Fermi Inc. (FRMI)
Real Estate · Data Center Infrastructure & Power Development · NASDAQ
Fermi is a infrastructure developer building massive, private-grid powered campuses specifically designed for the energy-intensive needs of hyperscale AI.
What Fermi Inc. does
Fermi Inc. is a development-stage company focused on building and leasing large-scale, private-grid powered infrastructure for hyperscale AI computing. Its flagship Project Matador in Texas is designed to deliver up to 17 GW of integrated energy generation—including natural gas, solar, and planned nuclear—to support AI-ready data center capacity. The company aims to provide a complete energy and site infrastructure platform tailored to the high-reliability needs of the artificial intelligence sector.
Themes: AI infrastructure, data center development, utility-scale energy, private power grid, hyperscale computing
Fundamentals
- Price$3.66 as of 2026-10-08 close
- Market cap$2.3B as of 2026-08-10 (share count; price 2026-10-08)
- 1-year return-86.4% 2025-10-08 close $26.84 → 2026-10-08 close $3.66
- P/En/a negative earnings
- Debt / equity0.39 as of 2026-09-03
- Beta3.10 as of 2026-09-03
- Last reported earnings2026-08-13 SEC EDGAR Form 8-K (Item 2.02)
How FRMI compares in its sector
- free cash flow (absolute dollars, latest fiscal year)bottom 10% 41 covered Real Estate peers, as of FY2025
Position among covered Real Estate companies that report each metric (minimum 5 peers). A relative position within our covered catalog — not a valuation, quality, or investment judgment. A higher percentile is simply a higher value (for P/E, more expensive on earnings — never "better"). Informational only.
How Fermi Inc. looks technically
Fermi Inc. (FRMI) is trading 49.1% below its 200-day average, the long-term trend line — a long-term downtrend. Its 50-day average has held below its 200-day average for at least 48 trading days — a long-sustained "death cross", a bearish long-term signal. A strong downtrend is in place — ADX, a 0–100 trend-strength gauge, is 26, with sellers in control. Momentum is beaten down — its 14-day RSI (a 0–100 momentum gauge) is 30, in oversold territory (below 30). MACD, a trend-momentum gauge, turned bearish about 10 trading days ago (its momentum flipped negative). It just made a new 20-day low, breaking below its recent trading range. It is 90.1% below its highest point of the past year.
Trend
8
| Distance from the 200-day | it is trading 49.1% below its 200-day average, the long-term trend line — a long-term downtrend | -49.1% |
|---|---|---|
| 50-day moving average | its average price over the last 50 trading days — a short-term trend line — is $5.32 | $5.32 |
| 200-day moving average | its average price over the last 200 trading days — the long-term trend line — is $7.19 | $7.19 |
| Swing structure | its recent peaks and dips disagree — one of them is rising while the other is not, so there is no clean up or down pattern in the swings | mixed — one of the two is not confirming |
| Last swing turn | its last significant turn was a swing high 16 calendar days ago — the swings before that are what the structure reading is measured on | 16 sessions |
| Wave structure | its recent swings can be read as a completed three-part upward correction — a pullback in the A-B-C shape Elliott-wave chartists use; the labelling fails if price closes above 5.23. It is the only labelling that fits, though not with textbook proportions, and it describes the swings already printed, not what comes next. | possible three-wave upward correction, complete (atypical proportions) |
| Since the 50/200 cross | its 50-day average has held below its 200-day average for at least 48 trading days — a long-sustained "death cross", a bearish long-term signal | at least 48 sessions |
| Trend strength (14-day ADX) | a strong downtrend is in place — ADX, a 0–100 trend-strength gauge, is 26, with sellers in control | 26.3 |
Momentum
3
| 14-day RSI | momentum is beaten down — its 14-day RSI (a 0–100 momentum gauge) is 30, in oversold territory (below 30) | 29.8 |
|---|---|---|
| Position in its 14-day range | it is trading near the bottom of its 14-day range ($3.42 to $5.23) — its "stochastic" reading is 13 out of 100, where 0 would mean closing exactly at the 14-session low and 100 exactly at the high. This measures WHERE the price sits inside its recent range, which is a different question from the RSI beside it: RSI is a momentum gauge, measuring how FAST the price has been moving, so a stock can drift quietly to the bottom of its range with an ordinary RSI, or fall sharply and still sit in the middle. It has been slipping within that range over the last few sessions. | 13.3 |
| Since the MACD crossed zero | MACD, a trend-momentum gauge, turned bearish about 10 trading days ago (its momentum flipped negative) | 10 sessions |
Range
12
| 52-week high | its highest closing price over the past year (about 252 trading days) was $36.99 | $36.99 |
|---|---|---|
| From the 52-week high | it is 90.1% below its 52-week high (its highest price of the past year) | -90.1% |
| Above the 52-week low | it is 7.0% above its 52-week low (its lowest price of the past year) | +7.0% |
| Below the 52-week high | it is 90.1% below its highest point of the past year | 90.1% |
| Since a 20-day breakout | it just made a new 20-day low, breaking below its recent trading range | 1 session |
| Since a 55-day breakout | it just made a new 55-day low, breaking below its recent trading range | 1 session |
| All-time high | its highest closing price on record is $36.99 (set on 2025-10-02) | $36.99 |
| Given back of the 52-week move | over the past year its closes ranged ($3.66 to $32.53), and it has recovered essentially none of its fall from last year’s high — 0% of it. Chart-watchers call 61.8%-65% given back the "golden pocket" — for this company that is $21.50 to $22.43. It is watched widely enough that orders cluster there, which is the honest reason it matters; it is not a forecast. | 0.0% |
| From the all-time high | it is 90.1% below its all-time high | -90.1% |
| Nearest price level | not enough price history yet — needs 252 trading sessions | n/a |
| All-time low | its lowest closing price on record is $3.42 (set on 2026-10-08) | $3.42 |
| Above the all-time low | it is 7.0% above its all-time low | +7.0% |
Volatility
5
| Band width vs its own 6 months | day-to-day price swings are about average versus its own recent 6-month history | 48th percentile |
|---|---|---|
| Typical daily range | in a typical session it travels about $0.3312 between its high and its low — about 9.1% of its price. That is its "average true range" over the last 14 sessions, which also counts the distance from the previous close, so a day that opens well away from yesterday counts as the large move it was | $0.3312 |
| Bollinger bands (20-day, ±2σ) | most of its recent trading has stayed between about $3.59 and $5.49 — the "Bollinger bands", a range drawn two standard deviations either side of its 20-day average price, which widens when the stock gets more volatile and narrows when it settles | $3.59 – $4.54 – $5.49 |
| Typical daily range (% of price) | its price moves about 9.1% in a typical session — among the most volatile in the catalog. This is the average gap between a session's high and low over the last 14 sessions, counting overnight moves, expressed against the current price so it can be compared with companies trading at any price | 9.1% |
| Stretch from the 200-day average | it is trading 10.7 daily ranges below its 200-day average price (49.1% below it in plain percentage terms) — a way of asking how far it has stretched from its own average in units of how far it normally moves in a day, so a calm company and a jumpy one can be compared on the same scale | 10.7 daily ranges below its 200-day average |
Volume
1
| Volume vs its 30-day average | trading volume is about normal versus its 30-day average | 1.48× |
|---|
Analyst
2
| Change in the average price target | analysts' average price target is unchanged from the prior reading | 0.0% |
|---|---|---|
| Change in the consensus rating | the analyst consensus rating is unchanged since the prior reading | unchanged |
Candlestick patterns
1
| Since a doji | 7 sessions ago it opened and closed at almost the same price after trading through a wider range — a "doji", the classic picture of buyers and sellers finishing the session level | 7 sessions ago |
|---|
Price gaps
3
| Gap at the open | it opened on 2026-10-08 1.5% below the previous session's close — an overnight gap, the part of the move that happened while the market was shut, and had not traded back through that level by the close | -1.5% |
|---|---|---|
| Open gap | it gapped 2.8% below the previous close 1 session ago and has not traded back through the level it left behind at 4.23 — an "unfilled gap", which describes a price range no trade has since crossed and is not a forecast that it will be crossed | -2.8% |
| Gap filled | a 2.2% gap up opened on 2026-10-02 has been "filled" 4 sessions ago — price traded back through the level the gap left behind, and it closed again during the very session that opened it | 4 sessions ago |
Price streaks
1
| Closing streak | it has closed lower 2 sessions in a row, a -13.48% move over the run — an unbroken run of down days, which describes what has already happened and says nothing about the next session | 2 sessions down |
|---|
Relative strength
4
| vs market, 1 month | over the past 1 month this stock lagged the market by 36.9 percentage points (the stock lost 35.9% while the market gained 1.0%) | -36.9% |
|---|---|---|
| vs market, 3 months | over the past 3 months this stock lagged the market by 54.1 percentage points (the stock lost 50.3% while the market gained 3.8%) | -54.1% |
| vs market, 6 months | over the past 6 months this stock lagged the market by 46.1 percentage points (the stock lost 28.7% while the market gained 17.5%) | -46.1% |
| vs market, 12 months | over the past 12 months this stock lagged the market by 101.3 percentage points (the stock lost 86.4% while the market gained 15.0%) | -101.3% |
Signal agreement
2
| Bullish technical signals | 2 of the 9 technical signals we can compute for it are currently in a bullish state: its RSI momentum gauge is oversold (a beaten-down reading), near the bottom of its 14-day range (oversold) — these describe past price behaviour, not a forecast | 2 of 9 |
|---|---|---|
| Bearish technical signals | 7 of the 9 technical signals we can compute for it are currently in a bearish state: a "death cross" — its 50-day average is below its 200-day, trading below its 200-day average, a fresh 20-day low, MACD momentum is negative, a strong downtrend, with sellers in control, lagging the market over 6 months, trading below the Ichimoku cloud — these describe past price behaviour, not a forecast | 7 of 9 |
Trend (Ichimoku cloud)
1
| Vs the Ichimoku cloud | trading 36% below the Ichimoku cloud — a band drawn from where its own highs and lows sat up to 2026-09-01 and projected forward over today's price, the side traders read as an established downtrend, with the band above acting as the level that would have to be cleared. The band itself is thick, spanning 44.2% of the share price, which is taken to mean a barrier that has held for a while and takes effort to cross. | -36.4% |
|---|
Volume-weighted price
2
| Vs this year’s average price paid | the price is 44% below the average price paid so far this year, so the typical buyer over that stretch is under water. That average is $6.58 — a volume-weighted average of daily closes over 183 sessions, not a true tick-by-tick VWAP. | -44.4% |
|---|---|---|
| Vs the average paid since it last reported | the price is 28% below the average price paid since it last reported on 2026-08-13 (its 8-K), so the typical buyer over that stretch is under water. That average is $5.09 — a volume-weighted average of daily closes over 40 sessions, not a true tick-by-tick VWAP. | -28.1% |
Wave structure
Its recent swings can be read as a three-part upward correction — the A-B-C shape chartists use for a pullback — now complete.
This labelling fails — stops being a possible reading at all — if it closes above $5.23.
It is the only labelling that fits these swings, though its proportions are not the textbook ones. It was chosen from 3 labellings that survived the rules, counting shorter readings of the same bars.
This reading has stood for 8 trading days, since 2026-09-29.
Read from daily closes as of 2026-10-08.
An Elliott-wave count describes the swings already printed and the level that would disprove it. It is not a forecast, a target, or advice.
Screens: Trading below the 200-day moving average · Oversold (14-day RSI below 30) · Pulled back from the 12-month high · Broke down to a new 20-day low · lagging the market · Most volatile (6%+ typical daily range) | Learn: moving average · golden cross · adx · rsi · macd · breakout · fifty two week high low
Based on daily closing prices as of 2026-10-08. Describes past price behavior only — informational, not financial advice.
Analyst consensus
- Mean price target$17.13 range $6.00 – $35.00; median $13.50
Analyst estimates, as of 2026-10-09. These are third-party analyst opinions and price targets, aggregated — not a recommendation, prediction, or advice from stocks-llm. Informational only.
Analyst EPS estimate for FRMI
- Consensus EPS estimate-$0.06938 next reporting period, as of 2026-10-09
- Estimate change, 30 days$0.00 from -$0.06938, on 2026-09-04, 35-day window
- Readings revised upward0% of 7 comparable readings
The consensus estimate for the next reporting period, and how it has moved between readings of that SAME period. A change is measured only between readings estimating one period — when a company reports, the consensus moves to the next quarter and the two numbers are not comparable. Informational only, not a forecast and not advice.
Key risks (from latest filing)
["Highly dependent on the successful, on-schedule, and cost-effective development of the single-site Project Matador.","Extensive capital requirements and reliance on access to project financing and capital markets for a company with no operating revenue to date.","Significant regulatory, permitting, and environmental risks associated with large-scale power generation, including nuclear and gas-fired assets."]
What changed in the latest 10-Q
AI-assisted comparison of FRMI's 10-Q filed 2026-08-14 against the prior one filed 2026-05-15.
Management's Discussion & Analysis (MD&A)
- Notes:
- The newer MD&A text is truncated mid-sentence (ending at 'On April 30, 2026, the Company terminated Mr. Neuge').
- The older MD&A text is truncated mid-sentence (ending at 'with CLMG').
Risk Factors
- Added:
- Newer filing (2026-08-14) adds reference to the "TensorWave Lease" as an exception to not having entered into lease or definitive agreements with tenants: "other than the TensorWave Lease, we have not entered into any lease or other definitive agreement with any other tenants."
- Newer filing (2026-08-14) adds "or that we will be able to construct our facilities or enter into definitive agreements with additional tenants in the future" to the second bullet, extending the no-guarantee statement beyond tenant entry to facility construction and additional tenant agreements.
- Removed:
- Older filing (2026-05-15) contains the following bullets that are absent from the newer filing (2026-08-14): "We will need to hire additional skilled employees as we grow and scale up Project Matador, and there is no assurance we will be successful in recruiting, hiring, and training the personnel we need."
- Older filing (2026-05-15) contains the bullet about termination of CEO Toby Neugebauer and resignation of CFO Miles Everson that is absent from the newer filing (2026-08-14).
- Older filing (2026-05-15) contains the bullet about the former CEO's proxy contest and lawsuits that is absent from the newer filing (2026-08-14).
- Older filing (2026-05-15) contains the bullet about board/senior management alignment on strategic direction that is absent from the newer filing (2026-08-14).
- Older filing (2026-05-15) contains the going concern bullet that is absent from the newer filing (2026-08-14).
- Older filing (2026-05-15) contains the technology obsolescence bullet that is absent from the newer filing (2026-08-14).
- Older filing (2026-05-15) contains the "We have not yet secured a tenant" bullet that is absent from the newer filing (2026-08-14).
- Older filing (2026-05-15) contains the third-party vendors, contractors, and consultants bullet that is absent from the newer filing (2026-08-14).
- Older filing (2026-05-15) contains the substantial additional debt bullet (MUFG, Keystone, Yorkville, Beal financing) that is absent from the newer filing (2026-08-14).
- Older filing (2026-05-15) contains the wars/terrorist attacks/cyberattacks bullet that is absent from the newer filing (2026-08-14).
- Older filing (2026-05-15) contains the AI/LLM technologies bullet that is absent from the newer filing (2026-08-14).
- Older filing (2026-05-15) contains the Project Matador unprecedented scale bullet that is absent from the newer filing (2026-08-14).
- Older filing (2026-05-15) contains the Texas Tech University System leasehold bullet that is absent from the newer filing (2026-08-14).
- Older filing (2026-05-15) contains the permitting/interconnection/third-party coordination bullet that is absent from the newer filing (2026-08-14).
- Older filing (2026-05-15) contains the gas-fired turbines demand/supply/cost bullet that is absent from the newer filing (2026-08-14).
- Older filing (2026-05-15) contains the Westinghouse reactors/SMR bullet that is absent from the newer filing (2026-08-14).
- Older filing (2026-05-15) contains the construction/delivery timeline estimates bullet that is absent from the newer filing (2026-08-14).
- Older filing (2026-05-15) contains the supplier agreements bullet that is absent from the newer filing (2026-08-14).
- Older filing (2026-05-15) contains the permits/licenses/regulatory approvals bullet that is absent from the newer filing (2026-08-14).
- Older filing (2026-05-15) contains the complex regulatory requirements bullet that is absent from the newer filing (2026-08-14).
- Older filing (2026-05-15) contains the nuclear accidents/public perception bullet that is absent from the newer filing (2026-08-14).
- Reworded:
- Older filing (2026-05-15) states "we face execution risk across all major components of our business" in the first bullet; newer filing (2026-08-14) retains this wording unchanged.
- Older filing (2026-05-15) states "financial condition and operating results" without a serial comma in the introductory paragraph; newer filing (2026-08-14) states "financial condition, and operating results" with a serial comma.
- Older filing (2026-05-15) second bullet states "We have not yet constructed our facilities or entered into any binding contract with any tenants, and there is no guarantee that we will be able to do so in the future."; newer filing (2026-08-14) rewrites this to reference the TensorWave Lease and add construction/agreement elements.
- Older filing (2026-05-15) states "the risks and challenges we may encounter and our total potential addressable market" (no serial comma); newer filing (2026-08-14) states "the risks and challenges we may encounter, and our total potential addressable market" (serial comma added).
- Older filing (2026-05-15) states "financial condition and results of operations" and "lead to inadequate liquidity and increase overall costs" in the capital bullet; newer filing (2026-08-14) states "financial condition, and results of operations" and "lead to inadequate liquidity, and increase overall costs" (serial commas added).
- Notes:
- The newer filing text is truncated mid-sentence at "We will need to hire additional skil" and the older filing text is truncated mid-sentence at "potentially decrease demand for nuclear energy or", so the comparison covers only the portions of the Risk Factors summaries actually provided.
- Bullets absent from the newer filing excerpt may appear later in the full document beyond the truncated portion, and this comparison cannot determine whether they were moved, reworded, or removed entirely.
AI-assisted comparison of two SEC filing sections. It describes wording and theme changes only, makes no materiality, legal, or investment judgement, and is not financial advice. Informational only — not financial advice.
Insider activity (SEC Form 4)
No open-market insider purchases or sales recorded in the last 90 days, of which we have read Form 4 filings through 2026-10-04. The 5 days since 2026-10-04 have not been checked yet.
- Last 180 days · read to 2026-10-040 buys · 3 sells ($7M) — 2 selling insiders
Most recent open-market transaction: 2026-06-30. Based on Form 4 filings read through 2026-10-04; anything filed since is not yet included.
View full insider trading history → View SEC Form 3/4/5 filingsAsk about FRMI's insider activity →
Only open-market purchases (SEC code P) and sales (code S) are counted here. Option exercises, vesting/awards, gifts, and shares withheld for taxes are excluded — they are compensation or mechanical, not open-market conviction. Sales may be planned and non-discretionary (e.g. a Rule 10b5-1 plan) and are not necessarily bearish; open-market buying is not a recommendation to buy. Informational only — not financial advice.
Institutional ownership (13F)
5 institutional 13F filers reported holding FRMI as of 2026-06-30 (quarter-end position, filed within 45 days).
- Distinct 13F filers 5
- Reported shares held 35,787,555
- Reported value $327,814,004
reported quarterly holdings change (2026-03-31 → 2026-06-30): 0 new, 3 increased, 2 decreased, 1 exited. Change counts cover only managers that filed 13F reports in BOTH quarters, derived between two quarter-end snapshots — not same-day trades; a single manager is never said to have "bought" or "sold".
Institutional holdings are quarter-end long positions reported on SEC Form 13F-HR, filed up to 45 days after the quarter ends — they are delayed, are not real-time trades, exclude short positions and most non-US securities, and are not investment advice. Any increase/decrease is a reported change between two quarterly snapshots, not a same-day purchase or sale. These are quarter-end snapshots from the 13F filings on SEC EDGAR, filed within 45 days — not real-time, and any change is a difference between two quarterly reports, not a same-day trade. Informational only — not financial advice.
Ask about FRMI's institutional holders → See what each manager we track holds →
Short interest (FINRA)
FRMI had 63,496,713 shares of reported short interest as of the 2026-09-15 FINRA settlement date (delayed, bi-monthly; not real-time).
FRMI had 9.91% of its shares outstanding sold short as of the 2026-09-15 FINRA settlement date (percent of FLOAT would be higher — float is not disclosed in the source). FINRA reported 3.99 days to cover at the same settlement.
- Reported short interest (shares) 63,496,713
- Short interest (% of shares outstanding) 9.91%
- Prior settlement (shares) 60,420,542
- Reported change 5.09%
- Days to cover (reported) 3.99
Reported to FINRA as of the 2026-09-15 settlement date. Short interest is reported to FINRA and published on a delayed, bi-monthly schedule (as of a settlement date, disseminated roughly eight business days later) — it is NOT real-time, does not cover every venue or all US trading, and is not a short-squeeze prediction or investment advice. Days-to-cover is the value FINRA reports; percent of float is not shown because the source file carries no share-count denominator — where a percent appears it is of shares OUTSTANDING, the larger base, and is therefore a floor on percent of float. Informational only — not financial advice.
Competitors & peers
- Digital Realty Trust (DLR)
- Equinix (EQIX)
- Iron Mountain (IRM)
- Vistra Corp. (VST)
- Constellation Energy (CEG)
AI-enriched competitor set. Linked names are companies covered by stocks-llm; other named peers are shown for reference only.
Compare FRMI vs…
Frequently asked questions
What does Fermi Inc. (FRMI) do?
Fermi Inc. is a development-stage company focused on building and leasing large-scale, private-grid powered infrastructure for hyperscale AI computing. Its flagship Project Matador in Texas is designed to deliver up to 17 GW of integrated energy generation—including natural gas, solar, and planned nuclear—to support AI-ready data center capacity.
What sector is Fermi Inc. (FRMI) in?
Fermi Inc. (FRMI) is classified in the Real Estate sector. Its industry is Data Center Infrastructure & Power Development. It trades on NASDAQ.
Who are Fermi Inc.'s (FRMI) competitors?
Notable peers of Fermi Inc. (FRMI) include Digital Realty Trust, Equinix, Iron Mountain, Vistra Corp. and Constellation Energy. This peer set is informational only — not financial advice.
Is Fermi Inc. (FRMI) overbought or oversold right now?
Fermi Inc. (FRMI) is currently in oversold territory (its 14-day RSI is 30, below 30) (as of 2026-10-08). RSI describes recent price momentum, not a forecast — informational only, not financial advice.
Where does stocks-llm's data on FRMI come from?
Fundamentals come from SEC XBRL company filings for the figures marked with a fiscal year, and market data, as of 2026-09-03 for the rest; prices are market data, as of 2026-09-03; company filings and profile facts come from SEC EDGAR. All figures are delayed daily-close data shown with their as-of date — informational only, not financial advice.
Fundamentals: SEC XBRL company filings for the figures marked with a fiscal year, and market data, as of 2026-09-03 for the rest. Filings: SEC EDGAR. Prices are delayed daily-close data.
Last updated 2026-10-08.
Informational only — NOT financial advice. All figures are delayed daily-close data from SEC EDGAR & market data, shown with their as-of date.