"It (Fermi's IPO) speaks to the gold rush happening in AI infrastructure right now. Fermi sold 32.5 million shares at $21 each in an upsized IPO, after marketing them between $18 and $22. Founded in January 2025, Fermi secured a $12.5 billion valuation in the IPO, just months after issuing convertible bonds at a valuation of $3 billion. Co-founded by former Texas Governor and U.S. Energy Secretary Rick Perry, Fermi has bold ambitions. "Any investor buying Fermi will need to have a mindset of "if you build it, they will come," Kennedy said.