Advertisement
Fermi, co-founded by former U.S. Energy Secretary Rick Perry, is planning a U.S. IPO with a target valuation of USD 13.16B, seeking to raise up to USD 550M. Founded in January 2025, the Texas-based REIT aims to develop one of the largest energy and data complexes in the world, combining nuclear, gas, and solar power. While still in its development stage and having incurred early losses, Fermi is positioning itself as a major player in the AI-driven data center market through its flagship Project Matador.
Fermi, a real estate investment trust co-founded by former U.S. Energy Secretary Rick Perry, is aiming for a valuation of up to USD 13.16B in its upcoming U.S. initial public offering. The Amarillo, Texas-based firm intends to raise up to USD 550M by offering 25M shares, each priced between USD 18 and USD 22. Advertisement
The surge in artificial intelligence development has increased demand for data centers, as AI models rely heavily on this infrastructure. Fermi hopes to follow the path of other AI-focused data center operators such as CoreWeave and WhiteFiber, which have entered public markets this year.
Founded in January 2025, Fermi plans to create one of the world's largest energy and data complexes, powered by a combination of nuclear, natural gas, and solar energy. Despite these ambitions, the company remains in the development stage. Matt Kennedy, senior strategist at Renaissance Capital, noted that while AI represents a major investment opportunity, Fermi is still in its early story phase, and its valuation may hinge on the contracts it secures.
The company's flagship initiative, Project Matador, aims to supply up to 11GW of power to data centers by 2038 through nuclear, gas, and solar energy. The project spans 5,236 acres in Texas and expects to attract data center tenants and hyperscalers, with 1GW of capacity projected to be operational by the end of 2026.
Fermi does not expect revenue within the next year and has reported a USD 6.4M loss since its founding through June 30. Rick Perry, who previously served as Texas Governor for 15 years, currently serves as a director at Fermi.
UBS, Evercore, Cantor, and Mizuho are acting as joint lead book-running managers. Fermi will be listed on both Nasdaq and the London Stock Exchange under the ticker symbol "FRMI." The company plans to use the IPO proceeds to acquire equipment and construct powered shells for its data complex.
Source Reuters
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
