Fermi, a Texas-based energy and data infrastructure startup co-founded by former US Energy Secretary Rick Perry, has filed for an IPO in the US.

The company did not disclose the terms of the offering.

Fermi, which is pre-revenue nine months after its founding, closed a US$100 million funding round last month led by Macquarie Group.

The company announced plans in June to build a large-scale energy and data complex powered by nuclear, natural gas, and solar to support rising AI energy needs.

UBS, Cantor, and Mizuho are listed as book-running managers for the IPO.

Fermi has applied to list on Nasdaq under the symbol “FRMI” and also intends to apply for a listing on the London Stock Exchange.

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🔗 Source: Reuters

🧠 Food for thought

Implications, context, and why it matters.

AI’s energy needs are creating nuclear investment opportunities

Fermi’s IPO timing capitalizes on projected AI energy demand, with data centers expected to consume 945 terawatt-hours by 2030—equivalent to Japan’s entire annual electricity consumption2. Goldman Sachs projects a significant increase in global power demand from data centers by 2030 compared to 2023, driven by AI workloads that run continuously and consume more power than traditional computing3. The energy intensity is notable—a single ChatGPT query consumes 2.9 watt-hours compared to 0.3 watt-hours for a standard Google search, while modern AI facilities require over 200 megawatts with GPU clusters consuming upwards of 80 kilowatts per rack3. This creates a business case for Fermi’s nuclear-powered approach, as traditional grid infrastructure cannot meet these demands without significant baseload capacity that only nuclear can provide reliably.

Government policy shifts are accelerating private nuclear investments after decades of stagnation

Fermi’s announcement represents a major nuclear investment since President Trump issued executive orders in May to streamline Nuclear Regulatory Commission licensing and accelerate deployment1. The policy timing is significant—Trump’s orders set a goal for one advanced reactor to be operational at a military base by September 2028, while targeting an increase in U.S. nuclear capacity from 100 GW to 400 GW by 20504. This represents an acceleration for an industry that has seen limited new construction since 1977, with most of the current 94 operational U.S. reactors built between 1967 and 19905. The convergence of streamlined regulations, AI-driven energy demand, and private capital creates conditions not seen since the original nuclear buildout era, potentially explaining why investors like Macquarie Group are backing pre-revenue companies like nine-month-old Fermi1. ……