Data center startup Fermi files for US IPO amid AI-driven demand
Texas-based data center builder Fermi, co-founded by former U.S. Energy Secretary Rick Perry, has filed for an initial public offering (IPO) in the United States, as Wall Street’s listings accelerate following the summer slowdown.
The company, founded just nine months ago, aims to build the world’s largest energy and data complex, powered by a mix of nuclear, natural gas, and solar to meet the soaring energy needs of artificial intelligence, News.Az reports, citing Reuters.
Fermi’s IPO terms were not disclosed, but the filing follows a $100 million funding round in August led by Macquarie Group. The firm has applied to list on the Nasdaq under the symbol “FRMI” and also plans a listing on the London Stock Exchange.
The push comes as global IPO activity picks up, with companies like Klarna, Gemini, StubHub, and Netskope also pursuing listings. Analysts note that the generative AI market is projected to grow from $64 billion in 2023 to $457 billion by 2027, underscoring investor interest in energy and data infrastructure.
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