US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

Alliance Laundry Holdings / Index Rebalance

<ul>
<li>All eligible US IPOs that went public from 1 August to 31 October will get added to a major US index in December 2025.</li>
<li>The largest forecasted IPO additions in terms of market cap are <a href="https://www.smartkarma.com/entities/bullish-us-llc" target="_blank" data-smartkarma-citation="entities:45521:1" rel="noopener">Bullish US (BLSH US)</a>, <a href="https://www.smartkarma.com/entities/ft-intermediate-inc" target="_blank" data-smartkarma-citation="entities:45672:1" rel="noopener">FT Intermediate (FIGR US)</a> and <a href="https://www.smartkarma.com/entities/fermi-llc" target="_blank" data-smartkarma-citation="entities:45788:1" rel="noopener">Fermi (FRMI US)</a>.</li>
<li>The largest forecasted IPO additions in terms of passive fund impact include <a href="https://www.smartkarma.com/entities/legence-corp" target="_blank" data-smartkarma-citation="entities:45669:1" rel="noopener">Legence (LGN US)</a>, <a href="https://www.smartkarma.com/entities/via-transportation-inc" target="_blank" data-smartkarma-citation="entities:45670:1" rel="noopener">Via Transportation (VIA US)</a> and <a href="https://www.smartkarma.com/entities/avidia-bancorp-inc" target="_blank" data-smartkarma-citation="entities:46007:1" rel="noopener">Avidia Bancorp (AVBC US)</a>.</li>
</ul>


All eligible US IPOs that went public from 1 August to 31 October will get added to a major US index in December 2025.
The largest forecasted IPO additions in terms of market cap are Bullish US (BLSH US), FT Intermediate (FIGR US) and Fermi (FRMI US).
The largest forecasted IPO additions in terms of passive fund impact include Legence (LGN US), Via Transportation (VIA US) and Avidia Bancorp (AVBC US).


US: 19 IPOs Forecasted for Index Addition in December 2025

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Equity Bottom-Up

Advanced Micro Devices / Equity Bottom-Up

<ul>
<li>Fermi announced that it has signed a credit support agreement with AMD, supporting a lease for phase one of Fermi's Project Matador energy and AI buildout with 222 MW  capacity</li>
<li>The announcement comes as TensorWave, Fermi's only prospective tenant, last month abruptly pushed out the closing date on its tenancy agreement to October 31</li>
<li>TensorWave is a key partner in AMD's Helios deployment and ramp, which began last month. AMD is effectively now bankrolling TensorWave's role in that very ramp.</li>
</ul>


Fermi announced that it has signed a credit support agreement with AMD, supporting a lease for phase one of Fermi's Project Matador energy and AI buildout with 222 MW  capacity
The announcement comes as TensorWave, Fermi's only prospective tenant, last month abruptly pushed out the closing date on its tenancy agreement to October 31
TensorWave is a key partner in AMD's Helios deployment and ramp, which began last month. AMD is effectively now bankrolling TensorWave's role in that very ramp.


Fermi Soars As AMD Signs Credit Support Agreement. Now, Why Would They Do That?

<ul>
<li>On April 20, 2026, Fermi Inc announced that co-founder and Chief Executive Officer Toby Neugebauer had departed, effective April 17, details here. CFO Miles Everson resigned two days later.</li>
<li>The company then unveiled something it called “Fermi 2.0”, a strategic evolution, apparently, from the prior strategy of... having a CEO.</li>
<li>FRMI shares fell as much as 31% in post-market trading, hitting a session low of $4.53. Once valued at ~$16 billion at its IPO peak, it's now worth ~$3 billion. </li>
</ul>


On April 20, 2026, Fermi Inc announced that co-founder and Chief Executive Officer Toby Neugebauer had departed, effective April 17, details here. CFO Miles Everson resigned two days later.
The company then unveiled something it called “Fermi 2.0”, a strategic evolution, apparently, from the prior strategy of... having a CEO.
FRMI shares fell as much as 31% in post-market trading, hitting a session low of $4.53. Once valued at ~$16 billion at its IPO peak, it's now worth ~$3 billion. 


<ul>
<li>On October 1, Texas-based startup Fermi raised $682.5 million through the sale of 32.5 million shares at $21/share in a remarkable dual listing on both the NASDAQ and LSE</li>
<li>The company claimed to have a prospective first tenant who had already "put down" a $150 million prepayment</li>
<li>On December 12, Fermi issued a SEC filing clarifying that no money had been drawn down and the the prospective tenant had terminated their agreement. Currently trading @ ~$9/share</li>
</ul>


On October 1, Texas-based startup Fermi raised $682.5 million through the sale of 32.5 million shares at $21/share in a remarkable dual listing on both the NASDAQ and LSE
The company claimed to have a prospective first tenant who had already "put down" a $150 million prepayment
On December 12, Fermi issued a SEC filing clarifying that no money had been drawn down and the the prospective tenant had terminated their agreement. Currently trading @ ~$9/share


MD, Leaf & Ledger Limited

Leaf & Ledger Limited

Formed in 2024, Leaf & Ledger is a European advisory and research firm serving institutional investors and managers. We focus on real assets and private markets, with public-market read-throughs where material. Our work emphasises valuation signals, market structure, and execution topics that translate technical assessment into underwriting and strategy.

Insight That Moves Capital

Event-Driven

<ul>
<li>
Private debt terms signal stress. The primary lender’s 1YR term facility implies a 50%+ IRR via a MOIC option. This is under-covered and signals constrained alternatives.</li>
<li>
 Calendar precedes cash. Fixed obligations hit before revenue, so equity value is driven by sequencing rather than AI demand narratives.</li>
<li>
 Underwriting focus. Binding large-scale lease, funded bridge through fuel and logistics, and a credible take-out or refinance of the short-tenor facility.</li>
</ul>



Private debt terms signal stress. The primary lender’s 1YR term facility implies a 50%+ IRR via a MOIC option. This is under-covered and signals constrained alternatives.

 Calendar precedes cash. Fixed obligations hit before revenue, so equity value is driven by sequencing rather than AI demand narratives.

 Underwriting focus. Binding large-scale lease, funded bridge through fuel and logistics, and a credible take-out or refinance of the short-tenor facility.


Fermi (FRMI): The Devil Is In The Footnotes, Hidden Risk Triggers

United States

Fermi LLC operates as an energy development company. The Company focuses on building electric grids that deliver redundant power at gigawatt scale to create next-generation artificial intelligence.

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Fermi (FRMI US)

US: 19 IPOs Forecasted for Index Addition in December 2025

Eligible US IPOs that debuted Aug-Oct 2025 will be added to major US index in Dec 2025, with BLSH, FIGR and FRMI leading in market cap while LGN,...

Dimitris Ioannidis

Fermi Soars As AMD Signs Credit Support Agreement. Now, Why Would They Do That?

TensorWave is a key partner in AMD's Helios deployment and ramp, which began last month. AMD is effectively now bankrolling TensorWave's role in...

William Keating

Fermi America. RIP

FRMI shares fell as much as 31% in post-market trading, hitting a session low of $4.53. Once valued at ~$16 billion at its IPO peak, it's now worth...

William Keating

Fermi America's Unfathomable Progress

On December 12, Fermi issued a SEC filing clarifying that no money had been drawn down and the the prospective tenant had terminated their...

William Keating

Fermi (FRMI): The Devil Is In The Footnotes, Hidden Risk Triggers

When published I flagged Fermi’s calendar and Macquarie MOIC risks at $26.84, shares have now lost ~35% (c. $5.5B market cap) at $17.50. Q3...

EC

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US: 19 IPOs Forecasted for Index Addition in December 2025

​Eligible US IPOs that debuted Aug-Oct 2025 will be added to major US index in Dec 2025, with BLSH, FIGR and FRMI leading in market cap while LGN,...

Dimitris Ioannidis

Fermi Soars As AMD Signs Credit Support Agreement. Now, Why Would They Do That?

TensorWave is a key partner in AMD's Helios deployment and ramp, which began last month. AMD is effectively now bankrolling TensorWave's role in...

William Keating

Fermi America. RIP

FRMI shares fell as much as 31% in post-market trading, hitting a session low of $4.53. Once valued at ~$16 billion at its IPO peak, it's now worth...

William Keating

Fermi America's Unfathomable Progress

On December 12, Fermi issued a SEC filing clarifying that no money had been drawn down and the the prospective tenant had terminated their...

William Keating

Fermi (FRMI): The Devil Is In The Footnotes, Hidden Risk Triggers

When published I flagged Fermi’s calendar and Macquarie MOIC risks at $26.84, shares have now lost ~35% (c. $5.5B market cap) at $17.50. Q3...

EC

Eligible US IPOs that debuted Aug-Oct 2025 will be added to major US index in Dec 2025, with BLSH, FIGR and FRMI leading in market cap while LGN,...