Texas-based Fermi America has completed a $13.8 billion (£10.2bn) dual listing on the London Stock Exchange and Nasdaq – the first simultaneous listing this century and one of the biggest in LSE history.
The offering, which includes a $682.5 million (£505.6m) equity fundraising, has been hailed as a sign of growing momentum in London’s capital markets after a period of uncertainty, with major businesses such as Indivior, Hargreaves Lansdown, Deliveroo and Wise all delisting.
It is a major milestone for the company which was only founded in January 2025.
Former US Energy Secretary Rick Perry and CEO Toby Neugebauer co-founded the business which is aiming to transform AI infrastructure by building the power systems to fuel its future.
Its flagship Project Matador in Amarillo, Texas, spans 5,236 acres and is designed to deliver up to 11 gigawatts of low-carbon power through its HyperGrid energy infrastructure.
Combining nuclear, natural gas, solar, battery and utility grid sources, the project is expected to become one of the largest nuclear power complexes in the US.
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When Fermi’s shares began trading on Nasdaq, they opened 19% above the offer price at $25, compared with the $21 IPO level, giving the firm a $14.8bn valuation.
Haynes Boone’s London team led the deal and its Dallas office advised on the Nasdaq listing, led by Capital Markets co-chair Matt Fry and associate Logan Weissler.
“In working around the clock and sharing the sense of urgency required for us to execute on the world’s largest private-grid campus to power the future of AI, the team at Haynes Boone have been more than our lawyers – they have been true partners,” said Neugebauer.
Nick Davis, co-office managing partner of Haynes Boone’s London office, added: “The successful execution of a dual listing of this size and complexity is a major milestone – not only for Fermi, but also for the wider market as a signal of what can be achieved in London.
“Fermi is reshaping the power industry and it is exactly the kind of innovative, high-growth company that London should be attracting.
“This listing proves London markets can deliver transactions of real scale and provide the capital, expertise and global profile needed to support the most ambitious companies.”
The law firm’s London office has already advised on 19 transactions this year across energy, mining, technology and life sciences.