Fermi Inc.

Fermi Inc. (FRMI) priced its initial public offering on Oct 1, 2025 at $21.00 per share, within its $18.00–$22.00 range, raising $682.5M, and listed on Nasdaq Global Select. At the IPO price its market capitalization was about $12.45B. UBS was lead-left underwriter, joined by Evercore ISI, Cantor and Mizuho and others. Haynes and Boone advised the company and Vinson & Elkins advised the underwriters.

Fermi Inc. is an early-stage advanced energy and data center development company aimed at the AI era. It plans to supply low-carbon, on-demand power to compute-intensive businesses and has leased a large site for data center campuses.

Status

IPO

Ticker

FRMI

Exchange

Nasdaq Global Select

Priced

Oct 1, 2025

IPO price

$21.00

Price range

$18.00–$22.00

Raised

$682.5M

Market cap at IPO price

$12.45B

First filed

Sep 8, 2025

Underwriters

UBS, Evercore ISI, Cantor, Mizuho, Macquarie, Stifel and Truist

Company counsel

Haynes and Boone

Underwriters' counsel

Vinson & Elkins

Sector

Real estate & finance

Country / state

TX

Market cap at IPO price = shares outstanding after the offering (all classes, before the over-allotment option) × the IPO price, from the final prospectus.