Fervo's contracted geothermal revenue reaches $11.9bn as hyperscalers hunt power for AI data centres
Fervo's third-quarter report puts contracted revenue at $11.9 billion, up from $7.2 billion, including a 396-megawatt Utah plant for Google due by the end of 2028; the company posted a $43.7 million operating loss.
Why it matters
Power has become a binding constraint on AI data-centre buildouts, and Fervo is one of the few firm, low-carbon sources signing hyperscaler contracts at gigawatt scale. Its Cape Station site in Utah connected its first 100 megawatts this year, and the company now says the resource could produce 8.4 gigawatts, up from earlier estimates of about 4. The Google plant will be grid-connected, so Google can resell power until its own data centre is ready. Watch whether Fervo's drilling costs keep falling and whether Google takes up the option to expand by about 600 megawatts.
Key facts
- Contracted revenue: $11.9 billion, up from $7.2 billion
- Google plant: 396 megawatts, due by end of 2028
- Cape Station resource now put at 8.4 gigawatts
- First 100-megawatt plant connected this year
- Q3 operating loss: $43.7 million
- Cash and equivalents: $1.9 billion