Geothermal energy is getting attention again, and the timing makes sense. The International Energy Agency says electricity demand from data centers will grow 15% a year through 2030, about four times faster than other sectors.
Power use from AI servers alone is expected to rise 30% annually. That kind of round-the-clock demand helped Fervo Energy (FRVO) pull off the largest clean energy IPO to date when it went public on May 13, 2026. Shares were priced at $27, but demand pushed the deal higher several times, from 55.5 million shares to 70 million, and finally to 80.5 million after the full over-allotment, raising about $2.2 billion.
