Rick Perry's energy startup plans $550 million IPO

Business Sep 24, 2025

Fermi America, the energy startup co-founded by former US Energy Secretary Rick Perry, is looking to raise up to $550 million through an IPO, with an estimated valuation.
They plan to offer 25 million shares priced between $18 and $22 each, with listings set for both Nasdaq and the London Stock Exchange under the ticker FRMI.

Fermi is building a private grid

Fermi (soon to be Fermi Inc) is building a massive private grid designed to fuel next-gen AI data centers using a mix of nuclear, natural gas, solar, batteries, and utility power.

SEC approval pending before going public

Before going public, Fermi still needs SEC approval.
If all goes well, funds from the IPO will help expand their team and buy key equipment—steps aimed at meeting the fast-growing energy needs of hyperscale AI operations.