The IPO Buzz: Fermi (FRMI) Prices IPO at $21 –Above the Mid-Point

Fermi Inc. (FRMI) priced its  IPO at $21 – above the mid-point of its $18.00-to-$22.00 range – and sold 32.5 million shares – the number of shares in the prospectus – to raise $682.5 million on Tuesday night, Sept. 30, 2025. At pricing, Fermi had a market cap of about $12.8 billion.

Fermi’s stock is expected to start trading tomorrow – Wednesday, Oct. 1, 2025 – on both the NASDAQ and the London Stock Exchange.

Fermi is an Amarillo, Texas-based power plant and AI start-up co-founded by Rick Perry, who was the U.S. Secretary of Energy from 2017 to 2019. Perry also served as the governor of Texas for 15 years – the longest stint  in the state’s history.

Fermi is a REIT – a real estate investment trust – and it’s a pre-revenue company.

The company has no plans to pay a dividend any time soon.

UBS Investment Bank, Evercore ISI, Cantor and Mizuho were the lead joint book-runners. 

Rothschild & Co., Stifel, Truist Securities, Berenberg and Panmure were also on the book-running team, according to the prospectus.

Fermi plans to build a power plant – starting with a natural gas-fired power plant and eventually including a nuclear power plant, along with solar power – to provide a power supply independent of the grid and dedicated to providing electricity for AI (artificial intelligence) data centers, according to the prospectus.

The power plant and AI complex – dubbed “Project Matador” – will be built on 5,236 acres of land owned by the Texas Tech University System and leased from Texas Tech under a 99-year lease, the prospectus said.

The Texas start-up has red ink on its balance sheet. Fermi reported a net loss of $6.4 million on no revenue for the period from the project’s inception in January 2025 through June 30, 2025, according to the prospectus.

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