Fervo:
After its huge post IPO run is at 11 Billion Market Cap
Binding PPAs — 658 MW total, ~15-year remaining terms, ~$7.2B revenue backlog
So, $11B market cap for a company with $140K of trailing revenue, whose entire value depends on a single project starting on time in October 2026, in a sector with zero commercial-scale precedent, where the most aggressive growth driver (Google framework) is explicitly non-binding.
A lot is riding on this Cape Station Phase I going perfectly.