Rick Perry-Backed Fermi Stock Surges 9% After Hours After Making Nasdaq Debut: What You Should Know – Fermi (NASDAQ:FRMI)

Fermi Ord Shs (NASDAQ:FRMI) are trending on Thursday.

Check out the current price of FRMI stock here. 

FRMI jumped 9.14% to $35.50 in after-hours trading on Wednesday following its Nasdaq debut and opening bell ceremony.

Nasdaq Debut Exceeds IPO Price

The data center real estate investment trust (REIT) debuted at $25 on Wednesday, marking a 19% increase from its $21 initial public offering (IPO) price, and giving the company a valuation of $14.8 billion, according to Reuters.

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The Amarillo, Texas-based company sold 32.5 million shares at $21 each in an expanded offering, after initially pricing them between $18 and $22.

Development-Stage Company Draws Investor Interest

Founded in January 2025, Fermi achieved a $12.5 billion IPO valuation just months after issuing convertible bonds at a $3 billion valuation. The pre-revenue company stands out as an uncommon example of a firm under one year old seeking an IPO with a valuation exceeding $10 billion.

“It speaks to the gold rush happening in AI infrastructure right now. It’s a cash geyser,” said Matt Kennedy, senior strategist at Renaissance Capital, which offers IPO research.

Project Matador Targets 11 Gigawatts

Rick Perry, the former Governor of Texas and U.S. Energy Secretary, co-founded Fermi with plans to build an energy and data complex powered by nuclear, natural gas, and solar energy.

Project Matador is expected to deliver 1.1 gigawatts by the end of 2026, with plans to scale up to 11 gigawatts.

Last month, the company entered into a non-binding 20-year letter of intent with its first tenant, with revenue expected to start in 2027.

“We are humbled by the opportunity to make this contribution to our country, because this is the exact thing we need to win this war with artificial intelligence,” said Toby Neugebauer, Fermi co-founder and CEO.

Price Action: According to Benzinga Pro data, FRMI closed at $32.53 on Wednesday, marking a 26.04% increase for the day.

Benzinga’s Edge Stock Rankings indicate that FRMI has a negative price trend across all time frames. Here is how the stock fares on other parameters.