Fermi Raises $682.5M in Nasdaq IPO

Fermi Inc., the data-center REIT co-founded by former U.S. Energy Secretary Rick Perry, completed its Nasdaq IPO and began trading with a secondary listing in London. The company sold 32.5 million shares at $21 each, raising $682.5 million, and opened trading at $25 a share (about a 19% premium), implying a market valuation reported roughly between $14.8 billion and over $19 billion depending on the metric. Fermi is developing “Project Matador,” an 11 GW, 18 million sq ft energy and data‑center campus in Amarillo, Texas, intended to host AI supercomputers and be powered by a mix of nuclear, natural gas, solar and wind, backed by a Siemens letter of intent and financing from Macquarie. The company has no operating facilities or revenue yet, posted a $6.4 million loss through June, and does not expect revenue until subleases and power delivery begin, likely in 2026 or later. Observers warn of execution risks — including past cost overruns and delays on AP1000 reactor builds and the complexity of financing large nuclear projects — even as investor demand for AI-related energy infrastructure remains strong.