Fermi, a real estate investment trust co-founded by former U.S. Energy Secretary Rick Perry, stormed into the public markets Wednesday with a $683 million initial public offering that catapulted its valuation to a staggering $14.8 billion. The Texas-born venture, anchored in Amarillo, aims to rewrite the playbook on artificial intelligence infrastructure by building a massive energy-backed data center campus.
Shares opened at $25 on the Nasdaq—comfortably above the $21 offer price—after the company swelled its deal to 32.5 million shares, up from an initial 25 million. The IPO, advised by powerhouse firms Haynes Boone and Vinson & Elkins LLP, marks one of the most audacious listings of 2025.
Dual Listing: A Century in the Making
Adding a dramatic twist, Fermi became the first U.S.-based REIT in over a century to secure a dual listing on both the Nasdaq and the London Stock Exchange. The feat, achieved through sweeping changes to U.K. listing rules, was described by Haynes Boone partner Nick Davis as “mission impossible.” Yet regulators on both sides of the Atlantic aligned, allowing shares to debut in New York Wednesday and hit London trading floors Thursday.
The dual listing strategy wasn’t just symbolic—it was a deliberate play to attract global capital and showcase Fermi as a high-growth AI energy leader.
