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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.

Netskope Targets $6.5 Billion Valuation in Upcoming U.S. IPO

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Netskope, a cloud-based cybersecurity company, announced plans to raise up to $813 million in its U.S. initial public offering, aiming for a valuation of up to $6.5 billion. The IPO comes amid a rebound in listings after April’s tariff-driven market slump.

The Santa Clara-based firm will sell 47.8 million shares priced between $15 and $17 each, listing on the Nasdaq under the ticker “NTSK”.

Founded in 2012, Netskope provides cloud security solutions that protect apps, websites, and data from cyber threats. The company operates in the secure access service edge (SASE) market, competing with heavyweights like Palo Alto Networks and Zscaler. Gartner projects the SASE sector will grow from $7B in 2022 to $25B by 2027, reflecting rising demand for AI-powered cybersecurity amid more sophisticated attacks and the cloud shift.

Netskope’s client base includes Qualcomm and BMO, spanning mid-sized firms to global enterprises. Its last funding round in 2021, led by ICONIQ, Sequoia, and Accel, valued the firm at $7.5B.

The IPO follows rival Rubrik’s 2023 debut, whose shares have more than doubled since going public, underscoring investor appetite for cybersecurity plays.

Morgan Stanley and J.P. Morgan are lead underwriters.

StubHub Targets $9.2B Valuation in U.S. IPO Amid Live Events Boom

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StubHub, the ticket resale platform backed by Madrone Partners, is seeking a valuation of up to $9.2 billion in its planned U.S. IPO, the company said Monday. The listing comes after being postponed in April due to tariff uncertainty, making StubHub one of the latest firms to return to equity markets following improved sentiment.

The New York-based firm aims to raise up to $851 million by selling 34 million shares at a price range of $22 to $25 each, with J.P. Morgan and Goldman Sachs leading the underwriting. Shares will trade on the NYSE under the ticker “STUB.”

StubHub has had a winding ownership history: founded in 2000 by Jeff Fluhr and Eric Baker (now CEO), it was sold to eBay in 2007 for $310M before being acquired by Baker’s other venture viagogo for $4.05B in 2020. The company was once valued at $16.5B in 2021, though its current IPO target is well below that.

Despite cautious pricing, some investors suggest the IPO may price higher, given strong demand for live events. Rival Live Nation’s Ticketmaster has seen record ticketing volumes driven by blockbuster tours such as Beyoncé’s “Cowboy Carter.” StubHub’s own revenue rose 3% to $827.9M in the first half of 2024, though net losses more than doubled to $111.8M.

The IPO will test investor appetite for consumer-focused platforms in a market dominated by tech and crypto listings. As IPO strategist Matt Kennedy put it: “The bankers will also try to sell the deal on its valuation, which is below prior expectations.”

If successful, StubHub could capture investor enthusiasm for the booming experience economy, even as regulatory and competitive pressures linger in the ticketing industry.