Reuters: Rick Perry's Fermi REIT Raises $682.5M Amid AI Data Center Boom

Fermi, a data center REIT co-founded by former U.S. Energy Secretary Rick Perry, successfully completed its U.S. IPO, raising $682.5 million amid robust demand for AI infrastructure. The Amarillo, Texas-based company sold 32.5 million shares at $21 each, valuing the company, established in January 2025, at $12.46 billion. The offering size was increased from an initial target of 25 million shares, reflecting significant investor interest. The strong performance of Fermi's IPO highlights the current market enthusiasm for data center operators. Matt Kennedy, Senior Strategist at Renaissance Capital, stated to Reuters, "There's no questioning that they're selling into a lot of demand for AI infrastructure right now." Other data center operators, including CoreWeave and WhiteFiber, have experienced share prices exceeding their offering prices this year, further validating this trend. Fermi's strategic focus is on developing large-scale AI power and data center infrastructure, with the ambition of creating the "world's largest energy and data complex." The company's primary initiative is an AI data center campus in Texas, designed to provide dedicated energy for hyperscale tenants through a diversified energy mix comprising nuclear, natural gas, and solar power. Fermi projects its Amarillo campus will deliver up to 11 gigawatts of power by 2038, with the initial 1 GW anticipated to be operational by late 2026. Despite its ambitious long-term vision, Fermi is in its nascent stages and forecasts no revenue generation within the next 12 months, reporting a $6.4 million loss. Following the U.S. IPO, Fermi plans to pursue a dual listing, with shares expected to commence trading on the Nasdaq on October 1 and the London Stock Exchange on October 2, under the ticker symbol "FRMI."