Fermi
ConvictionSpeculative
Vertically integrated developer-REIT: builds on-site power generation (natural gas near-term; nuclear/solar/behind-the-meter later) plus data-center shells on a single Texas campus, intended to be monetized via long-term power + colocation leases to hyperscalers/neoclouds. No operating leases signed yet; revenue is contingent on landing a binding anchor tenant.
Revenue
$0 -- pre-revenuefirst revenue contingent on commercial power/lease execution (no firm date; management targeting first power near-term, lease revenue only after a binding tenant signsRev growth
n/ano revenueGross margin
n/ano revenueOp margin
n/a -- Q1 2026 net loss $189M$0.30/shCapex intensity
Extreme -- pre-revenue with ~$1.43B gross PP&E and ~$441M quarterly capexentirely funded by equity + equipment/vendor debtMarket cap
~$5.14BNASDAQ: FRMI, ~$8.61/sh, Jul 6 2026 close; ~$14B fully-diluted IPO pricing Oct 2025, ran to a ~$20B post-debut peakThe read
Where our coverage leans
Coverage leans bearish
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Full financial intelligence for Fermi
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence