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Data and Energy REIT Fermi Seeks $13B Valuation in IPO
Fermi Inc., co-founded by former Energy Secretary Rick Perry, is targeting a $13.16-billion valuation in its initial public offering, the company said in an SEC filing. The Amarillo, TX-based REIT recently announced plans to build one of the world’s largest data center complexes, to be powered by nuclear, natural gas, solar and batteries.
Bloomberg News reported that Fermi, which was launched in January, plans to market 25 million shares for $18 to $22 each. The offering is expected to price on Sept. 30 for trading on Oct. 1, according to deal terms seen by Bloomberg News.
Located on approximately 5,800 acres in the Texas Panhandle, the Advanced Energy and Intelligence Campus will support the growing demands of artificial intelligence, data innovation and sustainable energy, Fermi and Texas Tech University said in announcing the project. The site will include 18 million square feet of data centers and generate up to 11 gigawatts of IT capacity by 2038.
- ◦Development
- ◦Financing
