--- title: Fermi Powers the AI Era With $650M Nasdaq–London IPO description: Fermi Inc. is pursuing a dual U.S. and U.K. listing to fund Project Matador, a first-of-its-kind 11 GW energy and data campus designed to power hyperscale AI demand. --- [Skip to content](https://blog.ipoprophet.com/aslgkuh89gyaep98byanp9t8yaqtp98hyq358yna8pq48y/fermi-powers-the-ai-era-with-462m-nasdaq-london-ipo#main-content) [![IPO_PROPHET_BLUE logo](https://blog.ipoprophet.com/hs-fs/hubfs/IPO_PROPHET_BLUE%20logo.png?width=2973&height=302&name=IPO_PROPHET_BLUE%20logo.png)](https://www.IPOProphet.com) - [Login](https://app.ipoprophet.com/login) Open main navigation Close main navigation - [Login](https://app.ipoprophet.com/login) [Subscribe to our Newsletter](https://share.hsforms.com/1xXldKrGiQBCbNmtOz6j4Jwq3cu4) [Go Back to Home](http://www.ipoprophet.com/) [Go Back to Blog](http://www.ipoprophet.com/blog) Sep 25, 2025 11:47:38 AM # Fermi Powers the AI Era With $650M Nasdaq–London IPO ![Picture of Eric Friedman](https://app.hubspot.com/settings/avatar/7a4cca62b5a89282b41a283a43efa80e) [Eric Friedman](https://blog.ipoprophet.com/aslgkuh89gyaep98byanp9t8yaqtp98hyq358yna8pq48y/author/eric-friedman) Share: [facebook-f icon](http://www.facebook.com/share.php?u=https://blog.ipoprophet.com/aslgkuh89gyaep98byanp9t8yaqtp98hyq358yna8pq48y/fermi-powers-the-ai-era-with-462m-nasdaq-london-ipo) [linkedin-in icon](http://www.linkedin.com/shareArticle?mini=true&url=https://blog.ipoprophet.com/aslgkuh89gyaep98byanp9t8yaqtp98hyq358yna8pq48y/fermi-powers-the-ai-era-with-462m-nasdaq-london-ipo) [Twitter icon](https://twitter.com/intent/tweet?url=https://blog.ipoprophet.com/aslgkuh89gyaep98byanp9t8yaqtp98hyq358yna8pq48y/fermi-powers-the-ai-era-with-462m-nasdaq-london-ipo) [pinterest-p icon](http://pinterest.com/pin/create/link/?url=https://blog.ipoprophet.com/aslgkuh89gyaep98byanp9t8yaqtp98hyq358yna8pq48y/fermi-powers-the-ai-era-with-462m-nasdaq-london-ipo) [envelope icon](mailto:?body=https://blog.ipoprophet.com/aslgkuh89gyaep98byanp9t8yaqtp98hyq358yna8pq48y/fermi-powers-the-ai-era-with-462m-nasdaq-london-ipo) ![](https://blog.ipoprophet.com/hs-fs/hubfs/image-png-Sep-25-2025-03-38-29-5019-PM.png?width=288&height=148&name=image-png-Sep-25-2025-03-38-29-5019-PM.png) Fermi’s IPO isn’t just about raising capital—it’s a direct bet on AI’s insatiable need for power. With nearly **$12 billion in market value** and plans to deliver over **11 gigawatts** of capacity, the company is positioning itself as a critical player in the infrastructure backbone of the AI revolution.  The company has filed to offer **25 million shares** *(Updated 9/29 to 32.5 million shares)* of common stock at a price range of **$18 to $22** *(stays the same)* per share, with the shares expected to trade on the **Nasdaq Global Select Market (ticker: FRMI)** and concurrently on the **London Stock Exchange**. At the midpoint price of $20, Fermi anticipates raising approximately **$461.6 million in net proceeds *(Updated 9/29 to 650 million in net proceeds*)**, giving the REIT a **market capitalization of roughly $12.0 billion *(stays the same)*** based on post-offering shares outstanding. The IPO is led by a heavyweight syndicate including **UBS Investment Bank, Evercore ISI, Cantor, and Mizuho**, alongside Macquarie Capital, Rothschild & Co and Stifel.   ![](https://blog.ipoprophet.com/hs-fs/hubfs/image-png-Sep-25-2025-03-40-34-9485-PM.png?width=470&height=605&name=image-png-Sep-25-2025-03-40-34-9485-PM.png)   Fermi differentiates itself through its REIT structure and its ambitious flagship project, Project Matador. Located in Amarillo, Texas, this 5,236-acre campus is designed to deliver 11 GW of grid-independent power and more than 15 million square feet of data center space by 2038. Its HyperRedundant™ mode**l** integrates natural gas, nuclear, solar, and battery storage to provide hyperscalers with reliable, low-carbon energy tailored to the growing demand for AI compute. Key partners such as Siemens, Westinghouse, and Energy Transfer are supplying critical equipment and infrastructure. Founded in January 2025, Fermi is still pre-revenue and early in its buildout. Its recent financings, including a $107.6 million preferred equity investment led by Macquarie and the Firebird Acquisition of LNG equipment, underscore both its capital intensity and investor interest. Notably, the company’s founding team includes Rick Perry, former U.S. Secretary of Energy, along with Toby Neugebauer and Griffin Perry. The IPO proceeds will go directly toward Phase 1 of Project Matador, with 1.1 GW of capacity targeted by 2026 and full expansion to 11 GW by 2038. Initially, Fermi will lean on natural gas assets before expanding into nuclear and renewable sources. Its long-term vision is to make Amarillo a global hub for AI infrastructure while maintaining REIT compliance and dividend capacity.   ![](https://blog.ipoprophet.com/hs-fs/hubfs/image-png-Sep-25-2025-03-41-14-2093-PM.png?width=702&height=505&name=image-png-Sep-25-2025-03-41-14-2093-PM.png) ![](https://blog.ipoprophet.com/hs-fs/hubfs/image-png-Sep-25-2025-03-42-19-9588-PM.png?width=536&height=517&name=image-png-Sep-25-2025-03-42-19-9588-PM.png)   Fermi faces meaningful risks, from execution on a project of unprecedented scale to nuclear licensing hurdles, commodity price volatility, and the possibility that AI energy demand grows more slowly than anticipated. Nonetheless, its dual listing and REIT positioning may appeal to a broad investor base seeking exposure to the AI buildout through a mix of real estate and energy. With a bold vision and nearly $12 billion in implied market value, Fermi is making one of the most ambitious IPO debuts of 2025. The deal is **expected to price on October 1, 2025.** **Watch for IPO Prophet’s rating and analysis ahead of the IPO.** [IPOs](https://blog.ipoprophet.com/aslgkuh89gyaep98byanp9t8yaqtp98hyq358yna8pq48y/tag/ipos), [Nasdaq](https://blog.ipoprophet.com/aslgkuh89gyaep98byanp9t8yaqtp98hyq358yna8pq48y/tag/nasdaq), [Fermi Inc](https://blog.ipoprophet.com/aslgkuh89gyaep98byanp9t8yaqtp98hyq358yna8pq48y/tag/fermi-inc) ## Related posts [![](https://blog.ipoprophet.com/hs-fs/hubfs/Whitehawk%20Minerals%20thumbnail.jpg?height=200&name=Whitehawk%20Minerals%20thumbnail.jpg)](https://blog.ipoprophet.com/aslgkuh89gyaep98byanp9t8yaqtp98hyq358yna8pq48y/whitehawk-minerals-prepares-for-june-5-ipo-as-natural-gas-royalty-platform-seeks-approximately-675-million-valuation) [IPOs](https://blog.ipoprophet.com/aslgkuh89gyaep98byanp9t8yaqtp98hyq358yna8pq48y/tag/ipos), [2026](https://blog.ipoprophet.com/aslgkuh89gyaep98byanp9t8yaqtp98hyq358yna8pq48y/tag/2026), [Whitehawk Minerals](https://blog.ipoprophet.com/aslgkuh89gyaep98byanp9t8yaqtp98hyq358yna8pq48y/tag/whitehawk-minerals) ## [WhiteHawk Minerals Prepares for June 5 IPO as Natural Gas Royalty Platform Seeks Approximately $675 Million Valuation](https://blog.ipoprophet.com/aslgkuh89gyaep98byanp9t8yaqtp98hyq358yna8pq48y/whitehawk-minerals-prepares-for-june-5-ipo-as-natural-gas-royalty-platform-seeks-approximately-675-million-valuation) ![Picture of Eric Friedman](https://app.hubspot.com/settings/avatar/7a4cca62b5a89282b41a283a43efa80e) [Eric Friedman](https://blog.ipoprophet.com/aslgkuh89gyaep98byanp9t8yaqtp98hyq358yna8pq48y/author/eric-friedman) Jun 4, 2026 12:10:13 PM WhiteHawk Minerals is preparing for its June 5 IPO, offering 6.925 million shares at a price range... 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