Fermi America, the company behind a planned 11GW energy and data center campus in Amarillo, Texas, has formally launched its initial public offering (IPO), targeting a valuation of up to $13.16 billion.

The company will offer 25,000,000 shares of its common stock as part of the IPO. In addition, Fermi intends to grant the underwriters a 30-day option to purchase up to an additional 3,750,000 shares of common stock at the IPO price.

The IPO price is expected to be between $18 and $22 a share, and will be listed on the Nasdaq Global Select Market and the London Stock Exchange under the ticker symbol “FRMI.”

News of the IPO first surfaced earlier this month, when the company, co-founded by former US Energy Secretary Rick Perry, filed a Registration Statement on Form S-11 with the U.S. Securities and Exchange Commission related to the proposed IPO.

Fermi intends to use the proceeds from the IPO, in addition to its existing assets, to support business growth, enhance its workforce, and increase financial flexibility in support of its planned data center project.

UBS Investment Bank, Evercore ISI, Cantor, and Mizuho are serving as the lead book-running managers for the planned offering. Additional bookrunners include Macquarie Capital, Rothschild & Co., Stifel, Truist Securities, Berenberg, and Panmure Liberum. Ocean Wall is providing advisory support for the company’s proposed listing on the London Stock Exchange.

Fermi is currently developing “Project Matador,” a planned 11GW hyperscale data center complex expected to span 18 million sq ft (1.67 million sqm). The project is being developed in partnership with the Texas Tech University System, with the campus set to be built on land at Texas Tech University.

Fermi plans to power its new campus with a combination of on-site energy sources, including natural gas, solar, wind, and nuclear energy. To secure supply, the company has already entered into several agreements.

In July, it purchased more than 600MW of natural gas generation capacity through two separate transactions. The acquired assets include nine natural gas turbines, which the company stated will support its goal of delivering 1GW of AI power at the site by 2026.

While natural gas is expected to be the campus’s primary source of power in the short to medium term, Fermi expects nuclear to become the dominant source over the longer term. The company has announced its intention to install four Westinghouse AP1000 reactors at the site. Each AP1000 is a Generation III+ pressurized water reactor with an output capacity of roughly 1,100–1,117MWe. Fermi is collaborating with Westinghouse to finalize a Combined Operating License Application, with the goal of expediting the approval process.

Concerns over the delivery of the reactors are prominent, with the most recent US installation of AP1000 units taking more than seven years longer than expected and costing approximately $17bn over budget.

Fermi has also signed two other agreements to support its nuclear ambitions. The company signed two Memoranda of Understanding with South Korean firms Hyundai and Doosan Enerbility to support the deployment of the nuclear reactors on the site.

The project, initially announced in June, is still in its very early stages of development. According to the company, it has commenced with geotechnical work and “expects” to deliver 1GW by the end of 2026.

Earlier this month, it successfully raised $100 million as part of a Series C equity funding round, led by Macquarie Group. In addition, Fermi also secured a $250m senior loan facility, funded solely by Macquarie’s commodities and global markets business, with $100m drawn at close.