LONDON: Fermi Inc. (NASDAQ and LSE: FRMI), a Texas-based developer of gigawatt-scale electric grids for artificial intelligence infrastructure, began trading Thursday on the Main Market of the London Stock Exchange under the ticker “FRMI.” The listing follows its Nasdaq debut on Oct. 1.
All 592,797,623 issued shares of Fermi’s common stock were admitted to the Equity Shares (International Commercial Companies Secondary Listing) category of the UK Financial Conduct Authority’s Official List.
The dual IPO raised approximately $635.7 million in net proceeds, valuing the company at $13.8 billion. CEO Toby Neugebauer said the capital will accelerate procurement of long lead-time equipment and execution of Project Matador, a 5,236-acre energy campus in Amarillo, Texas.
Project Matador aims to deliver up to 11 gigawatts of low-carbon, behind-the-meter power through a HyperGrid™ system integrating nuclear, natural gas, solar, battery storage, and utility grid sources. The facility is expected to support hyperscale AI compute infrastructure.
“The market understands that AI and chips are only as good as the power that supports them,” Neugebauer said. “We are very pleased with the strong investor demand for our IPO in both London and New York.”
UBS Investment Bank, Berenberg, Ocean Wall, Panmure Liberum, and Rothschild & Co advised on the offering