US climate tech firms list on stock exchanges amid AI power surge
A wave of energy companies has gone public in the United States, capitalising on political support for nuclear and geothermal power and rising electricity demand from artificial intelligence infrastructure.
Three climate technology companies have completed initial public offerings in the United States between February and May 2026, raising significant capital to address surging electricity demand driven by data centres and artificial intelligence. Solv Energy, X-energy, and Fervo Energy have listed on public markets with valuations ranging from $6 billion to approximately $12.4 billion, reflecting investor appetite for next-generation energy solutions.
Solv Energy, a solar and battery storage firm, listed in February with a $6 billion valuation. The company currently operates 21 gigawatts of projects across 35 states and cited data centres over a dozen times in its Securities and Exchange Commission filings ahead of the offering. Solar and battery technologies are considered among the fastest and most cost-effective methods to add capacity to the grid.
X-energy, which is developing high-temperature gas-cooled small modular nuclear reactors, listed in April with a market capitalisation of $11.5 billion. The company has received key environmental approval for a project in Texas but awaits final clearance from the Nuclear Regulatory Commission. Amazon is reported to own close to 20% of the company and is a client for its future power output.
Fervo Energy, an enhanced geothermal company, listed in mid-May with a market capitalisation of approximately $12.4 billion. Its Cape Station project in Utah is expected to generate 500 megawatts, with the first unit scheduled to start generating power by October and subsequent units by January 2027. Google is a longstanding investor and client of the firm.
The success of these listings coincides with a political environment in the US that favours nuclear and geothermal power, while support for wind energy has been curtailed. Fervo’s Cape Station is estimated to cost $7 per kilowatt to build, which is cheaper than new nuclear plants but more than double the cost of new natural gas plants in the US.
Investors are watching whether these firms can successfully scale their technologies to sustain market confidence. Fervo holds binding power purchase agreements for over 600 megawatts and has land leases capable of generating more than 40 gigawatts, compared to the entire US geothermal fleet capacity of 4 gigawatts as of 2024. If these companies meet their timelines, it could encourage further public listings in the nuclear and geothermal sectors.
