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The demand for electricity has become one of the defining pressures of the AI era. The explosive growth in data centers has altered how power gets built, financed, and delivered—and increasingly, that conversation runs through Texas. In response, a wave of clean energy companies has entered the public markets.

Fervo Energy (FRVO), X-energy (XE), and Hadron Energy (HDRN) all listed on Nasdaq in 2026, each representing a different approach to the same challenge: delivering reliable, carbon-free power at the scale AI infrastructure now demands.

The timing reflects a broader shift in how the market is thinking about energy. Rachel Racz, Senior Vice President of Listings and President of Nasdaq Texas, said the promising clean energy companies of yesterday are finally growing up.

"The last decade was all about ‘the energy transition,’ she said. "Now all we're talking about is capacity, reliability, and scale."

That shift is playing out most visibly in Texas, where energy infrastructure, capital markets, and data center growth are converging to make the state a focal point for the next era of industrial expansion.

Fervo Energy began trading on Nasdaq in May after raising $1.89 billion. The Houston-based company deploys horizontal drilling techniques adapted from the oil and gas industry to develop enhanced geothermal systems—an example of how Texas energy expertise is being repurposed for next-generation clean power. Its flagship project, Cape Station in Utah, is expected to become one of the world’s largest geothermal developments, with offtake agreements from companies including Google, Shell, and California Edison.

X-energy, a developer of advanced small modular nuclear reactors, began trading in April after pricing its upsized IPO at $23 per share, raising approximately $1.1 billion in net proceeds. Customers including Dow, Amazon, and Centrica are expected to support deployment of its Xe-100 reactor fleets.

Hadron Energy began trading in May, becoming the first publicly traded company focused on light-water micro-modular reactor technology. The company is developing a 10-megawatt reactor designed to provide constant, carbon-free baseload power.

The rise of AI has only accelerated demand for these technologies. Data centers require always-on infrastructure, placing a premium on sources like nuclear and geothermal that can deliver power regardless of weather conditions. Solar, Racz noted, is increasingly viable when paired with storage.

For companies building physical infrastructure at scale, access to capital is critical. "These are companies that need to scale quickly," Racz said. "They're going to have to continually access the capital markets, unlike a software company."

That dynamic is one reason Nasdaq has deepened its presence in Texas. The launch of its dual-listing venue, Nasdaq Texas, earlier this year, has been followed by the June formation of its inaugural Advisory Board—bringing together business leaders, energy investors, and policy experts to help shape capital formation and economic growth across the state. The board will work alongside Racz to strengthen the region’s role as a gateway between global capital and companies building at industrial scale.

The move underscores how central Texas has become a capital markets hub for companies operating at the intersection of infrastructure and innovation.

This shift was also evident on June 8, when Nasdaq hosted the Global Industrials Forum in collaboration with Thompson Research Group. Roughly 100 executives across manufacturing, data center infrastructure, energy, defense, and space gathered to discuss America’s New Industrial Complex. Racz said conversations centered on how these companies are “fundamentally rewriting the global economy.”

Texas featured prominently. Racz explained that the state’s regulatory environment, combined with its legacy in oil and gas, has made it a natural landing spot for companies across the full energy spectrum. "Now, when I say the word ‘energy,’" she said, "it’s all of the above.”

Nasdaq Texas gives companies a way to establish a local presence while accessing global capital. The listing of SpaceX, which raised a record-breaking $85.7 billion in its simultaneous Nasdaq and Nasdaq Texas debut, illustrated how Texas can anchor companies with outsized ambitions. Racz is optimistic about what comes next.

"Nuclear is back. Geothermal is scalable," she said. “The IPO window is open for companies that can show real assets, real output, and real infrastructure.”

"Investors understand the need for these companies to succeed," she added. "We have to have access to clean, reliable power in the United States—and Texas is going to be central to funding and building that future.”

Information is provided for educational purposes only. Nasdaq does not recommend or endorse any securities offering, industry or sector. Nothing contained herein should be construed as investment advice; you are urged to undertake your own due diligence and carefully evaluate any company, industry or sector before investing. ADVICE FROM A SECURITIES PROFESSIONAL IS STRONGLY ADVISED.

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