The opportunity sits with developers locking generation before the queue: Fervo Energy's $10 billion IPO valuation and Google's 100 MW Nevada offtake validate the anchor-tenant geothermal model, while NANO Nuclear's non-binding MoU with Super Micro for 15 MW KRONOS microreactors signals where hyperscale power procurement is heading.
NANO Nuclear and Supermicro signed a May 6 MOU on integrated reactor-plus-rack architecture, Terrestrial Energy and Riot Platforms are evaluating IMSR-powered campuses (Riot operates in Texas), and Fervo Energy's $1.89 billion IPO priced enhanced geothermal at a $10.2 billion day-one valuation.