Fermi Files for US IPO as New Listings Accelerate
Fermi, a company based in Texas that was co-founded by former Energy Secretary Rick Perry, submitted paperwork on Monday for a US initial public offering, joining the wave of businesses seeking to capitalize on strong investor interest in new stock launches.
The IPO market on Wall Street has gained significant momentum following Labor Day after experiencing a slowdown in August, with an active lineup that includes notable companies such as Swedish financial technology firm Klarna and Gemini, the cryptocurrency platform owned by the Winklevoss brothers.
Event ticket marketplace StubHub and security technology company Netskope also began their investor presentations on Monday, seeking to secure as much as $851 million and $813 million in funding, respectively.
In June, Fermi revealed its intention to construct what would be the globe's most extensive energy and data facility, utilizing nuclear power alongside natural gas and solar energy to address the growing power requirements of artificial intelligence technologies.
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This development represents the most significant nuclear sector investment following President Trump's executive orders from May, which were designed to simplify the Nuclear Regulatory Commission's approval procedures and speed up implementation, backing initiatives to expand U.S. nuclear power capacity from approximately 100 GW today to 400 GW by 2050.
According to Fermi, citing Bloomberg Intelligence research, the worldwide generative artificial intelligence market is projected to expand from $64 billion in 2023 to $457 billion by 2027.
The company, which has not yet generated revenue in the nine months since its establishment, completed a $100 million investment round last month with Macquarie Group serving as the lead investor.
The offering's book-running managers include UBS Investment Bank, Cantor, and Mizuho. Fermi has requested to trade on the Nasdaq exchange using the ticker symbol "FRMI".
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Additionally, the company intends to seek a listing on the London Stock Exchange's primary market.