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Fermi America, a nascent company co-founded by former U.S. Energy Secretary Rick Perry, is making headlines as it embarks on an ambitious journey to establish the world’s largest privately operated energy and data center complex in Amarillo, Texas.

Recently, the company filed a registration statement for an initial public offering (IPO) with the U.S. Securities and Exchange Commission, although specific details regarding the number of shares and pricing remain undetermined. Fermi intends to list its stock on the NASDAQ Global Select Market under the ticker symbol FRMI.

Founded less than a year ago, Fermi is pursuing an extraordinary 11-gigawatt project named Project Matador, which is poised to cover approximately 18 million square feet on land leased from Texas Tech University. The company envisions a diverse energy generation portfolio that includes natural gas, renewables, and nuclear power. In a significant move, Fermi recently acquired over 600 megawatts of natural gas generation capacity through strategic deals involving nine turbines, setting the stage for its immediate goal of delivering 1 gigawatt of computing power by 2026.

Looking further down the road, Fermi is heavily investing in nuclear energy, pursuing a combined operating license with Westinghouse to deploy four AP1000 reactors, each boasting a capacity exceeding 1,100 megawatts. While these reactors represent advanced technology, the challenges faced by recent AP1000 projects in the U.S., such as delays and cost overruns, remain a cautionary tale. To bolster its nuclear ambitions, Fermi has also entered into partnerships with South Korea's Doosan Enerbility and Hyundai Engineering & Construction, focusing on large nuclear plants and small modular reactor technologies.

Fermi's initiative comes on the heels of executive orders aimed at expediting approvals for new nuclear reactors, marking the first major investment in the sector since these directives were issued. Federal policy aims to triple U.S. nuclear capacity from approximately 100 gigawatts to 400 gigawatts by 2050, positioning Fermi at the forefront of this transformative era in energy.

Despite currently generating no revenue, Fermi has successfully raised $100 million in a Series C funding round led by Macquarie Group and secured a $250 million senior loan facility. Furthermore, the company is contemplating a secondary listing on the London Stock Exchange, which would enhance its global presence.

As the SEC reviews Fermi's registration, no shares can be sold or purchased until the registration is declared effective. If the IPO proceeds as planned, it could contribute to a burgeoning wave of investment in AI-related infrastructure, echoing the recent successes of companies like CoreWeave and Nebius in raising substantial funds. Fermi anticipates delivering its first gigawatt of AI power at the Amarillo site by the end of 2026, marking a significant milestone in the intersection of energy and technology.