Fermi America’s IPO: Powering the Future of AI with Next-Gen Energy Infrastructure (FRMI)

In a year crowded with AI headlines and IPO speculation, Fermi America is stepping out with something entirely different. This isn’t a startup trying to build a new chatbot or LLM model. It’s a full-scale infrastructure company aiming to build the energy foundation that makes artificial intelligence possible at industrial scale.

On September 24, 2025, Fermi filed an S-11 registration with the SEC, a step toward launching its IPO. But behind the filing is a much bigger story, one that connects AI, energy independence, national security, and some of the most influential figures in the American energy landscape.

Let’s break down what Fermi America does, why this IPO matters, and how this company plans to power the next generation of intelligence.

What Does Fermi America Do?

Fermi America is developing the world’s largest private energy grid, purpose-built to power the growing demands of hyperscaler artificial intelligence.

Their model is simple in concept, yet staggering in scale: create a next-generation, behind-the-meter campus that integrates multiple redundant power sources to deliver gigawatt-scale electricity with near-zero latency and blackout risk.

According to their own description, the campus is expected to include:

• The largest nuclear power complex in the United States

• Combined-cycle natural gas power

• Utility grid connections

• Solar energy

• Battery storage systems

This mix is designed to ensure reliable, round-the-clock power delivery, a key requirement for AI infrastructure providers like hyperscale data centers, training clusters, and advanced research facilities.

In a market where most AI companies rely on public utilities, many of which are already strained, Fermi’s model stands out. It’s not just a tech company. It’s a foundational utility for the AI age.

Founders and Leadership

The leadership behind Fermi is just as bold as the mission.

• Toby R. Neugebauer, co-founder of Quantum Energy, brings decades of experience in energy markets and private capital. His prior roles involved large-scale investment in oil and gas infrastructure - experience that’s directly transferable to building a hybrid energy platform.

• Rick Perry, former U.S. Secretary of Energy and Governor of Texas, also serves as co-founder. Perry’s public-sector insight into energy regulation and nuclear power adds critical political and regulatory depth to the company’s playbook.

Together, they’re combining private-sector muscle with policy fluency, a rare and powerful combination in the utility and infrastructure space.

The advisory and legal team includes firms like Haynes and Boone LLP and Vinson & Elkins LLP, both of which are seasoned players in IPOs, energy law, and capital markets.

Why Is Fermi Going Public?

There are a few reasons why this is the right time for Fermi to pursue an IPO:

Surging Demand for AI Infrastructure

As artificial intelligence models become larger and more compute-intensive, data centers are consuming energy at unprecedented rates. Companies like OpenAI, Meta, Google, and Amazon all face growing constraints around power supply. Fermi’s model fills a clear and urgent gap in the market.

Capital for Gigawatt-Scale Projects

Infrastructure of this size doesn’t come cheap. The IPO gives Fermi access to deep capital markets to fund land acquisition, construction, power plant integration, and hardware support for its clients.

Investor Appetite for AI-Adjacent Plays

Many investors are priced out of the most visible AI companies or wary of pure software bets. Fermi offers something different: an infrastructure-based, energy-secured path to benefiting from AI growth, without direct exposure to volatile tech multiples.

Political and Strategic Momentum

With ongoing concerns about U.S. energy independence and digital sovereignty, Fermi is well-positioned to align with national interests around secure, scalable AI infrastructure. A public listing only enhances its credibility and transparency.

Understanding the IPO Filing

Fermi America filed an Amended Form S-11 with the SEC on September 24, 2025, under the name Fermi Inc. following its conversion from Fermi LLC.

Filing Snapshot:

• Type of registration: Form S-11 (used for companies involved in real estate or infrastructure-heavy operations)

• Corporate headquarters: Amarillo, Texas

• SEC registration number: 333-290089

• Status: Non-accelerated filer, emerging growth company

• IPO timeline: As soon as practicable following SEC effectiveness

This structure gives Fermi access to reduced compliance requirements while it scales. It also suggests the company is still early in its commercial rollout, though well past the conceptual stage.

How Big Is the Opportunity?

Fermi’s plan isn’t about offering AI tools or selling chips, it’s about providing the raw power those tools need to run.

Let’s put it in perspective:

• A single hyperscale AI data center can require 100 to 300 megawatts of sustained power

• Large AI training runs (think GPT-class models) consume tens of gigawatt-hours

• The U.S. electrical grid is already strained, especially in states like California and Texas

In this context, a private, multi-gigawatt, behind-the-meter campus becomes not just a luxury, but a strategic asset.

Fermi is positioning itself to become the go-to power partner for the largest AI and cloud providers, offering clean, reliable, scalable energy that can bypass many of the regulatory hurdles of public utilities.

The National Security Angle

It’s no accident that a former U.S. Energy Secretary is helping lead this effort.

Fermi’s positioning directly intersects with concerns about:

• Data sovereignty

• Grid security

• AI compute centralization

• Energy independence

A private grid that delivers gigawatts of power for domestic AI operations - potentially located in energy-rich and politically friendly Texas - could appeal to both the Department of Energy and Department of Defense, especially as AI plays a growing role in defense, logistics, and intelligence.

In Summary

Fermi America is not your typical IPO story. It’s part energy infrastructure, part AI enabler, and part national security asset. With a leadership team rooted in energy policy and capital markets, and a plan to build out private gigawatt-scale power capacity, Fermi is attempting to reshape the very foundations of how artificial intelligence will be powered in the U.S.

Investors should keep a close watch. If the company can execute, this IPO could become a defining play in the race to support AI growth - not through chips or code, but through raw, reliable power.

Frequently Asked Questions

What is Fermi America?

Fermi America is developing the world’s largest private energy grid, designed to deliver uninterrupted, gigawatt-scale power to support hyperscale AI data centers.

What makes this IPO different?

Unlike software or fintech startups, Fermi is an infrastructure company, building real-world energy assets to serve the AI sector. It offers investors exposure to a unique intersection of energy and artificial intelligence.

When is the FRMI IPO expected?

The IPO is expected to occur shortly after the SEC declares the S-11 filing effective. No exact date has been announced.

What energy sources will Fermi use?

Fermi’s planned campus will include nuclear power, natural gas, solar, utility grid connections, and battery storage, all behind the meter.

Who is backing Fermi (FRMI)?

The leadership team includes Toby Neugebauer and Rick Perry, with legal support from firms like Haynes and Boone LLP and Vinson & Elkins LLP.

Will Fermi be listed on Nasdaq or NYSE?

That information has not yet been disclosed in public filings.

Is this a high-risk investment?

As with all infrastructure and early-stage IPOs, there are risks, including regulatory delays, capital requirements, and execution challenges. However, the company’s alignment with large-scale energy and AI trends may mitigate some of these.

Fermi FRMI IPO

Fermi FRMI IPO

Financial Disclaimer

This article is for informational purposes only and should not be considered financial, investment, or legal advice. No content herein constitutes a recommendation to buy or sell any security. Always consult with a qualified financial advisor before making investment decisions. All information is based on publicly available filings and company statements as of the date of publication and may change without notice.