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Fermi, a data center builder, files for an IPO in the US as listings increase.

Fermi, a Texas-based company founded by the former U.S. Energy secretary Rick Perry, filed an initial public offering (IPO) in the United States on Monday, as companies race to capture investor interest for new issues.

Terms of the offer were not disclosed.

Wall Street's IPO Season is off to a good start after Labor Day. The IPO calendar features big names such as Swedish fintech Klarna, and the Winklevoss Twins' cryptocurrency exchange Gemini.

StubHub, the ticket reseller, and Netskope, a cybersecurity company, both launched roadshows Monday. They aim to raise $851 million each and $813 millions.

Fermi announced in June plans to build the largest energy and data facility powered by nuclear, natural gas, and solar to meet the increasing energy needs of artificial intelligence.

The announcement is the first major investment in nuclear power since President Donald Trump signed executive orders to streamline and accelerate the Nuclear Regulatory Commission licensing process. This will support plans to increase U.S. Nuclear Energy capacity from 100 GW to 400 GW.

Fermi stated that data from Bloomberg Intelligence showed the global generative AI industry is expected to grow between $64 billion and $457 billion dollars by 2027.

Macquarie Group led a $100 million round of funding last month for the company that has been in existence for nine months.

UBS Investment Bank Cantor and Mizuho will be the book-running managers of the offering. Fermi filed to list under the Nasdaq symbol "FRMI".

The company plans to also apply to list its shares on the main London Stock Exchange. Reporting by Arasu Kanagi Basil in Bengaluru and Pritam biswas; editing by Vijay Kishore

(source: Reuters)