X‑Energy , a nuclear startup, raised $1 billion in an upsized public offering, and its shares surged 25% in the first hour of trading. The move signals a growing appetite for capital‑intensive, long‑timeline climate technologies as AI‑driven electricity demand fuels new market opportunities. Meanwhile, geothermal startup Fervo has filed for an IPO, with private investors valuing the company at about $3 billion. Climate‑tech startups are capital intensive, often require years to reach commercial viability, and their pollution‑mitigation value is poorly priced by markets. Yet public markets are warming to these ventures, especially those tied to energy production, as investors look to capture the surge in electricity demand from AI workloads. The X‑Energy offering was upsized to $1 billion, delivering a windfall for early backers such as Amazon, and the stock’s 25% first‑hour gain underscores investor enthusiasm. Fervo’s filing follows a private‑market valuation of roughly $3 billion, according to PitchBook, and the company has been repeatedly highlighted by investors as a top IPO candidate in the nuclear and geothermal space. Last year, venture capital and growth funds raised about $6.5 billion in the climate‑tech sector, matching 2021 levels but spread across a larger number of funds, each smaller in size. Infrastructure‑focused funds dominated the fundraising, with 42 funds accounting for 75% of the total dollars, and many new funds are concentrating on renewables, grid technologies, and energy storage. The IPO wave is likely to continue for energy‑centric climate startups, offering a path for investors to return capital to limited partners while providing companies with the deep pockets needed for large‑scale deployment. Firms outside the nuclear and geothermal niche will need to rely on private capital and alternative financing, as the sector’s K‑shaped trajectory persists.