On September 30, 2025, Fermi REIT, a real estate investment trust focused on the construction and management of data centers, raised $682 million in its initial public offering (IPO) in the United States. 

The fund was founded with the support of former Texas governor Rick Perry and aims to expand data storage and processing infrastructure across the U.S. The IPO proceeds will be used to finance existing projects and construct new data centers in several states. 

According to Reuters, the listing took place on the New York Stock Exchange, with shares priced at $22 each — the bottom of the previously announced price range. A total of 31 million shares were sold, raising approximately $682 million in gross proceeds. 

Investor interest in the Fermi REIT IPO reflects the growing demand for data storage and computing capacity, driven by the rapid expansion of artificial intelligence (AI) and cloud-based systems. 

The fund’s portfolio includes operational data centers and development sites under construction or in planning. Its main tenants are technology firms and cloud service providers, ensuring stable long-term leasing income. 

The offering marks one of the largest REIT IPOs in the U.S. market in 2025. Following the listing, the company’s shares began trading under the ticker FRMI. 

Comment from M24 SunShine Investment Division; 

The Fermi REIT IPO demonstrates continued investor confidence in the data center infrastructure segment, viewed as a reliable, income-generating asset class. Raising $682 million at $22 per share indicates measured but solid market interest. The main appeal lies in the accelerating global demand for computing capacity, particularly from the AI sector. The offering confirms that digital real estate remains resilient, even amid market volatility.