Fermi raised $100 million in August in a funding round led by Macquarie Group
In sum – what to know:
Fermi files for IPO – The Texas data center builder seeks to tap investor enthusiasm with a planned Nasdaq listing under the symbol FRMI.
AI-driven nuclear project – Fermi aims to build the world’s largest data-energy complex powered by nuclear, natural gas, and solar to support AI workloads.
Pre-revenue but well-funded – Despite no revenues yet, the firm raised $100M in August and is pursuing listings in both the U.S. and U.K.
Texas-based Fermi, a data center developer co-founded by former U.S. Energy Secretary Rick Perry, has filed for an initial public offering (IPO) in the United States, according to a Reuters report.
The IPO terms were not disclosed, according to the report.
Founded less than a year ago, Fermi has attracted attention for its plan to build the world’s largest energy and data complex, designed to run on a mix of nuclear, natural gas, and solar power to meet the soaring energy demands of artificial intelligence.
The project represents the first major nuclear-related investment since President Donald Trump signed executive orders in May to speed up approvals for new nuclear projects. U.S. policy aims to expand nuclear generation capacity from about 100 GW to 400 GW by 2050.
Despite being pre-revenue, Fermi raised $100 million in August in a funding round led by Macquarie Group. It has applied to list its shares on Nasdaq under the symbol “FRMI”, while also planning a listing on the London Stock Exchange.
UBS Investment Bank, Cantor, and Mizuho are among the underwriters, according to the report.
Last month, Fermi had entered into a new partnership to advance its planned 11 GW HyperGrid AI campus in Amarillo, Texas.
The company said it signed a Memorandum of Understanding (MoU) with South Korea’s Doosan Enerbility, a major supplier of nuclear power plant components, with the aim of collaborating on both large-scale nuclear plants and small modular reactor (SMR) technologies at the site.
The HyperGrid AI campus, announced in June, is set to feature 18 million sq ft of data centers and provide up to 11 GW of IT power capacity sourced from natural gas, renewables, and nuclear, Fermi said.
Doosan Enerbility, headquartered in Changwon, South Korea, is the world’s largest supplier of nuclear plant components.
Also in August Fermi America and Hyundai Engineering & Construction (Hyundai E&C) had signed a Memorandum of Understanding (MoU) to co-develop a nuclear-based hybrid energy project in Texas.
Under the terms of the agreement, the companies will jointly advance project planning, conduct feasibility studies, develop detailed business packages, and execute FEED (Front-End Engineering Design) and EPC (Engineering, Procurement, and Construction) phases.
