Fermi Corp., a ground breaking nuclear-powered AI startup co-founded by former Texas Governor Rick Perry, is poised to make waves with its impending IPO. The Amarillo-based company plans to list on the Nasdaq with a valuation potentially exceeding $8 billion, aiming to raise $715 million through the sale of 32.5 million shares priced between $18 and $22 each, as reported by Reuters.
With ambitious plans, Fermi intends to construct a vast 15 million-square-foot power plant and data center at Texas Tech University. This initiative, known as “Project Matador: The President Donald J. Trump Advanced Energy and Intelligence Campus,” seeks to establish a 1 million-square-foot data center powered by 1 gigawatt (GW) of energy by 2026, leveraging solar, gas, and next-gen nuclear energy to expand nearly to 11 GW by 2038.
Although revenue generation is yet to commence, Fermi has secured a long-term lease for its Texas Tech site. According to Newsweek, Rick Perry holds over 16 million shares, equating to about 3% of the company, while his son, Griffin Perry, possesses nearly 23%, valued at over $700 million at IPO prices.
The company’s branding resonates with Trump supporters and energy conservatives, prioritizing U.S. energy independence and data sovereignty. This approach aligns with Perry’s longstanding advocacy for nuclear energy, aiming to integrate next-generation reactors with AI infrastructures, especially in rural areas.
Fermi’s endeavor signifies Texas’s emergence as a hub for AI and energy convergence, attracting investments from tech giants like Tesla and Microsoft. However, Fermi’s unique nuclear focus, coupled with its political affiliations, distinguishes it in a competitive landscape.
Despite challenges including non-operational reactors and regulatory hurdles, Fermi’s vision is clear. The company is set to debut under the ticker symbol “FERM” on the Nasdaq and London Stock Exchange, with market observers keenly awaiting its performance and potential implications for Texas’s future in AI, energy, and politics.