Fermi Inc, the AI focused electrical grid developer, started trading on the London Stock Exchange on Thursday, as part of a dual-listing that saw it float on the New York's Nasdaq the day before.
The Texas-based company, which was formed in January this year, achieved a valuation of $13.8 billion in the initial public offer, where it raised net proceeds of roughly $635.7 million from an offer of 32.5 million shares.
It stated mission is to develop gas- and nuclear- and solar-powered electric grids that "deliver on-demand power at gigawatt scale required to create next-generation artificial intelligence".
Fermi is in the early stages of Project Matador, a multiphase energy campus aiming to provide up to 11 GW of behind-the-meter power to support 15 million square feet of AI-ready hyperscale compute infrastructure by 2038.
It will see the construction of a 'HyperGrid' expected to house one of the largest nuclear power complexes in America, with combined-cycle natural gas, utility grid power, solar power, and battery energy storage.
CEO Toby Neugebauer, former co-managing partner of energy private equity firm Quantum Energy Partners, co-founded Fermi with director Rick Perry, a former Texas governor, presidential candidate and US Secretary of Energy from 2017 to 2019 during the first Trump administration, who resigned amid the Ukraine scandal that led to an impeachment vote.
"The market understands that AI and chips are only as good as the power that supports them," said Neugebauer said.
"This IPO injects significant capital onto our balance sheet, enabling us to continue locking up long lead-time items and executing at the velocity of the last ten months which will be required to deliver power at scale.
"We are very pleased with the strong investor demand for our IPO in both London and New York, and remain laser-focused on execution, which will add stakeholder value and help America win the race to powering the future of AI."
The company plans to use net proceeds mainly for long lead-time equipment ($325 million), powered shell construction ($45 million), and corporate purposes ($266 million), and has signed an agreement to acquire Siemens turnkey equipment for a 487 MW combined cycle gas plant.
The banks and brokers advising Fermi on the IPO were: UBS, Berenberg, Ocean Wall, Panmure Liberum and Rothschild & Co.