Fermi Inc. Shares Plunge 75% as Massive Data Center Project Struggles to Secure Tenants

Fermi Inc. (FRMI) is facing intense investor scrutiny as its ambitious data center project in Texas fails to gain momentum. Since its initial public offering, the company's shares have plummeted by approximately 75%, reflecting deep skepticism over its long-term viability. Financial reports for 2025 reveal a GAAP loss of $1.13 per share and a significant free cash flow burn of $605 million. Despite plans for a massive infrastructure buildout valued between $80 billion and $120 billion, the company has yet to sign any tenants. This lack of revenue and execution on core projects continues to weigh heavily on the stock's performance. Analysts remain concerned about the company's ability to sustain its high capital expenditure without committed customers.