FRVO

LONG

FERVO ENERGY CO

Research: Finviz ↗·Perplexity ↗

Funds

Score

2.43

vs SPY

-60.4%

Stock return (since Q-end)

-56.0%

SPY return (since Q-end)

+4.5%

Current price

$12.87

Days to cover (short int.)

3.6d↑+45.4%

as of 2026-09-30

News Summary

Positive

Fervo Energy achieved a landmark milestone by reaching commercial operation at Cape Station Phase I ahead of schedule (October 2026) and secured a transformative 396 MW Google PPA—the world's largest enhanced geothermal agreement—positioning the company as a leader in 24/7 clean power for data centers. However, the company is still pre-revenue from operations, posting a $55.9M net loss in Q2 2026 with capital expenditures doubling year-over-year to $226.5M, requiring sustained execution and financing to deliver on its ambitious pipeline.

Red flags

•Significant operating losses ($28.7M) and net loss ($55.9M) in Q2 2026 with no near-term path to profitability visible
•Capital intensity accelerating sharply ($226.5M in Q2 2026 vs. $108.0M in Q2 2025), creating ongoing cash burn and potential future financing needs
•Early-stage company with unproven ability to execute at scale across multiple GeoCluster projects; execution risk remains elevated despite Cape Station success

Funds Buying (3)

Fund	Manager	Shares Held	∆ Shares	Position Value	% of Fund	QoQ	Status
Point72	Steve Cohen	1.0M	+1.0M	$30M	<0.1%	—	NEW
Viking Global	Andreas Halvorsen	750K	+750K	$22M	<0.1%	—	NEW
Soros Fund Management	Soros Family Office	669K	+669K	$20M	0.3%	—	NEW

Shares Held and Position Value reflect total quarter-end holdings. ∆ Shares is the change from the prior quarter. % of Fund is the position's share of the fund's reported equity portfolio — it drives the size weighting in the conviction score.

Beneficial Ownership (13D/13G)

Filer	Form	Shares	% of Class	Filed	Src
TIF Partners, LLC	SC 13G	12.1M	4.2%	2026-08-14	↗
DCVC VI, L.P. ("DCVC VI")	SC 13G	9.3M	3.2%	2026-08-14	↗
DEVON ENERGY CORP/DE	SC 13G	35.7M	12.5%	2026-08-13	↗

SC 13D = active intent to influence control (10-day filing deadline after crossing 5%). SC 13G = passive accumulation, no intent to influence control.