Fermi America on Monday filed for an initial public offering (IPO) in the US, with the intention of listing its common shares on the Nasdaq Global Select Market under the symbol 'FRMI’.
Fermi, which is developing what is expected to be the world's largest private grid campus to power growing artificial intelligence demand, was co-founded by former US Energy Secretary and Texas Governor Rick Perry.
Fermi had previously stated its Amarillo, Texas campus has the potential to deliver up to 11 gigawatts (GW) of new nuclear, gas and solar power, about enough for more than 8.2 million homes, with 1 GW expected online by late 2026.
The nearly 2,347-hectare complex will also have capacity for large artificial intelligence data centers.
The complex is situated near the Department of Energy’s Pantex nuclear weapons plant, as well as near some of the largest US gas pipelines.
Fermi did not disclose the number of shares to be offered or the price range of the proposed offering.
UBS Investment Bank, Cantor, and Mizuho will serve as the book-running managers for the listing, while Macquarie Capital, Stifel, and Triust Securities will be passive bookrunners.
Fermi America recently announced it had closed a Series C preferred equity financing round, raising $100 million.
The company also secured a $250 million senior loan facility, which is fully funded by Macquarie’s Commodities and Global Markets business.