- Fermi, a data center real estate investment trust (REIT) co-founded by Rick Perry, is seeking a $13.16B valuation in a US IPO, aiming to raise $550M.
- The company is still in the development stage and does not expect revenue in the next 12 months, but has outlined a long-term plan to deliver 11 gigawatts of power to AI-focused data centers.
- Fermi’s flagship “Project Matador” is planned on a 5,236-acre site in Texas, combining nuclear, natural gas, and solar energy to support AI-driven demand from hyperscalers.
Building The Future Of AI Infrastructure
Fermi, a Texas-based data center REIT, is making headlines as it prepares to go public with one of the most ambitious energy and data projects in recent memory, per Reuters. Backed by former US Energy Secretary and long-time Texas Governor Rick Perry, the company has filed for an IPO. It could be valued at over $13B, despite not yet generating any revenue.
Fermi was founded in January 2025. The company is aiming to capitalize on growing AI-driven infrastructure demand. It plans to develop an energy-rich campus designed to attract hyperscalers and major data tenants.
Project Matador
At the center of Fermi’s plans is Project Matador, a large-scale development outside Amarillo, Texas. The project aims to supply up to 11 gigawatts of power to data centers by 2038. The project will use a combination of nuclear, natural gas, and solar power. This energy mix is intended to meet the massive demands of large-scale AI model training and deployment.
Fermi expects 1 GW of capacity to be ready by the end of 2026, with the long-term goal of becoming the world’s largest energy and data complex.
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Early Days, Big Dreams
Despite its scale and vision, Fermi remains a development-stage company, having incurred a $6.4M loss since its founding. The firm doesn’t anticipate generating revenue in the next year, and much of its IPO proceeds will go toward procuring powered shells and equipment for its data center buildout.
Market observers say Fermi’s valuation is bold. “AI is arguably the investment story of a lifetime, but at this stage, Fermi is still a story,” said Matt Kennedy of Renaissance Capital.
IPO Details
Fermi is offering 25M shares priced between $18–$22. The IPO is being led by UBS, Evercore, Cantor, and Mizuho. Fermi plans to list under the ticker symbol FRMI on both the Nasdaq and the London Stock Exchange.
Why It Matters
As AI infrastructure becomes a critical asset class, real estate investment is following suit. Fermi’s REIT model—backed by a massive clean energy plan—represents a novel approach to capturing value in the AI boom. If successful, it could signal a new wave of energy-integrated data center developments designed to meet the insatiable demands of next-gen computing.
What’s Next
Investors will be watching closely to see if Fermi can secure key tenant contracts and hit early project milestones. As the AI arms race continues, real estate tied to high-density computing is becoming an increasingly attractive—and competitive—market.
Fermi’s IPO will be a bellwether for whether the market is ready to back large-scale infrastructure bets tied to the future of AI.
