Fermi files for Nasdaq IPO to build nuclear-powered AI data centers

Texas-based data center developer Fermi has filed for an initial public offering on Nasdaq under the symbol “FRMI,” less than a year after its founding by former U.S. Energy Secretary Rick Perry. The company aims to build the world’s largest data-energy complex powered by nuclear, natural gas, and solar energy to support AI workloads, representing the first major nuclear-related investment since President Trump’s executive orders to accelerate nuclear project approvals.

What you should know: Despite generating no revenue yet, Fermi has secured significant funding and strategic partnerships for its ambitious energy infrastructure project.

• The company raised $100 million in August through a funding round led by Macquarie Group, a global investment banking and financial services firm.
• Fermi plans dual listings on both Nasdaq and the London Stock Exchange, with UBS Investment Bank, Cantor, and Mizuho serving as underwriters.
• The IPO terms were not disclosed in the filing.

The big picture: Fermi’s HyperGrid AI campus in Amarillo, Texas represents a massive bet on nuclear-powered data infrastructure to meet surging AI energy demands.

• The facility will span 18 million square feet of data centers with up to 11 GW of IT power capacity—enough electricity to power roughly 8 million homes.
• The project combines nuclear, natural gas, and renewable energy sources in a hybrid approach to ensure reliable power supply for energy-intensive AI computing.
• This aligns with U.S. policy goals to expand nuclear generation capacity from about 100 GW to 400 GW by 2050.

Who else is involved: Fermi has secured partnerships with major international engineering firms to develop its nuclear capabilities.

• South Korea’s Doosan Enerbility, the world’s largest supplier of nuclear plant components, signed a Memorandum of Understanding to collaborate on both large-scale nuclear plants and small modular reactor technologies.
• Hyundai Engineering & Construction partnered with Fermi in August to co-develop the nuclear-based hybrid energy project, covering project planning, feasibility studies, and engineering phases.

Why this matters: The IPO reflects growing investor appetite for infrastructure that can handle AI’s massive energy requirements while advancing nuclear power adoption.

• AI workloads demand unprecedented amounts of electricity, making energy-efficient data centers crucial for the industry’s growth.
• The project represents the first significant nuclear investment since Trump’s May executive orders streamlined approval processes for new nuclear facilities.
• Fermi’s approach could serve as a model for future data centers seeking to balance AI computing demands with sustainable energy sources.