Fermi (FRMI) Registration Filing summary

Company overview and business model

• Developing a 5,263-acre, multi-gigawatt energy and data center campus in Amarillo, Texas, targeting up to 11 GW of low-carbon, on-demand power for AI and hyperscale tenants by 2038.

• Project Matador integrates natural gas, nuclear (up to 6 GW), solar (up to 1.75 GW), and battery storage, with 1 GW of power projected online by end of 2026.

• Secured a 99-year ground lease with Texas Tech University System, including exclusive groundwater rights and long-term site control.

• Revenue model centers on long-term, power-capacity-based leases with hyperscale AI/data center tenants, using a REIT structure for tax efficiency.

• Management team includes experienced leaders from energy, infrastructure, and government, including Rick Perry and Toby Neugebauer.

Financial performance and metrics

• As of June 30, 2025, reported a net loss of $6.4 million, with $42.6 million in construction in progress and $40.3 million in cash.

• No operating revenue to date; all activity to date is pre-revenue, focused on formation, capital planning, and early project development.

• Raised $101.9 million in Preferred Units financing and $85 million in convertible debt as of June 2025.

• Significant capital expenditures expected: Phase 0 and 1 development estimated to exceed $2 billion, with total project capex potentially $70–90 billion through 2038.

Use of proceeds and capital allocation

• IPO proceeds will fund continued business growth, procurement of long lead-time equipment, personnel, and financial flexibility.

• Proceeds will also cover tax obligations related to equity grants and may be used for technology or business acquisitions.

• Additional funding will be required for full buildout, including tenant prepayments, project-level debt, federal tax credits, and strategic equity.