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.

Powering the AI Revolution

Fermi’s ambition centers on a nearly 6,000-acre Texas site leased for 99 years, where it plans to build “Project Matador”—an AI campus designed to run on nuclear, natural gas, and solar power. The project envisions delivering one gigawatt of power by 2026, ultimately expanding to 18 million square feet of AI capacity fueled by up to 11 gigawatts.

The venture, to be renamed the President Donald J. Trump Advanced Energy and Intelligence Campus, could redefine AI infrastructure in America. Nuclear construction could begin in 2026, finishing by 2031. With proximity to rich natural gas reserves, ample water supply, and a DOE-operated nuclear facility, Fermi is positioning itself as the heartbeat of U.S. AI expansion.

A Race Against Time and Rivals

Haynes Boone partner Matt Fry underscored the project’s urgency: “On-site power generation is the single biggest hurdle for AI right now. This model eliminates that.” Securing gas turbines amid a global shortage was a critical milestone, enabling Fermi to stay ahead of the curve.

The venture’s bold move comes as China accelerates similar projects. “This is not just business—it’s national security,” Fry warned. “America cannot afford to trail behind.”

Market Forces and Global Interest

Backed by UBS, Cantor, Mizuho, Macquarie, Stifel, and Truist Securities, Fermi’s offering is among the largest on the London Stock Exchange in recent memory. Regulatory approval from the U.S. Securities and Exchange Commission was secured just before a government shutdown, adding a cliffhanger to the IPO’s rollout.

By bypassing private capital and heading straight into the public markets just nine months after its founding, Fermi signaled its appetite for scale—and speed.

The Legal Powerhouses Behind the Deal

Fermi’s team included a phalanx of attorneys from Haynes Boone led by Matt Fry, Nick Davis, and Logan Weissler, among others. The underwriters were represented by Vinson & Elkins LLP, with Daniel LeBey and Dave Oelman steering the legal strategy.