Reuters: Rick Perry's Fermi Upsizes IPO to $715M

Fermi, a data center real estate investment trust co-founded by former U.S. Energy Secretary Rick Perry, has increased the size of its U.S. initial public offering, now seeking to raise $715 million, according to a Reuters report. The company intends to offer 32.5 million shares priced between $18 and $22 each. This expanded offering reflects the escalating demand for energy infrastructure necessary to support the development of artificial intelligence and the scaling of large language models. The move suggests a robust investor interest in companies crucial to the AI sector. Fermi plans to establish the world's largest energy and data complex, utilizing a combination of nuclear, natural gas, and solar power. The company is expected to list on both the Nasdaq and the London Stock Exchange under the ticker symbol "FRMI."