SAN FRANCISCO, Dec. 13, 2025 — On December 12, 2025, investors in Fermi Inc. (NASDAQ: FRMI) witnessed the price of their shares drop by approximately 33% after the company disclosed that a potential anchor tenant (“First Tenant”) for Fermi’s Project Matador (the company’s Advanced Energy and Intelligence Campus at Texas Tech University) terminated an agreement that would have provided $150 million to support construction.
The company has described Matador as a multi – gigawatt energy and data center development campus designed to meet the growing needs of the upcoming AI infrastructure and “a one – of – a – kind energy campus to power the AI revolution.”
Fermi made this announcement after raising nearly $784 million in gross proceeds by issuing over 37 million shares at $21 per share on October 2, 2025.
The news of the First Tenant’s cancellation and the severe market reaction have led the national shareholders rights firm Hagens Berman to initiate an investigation into whether Fermi may have previously misled investors about the strength of the First Tenant agreement.
The firm urges investors in Fermi who have suffered significant losses to . The firm also encourages individuals with relevant knowledge who can assist in the investigation to contact its attorneys.
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Fermi Inc. (FRMI) Investigation:
As recently as mid – November, Fermi assured investors that “[i]n November, we made a significant step forward with Project Matador by signing a $150 million Advanced in Aid of Construction Agreement (“AICA”) with our first potential tenant.”
The company emphasized “Tenant number 1 is a highly creditworthy counterparty,” stated “[t]his agreement sets up a framework for cost reimbursement and prepayment, enabling the tenant to fund a part of the shared infrastructure and utility systems before occupancy,” and boasted “we definitely already have the construction contract.”
Investor disappointment began on December 12, 2025. On that day, Fermi suddenly announced that “[o]n December 11, 2025, the First Tenant informed the Company that it is terminating the AICA.” The company did not explain the reasons for the First Tenant’s departure.
The markets reacted quickly, causing the price of Fermi shares to plummet 33% that day. The closing price of $10.09 on December 12 was nearly 52% lower than Fermi’s October IPO price.
“We’re focused on whether the company has been transparent enough about the strength and terms of the agreements with Tenant 1,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Fermi and have substantial losses, or have knowledge that may assist the firm’s investigation, »
If you’d like more information and answers to frequently asked questions about the Fermi investigation,
Whistleblowers: Individuals with non – public information about Fermi should consider their options to assist in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards of up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844 – 916 – 0895 or email .
Hagens Berman is a global plaintiffs’ rights complex litigation firm that focuses on corporate accountability. The firm has a strong practice and represents investors, whistleblowers, workers, consumers, and others in cases that achieve real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at . Follow the firm for updates and news at .
SOURCE Hagens Berman Sobol Shapiro LLP