Fermi Inc. is a development-stage infrastructure company building a large-scale, grid-independent power and compute campus in the Texas Panhandle designed to serve hyperscale artificial intelligence customers. The company develops and leases powered data center shells with integrated on-site power generation, battery storage, solar capacity, and supporting infrastructure including cooling, water systems, and connectivity, with the ability to expand to tens of gigawatts of capacity over time. Revenue is generated through long-term tenant leases structured around fixed capacity rent per kilowatt, rent on real property improvements, pass-through cost reimbursements, and ground leases, with customers including cloud service providers, AI infrastructure operators, chipmakers, and enterprises requiring high-density compute capacity with reliable power.