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Fermi Inc on Monday announced plans to join the London Main Market, alongside a proposed primary listing on the Nasdaq Stock Exchange. The US-based newcomer is positioning itself as a real estate investment trust for data centre infrastructure. This includes electric grids to provide power on-demand for artificial intelligence servers. Its flagship development is Project Matador, a site in Amarillo, Texas where Fermi is building a grid to draw on natural gas, solar and nuclear power, with battery energy storage. This grid is intended ‘to house one of the largest nuclear power complexes in the US’ and supply up to 11 gigawatts of power, Fermi said. Early in September, the company filed an application with the US Securities & Exchange Commission for an initial public offering on the Nasdaq Global Select Market. It expects to market 25 million shares for between $18 and $22 each, implying a $13.2 billion market value at the top end. The filing included notice of Fermi’s plan for a secondary listing in London. One of the company’s co-founders is Rick Perry, a former Texas state governor and US energy secretary from 2017 to 2019. Toby Neugebauer is Perry’s co-founder and chief executive of Fermi. Neugebauer also is a founding partner of Quantum Capital Group, a Houston, Texas-based private equity investor in energy projects. He is currently the target of a lawsuit by the bankruptcy trustee for the conservative financial startup GloriFi that alleges that Neugebauer committed securities fraud prior to the bank’s liquidation. GloriFi’s backers included Palantir Technologies Inc CEO Peter Thiel. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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