Fermi Inc
FRMI · NASDAQ · Real Estate
$4.82
$0.30 (-6.23%) today
Market Cap
$3.09B
24h Volume
$64.9M
P/E Ratio
0.0
52w High
$32.53
52w Low
$4.63
Est. AI Revenue
80%
7-Day Sparkline (Static)
Company facts
Performance
About Fermi Inc
Fermi is an energy-plus-data-center developer. Its plan is to build Project Matador, a multi-gigawatt campus in Texas that combines gas, solar, and nuclear power generation with data center capacity, then lease that powered capacity to AI tenants.
The company's offering is powered land for AI: sites where generation and data center infrastructure are developed together, sidestepping the grid connection queues that slow conventional data center projects. Per Supercycle's assessment, it is essentially a bet that powered campuses for AI will command premium value.
Founded in 2024 and headquartered in Amarillo, Texas, Fermi trades on the NASDAQ and employs roughly 35 people.
Fermi Inc in the AI buildout
Fermi sits in the Neoclouds and Power & Energy layers of the buildout, at the point where they meet. Project Matador pairs gas, solar, and nuclear generation with data center capacity for AI tenants, addressing the power constraint that increasingly gates AI expansion. The company is essentially a concentrated bet that powered land and campuses for AI will command premium value, which earns it an AI Exposure Score of 92 out of 100 on Supercycle.
FRMI is tracked in Neoclouds and Power & Energy, rated Pure Play on the AI Exposure leaderboard.
By the numbers
52-week range
FRMI trades at $4.82, 1% of the way up its 52-week range of $4.63 to $32.53.
Market cap
Market capitalization is $3.09B, with an AI Exposure Score of 92 out of 100.
Next earnings
Fermi Inc is next expected to report earnings on November 9, 2026.
Market data as of the close on . Prices are end of day, not live.
Frequently asked questions
What does Fermi do?
Fermi is developing Project Matador, a multi-gigawatt campus in Texas combining gas, solar, and nuclear power with data center capacity, which it plans to lease to AI tenants.
How is Fermi exposed to AI?
Almost entirely. Its entire development plan exists to serve AI compute demand with powered campuses. Supercycle rates it an AI Exposure Score of 92 out of 100, among the highest it assigns.
What is Project Matador?
Project Matador is Fermi's planned multi-gigawatt campus in Texas. It combines gas, solar, and nuclear generation with data center capacity so AI tenants get power and space developed together.
Is FRMI a pure play AI stock?
Effectively yes by exposure. Its business is a bet that powered land and campuses for AI will command premium value, reflected in its AI Exposure Score of 92 out of 100.
Where is Fermi based and who leads it?
Fermi is headquartered in Amarillo, Texas, and is led by CEO Toby Neugebauer. Founded in 2024, it employs roughly 35 people and trades on the NASDAQ.
Profile written 2026-08, updated as the business changes. Editorial content, not investment advice.
Related reading
- Hyperscaler capex roundup: September 2026 · Seven AI builders spent $657B on capex over the last four quarters. The table, the 2026 guidance, what changed since the Q2 earnings round, and the power deals behind it.
- Neocloud stocks to watch: CRWV, NBIS, IREN, APLD · The four most-searched neocloud stocks read through the buildout tracker and the June 13F filings: who each one depends on, and what would change the picture.
- What are AI infrastructure stocks? The 12 layers, explained · AI infrastructure stocks are the companies paid to build AI compute: chips, memory, networking, data centers, cooling and power. The 12 layers and the catch.