Backed by the former U.S. energy secretary and Texas governor Rick Perry, AI power startup Fermi Inc. went from nonexistent to an October IPO with a mammoth $16 billion market cap in less than a year without any announced customers or construction—or even a single dollar of revenue.

The electricity player pledges to build a sprawling “HyperGrid” of nuclear, solar, and gas-fired power to support massive data center complexes in the rural Texas Panhandle—enough to eventually power 8 million homes. The highly successful IPO demonstrates that investor frothiness for the AI boom is far from slowing down.

Amarillo-based Fermi is unabashedly benefitting from the Trump administration: The company is led by the president’s former energy secretary and a CEO who’s the son of a retired Republican

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