Former Energy Secretary’s Startup Mints Two Billionaires Despite No Revenues | Fermi America’s IPO on Wednesday catapulted the fortunes of Rick Perry’s son and the son of a former GOP congressman into the ten figure club.
https://www.forbes.com/sites/kylemullins/2025/10/01/former-energy-secretarys-startup-mints-two-billionaires-despite-no-revenues-rick-perry-toby-neugebauer/
Posted by 1900grs
4 Comments
What kind of ponzi scheme is this? My mind can’t comprehend valuations like this that are based on feels. It seems more like a money laundering outlet than any sort of business. There’s literally nothing there other than political connections.
Archived view if article if you get paywalled: https://archive.ph/wD4Yz
hmmm
So this company which is nine months old, doesn’t have a customer yet, doesn’t have any revenue, is a real estate investment trust says it can bring 1.1 GW of power online in under a year which they claim represents just 10% of what they can plop onto a chunk of desert and literally the only thing they have is a LOI to buy three gas turbines. Seems about right to both go public and be worth $19B with a 55% gain overnight. Oh and they lost over $6M in the last 9 months.
Nothing shady here. Hmmm weird Rick’s kid owns 11% yet has no formal role. Nice.
This is an insane valuation and a really good sign that we are nearing the top of this AI bubble. The $19 billion valuation is being generated on a 32 million share offering in the IPO while there are 595 million shares outstanding. That means that they only raised ~$2 billion off the IPO and all other funding sources. Look up the Seeking Alpha article Fermi: Great Concept But Grossly Overpriced for the details if you like digging deeper into the finances. This is one of the most insane valuations I have seen in my life.
Rick Perry: “No one understands the global energy race better than Donald Trump,” he said in the statement. Toby Neugebauer was just as congratulatory: “I want to thank President Trump for his strong leadership and action in clearing the path for companies like ours to help America win this race.”
Yeah, right Rick. Probably a direct quote from the genius Trump.