Fermi, a Texas-based REIT specializing in power and data center infrastructure for AI applications, announced plans for a $500 million IPO with a dual listing on the Nasdaq and London Stock Exchange. The offering marks one of the largest REIT-focused tech infrastructure listings of 2025, reflecting growing investor interest in AI-powered data centers and sustainable energy integration.
Company Background
Founded in 2025 and headquartered in Amarillo, Texas, Fermi is developing cutting-edge power and data center infrastructure to support AI computing and advanced technology applications. Its flagship initiative, Project Matador, is a 15 million square foot integrated campus at Texas Tech University, combining a large-scale data center with substantial power generation capabilities.
Fermi’s planned infrastructure includes solar, gas, and nuclear power sources, with the goal of deploying 1 GW of power and 1 million square feet of data center capacity by the end of 2026, expanding to nearly 11 GW of power by 2038. The company is currently in the planning and early development phase and has yet to generate revenue.
IPO Details
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Ticker Symbol: FRMI
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Exchanges: Nasdaq (US) and London Stock Exchange (UK)
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Offer Price Range: $18 – $22 per share
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Target Fundraising: $500 million
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Offer Size: 25 million shares
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Projected Market Cap: $13 billion at midpoint
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Underwriters / Bookrunners: UBS Investment Bank, Evercore ISI, Cantor Fitzgerald, Mizuho Securities, Macquarie Capital, Rothschild, Stifel, Truist Securities, Berenberg, Panmure
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Expected Pricing Date: Week of September 29, 2025
Market Context & Opportunities
The REIT’s IPO comes amid soaring demand for AI-focused data center infrastructure and high-capacity power generation. As AI adoption accelerates across industries, energy-intensive data centers are critical, driving long-term growth potential for Fermi’s integrated model. Dual listing in the US and London provides access to a broad investor base seeking exposure to technology-enabled infrastructure projects.
Risks & Challenges
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No Current Revenue: Fermi is pre-revenue, increasing execution and market risk.
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Capital Intensity: Developing large-scale power and data center infrastructure requires substantial upfront investment.
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Competition: Other data center REITs and technology infrastructure developers may compete for sites and contracts.
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Regulatory Environment: Power generation projects, particularly nuclear and renewable, are subject to complex permitting and regulatory approval.
Closing Paragraph
Fermi’s IPO represents a bold move to capitalize on the convergence of AI, data infrastructure, and energy innovation. If executed successfully, Project Matador could position Fermi as a leader in high-capacity AI data centers and sustainable power solutions. Investors will be closely watching whether the REIT can turn ambitious plans into operational success or remain a speculative pre-revenue bet.
