Fermi
FRMI-🇺🇸 USA
- Price
- $1.50
- as of Nov 6, 2026
- Market cap
- $1.0B
- as of Nov 6, 2026
- Next earnings
- Thu, Nov 12
- Q3 2026
Estimated total debt principal$1.32Bfacilities drawn: $536.9M of $785.0M
Trailing 12-month dilution+5.8%Nov 11, 2025 → Aug 10, 2026
Cash & equivalents$91.7Mas of Aug 14, 2026
Estimated cost of debt8.86%
Basic shares outstanding - Evolution
Debt stack
Convertible notes
Total: $431.3M · net: $416.8M| Instrument | Principal | Rate | Reference price | Conversion price | Capped call | Prepaid forward repurchase | Maturity | Stage | Source |
|---|---|---|---|---|---|---|---|---|---|
$431.3Mnet $416.8M | 5% | $9.52 | 2031 | Closed | Jul 14, 2026 |
Term loan / DDTL
Total: $785.0M| Instrument | Principal | Rate | Maturity | Stage | Source |
|---|---|---|---|---|---|
Senior secured equipment supply term loan facility (Beal Credit Agreement, CLMG Corp. as agent)SPV · Fermi Turbine Warehouse II LLC | $165.0M | 12% | Closed | Mar 26, 2026 | |
Senior secured equipment warehouse credit facility (Keystone Master Loan Agreement)SPV · Fermi High Voltage Warehouse LLC | $120.0M | 12.9% | Aug 19, 2031 | Closed | Feb 19, 2026 |
Senior secured equipment loan warehouse facility (Fermi Turbine Warehouse LLC)SPV · Fermi Turbine Warehouse LLC | $500.0M | Aug 10, 2027 | Closed | Feb 10, 2026 |
Private placement
Total: $107.6M| Instrument | Principal | Rate | Maturity | Secured | Ratings | Stage | Source |
|---|---|---|---|---|---|---|---|
$107.6M | 15% | Closed | Aug 29, 2025 |
Equity & warrants
| Instrument | Description | Status | Source |
|---|---|---|---|
IPO — common stock, Nasdaq/LSE: FRMIEquity offering | Fermi raised approximately $784.9M. | Sep 30, 2025 |