Insight
Next-generation geothermal market landscape: 2026 update
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Report summary
Next-generation geothermal reached a defining commercial moment in 2026, marked by Fervo Energy's US$1.8 billion IPO. This report assesses the market landscape across startups, oil and gas companies, hyperscalers, and conventional players. Startups have raised close to US$6 billion since 2020, concentrated among a few leaders. Oil and gas majors are weighing next-gen geothermal within broader low-carbon portfolios. Rising data centre demand has driven Google, Meta, Microsoft, and Amazon to sign geothermal PPAs, while conventional players' next-gen engagement remains largely exploratory.
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