Managing Director, Leaf & Ledger Limited

Evan Campbell, CFA

Managing Director

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

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fermi-llc" target="_blank" data-smartkarma-citation="entities:45788:1" rel="noopener">Fermi (FRMI US)</a> went public on 1 October with a free float of ~5% and closed at $28.60 on 3 October, resulting in a company valuation of $17bn.</li>
<li>The security is expected to be added to US-R 1000 in December 2025.</li>
<li>Inclusion in other US and Global indices is anticipated in 2026 following lock-up expiry that increases the free float above minimum thresholds.</li>
</ul>



Fermi (FRMI US) went public on 1 October with a free float of ~5% and closed at $28.60 on 3 October, resulting in a company valuation of $17bn.
The security is expected to be added to US-R 1000 in December 2025.
Inclusion in other US and Global indices is anticipated in 2026 following lock-up expiry that increases the free float above minimum thresholds.


Fermi (FRMI US): Low IPO Float Delays Robust Global & US Index Inclusion

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

<ul>
<li>The company priced 32.5 million shares at $21.00 and saw its shares open at $25.00, a 19% premium.</li>
<li>Investor demand was strong and stemmed from pre-IPO testing-the-waters meetings with more than 100 investors.</li>
<li>The strong momentum generated from the debut suggests that traders may continue to gravitate toward the name, creating the potential for sharp swings in the near term. </li>
</ul>


The company priced 32.5 million shares at $21.00 and saw its shares open at $25.00, a 19% premium.
Investor demand was strong and stemmed from pre-IPO testing-the-waters meetings with more than 100 investors.
The strong momentum generated from the debut suggests that traders may continue to gravitate toward the name, creating the potential for sharp swings in the near term. 


Fermi Inc. (FRMI): Investors Bid Up Future AI Infrastructure, Shares Close 55% Higher

<ul>
<li>Fermi (FRMI US) , amended the terms of its IPO on Monday morning increasing the size from 25.0 million shares offered to 32.5 million shares.</li>
<li>The deal is multiple-times oversubscribed. The company conducted extensive testing-the-waters meetings with more than 100 accounts, drawing strong and high-quality demand.</li>
<li>Data centers and powering the AI trade is likely to be a recurring theme over the coming year.</li>
</ul>


Fermi (FRMI US) , amended the terms of its IPO on Monday morning increasing the size from 25.0 million shares offered to 32.5 million shares.
The deal is multiple-times oversubscribed. The company conducted extensive testing-the-waters meetings with more than 100 accounts, drawing strong and high-quality demand.
Data centers and powering the AI trade is likely to be a recurring theme over the coming year.


Fermi Inc. (FRMI): Base Deal Upsized, IPO Investors Eye Owning a Piece of Future AI Infrastructure

<ul>
<li>Fermi set terms for its IPO on Wednesday afternoon and will offer 25 million shares at $18-$22 and to debut on Wednesday, 10/1.</li>
<li>One of Fermi's founders is former energy sector director, Rick Perry.</li>
<li>The underwriters have reserved for sale at the initial public offering price up to 5% of the shares of common stock for sale through a directed share program.</li>
</ul>


Fermi set terms for its IPO on Wednesday afternoon and will offer 25 million shares at $18-$22 and to debut on Wednesday, 10/1.
One of Fermi's founders is former energy sector director, Rick Perry.
The underwriters have reserved for sale at the initial public offering price up to 5% of the shares of common stock for sale through a directed share program.


Fermi Inc. (FRMI): Pre-Revenue Data Center REIT Sets Terms Seeking $13.2b Valuation

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)

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...

Evan Campbell, CFA

Fermi (FRMI US): Low IPO Float Delays Robust Global & US Index Inclusion

Fermi went public on 3 October with a 5% free float and has a $17bn valuation. It is expected to join most US and Global indices in 2026 following...

Dimitris Ioannidis

Fermi Inc. (FRMI): Investors Bid Up Future AI Infrastructure, Shares Close 55% Higher

Company prices IPO shares at $21.00, opens at $25.00 with strong investor demand leading to potential for sharp swings in the near term.

IPO Boutique

Fermi Inc. (FRMI): Base Deal Upsized, IPO Investors Eye Owning a Piece of Future AI Infrastructure

Fermi amends IPO terms, increases size due to strong demand from data centers and AI trade. Multiple-times oversubscribed.

IPO Boutique

Fermi Inc. (FRMI): Pre-Revenue Data Center REIT Sets Terms Seeking $13.2b Valuation

Fermi, co-founded by Rick Perry, sets terms for IPO with 25 million shares priced at $18-$22, debuting on 10/1. Underwriters reserve 5% for...

IPO Boutique

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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...

Evan Campbell, CFA

Fermi (FRMI US): Low IPO Float Delays Robust Global & US Index Inclusion

Fermi went public on 3 October with a 5% free float and has a $17bn valuation. It is expected to join most US and Global indices in 2026 following...

Dimitris Ioannidis

Fermi Inc. (FRMI): Investors Bid Up Future AI Infrastructure, Shares Close 55% Higher

​Company prices IPO shares at $21.00, opens at $25.00 with strong investor demand leading to potential for sharp swings in the near term.

IPO Boutique

Fermi Inc. (FRMI): Base Deal Upsized, IPO Investors Eye Owning a Piece of Future AI Infrastructure

​Fermi amends IPO terms, increases size due to strong demand from data centers and AI trade. Multiple-times oversubscribed.

IPO Boutique

Fermi Inc. (FRMI): Pre-Revenue Data Center REIT Sets Terms Seeking $13.2b Valuation

​Fermi, co-founded by Rick Perry, sets terms for IPO with 25 million shares priced at $18-$22, debuting on 10/1. Underwriters reserve 5% for...

IPO Boutique

Company prices IPO shares at $21.00, opens at $25.00 with strong investor demand leading to potential for sharp swings in the near term.

Fermi amends IPO terms, increases size due to strong demand from data centers and AI trade. Multiple-times oversubscribed.

Fermi, co-founded by Rick Perry, sets terms for IPO with 25 million shares priced at $18-$22, debuting on 10/1. Underwriters reserve 5% for...