Fermi, a Texas REIT developing power and data center infrastructure for AI uses, raised the proposed deal size for its upcoming IPO on Monday. The company plans to dual list on the Nasdaq and the London Stock Exchange.
The Amarillo, TX-based company now plans to raise $650 million by offering 32.5 million shares at a price range of $18 to $22. The company had previously filed to offer 25 million shares at the same price range. At the revised terms, Fermi will raise 30% more in proceeds than previously anticipated and command a market cap of $13.2 billion.
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.
Fermi was founded in 2025 and plans to list on the Nasdaq under the symbol FRMI. UBS Investment Bank, Evercore ISI, Cantor Fitzgerald, Mizuho Securities, Macquarie Capital, Rothschild, Stifel, Truist Securities, Berenberg, and Panmure are the joint bookrunners on the deal. It is expected to price the week of September 29, 2025.
