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