Fermi, a Texas-based company co-founded by former U.S. Energy Secretary Rick Perry, has filed for an initial public offering (IPO) in the United States as firms look to capitalise on renewed investor appetite for listings. The filing, announced on Monday, did not disclose the terms of the offering. The move comes during a strong post-Labor Day IPO season, with Klarna, Gemini, StubHub, and Netskope also preparing to raise significant funds.
Founded less than a year ago, Fermi is seeking to position itself at the intersection of energy and artificial intelligence. In June, the company unveiled plans to build what it described as the world’s largest energy and data complex, powered by nuclear, natural gas, and solar energy, to meet soaring demand from AI applications. The project represents the first major nuclear investment since President Donald Trump’s executive orders in May aimed at fast-tracking the Nuclear Regulatory Commission’s licensing process and expanding U.S. nuclear capacity fourfold by 2050.
Fermi projects a booming market opportunity, citing Bloomberg Intelligence estimates that the global generative AI sector will grow from $64 billion in 2023 to $457 billion by 2027. Although still pre-revenue, the startup raised $100 million in August in a funding round led by Macquarie Group, underscoring investor confidence in its vision of marrying next-generation energy infrastructure with AI data needs.
The IPO will be managed by UBS Investment Bank, Cantor, and Mizuho as bookrunners. Fermi has applied to list its shares on the Nasdaq under the ticker symbol “FRMI” and said it will also seek a dual listing on the London Stock Exchange’s main market, further highlighting its global ambitions.