Rick Perry's Fermi cashes in on AI frenzy, valued at $15B in Nasdaq debut

Core Viewpoint - Fermi is set to debut on the Nasdaq after raising $682.5 million in its IPO, marking a significant test of market appetite for a pre-revenue data center real estate investment trust valued at over $10 billion [1][2] Group 1: Company Overview - Fermi, founded in January 2025, achieved a valuation of $12.5 billion in its IPO, significantly up from a $3 billion valuation just months prior [2] - The company aims to build the world's largest energy and data complex, utilizing nuclear, natural gas, and solar power [3] Group 2: IPO Details - Fermi sold 32.5 million shares at $21 each in an upsized IPO, with initial marketing between $18 and $22 [2] - The flagship project, Project Matador, is expected to deliver 1.1 gigawatts of power by the end of 2026, scaling up to 11 gigawatts [4] Group 3: Market Sentiment and Future Outlook - The current demand for AI-driven infrastructure is driving investor interest, with Fermi's political ties seen as a potential advantage [3] - Analysts emphasize that execution will be crucial for sustaining market enthusiasm, with a focus on signed contracts and project progress [5] - A successful IPO could encourage further investments in long-duration, capital-intensive AI infrastructure projects [5]