Fermi Stock Price, News & Analysis
Company Description
Fermi Inc. (d/b/a Fermi America) (Nasdaq & LSE: FRMI) is a real estate investment trust (REIT) focused on the development of large-scale energy and data center infrastructure for artificial intelligence. According to company disclosures and recent announcements, Fermi America describes itself as pioneering the development of next-generation private electric grids that deliver highly redundant power at gigawatt scale, required to create next-generation artificial intelligence.
The company’s flagship initiative is Project Matador, described as an 11-gigawatt private energy grid campus, also referred to as an 11 GW private HyperGrid campus. This behind-the-meter campus is expected to integrate the nation’s biggest combined-cycle natural gas project, one of the largest clean, new nuclear power complexes in America, utility grid power, solar power, and battery energy storage to support hyperscaler artificial intelligence and large-scale computing operations.
Business focus and structure
Fermi Inc. is characterized in public materials as an energy and hyperscaler development company purpose-built for the AI era. Through its REIT structure, it states that it offers investors exposure to AI infrastructure growth and long-term, large-scale and reliable energy development in a tax-efficient public vehicle. The company positions its private grid model as a way to meet growing AI-related power demand without relying primarily on the public utility grid.
Project Matador is located in the Texas Panhandle region, in partnership with the Texas Tech University System. Company statements describe the campus as designed to deliver highly redundant power at gigawatt scale to support artificial intelligence workloads, with a long-term development horizon and a 99-year lease with the Texas Tech University System referenced in news disclosures.
Energy platform and Project Matador
Across multiple press releases, Fermi America outlines a multi-source energy platform for Project Matador. The campus is expected to include:
- A large combined-cycle natural gas project, described as one of the biggest in the United States.
- One of the largest nuclear power complexes in America, based on company descriptions.
- Utility grid power supplied through regional transmission systems.
- Solar power resources intended to provide zero-emissions energy.
- Battery energy storage to support reliability and flexibility.
The company refers to this configuration as a next-generation private grid or private HyperGrid, designed to deliver fast, firm and reliable power for artificial intelligence and computing operations at scale.
Key partnerships and agreements
Fermi America has announced a series of agreements that relate to the development of Project Matador and its private grid campus:
- An Electric Service Agreement with Southwestern Public Service Company, a subsidiary of Xcel Energy, to provide up to 200 megawatts of electrical capacity to the Project Matador campus through a high-voltage transmission system.
- A long-term capital lease agreement with Mobile Power Solutions for GE TM2500 gas turbines, totaling 157.5 megawatts of nameplate capacity, intended to support the first 500 megawatts of generation capacity at the campus.
- A non-binding Memorandum of Understanding with MVM EGI Zrt. to engineer and develop hybrid dry–wet cooling towers for the campus, with an emphasis on water-saving performance and closed-loop circulation.
- Local agreements with the City of Amarillo and Carson County, including a water-supply agreement and a tax abatement and reinvestment zone related to the 11 GW private grid campus.
These agreements, as described in company news releases, are presented as steps toward building out the energy capacity and supporting infrastructure for the Project Matador site.
Water and environmental considerations
Company communications emphasize water conservation and environmental considerations for the Texas Panhandle region. The hybrid cooling agreement with MVM EGI is described as prioritizing air-based cooling and closed-loop circulation to sharply reduce evaporative water loss compared to conventional systems. Fermi America also refers to evaluating recycled and reclaimed water, underground reservoirs, and solar-covered retention ponds in connection with its cooling strategy, with the stated goal of protecting regional water resources, including the Ogallala Aquifer.
In addition, Fermi America has reported preliminary approval from the Texas Commission on Environmental Quality for a clean air permit covering 6 gigawatts of natural gas-based power generation at the Project Matador campus. The company states that its air quality analysis shows compliance with federal and state air quality, odor and health effect standards.
Role in AI and national infrastructure
Fermi America describes its mission as powering tomorrow’s AI and contributing to what it characterizes as an energy and computing race tied to national security, data, and intelligence. Company statements link the growth of cloud computing and artificial intelligence to broader U.S. infrastructure, including law enforcement, military operations, banking and finance networks, communication, transportation, education, healthcare, and energy grids.
The company presents its private grid campus as a way to supply AI-related power demand privately, with the stated intention of reducing the need to draw equivalent power from the public grid. In its communications, Fermi America positions this approach as a way to leave more public grid capacity available for homes, schools, hospitals, and small businesses.
Capital formation and tenants
Fermi America has disclosed that it is in discussions for project financing for its first tenant, and has announced an Advance in Aid of Construction Agreement with a first prospective client. The company describes this financing as non-recourse project financing through a special purpose vehicle, based on its public statements.
As a REIT listed on Nasdaq under the ticker FRMI and referenced in London Stock Exchange contexts, Fermi Inc. provides public market investors with a way to gain exposure to large-scale AI-focused energy and infrastructure development, subject to the risks and characteristics of its business model and regulatory environment.
Exchange listings and classification
Public disclosures and third-party references identify Fermi Inc. as a data center real estate investment trust listed on Nasdaq under the symbol FRMI. Company news releases also reference trading on both Nasdaq and the London Stock Exchange under the same symbol. Sector classifications describe the company within the broader real estate investment trust category, with a focus on energy and hyperscaler infrastructure for artificial intelligence.
Frequently asked questions (FRMI)
Stock Performance
Fermi (FRMI) stock last traded at $5.36, up 0.56% from the previous close. Over the past 12 months, the stock has lost 83.5%. At a market capitalization of $3.3B, FRMI is classified as a mid-cap stock with approximately 629.8M shares outstanding.
Latest News
Fermi has 10 recent news articles, with the latest published 3 days ago. Of the recent coverage, 4 articles coincided with positive price movement and 6 with negative movement. Key topics include earnings, partnership. View all FRMI news →
SEC Filings
Fermi has filed 5 recent SEC filings, including 2 Form 8-K, 1 Form 4, 1 Form 144, 1 Form 10-K. The most recent filing was submitted on April 1, 2026. SEC filings provide transparency into a company's financial condition, material events, and regulatory compliance. View all FRMI SEC filings →
Insider Radar
Insider selling at Fermi over the past 90 days can reflect routine portfolio management, scheduled trading plans (Rule 10b5-1), tax planning, or compensation-related dispositions rather than a directional view on the stock.
Financial Highlights
operating income reached -$177.8M, and net income was -$486.4M. Diluted earnings per share stood at $-1.13. The company generated -$34.2M in operating cash flow.
Upcoming Events
Project Matador groundbreaking
Siemens turbine deliveries
Fermi has 2 upcoming scheduled events. The next event, "Project Matador groundbreaking", is scheduled for July 4, 2026 (in 92 days). Investors can track these dates to stay informed about potential catalysts that may affect the FRMI stock price.
Short Interest History
Short interest in Fermi (FRMI) currently stands at 25.2 million shares, up 72.5% from the previous reporting period, representing 13.3% of the float. Over the past 12 months, short interest has increased by 674.3%. This moderate level of short interest indicates notable bearish positioning.
Days to Cover History
Days to cover for Fermi (FRMI) currently stands at 3.7 days, up 92.2% from the previous period. This days-to-cover ratio represents a balanced liquidity scenario for short positions. The days to cover has increased 271% over the past year, indicating either rising short interest or declining trading volume. The ratio has shown significant volatility over the period, ranging from 1.0 to 3.7 days.
FRMI Company Profile & Sector Positioning
Fermi (FRMI) operates in the REIT - Specialty industry within the broader Real Estate Investment Trusts sector and is listed on the NASDAQ.