TLDR: Fermi, a data center startup co-founded by former U.S. Energy Secretary Rick Perry, has filed for an Initial Public Offering (IPO) on Nasdaq under the ticker symbol ‘FRMI’. The move is driven by the escalating demand for robust infrastructure to support artificial intelligence technologies. The company plans to build the world’s largest energy and data complex, powered by nuclear, natural gas, and solar, specifically to cater to AI’s energy needs. This IPO follows a recent $100 million funding round led by Macquarie Group.
Fermi, an innovative data center startup, officially filed for a U.S. Initial Public Offering (IPO) on Monday, September 8, 2025, seeking to capitalize on the burgeoning investor interest in companies fueling the artificial intelligence revolution. The Texas-based company, co-founded by former U.S. Energy Secretary Rick Perry, intends to list on the Nasdaq exchange under the ticker symbol ‘FRMI’.
The filing comes as Wall Street’s IPO season gains significant momentum post-Labor Day, with a flurry of new issues. While the specific terms of Fermi’s offering have not yet been disclosed, UBS Investment Bank, Cantor, and Mizuho are slated as some of the book-running managers.
At the core of Fermi’s strategy is its ambitious plan, announced in June, to construct the world’s largest energy and data complex. This colossal infrastructure project is designed to be powered by a diverse energy mix, including nuclear, natural gas, and solar, all aimed at meeting the rapidly increasing energy demands of artificial intelligence. This initiative marks a significant investment in nuclear energy, aligning with executive orders issued by President Donald Trump in May to streamline licensing and accelerate the deployment of nuclear capacity, with a goal to increase U.S. nuclear energy from approximately 100 GW to 400 GW by 2050.
The company highlights the explosive growth of the generative AI market as a key driver for its expansion. Citing data from Bloomberg Intelligence, Fermi projects the global generative AI market to surge from $64 billion in 2023 to an impressive $457 billion by 2027.
Despite being pre-revenue, approximately nine months since its inception, Fermi successfully closed a $100 million Series C preferred equity financing round last month, with Macquarie Group leading both this equity raise and a $250 million senior loan facility. Toby Neugebauer, Co-Founder and CEO of Fermi America, emphasized the company’s rapid execution, attributing it to proven experience in real-time power generation and industrial construction. Joshua Stevens, Managing Director in Macquarie’s Commodities and Global Markets division, noted that Fermi America’s platform is ‘well placed to address the fast-growing needs of AI and other high-performance computing applications.’
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The initial construction phase of Fermi’s ‘HyperGrid™’ project will commence with the support of this financing, focusing on securing critical equipment, integrating subject matter experts, and initiating energy infrastructure development.
