Overview

• The offering sold 32.5 million shares at $21 each, raising about $682.5 million.
• Shares closed at $32.53, up roughly 55% on day one, with reports placing its market value from about $15 billion to above $19 billion.
• The company completed a dual listing on the London Stock Exchange a day later, with advisers describing the near-simultaneous process as first of its kind.
• Fermi plans a 5,236-acre Amarillo campus combining nuclear, natural gas, solar and storage, targeting 1.1 gigawatts by the end of 2026 and up to 11 gigawatts at scale.
• It has a non-binding 20-year letter of intent with an unnamed first tenant and warns in its prospectus of execution, supply-chain and lease-concentration risks.