Mentioned:
There’s a new real estate investment trust on the Nasdaq. And it’s being backed by one of Wall Street’s most successful investors.
What’s happening:
- Data centre real estate investment trust company Fermi (NASDAQ: FRMI) has raised $682.5M USD in their IPO financing round and has begun trading on the Nasdaq
- The IPO financing was led by Cantor Fitzgerald, UBS and Evercore
By the numbers:
- Fermi issued 32.5M common shares at $21.00 USD per share as part of their IPO financing round
Why it matters:
- Former United States Energy Secretary Rick Perry is one of the founders of Fermi and one of the single largest shareholders
Going deeper:
- Fermi is developing a massive data centre campus known as Project Matador in Armadillo, Texas on more than 5,200 acres of land being leased from Texas Tech University and has publicly stated they are aiming to secure a hyperscaler as a long term tenant to provide them with high performance computing capacity
The intrigue:
- Rick Perry has been ramping up his bet on the future demand for power capacity in America, previously making waves when he joined nuclear energy company Nano Nuclear Energy (NASDAQ: NNE)
