Welcome to our dedicated page for Fermi SEC filings (Ticker: FRMI), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
The Fermi Inc. (FRMI) SEC filings page on Stock Titan is intended to provide access to the company’s regulatory disclosures once they are available through the U.S. Securities and Exchange Commission’s EDGAR system. As a real estate investment trust listed on Nasdaq and referenced in London Stock Exchange contexts, Fermi Inc. is expected to file periodic and current reports that describe its business, risk factors, financial condition, and material developments.
Based on the company’s public descriptions, Fermi America focuses on developing Project Matador, an 11-gigawatt private energy grid campus that integrates natural gas, nuclear, utility grid power, solar power, and battery energy storage to support artificial intelligence infrastructure. When SEC filings such as annual reports on Form 10-K and quarterly reports on Form 10-Q are available, they can be used to review detailed information about this business model, its REIT structure, and the assets associated with the Project Matador campus.
On this page, Stock Titan will surface Fermi Inc.’s filings in real time as they are posted to EDGAR, and apply AI-powered summaries to help explain the contents of lengthy documents. For example, AI-generated highlights can point to sections that discuss the company’s private grid strategy, its energy and infrastructure assets, and any disclosed agreements or regulatory approvals related to its 11 GW campus.
In addition to periodic reports, users will be able to review current reports on Form 8-K for material events, and insider transaction reports on Form 4 when they become available. These documents can provide further insight into governance, capital formation, and significant developments affecting Fermi Inc. and its AI-focused energy and infrastructure platform.
Fermi Inc. major shareholder Caddis Holdings, LP reported open-market sales of Fermi common stock. An entity associated with ten percent owner Perry Griffin sold 9,000,000 shares at a weighted average price of $5.0213 and 2,000,000 shares at a weighted average price of $5.5384.
Following these transactions, Caddis Holdings, LP indirectly held 62,946,450 shares after the first sale and 60,946,450 shares after the second sale, according to the filing. The reported prices reflect weighted averages across multiple trades within disclosed intraday price ranges.
Fermi Inc. is a development-stage company building Project Matador, a private power and AI infrastructure campus in the Texas Panhandle. The site sits on a 99-year ground lease and is designed for up to 11 GW of generation capacity, with potential expansion to about 17 GW as land and permits are added.
The campus will co-locate natural gas, future nuclear, battery storage and solar displacement resources with up to roughly 15 million square feet of AI-ready powered shells, targeting hyperscale and other compute-intensive tenants. Fermi plans to elect REIT status beginning with its short taxable year ended December 31, 2025, structuring tenant payments largely as power-linked rent under long-term leases.
Fermi has secured a 6 GW natural gas air permit and a grid agreement for up to 200 MW, alongside turbine and high-voltage equipment backed by over $800 million of dedicated facilities. The company no longer expects 1.1 GW online by late 2026, but still targets about 2.0 GW of gas-fired and grid-supplied power by the end of 2027, subject to tenant leases, financing, construction and permitting. As of March 23, 2026, there were 629,839,790 common shares outstanding.
Fermi Inc. reported its first-year results from inception on January 10, 2025 through December 31, 2025, pairing heavy upfront investment with a large accounting loss as it builds Project Matador, a massive private power campus for AI workloads in Texas.
The company recorded a GAAP net loss of $486.4 million, driven mainly by $441.8 million of non-cash items such as a charitable share contribution, fair value losses on financing instruments, and share-based compensation, while cash used in operations was $34.2 million. Fermi raised roughly $1.0 billion of cash via equity and debt, completed a dual-listed IPO with $745.6 million in net proceeds, and invested about $570.3 million into property, plant, and equipment tied to Project Matador.
By year-end, total assets reached about $1.41 billion, including $935.3 million of property, plant, and equipment and $408.5 million of cash. The company secured an approximately 6 GW natural-gas clean air permit, filed for an additional ~5 GW, contracted and financed multi-gigawatt turbine fleets, advanced a nuclear Combined Operating License Application for four AP1000 reactors, and reported active but still non-binding tenant discussions for its AI campus.
Fermi Inc. has arranged a senior secured term loan facility of up to $165.0 million to finance six Siemens SGT-800 gas turbines and related equipment for Project Matador. The loan, provided under an Equipment Supply Loan Financing Agreement with Beal lenders, sits at the FTW II subsidiary level.
Each borrowing bears interest at 12.00% per annum, rising to 14.00% upon default, with an unused commitment fee of 1% on undrawn amounts. The loans mature 33 months after closing, when FTW II must also pay an exit fee of $37.0 million less cumulative interest and commitment fees paid.
The obligations are secured by a first-priority lien on the financed equipment and related collateral. Fermi Inc., through its subsidiaries, guarantees FTW II’s obligations and must contribute at least $5,490,000 of equity toward progress payments under the Siemens equipment supply agreement, subject to customary covenants and events of default.
Fermi Inc., through its subsidiary Fermi High Voltage Warehouse LLC, has entered into a senior secured credit facility of up to $120,000,000 to finance equipment for its Project Matador. The facility can be increased by up to an additional $100,000,000 under an accordion feature.
The loan is structured under two promissory notes bearing interest at 12.90% per annum and maturing on August 19, 2031, with initial interest-only payments followed by amortizing payments after a conversion date. Advances fund up to 80% of each equipment purchase, with the borrower contributing the remaining 20%.
The debt is secured by the Project Matador equipment, substantially all of the borrower’s assets, a pledge of the borrower’s equity, and a controlled deposit account. Fermi Inc. has provided a limited guaranty for up to 25% of the principal and must maintain at least $20,000,000 of liquidity until obligations are repaid or an approved customer agreement is executed.
Pencross Energy, LLC and manager Steven Meisel report an 8.45% beneficial stake in Fermi Inc. common stock. They disclose beneficial ownership of 51,875,000 shares, based on 614,025,378 shares outstanding as of November 11, 2025, as cited from Fermi’s Form 10-Q.
The shares are directly held by Pencross Energy, LLC, with Meisel potentially sharing voting and dispositive power through his role as manager. Both reporting persons list zero sole voting or dispositive power and shared power over all reported shares. The filing is an Amendment No. 1 to a Schedule 13G for an ownership position above 5%.
Fermi Inc. entered into a senior secured equipment loan warehouse facility with MUFG Bank for up to $500,000,000 to support its AI-focused Project Matador campus and broader turbine fleet. A Fermi subsidiary will borrow under an Equipment Supply Loan Financing Agreement maturing eighteen months after the closing date.
Loans bear interest at Term SOFR or Daily Simple SOFR plus 4% and can be drawn for nine months. Proceeds will fund three Siemens Energy F-class gas turbines, pay $168,300,000 to Siemens Energy, refinance an existing term loan, cover fees and reserves, and support additional turbine deployment. The facility is secured by turbine-related assets and equity pledges and includes loan-to-value covenants with target ratios of 65% for delivered and 55% for undelivered equipment.