Fervo Energy Co. (FRVO) saw its stock price soar 33.33% during intraday trading on Wednesday, marking a dramatic start to its life as a public company.

The geothermal energy developer made its Nasdaq debut after pricing an upsized initial public offering at $27 per share, above its recently increased target range of $25 to $26. The company sold 70 million shares to raise $1.89 billion, capitalizing on significant investor appetite for the offering, which was reportedly oversubscribed by a double-digit multiple.

Investor enthusiasm is driven by Fervo's backing from prominent figures like Bill Gates and its partnerships with major technology firms, including Alphabet. The company is positioned to benefit from the soaring electricity demand from data centers fueled by the artificial intelligence boom. Fervo also boasts a substantial potential revenue backlog of approximately $7.2 billion from power purchase agreements, despite currently reporting minimal revenue.