They aren’t the largest shareholders, though. Chief Executive Officer Toby Neugebauer controls a stake worth more than $4.5 billion, according to Bloomberg’s wealth index. That figure includes shares held by his wife Melissa and his father, former Texas congressional representative Randy Neugebauer.

Toby Neugebauer previously led “anti-woke” banking startup GloriFi, which went bankrupt in 2023.

Data Center Demand

Data centers globally are projected to consume more than 4% of electricity by 2035, which — if the sector were a country — would rank fourth in electricity use behind only China, the US and India, according to BloombergNEF. That’s compelled companies and electric grids to race to meet a demand surge that hasn’t been seen in the US in decades.

The boom in power demand has ushered in a golden age for energy, including for fuel sources such as nuclear that had fallen out of favor. Hyperscalers including Meta Platforms Inc. and Microsoft Corp. have recently struck deals with nuclear operators as they chase carbon-free power for their data centers that’s available around the clock.

Fermi’s listing is potentially a sign of “late-stage AI excitement,” said Paul Nolte, market strategist and senior wealth adviser at Murphy & Sylvest Wealth Management.

“The risk is the marketplace is already, maybe not saturated with it, but certainly the marketplace has already got a lot of those companies in place that are viable and have proven product,” Nolte said.

Rob Thummel, senior portfolio manager at energy-focused investment firm Tortoise Capital, which invested in the IPO, acknowledged that Fermi will have to find a way to generate revenue, but said it offers strong growth potential.

“There’s a strong demand to get these data centers built and get access to electricity,” Thummel said. “These megacap techs want electricity, and they want it now.”

The Trump administration has put a lot of weight behind the AI sector as the US races to beat China in scaling AI.

“That is the existential threat, is losing that AI arms race,” Interior Secretary Doug Burgum said Tuesday via video call at an event in Los Angeles hosted by real estate investment trust Prologis Inc. “We’ve got to be thinking about how do we build these artificial intelligence factories, the place where we’re manufacturing intelligence, close to where the power is produced.”

Burgum chairs the White House’s National Energy Dominance Council, which was set up to shorten permitting timelines and shaping energy policy.

Fermi’s offering was led by UBS Group AG, Evercore ISI, Cantor Fitzgerald and Mizuho. The shares trade under the symbol FRMI.

—With assistance from Bailey Lipschultz.

(Updates with shares in first three paragraphs and with comments throughout.)

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