IPO

Altman said Tuesday that an IPO is likely but that the company doesn’t have specific plans on timing.

Fermi’s stock, which has followed a volatile path since its IPO, rose 6.5% in recent morning trading on Monday.

But to hear it from the IPO—an orchestra that, when abroad, can’t seem to put enough distance between itself and politics—really left an impression.

After considering London, it filed for a Hong Kong IPO.

Only two other no-revenue companies had larger market caps than Fermi on their first day of trading after an IPO, adjusted for inflation, according to Jay Ritter, finance professor at the University of Florida.