(Reuters) -Fermi is set to debut on the Nasdaq on Wednesday after raising $682.5 million in its IPO, a key test of market appetite for a pre-revenue data center real estate investment trust still in the early stage of its journey.

While development-stage firms have gone public before, its unusual for a company under a year old with no revenue to pursue an IPO at a $10 billion-plus valuation.

“It (Fermi’s IPO) speaks to the gold rush happening in AI infrastructure right now. It’s a cash geyser,” said Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research and ETFs.

Amarillo, Texas-based Fermi sold 32.5 million shares at $21 each in an upsized IPO, after marketing them between $18 and $22.

Founded in January 2025, Fermi secured a $12.5 billion valuation

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