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

Key Facts

1Fermi Inc. (FRMI) shares have declined approximately 75% since its IPO.

2The company reported a GAAP loss of $1.13 for 2025 and burned $605 million in free cash flow.

3The company has failed to sign any tenants for its massive data center buildout project in Texas.

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.