Private Market View

Fervo Energy

Houston, TX · Founded 2017 · In IPO Registration

PA Mark · $/share
$37
Sep 2026
Implied valuation
$20.2B
Total raised
$2.0B
Last round
IPO
Jan 2026

Capitalization table

12 share classes, by liquidation seniority
ClassLiq. prefIssue price
Series A
Series A-1
Series B
Series C-1
Series C-2
Series C-3
+ 6 more classes · a free account shows the full cap table
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Reading Fervo Energy's cap table

Share classes are listed senior-first: in a sale or liquidation, higher-seniority preferred stock is paid its liquidation preference before junior classes and common see proceeds. A participating class takes its preference and shares in the remainder; a non-participating class chooses one or the other.

The original issue price is what investors paid per share in that class’s round — read against current secondary prices, it shows which investors are above or below water.

Frequently asked

How many share classes does Fervo Energy have?
Fervo Energy has 12 recorded share classes, listed by liquidation seniority — Series A is the most senior.
How many shares has Fervo Energy authorized?
Across its 12 recorded classes, Fervo Energy has authorized 100,767,502+ shares.
Where does Fervo Energy's cap table come from?
Share classes are assembled from certificates of incorporation, priced-round filings, and disclosures across Fervo Energy's 11 recorded funding rounds.