2026 those PPAs had remaining terms of approximately 15 years and were unchanged from December 31, 2025.
• Fervo employed 199 full-time and part-time employees as of December 31, 2025.
• The IPO offered 70,000,000 shares of Class A common stock at an initial public offering price of $27.00 per share, with a 30-day underwriters' option for up to 10,500,000 additional shares.
• Estimated net proceeds were approximately $1,767,385,600, or approximately $2,033,875,600 if the underwriters exercised their option in full.
• Fervo's Utah and Nevada wells are at Cape Station in Beaver County near Milford, Utah, and at Project Red near Winnemucca in Humboldt County, Nevada.
• A framework agreement with Google lets Fervo propose geothermal projects but does not obligate Google to accept any project, sign a PPA, or provide project financing.

Verbatim

"Expanding upon this success, we are now building Cape Station, a 500-megawatt greenfield project, where we expect to deliver first power by late 2026." — Prospectus Summary

"At Cape Station, we have 500 megawatts under construction and expect to deliver first power in late 2026, reaching approximately 100 megawatts of operating capacity by early 2027." — Prospectus Summary

"'Cape Station' means our GeoCluster located in Milford, Utah, the first approximately 100 megawatts of which we expect will be delivered to the grid by early 2027." — Glossary of defined terms

"These 500 megawatts represent only the first two phases of the Cape Station GeoCluster." — Prospectus Summary

"Across our full portfolio, we have signed 658 megawatts of binding power purchase agreements ('PPAs') with investment-grade utility and corporate energy buyers including Southern California Edison and Shell." — Prospectus Summary

"As of March 31, 2026, we had 658 megawatts of binding power purchase agreements with remaining terms of approximately 15 years, unchanged from December 31, 2025." — Recent Developments

"As of December 31, 2025, we employed 199 full-time employees and part-time employees." — Business (Human Capital)

"We are offering 70,000,000 shares of our Class A common stock." — Cover page

"[We have gran]ted the underwriters an option for a period of 30 days from the date of this prospectus to purchase up to an additional 10,500,000 shares of our Class A common stock from us at the initial public offering price, less the underwriting discounts and commissions." — Cover page / Underwriting

"We estimate that we will receive net proceeds from this offering of approximately $1,767,385,600 (or approximately $2,033,875,600 if the underwriters exercise in full their option to purchase additional shares of Class A common stock), based on an initial public offering price of $27.00 per share and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us." — Use of Proceeds

"These wells were drilled at our Cape Station project in Beaver County near Milford, Utah, and at Project Red adjacent to the Blue Mountain geothermal field near Winnemucca in Humboldt County, Nevada." — Business

"The GFA establishes a binding framework under which we may propose geothermal development projects to Google, but it does not obligate Google to accept any project, execute any power purchase agreement or provide us with any project financing." — Risk Factors

Reliability Notes

A final prospectus is primary-tier: it is filed under Securities Act liability, reviewed by the SEC, diligenced by underwriters, and permanently archived. For Cape Station's capacity, schedule, and contracted offtake it is the strongest available source and it outranks the company's own press releases, including the 2023 groundbreaking announcement's 400 MW figure — see Official Source: Fervo Cape Station Groundbreaking.

Two caveats. Capacity "under construction" and dates for "first power" are management expectations about an unfinished project, not delivered facts; the filing's own risk factors say so at length. And the financial and commercial figures are as of December 31, 2025 or March 31, 2026 — for anything more recent use Source: Fervo Energy Form 10-Q, Q1 2026 or a later filing from https://data.sec.gov/submissions/CIK0001853868.json.

Related Pages

• Fervo Energy
• Source: Fervo Energy Form 10-Q, Q1 2026
• Official Source: Fervo Cape Station Groundbreaking
• Tim Latimer