Summary
Rick Perry and Fermi America, a company he co-founded, are planning to create a massive data center in Texas powered by a mix of nuclear, natural gas, wind, and solar energy. The project aims to support the growing demand for data centers driven by advances in artificial intelligence (AI). Fermi America plans to raise up to $550 million in an initial public offering (IPO), targeting a $13 billion valuation.
Key Facts
- Fermi America was co-founded by Rick Perry, former Texas governor and U.S. energy secretary.
- The company plans to go public with a valuation of up to $13 billion.
- Fermi's site near Amarillo, Texas, will combine nuclear, natural gas, wind, and solar power to support a large data center.
- Rick Perry owns about 3% of Fermi, and his son Griffin owns about 23%.
- The project plans to generate up to 11 gigawatts of power for data center operations.
- Fermi announced letters of intent with Siemens Energy for 1.1 gigawatts of power.
- The IPO could raise up to $550 million, with shares priced between $18 and $22.
- The data center is designed to keep the U.S. competitive in AI technology.
