Fermi, a data center real estate investment trust co-founded by former Energy Secretary Rick Perry, aims to raise $550M in a US IPO at a $13.16B valuation
www.datacenterdynamics.com/en/news/ ferm... … Threads: @bloombergbusiness : Fermi, a real estate investment trust co-founded by former Texas Governor Rick Perry, has filed for an initial public offering as it looks to create a campus for energy-intensive computing in Amarillo, Texas.
ReutersArasu Kannagi Basil
Context & Ripple Effects
Fermi’s proposed Amarillo campus ties its strategy to raising public equity before the energy-intensive computing site is fully established. The planned IPO therefore puts a market value on a long-dated infrastructure buildout rather than on a mature operating asset base.
The filing gives Fermi a public-market route to fund its Texas campus and sets an initial valuation benchmark for prospective shareholders.
Investors must immediately assess the gap between the proposed valuation and the execution required to develop an energy-intensive computing campus.
Second-order effects
The offering makes tenant commitments and financing terms central signals for Fermi’s valuation; the later reported loss and tenant concerns illustrate how quickly those signals can reshape market confidence.
Other data-center developers seeking public capital face sharper scrutiny of whether projected power, construction and customer demand are sufficiently contracted to support their valuations.
Third-order effects
If developers continue to use public markets to fund AI-oriented campuses ahead of full tenant ramp-up, listed real-estate vehicles will carry more of the construction and customer-concentration risk traditionally absorbed in private infrastructure finance.
That model could broaden access to capital for compute infrastructure, but it also makes valuations more sensitive to leasing milestones and project delivery than conventional stabilized-property REITs.
The trend:AI infrastructure is increasingly being financed as a public-market real-estate growth story, with investor returns hinging on the conversion of power access and planned capacity into contracted demand.
“Winning the AI arms race doesn't just take software developers. It takes more electricity,” said Chairman of the National Energy Dominance Council @SecretaryBurgum. https://apnews.com/...
The upcoming Fermi IPO will be the most 2025 IPO All the red flags are there , literally every single one: > No revenue > $13B valuation > Powering AI by 2038 > Nuclear component will be called “The Donald J Trump Generating Plant.” Which could only mean one thing: BUY [image]
The Fermi IPO date is October 1st. Massively ambitious plan to supply power for future AI computing needs. Founded in 2025 + $0 revenue + $13 billion market cap = unusually speculative for retail investors. $FRMI Available on $HOOD and Fidelity [image]
IPO market quiet this week. But keep eye on Fermi next week. Texas-based data center REIT (potential AI play) looks to raise $500M by sale of 25M shares at price range of $18-$22. At $20, $FRMI would be worth $13B. Former Texas gov & Energy Sec. Rick Perry is co-founder/investor.
Fermi America $FRMI, an electric grid developer for AI/data centers co-founded by former Texas Governor/ US Energy Secretary Rick Perry, is set to IPO next Wednesday, Oct. 1 as a REIT on Nasdaq, targeting up to a $13 billion valuation. Proceeds will fund its HyperGrid project, a
NEW: Fermi America, an energy startup run by former Texas governor Rick Perry, wants to open a nuclear-powered AI data center in drought-prone farmland. “We can't pay our bills or feed our kids with false promises of an AI future,” says Texan Kendra Kay: https://otherwords.org/..…
Fermi is not a red-flag IPO. It's not structured as a company but rather a REIT and managed in part by former Energy Secretary Rick Perry. These folks know what they are doing.
Fermi America, a company cofounded by former Energy Secretary Rick Perry, wants to build the world's largest energy complex. https://www.newsweek.com/...
4/ Rick Perry's REIT The former Energy Secretary's Fermi REIT is chasing a $13B IPO valuation. It wants to power AI data centers with a nuclear-gas-solar megaproject. Catch? No revenue yet and already a $6.4M loss this year.
“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 𝘳𝘦𝘢𝘥 𝘰𝘯... https://www.reuters.com/... #ipo #iponews
okay this is getting silly now. An 11 gigawatt (!!!!!!!!!!) data centred, powered by fossil fuels but an obviously shallow, bad-faith empty promise to eventually build some nukes (only there to justify the new fossil fuelled power station they're building) — www.datacenterdyna…