Fermi (FRMI Proposed), an Amarillo, Texas-based AI and energy start-up organized as a REIT, upsized its IPO to 32.5 million shares – up from 25 million shares originally – and kept the price range at $18.00 to $22.00 – to raise $650 million, if priced at the $20.00 mid-point of its range, according to an S-11/A filing early today – Monday, Sept. 29, 2025. The company is a real estate investment trust (REIT).
Fermi’s IPO is expected to price Tuesday night, Sept. 30, 2025 – to trade Wednesday, Oct. 1, 2025, on the NASDAQ and the London Stock Exchange.
UBS Investment Bank, Evercore ISI, Cantor and Mizuho are the lead joint book-runners. Rothschild & Co., Stifel, Truist Securities, Berenberg and Panmure are also on the book-running team, according to the prospectus.
Fermi plans to build a power plant – starting with a natural gas-fired power plant and eventually including a nuclear power plant, along with solar power – to provide a power supply independent of the grid and dedicated to providing electricity for AI (artificial intelligence) data centers, according to the prospectus. The power plant and AI complex – dubbed “Project Matador” – will be built on 5,236 acres of land owned by the Texas Tech University System and leased from Texas Tech under a 99-year lease, the prospectus said.
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