JOURNAL ARTICLE

Rick Perry's REIT Fermi Surges 55% After $683 Million IPO.

  • Published In: Bloomberg.com, 2025. P. N.PAG 1 of 3

  • Database: Business Source Ultimate 2 of 3

  • Authored By: Griffin, Matthew; Ma, Michelle; Sloan, Dylan 3 of 3

Abstract

The article focuses on the successful debut of Fermi Inc., an energy real estate investment trust (REIT), which saw its shares rise 55% after raising $682.5 million in its initial public offering (IPO). Co-founded by former US Secretary of Energy Rick Perry, Fermi's shares closed at $32.53, significantly above the IPO price of $21, giving the company a market value of approximately $19.3 billion. The REIT aims to develop a data center campus called "Project Matador" on land leased from Texas Tech University, with plans to generate up to 11 gigawatts of power by 2038 using a mix of natural gas, solar, and nuclear energy. The article highlights the growing demand for electricity from data centers and the increasing interest in companies that can meet this demand amid a boom in artificial intelligence. [Extracted from the article]

Additional Information

  • Source:Bloomberg.com. 2025/10, pN.PAG
  • Document Type:Article
  • Subject Area:History
  • Publication Date:2025
  • Accession Number:188431993
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