What was reported
Fervo Energy filed a Form D with the SEC on Dec 10, 2025 and reported $451,999,837 sold of a $461,999,833 offering, with the first sale on Dec 4, 2025. 39 investors had invested.
What the evidence supports
Fervo Energy told the SEC, in a notice filed Dec 10, 2025, that it had $451,999,837 of equity sold in an offering exempt from registration under Rule 506(b).
What remains unknown
A Form D is a notice: the SEC does not review or approve it. It does not state the company's valuation, the price paid, who invested, or how the money will be used, and the amount can span several closings. Rule 506(b) bars general advertising and limits buyers mainly to accredited investors. This record describes a past sale; it is not an offer, and it does not mean shares are available to buy.
Figures as stated
Numbers exactly as written in the source. We don’t annualise, convert or add them up.
| Figure | In context |
|---|---|
| $451,999,837 | “Total amount sold: $451,999,837” Mentions: offering |
| $461,999,833 | “Total offering amount: $461,999,833” Mentions: offering |
Source passages
Exact excerpts from the source, with links. Quotes are checked character for character against our stored copy.
Amount sold to date (Form D; cumulative, not a valuation)Total amount sold: $451,999,837U.S. Securities and Exchange Commission (EDGAR) · Form D: notice of exempt offering of securities · Dec 10, 2025 · Open the source ↗
Total offering amount (Form D; the most the company said it would sell)Total offering amount: $461,999,833U.S. Securities and Exchange Commission (EDGAR) · Form D: notice of exempt offering of securities · Dec 10, 2025 · Open the source ↗
Form D noticeForm D: notice of exempt offering of securities, filed with the SEC on 2025-12-10 (accession 0001853868-25-000002)U.S. Securities and Exchange Commission (EDGAR) · Form D: notice of exempt offering of securities · Dec 10, 2025 · Open the source ↗
Industry group as stated by the companyIndustry group (as stated by the issuer): Other EnergyU.S. Securities and Exchange Commission (EDGAR) · Form D: notice of exempt offering of securities · Dec 10, 2025 · Open the source ↗
Date of first sale (Form D)Date of first sale: 2025-12-04U.S. Securities and Exchange Commission (EDGAR) · Form D: notice of exempt offering of securities · Dec 10, 2025 · Open the source ↗
Investor count (Form D)Investors who have already invested: 39U.S. Securities and Exchange Commission (EDGAR) · Form D: notice of exempt offering of securities · Dec 10, 2025 · Open the source ↗
Exemption claimed (Form D)Exemption claimed: Rule 506(b)U.S. Securities and Exchange Commission (EDGAR) · Form D: notice of exempt offering of securities · Dec 10, 2025 · Open the source ↗
Revision history
- Revision 1 · Nov 11, 2026, 21:09 UTC
Fervo Energy reports $452 million of equity sold in a private offering
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