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Investing.com -- Data center real estate investment trust Fermi announced plans to raise up to $550 million in its initial public offering in the United States.
The company plans to offer 25,000,000 shares priced between $18 and $22 per share, according to its Wednesday announcement.
Fermi intends to list on the Nasdaq under the symbol "FRMI." The company also plans to apply for listing on the main market of the London Stock Exchange under the same symbol.
UBS Investment Bank, Evercore ISI, Cantor, and Mizuho are serving as lead underwriters for the offering.
Financial disclosures show Fermi generated no revenue for the period from January 10, 2025 (its inception) through June 30, 2025. During this period, the company incurred a loss of $6.4 million, which included $3.6 million in share-based compensation expense related to equity grants to related parties, $2.1 million in general and administrative expenses for formation and initial commercial engagements, and $0.7 million in non-cash interest expense from paid-in-kind convertible notes.