$13.8 billion energy and AI infrastructure company Fermi has pulled off the first dual Nasdaq-London listing this century in London’s largest IPO this year.
US firm Haynes Boone advised Fermi, while Linklaters and Vinson & Elkins acted on the bank side in London and New York, respectively.
Linklaters landed a key role on the $682 million IPO of American energy and AI infrastructure company Fermi - in the first concurrent dual listing on Nasdaq and the London Stock Exchange for 27 years.
The debut, which values Fermi at $13.8 billion, is London’s largest new listing of the year by offering size and one of its biggest-ever by market capitalisation. The last dual listing of this kind is understood to be British chip designer ARM's back in 1998.
Behind the deal
Founded by former US energy secretary Rick Perry and CEO Toby Neugebauer, Fermi plans to use the proceeds to develop a 5,000-acre energy and data centre campus in Texas, which it says will be one of the world’s largest privately-led energy infrastructure projects.
The news comes as a much-needed boon to London’s struggling capital markets, which ranked just 23rd globally for IPO volumes in the first nine months of 2025, according to Bloomberg, with just £184 million raised.
Advising
Texas-headquartered Haynes Boone advised Fermi on the listing in the US and UK, co-led by partners Nick Davis and Robert Bines-Black in London and Matt Fry in Dallas.
Linklaters advised the financial advisers on Fermi’s UK listing, with a team led by London corporate partner Tom Thorne, counsel Asad Ahmed and managing associate Tom Greenhalgh.
US firm Vinson & Elkins advised the financial advisers on Fermi’s Nasdaq listing in New York.
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