2026 Energy Transition IPOs
This tracker follows 7 energy-transition companies that began stock-exchange trading in 2026, covering geothermal development, electrical distribution equipment, nuclear reactor technology and fuel, solar and battery-storage construction, and rare-earth exploration. For each listing it shows the IPO offer price, the latest available share price, and the return from the offer price.
The amount raised is the base offering's gross proceeds, including shares sold by existing shareholders and excluding over-allotment shares. Expanded company entries explain the proceeds from exercised options where applicable. S&P 500 comparisons start at the index close on each company's first trading day.
New IPOs are added as they price and begin trading, and recent prices are refreshed periodically. Click any company to expand its overview and listing details, including a link to our IPO preview where available.
| Company | Ticker | IPO Performance | ||||||||
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 Fervo Energy📄 IPO Preview |
FRVO | ▼ -43.9%
S&P 500 +1.9%
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Fervo EnergyHouston-based Fervo Energy Company (NASDAQ: FRVO) develops enhanced geothermal systems using horizontal drilling and hydraulic fracturing to access heat in low-permeability rock. CEO Tim Latimer and CTO Jack Norbeck co-founded Fervo in 2017. Fervo priced 70 million Class A shares at $27 on May 12, 2026, above its revised $25 to $26 range, raising $1.89 billion before the over-allotment option. FRVO began Nasdaq trading on May 13. The May 14 closing included the full 10.5 million-share option, bringing the total to 80.5 million shares and $2.1735 billion in gross proceeds. Cape Station is Fervo's 500 MW EGS development under construction in Beaver County, Utah, built as three 33 MW GeoBlocks in Phase I and eight 50 MW GeoBlocks in Phase II. GeoBlocks 1 and 2 reached mechanical completion during Q2 2026 and GeoBlock 1 entered commissioning, with first power targeted for Q4 2026. Fervo targets initial power from GeoBlocks 2 and 3 by early 2027, with Phase II start-up in 2028. As of 30 June 2026, Phase I was backed by a $421 million non-recourse project finance facility. Fervo holds 658 MW of binding power purchase agreements, representing approximately $7.2 billion of contracted revenue backlog at 30 June 2026, across Southern California Edison, Shell, Google/NV Energy, Clean Power Alliance, Desert Community Energy and CalChoice. In March 2026 it signed a non-binding 3 GW Geothermal Framework Agreement with Google Energy. The first half of 2026 carried a net loss of $87.7 million, with Q2 capital expenditure of $226.5 million and cash and equivalents of $2.1 billion at 30 June 2026. Use of proceeds: General corporate purposes, including capital expenditures, continued development of Cape Station and the broader project portfolio, and working capital. Lead underwriters: J.P. Morgan, BofA Securities, RBC Capital Markets, Barclays Structure: Traditional IPO 13 May 2026
$27.00
$15.16
2026-09-15
$1.89B
$25.00 to $26.00
$36.54 (+35.3%)
-45.8 pts
$4.47B
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 Forgent Power Solutions📄 IPO Preview |
FPS | ▲ +16.1%
S&P 500 +11.6%
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Forgent Power SolutionsForgent Power Solutions is a US-based manufacturer of electrical distribution equipment serving data centers, 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 centers 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 priced 56 million Class A shares at $27 on February 4, 2026, for $1.512 billion in gross proceeds before the over-allotment option. FPS began NYSE trading on February 5, and the offering closed on February 6. Including the fully exercised option, the offering comprised 64.4 million shares and $1.7388 billion in gross proceeds to the issuer and selling stockholders. Neos Partners retained majority voting control through a dual-class Up-C structure. Use of proceeds: Primarily a sell-down by existing owners. Including the fully exercised over-allotment option, issuer proceeds were approximately $491.8 million after underwriting discounts and commissions, before offering expenses, and were used through the Up-C structure to redeem pre-IPO owners' Opco LLC interests. Selling-stockholder proceeds were paid to those stockholders. Lead underwriters: Goldman Sachs, Jefferies, Morgan Stanley Structure: Traditional IPO (Up-C) 5 Feb 2026
$27.00
$31.36
2026-09-15
$1.51B
$25.00 to $29.00
$29.00 (+7.4%)
+4.6 pts
$8.15B
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 X-Energy, Inc.📄 IPO Preview |
XE | ▼ -34.7%
S&P 500 +5.9%
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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 priced 44,254,659 Class A shares at $23 on April 23, 2026, $4 above its $16 to $19 range, raising approximately $1.018 billion before the over-allotment option. XE began trading on the Nasdaq Global Select Market on April 24 and closed its first session at $29.20, up 27%. The April 27 closing included the full option, bringing the offering to 50,892,857 shares and approximately $1.171 billion in gross proceeds. Use of proceeds: Proceeds fund newly issued common units of X-Energy Reactor Company, applied to working capital, R&D, sales and marketing, capital expenditure and future growth projects. Lead underwriters: J.P. Morgan, Morgan Stanley, Jefferies, Moelis & Company Structure: Traditional IPO (Up-C) 24 Apr 2026
$23.00
$15.02
2026-09-15
$1.02B
$16.00 to $19.00
$29.20 (+27.0%)
-40.5 pts
$4.32B
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 SOLV Energy📄 IPO Preview |
MWH | ▲ +2.8%
S&P 500 +9.3%
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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. SOLV priced 20.5 million Class A shares at $25 on February 10, 2026, for $512.5 million in gross proceeds before the over-allotment option, through an Up-C structure. MWH began trading on the Nasdaq Global Select Market on February 11 and closed its first session at $30.67, up 22.7%. The February 12 closing included the full option, bringing the offering to 23,575,000 shares and approximately $589.4 million in gross proceeds. Use of proceeds: Approximately $405.6 million was used to repay amounts due under the term loans in full; the remainder was available for general corporate purposes, including growth initiatives and potential acquisitions. Lead underwriters: Jefferies, J.P. Morgan Structure: Traditional IPO (Up-C) 11 Feb 2026
$25.00
$25.71
2026-09-15
$512M
$22.00 to $25.00
$30.67 (+22.7%)
-6.4 pts
$5.20B
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 Standard Nuclear📄 IPO Preview |
STDN | ▼ -17.7%
S&P 500 +0.7%
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Standard NuclearStandard Nuclear is an Oak Ridge, Tennessee manufacturer of TRISO coated-particle fuel for advanced reactors, and says it is the only US company with industrial-scale TRISO manufacturing facilities. It converts enriched uranium feedstock, including HALEU enriched to between 10% and 20% uranium-235, into finished fuel for small modular reactors and microreactors, operating its SN-0 line under Department of Energy authorization with SN-TN (Tennessee) and SN-ID (Idaho) targeted for the second half of 2026 and an SN-F joint venture with Framatome in development at Richland, Washington. It was the first recipient of the DOE's Fuel Line Pilot Program. The offering was downsized substantially between the roadshow and pricing. Standard Nuclear had marketed 18,250,000 Class A shares at $18.00 to $21.00, implying gross proceeds of roughly $328 million to $383 million. It ultimately priced 10,000,000 Class A shares at $15.00 on July 15, 2026 for $150 million gross. The offering closed on July 17, and the subsequent quarterly filing reports approximately $137.7 million in net proceeds. The 1,500,000-share over-allotment option expired unexercised. STDN began NYSE trading on July 16 and broke issue immediately, closing its first session at $12.30, roughly 18% below the offer price. Proceeds are earmarked for working capital and general corporate purposes with no specific allocation disclosed. The company is pre-commercial, had an accumulated deficit of $79.9 million as of March 31, 2026, and is a controlled company under NYSE standards, with founder Thomas Hendrix holding about 60.8% of voting power through 20-vote Class B shares. Use of proceeds: Working capital and other general corporate purposes, which may include sales and marketing, research and development, general and administrative matters, capital expenditures, and acquisitions of or investments in complementary businesses. The subsequent quarterly filing reports approximately $137.7 million of net proceeds. The 1,500,000-share over-allotment option expired unexercised. Lead underwriters: BofA Securities, Goldman Sachs & Co. LLC Structure: Traditional IPO 16 Jul 2026
$15.00
$12.35
2026-09-15
$150M
$18.00 to $21.00
$12.30 (-18.0%)
-18.4 pts
11 Jan 2027
$1.98B
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 Rare Earths Americas📄 IPO Preview |
REA | ▼ -42.7%
S&P 500 +3.0%
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Rare Earths AmericasRare Earths Americas is an exploration-stage critical minerals company whose three projects in the United States and Brazil are prospective for magnet rare earth elements, including the heavy rare earths dysprosium (Dy) and terbium (Tb). 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 Shiloh Project in Georgia, the company's only US project, 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 priced 3,333,331 shares at $19 on May 5, 2026, at the top of its $17 to $19 range, for approximately $63.3 million in gross proceeds before the over-allotment option. REA began NYSE American trading on May 6, and the offering closed on May 7. A partial option exercise covering 299,789 additional shares settled on May 14, bringing total gross proceeds to approximately $69.0 million. None of the three projects have defined mineral reserves, and the company has generated no revenue to date. Use of proceeds: Exploration-led budget: $20 million for the Shiloh Project in Georgia, $4 million each for the Alpha and Constellation projects in Brazil, remainder for early-stage prospects and working capital. Lead underwriters: Cantor Structure: Traditional IPO 6 May 2026
$19.00
$10.88
2026-09-15
$63M
$17.00 to $19.00
$19.00 (+0.0%)
-45.7 pts
2 Nov 2026
$217M
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 Deep Fission |
FISN | ▼ -55.6%
S&P 500 +1.1%
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Deep FissionDeep Fission is a Berkeley, California-based advanced nuclear company developing the Gravity Reactor, a small modular reactor based on established pressurized water reactor (PWR) technology, designed for installation at the bottom of a vertical borehole roughly one mile underground (expected diameters of 30 to 50 inches). At that depth, the hydrostatic pressure of the water column above the reactor (roughly 160 atmospheres) supports reactor operating pressure and passive cooling, while the surrounding geology is intended to provide structural confinement and shielding; the design aims to reduce reliance on the large steel pressure vessels and above-ground containment structures of conventional surface PWRs. The final prospectus describes an initial 2×2 fuel-assembly configuration targeting up to approximately 8 MWe and a later 3×3 configuration targeting up to approximately 15 MWe. The company was co-founded in 2023 by CEO Elizabeth Muller and physicist Richard Muller, the team behind nuclear waste disposal company Deep Isolation. Following its September 2025 reverse merger with Surfside, Deep Fission priced its first exchange-listed public offering on June 17, 2026: 2.5 million shares at $16.00, for $40 million in gross proceeds. Its original proposal of 6 million shares at $24 to $26 had been reduced on June 10 to 2.5 million shares at $16 to $18. FISN began Nasdaq trading on June 18, and the offering closed on June 22. The company intends to use the net proceeds for general working capital and corporate purposes, including engineering, R&D, licensing and construction of its first pilot nuclear reactor and related technologies. Its first reactor project is sited at the Great Plains Industrial Park in Parsons, Kansas, and Deep Fission is participating in the US Department of Energy's Reactor Pilot Program. Use of proceeds: General working capital and corporate purposes, including engineering, research and development, licensing and construction of the first pilot nuclear reactor and related technologies. The subsequent quarterly filing reports $34.291 million of net proceeds. The 375,000-share over-allotment option expired unexercised. Lead underwriters: The Benchmark Company, Seaport Global Securities Structure: First listed public offering (following a reverse merger) 18 Jun 2026
$16.00
$7.11
2026-09-15
$40M
$16.00 to $18.00
-56.7 pts
$429M
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