{"filings":[{"id":77201,"accession_number":"0002071778-26-000027","cik":2071778,"company_name":"Fermi Inc.","ticker":"FRMI","form_type":"8-K","filed_at":"2026-05-14T10:34:18+00:00","items":["2.02","9.01"],"status":"ready","headline":"Fermi reports Q1 net loss of $189M; secures 2 GW power, $785M financing","summary_kind":"llm","event_type":"earnings","confidence":"high","bullets":["Net loss of $189M ($0.30 diluted EPS) primarily from $134M share-based comp and $25M extinguishment loss.","Total cash and restricted cash of $243M; gross PP&E reaches ~$1.4B after $441M capex.","Secured over 2 GW of power generation; obtained ~6 GW TCEQ permit; filed for additional ~5 GW.","Closed $785M in equipment financing; $421M total debt; fully repaid Macquarie Term Loan.","Board expanded to 7 directors; Heidrick & Struggles engaged for CEO search; Robert Masson named Interim CFO."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.8,"calibrated_materiality_score":0.8,"market_cap_usd":4329129309.191489,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":77044,"accession_number":"0001213900-26-056189","cik":2071778,"company_name":"Fermi Inc.","ticker":"FRMI","form_type":"8-K","filed_at":"2026-05-14T10:08:55+00:00","items":["5.03","9.01"],"status":"ready","headline":"Fermi Inc. adopts supermajority voting requirement for bylaw amendments and director tenure changes","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["Board approved Amended and Restated Bylaws effective May 13, 2026; key change is a 70% shareholder vote threshold.","The supermajority applies to amendments of Section 3.2 (Number and Tenure of Directors) and Article IX (Amendments).","All classes of stock entitled to vote in director elections must vote as one class to meet the 70% requirement."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.25,"calibrated_materiality_score":0.25,"market_cap_usd":4329129309.191489,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":97579,"accession_number":"0001213900-26-052548","cik":2071778,"company_name":"Fermi Inc.","ticker":"FRMI","form_type":"8-K","filed_at":"2026-05-06T23:59:59+00:00","items":["7.01","9.01"],"status":"ready","headline":"Fermi rejects former CEO Neugebauer's invalid special meeting requests; cites 80% stock decline","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["Board terminated Toby Neugebauer for cause after month-long transition negotiations failed.","Stock price declined over 80% under Neugebauer's leadership, per the filing.","First special meeting request for May 29, 2026 rescinded; second for June 30, 2026 deemed invalid.","Charter provisions can redeem Neugebauer's shares and cap any shareholder at 2.5% to protect REIT status.","Board believes immediate sale at current levels is premature and below intrinsic value."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.75,"calibrated_materiality_score":0.75,"market_cap_usd":4329129309.191489,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":97578,"accession_number":"0001213900-26-051895","cik":2071778,"company_name":"Fermi Inc.","ticker":"FRMI","form_type":"8-K","filed_at":"2026-05-05T23:59:59+00:00","items":["5.02"],"status":"ready","headline":"Fermi appoints Chief Power Officer Larry Kellerman to Board of Directors","summary_kind":"llm","event_type":"leadership","confidence":"high","bullets":["Elected May 4, 2026 as Class III director; term expires at 2028 annual meeting.","Mr. Kellerman is also Fermi's Chief Power Officer; no compensation changes approved yet.","Appointment fills vacancy from Mr. Neugebauer's prior departure; made under Director Nomination Agreement with Vicksburg Equity Holdings.","Vicksburg is controlled by former director Neugebauer."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.5,"calibrated_materiality_score":0.5,"market_cap_usd":4329129309.191489,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":97577,"accession_number":"0001213900-26-049696","cik":2071778,"company_name":"Fermi Inc.","ticker":"FRMI","form_type":"8-K","filed_at":"2026-04-30T23:59:59+00:00","items":["5.02","9.01"],"status":"ready","headline":"Fermi appoints Robert L. Masson as interim CFO effective April 29, 2026","summary_kind":"llm","event_type":"leadership","confidence":"high","bullets":["Masson, age 55, previously CFO at Noble Supply and Logistics (2023-2025) and Latham Group (2022-2023).","No compensatory arrangement has been approved yet; terms will be disclosed via amendment if material.","Masson has no family relationship with any director or executive and no disclosable interest in transactions.","He will serve as interim CFO and principal financial officer until a permanent successor is named."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.5,"calibrated_materiality_score":0.5,"market_cap_usd":4329129309.191489,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":97574,"accession_number":"0001213900-26-050183","cik":2071778,"company_name":"Fermi Inc.","ticker":"FRMI","form_type":"8-K/A","filed_at":"2026-04-30T23:59:59+00:00","items":["5.02","9.01"],"status":"ready","headline":"Fermi Inc. terminates Toby Neugebauer for cause, removes him from board","summary_kind":"llm","event_type":"leadership","confidence":"high","bullets":["Mr. Neugebauer's employment terminated for cause on April 30, 2026 due to conduct violating his agreement and company policies.","He was automatically removed from the board of directors effective the same date.","No replacement officer or director has been announced in this filing."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.75,"calibrated_materiality_score":0.75,"market_cap_usd":4329129309.191489,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":97576,"accession_number":"0001213900-26-045351","cik":2071778,"company_name":"Fermi Inc.","ticker":"FRMI","form_type":"8-K","filed_at":"2026-04-20T23:59:59+00:00","items":["5.02","7.01","9.01"],"status":"ready","headline":"Fermi CEO Neugebauer steps down; CFO Everson resigns; new Chairman Haas and Office of the CEO established","summary_kind":"llm","event_type":"leadership","confidence":"high","bullets":["CEO Toby Neugebauer departs immediately; remains on Board; Marius Haas (former Lead Independent Director) becomes Chairman.","CFO Miles Everson resigns effective April 19, 2026 without Good Reason; elected to Board as Class III director via trust rights.","Office of the CEO formed: Jacobo Ortiz Blanes (ex-COO) and Anna Bofa (ex-Board Advisor) appointed Co-Presidents, reporting to Haas.","Board appoints Jeffrey S. Stein as Class II director; CEO search launched with Heidrick & Struggles; interim CFO candidate being negotiated.","New Dallas HQ and Amarillo office planned; reaffirms commitment to Project Matador and Texas Tech partnership."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.75,"calibrated_materiality_score":0.75,"market_cap_usd":4329129309.191489,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":97575,"accession_number":"0001213900-26-045197","cik":2071778,"company_name":"Fermi Inc.","ticker":"FRMI","form_type":"8-K","filed_at":"2026-04-17T23:59:59+00:00","items":["5.02","9.01"],"status":"ready","headline":"CEO Toby Neugebauer departs; CFO Miles Everson appointed to board","summary_kind":"llm","event_type":"leadership","confidence":"high","bullets":["CEO Toby Neugebauer left April 17, 2026; interim Office of the CEO formed with COO Jacobo Ortiz and board observer Anna Bofa.","Board expanded from five to seven directors; CFO Miles Everson appointed per Director Nomination Agreement.","Company to search for permanent CEO; further details expected April 20, 2026."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"negative","materiality_score":0.7,"calibrated_materiality_score":0.7,"market_cap_usd":4329129309.191489,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":112490,"accession_number":"0002071778-26-000007","cik":2071778,"company_name":"Fermi Inc.","ticker":"FRMI","form_type":"8-K","filed_at":"2026-03-30T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"Fermi Inc. FY 2025 net loss $486M; raised $1.8B, secured 6 GW permit","summary_kind":"llm","event_type":"earnings","confidence":"high","bullets":["Net loss of $486.4M ($1.13 per share) driven by $441.8M non-cash charges including $173.8M charitable contribution and $132.7M stock comp.","Raised ~$1.8B capital (IPO $785M, equipment financings $885M); $935M invested in property, plant & equipment.","TCEQ preliminarily approved ~6 GW Clean Air Permit for natural gas generation; filed for additional 5 GW.","NRC accepted first new nuclear Combined License Application in 15 years for four AP1000 reactors.","Tenant LOI remains in place after $150M AIAC termination; active discussions with multiple hyperscale tenants."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.75,"calibrated_materiality_score":0.75,"market_cap_usd":4329129309.191489,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":112489,"accession_number":"0001213900-26-035482","cik":2071778,"company_name":"Fermi Inc.","ticker":"FRMI","form_type":"8-K","filed_at":"2026-03-27T23:59:59+00:00","items":["1.01","2.03","9.01"],"status":"ready","headline":"Fermi subsidiary secures $165M loan for six Siemens gas turbines for Project Matador","summary_kind":"llm","event_type":"debt","confidence":"high","bullets":["Up to $165M senior secured term loan from CLMG Corp. and lenders to fund Siemens SGT-800 turbine acquisition for Project Matador.","Interest rate 12.00% per annum, payable quarterly; default rate 14.00%.","Maturity 33 months from closing; exit fee of $37M less cumulative interest and fees paid to date.","Up to $22.9M reserved for interest, commitment fee, and agent fee payments.","Fermi required to make minimum $5.49M equity contribution toward progress payments under the equipment supply agreement."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.6,"calibrated_materiality_score":0.6,"market_cap_usd":4329129309.191489,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":112488,"accession_number":"0001213900-26-020399","cik":2071778,"company_name":"Fermi Inc.","ticker":"FRMI","form_type":"8-K","filed_at":"2026-02-25T23:59:59+00:00","items":["1.01","2.03","9.01"],"status":"ready","headline":"Fermi Inc. subsidiary enters $120M credit facility for Project Matador equipment","summary_kind":"llm","event_type":"debt","confidence":"high","bullets":["Fermi High Voltage Warehouse LLC entered a $120M senior secured credit facility with Keystone National Group as agent and Cape Commercial Finance as arranger.","Facility can be increased by up to $100M, with initial $48.9M Note No. 1 and $57.5M Note No. 2 partially drawn.","Loan matures August 2031 at 12.90% interest; proceeds finance equipment for Project Matador.","Fermi Inc. provides limited guaranty for 25% of principal; Borrower must maintain $20M liquidity until customer agreement.","Prepayment triggers include failure to deliver approved customer agreement by Dec 31, 2026, requiring prepayment at 105% of principal."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.9,"calibrated_materiality_score":0.9,"market_cap_usd":4329129309.191489,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":112487,"accession_number":"0001213900-26-014270","cik":2071778,"company_name":"Fermi Inc.","ticker":"FRMI","form_type":"8-K","filed_at":"2026-02-10T23:59:59+00:00","items":["1.01","2.03","7.01","9.01"],"status":"ready","headline":"Fermi secures $500M MUFG equipment loan for 11GW Project Matador turbines","summary_kind":"llm","event_type":"debt","confidence":"high","bullets":["$500M senior secured equipment warehouse facility from MUFG at SOFR + 4.0% p.a., 18-month maturity.","Proceeds fund three Siemens Energy SGT6-5000F gas turbines ($168.3M to Siemens) and refinance existing term loan.","Turbine deliveries start as early as 1H 2026; total controlled generation capacity exceeds 2 GW.","Loan-to-value requirements: 65% delivered, 55% undelivered; quarterly principal payments begin after 9 months.","Financing strengthens execution certainty for first 2.3 GW of the 11 GW private grid campus."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"positive","materiality_score":0.65,"calibrated_materiality_score":0.65,"market_cap_usd":4329129309.191489,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":129055,"accession_number":"0001213900-25-120940","cik":2071778,"company_name":"Fermi Inc.","ticker":"FRMI","form_type":"8-K","filed_at":"2025-12-12T23:59:59+00:00","items":["8.01"],"status":"ready","headline":"Fermi reports termination of $150M advance agreement by tenant at Project Matador; lease talks continue","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["First tenant terminated AICA on Dec 11, 2025; no funds had been drawn under the agreement.","Parties continue to negotiate a definitive lease under the existing non-binding LOI.","Exclusivity period expired Dec 9; Fermi commenced discussions with other potential tenants for 2026 power delivery.","Company reaffirms confidence in meeting expected power delivery schedule despite AICA termination."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.55,"calibrated_materiality_score":0.55,"market_cap_usd":4329129309.191489,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":129054,"accession_number":"0001213900-25-108289","cik":2071778,"company_name":"Fermi Inc.","ticker":"FRMI","form_type":"8-K","filed_at":"2025-11-10T23:59:59+00:00","items":["2.02","7.01","9.01"],"status":"ready","headline":"Fermi America Q3: 2.2GW gas secured, NRC accepts COL, IPO raises $785M","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["Secured 2.2GW gas-fired generation (surpassing 1.0GW target); first power delivery target remains end of 2026.","NRC formally accepted COL application for four Westinghouse AP1000 reactors at Project Matador campus.","Raised $1.6Bn YTD: $358M Macquarie-led private financing and $785M IPO at $21/share (32.5M shares).","Executed $150M Advance in Aid of Construction Agreement with first investment-grade tenant for >1GW.","Entered LOI with City of Amarillo for up to 10 MGD water; campus lease with Texas Tech University commenced."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"positive","materiality_score":0.75,"calibrated_materiality_score":0.75,"market_cap_usd":4329129309.191489,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":129053,"accession_number":"0001213900-25-096560","cik":2071778,"company_name":"Fermi Inc.","ticker":"FRMI","form_type":"8-K","filed_at":"2025-10-06T23:59:59+00:00","items":["5.02","9.01"],"status":"ready","headline":"Fermi Inc. finalizes employment agreements for CEO and three C-suite executives with IPO effective","summary_kind":"llm","event_type":"leadership","confidence":"high","bullets":["CEO Toby Neugebauer receives $500k base salary, twice-yearly equity top-up grant ensuring 40% of all LTIP awards to employees.","CDO Charlie Hamilton, COO Jacobo Ortiz, CFO Miles Everson each get $500k base, 200% base target bonus, and annual LTIP awards valued at 200% of base salary.","Employment agreements effective upon IPO consummation; three-year initial term with automatic renewals unless 60-day notice of non-renewal.","Severance for all: 2x base (CEO) or 2x base+target+LTIP (others), plus COBRA 18 months, accelerated equity vesting (CEO target level)."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.55,"calibrated_materiality_score":0.55,"market_cap_usd":4329129309.191489,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":129052,"accession_number":"0001213900-25-095832","cik":2071778,"company_name":"Fermi Inc.","ticker":"FRMI","form_type":"8-K","filed_at":"2025-10-03T23:59:59+00:00","items":["1.01","5.02","3.03","5.03","8.01","9.01"],"status":"ready","headline":"Fermi Inc. completes IPO of 37.4M shares at $21.00, raising ~$785M","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["Issued 37,375,000 shares (incl. over-allotment) at $21.00 for gross proceeds of $784,875,000.","Converted from Texas LLC to Texas corporation; board appointed: Neugebauer, Haas, Perry, Robbin-Coker, McIntire.","Adopted 2025 Long-Term Incentive Plan with 69,073,650 shares authorized plus annual evergreen increase through 2035.","Entered indemnification agreements with directors and executive officers; amended certificate to impose shareholder proposal ownership thresholds."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"positive","materiality_score":0.9,"calibrated_materiality_score":0.9,"market_cap_usd":4329129309.191489,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null}],"next_cursor":null}