Rick Perry's data center REIT Fermi poised to light up in Nasdaq debut

Fermi

01/10/2025 16:07

** Shares of data center real estate investment trust Fermi FRMI.O, co-founded by former Texas Governor and U.S. Energy Secretary Rick Perry, set to debut at double their offer price

** Stock indicated to open at $42 vs $21 IPO price on Nasdaq

** Fermi raised $682.5 million by selling 32.5 million shares at $21 each in an upsized IPO, after marketing them between $18 and $22

** IPO valued Fermi at $12.46 billion, despite the company being pre-revenue, reflecting the critical role of energy infrastructure in sustaining the AI boom

** Aims to build the world's largest energy and data complex, powered by nuclear, natural gas and solar

** A successful listing could pave the way for other long-duration, capital-intensive AI infrastructure bets - analysts

 (Reporting by Ateev Bhandari in Bengaluru)

 ((Ateev.Bhandari@thomsonreuters.com;))