FRMI

Fermi is a development-stage speculation, not an investable operating business. Formed in January 2025, the company states plainly that it has 'not generated revenue to date' and does not expect operating revenue until it signs definitive tenant leases and begins delivering powered-shell capacity at Project Matador. FY2025 net income was -$486M with an operating loss of $178M and diluted EPS of -$1.13, and stockholders' equity is reported at $0.00 — the balance sheet has effectively no equity cushion against $317M of liabilities.

The ambition is enormous: a 5,236-acre (expandable to ~7,570-acre) Texas Panhandle campus designed to deliver up to 11 GW of private generation (with discussions to scale toward 17 GW) and support up to ~15 million square feet of AI hyperscale compute, anchored by gas, solar, and longer-term nuclear baseload pending an NRC license for Westinghouse reactors. But every dollar of value here is contingent on converting tenant discussions into binding leases, securing NRC/TCEQ/PUCT/NEPA approvals, and raising additional 'strategic capital' — none of which has happened. The company has $409M of cash but is burning it fast, with $569M of capex and -$34.2M operating cash flow in FY2025, plus a ~$324.4M Siemens turbine commitment of which ~$276.6M is already paid.