Rick Perry-Backed Fermi Launches Dual IPO

Fermi (Fermi America), co-founded in January 2025 by former U.S. Energy Secretary Rick Perry and partners, has launched a dual-listing IPO to raise up to $550 million by offering 25 million shares at $18–$22 with a 30-day underwriter option for 3.75 million additional shares, targeting a valuation of roughly $13.16–$13.2 billion and the Nasdaq ticker FRMI alongside a London listing. The company is marketing Project Matador (also called the HyperGrid), a planned 5,236‑acre, roughly 18 million sq ft Amarillo, Texas campus meant to house hyperscale data centers and ultimately deliver up to 11 GW of power to attract AI, cloud and hyperscaler tenants. Fermi says the campus will be powered by a blend of natural gas, solar, wind and nuclear, has begun securing supply agreements including capacity purchases, and will use IPO proceeds to fund equipment, powered shells and buildout. The offering is led by UBS, Evercore ISI, Cantor Fitzgerald and Mizuho among other underwriters and advisors. The company is very new with limited operating history—it reported a $6.37 million loss through June and currently holds land leases rather than operating assets—so the IPO represents a high‑profile bet on packaging large energy and land commitments as a REIT amid strong demand for AI infrastructure.