Welcome to our dedicated page for Fermi SEC filings (Ticker: FRMI), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
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. announced a leadership change and board expansion. On April 17, 2026, Chief Executive Officer Toby Neugebauer departed his role. The Board created an Interim Office of the CEO made up of Chief Operating Officer Jacobo Ortiz and board observer Anna Bofa while a search for a new CEO is conducted.
Under a Director Nomination Agreement, the Melissa A. Neugebauer 2020 Trust nominated Chief Financial Officer Miles Everson to the Board, and the Board approved his nomination. In connection with this appointment, the Board increased its size from five to seven directors. The company expects to release additional details on April 20, 2026.
Fermi Inc. ownership disclosure: Caddis Holdings, LP (managed via Caddis Capital, LLC) and reporting person Griffin Perry report beneficial ownership of 60,946,450 shares of Common Stock, representing 9.7% of the class. The percentage is calculated using 629,839,790 shares outstanding as of March 23, 2026, per the issuer's Form 10-K. Mr. Perry notes his role as a manager of the general partner and disclaims direct beneficial ownership except to the extent of any pecuniary interest.
Fermi Inc. Chief Site Development Officer Hamilton Charles Lynn reported open-market sales of common stock that were executed as automatic “sell-to-cover” trades for tax withholding on vested awards. He sold 375,950 shares at a weighted average price of $4.91 on April 8, 2026 and 398,140 shares at a weighted average price of $4.58 on April 9, 2026. After these transactions, he directly holds 5,525,910 shares of common stock, including 4,200,000 restricted shares subject to time-based vesting conditions, and has indirect holdings of 3,825,000 shares through trusts where he serves as trustee and disclaims beneficial ownership beyond his pecuniary interest.
Fermi Inc. Chief Operating Officer Jacobo Ortiz Blanes reported tax-related stock sales. On April 8–9, 2026, he sold a total of 830,908 shares of common stock in open-market transactions at weighted average prices of $4.91 and $4.58 per share.
Footnotes explain these were automatic broker "sell-to-cover" trades to pay withholding taxes tied to award vesting and share delivery, rather than discretionary sales. After the transactions, he directly holds 5,469,092 shares and indirectly holds 7,875,000 shares through Las Brisas Financial Services LLC, including 4,200,000 restricted shares subject to time-based vesting conditions.
Fermi Inc. Chief Financial Officer Everson Miles E. reported open-market sales totaling 830,209 shares of common stock. He sold 427,004 shares on April 9 at about $4.58 per share and 403,205 shares on April 8 at about $4.91 per share.
Footnotes explain these were automatic broker "sell-to-cover" trades to pay withholding taxes upon award vesting and share delivery, executed in multiple transactions within disclosed price ranges. After the sales, he directly holds 9,969,791 shares, including 8,700,000 restricted shares subject to time-based vesting, and indirectly 900,000 shares through Lady Bird Advisory 2 LLC.
Fermi Inc. major shareholder Caddis Holdings, LP reported open-market sales of Fermi common stock. An entity associated with ten percent owner Perry Griffin sold 9,000,000 shares at a weighted average price of $5.0213 and 2,000,000 shares at a weighted average price of $5.5384.
Following these transactions, Caddis Holdings, LP indirectly held 62,946,450 shares after the first sale and 60,946,450 shares after the second sale, according to the filing. The reported prices reflect weighted averages across multiple trades within disclosed intraday price ranges.
Fermi Inc. is a development-stage company building Project Matador, a private power and AI infrastructure campus in the Texas Panhandle. The site sits on a 99-year ground lease and is designed for up to 11 GW of generation capacity, with potential expansion to about 17 GW as land and permits are added.
The campus will co-locate natural gas, future nuclear, battery storage and solar displacement resources with up to roughly 15 million square feet of AI-ready powered shells, targeting hyperscale and other compute-intensive tenants. Fermi plans to elect REIT status beginning with its short taxable year ended December 31, 2025, structuring tenant payments largely as power-linked rent under long-term leases.
Fermi has secured a 6 GW natural gas air permit and a grid agreement for up to 200 MW, alongside turbine and high-voltage equipment backed by over $800 million of dedicated facilities. The company no longer expects 1.1 GW online by late 2026, but still targets about 2.0 GW of gas-fired and grid-supplied power by the end of 2027, subject to tenant leases, financing, construction and permitting. As of March 23, 2026, there were 629,839,790 common shares outstanding.
Fermi Inc. reported its first-year results from inception on January 10, 2025 through December 31, 2025, pairing heavy upfront investment with a large accounting loss as it builds Project Matador, a massive private power campus for AI workloads in Texas.
The company recorded a GAAP net loss of $486.4 million, driven mainly by $441.8 million of non-cash items such as a charitable share contribution, fair value losses on financing instruments, and share-based compensation, while cash used in operations was $34.2 million. Fermi raised roughly $1.0 billion of cash via equity and debt, completed a dual-listed IPO with $745.6 million in net proceeds, and invested about $570.3 million into property, plant, and equipment tied to Project Matador.
By year-end, total assets reached about $1.41 billion, including $935.3 million of property, plant, and equipment and $408.5 million of cash. The company secured an approximately 6 GW natural-gas clean air permit, filed for an additional ~5 GW, contracted and financed multi-gigawatt turbine fleets, advanced a nuclear Combined Operating License Application for four AP1000 reactors, and reported active but still non-binding tenant discussions for its AI campus.
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.