CareTrust REIT Inc's affiliate Fermi (FRMI.US) applies for listing in the US, aiming to raise $150 million to lay out power and data center.

CareTrust REIT IncFermi (FRMI.US) submitted an initial public offering application to the U.S. Securities and Exchange Commission on Monday, planning to raise up to $150 million. The company focuses on developing power and data center infrastructure needed in the field of artificial intelligence. Its flagship project, the "Matador Plan," will be located on the campus of Texas Tech University, planning to build a 15 million square foot integrated power plant and data center facility. Currently, Fermi has signed a long-term lease for the site and is in the project planning stage. According to the development plan, Fermi plans to complete the construction of 1 million square feet of data center capacity and deploy a 1 GW power facility by the end of 2026. By 2038, the power capacity will be expanded to nearly 11 GW, with energy sources including CECEP Solar Energy, natural gas, and nuclear energy. It is worth noting that this company, founded in 2025, has not generated any revenue yet and is headquartered in Amarillo, Texas. It plans to list on the Nasdaq under the ticker symbol FRMI. The joint bookrunners for this IPO include UBS Group AG investment bank, Cantor Fitzgerald, Mizuho Securities, Macquarie Capital, and Stifel, among others. Fermi had secretly submitted its listing application on July 3, 2025, but specific pricing terms have not been disclosed.