- Fermi’s IPO raised $682.5 million by listing at $21/share on Nasdaq, and its stock jumped ~28% in its debut.
- Most of the enthusiasm is for Fermi’s ambitious “Project Matador,” which targets an 11 GW power campus for AI data centers.
- Rick Perry’s energy policy background and political stature have fueled attention to the venture, which will list on the LSE on Oct 2.
Shares of Fermi Inc. popped ~28% above its IPO price on its market debut, signaling strong investor appetite for the energy and AI infrastructure play. The company sold 32.5 million shares at $21 apiece, raising $682.5 million after pricing toward the higher end of its marketing range. Fermi stock opened around $25 and peaked near $27.37.
Fermi’s backers upsized the offering from earlier targets, reflecting robust demand. Fermi listed under the ticker FRMI, where shares began trading on the Nasdaq on October 1 and the London Stock Exchange on October 2. The IPO was underwritten by firms including UBS, Evercore ISI, Cantor, and Mizuho.
Fermi’s ambitious plans
In its filings and commentary, Fermi laid out many ambitious plans. Among those plans is building “Project Matador,” a data center + energy campus near Amarillo, Texas, intending to deliver up to 11 gigawatts (GW) of power by 2038 through a mix of nuclear, natural gas, and solar assets. The company expects limited energy deliveries to start in 2026.
Neugebauer, Fermi’s CEO, told Newsweek that the focus was on “highly reliable, unshakable base-load energy” for AI infrastructure. Rick Perry, former Texas governor and U.S. Energy Secretary, co-founded Fermi along with Toby Neugebauer and Griffin Perry in 2025. Perry’s energy policy background and political stature have fueled attention to the venture, especially given its alignment with AI + national infrastructure ambitions.
AI Infra stocks on a high
Investor demand for data center stocks has been high this year, CoreWeave and WhiteFiber are both trading well above their initial prices. Although the company is still in its early stages. It doesn’t expect to make any revenue in the next year and has posted a $6.4 million loss since it launched through June 30.
Source: Yahoo Finance
