Data Center REIT Fermi Soars Another 20% After a 55% Rally in Nasdaq Debut

TigerOct 2, 2025 8:14 AM

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Fermi Inc. shares rose over 20% in premarket trading after a 55% rally in their debut after the energy real estate investment trust raised $682.5 million in its US listing, the latest sign of investors’ hunger for exposure to a boom in artificial intelligence.

Shares of the company closed at $32.53 versus an IPO price of $21. Fermi sold 32.5 million shares after pricing them within a marketed range of $18 to $22.

The trading gave the Amarillo, Texas-based REIT, which was co-founded by former US Secretary of Energy Rick Perry, a market value of about $19.3 billion based on the outstanding shares listed in its filings. The company’s shares debuted on the Nasdaq Global Select Market on Wednesday and are expected to begin trading on the London Stock Exchange on Thursday.

The onset of AI revived interest in companies that produce power, and investors have driven up shares for firms including NRG Energy Inc. and Vistra Corp. on hopes that they’re effective proxies for the booming technology. Fermi is the latest to get a boost, even though it hasn’t generated any revenue since its formation in January.

“There are limited ways to play the AI energy demand angle,” said Morningstar analyst Travis Miller. “Investors are looking for new ways to play this theme when the traditional power producers have already run up.”

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