Fermi Inc., the energy-focused real estate investment trust co-founded by former U.S. Secretary of Energy Rick Perry, made a dramatic debut on the Nasdaq this week, with shares soaring 55% after raising $682.5 million in its initial public offering. The surge highlights investors’ growing enthusiasm for companies positioned to benefit from the booming artificial intelligence sector and the accompanying demand for energy infrastructure.
Shares of Fermi closed at $32.53 on their first day of trading, well above the IPO price of $21, after the company sold 32.5 million shares within a marketed range of $18 to $22. The Amarillo, Texas-based REIT now carries an estimated market value of roughly $19.3 billion based on the outstanding shares listed in its filings. Following its Nasdaq debut on Wednesday, Fermi is expected to begin trading on the London Stock Exchange on Thursday.
The IPO comes amid a surge in investor interest in energy providers that can serve as proxies for AI-driven demand. Firms like NRG Energy Inc. and Vistra Corp. have also seen stock gains as investors seek exposure to companies supplying the power needed for the next generation of AI computing. Fermi, despite not having generated revenue since its founding in January, has quickly captured investor attention.
“There are limited ways to play the AI energy demand angle,” said Morningstar analyst Travis Miller. “Investors are looking for new ways to engage with this theme when traditional power producers have already run up.”
Fermi’s flagship initiative, dubbed “Project Matador,” is a development-stage advanced energy and data center campus encompassing more than 5,000 acres leased from Texas Tech University. The site, also referred to by the company as the President Donald J. Trump Advanced Energy and Intelligence Campus, is designed to attract data center operators and hyperscale computing tenants. The company aims to have one gigawatt of power operational by the end of 2026, with long-term plans to expand to 11 gigawatts by 2038 using a combination of natural gas, solar, and nuclear energy.
Rick Perry, who served as governor of Texas before joining President Donald Trump’s cabinet, is a director at Fermi. According to filings, the company reported a net loss of $6.37 million from inception through the end of June 2025.
The IPO represents a significant financial windfall for Fermi’s founding team. Perry’s personal stake is now valued at approximately $540 million based on Wednesday’s closing price, while his son, Griffin Perry, independently controls shares worth $2.4 billion, according to the Bloomberg Billionaires Index.
The strong debut underscores a broader trend of investor appetite for energy assets tied to AI infrastructure and highlights the market’s willingness to reward companies that combine real estate, power generation, and technology-focused development. As Fermi looks to expand its footprint and attract major tenants, the company’s performance will be closely watched as a potential benchmark for AI-driven energy investments.
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