# EDGAR Filing Document

**Accession Number:** 0002071778
**File Stem:** 0000000000-25-007920
**Filing Date:** 2025-7
**Character Count:** 12257
**Document Hash:** f7138e3c667011387260ae81aecfe4d8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-007920.hdr.sgml**: 20260304

**ACCESSION NUMBER**: 0000000000-25-007920

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250728

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Fermi Inc.
- **CENTRAL INDEX KEY:** 0002071778
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 333560468
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 377-08175

**BUSINESS ADDRESS:**
- **STREET 1:** 620 S. TAYLOR
- **STREET 2:** SUITE 301
- **CITY:** AMARILLO
- **STATE:** TX
- **ZIP:** 79101
- **BUSINESS PHONE:** 512-552-0219

**MAIL ADDRESS:**
- **STREET 1:** 620 S. TAYLOR
- **STREET 2:** SUITE 301
- **CITY:** AMARILLO
- **STATE:** TX
- **ZIP:** 79101

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Fermi LLC
- **DATE OF NAME CHANGE:** 20250605
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001641172-25-017704

## Text-Extract

```

                                                            July 28, 2025

Toby R. Neugebauer
Chief Executive Officer
Fermi LLC
3401 Armstrong Ave.
Dallas, TX 75205

       Re: Fermi LLC
           Draft Registration Statement on Form S-11
           Submitted July 3, 2025
           CIK No. 0002071778
Dear Toby R. Neugebauer:

       We have reviewed your draft registration statement and have the
following comments.

       Please respond to this letter by providing the requested information and
either
submitting an amended draft registration statement or publicly filing your
registration
statement on EDGAR. If you do not believe a comment applies to your facts and
circumstances or do not believe an amendment is appropriate, please tell us why
in your
response.

      After reviewing the information you provide in response to this letter
and your
amended draft registration statement or filed registration statement, we may
have additional
comments.

Draft Registration Statement submitted on July 3, 2025
Summary
Phase 1: Initial Development & Construction of the First Gigawatt, page 14

1.     Please expand your disclosure in the summary regarding the 400 MW
Siemens 6x1
       SGT-800 combined cycle system purchase to include the purchase price and
the 2.5%
       Net Profit Interest.
Our Revenue Model and Tenant Contracts, page 20

2.     Please tell us the purpose of the table on page 20 and how it applies to
your proposed
       business. Tell us how the transactions listed were selected and clarify
if the
       transaction size/EV and EBITDA numbers are in millions of dollars. We
also note that
       the information is attributed to several equity research firms and
discussions with
 July 28, 2025
Page 2

       management. Please clarify whether you commissioned this information and
if so, file
       the consents of the firms as exhibits.
Implications of Being an Emerging Growth Company, page 21

3.     You state on the cover page and on page 56 that as an emerging growth
company you
       have elected to opt out of the extended transition period provided in
Section
       7(a)(2)(B) of the Securities Act for complying with new or revised
accounting
       standards. However, on pages 21 and 76 you indicate that while the
Company does
       not intend to take advantage of the longer phase-in periods for the
adoption of new or
       revised financial accounting standards under Section 107 of the JOBS
Act, if you do
       make an election to use the phase-in periods permitted by Section 107 of
the JOBS
       Act, such election may make it difficult to compare your financial
statements to those
       of non-emerging growth companies and other emerging growth companies
that have
       opted out of the longer phase-in periods under Section 107 of the JOBS
Act and who
       will comply with new or revised financial accounting standards. Please
remove such
       disclosure as it appears to suggest that the Company may later elect to
use the phase-
       in periods under section 107 of the JOBS Act after it has elected to
opt-out of doing
       so. As indicated in your disclosure on page 56, to the extent you opt
out of the
       extended transition provisions, such election is irrevocable.
Risk Factors , page 26

4.     Please expand your risk factor disclosure to address all material risks
related to your
       proposed nuclear operations including, for example, whether a major
incident at a
       nuclear facility anywhere in the world could cause the Nuclear
Regulatory
       Commission to limit or prohibit the operation or licensing of any
domestic nuclear
       unit; any risks related to limitations on the amounts and types of
insurance
       commercially available to cover losses that might arise in connection
with nuclear
       operations; risks related to funding the cost of decommissioning your
nuclear
       facilities; and any risks relating to hiring qualified contractors for
construction of your
       nuclear reactors.
5.     We note your disclosure on page 87 regarding proximity to traditional
Tier 1 data
       center markets. Please expand your risk factor disclosure to address
material risks
       related to your distance from such markets including whether there are
any technical
       implications such as whether long-distance connections may require
amplifiers and
       maintenance.
Use of Proceeds, page 63

6.     We note your disclosure regarding your use of proceeds to fund your
expected capital
       expenditures with respect to Project Matador   s Phase 0 and Phase 1,
your continuing
       operations, your procurement and installation of equipment, your power
generation
       milestone payments, and your pipeline development projects. Please
revise to disclose
       the approximate amount intended to be used for each such purpose. If any
material
       amounts of other funds are necessary to accomplish the specified
purposes for which
       the proceeds are to be obtained, state the amounts of such other funds
needed for each
       such specified purpose and the sources thereof. Refer to Item 504 of
Regulation S-K.
 July 28, 2025
Page 3

Liquidity and Capital Resources, page 73

7.     Please expand your disclosure to discuss your ability to generate and
obtain adequate
       amounts of cash to meet your requirements for the next 12 months and
separately
       beyond the next 12 months. In this regard, disclose how you considered
your ability to
       continue as a going concern and its impact on your liquidity. Further,
ensure your
       disclosures describe and analyze the material cash requirements by
quantifying the
       estimated amounts needed related to Project Matador for each of the
phases disclosed
       in your Plan of Operations and other uses of capital over the next 12
months and
       beyond. Finally, address any limitations and constraints on obtaining
any of the
       anticipated financings outlined in your Sources of Liquidity section and
the resulting
       implications on your plan of operations for the next 12 months and
beyond. Refer to
       Item 303(b)(1) of Regulation S-K.
8.     Please describe the material terms of your convertible debt financing
including
       the certain qualified events under which the notes will automatically
convert into
       Class A Units referenced on page 70.
Project Matador Development Phases, page 88

9.     Please clarify the approximate timing for each of your development
phases, in
       particular phases 2, 3 and 4. We note your disclosure on page 36 that
you plan to
       develop four Westinghouse Reactors, each with 1,100 MW of capacity, with
one unit
       commencing construction every two years beginning December 31, 2026. We
also
       note your risk factor disclosure that the NRC   s review process is
extensive and can
       span multiple years and that NEPA reviews can also take multiple years.
Use of Special Purpose Entities, page 93

10.    Please provide expanded disclosure explaining the role of each of the
SPEs identified
       in the chart. Explain clearly Fermi's relationship with each of these
entities
       including the extent and nature of any ownership interests, any
guarantee
       arrangements, who will control such entities and how such control will
be exercised.
       Disclose the ownership amounts in the chart. Also, describe your
       planned use of customized financing and offtake agreements with such
special
       purpose entities.
Nuclear Safety Regulation and Approvals, page 97

11.    Please provide an expanded discussion of applicable regulations related
to your
       planned nuclear developments including without limitation under the
Atomic Energy
       Act 1954, the National Environmental Policy Act and the Nuclear Waste
Policy Act
       of 1982. Describe clearly the role of the Nuclear Regulatory Commission.
TTU Lease Agreement, page 101

12.    We note your disclosure that the foregoing description of the Lease is
not intended to
       be complete and is qualified in its entirety by reference to the Lease.
Note that
       information in the prospectus may not be qualified by information
outside of the
       prospectus other than as stated in Rule 411(a). Please revise to provide
a complete
       description of the material terms of the lease including, for example,
the term of the
 July 28, 2025
Page 4

       Lease as referenced elsewhere and the certain conditions referenced on
page 101 and
       the conditions precedent under the Lease referenced on page 88. Also,
describe the
       material terms of the Groundwater Lease.
Certain Relationships and Related Party Transactions, page 110

13.    We note your disclosure on page 51 that certain of your founders,
executives, and
       strategic advisors are also investors, vendors, or partners in
Company-related
       development entities or energy SPEs. Please describe these
relationships, as may be
       required by Item 404 of Regulation S-K.
Material U.S. Federal Income Tax Considerations, page 123

14.    We note your disclosure that the following is a summary of certain
material U.S.
       federal income tax considerations relating to your qualification and
taxation as a
       REIT. The tax opinion you provide should present clearly the material
tax
       consequences of the transaction and not be merely a summary of certain
       considerations. Refer to Staff Legal Bulletin No. 19, Section III.C.2.
Please revise or
       advise.
15.    Please remove the disclaimer that your disclosure in this section that
"[t]his summary
       of certain material U.S. federal income tax considerations is for
general information
       purposes only and is not tax advice." Investors are entitled to rely on
the disclosure in
       your prospectus.
Exhibits

16.    Please file material agreements such as the Equipment Purchase Agreement
with
       Firebird LNG, LLC, the equipment purchase agreement with Bayonne Plant
Holding,
       L.L.C. and the groundwater lease as exhibits. See Item 601(b)(10) of
Regulation S-K.
General

17.    Please supplementally provide us with copies of all written
communications, as
       defined in Rule 405 under the Securities Act, that you, or anyone
authorized to do so
       on your behalf, present to potential investors in reliance on Section
5(d) of the
       Securities Act, whether or not they retain copies of the communications.
        Please contact Ameen Hamady at 202-551-3891 or Shannon Menjivar at
202-551-
3856 if you have questions regarding comments on the financial statements and
related
matters. Please contact Ruairi Regan at 202-551-3269 or Pamela Long at
202-551-3765 with
any other questions.

                                                             Sincerely,

                                                             Division of
Corporation Finance
                                                             Office of Real
Estate & Construction
cc:   Matthew L.Fry, Esq.

```

### Attached PDF Documents

**Attachment 1:** `filename1`

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