Fermi Inc (NASDAQ:FRMI, LSE:FRMI) stock is on a tear, and the company hasn’t made a cent yet.
Shares in the energy and data infrastructure start-up jumped another 15% in premarket trading Thursday, after soaring 55% on debut the day before.
As part of the listing, the Texas-based firm raised $682.5 million in its initial public offering, selling 32.5 million shares at $21 each. By the end of Wednesday’s session, they closed at $32.53.
The IPO gives Fermi a near $13 billion valuation, a dramatic leap from the $3 billion tag placed on the company just months ago when it issued convertible bonds.
Founded in January, Fermi has no revenue and a single major project: Project Matador, a planned mega-campus blending data centres with nuclear, solar and natural gas power.
The company aims to deliver 1.1 gigawatts of capacity by late 2026.
The bet is that AI’s appetite for energy and data will be insatiable and fast.