AI infrastructure REIT company Fermi's IPO pricing is set at $18-22 per share, aiming to raise $500 million in dual listing in the US and UK.

Texas-based CareTrust REIT Inc (REIT) Fermi (FRMI.US), which focuses on developing power and data center infrastructure for artificial intelligence (AI) applications, announced the terms of its initial public offering (IPO) on Wednesday. The company plans to achieve a dual listing on the NASDAQ Stock Exchange and the London Stock Exchange. Headquartered in Amarillo, Texas, the company plans to raise $500 million by issuing 25 million shares at a price range of $18 to $22 per share. Based on the mid-point of the price range, Fermi's market value will reach $13 billion. Fermi is planning to develop a 15 million square foot comprehensive power plant and data center on the campus of Texas Tech University, called "Project Matador." The company has already entered into a long-term lease agreement for the site, and the project is in the planning stage. According to the plan, Fermi will complete the construction of 1 million square feet of data center capacity by the end of 2026 and deploy 1 gigawatt (GW) of power; by 2038, its power capacity will expand to nearly 11 GW, with energy sources including CECEP Solar Energy, natural gas, and nuclear power. It is worth noting that the company has not generated any revenue yet. Established in 2025, Fermi plans to list on the NASDAQ Stock Exchange under the ticker symbol "FRMI." The joint bookrunners for the IPO transaction include UBS Group AG, Evercore ISI, Cantor Fitzgerald, Mizuho Securities, Macquarie Capital, Rothschild, Stifel, Truist Securities, Berenberg, and Panmure. It is expected that the company will determine the IPO pricing during the week of September 29, 2025.