Fermi's IPO
Listed Oct 1, 2025 at $21 on Nasdaq as FRMI.
Today 88% below its $21 offer price; its first day closed +54.9%.
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What does Fermi do?
“We are an advanced energy and hyperscaler development company purpose-built for the AI era.”
| Fact | Fermi |
|---|---|
| Founded | 1990 |
| Website | fermiamerica.com |
What is the offering?
Each figure names the filing it is from and that filing's date. The market cap is Breakaway's arithmetic from the prospectus's share count.
| Fact | Fermi |
|---|---|
| Shares offered | 32,500,000 |
| Offer price | $21 a share |
| Raised at that price | $683 million |
| Underwriters' discount | $34.1 million |
| Underwriters' option | 4,875,000 more shares |
| Underwriters | Book -Running Managers, UBS, Evercore ISI, Cantor, Mizuho, and Macquarie Capital, and 6 more |
| Exchange | Nasdaq Global Select Market, as FRMI |
| Shares outstanding after | 592,797,623 |
| Market cap at the offer price | $12.4 billion |
What the filing says about its money
| Fact | Fermi |
|---|---|
| Revenue | None from product sales yet |
| Cash | $40.3 million, as of June 30, 2025 |
What risks does Fermi name first?
- “We are a development-stage company with no operating history or historical revenue, and we face execution risk across all major components of our business.”
- “We have not yet constructed our facilities or entered into any binding contract with any tenants, and there is no guarantee that we will be able to do so in the future.”
- “We will be dependent on third-party manufacturing and supply chain relationships to build and operate our facilities.”
Every date of Fermi's IPO
| What | Day |
|---|---|
| Exchange registration filed | Sep 30, 2025 |
| Declared effective by the SEC | Sep 30, 2025 |
| Priced | Sep 30, 2025 |
| First trade | Oct 1, 2025 |
| Lock-up ends | Mar 29, 2026 |
How did its first days trade?
From its daily bars, each close against its $21 offer price.
| Day | Open | Close | From the offer |
|---|---|---|---|
| Oct 1 | $25 | $32.53 | +54.9% |
| Oct 2 | $36.09 | $28.78 | +37.0% |
| Oct 3 | $30.01 | $28.60 | +36.2% |
| Oct 6 | $28.65 | $26.35 | +25.5% |
| Oct 7 | $25.69 | $28.17 | +34.1% |
What is Fermi's Quality Score?
The other IPOs expected
| Company | Price |
|---|---|
| $19 to $21 | |
| $15 to $17 | |
| $15 to $17 | |
| $7 | |
| $5 to $7 |
Fermi IPO questions
When is Fermi's IPO?
Listed Oct 1, 2025 at $21 on Nasdaq as FRMI.
What is Fermi's IPO price?
Fermi's IPO priced at $21 a share, per its final prospectus of Oct 1, 2025.
How many shares is Fermi selling?
32,500,000 shares, and the underwriters may buy 4,875,000 more, per its final prospectus (424B4).
Who are the underwriters?
Book -Running Managers, UBS, Evercore ISI, Cantor, Mizuho, Macquarie Capital, Rothschild, Stifel, Truist Securities, Berenberg, Panmure Liberum, and Ocean Wall, as the prospectus's cover names them.
When does the lock-up end?
Fermi's IPO lock-up ends Mar 29, 2026. Its final prospectus says: “.”
Does Breakaway rate Fermi?
Fermi has a Quality Score of -8 today. The score counts the 14 chart checks and the company's filings; a check that needs more history than a new stock has waits for it.
Can Breakaway say where Fermi's price will go?
No. Breakaway does not say where a price will go. Every figure here is from the company's SEC filings, linked on each line.
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