Energy Tech Companies Capitalize on AI IPO Boom to Raise Capital

SpaceX's anticipated Nasdaq IPO is expected to set a record as the largest public offering in history, drawing significant pre-market institutional interest — including a $117 million position disclosed by a newly listed closed-end fund. The listing is occurring alongside a surge in energy tech IPOs, with geothermal firm Fervo raising $1.9 billion, small nuclear manufacturer X-energy raising over $1 billion, gas generator maker Innio raising $2.4 billion, and ERock raising $600 million, all targeting the booming data center power market. According to Cantor Fitzgerald's global co-head of equity capital markets, mega AI IPOs 'expand overall appetite for the infrastructure thesis more broadly,' suggesting the rising tide may lift energy tech as well. This marks a sharp contrast to the failed climate tech SPAC boom of 2021, when transportation and battery companies dominated deal flow before collapsing under rising costs and absent customers; chart data confirms transportation deals peaked near 35 per month in early 2021 before cratering, while energy deals have rebounded to roughly 13 per month by mid-2026. However, early results for recent energy tech IPOs are mixed — Fervo's stock is down 10% and X-energy's is down 38% since their respective debuts — and analysts caution that companies with novel, unproven technology may struggle to demonstrate the commercial traction needed to sustain valuations. The primary risk identified by market participants is not competition from the AI mega-IPOs themselves, but rather a potential softening of overall AI demand narratives.