FRMI Shares Tank 42% Amid $150M Advance for AI-Focused 11GW HyperGrid
By ATTN Desk · Editorial oversight: Sean Han
Introduction
FERMI INC (NASDAQ & LSE: FRMI) develops private electric grids at gigawatt scale for next-generation artificial intelligence. Co-founded by former U.S. Energy Secretary Rick Perry and energy executive Toby Neugebauer, the company’s flagship Project Matador in Amarillo, Texas, integrates nuclear, natural gas, solar, and battery storage into its HyperGrid™ platform.
Corporate Structure and Experience
Fermi employs 11–50 people and utilizes leadership from both government and energy sectors. CEO Toby Neugebauer co-founded Quantum Capital Group and is the investment trustee for major company shares. Co-founder Rick Perry served as the Governor of Texas and led the U.S. Department of Energy. The firm reports under ticker FRMI on NASDAQ and the London Stock Exchange.
Electric grid by Matthew Henry
Developments and News
- November 6, 2025: Fermi America executed a $150 million Advance in Aid of Construction agreement with its first prospective client.
- December 10, 2025: Project Matador progress included 3.8 miles of gas lines, 10.9 miles of fencing, 6.9 miles of water lines, and 11.37 million sq ft of land cleared.
- October 2025: Initial public offering priced at $21 per share, valuing the company at $16 billion, although it reported zero revenue at that time.
- December 12, 2025: Filed Form 8-K (item 8.01) with the SEC; further disclosures are pending.
Financial and Strategic Analysis
| Metric | Value |
|---|---|
| Share Price (Dec 12, 2025) | $8.7671 |
| Daily Change | –42.51 percent |
| 52-Week Range | $12.88 – $36.99 |
| Volume | 1,971,437 shares |
| Market Capitalization | $9.36 billion |
| Revenue (TTM) | Not reported |
| Enterprise Value | $9.41 billion |
Fermi has not recorded revenue or earnings per share. Its capital plan targets initial power generation of 1 GW by December 31, 2026, scaling to 11 GW by 2029. Financing commitments from clients and significant shareholdings by related trusts, which accounted for 23.4 percent of shares outstanding as of September 30, 2025, may influence governance and investment decisions.
Market Position and Industry Context
Hyperscale AI operators face grid constraints globally. Fermi’s private grid model aims to provide tailored behind-the-meter power solutions for AI data centers. The proximity of the Amarillo site to U.S. Department of Energy nuclear infrastructure, combined-cycle gas pipelines, and solar potential underpins this strategy. With developments in nuclear capacity in China and challenges facing U.S. utilities, Fermi is positioned to address specific energy needs at the intersection of energy infrastructure and AI capacity deployment.
tl;dr
On December 12, 2025, FRMI shares closed at $8.7671 (–42.51%), indicating a market capitalization of $9.36 billion. Project Matador has cleared 11.37 million sq ft and installed essential utilities as of December 10. A $150 million Advance in Aid of Construction agreement was signed on November 6. Fermi plans to bring 1 GW of power online by the end of 2026 within an 11 GW HyperGrid™ to meet AI power requirements, despite no reported revenue to date.