Two clean energy companies are testing public markets in 2025. X-energy, a nuclear reactor startup backed by Amazon, completed a SPAC merger and began trading. Fervo Energy, which drills horizontal geothermal wells using oil-and-gas techniques, is preparing its own IPO. These are not solar panel companies. Both operate in capital-intensive, long-cycle sectors that have historically terrified public market investors.
The timing matters because climate tech IPOs have been nearly nonexistent since the 2021 SPAC bubble collapsed. Dozens of companies that went public then are now trading below $1. X-energy chose the SPAC route anyway. Fervo appears to be pursuing a traditional IPO, which carries more scrutiny and signals higher confidence in its financials. The article details the specific market conditions, investor appetite signals, and revenue structures that differentiate this moment from the 2021 wave.
Whether this becomes a window or a door that closes again depends on execution from these two companies. Read the full piece for the investor names, valuation figures, and the structural argument for why geothermal and advanced nuclear are better positioned for public markets than the clean energy SPACs that failed before them.
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