The IPO Buzz: Fermi (FRMI Proposed) Launches $500 Million REIT to Price Next Week

Fermi Inc. (FRMI Proposed),  a new REIT based in Amarillo, Texas, with former Texas Gov. Rick Perry among its co-founders, unveiled its plans for a $500 million IPO this morning and launched the deal to start trading next week – on Wednesday, Oct. 1, 2025 – on the NASDAQ. Fermi is offering 25 million shares – at a price range of $18.00 to $22.00 – to raise $500.0 million, if priced at the $20.00 mid-point of its range. At pricing, Fermi would have a market cap of about $11.96 billion.

Fermi also plans to list on the London Stock Exchange, the prospectus said.

UBS Investment Bank, Evercore ISI, Cantor and Mizuho are the joint book-running managers, according to the prospectus.

Fermi’s IPO is expected to price on Tuesday night, Sept. 30, 2025, to trade Wednesday, Oct. 1, 2025, on the NASDAQ.

Fermi is developing Project Matador, a new power generation and data center, by leasing land owned by the Texas Tech University System under a 99-year ground lease agreement, the prospectus said. Fermi’s leased site covers 5,236 acres on the Texas Tech campus. The prospectus detailed Fermi’s plan to develop up to 11 GW (gigawatts) of  natural gas-fired power generation facilities, along with 4 GW of nuclear power, as well as solar energy power, according to the prospectus.

The company, a start-up with no revenue, plans to bring 1.1 GW (gigawatts) of power online by the end of 2026, the prospectus said.

“Our mission 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 with 1.1 GW of power projected to be online by the end of 2026,” Fermi said in the prospectus.

“We have entered into a long-term lease on a site large enough to simultaneously house the next three largest data center campuses by square footage currently in existence.”

More from the prospectus: “In a world in which power is considered a key currency for AI innovation, we believe that Fermi has a unique combination of important advantages that will help propel America’s AI economy forward. Fermi offers investors an opportunity to invest in AI growth and grid-independent energy infrastructure through a tax-efficient public REIT structure.”

Fermi is tapping into the power of some big names – notably, Rick Perry, the former governor of Texas:

“Fermi is led by a seasoned team with over a century of deep expertise across energy infrastructure, large-scale project development, and operational execution, including co-founders Rick Perry, Toby Neugebauer, and Griffin Perry, as well as Larry Kellerman and Mesut Uzman,” the prospectus said.

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