Fermi begins trading on Nasdaq after its initial public offering
Fermi Inc., an Amarillo-based company co-founded by former Texas Governor Rick Perry, priced its IPO at $21 per share on September 30, 2025, raising $682.5 million, and began trading on Nasdaq under FRMI on October 1, 2025. It described itself as a pre-revenue real estate investment trust developing Project Matador on land leased from the Texas Tech University System.[1][2]
Fermi priced its initial public offering at $21 per share, selling 32.5 million shares for $682.5 million, and began trading on Nasdaq under the ticker FRMI on October 1, 2025. IPOScoop described it as a pre-revenue real estate investment trust co-founded by former Texas Governor and U.S. Energy Secretary Rick Perry, with a net loss of $6.4 million from its January 2025 inception through June 30, 2025.[1]
Ipo price
$21
Shares
32,500,000
Proceeds
$682,500,000
⚠ Sources differ
Reported size of the Project Matador site, leased from the Texas Tech University System under a 99-year lease, differs across sources and over time.
About 7,570 acres after adjacent land acquisitions Fermi reported in March 2026 (closed or under contract).
✓ Verified
Fermi has described the project as up to 11 gigawatts of on-site generation (natural gas, nuclear and solar) and 18 million square feet of data-center capacity; these are company plans and projections.[2][3]