Fermi Inc.
Business
Fermi Inc. is developing Project Matador, a grid-independent energy and AI-infrastructure campus in the Texas Panhandle on 5,236 acres leased from Texas Tech University System. The company provides powered-shell real estate and reserved power capacity to hyperscale AI and compute tenants through long-term lease arrangements. Fermi integrates grid-supplied power, on-site natural gas generation, battery storage, solar, and planned nuclear reactors to serve mission-critical workloads and intends to qualify as a REIT.
Summary from 10-K filed 2026-03-30
Financials
Consolidated Statement of Income
| Concept | Trend | FY 2025 2025-12-31 |
|---|---|---|
| General and administrative | 178 | |
| Total expenses | 178 | |
| Loss from operations | −178 | |
| Interest income (expense), net | 4 | |
| Other income (expense), net | −312 | |
| Total other income (expense) | −309 | |
| Net loss | −486 | |
| Net loss per share basic (in dollars per share) | −1.13 | |
| Net loss per share diluted (in dollars per share) | −1.13 | |
| Weighted average shares outstanding basic (in shares) | 468 | |
| Weighted average shares outstanding diluted (in shares) | 468 |
Consolidated Balance Sheet
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 |
|---|---|---|---|
| Property, plant, and equipment, net | 935 | — | |
| Cash and cash equivalents | 409 | — | |
| Prepaid expenses and other assets | 48 | — | |
| Operating lease right-of-use assets | 22 | — | |
| Total assets | 1,413 | — | |
| Debt, net | 110 | — | |
| Accounts payable and accrued liabilities | 177 | — | |
| Operating lease liabilities | 21 | — | |
| Other liabilities | 10 | — | |
| Total liabilities | 317 | — | |
| Commitments and contingencies (Note 10) | — | — | |
| Common stock, $0.001 par value; 2,400,000,000 shares authorized, 629,839,790 shares issued and outstanding as of December 31, 2025 | 628,000 | — | |
| Preferred stock, $0.001 par value; 10,000,000 shares authorized, and no shares issued or outstanding as of December 31, 2025 | 0 | — | |
| Additional paid-in capital | 1,228 | — | |
| Accumulated deficit | −133 | — | |
| Total stockholders equity | 1,096 | 0 | |
| Total liabilities and stockholders equity | 1,413 | — |
Consolidated Statement of Cash Flows
| Concept | Trend | FY 2025 2025-12-31 |
|---|---|---|
| Share-based charitable contribution expense | 174 | |
| Change in fair value as a result of fair value remeasurements | 112 | |
| Series A and Series B Convertible Notes inducement expense | 24 | |
| Foreign exchange (gain) loss, net | 3 | |
| Other non-cash activities | 653,000 | |
| Accounts payable and accrued liabilities | 15 | |
| Prepaid expenses and other assets | −8 | |
| Net cash used in operating activities | −34 | |
| Investments in property, plant, and equipment | −569 | |
| Other investing activities | −956,000 | |
| Net cash used in investing activities | −570 | |
| Proceeds from issuance of Series A Convertible Notes | 76 | |
| Proceeds from issuance of Seed Convertible Notes | 26 | |
| Proceeds from issuance of Preferred Units | 108 | |
| Proceeds from issuance of Macquarie Term Loan | 100 | |
| Payment of Promissory Note | −20 | |
| Payment of debt issuance costs | −1 | |
| Payment of offering costs | −21 | |
| Proceeds from share issuance upon initial public offering, net of underwriting discounts and commissions | 746 | |
| Other financing activities | 354,000 | |
| Net cash provided by financing activities | 1,013 | |
| Change in cash and cash equivalents | 409 |
Filings
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is Fermi Inc.'s CIK number?
Fermi Inc.'s SEC CIK number is 0002071778 (2071778). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Fermi Inc.'s SEC filings?
All of Fermi Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Fermi Inc. last report earnings?
Fermi Inc. (FRMI) most recently filed an earnings 8-K with the SEC on May 14, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0002071778-26-000027). This is Fermi Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is Fermi Inc.'s most recent earnings 8-K?
Fermi Inc.'s latest earnings 8-K (Item 2.02) was filed May 14, 2026 under accession 0002071778-26-000027. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Fermi Inc.'s latest earnings 8-K →
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