Fermi Inc/$FRMI
1D1W1M3M6MYTD1Y5YMAX
Capital at risk
About Fermi Inc
Fermi Inc develops next-generation private electric grids that deliver redundant power at gigawatt scale to support next-generation intelligence and AI compute. It combines cutting-edge technology with a deep bench of world-class, multidisciplinary leaders with a combined 25 GW of experience to create one of the world's 17 GW next-gen private grids, helping ensure America's energy and AI dominance. The behind-the-meter Project Matador campus is expected to integrate the nation's combined-cycle natural gas project, one of the clean, new nuclear power complexes in America, utility grid power, solar power, and battery energy storage, to support hyperscale AI and computing.
- Ticker
- $FRMI
- Sector
- Real Estate
- Primary listing
- NASDAQ
- Employees
- 35
- Headquarters
- Amarillo, United States
- Website
- www.fermiamerica.com
Fermi Inc Metrics
BasicAdvanced
$2.3B
-
-$1.25
-
-
Price and volume
Market cap
$2.3B
52-week high
$32.39
52-week low
$3.42
Average daily volume
17M
Financial strength
Current ratio
0.25
Quick ratio
0.093
Long term debt to equity
0.055
Total debt to equity
0.559
Profitability
Management effectiveness
Valuation
Price to book
2.26
Price to tangible book (TTM)
2.26
Price to free cash flow (TTM)
-1.742
Free cash flow yield (TTM)
-57.41%
Free cash flow per share (TTM)
-2.101
Growth
Bulls say / Bears say
Fermi has signed its first binding customer lease with TensorWave: 222 MW and about $6.5bn of contracted revenue over 15 years. Two expansion options could take TensorWave’s footprint above 650 MW, giving Project Matador an important commercial proof point. (Access Newswire, WebDisclosure)
The Hillcore framework could add about 2.6 GW of generation without Fermi funding, owning or operating the plant initially. If completed, it could lift planned on-site power to roughly 4.8 GW within about 30 months and reduce the burden of a fully self-funded build. (Stockhouse, Access Newswire)
Fermi says physical execution is advancing: three Siemens turbines have arrived and landed power assets have reached 1.5 GW, while more than $1.5bn has been invested in site buildout. It also raised more than $431m through five-year convertible notes, providing additional funding for the route towards first power. (Access Newswire, Last10K)
Fermi remains pre-revenue and is spending heavily before commercial power arrives. The TensorWave lease does not turn into operating revenue until power is delivered, with first delivery targeted for the second half of 2027, leaving a long execution gap. (Last10K, FinanceFeeds)
The project still depends on continued external funding and successful financing arrangements. Fermi’s latest filing says it may need to defer, scale or renegotiate obligations, and warns that counterparties may not agree; further delays could therefore raise dilution, debt and liquidity risk. (Last10K, 24/7 Wall St.)
Project Matador has acquired a new governance and legal overhang. A reported subpoena concerns the project and former management, while founder shareholders have questioned whether the TensorWave backstop and project financing are secured, which could complicate counterparties’ and lenders’ decisions. (Timothy Sykes, Finviz)
Data summarised monthly by Lightyear AI. Last updated on 16 Sept 2026.
Fermi Inc Earnings Performance
Company profitability
Upcoming events
No upcoming events
Fermi Inc News
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Funds containing Fermi Inc
AllUSDEURGBP
Fund name | Fund size | $FRMI weighting |
|---|---|---|
iShares MSCI World Small Cap$WSML | $9B | 0.01% |
iShares MSCI World Small Cap€IUSN | €7.8B | 0.01% |
iShares MSCI World Small Cap£WLDS | £6.7B | 0.01% |
SPDR MSCI All Country World IM€SPYI | €7.5B | 0.00% |
Data displayed above is indicative only and its accuracy or completeness is not guaranteed. Actual execution price may vary. Past performance is not indicative of future results. Your return may be affected by currency fluctuations and applicable fees and charges. Capital at risk.
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