Fervo raises ~$2.17B in May IPO; 500 MW Cape Station under construction; $87.7M H1 net loss

Filed August 13, 2026 · Period ending June 30, 2026 · ~2 min read

Key Changes

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  Subsequent event: Management has evaluated subsequent events that occurred after the date of the Condensed Consolidated Balance Sheets through the date the financial statements were issued. •On July 8, 2026, the Borrowers completed a f…

  Notes: Subsequent Events verify on EDGAR →
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  Completed IPO on May 14, 2026, selling 80.5M Class A shares at $27.00/share for ~$2.17B gross proceeds. Cash and equivalents rose from $461.8M (Dec 2025) to $2.1B (Jun 2026), funding Cape Station construction and development pipeline.

  MD&A: IPO and Liquidity verify on EDGAR →
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  Cape Station (500 MW under construction) targets first power Q4 2026 and ~100 MW operational Q1 2027. Phase I permitting nearly complete (79/80); Phase II in progress (82/179). Missing commercial operation dates triggers liquidated damages; six-month delay allows PPA termination.

  MD&A: Cape Station Progress; Risk Factors verify on EDGAR →