Fermi Inc, a US energy developer focused on building power infrastructure to support large-scale artificial intelligence, has become only the second ever company to complete a concurrent dual listing on Nasdaq and the London Stock Exchange.
The Houston-based group, which is planning one of the largest nuclear and renewable-backed energy projects in the United States, priced its initial public offering in New York this week while also securing admission to London’s Main Market under the Financial Conduct Authority’s International Commercial Companies category.
This is only the second ever simultaneous dual listing on the London Stock Exchange and Nasdaq, the first being ARM Holdings in 1998.
The listings come as Fermi seeks to finance “Project Matador,” a 5,236-acre development near Amarillo, Texas. The project aims to deliver up to 11 gigawatts of low-carbon, behind-the-meter power to data centres and AI developers, using what the company describes as a proprietary “HyperGrid” system.
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According to filings with the Securities and Exchange Commission, the complex would combine nuclear reactors with combined-cycle natural gas turbines, utility grid interconnections, large-scale solar facilities and battery storage. Fermi said the integrated platform would provide “on-demand, gigawatt-scale” energy required to run next-generation AI models.
Fermi tests investor appetite for energy infrastructure
The IPO represents a significant test of investor appetite for large-scale energy infrastructure designed specifically for the artificial intelligence boom. Demand for electricity from US data centres is forecast to surge over the next decade, with analysts warning that new capacity must be both reliable and low carbon if it is to meet climate targets.
Fermi first submitted its registration statement with the SEC on September 8, before filing an amended version on September 24. Its Nasdaq debut took place on October 1. The company did not disclose the valuation or proceeds of the offering in its London documentation, though analysts said the decision to seek a parallel listing suggested ambitions to tap a broader pool of institutional investors.
Ocean Wall, the London-based independent investment house and merchant bank, advised Fermi on its UK admission. Nick Lawson, Ocean Wall’s chief executive, called the deal “groundbreaking,” describing it as “the first of its kind: a concurrent dual listing on Nasdaq and the London Stock Exchange.”
He added: “The message is clear: London is wide open for new deals, innovative structures and boundary-breaking transactions. Ocean Wall is proud to have helped pioneer a route that lets UK investors share in America’s innovation story.”
Modest coup for London Stock Exchange
The UK listing is likely to be viewed as a modest coup for London, which has struggled in recent years to attract high-profile technology flotations. Several companies, including Arm Holdings, have opted for New York over the LSE, prompting concern among regulators and ministers about the capital’s competitiveness.
By combining a Nasdaq IPO with a London secondary listing, Fermi is offering UK investors early exposure to a US energy start-up positioning itself at the intersection of clean power and AI. Industry specialists say the model may provide a template for future dual listings, particularly for companies with capital-intensive projects seeking global investor bases.
Still, the scale and complexity of Project Matador raises questions about cost, regulation and execution. Nuclear power developments in the US have long been plagued by delays and overruns, while hydrogen, solar and storage projects face permitting and supply chain hurdles. Fermi has yet to secure all the approvals necessary for the project.
Nevertheless, the company insists its integrated HyperGrid design will allow it to overcome bottlenecks and deliver the steady, large-scale supply of electricity that AI data centres will demand. If successful, Project Matador could emerge as a flagship of the energy transition — one built not around household consumers but around the infrastructure of artificial intelligence itself.
