Fermi Inc

FRMI

Market cap $6.06B

FRMI is pioneering a power-first, off-grid data center REIT model to address surging AI-driven electricity demand. FRMI's growth is highly concentrated in Project Matador, a massive Amarillo, TX campus aiming for 11 GW capacity and 18M sq ft of AI data center space. Execution and management risks are pronounced, with boardroom turmoil and a single-asset dependency driving a steep discount to fair value.

REITs have refused to break in 2026 despite oil-driven inflation pressure, rising Treasury yields, and a Fed narrative that flipped from multiple rate cuts to potential hikes. The “Rates Up, REITs Down” regime has weakened, with REIT-rate correlations falling sharply as fundamentals, strategy, capital allocation, and valuation catalysts increasingly drive performance. M&A has helped break the rate-driven narrative, validating public-market discounts to NAV and proving that REITs can unlock value through consolidation, privatizations, and strategic alternatives.

An analyst issued a note saying OpenAI may be interested in Fermi's project Matador data center complex. Project Matador is an early stage power and data center site which management sees as eventually reaching 17 GW.

No Special Meeting of Shareholders Has Been Called Toby Neugebauer Currently Does Not Have the Required Support to Call a Special Meeting of Shareholders Board Urges All Fermi Shareholders to Protect Their Investment by Returning the WHITE Consent Revocation Card Emphasizes Strong Momentum Behind Fermi 2.0 and Continued Advancement of Project Matador DALLAS, June 15, 2026 /PRNewswire/ -- Fermi Inc. (NASDAQ: FRMI) (LSE: FRMI), operating as Fermi America™ ("Fermi" or the "Company"), today announced that it is mailing a Consent Revocation Statement to shareholders enclosing a WHITE Consent Revocation Card in response to the consent solicitation by former Chief Executive Officer Toby Neugebauer seeking to call a Special Meeting of Shareholders ("Special Meeting"). The Company noted that at this time no Special Meeting has been called, as Mr.

Shares of Fermi Inc (NASDAQ:FRMI, LSE:FRMI) jumped more than 26% on Tuesday after reports that analyst firm JMP Citizens said OpenAI is likely among several counterparties evaluating capacity at the company's Project Matador AI power campus and that a significant deal could be imminent. JMP Citizens reportedly said that OpenAI has likely been assessing Fermi's capacity at Project Matador and flagged the potential for a major commercial agreement.

Mesut Uzman sold 158,541 shares for a total of ~$1.0 million on June 3, 2026, at a weighted average price of around $6.31 per share. Shares were sold from both direct accounts and indirect holdings attributed to Uzman's spouse, with no derivative securities involved in this filing.

Fermi NASDAQ: FRMI co-founder and largest shareholder Toby Neugebauer said he is calling for a special shareholder meeting to elect a new board majority, arguing that the company should evaluate strategic alternatives alongside its current tenant strategy for Project Matador.

Fermi Inc. (FRMI) Shareholder/Analyst Call Prepared Remarks Transcript

Board is Committed to Acting in the Best Interests of Fermi Shareholders and Cites Strong Momentum Behind Fermi 2.0 DALLAS, May 18, 2026 /PRNewswire/ -- Fermi Inc. (NASDAQ: FRMI) (LSE: FRMI), operating as Fermi America™ ("Fermi" or the "Company"), today announced that on May 15, 2026, it filed a preliminary Consent Revocation Statement (the "Revocation Statement") with the U.S. Securities and Exchange Commission ("SEC"). The Revocation Statement responds to former Chief Executive Officer Toby Neugebauer's preliminary consent solicitation, in which Mr.

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