Exclusive Fermi IPO Teardown: Decoding The $17B Nuclear Bet On AI

(NASDAQ: FRMI)

The AI revolution’s new constraint isn’t just compute. It’s power.

Fermi America plans to solve that with an 11 GW nuclear-gas HyperGrid™ built for AI datacenters.

In early October, Fermi raised $683M in an IPO that valued the company at almost $16B. The three co-founders are now paper billionaires: Toby Neugebauer, Rick Perry, and Griffin Perry.

The company is nine months old. Has zero revenue. No customers. Just a plan to build America’s first startup nuclear power startup to deliver energy for giant datacenters. Strong political connections. And a strategy to leverage a favorable regulatory environment.

Is this a blueprint for building the AI infrastructure the U.S. needs? Or another sign that the AI bubble is inflating?

At moments of Discontinuity, such as the one we are experiencing with generative and agentic AI, that distinction may not be as clear as it appears on the surface.

To cut through the hype, leading AI strategist and investor Raphaelle d’Ornano has released…