Fermi Inc. Common Stock·Utilities

Fermi went public last year and aims to be a REIT that provides power to AI data centers. The company generates zero revenue right now and has lost one of its initial tenants for the project.

Shares of Fermi Inc. (NASDAQ: FRMI - Get Free Report) were down 6.7% during mid-day trading on Wednesday after UBS Group lowered their price target on the stock from $30.00 to $8.00. UBS Group currently has a buy rating on the stock. Fermi traded as low as $5.43 and last traded at $5.45. Approximately 2,565,579 shares

Expand NASDAQ: FRMI Fermi Today's Change (-13.27%) $-0.82 Current Price $5.36 Key Data Points Market Cap $3.8B Day's Range $4.63 - $5.63 52wk Range $4.63 - $36.99 Volume 46M Avg Vol 7.3M Fermi (FRMI 13.27%), developer of energy infrastructure for AI data centers, closed Monday at $5.36, down 13.27%. The stock moved lower after wider-than-expected inaugural losses, a lack of tenant progress for its flagship AI project, and continued focus on when it might secure long-term anchor customers.Trading volume reached 45.7 million shares, coming in about 480% above its three-month average of 7.9 million shares.

Fermi Inc. remains highly speculative, with shares down ~75% since IPO and no signed tenants for its ambitious data center buildout. FRMI reported a GAAP loss of $1.13 for 2025, is essentially pre-revenue, and burned $605 million in free cash flow last year. Despite an attractive Texas site and a 99-year lease, FRMI's lack of infrastructure and tenant agreements undermines its massive $80–$120 billion buildout plan.

Fermi Inc. (FRMI) Q4 2025 Earnings Call Transcript

Fermi confirms Monday that it is yet to sign a cornerstone tenant for its Project Matador campus in Amarillo, Texas.
Fermi, Inc. engages in the development of energy infrastructure. It intends to develop an energy and data center development campus to support the needs of to-be-built AI infrastructure. The company was founded by Rick Perry, Toby Neugebauer and Griffin Perry on January 10, 2025 and is headquartered in Amrillo, TX.
Utilities
Regulated Electric
1
2025-10-01
4.59