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1h ago

Fermi Soars in Nasdaq Debut, Adds London Listing After $683 Million IPO

Investor enthusiasm tests the limits of a pre-revenue REIT model.

FILE PHOTO: The Wall Street entrance to the New York Stock Exchange (NYSE) is seen in New York City, U.S., November 15, 2022. REUTERS/Brendan McDermid/File Photo
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Overview

  • Shares opened 19% above the $21 offer price and closed up 55% at $32.53, giving the AI-focused data center developer a debut valuation near $15 billion.
  • Fermi sold 32.5 million shares to raise about $682.5 million, securing an IPO valuation of roughly $12.5 billion just months after a $3 billion convertible-bond mark.
  • The company also listed in London in what advisers describe as a first-of-its-kind concurrent dual listing, marking the largest LSE IPO by offering size this year.
  • Fermi remains pre-revenue, has a non-binding 20-year letter of intent with a prospective first tenant, and projects tenant revenue to begin in 2027.
  • Project Matador in Amarillo, Texas targets 1.1 GW of available power by the end of 2026 on a path to 11 GW at scale, pairing data centers with nuclear, natural gas, and solar.