Company Overview - Fermi America, co-founded by Rick Perry and Toby Neugebauer, aims to provide data and power centers for artificial intelligence [3][5] - The company was founded in January 2025 and has no revenue as of now [2][3] IPO Performance - Fermi America had a successful IPO, with shares closing at $32.53, up nearly 55% from the IPO price of $21 per share [2] - The stock price continued to rise, reaching a high of $39 per share overnight before settling around $37 [2] Project Matador - Fermi is working on Project Matador, which aims to develop a multi-gigawatt energy and data center campus, potentially the world's largest "HyperGrid" [3][5] - The project aims to deliver up to 11 gigawatts of power to AI data centers by 2038, with 1.1 gigawatts expected to be online by the end of 2026 [5] Funding and Future Prospects - Currently, Fermi has a lease for 5,236 acres of land from Texas Tech University and requires funding to start construction on Project Matador [5] - The successful IPO may provide some of the necessary funding, as investors view the startup as a lower-cost entry into the AI market [5][6] Market Context - The IPO's success may be attributed to the accessibility of Fermi's share price compared to larger AI companies like Meta Platforms and Oracle Corp, whose shares are priced significantly higher [6]
Fermi stock price rises today after successful IPO: Rick Perry's data center firm benefits from AI FOMO