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 of common stock at a price range of $18 to $22 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, giving the REIT a market capitalization of roughly $12.0 billion 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.
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™ model 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.
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.