Fermi(NASDAQ) FRMI

Fermi builds large power plants and specialized buildings for artificial intelligence computers. It produces its own electricity on-site to ensure these data centers run without interruption. The company serves tech giants that need massive amounts of power and secure space for their computing hubs.

What Fermi Brings to Market

• Powered Shells: High-tech buildings designed to hold large computers for artificial intelligence; accounts for 0% of revenue.
• Gas Generation: On-site energy systems using engines that burn gas to produce constant electricity; accounts for 0% of revenue.
• Solar and Storage: Infrastructure for renewable energy and battery power to support system reliability; accounts for 0% of revenue.
• Nuclear Energy: Long-term plans for nuclear power plants to provide a steady supply of carbon-free electricity; accounts for 0% of revenue.

Building a Power Giant

• Entered an agreement with Siemens in January 2026 to purchase three gas turbine units for $324.4 million.
• Acquired six gas turbines through the Firebird Acquisition to build its dispatchable energy platform.
• Secured a $156.3 million funding agreement with YA II PN, Ltd. in March 2026 to support corporate growth.
• Received approval from the Texas Commission on Environmental Quality (TCEQ), the state environmental agency, for a 6 GW air permit in early 2026.

Standing Out in Energy

Fermi operates as a private utility by combining energy production directly with data center properties. It is the first private company to use a pilot program from the Nuclear Regulatory Commission (NRC), the federal agency for nuclear safety, to speed up power plant licensing.

Tracking the Early Costs

• Operating loss hit $166.2 million in Q1 2026, worsening 213,496% from the $78 thousand loss in Q1 2025.
• Net loss reached $188.7 million in Q1 2026, worsening 242,339% from the $78 thousand loss in Q1 2025.
• Property, plant, and equipment assets grew to $1.43 billion as of March 31, 2026.
• Free cash flow was negative $448.5 million in Q1 2026, worsening from negative $77,925 in Q1 2025.

The Long-Term View

Fermi is moving from a development-stage startup to a massive energy and infrastructure provider. While the company faces high costs and leadership changes, it continues to secure the land, permits, and equipment needed for future artificial intelligence hubs.