Fermi, a data center builder co-founded by former U.S. Energy Secretary Rick Perry, said Wednesday it was targeting a $13.16 billion valuation in its initial public offering in the United States.
The Amarillo, Texas-based real estate investment trust (REIT) is seeking to raise up to $550 million by offering 25 million shares priced between $18 and $22 apiece.
Data centers have become one of the most important infrastructure in the world as technology companies race to develop cutting-edge artificial intelligence models.
Fermi plans to build the world’s largest next-generation private electric grid near Amarillo, Texas, to power a massive data center, named after President Donald Trump, using nuclear, natural gas, wind, and solar energy.
UBS Investment Bank, Evercore ISI, Cantor and Mizuho are the joint lead book-running managers for the offering.
Fermi will list on Nasdaq under the symbol "FRMI."
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