Forbes:

Fermi America, a newly established real estate investment trust (REIT) co-founded by former Texas Governor Rick Perry, debuted on the Nasdaq with a $19 billion valuation in its initial public offering (IPO). The Amarillo, Texas-based company, just nine months old and currently generating no revenue, saw its shares close its first day of trading 55% higher at $32.53, after an initial opening price of $21. Despite lacking any current customers and reporting a $6.4 million loss in its first six months, Fermi America's prospectus reveals the company is "actively targeting" potential clients. These include prominent artificial intelligence firms such as Elon Musk's xAI, OpenAI, and Anthropic. A company spokesperson declined to comment. The IPO has created significant wealth for its key stakeholders. Cofounder, President, and CEO Toby Neugebauer’s estimated 28% stake is valued at $6 billion based on Wednesday's closing price. Griffin Perry, son of Rick Perry, holds an 11% stake worth $2.3 billion, despite not holding a formal position within the company. Investor Steven Meisel, through his firm Pencross Energy, possesses a stake valued at $1.8 billion. Rick Perry's holdings are estimated at $540 million, a substantial increase from his reported $3 million net worth in 2019, according to Forbes.