• Specialty Chemicals and Materials: Provides high-purity process chemicals, advanced deposition materials, and specialty gases essential for semiconductor manufacturing processes.
• Microcontamination Control Solutions: Offers filtration and purification systems for process gases and liquids to prevent defects and improve yields in advanced manufacturing.
• Advanced Materials Handling Solutions: Develops solutions for the safe and clean transport, storage, and processing of sensitive materials like semiconductor wafers and critical fluids.

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Fermi (symbol: FRMI) is focused on pioneering the development of next-generation private electric grids to deliver highly redundant power at gigawatt scale for artificial intelligence (AI) and hyperscale data centers. Their Project Matador campus in Texas integrates nuclear, natural gas, solar, and battery energy storage to support AI infrastructure.

The addressable markets for Fermi's main products and services can be identified within the following sectors:

• AI Data Center Market:
  • The global AI data centers market is estimated at approximately USD 17.54 billion in 2025. Other projections place this market at USD 39.49 billion in 2025, USD 236.44 billion in 2025, or USD 17.73 billion in 2025. This market is projected to reach around USD 165.73 billion by 2034.
  • In North America, the AI data centers market was valued at USD 5.33 billion in 2024 and is expected to grow at a CAGR of 28.51% from 2025 to 2034. The U.S. AI data centers market is projected to be worth around USD 46.15 billion by 2034, growing from USD 3.73 billion in 2024.
• Hyperscale Data Center Market:
  • The global hyperscale data center market size is estimated to be approximately USD 27.73 billion in 2025. Other sources estimate the market size at USD 54.74 billion in 2025, USD 167.34 billion in 2025, USD 200.88 billion in 2025, or USD 72.1 billion in 2025. The global market is projected to reach USD 52.54 billion by 2030, and up to USD 1,441.49 billion by 2034.
  • North America dominated the global hyperscale data center market in 2024, accounting for nearly 38.0%, 41.95%, or 43.3% of the market share. The hyperscale data center market in the U.S. is expected to grow significantly at a CAGR of 13.6% from 2025 to 2030.
• AI Infrastructure Market:
  • The global AI infrastructure market is expected to reach USD 87.60 billion in 2025. Other estimates place the global market size at USD 60.23 billion in 2025 or project it to grow from USD 26.18 billion in 2024 to USD 221.40 billion by 2034. Another source indicates a valuation of USD 69.44 billion in 2024, expected to reach USD 1248.60 billion by 2032.
  • North America is expected to command 47.7% of global AI infrastructure spending in 2025, and held 41% of the global market in 2024. The U.S. AI infrastructure market is projected to be worth around USD 156.45 billion by 2034, growing from USD 14.52 billion in 2024.
• Energy Storage Market:
  • The global energy storage market is estimated at USD 295 billion in 2025 and is expected to reach USD 465 billion by 2030. Global installed capacity of energy storage is projected to reach 86 GW/221 GWh in 2025.
  • The U.S. energy storage market was estimated at USD 106.7 billion in 2024 and is expected to reach USD 1.49 trillion by 2034. In terms of installed capacity, the U.S. market is expected to reach 49.52 gigawatts in 2025. Wood Mackenzie/American Clean Power forecasts 15.2 GW/48.7 GWh of capacity will be added in 2025 in the U.S. across all sectors.
• Microgrid Market:
  • The global microgrid market is valued at USD 13.59 billion in 2025. Other estimates include USD 51.40 billion in 2025 or growth by USD 41.38 billion from 2025-2029. It is projected to reach USD 36.93 billion by 2032, or USD 214.22 billion by 2032, or USD 236.18 billion by 2034.
  • The U.S. microgrid market was valued at USD 12.47 billion in 2024 and is projected to be worth around USD 71.10 billion by 2034. North America accounted for 41% of the total microgrid market revenue share in 2024.
• Smart Grid Market:
  • The global smart grid technology market size is expected to grow from USD 54.28 billion in 2024 to USD 63.67 billion in 2025. The broader global smart grid market was valued at USD 66.1 billion in 2024 and is estimated to reach USD 180.3 billion by 2034. Another source indicates a global smart grid market size of USD 73.3 billion in 2024, expected to reach USD 269.5 billion by 2033.
  • North America was the largest region in the smart grid technology market in 2024.

1. Operationalization of Initial Phases of Project Matador: Fermi is a pre-revenue company with its primary revenue driver expected to be the commencement of operations at its multi-gigawatt energy and data center development campus, Project Matador, in Texas. The company has received preliminary approval for a 6 GW clean natural gas-based power generation facility, with initial operations anticipated to begin in 2026.

2. Expansion of AI and Hyperscaler Infrastructure Capacity: Fermi's strategic focus is on developing energy and AI infrastructure to meet the accelerating demand from artificial intelligence and hyperscaler clients. The growth in the need for large-scale data centers and the energy to power them is expected to drive demand for Fermi's services as it builds out its planned 11 GW capacity at Project Matador.

3. Securing and Onboarding New Clients for Energy and Data Center Services: As Fermi progresses with the construction and operational readiness of its facilities, securing additional client agreements and bringing them online will be a direct driver of revenue. The company has already finalized a $150 million construction agreement with its inaugural client, indicating progress in this area.

4. Revenue Generation from Triple Net Lease Structure: Fermi anticipates generating significant tenant lease revenue from its operational capacity, projecting $1.5 billion per gigawatt (GW) with an expected net operating income of $1 billion per GW. The company plans to structure leases with customers under a triple net leasing arrangement, which will allow changes in natural gas prices to flow through to customers, providing a stable revenue stream.

Share Repurchases

• Fermi repurchased 11,250,000 shares of common stock from certain service providers for approximately $236.3 million on September 18, 2025.

Share Issuance

• In October 2025, Fermi completed its Initial Public Offering (IPO), issuing 32,500,000 shares of common stock at $21.00 per share, generating gross proceeds of $682.5 million.
• The company converted Preferred Units into 7,586,546 shares of common stock in connection with the IPO.
• Fermi issued 4,500,000 shares of common stock that vested immediately upon grant, resulting in approximately $18.4 million in share-based compensation expense.

Inbound Investments

• Fermi secured approximately $107.6 million through a Preferred Units Financing round led by Macquarie in August 2025.
• On November 6, 2025, Fermi executed an Advance in Aid of Construction Agreement (AIAC) for $150 million with its first prospective client in Amarillo, Texas, representing a secured capital commitment.

Capital Expenditures

• Fermi's planned capital expenditures for its "Project Matador" AI data center hub, including four nuclear reactors, are estimated at approximately $58 billion, with total capital needs potentially reaching $70-$90 billion.
• The company expects to spend around $31 billion on building nuclear capacity.
• Fermi anticipates bringing 1.1 gigawatts (GW) of power online by the end of 2026 as part of its long-term plan to develop up to 11 GW of power by 2038 using natural gas, solar, and nuclear sources.