Rick Perry-Backed Fermi Energy REIT Raises $683M in IPO, Share Price Surges 55%

Fermi Inc., a real estate investment trust co-founded by former Energy Secretary and Texas Governor Rick Perry, went public on the Nasdaq, raising $682.5 million and reaching an initial market valuation of around $19 billion despite having no revenue yet. The company's shares surged between 19% and 55% above the IPO price, reflecting strong investor interest tied to the artificial intelligence boom and the associated energy demand for data centers. Fermi's Project Matador involves developing an advanced energy and data center campus in Texas, aiming to eventually provide 11 gigawatts of power through a mix of natural gas, solar, and nuclear energy. Key stakeholders, including CEO Toby Neugebauer and Griffin Perry, saw their net worths soar into the billions based on their equity stakes. The firm plans to attract major data center tenants such as OpenAI and Musk's xAI but has yet to secure confirmed customers. This IPO also marks a notable dual listing on both the Nasdaq and London Stock Exchange, guided by law firms Haynes Boone and Vinson & Elkins.