Fermi America Files for IPO to Fund 11GW Hyperscale Data Center Campus in Texas
Fermi America, the developer behind a massive planned 11GW data center campus in Amarillo, Texas, has filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission. The company, co-founded by former U.S. Energy Secretary Rick Perry, intends to list its stock on the Nasdaq Global Select Market under the ticker symbol FRMI.
The size of the offering and price range have not yet been determined. UBS Investment Bank, Cantor, and Mizuho will serve as joint lead bookrunners, with Macquarie Capital, Stifel, and Truist Securities acting as additional managers.
Project Matador: An 11GW Campus
Fermi’s flagship development, known as Project Matador, is designed as an 18 million-square-foot hyperscale data center complex in partnership with the Texas Tech University System. The facility is envisioned as one of the largest AI-focused campuses in the world, powered by a diverse mix of energy sources.
In July, Fermi acquired over 600MW of natural gas generation capacity across two transactions, including nine turbines, to meet near-term demand. The company targets delivering 1GW of AI power by 2026. While natural gas will be the primary supply at the outset, the long-term strategy centers on nuclear energy.
Nuclear Ambitions
Fermi plans to deploy four Westinghouse AP1000 Generation III+ reactors on-site, each capable of generating more than 1,100 MWe. To advance this effort, Fermi has partnered with Westinghouse to finalize the Combined Operating License Application, streamlining the permitting process.
The firm has also signed agreements with South Korea’s Hyundai and Doosan Enerbility to support nuclear deployment. Still, challenges loom: the last U.S. AP1000 project, Vogtle, was completed in 2023 but came in $17 billion over budget and seven years late.
Early Progress and Financing
Though the project remains in its early stages, geotechnical work has begun on the Texas Tech site. Earlier this month, Fermi raised $100 million in Series C funding led by Macquarie Group and secured a $250 million senior loan facility, with $100 million drawn at close.
CEO statements emphasize that nuclear will serve as the long-term anchor for the 11GW campus, supplemented by natural gas, solar, and wind to provide reliable power during buildout.
If successful, Project Matador could position Fermi America as a major player in AI infrastructure and one of the most ambitious clean-energy-backed data center initiatives in the United States.
