"As the rise of artificial intelligence continues, companies operating in this space or relying on the technology are finding that they have two inextricable needs: data centers that can run and process the AI, and access to ample energy to power those vast data centers. One new company, Fermi America, aims to offer solutions for both these needs. And this week, Fermi announced its plans for an upcoming initial public offering and dual stock listings."
"Fermi America is a very young company. It was only founded this year, just nine months ago in January 2025. The company is so new that its website is still a relatively barebones affair. Given the youth of the company, it's no surprise that the majority of Americans have most likely never heard of it. But they have heard of its cofounder, Rick Perry, the former Texas governor who ran as a GOP contender for president in 2012 and 2016."
"In addition to Perry, Fermi America was also cofounded by Toby Neugebauer, a former comanaging partner of Quantum Energy. Fermi America intends to be a provider of data and power centers that other companies can use to host their AI needs. But I say "intends to," because Fermi America doesn't actually provide any services yet. Heck, it doesn't even have any infrastructure yet to provide its services."
Fermi America was founded in January 2025 and is led by cofounders Rick Perry and Toby Neugebauer. The company holds a 5,236-acre lease from Texas Tech University for Project Matador, intended to host a combined data-and-power facility named HyperGrid. The HyperGrid is planned to provide leased compute and energy capacity to AI operators requiring large-scale infrastructure. Fermi has announced intentions to pursue an initial public offering with dual stock listings. The company currently has no operational services or infrastructure and emphasizes planned facilities and land holdings as its primary assets at launch.
Read at Fast Company
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