Data center REIT Fermi plunges after tenant terminates agreement

Fermi

12/12/2025 14:17

** Data center real estate investment trust Fermi's FRMI.O shares plunge 42% to $8.4 premarket after tenant terminates construction funding agreement

** Co says investment grade-rated tenant has terminated a $150 million agreement for its Project Matador site

** Site aimed at building world's largest energy and data complex, powered by nuclear, natural gas, and solar energy

** FRMI says it has started discussions with several other potential tenants for power delivery at site in 2026

** Co-founded by former U.S. Energy Secretary Rick Perry, FRMI was valued at $14.8 billion when its shares debuted on the Nasdaq in October

** Current market cap is $9.36 billion, based on Thursday's close, according to data compiled by LSEG

** 7 brokerages rate the stock "buy" or higher; their median PT is $33 - LSEG

** Up to last close, stock has dropped 39% since its listing in October

 (Reporting by Utkarsh Tushar Hathi)

 ((utkarshtushar.hathi@thomsonreuters.com))