Rick Perry's Fermi cashes in on AI frenzy, valued at $15 billion in Nasdaq debut - 10/1/25

[OldBoss]

Oct 1 (Reuters) - Fermi's (FRMI.O), opens new tab shares opened 19% above the offer price in their Nasdaq debut on Wednesday, valuing the data center real estate investment trust at $14.8 billion amid surging investor enthusiasm for AI infrastructure stocks.

The Amarillo, Texas-based company's stock opened at $25, compared with the offer price of $21.

While development-stage firms have gone public before, it's unusual for a company under a year old with no revenue to pursue an IPO at a $10 billion-plus valuation.

Co-founded by former Texas Governor and U.S. Energy Secretary Rick Perry, Fermi has bold ambitions. The company is aiming to build the world's largest energy and data complex, powered by nuclear, natural gas and solar.

https://www.reuters.com/business/rick-perrys-data-center-reit-set-nasdaq-debut-after-683-million-ipo-2025-10-01/

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No revenues. No customers. No assets other than a lease agreement. Structured as a REIT paying dividends with no cash flow in site for years.

Yay capitalism!

[Bernardo de La Paz]

1. More frothiness in the market. . . . . nt

[Diraven]

2. How is this not a Ponzi scheme?

They're basically going to be paying dividends from the stock sale proceeds before even even having a working business.

[WSHazel]

3. It is a Ponzi scheme

They aren’t really hiding that fact.

There is also probably some money laundering and bribery mixed in. There are MAGAs hanging around the hoop here.