The Download: climate tech goes public and the AI Hype Index returns

SOURCE 1 (MIT Technology Review): This is today’s edition of The Download , our weekday newsletter that provides a daily dose of what’s going on in the world of technology. Climate tech companies are going public. Solar and battery company Solv Energy went public in February, hitting a $6 billion valuation.

X-energy, which builds small modular nuclear reactors, followed at $11.5 billion. Then came geothermal company Fervo Energy, reaching a market cap of about $12.4 billion. All three have been IPO success stories. And it doesn’t feel like a coincidence that they’re racing to provide electricity in an era of rising demand, driven partly by data centers. What does this boom reveal about the future of the grid? This story is from The Spark, our weekly newsletter giving you the inside track on all things climate. Sign up to receive it in your inbox every Wednesday. Separating AI reality from hyped-up fiction isn’t always easy. That’s why we’ve created the AI Hype Index—a simple, at-a-glance summary of what’s shaping the industry right now. The latest edition includes billionaire road trips, students booing, made-up quotes, and too much sci-fi. See where it all landed on this month’s index . I’ve combed the internet to find you today’s most fun/important/scary/fascinating stories about technology.

Key points

• X-energy, which builds small modular nuclear reactors, followed at $11.5 billion.
• Then came geothermal company Fervo Energy, reaching a market cap of about $12.4 billion.
• All three have been IPO success stories.
• And it doesn’t feel like a coincidence that they’re racing to provide electricity in an era of rising demand, driven partly by data centers.
• What does this boom reveal about the future of the grid?