Fermi, a data center REIT co-founded by former U.S. Energy Secretary Rick Perry, is aiming for a $13.16 billion valuation in its U.S. IPO. The Amarillo, Texas-based REIT plans to raise up to $550 million by offering 25 million shares priced between $18 and $22 each.
Dubbed Project Matador, Fermi’s flagship initiative seeks to deliver up to 11 gigawatts of power to AI-focused data centers via a mix of nuclear, natural gas, and solar energy by 2038. While still a development-stage company, the IPO positions Fermi alongside other AI-driven data center operators tapping public markets in 2025.