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Fervo Energy (FRVO.O) shares rose 33.3% in the ​company's Nasdaq debut on Wednesday, giving ‌the geothermal energy developer a valuation of $10.21 billion.

The shares of the Houston-based company opened at $36, above ​the offer price of $27.

The company raised $1.89 billion in ​an upsized U.S. initial public offering ⁠on Tuesday, selling 70 million shares at $27 ​apiece, above its marketed range.

The listing comes as ​surging power demand from artificial intelligence and the rapid expansion of data centers strain the U.S. grid, ​boosting the need for stable energy ​supplies.

Demand from electric vehicles and domestic manufacturing is also ‌adding ⁠to electricity consumption, further underscoring the need for reliable power.

Backed by Bill Gates' investment firm Breakthrough Energy Ventures and shale producer Devon ​Energy (DVN.N), Fervo ​is among ⁠several energy developers seeking to capitalize on rising power demand from ​data centers.

Founded in 2017, Fervo develops ​advanced ⁠geothermal systems designed to generate around-the-clock, carbon-free electricity, positioning the technology as a complement ⁠or ​alternative to intermittent renewable sources ​such as solar and wind power.