Panmure Liberum acted as Bookrunner and UK Financial Adviser to Fermi America on its dual listing IPO on NASDAQ and the London Stock Exchange.

Fermi America is an advanced energy and hyperscaler development company purpose-built for the AI era. Headquartered in Texas on land leased from Texas Tech University, the company is centred around Project Matador - a first-of-its-kind campus designed to meet the surging energy demands of AI. Spanning multiple phases through 2038 and incorporating nuclear, combined-cycle natural gas, solar, battery and utility grid sources, Project Matador will deliver up to 11 GW of behind-the-meter power and support up to 15 million square feet of AI-ready hyperscale infrastructure. The project’s initial 1.1 GW of capacity is expected to come online by the end of 2026. Fermi was co-founded by former U.S. Energy Secretary Rick Perry and Toby Neugebauer, former Co-Managing Partner of Quantum Energy. The company’s upsized IPO attracted significant demand from leading institutional investors, closing oversubscribed and raising $785 million through the sale of 37.4 million shares at a price of $21 per share. With a market capitalisation of approximately $13.8 billion at admission, the transaction ranks among the largest IPOs completed to date on the London Stock Exchange.