Fermi, a data center REIT co-founded by Rick Perry, raised $682.5 million in its U.S. IPO, selling 32.5 million shares at $21 each, valuing the company at $12.46 billion. It aims to build the world’s largest energy and data complex in Texas, using nuclear, natural gas, and solar power. Fermi plans to dual list on Nasdaq and LSE under “FRMI.” The company increased the offering size due to high demand for AI infrastructure. Fermi’s Amarillo campus plans to deliver 11 GW of power to data centers by 2038, with 1 GW by late 2026. The company does not expect revenue in the next 12 months, reporting a $6.4 million loss since inception. UBS, Evercore ISI, Cantor, and Mizuho were the book-running managers for the offering.

Read more at Yahoo Finance: Rick Perry-backed Fermi REIT raises $682 million in U.S. IPO amid AI data-center boom