Fermi Inc., a real estate investment trust co-founded by former Texas Governor and U.S. Energy Secretary Rick Perry, has filed for an initial public offering with the goal of raising up to $550 million. The company plans to offer 25 million shares at a price range of $18 to $22 each, according to Bloomberg. If priced at the top end, Fermi would reach a valuation of $13.2 billion based on outstanding shares.
The REIT expects to finalize pricing on September 30 and begin trading on October 1 on the Nasdaq Global Select Market, with an additional listing planned for London. UBS, Evercore ISI, Cantor Fitzgerald, and Mizuho are leading the underwriting process.
Founded in January, Fermi positions itself as an infrastructure and real estate company focused on energy security and digital demand. Its main project is “Project Matador,” a 5,000-acre advanced energy and intelligence campus located on land leased from Texas Tech University. The firm aims to attract data center and hyperscale tenants by providing one gigawatt of power by the end of next year and planning for up to 11 gigawatts by 2038 through a mix of natural gas, solar, and nuclear energy sources.
Fermi reported a loss of $6.37 million from its launch through June, according to its SEC filing. Despite this loss, the IPO represents an effort to package large-scale energy and land commitments into a REIT structure—an approach more commonly used for office buildings or hotels.
Rick Perry serves on Fermi’s board. According to the press release: “His political profile and energy background could help the firm land both capital and regulatory buy-in for its long-term vision.”
The IPO comes at a time when data centers remain one of the stronger segments in commercial real estate while other sectors like office space continue facing challenges.
