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Fermi Inc.

FRMI

Fermi Inc. is a development-stage real estate and energy infrastructure company focused on building large-scale, private power campuses for artificial intelligence and hyperscale computing.

Market cap
$3.95B-75.4%
Net income-$675.0M
EPS (diluted)-$1.43
Trailing twelve months · change vs. prior year

Earnings

Next report

Aug 13, 2026 (In 6 days)
Revenue estimate$3.0M
EPS estimate-$0.05

Financials

Q1 2026

Income statement

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Operating income-$166.2M-213,033%
Net income-$188.7M-241,814%
EPS (diluted)-$0.30

Balance sheet

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Cash & equivalents$243.3M
Total debt$886.3M
Total equity$1.1B
Total assets$1.8B

Cash flow

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Operating cash flow-$7.3M-15,867%
CapEx$441.2M+1,378,613%
Free cash flow-$448.5M-574,942%

Valuation & ratios

Valuation

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Market cap$3.95B-75.4%
Enterprise value$4.59B

Returns & leverage

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Debt / equity0.8×

Competitors

Profile

Fermi Inc. is a development-stage real estate and energy infrastructure company focused on building large-scale, private power campuses for artificial intelligence and hyperscale computing. The company develops grid-independent energy generation and high-performance computing facilities, providing compute-intensive tenants with reliable, low-carbon power and dedicated powered shell infrastructure. Its core value proposition is the delivery of massive, on-demand power capacity that is insulated from the constraints and costs of traditional public utility grids.

Competitive position

Fermi is a first-mover in developing massive-scale, grid-independent AI power campuses, leveraging a 99-year ground lease and strategic access to natural gas and fiber corridors.

GeographiesUnited States, Texas
Customer segmentsHyperscalers, Cloud Service Providers, Enterprise AI, Government
Business modelTriple-net Lease, Infrastructure-as-a-Service, REIT
SuppliersNatural gas producers, Gas turbine manufacturers, Battery energy storage system providers, Fiber optic network providers, Construction and civil engineering firms
CustomersHyperscale cloud providers, AI model training companies, Semiconductor designers, Large enterprise IT departments
Listed2025
CEOToby R. Neugebauer
SectorUtilities
FilingsSEC EDGAR

FAQ

What is Fermi Inc.'s market cap?
Fermi Inc. (FRMI) has a market capitalization of $3.9B and trades on NASDAQ.
Who are Fermi Inc.'s competitors?
Fermi Inc.'s key competitors include Equinix, Inc., Digital Realty Trust, Inc., Iron Mountain Inc., and others. These companies compete in similar markets and product categories.
Who does Fermi Inc. partner with?
Fermi Inc.'s notable partners include Texas Tech University System, PJM Interconnection LLC, Electric Reliability Council of Texas, Inc., and others.
Where is Fermi Inc. headquartered?
Fermi Inc. is headquartered in United States of America. It has been publicly traded since 2025.