Fermi LLC, an emerging data center real estate investment trust, upsized its planned U.S. IPO this week, targeting about $650 million in proceeds at the midpoint of the proposed price range. The move comes as the rapid expansion of artificial intelligence workloads drives surging demand for power-intensive data center infrastructure.
32.5Mln Shares
In a recent submission to the Securities and Exchange Commission, the company revealed plans to sell 32.5 million shares in an initial public offering. The offering price is expected to be between $18 per share and $22 per share. After listing, the company will be known as Fermi America. Fermi expects to list its shares on the Nasdaq Global Select Market under the ticker symbol FRMI.
The Fermi leadership plans to use proceeds from the offering mainly to support the continued growth and development of Fermi America’s business, to secure personnel, to increase financial flexibility, and for general corporate purposes. The group of book-runners managing the IPO is led by UBS Investment Bank, Evercore, Cantor, and Mizuho.
The Company
Fermi is a provider of renewable energy power generation services. It develops advanced electric grids for delivering highly redundant gigawatt-scale power required to create next-generation artificial intelligence systems. Co-founded by Rick Perry and Toby Neugebauer, Fermi is on a mission to build the world’s largest private grid.
Fermi’s integrated energy platform is specifically designed to deliver compute-optimized power systems purpose-built for hyperscale AI. Project Matador, Fermi’s flagship project, is planned to be an 11-gigawatt energy and data complex in Texas, designed to deliver power and data center capacity with a mix of nuclear, natural gas, and solar.
Key Metrics
The company has not generated revenue since its inception on January 10, 2025. As of June 30, 2025, the firm had a net loss of $6.37 million or $0.05 per unit. General and administrative expenses totaled $5.69 billion.