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Fermi Inc on Thursday made its London debut with a secondary listing on the Main Market, following its US trading launch on Wednesday. The Amarillo, Texas-based real estate investment trust is focused on data centre infrastructure. This includes electric grids to provide power on-demand for artificial intelligence servers. Fermi’s primary listing is on the Nasdaq Global Select Market, where it made its initial public offering on Wednesday with a $14.8 billion valuation, according to Reuters. This is the first concurrent dual listing IPO in New York and London, Fermi claimed. The company planned to issue around 592.8 million shares on admission to the London Main Market, but may apply to issue up to 4.9 million more, should underwriters exercise an overallotment option. It will be listed in London in the equity shares (International Commercial Companies Secondary Listing) category. Advisors on the London IPO included Ocean Wall Ltd and Haynes & Boone LLP, alongside UBS, Berenberg and Rothschild & Co. Fermi’s flagship Project Matador in Texas is the site of a grid development, which the company said will draw on natural gas, solar and nuclear power, with battery energy storage. According to Fermi, this grid is intended ‘to house one of the largest nuclear power complexes in the US’ and supply up to 11 gigawatts of power. Chief executive Toby Neugebauer said: ‘The market understands that AI and chips are only as good as the power that supports them. This IPO injects significant capital onto our balance sheet, enabling us to continue locking up long lead-time items and executing at the velocity of the last ten months which will be required to deliver power at scale.’ He added that Fermi aims to ‘help America win the race to powering the future of AI.’ Neugebauer also is a founding partner of Quantum Capital Group, a private equity investor in energy projects, and the target of a lawsuit related to bankrupt conservative financial startup GloriFi, whose backers included Palantir Technologies Inc CEO Peter Thiel. Fermi was co-founded by Neugebauer and Rick Perry, a former Texas state governor and US energy secretary from 2017 to 2019. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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