Fervo Energy Co.'s stock surged 5.16% during intraday trading on Thursday, continuing the positive momentum from its recent market debut.

The geothermal energy developer's shares are riding a wave of investor enthusiasm following its highly successful initial public offering. Fervo Energy's stock soared approximately 35% on its first day of trading Wednesday, marking the largest energy or utility IPO since 2013. The company, which is backed by Microsoft co-founder Bill Gates, raised $1.9 billion and achieved a market valuation of around $8 billion.

Investor appetite for energy companies remains strong as the U.S. faces record levels of new power demand, particularly from data centers and AI infrastructure. Fervo's technology, which drills deep to harness geothermal steam for electricity generation, is seen as a clean and reliable power source that aligns with the growing focus on energy security and decarbonization goals. The company has partnerships with major tech firms, including Alphabet, which views geothermal as a potential power source for its operations.