Fermi (FRMI)
Developing Texas power infrastructure for hyperscale computing at Project Matador.
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Develops Project Matador, a Texas Panhandle private-power and AI campus for hyperscale computing customers. Its development model combines land, permits, generation assets, construction, and long-term leasing rather than operating a conventional utility.
Project Matador is a private power and AI campus under development in the Texas Panhandle. Its model is designed to provide behind-the-meter electricity for hyperscale computing customers, rather than operate as a conventional regulated utility or mature data-center portfolio.
The campus brings together gas, nuclear, grid, solar, and battery-storage components. Execution centers on assembling generation assets, land, permits, construction, financing, leasing, and maintenance for a single disclosed project.
Fermi began public trading in October 2025 and is led by an Interim Office of the CEO co-chaired by Anna Bofa and Jacobo Ortiz. Progress depends on permits, project financing, generation construction, and tenant performance.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Jul 28, 2026 | Mizuho Securities | Target | Target: — | Target: $11 |
| Jun 23, 2026 | Stifel Nicolaus | Target | Target: $29 | Target: $17 |
| May 15, 2026 | Evercore ISI | Target | Target: $37 | Target: $11 |
| May 15, 2026 | Evercore ISI Group | Downgrade | ||
| May 5, 2026 | UBS | Target | Target: $30 | Target: $6 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $62.5M · Total debt $0 · Total assets $1.76B · Shareholders' equity $1.03B
- Revenue
- $0
- Operating income
- −$26.8M
- Net income
- −$25.8M
No dividends on record.
| Institutions | ≈ 24.34% | 155.90M shares | |
|---|---|---|---|
| 344 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 42.54% | 272.48M shares | |
| 12 holders · as of Aug 27, 2026 | |||
| Other | ≈ 33.12% | 212.09M shares | |
| remainder | |||
640.47M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Toby R. Neugebauer1Insiderdirector, 10 percent owner, officer: President, CEO | 14.73% | 94.36M | filed Nov 14, 2025 |
Griffin PerryInsider10 percent owner | 9.52% | 60.95M | filed Apr 15, 2026 |
Caddis Holdings, LPInstitution | 8.16% | 52.26M | filed Jul 20, 2026 |
Robert Randolph NeugebauerInsider | 7.06% | 45.24M | filed Nov 14, 2025 |
James Richard PerryInsiderdirector | 5.05% | 32.34M | filed Jul 2, 2026 |
- Toby R. Neugebauer's own ownership statement (13G, Nov 14, 2025) reports fewer shares than the transaction reports; the statement is used.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 30, 2026 | James Richard Perry | director | −863,637 | $7.31 |
| Jun 3, 2026 | Mesut Uzman | officer: Chief Nuclear Constr. Officer | −158,541 | $6.31 |
| Apr 9, 2026 | Miles E. Everson | officer: Chief Financial Officer | −427,004 | $4.58 |
| Apr 8, 2026 | Miles E. Everson | officer: Chief Financial Officer | −403,205 | $4.91 |
| Apr 9, 2026 | Blanes Jacobo Ortiz | officer: Chief Operating Officer | −427,363 | $4.58 |
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