Fermi develops large-scale private power and data-center infrastructure aimed at AI and high-density computing loads. Organized as a REIT, it focuses on grid-independent “hypergrid” campuses that combine generation and real-estate development, including a flagship multi-gigawatt project in the Texas Panhandle. The model targets hyperscale and compute-intensive tenants that need redundant, behind-the-meter power at industrial scale. The business is early-stage, with revenue still limited while sites are built out.
| Quarter | Revenue | YoY % | Earnings | YoY % |
|---|---|---|---|---|
| Q3 2025 | 0 | — | -346.8 | — |
| Q4 2025 | 0 | — | -176.6 | — |
| Q1 2026 | 0 | — | -188.7 | — |
| Q2 2026 | 0 | — | -25.8 | — |
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