(Reuters) – Fermi, a Texas company co-founded by former U.S. Energy Secretary Rick Perry, on Monday filed for an initial public offering in the United States, as companies rush to tap investor enthusiasm for new issues.
The terms of the offering were not disclosed.
Wall Street’s IPO season is off to a strong start post-Labor Day, bouncing back from the August slowdown, with a busy calendar featuring big names like Swedish fintech Klarna and the Winklevoss twins’ crypto exchange Gemini.
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Ticket reseller StubHub and cybersecurity firm Netskope also launched their roadshows on Monday, aiming to raise up to $851 million and $813 million, respectively.
Fermi in June announced plans to build the world’s largest energy and data complex, powered by nuclear along with natural gas and solar, to meet the rising energy demands of artificial intelligence.
The announcement marks the first major nuclear investment since President Donald Trump issued executive orders in May to streamline the Nuclear Regulatory Commission’s licensing process and accelerate deployment, supporting plans to increase U.S. nuclear energy capacity from about 100 GW currently to 400 GW by 2050.
Fermi said that the global generative AI market is expected to grow from $64 billion in 2023 to $457 billion by 2027, citing data from Bloomberg Intelligence.
The company, which is pre-revenue till now, about nine months since its inception, closed a $100 million funding round last month led by Macquarie Group.
UBS Investment Bank, Cantor, and Mizuho are among the book-running managers for the offering. Fermi has applied to list on the Nasdaq under the symbol “FRMI”.
The company also plans to apply to list on the main market of the London Stock Exchange.
Reporting by Arasu Kannagi Basil and Pritam Biswas in Bengaluru; Editing by Vijay Kishore
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