Fermi Inc. (FRMI)
Real Estate · AI infrastructure and hyperscale data center real estate
A development-stage REIT building a massive grid-independent power and AI compute campus in Texas designed to fuel the next generation of hyperscale artificial intelligence infrastructure.
What Fermi Inc. does
Fermi Inc. is a development-stage real estate company building Project Matador, a hyperscale power and AI infrastructure campus in the Texas Panhandle secured by a 99-year ground lease with the Texas Tech University System. The company is developing large-scale, grid-independent energy generation and high-performance computing facilities purpose-built for AI-centric tenants, with plans to deliver up to 11 GW of low-carbon power generation capacity (expandable to 17 GW) and support approximately 15 million square feet of AI-ready hyperscale compute infrastructure. The company intends to qualify as a REIT and lease powered shell campus space with integrated energy infrastructure including natural gas generation, battery storage, solar, and future nuclear baseload supply.
Themes: ["AI infrastructure / power supply","Data center real estate","Renewable energy infrastructure","REIT structure","Hyperscale computing campuses"]
Fundamentals
- Price$7.32 as of 2026-07-09 close
- Market cap$4.7B as of 2026-07-10
- 1-year return-8.5% as of 2026-07-09 close
- ROE-44.4% as of 2026-07-10
- Debt / equity0.39 as of 2026-07-10
- Beta2.19 as of 2026-07-10
Key risks (from latest filing)
["Limited operating history and revenue to date as a development-stage company; significant execution risk on Project Matador construction, permitting, and tenant acquisition","Dependence on accessing adequate project financing and capital markets funding for significant anticipated capital expenditures; supply chain disruptions and construction cost volatility","Market for nuclear power not yet established; uncertainty regarding sustained growth in AI infrastructure demand and potential shifts in demand driven by AI model efficiency improvements or competitive changes"]
Competitors & peers
- Digital Realty Trust (DLR)
- Equinix (EQIX)
- CoreWeave
- Lambda Labs
- Applied Digital (APLD)
Fundamentals: Finnhub, as of 2026-07-10. Filings: SEC EDGAR. Prices are delayed daily-close data.
Last updated 2026-07-09.
Informational only — NOT financial advice. All figures are delayed daily-close data from SEC EDGAR & Finnhub, shown with their as-of date.