NEW YORK, Feb 25, 2026, 09:10 (EST) — Premarket
- FRMI trades up 1.4% premarket to $10.19, adding to Tuesday’s 11.9% surge.
- The company scheduled its fourth-quarter and full-year 2025 results call for March 30.
- REIT tax-structure concerns are front and center for investors, with a March 6 court deadline highlighted in class-action notices drawing extra scrutiny.
Shares of Fermi Inc picked up another 1.4% to $10.19 in premarket trading Wednesday, building on Tuesday’s 11.9% jump to $10.05. (StockAnalysis)
The sudden move is keeping the fresh listing firmly in traders’ sights, with several near-term catalysts looming that might jolt sentiment. Investors, meanwhile, are wrestling with how to classify Fermi: a data-center landlord, a power developer, or perhaps an odd fit somewhere in the middle.
Fermi Inc, operating as Fermi America, announced late Tuesday it’s set for a March 30 webcast covering its Q4 and full-year 2025 results. CEO Toby Neugebauer and CFO Miles Everson will be on the call, which will also feature a Project Matador update. (Nasdaq)
Berenberg’s Andrew Fisher cut his price target on Fermi to $35, down from $37, but stuck with a Buy rating, citing what he described as a “high-exposure path” to both AI and data-center trends. (TipRanks)
Business Insider on Tuesday spotlighted a potential snag for Fermi: the company’s push to present itself as a power supplier could run up against the requirements for real estate investment trusts, or REITs—a tax-advantaged structure that mandates most earnings come from rent and alike. “We’re one of the most sophisticated utilities on the planet,” Neugebauer told UBS clients, according to the report. But Leonberg Capital founder Jussi Askola cautioned that “careless language increases risk” if it muddles how income is categorized. Fermi has acknowledged in filings that revenue from power sales might threaten its REIT standing. (Business Insider)
For investors, this isn’t just theory. Fermi’s valuation hangs on whether it can hold onto its REIT status as it develops a massive power-and-data-center campus—one that could actually pull in hyperscale clients.
Legal news keeps cropping up. On Wednesday, Bleichmar Fonti & Auld put out a notice calling attention to what it calls a securities fraud class action. Investors eyeing the lead plaintiff spot—the class rep—have until March 6 to throw their hat in. (GlobeNewswire)
Fermi shares have reacted sharply to shifts in customer demand and funding since late 2025. That’s when a potential tenant backed out of a deal linked to financing construction at Fermi’s Texas facility, according to Reuters.
Still, this could flip fast. If there’s resistance to the tax setup, or if customer negotiations and funding stumble, the week’s rally could vanish as the bearish case resurfaces.
Eyes turn first to whether Wednesday’s early gains hold through the open. After that, attention moves to the court deadline investors circled for March 6, and then the March 30 earnings call, where they’ll look for concrete numbers and signs of progress.
