Fermi, a data center builder co-founded by former U.S. Energy Secretary Rick Perry, said on Wednesday it was targeting a $13.16 billion valuation in its initial public offering in the United States.
The Amarillo, Texas-based real estate investment trust is seeking to raise up to $550 million by offering 25 million shares priced between $18 and $22 apiece.
Data centers have become one of the most important infrastructure in the world as technology companies race to develop cutting-edge artificial intelligence models.
UBS Investment Bank, Evercore ISI, Cantor and Mizuho are the joint lead book-running managers for the offering.
Fermi will list on Nasdaq under the symbol “FRMI.”
