Fermi Inc. (Ticker: FRMI US) is a U.S.-based real estate investment trust (REIT) developing large-scale energy infrastructure to support AI data centers. Incorporated in Texas, Fermi plans to list on the Nasdaq Global Select Market on October 1, 2025, offering 25 million shares at a price range of $18–$22, targeting proceeds of $500 million USD. At the midpoint, the IPO implies a valuation of about $11.96 billion USD.

Fermi is building Project Matador, a 5,263-acre campus in Amarillo, Texas, under a 99-year lease with Texas Tech University. The project aims to deliver up to 11 GW of grid-independent power from natural gas, nuclear, and solar sources, with 1 GW projected online by 2026. Proceeds will fund development and equipment procurement to accelerate power delivery.

The IPO is led by UBS Investment Bank, Evercore ISI, Cantor, Mizuho, Macquarie Capital, Rothschild & Co., Stifel, Truist Securities, Berenberg, and Panmure.