Fervo Energy, a Houston-based geothermal power developer, announced on Monday that it is pursuing an initial public offering (IPO) targeting a valuation of up to $7.37 billion. The company plans to raise as much as $1.82 billion by offering 70 million shares priced between $25 and $26 each.

The planned IPO marks an increase from Fervo’s earlier proposal, which targeted a $6.5 billion valuation through the sale of 55.6 million shares priced between $21 and $24 apiece. The company’s decision to pursue an unsized offering reflects strong investor interest amid a growing demand for clean and reliable energy sources.

The timing of Fervo’s public listing aligns with rising electricity consumption driven by the expanding use of artificial intelligence (AI) and the consequent proliferation of data centers. This surge in power demand is placing added strain on the U.S. electricity grid, prompting greater investment in sustainable energy infrastructure.

Fervo’s geothermal technology aims to contribute to the diversification of the energy mix by providing consistent, low-carbon power. The company is among three firms slated to price billion-dollar public offerings this week, marking the busiest week for IPOs in the sector since 2021, according to data from Renaissance Capital.

The heightened activity in the IPO market this year reflects investor appetite for companies positioned in high-growth industries, particularly those linked to emerging technologies like AI. As infrastructure demands grow alongside AI adoption, energy companies such as Fervo are attracting significant financial backing ahead of their stock market debuts.