Fervo Q2 net loss $55.9M; raises 2030 target to 1.1 GW after $2.2B IPO

Fervo Energy Co

Q2 2026 operating loss $28.7M, net loss $55.9M; capex $226.5M vs $108.0M in Q2 2025.
Raised 2030 development target to 1.1 GW (up 100 MW); 400 MW moved to Advanced Development.
Cape Station Phase I: GeoBlocks 1-2 mechanical completion; GeoBlock 1 first power targeted Q4 2026.
May 2026 IPO raised ~$2.2B gross proceeds; repaid XRC Facility using Project Granite debt.
Sawtooth 7 set record: 19,500 ft measured depth in 21 days at 460°F; Phase II cost target $5,500/kW.

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