Fermi America IPO: Stock listing date nears for AI data center and power company backed by Rick Perry

As the rise of artificial intelligence continues, companies operating in this space or relying on the technology are finding that they have two inextricable needs: data centers that can run and process the AI, and access to ample energy to power those vast data centers.

One new company, Fermi America, aims to offer solutions for both these needs. And this week, Fermi announced its plans for an upcoming initial public offering and dual stock listings. Here’s what you need to know about Fermi America and its planned IPO.

What is Fermi America?

Fermi America is a very young company. It was only founded this year, just nine months ago in January 2025. The company is so new that its website is still a relatively barebones affair.

Given the youth of the company, it’s no surprise that the majority of Americans have most likely never heard of it.

But they have heard of its cofounder, Rick Perry, the former Texas governor who ran as a GOP contender for president in 2012 and 2016. After unsuccessful presidential bids, Perry was appointed as the 14th United States Secretary of Energy, during President Donald The President’s first term in office.

In addition to Perry, Fermi America was also cofounded by Toby Neugebauer, a former comanaging partner of Quantum Energy.

Fermi America intends to be a provider of data and power centers that other companies can use to host their AI needs.

But I say “intends to,” because Fermi America doesn’t actually provide any services yet. Heck, it doesn’t even have any infrastructure yet to provide its services.

What Fermi America does have is a lease for 5,236 acres of land owned by Texas Tech University, which is where Fermi plans to build a “HyperGrid” in an undertaking dubbed Project Matador.

What is Project Matador?

Project Matador is the name given to Fermi America’s HyperGrid project. This HyperGrid will be a combined data and power center that other companies will pay to lease space on to run their AI needs.

In its Form S-11 Registration Statement filed with the U.S. Securities and Exchange Commission (SEC), Fermi says Project Matador is “a multi-gigawatt energy and data center development campus” that will ultimately be called the Advanced Energy and Intelligence Campus at Texas Tech University.

Fermi says the mission of this campus “is to deliver up to 11 gigawatts (GW) of low-carbon, HyperRedundant, and on-demand power directly to the world’s most compute-intensive businesses.” 

It says it will achieve this mission by using nuclear, solar, and natural gas energy to power the facility. By 2038, the company says it aims for the campus to deliver up to 11 gigawatts of power to AI data centers. It also says it expects the first 1.1 gigawatts of power to be online by the end of 2026.

However, all this is hypothetical for now. To date, Fermi America has not actually started constructing Project Matador. The company still needs to secure funding for the campus’s construction. It aims to raise some of that money through investments, including funds raised from its IPO.

Yet the fact that Project Matador is little more than an idea at this point is something potential investors should consider. As Fermi America warns in its Form S-11, “our business model is highly dependent on the successful construction, development, leasing, and continued maintenance of Project Matador.”

When is Fermi America’s IPO?

Fermi America has not announced a date for its planned IPO yet. This week’s announcement is for Fermi’s IPO “roadshow,” which is when executives of a company planning to go public meet with potential investors. Roadshows are designed to generate hype and interest in a company’s initial public offering.

What is Fermi America’s stock ticker?

Fermi America’s shares will trade under the stock ticker “FRMI.”

What exchange will Fermi America’s shares trade on?

Fermi America shares will trade on not one, but two stock markets. The company says it intends to list its shares on the Nasdaq Global Select Market in the U.S. and on the London Stock Exchange in the UK.

What is the IPO share price of FRMI?

An exact IPO price for Fermi’s shares has not been determined yet. But the company says it is targeting a price range of between $18 and $22 per share for its public offering.

How many FRMI shares will be available in its IPO?

Fermi says it plans to make 25 million shares of its common stock available in its IPO. The company says it will also grant its underwriters a 30-day option to purchase up to an additional 3.75 million shares.

How much will Fermi America raise in its IPO?

With an expected IPO price of between $18 and $22 per share, Fermi is expected to raise between $450 million and $550 million in its IPO.

How much is Fermi America worth?

Reuters notes that under the company’s current IPO price estimates, Firmi America is targeting a valuation of up to $13 billion.

What will Firmi America use its IPO proceeds for?

According to its roadshow announcement, Fermi America says it intends to use the net proceeds from its IPO “to support the continued growth and development of Fermi America’s business, to secure personnel, to increase its financial flexibility, and for general corporate purposes, including, but not limited to, procurement, construction, and installation of long lead-time items.”

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