Core Viewpoint - Fermi, a Texas-based REIT focused on AI-related power and data center infrastructure, has increased its IPO fundraising target to $650 million by offering 32.5 million shares at a price range of $18 to $22 per share, raising its expected market valuation to $13.2 billion [1] Company Summary - Fermi plans to develop a 15 million square feet power plant and data center on the Texas Tech University campus, named "Project Matador," and has signed a long-term lease for the site [1] - The project is currently in the planning stage, with a goal to complete 1 million square feet of data center capacity and deploy 1 GW of power by the end of 2026 [1] - By 2038, Fermi aims to expand its power capacity to nearly 11 GW, utilizing energy sources including solar, natural gas, and nuclear [1] - The company has not yet generated any revenue [1]