Story perspectives
Fermi Launches $16B IPO for Ambitious Texas Energy Project
10/11/2025
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Story summary
- Fermi, backed by former U.S. energy secretary Rick Perry, launched an IPO with a $16 billion market cap despite having no customers or revenue.
- Fermi plans a HyperGrid in rural Texas to blend nuclear, solar, and gas for data centers, targeting 11 gigawatts.
- Fermi has partnered with Westinghouse for nuclear reactors and will refurbish gas turbines to begin operations by spring 2026.
