Exclusive Fermi IPO Teardown

(NASDAQ: FRMI)

A comprehensive institutional-grade investment analysis of Fermi Inc., a development-stage nuclear energy REIT targeting AI datacenter infrastructure, evaluated using the proprietary Durable Growth Moat™ framework.

Report Title: Fermi – Speculative Infrastructure Bet or Strategic Option on AI’s Power Crisis?

Author: Raphaëlle d’Ornano, Decoding Discontinuity
Date: October 7, 2025
Pages: 31

Key Findings

Overall Rating: 1.8/5 Durable Growth Moat™ Score (High Risk)
Current Valuation: $17.1B (as of Oct 3, 2025)

What’s Covered

Full business model analysis of Fermi’s 11 GW nuclear-powered AI campus plan
Six critical “Need to Believe” assumptions evaluated
Stage-by-stage valuation framework ($1.5B to $55B across 6 development stages)
Comparative analysis vs. Crusoe Energy
Assessment of major execution risks including REIT qualification, nuclear development, and project financing

Bottom Line

While Fermi addresses real AI power constraints, the $17.1B valuation assumes near-perfect execution over 15 years with no operational track record.

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This analysis is for institutional investors and contains forward-looking assessments with inherent uncertainties.