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Fermi Files for U.S. IPO Amid AI-Driven Data Center Boom

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Fermi, a Texas-based data center developer co-founded by former U.S. Energy Secretary Rick Perry, has filed for a U.S. initial public offering (IPO), joining a growing wave of companies tapping investor demand for new listings. The filing comes as Wall Street’s IPO market rebounds strongly post-Labor Day.

Fermi plans to build the world’s largest energy and data complex, integrating nuclear, natural gas, and solar power to meet surging energy needs from artificial intelligence. This marks one of the first major nuclear-backed investments since President Donald Trump’s May executive orders to accelerate nuclear licensing and boost U.S. capacity from 100 GW to 400 GW by 2050.

The company, still pre-revenue just nine months after its founding, closed a $100 million round in August, led by Macquarie Group. It projects rapid market expansion, citing forecasts that the global generative AI sector will grow from $64B in 2023 to $457B by 2027 (Bloomberg Intelligence).

Fermi has applied to list on the Nasdaq under the ticker FRMI and also intends to pursue a London Stock Exchange listing. UBS Investment Bank, Cantor, and Mizuho are acting as bookrunners for the deal.

The IPO comes alongside other high-profile listings this week, including StubHub and Netskope, both launching roadshows to raise hundreds of millions.

Quantum Computing Firm Infleqtion to Go Public via $1.8B SPAC Deal

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Infleqtion, a quantum computing and precision sensor company, announced Monday it will go public through a merger with Churchill Capital Corp X, a SPAC led by Wall Street dealmaker Michael Klein, valuing the startup at $1.8 billion pre-investment.

The transaction is expected to provide Infleqtion with over $540 million before costs, including $416 million from the SPAC’s trust account and more than $125 million in PIPE funding from investors such as Maverick Capital, Counterpoint Global, and Glynn Capital.

The merged company will list under the ticker “INFQ” on a North American exchange, with closing expected by late 2025 or early 2026.

Founded in 2007, Infleqtion has raised $283 million to date and employs about 185 staff. Its quantum systems and sensors are already in use by Nvidia, NASA, the U.S. Department of Defense, and the UK government. The company reported $29M in trailing 12-month revenue as of June 30 and projects $50M in booked and awarded business by end-2025.

Proceeds from the deal will accelerate product development and expand quantum applications in AI, national security, and space exploration.

Quantum peers IonQ, Rigetti, and D-Wave have also gone public via SPACs in recent years, though with mixed results amid challenges scaling the technology commercially. Infleqtion hopes its government partnerships and enterprise clients give it an edge in bridging R&D with practical deployment.

Tesla’s $1 Trillion Musk Pay Package Faces Criticism but Likely to Win Shareholder Backing

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Tesla’s board has approved a record-breaking $1 trillion compensation plan for CEO Elon Musk, designed to lock him into the company for the next decade as it pivots toward AI and robotics. Despite the staggering figure, analysts and pay experts say the plan will likely secure shareholder approval at November’s annual meeting, given Musk’s track record and Tesla’s reliance on him.

The package grants Musk 96 million restricted shares worth $31 billion upfront, vesting over two years, plus 12 additional tranches tied to ambitious earnings and market-cap milestones. If all targets are met, Musk’s stake could rise from 13% to 25%, positioning Tesla for a potential $8.5 trillion valuation—larger than Microsoft, Alphabet, and Meta combined today.

Tesla’s board defended the deal, saying Musk is “the only person on the planet” capable of unlocking the company’s potential. Negotiations reportedly involved 37 meetings with lawyers and 10 with Musk, during which Musk insisted on significant control, partial repayment for his voided $56 billion 2018 package, and assurances he wouldn’t be sidelined.

Supporters argue the plan gives Musk incentive to stay and aligns payouts with extraordinary growth. Critics call it excessive corporate governance failure, with unions and pension funds urging rejection. “This is investor money that could go into R&D or acquisitions,” said Kristin Hull of Nia Impact Capital, who signaled a possible shareholder challenge.

Large funds—Vanguard, BlackRock, and State Street—have yet to reveal their votes, though history suggests at least two may back Musk. Meanwhile, Tesla’s stock closed 3.6% higher at $350.84 Friday but remains down 13% in 2025, reflecting weak EV demand and rising competition.

The deal’s sheer scale, combining AI ambition, governance controversy, and Musk’s polarizing persona, ensures it will dominate investor debates well beyond November’s vote.