Fermi Inc (FRMI), listed on the London Stock Exchange, is an energy infrastructure and real estate company that develops powered campus space for hyperscale compute and AI workloads. Revenue is expected to come from leasing powered shell facilities to tenants, with capacity allocation priced in kilowatts reserved per month, alongside potential long-term ground leases for tenants that build their own facilities on Fermi's land. The company's primary development asset is Project Matador, a grid-independent campus designed around an integrated energy platform combining on-site natural gas-fired generation, battery energy storage, solar generation, and a longer-term nuclear baseload supply via a filed Combined Operating License application for Westinghouse Reactors. Project Matador sits within the certificated service territory of Southwestern Public Service Company (SPS) and within the Southwest Power Pool region, with two major fiber optic corridors connecting at the campus boundary. Fermi operates as a REIT. The company's fiscal year ended December 31, 2025, and the 10-K was filed March 30, 2026. CEO is Toby Neugebauer; CFO is Miles Everson.

Revenue model

Lease revenue from powered shell campus space, priced on reserved power capacity in kilowatts per month, plus potential long-term ground lease income for tenants constructing their own facilities on Fermi's land. No revenue figures were disclosed in the filing excerpts provided.

Products and services

Project Matador: an energy-first hyperscale campus offering powered shell space with integrated on-site natural gas generation, battery energy storage systems, solar generation, and planned nuclear baseload supply. Grid connectivity and dual fiber optic corridor access are included in the site offering. Long-term ground leases are also offered to select tenants.

Customers and end markets

Target customers are large hyperscale compute and AI operators, foreign governments, and enterprises seeking sovereign or onshore digital infrastructure. End markets include cloud computing, AI infrastructure, and secure sovereign compute deployments. No signed tenant contracts or customer counts were confirmed in the filing excerpts; a pending class action references disputed tenant demand disclosures.

Value-chain role

Developer and operator of energy-first powered real estate infrastructure. Fermi controls site, power generation, energy storage, and connectivity, positioning itself between energy producers and hyperscale compute tenants. The company is pre-revenue and in the development and licensing stage as of the FY2025 10-K.

Geographic exposure

Project Matador is located in proximity to major natural gas-producing regions and the Pantex Plant, within the SPS certificated service territory and Southwest Power Pool region. The filing does not specify a city or state address in the excerpts provided. Fermi's shares are listed on the London Stock Exchange.

Source: SEC 10-K, filed 2026-03-30

Industry: Real Estate Investment Trusts