US Stock Movement | Fermi Inc. (FRMI.US) Debuts on US Stock Market, Opening Up Over 25%

Stock News10-02

On Wednesday, Fermi Inc. (FRMI.US), a Texas-based real estate investment trust focused on developing power and data center infrastructure for artificial intelligence (AI) applications, made its debut on the US stock market. As of press time, the stock surged over 25%, trading at $26.27. The IPO was priced at $21.

Fermi Inc. is planning to develop a 15 million square foot (approximately 1.3935 million square meters) integrated power plant and data center on the Texas Tech University campus, under a project dubbed "Project Matador." The company has already signed a long-term lease agreement for the site, and the project is currently in the planning phase.

According to the development plan, Fermi Inc. aims to complete 1 million square feet (approximately 92,900 square meters) of data center capacity and deploy 1 gigawatt (GW) of power by the end of 2026. By 2038, the company's power capacity is expected to expand to nearly 11 GW, with energy sources including solar, natural gas, and nuclear power.

It is worth noting that the company has not yet generated any revenue.

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