Former Texas Governor Rick Perry’s real estate investment trust, Fermi Inc., is planning to raise up to $550 million through an initial public offering. The company, which Perry co-founded and where he serves on the board, aims to sell 25 million shares priced between $18 and $22 each. At the highest price in this range, Fermi would reach a valuation of $13.2 billion based on outstanding shares.
The IPO is expected to be priced on September 30, with trading set to begin October 1 on the Nasdaq Global Select Market. A dual listing in London is also planned. UBS, Evercore ISI, Cantor Fitzgerald, and Mizuho are managing the underwriting process.
Fermi was established in January and presents itself as a company focused on infrastructure and real estate for energy security and digital demand. Its main project, “Project Matador,” involves developing a 5,000-acre advanced energy and intelligence campus on land leased from Texas Tech University. The firm plans to attract data center tenants and companies that require large-scale computing power. It expects to provide one gigawatt of power by the end of next year with future expansion targeting up to 11 gigawatts by 2038. Energy sources will include natural gas, solar, and nuclear power.
The approach leverages growing interest in real estate tied to technology infrastructure such as data centers and cloud computing facilities. While Fermi reported a loss of $6.37 million from its inception through June according to its SEC filing, the company sees potential for growth as institutional investors focus more attention on data centers amid challenges in other commercial real estate sectors like office space.
“Perry sits on the board. His political profile and energy background could help the firm land both capital and regulatory buy-in for its long-term vision.”
The IPO reflects continued investor interest in data centers as a segment that remains strong within commercial real estate despite broader market stress.
