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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.

Pattern valued at $2.4B as shares dip in Nasdaq debut

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E-commerce accelerator Pattern Group made its Nasdaq debut on Friday with a valuation of $2.38 billion, though its shares slipped 3.6% in early trading, closing at $13.50 versus the $14 offer price. The performance bucks the recent trend of strong first-day rallies for tech IPOs.

Pattern and existing shareholders raised $300 million by selling 21.4 million shares, priced within the marketed range of $13–$15. The Utah-based firm joins a wave of high-profile listings—such as Klarna and blockchain lender Figure—that have helped restore investor confidence in the U.S. IPO market after months of volatility tied to trade and tariff concerns.

Founded in 2013 as iServe by David Wright and Melanie Alder, Pattern positions itself as an “e-commerce accelerator.” It buys inventory directly from brands and resells it on platforms including Amazon, Target, Walmart, and eBay, using AI-driven tools and global marketplace expertise to optimize sales.

Analysts caution, however, that Pattern’s heavy dependence on Amazon leaves it vulnerable to changes in fee structures or marketplace policies. Trade policy shifts, such as the removal of the de-minimis import exemption, could also raise costs for cross-border sellers and complicate growth strategies.

IPO experts said the mixed debut reflects a selective investor environment, where companies with strong fundamentals and clearer risk profiles are being rewarded, while others face tougher scrutiny amid persistent inflation and labor market concerns.

Netskope hits $8.8 billion valuation in Nasdaq debut as shares surge

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Cybersecurity firm Netskope debuted on the Nasdaq on Thursday with a market valuation of $8.79 billion, as its shares surged 21% above the initial offer price. The Santa Clara–based company priced its IPO at $19 per share, raising $908.2 million by selling 47.8 million shares. The stock opened at $23, reflecting strong investor appetite.

The U.S. IPO market is experiencing its strongest wave in years, with recent successes like Figma highlighting pent-up demand. Netskope’s appeal is fueled by rising corporate spending on cybersecurity, especially as AI-driven threats expand. “AI is right in our wheelhouse … enabling companies to leverage it safely,” CEO Sanjay Beri told Reuters.

Founded in 2012, Netskope delivers cloud-based security solutions that protect apps, data, and websites. The company had previously been valued at $7.5 billion in a 2021 ICONIQ-led funding round. Beri noted that the IPO was oversubscribed 20 times and that going public will expand Netskope’s visibility in the market.

Analysts caution that despite the sector’s strong demand, IPO performances remain mixed. Rubrik has soared since listing, while SailPoint has struggled. Netskope’s future success will hinge on its profitability path and ability to navigate a competitive market against rivals like Palo Alto Networks and Zscaler.