Fermi Inc.
Fermi Inc. is a development-stage infrastructure company building a private power campus designed to serve the artificial intelligence and hyperscale computing sectors. The company operates under the ticker symbol on the London Stock Exchange and maintains its primary operations through Project Matador, a multi-phased… From the company’s description.
Margins and return on equity change in ; everything else in percent. Fewer shares and less debt are shown plainly, not as bad news — it depends what you make of buybacks. Dotted labels explain each measure. is shown separately from the annual figures.
What Fermi Inc. does
In the company’s own words
Fermi Inc. is a development-stage infrastructure company building a private power campus designed to serve the artificial intelligence and hyperscale computing sectors. The company operates under the ticker symbol on the London Stock Exchange and maintains its primary operations through Project Matador, a multi-phased energy and data center infrastructure development located in Carson County, Texas.
The company's core business model centers on developing and leasing powered shell facilities and grid-independent energy generation capacity to hyperscale compute operators, cloud service providers, chipmakers, and other large-scale AI infrastructure users. Fermi controls approximately 5,236 acres through a 99-year ground lease with the Texas Tech University System, with an expanded campus footprint of approximately 7,570 acres including adjacent acreage under contract. The company intends to provide electricity and related on-site power infrastructure services exclusively to on-site tenants as an incident of tenancy under lease arrangements.
Project Matador is structured as a phased development extending through 2038, designed to deliver up to 11 gigawatts of private power generation capacity with potential expansion to approximately 17 gigawatts. The campus integrates natural gas-fired generation, grid-supplied power, battery energy storage systems, solar generation, and planned nuclear baseload capacity through Westinghouse AP1000 reactors. The company has secured approximately 1.5 gigawatts of generation equipment under its direct control and has contracted for up to 200 megawatts of grid-supplied capacity through an Electric Service Agreement with Southwestern Public Service Company.
Fermi was formed in January 2025 and remains a development-stage company with no revenue generation to date. The company has substantially completed Phase 0 site enablement activities and received final air quality permitting approval from the Texas Commission on Environmental Quality in February 2026 for approximately 6 gigawatts of natural gas-fired generation capacity. The company intends to elect REIT qualification for U.S. federal income tax purposes commencing with its short taxable year ended December 31, 2025, positioning itself to provide tax-efficient exposure to AI infrastructure growth through long-duration real estate and infrastructure assets.
Company details
- Sector
- Real Estate
- Industry
- REITs
- Headquarters
- DALLAS, TX
- Fiscal year end
- December
- CIK
- 2071778
- SIC
- 6798
Financial performance, year by year
Fiscal 2025–2025 · USDThe full income statement, balance sheet and cash flow for each of these years — every figure traceable to its filing — is on the Financials tab with a free account.
Who owns Fermi Inc. — and what changed
Funds as of 2026Q2 · superinvestors as of 2026-06-30
Largest fund holders · Fermi Inc.’s weight in each
Fund ownership is a floor, not a census — pensions, insurers and people holding shares directly are not visible here.
Fund ownership counts N-PORT filers only, so it is a floor rather than a census — pensions, insurers and direct holders are not visible here, and the remainder is not “held by individuals”.
Every fund and institutional holder, quarter by quarter, is on the Ownership tab with a free account.
Recent filings
All filings →Each filing opens into its own statements and disclosures here.
Put this business in context.
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