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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.

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.