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Rick Perry’s Data Center REIT Fermi Targets $13 Billion Valuation in U.S. IPO

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Fermi, a real estate investment trust co-founded by former U.S. Energy Secretary Rick Perry, is seeking a valuation of up to $13.16 billion in its planned U.S. initial public offering, the company announced on Wednesday. The move comes as the surge in artificial intelligence drives demand for massive data center infrastructure.

The Amarillo, Texas-based firm aims to raise as much as $550 million by offering 25 million shares priced between $18 and $22 each.

Data centers have become prime assets as technology companies rush to build the computing power needed for advanced AI models. Fermi joins a growing list of AI-focused firms, such as CoreWeave and WhiteFiber, that have tapped public markets this year.

Founded in January 2025, Fermi has set its sights on developing the world’s largest energy and data complex, fueled by a combination of nuclear, natural gas, and solar power. Despite its ambitions, the company remains in an early development stage and has yet to generate revenue, reporting a $6.4 million loss since inception through June 30.

Fermi’s flagship initiative, known as Project Matador, plans to deliver up to 11 gigawatts of power for data centers by 2038, including one gigawatt ready by the end of 2026. The complex will span more than 5,200 acres in Texas and is expected to attract hyperscaler tenants.

“AI is arguably the investment story of a lifetime, but at this stage Fermi is still a story, and it’ll be interesting to see how much investors will pay for it,” said Matt Kennedy, senior strategist at Renaissance Capital. He described the valuation target as “very ambitious” for a development-stage company, highlighting the importance of securing contracts.

UBS, Evercore, Cantor and Mizuho are leading the IPO, with Fermi planning to list on both Nasdaq and the London Stock Exchange under the ticker “FRMI.” Proceeds from the offering will be used to purchase equipment and powered shells for the Texas complex.

Global companies pour billions into AI infrastructure with mega-deals

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A wave of multi-billion dollar investments is reshaping the AI landscape as chipmakers, cloud providers, and tech giants race to secure computing power for next-generation artificial intelligence. The surge follows OpenAI’s launch of ChatGPT in 2022, which sparked unprecedented demand for GPUs, cloud infrastructure, and data centers.

Key deals fueling the AI boom:

  • Nvidia & OpenAI – Nvidia to invest up to $100B in OpenAI and supply advanced AI chips, cementing its dominance in the AI ecosystem.

  • Nvidia & Intel – Nvidia invests $5B for a ~4% stake in Intel.

  • Oracle & Meta – In talks on a $20B cloud deal to boost Meta’s AI compute.

  • Oracle & OpenAI – Landmark deal worth $300B over five years for OpenAI to buy Oracle cloud capacity.

  • CoreWeave & Nvidia – $6.3B order ensuring Nvidia-backed startup CoreWeave absorbs unused cloud demand.

  • Nebius Group & Microsoft – $17.4B, five-year GPU deal to bolster Microsoft’s infrastructure.

  • Meta & Google – Six-year, $10B cloud agreement signed in August.

  • Intel & SoftBank – SoftBank injects $2B into Intel, becoming a top-10 shareholder.

  • Tesla & Samsung – $16.5B chip supply deal for Tesla’s next-gen AI6 chip, produced in Texas.

  • Meta & Scale AI – Meta takes 49% stake ($14.3B) in Scale AI, elevating CEO Alexandr Wang’s role in Meta’s AI strategy.

  • Google & Windsurf – $2.4B licensing deal for AI code generation tech.

  • CoreWeave & OpenAI – $11.9B, five-year contract signed before CoreWeave’s IPO.

  • Stargate Datacenter Project – Joint venture by SoftBank, OpenAI, Oracle, backed by U.S. President Donald Trump, with up to $500B in AI infrastructure funding.

  • Amazon & Anthropic – Amazon doubles down with a total $4B investment in Anthropic, developer of the Claude chatbot.

Why it matters:

  • Capital intensity: AI development is now measured in hundreds of billions, with infrastructure demands rivaling traditional energy projects.

  • Strategic alliances: Tech giants are securing long-term chip and cloud capacity to avoid bottlenecks.

  • Geopolitical edge: Governments, particularly the U.S., are encouraging private-public mega-projects like Stargate to keep ahead in the AI race.

The investment frenzy highlights a simple truth: the future of AI hinges not just on algorithms, but on who controls the world’s computing power.

Analysts weigh in on Nvidia’s $100B OpenAI investment and strategic compute pact

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Nvidia’s decision to invest up to $100 billion in OpenAI — securing at least 10 gigawatts of compute capacity — is being hailed as a power play that cements its dominance in AI infrastructure. But analysts caution the partnership also carries risks of overexposure and market concentration.

Matt Britzman, Hargreaves Lansdown:
Britzman called the deal a “huge prize” for Nvidia, estimating each gigawatt of AI data center capacity could equate to $50 billion in revenue. By tying OpenAI closely to its hardware and software ecosystem, Nvidia raises the stakes for rivals, ensuring GPUs remain the foundation of next-gen AI.

Jacob Bourne, eMarketer:
Bourne said the move reassures investors about Nvidia’s long-term demand pipeline while fending off competitive threats from rival chipmakers or Big Tech’s in-house chips. For OpenAI, the deal signals growing independence from Microsoft as it diversifies funding and resources.

Anshel Sag, Moor Insights & Strategy:
Sag highlighted the long-standing relationship between the firms, saying this validates Nvidia’s growth targets while giving OpenAI the scale to serve even larger customers.

Ben Bajarin, Creative Strategies:
Bajarin described the partnership as practical: Nvidia is simply enabling OpenAI to meet surging demand for GPUs, which remain its core compute backbone.

Kim Forrest, Bokeh Capital:
Forrest was more skeptical, warning that “being totally linked with each other” risks short-sightedness and could open doors for competitors to court other AI companies. She also questioned whether large language models (LLMs) will ultimately deliver the sweeping productivity gains many expect.

Gil Luria, D.A. Davidson:
Luria suggested Nvidia may be acting as the “investor of last resort,” propping up OpenAI’s heavy spending commitments rather than purely chasing opportunity.

David Wagner, Aptus Capital Advisors:
Wagner said the investment reflects CEO Jensen Huang’s long-term vision of building out “AI factories,” though the timing came earlier than many anticipated.

Stacy Rasgon, Bernstein:
Rasgon noted the partnership helps OpenAI pursue its ambitious compute goals while ensuring Nvidia hardware powers the expansion. But he flagged “circular” concerns about whether Nvidia is essentially financing its own demand, a critique that could intensify.

The mixed reactions underscore the scale of Nvidia’s gamble: a bet that doubling down on OpenAI — while fending off rivals — will extend its dominance in the AI era, even as questions linger over long-term sustainability.