Ex-Trump cabinet member's energy startup goes public at $16B valuation

Business Oct 02, 2025

Fermi, the energy startup co-founded by former US energy secretary Rick Perry, just had a strong first day on Nasdaq—shares jumped 28%, landing the company a $16 billion valuation.
They raised over $682 million in their IPO and are now eyeing a London Stock Exchange listing this Thursday to pull in more global investors.

Fermi is building a massive energy campus in Texas

Fermi is building a $50 billion energy and data campus in Amarillo, Texas, aiming to generate up to 11 gigawatts of power using nuclear, natural gas, and renewables.
The project is provisionally named the "President Donald J Trump Advanced Energy and Intelligence Campus."
Even though Fermi hasn't landed its first customer or made revenue yet, they say talks with major tech firms are underway.