A massive clean energy IPO made enhanced geothermal the hot renewable. What has to happen next for it to succeed

For decades, geothermal was the clean energy technology that was stuck in the margins, a tiny sliver on a pie chart dominated by solar and wind. Despite providing power around the clock, regardless of the weather, it was geographically limited and expensive to build. Over the past two decades, as wind and solar boomed across the grid, geothermal continued to make up only a minuscule fraction of the American electricity supply—more a piece of energy trivia than a viable source of power. But in May 2026, geothermal startup Fervo Energy went public—and eventually raised $2.2 billion, making it the largest clean energy IPO ever. Later this year, the company will open the first utility-scale next-generation geothermal power plant. And this is all happening at an incredibly fraught moment for the clean energy industry. Wind projects are being canceled—in some cases, developers are being paid by the Trump administration to pivot to fossil fuels. Solar developments are also facing cancellations, delays, and a much less certain policy environment. As the federal government has attacked other renewables, billions of dollars in clean energy projects have been put at risk. And yet geothermal …