Fermi(NASDAQ) FRMI

Fermi Inc. builds power plants and data centers for AI companies. It creates private energy grids to keep AI computers running constantly. This helps technology firms bypass the traditional public power grid.

What's on the Campus?

• Energy Generation: On-site natural gas, solar, and battery storage systems provide electricity.
• AI Data Centers: Large computing facilities serve the hyperscale era, which involves massive data centers that can scale up rapidly.
• Private Grid Systems: Dedicated equipment links energy production directly to the computing halls.
• Nuclear Power Units: Planned reactors provide constant energy for baseload supply, which is the minimum power needed at all times.

Recent Moves and Major Leases

• Entered a lease with TensorWave on Aug. 9, 2026, for a build-to-suit data center expected to generate $6.5 billion in revenue.
• Formed a framework agreement with Hillcore Energy Capital Corporation on Aug. 11, 2026, to develop up to 2.6 GW of generation capacity.
• Completed a front-end engineering design study for nuclear power units in July 2026 to support its planned energy deployment.
• Appointed Lee McIntire as permanent Chief Executive Officer on Aug. 11, 2026, following a search for a permanent leader.

How Project Matador Stands Out

The company controls a 5,236-acre site in the Texas Panhandle through a long-term ground lease with the Texas Tech University System. This vertically integrated model combines on-site power generation with data centers to avoid reliance on the traditional electric grid.

A Look at the Books

• Net loss was $214.5 million for the six months ended June 30, 2026.
• General and administrative expenses reached $193.0 million for the six-month period ended June 30, 2026.
• Issued $431.3 million in 5.00% convertible senior notes in July 2026 to fund construction and general corporate purposes.
• Market capitalization was $5.8 billion in Q2 2026, down 50.6% year over year.
• P/E ratio was -57.2 in Q2 2026, up 87.8% year over year as the metric narrowed.

Bottom Line

Fermi has evolved from a 2025 startup into a major infrastructure developer with billions in contracted revenue. Its ability to combine energy production with computing space addresses the high power demands of artificial intelligence.