Fermi Inc. filings document an emerging growth company developing private power and site infrastructure for Project Matador. Current reports describe common stock disclosure, material-event reporting, leadership and board changes, shareholder solicitation materials, and governance arrangements, including director nomination rights and charter-related control matters.
The company's 8-K filings also cover material definitive agreements and capital-structure matters, including equipment financing for Siemens Energy SGT-800 industrial gas turbines and related equipment for Project Matador. The filings identify operating subsidiaries used for project financing and disclose Regulation FD communications, shareholder voting matters, and operating and financial results categories.
Fermi Inc. has arranged a senior secured term loan facility of up to $165.0 million to finance six Siemens SGT-800 gas turbines and related equipment for Project Matador. The loan, provided under an Equipment Supply Loan Financing Agreement with Beal lenders, sits at the FTW II subsidiary level.
Each borrowing bears interest at 12.00% per annum, rising to 14.00% upon default, with an unused commitment fee of 1% on undrawn amounts. The loans mature 33 months after closing, when FTW II must also pay an exit fee of $37.0 million less cumulative interest and commitment fees paid.
The obligations are secured by a first-priority lien on the financed equipment and related collateral. Fermi Inc., through its subsidiaries, guarantees FTW II’s obligations and must contribute at least $5,490,000 of equity toward progress payments under the Siemens equipment supply agreement, subject to customary covenants and events of default.
Fermi Inc. has arranged a senior secured term loan facility of up to $165.0 million to finance six Siemens SGT-800 gas turbines and related equipment for Project Matador. The loan, provided under an Equipment Supply Loan Financing Agreement with Beal lenders, sits at the FTW II subsidiary level.
Each borrowing bears interest at 12.00% per annum, rising to 14.00% upon default, with an unused commitment fee of 1% on undrawn amounts. The loans mature 33 months after closing, when FTW II must also pay an exit fee of $37.0 million less cumulative interest and commitment fees paid.
The obligations are secured by a first-priority lien on the financed equipment and related collateral. Fermi Inc., through its subsidiaries, guarantees FTW II’s obligations and must contribute at least $5,490,000 of equity toward progress payments under the Siemens equipment supply agreement, subject to customary covenants and events of default.
Fermi Inc., through its subsidiary Fermi High Voltage Warehouse LLC, has entered into a senior secured credit facility of up to $120,000,000 to finance equipment for its Project Matador. The facility can be increased by up to an additional $100,000,000 under an accordion feature.
The loan is structured under two promissory notes bearing interest at 12.90% per annum and maturing on August 19, 2031, with initial interest-only payments followed by amortizing payments after a conversion date. Advances fund up to 80% of each equipment purchase, with the borrower contributing the remaining 20%.
The debt is secured by the Project Matador equipment, substantially all of the borrower’s assets, a pledge of the borrower’s equity, and a controlled deposit account. Fermi Inc. has provided a limited guaranty for up to 25% of the principal and must maintain at least $20,000,000 of liquidity until obligations are repaid or an approved customer agreement is executed.
Pencross Energy, LLC and manager Steven Meisel report an 8.45% beneficial stake in Fermi Inc. common stock. They disclose beneficial ownership of 51,875,000 shares, based on 614,025,378 shares outstanding as of November 11, 2025, as cited from Fermi’s Form 10-Q.
The shares are directly held by Pencross Energy, LLC, with Meisel potentially sharing voting and dispositive power through his role as manager. Both reporting persons list zero sole voting or dispositive power and shared power over all reported shares. The filing is an Amendment No. 1 to a Schedule 13G for an ownership position above 5%.
Fermi Inc. entered into a senior secured equipment loan warehouse facility with MUFG Bank for up to $500,000,000 to support its AI-focused Project Matador campus and broader turbine fleet. A Fermi subsidiary will borrow under an Equipment Supply Loan Financing Agreement maturing eighteen months after the closing date.
Loans bear interest at Term SOFR or Daily Simple SOFR plus 4% and can be drawn for nine months. Proceeds will fund three Siemens Energy F-class gas turbines, pay $168,300,000 to Siemens Energy, refinance an existing term loan, cover fees and reserves, and support additional turbine deployment. The facility is secured by turbine-related assets and equity pledges and includes loan-to-value covenants with target ratios of 65% for delivered and 55% for undelivered equipment.