Fermi files for Nasdaq IPO to fund AI power infrastructure

Fermi filed for an initial public offering on NASDAQ under the ticker symbol FRMI, according to a company filing on Monday. The energy infrastructure company also plans to apply for listing on the London Stock Exchange under the same symbol.

The company describes itself as an advanced energy and hyperscaler development company focused on artificial intelligence infrastructure. Fermi aims to deliver up to 11 gigawatts of power to compute-intensive businesses, with 1 gigawatt projected to be online by the end of 2026.

Fermi has entered into a long-term lease on a site that the company states is large enough to house the next four largest data center campuses by square footage currently in existence. The company operates as a real estate investment trust structure.

Cantor Fitzgerald, Mizuho Securities and UBS Investment Bank serve as lead underwriters for the offering. The company has not disclosed the number of shares it plans to offer or the expected price range.

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