(Incorporated in Texas)

We are a newly organized real estate investment trust (REIT). We have applied to list our Common Stock on the Nasdaq Global Select Market (“Nasdaq”) under the symbol “FRMI.” Additionally, we intend to apply to list our Common Stock on the main market of the London Stock Exchange plc (the “London Stock Exchange”) under the symbol “FRMI.” Please Note: Ocean Capital is the advisor for the UK IPO, according to the prospectus. 

Fermi’s mission is to power the artificial intelligence (“AI”) needs of tomorrow. We are an advanced energy and hyperscaler development company purpose-built for the AI era. Our mission is to deliver up to 11 gigawatts (“GW”) of low-carbon, HyperRedundant™, and on-demand power directly to the world’s most compute-intensive businesses with 1 GW of power projected to be online by the end of 2026. We have entered into a long-term lease on a site large enough to simultaneously house the next four largest data center campuses by square footage currently in existence. In a world in which power is considered a key currency for AI innovation, we believe that Fermi has a unique combination of important advantages that will help propel America’s AI economy forward. Fermi offers investors an opportunity to invest in AI growth and grid-independent energy infrastructure through a tax-efficient public REIT structure.

At the heart of our vision is the Advanced Energy and Intelligence Campus at Texas Tech University (“Project Matador”), which is a multi-gigawatt energy and data center development campus designed to support the accelerating needs of to-be-built AI infrastructure. Situated on a 5,236-acre site in Amarillo, Texas, Project Matador is secured by Fermi pursuant to a 99-year Ground Lease Agreement on land owned by the Texas Tech University System (as amended, the “Lease”), which we believe will provide long-term site control and potential efficiencies through a partnership with a public university. We believe our HyperRedundant™ site is strategically located adjacent to one of the largest known natural gas fields in the United States that is (i) within a high-radiance solar corridor, (ii) well-positioned for advanced nuclear development and (iii) supportive of multiple energy pathways including near-term natural gas power development. While Fermi’s mission is to expand beyond natural gas-fired generation, we believe our ready access to large volumes of natural gas from adjacent pipeline infrastructure could enable us to scale up to 11 GW of natural gas-fired base load power generation over time.

Beyond natural gas-fired generation, our Combined License Application (“COL Application”) for 4 GW of nuclear power has undergone a preliminary review and has been accepted for processing by the U.S. Nuclear Regulatory Commission (the “NRC”), which reinforces Project Matador’s readiness for low-carbon baseload generation beyond natural gas-fired generation. With existing water, fiber, and natural gas infrastructure readily accessible, we believe Fermi is uniquely-positioned to deploy an integrated mix of natural gas, nuclear and solar energy power to enable grid-independent, high-density computing power on the Project Matador Site. Through a combination of natural gas turbine purchases, a focus on procuring other long lead-time equipment, and negotiations with Southwestern Public Service Company (“SPS”), the local utility, we expect to secure approximately 1 GW of power for our operations by the end of 2026 (including an expected 200 megawatts (“MW”) from our expected contractual arrangement with SPS). We believe this rapid power delivery timeline is a critical differentiator that will allow Fermi to attract tenants that require near-term access to large-scale, reliable energy to power their AI data center compute needs.

Project Matador is in close proximity to the U.S. Department of Energy’s (the “DOE”) Pantex Plant (the “Pantex Plant”), the nation’s primary nuclear weapons center, which employs approximately 4,600 skilled nuclear professionals. Our proximity to the Pantex Plant offers us the opportunity to access a highly experienced workforce steeped in nuclear safety culture and expertise. We believe this proximity to critical United States nuclear and security infrastructure will be highly attractive to our prospective tenants. With key regulatory approvals in progress, growing stakeholder relationships and energy infrastructure readiness, we believe that Project Matador represents unmatched, sector-defining potential to deliver up to 11 GW of power to on-site compute centers by 2038 through a redundant and flexible mix of natural gas, nuclear and solar energy power. Project Matador is expected to be anchored by what we believe would become the nation’s second-largest nuclear generation complex with capacity to house up to four AP1000 Pressurized Water Reactors developed by Westinghouse.

Through our REIT structure, Fermi offers investors exposure to AI infrastructure growth and long-term, large-scale and reliable energy development in a tax-efficient public vehicle.

Note: Net loss is in U.S. dollars for the period from inception – Jan. 10, 2025 – through June 30, 2025, according to the prospectus. Fermi LLC is a development-stage company – and for that reason – the company has no revenue.

(Note: Fermi priced its IPO at $21.00 – above the mid-point of its range – and sold 32.5 million shares – the number of shares in the prospectus for the recently upsized deal – and raised $682.5 million on Tuesday night, Sept. 30, 2025.)

(Note: Fermi upsized its IPO – increasing the number of shares to 32.5 million – UP from 25.0 million shares originally – and kept the price range at $18.00 to $22.00 – to raise $650 million, if priced at the $20.00 mid-point of its range. Background: Fermi – a real estate investment trust (also known as a REIT) – unveiled the terms of its IPO on Sept. 24, 2025, in an S-11/A filing: 25 million shares at a price range of $18.00 to $22.00 to raise $500 million, if priced at the $20.00 mid-point of its range. Fermi LLC intends to change its name to Fermi Inc. in connection with the IPO. The company is planning a U.S. IPO – a NASDAQ listing – and a UK IPO, according to the prospectus.) 

(Background: Fermi LLC disclosed its plans for an IPO on Sept. 8, 2025, in an S-11 filing, without stating the terms. Some Wall Street pros estimate that Fermi’s IPO could raise about $150 million. The $100 million figure in this IPO Profile is a placeholder figure.)