moneyheap
FRMI +8.29% on Nov 12 · Analysis updated Nov 12, 2026, 9:48 AM ET
Why is Fermi Inc. (FRMI) stock up?
Fermi shares have fallen about 55% over the past month, hitting an all-time low of $1.44 on Nov 5 amid a leadership and governance fight. The fight involves a former CEO, a largest shareholder pushing for a sale, a lease that remains ineffective, and the loss of the earlier tenant deal. On Nov 12 the company reported Q3 results and announced a deal with an investment-grade hyperscaler. The customer is committing about $200M in prepayment and $15M for early construction toward 600 MW at Project Matador. The stock is up about 8% to $1.96 in early trading, after rising 17.5% on Nov 11, on heavy volume. Offsetting this, the TensorWave lease and the AMD credit support were terminated, and the definitive long-term lease is not yet signed. Net debt has risen to about $958M, losses are large, and short interest is high, at about 18.6% of the float. Analyst targets of about $16.6 sit far above the price, but they have been cut before. Near-term moves are likely to stay very volatile.
News behind the analysis
- Fermi Announces New Agreements with Investment-Grade Hyperscaler and Third Quarter 2026 Financial ResultsAn investment-grade hyperscaler signed up for 600 MW at Project Matador and committed more than $200M up front, with another $90M contemplated. Fermi also reported Q3 results.
- Fermi Inc. Fermi Announces New Agreements - ADVFNThe deal includes a $200M prepayment agreement and a $15M early construction agreement. Fermi and TensorWave terminated their August 2026 data center lease, and the related AMD credit support agreement is also terminated. A definitive long-term lease is still being negotiated.
- Fermi Inc. (NASDAQ:FRMI) press release and Q3 financialsThe balance sheet shows total assets of $2.10B and net debt of $958M, up from $110M. The accumulated deficit is $489M.
- Fermi (FRMI) Stock Price, News & Analysis - MarketBeatShares were up about 21% intraday at $1.86 and down about 76% year to date. The consensus target is $16.86, and a major shareholder sold $5.2M of stock.
- Fermi (FRMI) Stock Price, Chart & News - StockAnalysisShares closed at $1.81 on Nov 11, up 17.5%, with a 52-week range of $1.44 to $23.75. Q3 earnings were due Nov 12. The average analyst target is $16.63.
- NASDAQ:FRMI - Fermi Inc. - TradingViewThe stock hit an all-time low of $1.44 on Nov 5, 2026 and is down about 55% over one month. Recent headlines cover a lease that remains ineffective, rejected director nominees, and the largest shareholder pushing for a sale.
- Fermi Inc. (FRMI) stock price, news, quote - Yahoo FinanceShares closed at $2.55 on Oct 23. Analyst targets averaged $16.62, with a high of $35.
- Fermi America LLC News Today (FRMI) - Investing.comNews flow includes the former CEO suspending his proxy campaign, the Primoris construction deal, and a Stifel target cut to $17 on contract delays.
- Fermi (FRMI) Stock Overview - StocktitanShort interest was 66.8M shares, or 18.6% of the float, in mid-October.
- Fermi Inc. Q1 2026 results and Fermi 2.0 strategyFermi reported more than 2 GW of secured power generation and about $785M of new equipment financing in May.