2026 Energy Transition IPOs
This tracker follows the 5 energy-transition companies that have gone public in 2026 — spanning small modular reactor and uranium developers, lithium and rare-earth miners, copper, geothermal, battery and grid names. For each listing it shows the IPO offer price, the latest share price, and the performance since debut, so you can see at a glance which 2026 debuts have rewarded early investors and which have struggled.
New IPOs are added as they price and begin trading, and recent prices are refreshed periodically. Click any company to expand a full overview, key listing details, and — where available — a link to our in-depth IPO preview.
| Company | Ticker | IPO Performance ▼ | |||||||
|---|---|---|---|---|---|---|---|---|---|
| FPS | ▲ +118.6% | ||||||||
Forgent Power SolutionsForgent Power Solutions is a US-based manufacturer of electrical distribution equipment serving data centres, grid operators, and energy-intensive industrial facilities. The company was assembled by private equity firm Neos Partners LP through four acquisitions — MGM Transformer Co., PwrQ, States Manufacturing, and VanTran Industries — at an aggregate cost of $604 million between October 2023 and June 2024, with the Forgent brand formally launched in August 2025. Forgent's product portfolio spans transformers, switchgear and panels, transfer switches, and prefabricated power solutions (eHouses, power skids, PDUs). Data centres represented 42% of fiscal 2025 revenue and 47% of backlog. Revenue reached $753 million in fiscal 2025 (ended June 30, 2025), up 56% year-on-year, with a backlog of $1.03 billion as of September 2025 — up 44% year-on-year and exceeding a full year of revenue. Forgent listed on the NYSE under FPS in February 2026, with Neos Partners retaining majority voting control through a dual-class Up-C structure. 5 Feb 2026
$27.00
$59.03
2026-06-13
$17.40B
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| FRVO | ▲ +30.3% | ||||||||
Fervo EnergyFervo Energy is a Houston-based developer of enhanced geothermal systems (EGS), applying horizontal drilling and hydraulic fracturing techniques from the shale industry to access geothermal heat from low-permeability rock. The company was co-founded in 2017 by CEO Tim Latimer and CTO Dr. Jack Norbeck, and is backed by Bill Gates' Breakthrough Energy Ventures. Fervo priced its upsized Nasdaq IPO on May 12, 2026 at $27 per share, raising $1.89 billion in gross proceeds — reportedly approximately 15 times oversubscribed. Shares surged on debut, pushing the company's valuation above $10 billion and making it one of the largest clean energy IPOs in recent history. Cape Station is Fervo's flagship 500 MW next-generation EGS project in Beaver County, Utah, with first commercial power targeted for late 2026 and approximately 100 MW operating by early 2027. Phase I is backed by a $421 million non-recourse project finance facility. Fervo holds 658 MW of binding PPAs representing approximately $7.2 billion in potential revenue backlog across Southern California Edison, Shell, Google/NV Energy, Clean Power Alliance, Desert Community Energy, and CalChoice. In March 2026, Fervo signed a non-binding 3 GW Geothermal Framework Agreement with Google Energy. 13 May 2026
$27.00
$35.19
2026-06-13
$10.35B
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| MWH | ▲ +27.0% | ||||||||
SOLV EnergySOLV Energy is one of the largest utility-scale solar and battery storage engineering, procurement, and construction (EPC) and operations and maintenance (O&M) contractors in the United States. The company was founded in 2008 as Swinerton Renewable Energy, a division of Swinerton Builders, before being acquired by private equity firm American Securities in December 2021 and rebranded as SOLV Energy. In October 2024, SOLV merged with CS Energy, a leading East and Southeast US solar and storage EPC firm, expanding its geographic reach. The company is headquartered in San Diego, California. SOLV generated revenue of $2.49 billion in 2025 with net income of $149 million and Adjusted EBITDA of $341.7 million. Backlog stood at approximately $8.2 billion as of March 31, 2026 — more than three years of revenue at current run-rates. The company listed on the Nasdaq Global Select Market under the ticker MWH in February 2026, pricing 23.6 million Class A shares at $25 each via an Up-C structure; first-day trading commenced February 11. 11 Feb 2026
$25.00
$31.75
2026-06-13
$6.90B
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| REA | ▼ -3.3% | ||||||||
Rare Earths AmericasRare Earths Americas is an exploration-stage critical minerals company targeting magnet rare earth elements — including high-value heavy rare earths dysprosium (Dy) and terbium (Tb) — across three projects in the United States and Brazil. The company was formed in July 2025 through the combined acquisition of Alpha Minerals Brazil Participações Ltda. and Foothills Rare Earths Limited (Australia), creating a dual-jurisdiction exploration platform headquartered in Manchester, Georgia. The flagship Shiloh Project in Georgia spans 1,927 acres, with trench intercepts of up to 30.98% Total Rare Earth Oxides (TREO). REA's two Brazilian projects — Alpha (Bahia, 201.7 Mt inferred at 1,520 ppm TREO) and Constellation (Minas Gerais, 266.2 Mt inferred at 2,637 ppm TREO) — are ionic adsorption clay deposits amenable to simplified leaching. Rare Earths Americas listed on NYSE American under REA in May 2026 in an upsized IPO, raising $63.3 million gross at $19 per share — the top of the range. None of the three projects have defined mineral reserves, and the company has generated no revenue to date. 6 May 2026
$19.00
$18.37
2026-06-13
$366M
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| XE | ▼ -19.2% | ||||||||
X-Energy, Inc.X-energy is a US nuclear technology company developing the Xe-100, a pebble bed high-temperature gas-cooled reactor (HTGR) designed to generate approximately 80 MWe per unit, scalable to 320 MWe in a standard four-unit configuration. The Xe-100 uses TRISO-X fuel — HALEU uranium fuel kernels individually encapsulated in layers of carbon and silicon carbide — manufactured at X-energy's own fuel fabrication facility in Oak Ridge, Tennessee. The reactor's passive safety design eliminates the need for active emergency cooling systems. X-energy's lead commercial project is a four-unit deployment at a Dow Chemical facility in Seadrift, Texas, which received a US Nuclear Regulatory Commission Environmental Assessment finding in May 2026. The project is supported by a Department of Energy Advanced Reactor Demonstration Program (ARDP) award. X-energy listed on the Nasdaq Global Select Market under the ticker XE in April 2026, pricing an upsized offering of 44.3 million Class A shares at $23 each — $4 above the top of the range — raising approximately $1.0 billion in gross proceeds. Shares surged 27% on the first day of trading. 24 Apr 2026
$23.00
$18.59
2026-06-13
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