"Despite being under a year old and having no revenue, Fermi America had a very successful initial public offering (IPO) this week. The company, which aims to provide data and power centers for artificial intelligence, saw its shares (Nasdaq: FRMI) close at $32.53 on their first day of trading Wednesday, up nearly 55% from their IPO price of $21 per share. Fermi's stock price continued to rise through after-hours and into premarket trading on Thursday, reaching $36."
"Since its founding in January 2025-yes, nine months ago-Fermi has done very little show and much more tell. It's working on something called Project Matador, "a multi-gigawatt energy and data center development campus" that would be the world's largest "HyperGrid." In its final form, the center would exist as the Advanced Energy and Intelligence Campus at Texas Tech University. Fermi aims to deliver up to 11 gigawatts of power to AI data centers by 2038, with 1.1 gigawatts online at the end of 2026."
Fermi America launched an IPO that closed at $32.53 on debut, up nearly 55% from the $21 offering price, with after-hours trading reaching highs near $39. The company was cofounded by Rick Perry and Toby Neugebauer and was established in January 2025. Fermi is developing Project Matador, a proposed multi-gigawatt energy and data center campus to become the Advanced Energy and Intelligence Campus at Texas Tech University. The plan includes new nuclear, combined-cycle natural gas, utility grid power, solar, and battery storage. Fermi aims to deliver up to 11 gigawatts to AI data centers by 2038, with 1.1 gigawatts online by the end of 2026, while currently holding a 5,236-acre lease and seeking construction funding.
Read at Fast Company
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