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Rick Perry’s AI power startup Fermi already has a $16 billion market cap—and zero revenue
fortune.com/2025/10/10/rick-perry-ai-power-startup-fermi-ipo-zero-revenue
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…
This story appeared on fortune.com, 2025-10-10 11:18:18.