Fermi, a Texas REIT developing power and data center infrastructure for AI uses, filed on Monday with the SEC to raise up to $150 million in an initial public offering.
The company is planning to develop a 15 million square foot integrated power plant and data center on the campus of Texas Tech University called Project Matador. Fermi has entered a long-term lease for the site, and is currently in the planning stage. The company plans to complete 1 million square feet of data center capacity and deploy 1 GW of power by the end of 2026. It plans to expand its power capacity to nearly 11 GW by 2038, and include solar, gas, and nuclear power sources. Fermi has yet to generate any revenue.
The Amarillo, TX-based company was founded in 2025 and plans to list on the Nasdaq under the symbol FRMI. Fermi filed confidentially on July 3, 2025. UBS Investment Bank, Cantor Fitzgerald, Mizuho Securities, Macquarie Capital, and Stifel are the joint bookrunners on the deal. No pricing terms were disclosed.
