Commonwealth Fusion Systems vs Fervo Energy: employee equity compared
Secondary market prices, valuation trajectory, equity structure, and liquidity outlook for employees choosing between Commonwealth Fusion Systems and Fervo Energy.
Commonwealth Fusion Systems
Fusion energy company developing SPARC, a compact tokamak powered by high-temperature superconducting magnets 40× stronger than conventional designs.
Early-stage — IPO 4–6+ years away. High-risk, high-upside equity. Liquidity most likely via acquisition or late-stage tender.
Milestone-funded climate tech; ISO/NSO options; enormous TAM, long timeline
Fervo Energy
Enhanced geothermal systems (EGS) company applying horizontal drilling and distributed fibre sensing — techniques pioneered by the shale industry — to unlock geothermal energy anywhere on earth.
Early-stage — IPO 4–6+ years away. High-risk, high-upside equity. Liquidity most likely via acquisition or late-stage tender.
Milestone-funded climate tech; ISO/NSO options; enormous TAM, long timeline
Key differences for employees
Equity structure
Commonwealth Fusion Systems grants ISO/NSO with strike prices ranging from $6–$14 depending on your grant year. Fervo Energy grants ISO/NSO with strike prices from $5–$9.
Secondary market premium
The secondary market is pricing Commonwealth Fusion Systems at a +4% premium over its last primary round ($2.6B → $2.7B). Fervo Energy trades at +0% over its last round ($1.2B → $1.2B). A higher secondary premium signals stronger investor demand and potentially better near-term liquidity for employees looking to sell.
Revenue and growth
Commonwealth Fusion Systems does not publicly disclose revenue. Fervo Energy does not publicly disclose revenue. Revenue growth rate matters for equity because it drives the peer-multiple valuation — the method most correlated with exit multiples.
Liquidity timeline
Commonwealth Fusion Systems: Early-stage — IPO 4–6+ years away. High-risk, high-upside equity. Liquidity most likely via acquisition or late-stage tender.
Fervo Energy: Early-stage — IPO 4–6+ years away. High-risk, high-upside equity. Liquidity most likely via acquisition or late-stage tender.
Calculate your specific grant
Enter your actual shares, equity type, and strike price. PrivatePulse calculates your personal equity value at both companies using 4 independent methods.