Rick Perry's Data Center REIT Raises $683M, Seeks Nasdaq Debut Valuation Over $12B

Fermi, a data-center REIT co-founded by former U.S. Energy Secretary Rick Perry, completed an upsized IPO that sold 32.5 million shares at $21 and raised $682.5 million as it prepared to debut on Nasdaq (it had earlier filed expecting roughly $715 million after upsizing the offering). Founded in January 2025 and still pre-revenue, the company secured a $12.5 billion IPO valuation but drew wildly divergent premarket indications — reports showed potential opening prices between $27.55 and $42, implying market valuations of roughly $16.3 billion to nearly $25 billion. Fermi’s flagship Project Matador aims to deliver about 1.1 GW by end-2026 and up to 11 GW at scale, pairing large-scale data capacity with on-site power sources (nuclear, natural gas and solar). The firm has a non-binding 20-year letter of intent with a first tenant, but does not expect tenant revenue until 2027, so analysts warn execution and contract progress will be closely scrutinized. Investors’ strong interest reflects a broader “gold rush” into AI infrastructure and the perceived tailwinds from Fermi’s power strategy and political connections, though the company’s youth and lack of revenue make it an atypical and high-risk public debut.