Overview

• The IPO sold 32.5 million shares at $21, raising about $682.5 million.
• Shares closed at $32.53 on day one, implying a market value reported at more than $19 billion.
• The company pursued a concurrent London listing, described by advisers as the first dual Nasdaq–LSE debut of its kind.
• Fermi plans a HyperGrid campus near Amarillo targeting up to 11 gigawatts with nuclear, natural gas and solar, with about 1.1 GW projected by late 2026.
• The nine‑month‑old, pre‑revenue REIT has only a nonbinding 20‑year LOI with an unnamed first tenant and guides tenant revenue to 2027, drawing scrutiny to execution and approvals.