NEW YORK, Jan 2, 2026, 12:07 ET — Regular session
Shares of Fermi Inc (FRMI.O) rose about 14% to $9.12 in midday trading on Friday, after swinging between $8.05 and $9.15 earlier in the session. Trading volume topped 4.4 million shares.
The move keeps attention on Fermi, a data-center real estate investment trust, or REIT — a structure that typically relies on tenant rent for cash flow — as it tries to line up customers for its Texas “Project Matador” power-and-data campus. The company says the site is designed as an 11-gigawatt private electric grid to support large-scale artificial intelligence computing. Fermi America
Investor focus tightened last month after an SEC filing said a prospective “First Tenant” terminated an Advance in Aid of Construction Agreement (AICA) — a deal where a customer advances cash to help pay construction costs — for up to $150 million. The filing said the parties continued negotiating a potential lease and that Fermi had begun discussions with other potential tenants. SEC
Legal headlines returned on Jan. 1, when shareholder law firms Pomerantz LLP and the Schall Law Firm said they were investigating potential claims on behalf of Fermi investors.
When the funding agreement ended, the stock fell 34% in its worst day since the October IPO and slid to well under its $21 offer price, Reuters reported. “With a lot of smaller and newer firms, there tends to be key person and key client risk,” said Brian Jacobsen, chief economist at Annex Wealth Management. Reuters
Friday’s rebound came as U.S. equities started 2026 on firmer footing, with technology shares leading gains after a late-December wobble, a Reuters report showed.
The stock has also been sensitive to speculation about who might anchor the campus. Fermi said in December it “categorically” denied a report that Amazon was the prospective tenant tied to the scrapped funding deal. Reuters
What investors want next is simple but hard: a named customer, a binding lease and a clearer funding path. Until then, the stock can move sharply on incremental headlines rather than operating results.
The next scheduled checkpoint is an appearance at the Evercore Power Conference on Jan. 8-9, according to the company’s investor website.
Beyond that, MarketWatch data lists Feb. 25 as the expected date for Fermi’s next quarterly results, when investors will look for updates on tenant discussions, liquidity and the construction timeline.
