Diligence memo · auto-generated · as of July 2, 2026
Fervo Energy Co
Fervo Energy Co has raised $916M over 5 rounds; too few niche peers to rank its valuation yet.
Businessfiled
Fervo Energy Co operates in Other Energy, based in HOUSTON. Fervo Energy delivers 24/7 carbon-free energy through development of next-generation geothermal projects.
Sub-sector tags: climate/cleantech, energy.
Capital & rounds (filed)filed
Fervo Energy Co has raised $916M in disclosed capital across 5 recorded rounds, aggregated from public filings. Its latest round is modeled as Growth/Late (a round over $400M).
Largest single filing: $452M on 2025-12-04.
Most recent recorded round closed around 2025-12-04.
Valuation (modeled)modeled
Provath models Fervo Energy Co at approximately $4.0B (range $3.3B–$4.5B). This is an algorithmic estimate from round sizes and same-niche peers — not a quoted or reported figure.
Too few comparable companies in this niche to rank the valuation fairly yet.
Financing rhythm & timingmixed
Historic cadence: a new round about every 11 months.
Last raise 7 mo ago; this sector typically re-raises about every 12 months.
Raising on or ahead of the sector's normal rhythm.
The last round stepped up 3.3× from the prior — scaling.
Comparablesmixed
Capital scale ranks ahead of 100% of Other Energy peers (2049 compared).
Modeled value ranks above 99% of those peers.
Closest niche peers: Silicon Ranch Corp.
Peoplefiled
18 named people on file across officers, directors and signatories.
Risks & flagsmixed
No clearly named CEO/founder/principal in the surfaced records — key-person evidence is thin.