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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.

OpenAI’s Cash Burn Projected to Hit $115B by 2029 Amid Chip, Data Center Push

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OpenAI has revised its financial outlook sharply upward, projecting it will burn through $115 billion by 2029, according to The Information. The new figure is about $80 billion higher than its earlier estimate, reflecting the surging costs of powering ChatGPT and other AI models.

The report says OpenAI expects to lose over $8 billion in 2024 alone, roughly $1.5 billion more than forecast earlier this year. The company anticipates that annual burn will balloon to $17 billion next year, rising to $35 billion in 2027 and $45 billion in 2028.

To rein in costs, OpenAI is pursuing vertical integration—developing its own AI server chips and data center infrastructure. Its first in-house chip, being developed in partnership with Broadcom, is expected in 2025 and will be used internally. On the infrastructure side, OpenAI has struck major agreements, including:

  • A $4.5 GW data center expansion with Oracle announced in July.

  • The Stargate project, a planned $500 billion, 10 GW buildout backed by SoftBank.

  • Expanded computing capacity through Google Cloud.

The staggering burn rate underscores the immense capital intensity of generative AI, where costs for cloud computing, GPUs, and electricity are skyrocketing. At the same time, it highlights OpenAI’s strategy to reduce reliance on external providers like Nvidia and Amazon Web Services by building a proprietary AI stack—from chips to data centers.

Equinix Signs Multiple Advanced Nuclear Deals to Power Data Centers

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Equinix (EQIX.O), a leading data center developer and operator, announced on Thursday that it has entered into multiple advanced nuclear electricity deals, including power purchase agreements for fission energy and preorders for microreactors to support its operations.

The energy-intensive nature of data centers, especially with the growing adoption of technologies like generative artificial intelligence, has driven demand for large-scale electricity, raising concerns over power supply shortages. Equinix’s agreements aim to secure long-term electricity solutions rather than short-term fixes, according to Raouf Abdel, the company’s executive vice president of global operations.

In the U.S., Equinix plans to procure 500 megawatts of power from Oklo’s next-generation nuclear fission reactors and preordered 20 transportable microreactors from Radiant Nuclear. In Europe, the company has deals with ULC-Energy and Stellaria to eventually source power from next-generation nuclear developers. Equinix has also signed advanced fuel cell agreements with Bloom Energy, based in Silicon Valley.

These initiatives align with the U.S. Department of Energy’s pilot program for high-tech test nuclear reactors, which aims to have three projects operational within a year. The deals with advanced nuclear providers are expected to supply more than 1 gigawatt of electricity to Equinix’s data centers globally.