Overview

• Shares opened at $25 versus the $21 offer price and finished at $32.53, a 55% first‑day gain, with an additional rise reported after hours.
• The upsized offering sold 32.5 million shares to raise about $682.5 million, securing a $12.5 billion IPO valuation and implying roughly $14.8 billion at the open.
• Founded in January 2025 and co‑founded by Rick Perry, the REIT plans a single massive campus pairing data centers with on‑site nuclear, natural gas and solar power.
• Project Matador targets 1.1 gigawatts of available power by the end of 2026 with potential expansion to about 11 GW at scale.
• Fermi disclosed a non‑binding letter of intent for a 20‑year lease and forecasts tenant revenue starting in 2027, as analysts praise AI infrastructure demand but stress execution risk.