The Amarillo, Texas-based company sold 32.5 million shares at $21 each, the upper end of its marketed $18–$22 range. The offering gives Fermi a market capitalization of about $12.46 billion. Investor demand appeared strong, with the company boosting the deal size from an initial target of 25 million shares earlier this week.
Shares are scheduled to begin trading on the Nasdaq under the ticker “FRMI” on October 1, followed by a secondary listing on the London Stock Exchange on October 2.
Founded in January 2025, Fermi has quickly positioned itself as a major player in large-scale energy and data infrastructure, with plans to build what it calls the world’s largest integrated energy and data complex. Its flagship project, an AI-focused data center campus in Amarillo, is designed to draw power from a diversified mix of nuclear, natural gas, and solar sources, with dedicated infrastructure for hyperscale tenants—firms with vast computing and storage needs.
By 2038, the Amarillo campus is projected to deliver up to 11 gigawatts of power to its data centers, with an initial 1 GW expected to come online by late 2026.
Despite its ambitious roadmap, Fermi remains in its early stages. The company does not anticipate generating revenue within the next 12 months and reported a $6.4 million loss from inception through June 30.
Still, market enthusiasm reflects surging investor interest in AI infrastructure. “There’s no questioning that they’re selling into a lot of demand for AI infrastructure right now,” said Matt Kennedy, senior strategist at Renaissance Capital, which tracks IPOs. Rival data center operators such as CoreWeave and WhiteFiber have seen their shares soar well above initial offer prices this year.
UBS Investment Bank, Evercore ISI, Cantor, and Mizuho acted as joint bookrunners on Fermi’s IPO.
With a dual listing and backing from both energy and tech pedigrees, Fermi’s debut underscores how deeply AI demand is reshaping capital markets and the real estate infrastructure landscape.