Archive · 24 Sep 2025
Rick Perry's Fermi Targets $13B Valuation in US IPO
Fermi, a company co-founded by former U.S. Energy Secretary Rick Perry, is planning to sell shares to the public (IPO) to raise money.
They want to build a huge complex of data centers and power plants in Texas, hoping to attract tech companies that need a lot of electricity for their artificial intelligence (AI) projects.
The company is valued at a high amount for its plan.
The company expects to have some capacity ready by the end of 2026.
However, Fermi is still in the early stages, and it is not making money yet.
The company has a big project named Project Matador.
They have a goal to provide a lot of power to data centers by 2038.
The company is hoping investors will pay for its shares, even though it hasn't made money.
Fermi, co-founded by Rick Perry, targets a $13.16 billion valuation in its US IPO.
The company plans to raise up to $550 million by offering shares priced between $18 and $22.
Fermi aims to build a large energy and data complex in Texas, powered by nuclear, natural gas, and solar.
The flagship project, Project Matador, aims to deliver up to 11 gigawatts of power to data centers by 2038.
Fermi is a development-stage company and does not expect to generate revenue within the next 12 months.
- Who
- Fermi, co-founded by Rick Perry
- What
- Aims to raise up to $550 million through an IPO with a target valuation of up to $13.16 billion.
- When
- Founded in January 2025; IPO planned currently.
- Where
- Amarillo, Texas
- Why
- To build a large energy and data complex fueled by nuclear, natural gas, and solar power, driven by the AI boom.
- Company
- Fermi
- Founder
- Rick Perry
- Valuation Target
- Up to $13.16 billion
- IPO Target Raise
- Up to $550 million
- Shares Offered
- 25 million
- Share Price Range
- $18-$22
- Founded
- January 2025
- Listing Exchanges
- Nasdaq and London Stock Exchange
- Ticker Symbol
- FRMI