AI infrastructure REIT company Fermi (FRMI.US) has increased its IPO size by 30% to raise $650 million.

Focused on developing power and data center infrastructure for artificial intelligence (AI) applications, the real estate investment trust (REIT) Fermi in Texas, USA, increased the proposed funding size for its upcoming initial public offering (IPO) on Monday. The company currently plans to issue 32.5 million shares of stock at a price of $18 to $22 per share, raising $650 million. Previously, the company planned to issue 25 million shares at the same price range. With the revised terms, Fermi's fundraising will be 30% higher than originally expected, and its market value will reach $13.2 billion. The company plans to list on the NASDAQ with the stock symbol "FRMI." Fermi is planning to develop a 15 million square foot (approximately 1.3935 million square meters) comprehensive power plant and data center on the campus of Texas Tech University, named "Project Matador." Currently, the company has signed a long-term lease agreement for the site, and the project is in the planning stage. According to the plan, Fermi will complete the construction of 1 million square feet (approximately 92,900 square meters) of data center capacity and deploy 1 gigawatt (GW) of power by the end of 2026; by 2038, its power capacity will expand to nearly 11 GW, with energy sources including CECEP Solar Energy, natural gas, and nuclear energy. It is worth noting that the company has not generated any revenue yet.