Fermi, Rick Perry’s Energy REIT Planning Megacampus, Files For IPO
Former Texas Gov. Rick Perry’s energy infrastructure REIT has filed for an initial public offering as it looks to develop a nearly 6,000-acre data center and power generation campus outside of Amarillo, Texas.
Fermi Inc. filed on Monday for a listing on the Nasdaq Global Select Market, Bloomberg reported, adding it also plans to apply for a listing on the London Stock Exchange.
The REIT was co-founded in January by Perry, who was also U.S. Energy Secretary during President Donald Trump’s first term, and Toby Neugebauer, co-founder of energy-focused private capital group Quantum Energy Partners.
Fermi’s Project Matador, slated to become the Donald J. Trump Advanced Energy and Intelligence Campus, aims to be the world’s largest hybrid energy and data infrastructure campus, according to documents shared by the Amarillo Tribune.
The project will be on 5,855 acres in Carson County, Texas, just east of Amarillo. Texas Tech University granted the company a 99-year lease on the property.
“The Chinese are building 22 nuclear reactors today,” Perry said in a news release. “We’re behind, and it’s all hands on deck. President Trump’s first executive order spoke to the energy issue and how we must continue to make America energy dominant. No one does energy better than Texas, and Fermi America and the Texas Tech University System are answering the call.”
Fermi expects to have 1 gigawatt of power online at the site by the end of next year and scale up to 11 gigawatts by 2038, Bloomberg reported. The company said it hopes the campus will draw data center and hyperscaler tenants.
Fermi can utilize the site for advanced cooling and computing facilities, development of grid-connected and behind-the-meter energy delivery systems and long-term build-out of up to 18M SF of hyperscale data infrastructure, according to Fermi’s license application with the Nuclear Regulatory Commission.
Fermi plans to utilize nuclear reactors, natural gas and solar-powered generation assets, “pioneering the development of next-generation electric grids that deliver highly redundant power at gigawatt scale,” according to a press release.
The Carson County site neighbors the U.S. Department of Energy-operated Pantex Plant, a nuclear weapons assembly and disassembly facility, meaning it is prequalified for nuclear deployment, according to Fermi.
