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Developing a gigawatt-scale energy and AI data-center campus in Texas combining nuclear, gas and solar power.
Developing a gigawatt-scale energy and AI data-center campus in Texas combining nuclear, gas and solar power.
Has no operating revenue yet; the plan is to earn lease payments from AI data-centre tenants and to sell power from its own generation on a large site it leases near Amarillo, Texas. Everything depends on signing tenants, securing permits for the nuclear part and financing a multi-year build.
Moat: narrow (regulatory licence, scale). Co-locating multiple power sources with data centers at gigawatt scale is capital- and permit-intensive to replicate.
Headquarters: Amarillo, Texas, US · Founded: 2025 · Employees: 35
Size Fermi (FRMI) is a United States Real Estate company (Real Estate Development) with a market value of $1.01B, the 2241st largest of 3,117 United States companies the cockpit tracks. Shares closed at $1.57 on 6 Nov 2026.
Performance Over six months the shares fell 70.0%, against -21.9% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 21 in its peer set.
Short interest Short interest is 9.9% of the free float (15 Oct 2026).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | |
|---|---|---|
| Revenue | $0 | $0 |
| Revenue growth | — | — |
| Gross profit | $0 | $0 |
| EBITDA | -$365M | -$178M |
| Net income | -$695M | -$486M |
| Free cash flow | n/a | -$603M |
| Capital expenditure | n/a | $570M |
| Total debt | $576M | $131M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Fermi FRMI | $1.01B | -70% | n/a | n/a | n/a | n/a |
| Talen Energy TLN | $14.7B | -12% | +20% | 20% | 4.9× | 21.1% |
| Vistra VST | $41.9B | -15% | +9% | 19% | 3.3× | 12.5% |
| Constellation Energy CEG | $88.6B | -18% | +21% | 15% | 3.6× | 20.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | FRMI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -57.1% | -6.0% | lowest of 21 |
| 6-month return | -70.0% | -21.9% | lowest of 21 |
| Distance from 52-week high | -94.2% | -38.7% | lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Fermi FRMI | United States | $1.01B | -70% | n/a | n/a | n/a | n/a | n/a |
| Shanghai AJ 600643.SS | China | $1.00B | -12% | -41% | -180% | n/a | n/a | n/a |
| WeWork India Management WEWORK.NS | India | $1.00B | +26% | +25% | 24% | n/a | n/a | n/a |
| China Sports Industry 600158.SS | China | $1.01B | -41% | 0% | -9% | n/a | n/a | n/a |
| Financial Street 000402.SZ | China | $991M | -30% | -38% | -26% | n/a | n/a | n/a |
| Jiangsu Dagang 002077.SZ | China | $983M | -32% | +24% | -8% | n/a | n/a | n/a |
| 5I5J 000560.SZ | China | $1.03B | -2% | -21% | -6% | n/a | n/a | n/a |
| Beijing Capital Development 600376.SS | China | $1.04B | -41% | -35% | -15% | n/a | n/a | n/a |
| Black Peony (Group) 600510.SS | China | $1.04B | -37% | -24% | -14% | n/a | n/a | n/a |
| SR Medical Technology 0108.HK | Hong Kong | $972M | -10% | +25% | 4% | n/a | n/a | n/a |
| Marcus & Millichap MMI | United States | $1.05B | -9% | +12% | 1% | n/a | n/a | n/a |
| Mercialys MERY.PA | France | $1.05B | -15% | +3% | 69% | n/a | n/a | n/a |
| Heiwa Real Estate 8803.T | Japan | $964M | -6% | +23% | 30% | n/a | n/a | n/a |
| Gemlife Communities GLF.AX | Australia | $1.05B | -9% | +8% | 32% | n/a | n/a | n/a |
| Hefei Urban Construction Development 002208.SZ | China | $961M | -42% | -14% | -1% | n/a | n/a | n/a |
| Sunac China 1918.HK | Hong Kong | $1.06B | -64% | -29% | -27% | n/a | n/a | n/a |
| PropNex OYY.SI | Singapore | $956M | -9% | +8% | 6% | n/a | n/a | n/a |
| Ningbo Fuda 600724.SS | China | $956M | -37% | -18% | 15% | n/a | n/a | n/a |
| Shanghai Industrial Development 600748.SS | China | $952M | -35% | -3% | 0% | n/a | n/a | n/a |
| Hotel101 Global HBNB | United States | $1.07B | -29% | +1,178% | 2% | n/a | n/a | n/a |
| Token 1766.T | Japan | $1.07B | -1% | +5% | 6% | n/a | n/a | n/a |