Part 7/13:

This cancellation was not a minor setback; it caused Fermy’s share price to plummet, nearly erasing 70% of its value since the IPO. The firm’s bold claims appear even more disconnected from reality considering the minimal physical work—only preliminary excavation and some underground rebar—have been undertaken, with no sign of the massive construction the company envisioned.

The IPO and Market Hype: Valuation Based on Promises and Politics

Fermy went public in October 2025, simultaneously listing on NASDAQ and the London Stock Exchange. It issued 32.5 million shares at $21 each, raising approximately $680 million and valuing the company at $15 billion. Crucially, Fermy reported no revenue and had done no meaningful construction or energy generation to date.