Fermi
Developing Texas power infrastructure for hyperscale computing at Project Matador.
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Profile
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
Key statistics
Year to date −43.1% · Average volume (30d) 18.8M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 28, 2026 | Mizuho Securities | Target | $11 | |||
| Jun 23, 2026 | Stifel Nicolaus | Target | $29 | $17 | ||
| May 15, 2026 | Evercore ISI | Target | $37 | $11 | ||
| May 15, 2026 | Evercore ISI Group | Downgrade | Outperform | In Line | ||
| May 5, 2026 | UBS | Target | $30 | $6 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 13, 2026Q2 FY26 | −$0.05 | −$0.04 | +12.0% | $3.0M | $6.0M | +100.0% | −13.16% |
| May 14, 2026Q1 FY26 | −$0.03 | −$0.30 | −784.2% | $2.1M | — | — | −11.67% |
| Mar 30, 2026Q4 FY25 | −$0.01 | −$0.26 | −2,526.8% | $6.0M | — | — | +8.96% |
| Nov 10, 2025Q3 FY25 | −$0.02 | −$0.84 | −3,569.7% | $11.9M | $5.9M | −50.5% | −13.43% |
Financial highlights
| 6 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | |
| Gross profit | $0 | $0 | $0 | $0 | $0 | $0 | |
| Operating income | −$77.8K | −$5.6M | −$37.8M | −$134.3M | −$166.2M | −$26.8M | |
| Net income | −$77.8K | −$6.3M | −$346.8M | −$133.2M | −$188.7M | −$25.8M | |
| Diluted EPS | −$0.00 | −$0.02 | −$0.84 | −$0.21 | −$0.30 | −$0.04 | |
| Gross margin | — | — | — | — | — | — | |
| Operating margin | — | — | — | — | — | — |
Fiscal years (4-quarter sums)FY25 $0
Balance sheet, Jun 30, 2026Cash & short-term investments $62.5M · Total debt $0 · Total assets $1.76B · Shareholders' equity $1.03B
Dividends
No dividends on record.
Ownership
Shares outstanding 637.57M · Float —
Float — provider float is below the insider stake.
The provider's float is smaller than the insider stake it should exclude, so it is not shown.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Toby R. Neugebauer · director, 10 percent owner, officer: President, CEO | 101.86M | 15.98% | Form 4 | Oct 2, 2025 |
| Melissa A. Neugebauer 2020 Trust | 94.36M | 16.40% | 13G | Nov 14, 2025 |
| Griffin Perry | 60.95M | 9.70% | 13G | Apr 15, 2026 |
| Caddis Holdings, LP | 52.26M | 8.20% | 13G | Jul 20, 2026 |
| Robert Randolph Neugebauer | 45.24M | 7.90% | 13G | Nov 14, 2025 |
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 |
Peers
- Constellation Energy
Powered-land packages for Texas data-center campuses
- Talen Energy
Long-term nuclear power for a hyperscale data-center campus
- Applied Digital
Purpose-built AI/HPC campuses under long-term hyperscale leases
- Cipher Digital
Texas HPC campuses with contracted AWS and Fluidstack capacity
- Core Scientific
High-density AI colocation across U.S. powered data-center sites
- TeraWulf
Low-carbon powered AI/HPC campuses with long-term hyperscale leases
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Fermi | $5.04 | +0.52% | $3.19B | — | — | — | — |
| Constellation Energy | $277.11 | +0.13% | $99.38B | 26.9 | 22.4 | 3.2 | +23.0% |
| Talen Energy | $298.70 | +0.85% | $13.44B | — | 11.1 | 3.8 | +64.5% |
| Applied Digital | $25.52 | +0.61% | $7.29B | — | — | 12.7 | +580.7% |
| Cipher Digital | $15.18 | +0.06% | $6.21B | — | — | 32.5 | −43.0% |
| Core Scientific | $16.58 | +0.28% | $5.31B | — | 312.6 | 12.0 | +108.8% |
| TeraWulf | $15.43 | +0.42% | $7.61B | — | — | 46.0 | −6.0% |
| Median | 26.9 | 22.4 | 12.4 | +43.8% |