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The Company That IPO’d With Nothing and Won Everything

Fermi does not sell power yet. It sells the idea of owning the grid.
The Company That IPO’d With Nothing and Won Everything

Last week, Fermi, the Texas-based data center REIT co-founded by former U.S. Energy Secretary Rick Perry completed one of the boldest IPOs of the year, raising 682 million dollars on Nasdaq with a 12.5 billion dollar valuation. The company has no revenue, reports a 6.4 million dollar loss, and has no operational sites until 2026.

What it does have is a plan to build an 11 gigawatt AI campus in Amarillo that will run on nuclear, gas, and solar energy. The story sounds like a fever dream stitched together from AI slogans and policy memos, yet investors did not hesitate. They bought the vision.

In 2025, a company no longer needs profits to go public. It only needs the right story about compute, sovereignty, and the wattage of tomorrow.

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