Texas-based Fermi completes a landmark dual listing on the Nasdaq and London Stock Exchange, highlighting a surge in AI-related infrastructure investments and revitalising London’s IPO market after a challenging period.
The London Stock Exchange is witnessing its most significant initial public offering (IPO) since 2020 as Fermi, a Texas-based company co-founded by former US Energy Secretary Rick Perry, completes a dual listing on both the Nasdaq in New York and London. This marks the first US-UK dual listing of its kind in over 30 years. Fermi’s shares surged by 19 percent on their Nasdaq debut, valuing the company at nearly $15 billion. The enthusiasm from investors underscores the burgeoning demand for infrastructure supporting artificial intelligence (AI).
Fermi is constructing an integrated infrastructure platform designed to meet the vast energy needs of data centres operated by major technology firms such as Amazon, Google, and Microsoft. Its private power grid will generate energy onsite using a mix of nuclear, natural gas, solar, wind, and battery storage, targeting 11 gigawatts of capacity—sufficient to power more than eight million homes. The company’s flagship initiative, Project Matador, spans over 5,200 acres near Amarillo, Texas, and is poised to become one of the world’s largest energy and AI-focused data centre campuses.
Fermi’s structure as a real estate investment trust provides investors with tax-efficient exposure to AI infrastructure and energy assets. Despite being in its development phase and yet to generate revenue, Fermi has garnered strong investor backing, reflecting wider market optimism around AI and related infrastructure investments. The company reported a $6.4 million loss up to mid-2025 but plans to start limited energy delivery by late 2026. The IPO raised $682.5 million by selling over 32 million shares priced at $21 each, exceeding initial expectations and valuing the company at $12.5 billion during the US listing.
With the dual listing, Fermi offers a rare opportunity for investors on both sides of the Atlantic to tap into the AI infrastructure boom. Toby Neugebauer, Fermi’s chief executive and co-founder, emphasised the importance of robust power solutions for AI and semiconductor technologies in a statement: “The market understands that AI and chips are only as good as the power that supports them.” He highlighted that the IPO significantly strengthens the company’s financial position, enabling it to accelerate execution and secure key long-lead assets required for delivering large-scale power.
The successful dual IPO provides a welcome boost to the London market, which has struggled recently. According to Bloomberg data, the UK’s IPO market tumbled to 23rd place globally, with funds raised in London plummeting 69 percent to £184 million—its lowest figure in over three decades. Yet, this high-profile listing signals London’s continuing relevance in attracting major, high-growth ventures despite increased competition from financial centres in regions like Mexico and Singapore. Market analysts, including IG’s chief market analyst Chris Beauchamp, see Fermi’s listing as part of a broader recovery, asserting that with proper support from regulators and policymakers, London can remain a competitive hub for major transactions.
The complex nature and scale of Fermi’s dual listing were noted by legal advisors from Haynes Boone, who remarked on the rarity of such a transaction in recent decades and hailed it as a testament to the UK’s capacity to back innovative, high-growth businesses. Nick Davis, co-office managing partner at Haynes Boone’s London office, described the listing as a landmark moment for both Fermi and the broader market, underlining London’s ability to handle large, sophisticated financing deals and elevate globally ambitious companies.
Fermi’s vision caters directly to the accelerating demand for AI-driven computing power. Industry analysts have highlighted the company’s potential to provide critical infrastructure supporting AI development at scale, aligning with significant energy commitments seen from large AI players like Anthropic and OpenAI. However, the company’s pre-revenue status and capital-intensive business model introduce risks reminiscent of past speculative surges seen during the dot-com era and SPAC booms, suggesting investors should weigh the long-term prospects carefully.
As Fermi moves forward, its dual listing and unprecedented scale underscore the growing intersections of AI technology, energy infrastructure, and capital markets. The IPO’s success represents not just a corporate milestone but a broader shift in how financial markets are embracing the infrastructure demands underpinning the next wave of technological innovation.
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Source: Noah Wire Services
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
10
Notes:
The narrative is current, with the IPO completed on October 1, 2025, and the London listing on October 2, 2025. No evidence of recycled content or prior publication was found. The report is based on recent press releases and news articles, indicating high freshness. ([reuters.com](https://www.reuters.com/business/rick-perrys-data-center-reit-raises-682-million-us-ipo-2025-09-30/?utm_source=openai))
Quotes check
Score:
10
Notes:
The direct quote from CEO Toby Neugebauer, “The market understands that AI and chips are only as good as the power that supports them,” appears to be original, with no earlier matches found. This suggests the content is potentially exclusive. ([lse.co.uk](https://www.lse.co.uk/news/data-centre-developer-fermi-joins-london-market-after-nasdaq-launch-6anvvp7oa94zc46.html?utm_source=openai))
Source reliability
Score:
9
Notes:
The narrative originates from reputable sources, including Reuters and Haynes Boone, a well-established law firm. The Daily Mail is also cited, which is generally considered less reliable. However, the majority of the information is corroborated by high-quality sources. ([reuters.com](https://www.reuters.com/business/rick-perrys-data-center-reit-raises-682-million-us-ipo-2025-09-30/?utm_source=openai))
Plausability check
Score:
9
Notes:
The claims about Fermi’s IPO and dual listing are consistent with recent reports. The company’s ambitious plans for Project Matador align with industry expectations for AI infrastructure growth. The report’s tone and language are appropriate for the subject matter and region. ([reuters.com](https://www.reuters.com/business/rick-perrys-data-center-reit-raises-682-million-us-ipo-2025-09-30/?utm_source=openai))
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The narrative is current, original, and sourced from reputable outlets, with claims that are plausible and consistent with recent developments. The direct quote from CEO Toby Neugebauer appears to be exclusive, further supporting the report’s credibility.
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