Fermi Inc. increased the number of shares in its initial public offering and is seeking to raise as much as $715 million, up from a target of as much as $550 million last week.
The company co-founded by former US Secretary of Energy Rick Perry plans to market 32.5 million shares for $18 to $22 each, according to a filing Monday with the US Securities and Exchange Commission. It previously planned to market 25 million shares with the same price range.
At the top of that range, the company would have a market value of $13 billion based on the 593.2 million outstanding shares listed in its latest filing, down from 598.1 million shares previously. The offering is expected to price on Sept. 30 for trading on Oct. 1, according to terms seen by Bloomberg News.
The company has filed for an IPO on the Nasdaq Global Select Market and said that it plans to apply for a listing on the London Stock Exchange.
Fermi’s “Project Matador” is a development-stage advanced energy and intelligence campus with more than 5,000 acres of land leased from Texas Tech University. The company hopes to draw data center and hyperscaler tenants, and it expects to have one gigawatt of power online by the end of next year.
Perry, who was governor of Texas prior to serving in President Donald Trump’s cabinet during his first term, is a director at the company. Fermi was founded in January.
The infrastructure and real estate firm aims to have up to 11 gigawatts of power to computing centers on-site by 2038 through a mix of natural gas, solar energy and nuclear power, according to filings.
The Amarillo, Texas-based company had a net loss of $6.37 million since its inception in January through the end of June.
The offering is being led by UBS Group AG, Evercore ISI, Cantor Fitzgerald and Mizuho. The company expects its shares to trade on the NYSE under the ticker FRMI.
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