Fermi America, the company planning a massive energy and data center development in the Amarillo area, has filed paperwork with federal regulators for a proposed initial public offering.
The company submitted a Registration Statement on Form S-11 with the U.S. Securities and Exchange Commission. The number of shares to be offered and the price range have not yet been determined. Fermi America intends to list its stock on the Nasdaq Global Select Market under the ticker symbol “FRMI.”
Founded less than a year ago, Fermi was co-founded by former U.S. Energy Secretary Rick Perry and has drawn attention for its plan to build what it says will be the world’s largest privately operated energy and data complex. The 11-gigawatt project, known as Project Matador, is expected to span about 18 million square feet on land leased from Texas Tech University in Amarillo.
The company has described the effort as a mix of natural gas, renewable and nuclear generation. In July, it acquired more than 600 megawatts of natural gas generation capacity through two deals that included nine turbines. It has said the natural gas assets will support a near-term goal of delivering 1 gigawatt of computing power by 2026.
Longer term, Fermi plans to rely on nuclear power. The company is pursuing a combined operating license with Westinghouse to deploy four AP1000 reactors, each rated at more than 1,100 megawatts. While considered advanced designs, the most recent AP1000s built in the U.S., at Georgia’s Vogtle plant, were delayed by years and ran billions over budget.
Fermi has also signed agreements with South Korea’s Doosan Enerbility and Hyundai Engineering & Construction to collaborate on large nuclear plants, small modular reactor technologies and early-stage engineering and feasibility work.
The project has emerged as the first major nuclear-related investment since executive orders signed earlier this year by former President Donald Trump aimed at accelerating approvals for new reactors. Federal policy calls for tripling U.S. nuclear capacity from about 100 gigawatts today to 400 gigawatts by 2050.
Despite being pre-revenue, Fermi raised $100 million in August in a Series C round led by Macquarie Group and secured a $250 million senior loan facility from Macquarie’s commodities and global markets division. The company has also said it intends to pursue a secondary listing on the London Stock Exchange.
UBS Investment Bank, Cantor and Mizuho are listed as joint lead book-running managers for the IPO. Macquarie Capital, Stifel and Truist Securities are named as additional book-runners.
The SEC has not yet declared the registration effective. Until then, no shares may be sold and no offers to buy can be accepted.
If approved, the offering would add to a wave of activity in AI-related infrastructure. Nvidia-backed CoreWeave raised $1.5 billion in a March offering, while Amsterdam-based Nebius announced last week it would raise $3 billion in a mix of public and private offerings tied to a GPU supply deal with Microsoft. Privately held Vantage Data Centers is also expanding, with plans for a $25 billion campus in Shackelford County, Texas.
Fermi has said it expects to deliver its first 1 gigawatt of AI power at the Amarillo site by the end of 2026.
This article originally appeared on Amarillo Globe-News: Fermi America files for IPO to fund 11GW Amarillo data center campus
Reporting by Michael Cuviello, Amarillo Globe-News / Amarillo Globe-News
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