← Fermi · FinancingEdit
IPO — common stock, Nasdaq/LSE: FRMI
Sep 30, 2025 · ClosedTerms of issuance
Instrument
Equity offering
Principal
$784.9M
Net proceeds
$745.6M
Issue date
Sep 30, 2025
Maturity
Seniority
Conversion ratio
n/a
Settlement
n/a
Economic analysis
Effective annual cost
n/acalculated: coupon + capped-call cost amortized over the note's life — needs coupon, maturity, and (if hedged) capped-call cost
Interest savings vs. plain debt
n/anot shown — would require an assumed comparable straight-debt rate, which we do not fabricate
Implied option value / volatility
n/anot shown — would require an assumed volatility input, which we do not fabricate
Breakeven
n/anot shown — would require assumed reinvestment/discount-rate assumptions, which we do not fabricate
Context
Shares outstanding (as of issue date)
n/ano datapoint on or before the issue date
Stock price / market cap (as of issue date)
n/ano price on or before the issue date
Use of proceeds
Procurement/installation of long-lead-time items ($325M), construction of powered shells ($45M), general corporate purposes ($265.7M)
Other financing outstanding (excl. this instrument)
Preferred Units (Macquarie-led consortium) ($107.6M), Senior secured equipment loan warehouse facility (Fermi Turbine Warehouse LLC) ($500.0M), Senior secured equipment warehouse credit facility (Keystone Master Loan Agreement) ($120.0M), Senior secured equipment supply term loan facility (Beal Credit Agreement, CLMG Corp. as agent) ($165.0M), 5.00% Convertible Senior Notes due 2031 ($431.3M)
— of which existing debt
$1.32B
Existing cash
n/anot tracked in the system yet
Anti-dilution adjustment terms
n/a
Related acquisition
none
Related deal
none
Related site
none
Sources
ClosedFermi prices IPO at $21.00/share
Sep 30, 2025