# EDGAR Filing Document

**Accession Number:** 0002071778
**File Stem:** 0001213900-25-100007
**Filing Date:** 2025-10
**Character Count:** 31353
**Document Hash:** e56cd24029ce37c690f95fed707a89f8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-100007.hdr.sgml**: 20251017

**ACCESSION NUMBER**: 0001213900-25-100007

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 16

**FILED AS OF DATE**: 20251017

**DATE AS OF CHANGE**: 20251017

**EFFECTIVENESS DATE**: 20251017

**FILER**: 

**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:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290943
- **FILM NUMBER:** 251401399

**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

**As filed with the Securities and Exchange Commission on October 17, 2025**

**Registration No. 333-**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM S-8**

**REGISTRATION STATEMENT**

***UNDER***

***THE SECURITIES ACT OF 1933***

**Fermi Inc.**

**(Exact name of registrant as specified in its charter)**

---

| | |
|:---|:---|
| **Texas** | **33-3560468** |
| (State or other jurisdiction of<br> incorporation or organization) | (I.R.S. Employer <br> Identification No.) |

---

---

| | |
|:---|:---|
| **620 S. Taylor St., Suite 301<br> Amarillo, TX** | **79101** |
| (Address of principal executive offices) | (Zip Code) |

---

**Fermi Inc. 2025 Long-Term Incentive Plan**

(Full title of the plan)

**Toby R. Neugebauer**

**Chief Executive Officer<br> Fermi Inc.**

**620 S. Taylor St., Suite 301<br> Amarillo, Texas 79101**<br> (Name and address of agent for service)

**(214) 894-7855**

(Telephone number, including area code, of agent for service)

 **

***With copies of communications to:***

 

**Matthew L. Fry, Esq.**

**Logan J. Weissler, Esq.**

**Haynes and Boone, LLP**

**2801 N. Harwood Street, Suite 2300**

**Dallas, Texas 75201**

**(214) 651-5000**

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☐ <br> Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**EXPLANATORY NOTE**

This Registration Statement on Form S-8 (this "***Registration Statement***") is being filed to register shares of common stock, par value $0.001, of Fermi Inc. (the "***Company***") that may be issued to employees, contractors or outside directors of the Company or its subsidiaries pursuant to future grants of equity-based awards under the Fermi Inc. 2025 Long-Term Incentive Plan (the "***2025 LTIP***"). The maximum number of shares of the Company's common stock that may be delivered pursuant to awards granted under the 2025 LTIP is 69,073,650 plus the Pre-IPO Equity Awards (as defined in the 2025 LTIP), subject to adjustment as set forth in the 2025 LTIP. Pursuant to the 2025 LTIP, the number of shares of common stock authorized for issuance under the 2025 LTIP will automatically increase on the first trading day of each calendar year beginning with the calendar year 2026 and ending and including 2035, in an amount equal to the lesser of (a) 10% of the aggregate number of shares of common stock outstanding on December 31 of the immediately preceding calendar year, plus the Pre-IPO Equity Awards (as defined in the 2025 LTIP), and (b) such smaller number of shares of common stock as is determined by the board of directors (the "Board") in its sole discretion. The 2025 LTIP also provides that, to the extent an award under the 2025 LTIP or any Pre-IPO Equity Award is forfeited, expires or is canceled, in whole or in part, then the number of shares of common stock covered by the forfeited, expired or canceled award may again be awarded under the 2025 LTIP.

**PART I**

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS**

The documents containing the information specified in Part I will be sent or given to eligible participants in accordance with Rule 428(b)(1) under the Securities Act of 1933, as amended (the "***Securities Act***"). Such documents are not being filed by the Company with the Securities and Exchange Commission (the "***Commission***"), either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities Act. Such documents and the documents incorporated by reference in this Registration Statement pursuant to Item 3 of Part II hereof, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3. Incorporation of Documents by Reference.**

The Company hereby incorporates by reference in this Registration Statement the following documents (excluding those portions of any Current Report on Form 8-K that are "furnished" and not "filed" pursuant to applicable rules and regulations of the Commission):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company's prospectus, dated September 30, 2025, filed with the Commission pursuant to [Rule 424(b)](http://www.sec.gov/Archives/edgar/data/2071778/000121390025094424/ea0252333-11.htm) Rule 424(b) of the Securities Act on October 1, 2025, relating to the Company's Registration Statement on [Form S-11](http://www.sec.gov/Archives/edgar/data/2071778/000121390025093848/ea0252333-09.htm) (File No. 333-290089);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company's Current Reports on Form 8-K, filed with the Commission on [October 3, 2025](http://www.sec.gov/Archives/edgar/data/2071778/000121390025095832/ea0260052-8k_fermi.htm) and [October 6, 2025](http://www.sec.gov/Archives/edgar/data/2071778/000121390025096560/ea0260350-8k_fermi.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Company's Registration Statement on [Form 8-A](http://www.sec.gov/Archives/edgar/data/2071778/000121390025094050/ea0259239-8a12b_fermiinc.htm) filed with the Commission pursuant to Section 12(b)
of the Securities Exchange Act of 1934, as amended (the "  ***Exchange Act*** "), on September 30, 2025, relating to
the Company's common stock (File No. 001-42888), including all other amendments and reports filed for the purpose of updating such
description.

In addition, all documents filed by the Company pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act, prior to the filing of a post-effective amendment to this Registration Statement that indicates that all securities offered hereby have been sold or that deregisters all such securities then remaining unsold, but excluding information furnished to, rather than filed with, the Commission, shall be deemed to be incorporated by reference in this Registration Statement and made part hereof from their respective dates of filing (such documents, and the documents listed above, being hereinafter referred to as "***Incorporated Document(s)***").

Any statement contained in an Incorporated Document shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed Incorporated Document modifies or supersedes such statement. Any statement contained herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained in any subsequently filed Incorporated Document modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

**Item 4. Description of Securities.**

Not applicable.

**Item 5. Interests of Named Experts and Counsel.**

Not applicable.

**Item 6. Indemnification of Directors and Officers.**

The Company is incorporated under the laws of the State of Texas. Pursuant to Section 8.101 of the Texas Business Organizations Code (the "***TBOC***"), a corporation has the power to indemnify its directors and officers against judgments and certain expenses other than judgments that are actually and reasonably incurred in connection with a proceeding, provided that there is a determination that the individual acted in good faith and in a manner reasonably believed to be in the best interests of the corporation and, with respect to any criminal proceeding, had no reasonable cause to believe the individual's conduct was unlawful. Such determination will be made, in the case of an individual who is a director or officer at the time of such determination: (i) by a majority of the disinterested and independent directors, even though less than a quorum; (ii) by a majority vote of a committee of the directors if the committee is designated by a majority vote of the directors, who at the time of the vote are disinterested and independent, even though less than a quorum, and is composed solely of one or more directors who are disinterested and independent; (iii) by special legal counsel selected by the directors, or selected by a committee of the directors as described in the preceding two subparts above; (iv) by the owners or members of the corporation in a vote that excludes the ownership or membership interests held by each director who is not disinterested and independent; or (v) by a unanimous vote of the owners or members of the corporation.

The TBOC requires indemnification of directors and officers for reasonable expenses actually incurred relating to a wholly successful defense on the merits or otherwise in defense of a proceeding. The TBOC permits a corporation to advance expenses relating to the defense of any proceeding to directors and officers, contingent upon, among other things, such individuals' commitment to repay any advances unless it is determined ultimately that such individuals are entitled to be indemnified. No indemnification may be made in respect of any proceeding in which such individual is liable to the corporation or improperly received a personal benefit and is found liable for willful misconduct, breach of the duty of loyalty owned to the corporation, or an act or omission deemed not to be committed in good faith.

The Company's certificate of formation, as amended (the "***Certificate of Formation***"), authorizes, and the Company's bylaws (the "***Bylaws***") provide for, the indemnification of directors and officers of the Company to the fullest extent permitted by the TBOC. The Bylaws provide that expenses incurred by any officer or director in defending any action, suit or proceeding in advance of its final disposition shall be paid by the Company upon delivery to the Company of (i) a written affirmation by the director or officer of such person's good faith belief that he or she has met the standard of conduct necessary for indemnification under the TBOC and (ii) an undertaking, by or on behalf of such director or officer, to repay all amounts so advanced if it shall ultimately be determined that such director or officer is not entitled to be indemnified by the Company.

The TBOC provides that a corporation's certificate of formation may include a provision limiting the personal liability of a director or officer to the corporation or its shareholders for monetary damages for an act or omission as a director or officer. However, no such provision can eliminate or limit the liability of a director or officer for: (i) any breach of the director's or officer's duty of loyalty to the corporation or its shareholders; acts or omissions not in good faith (a) that constitute a breach of a duty owed to the corporation or (b) involve intentional misconduct or a knowing violation of the law; (iii) violation of certain provisions of Texas law; or (iv) any transaction from which the director received an improper benefit. The Certificate of Formation provides that the Company's directors and officers will not be personally liable to the Company or any of its shareholders for monetary damages for an act or omission in the director's or officer's capacity as a director or officer to the fullest extent permitted by Texas law.

Texas law also permits a corporation to purchase and maintain insurance or another arrangement on behalf of any person who is or was a director or officer against any liability asserted against him or her and incurred by him or her in such a capacity or arising out of his or her status as such a person, whether or not the corporation would have the power to indemnify him or her against that liability under Section 8.101 of the TBOC. The Company carries officer and director liability insurance with respect to certain matters, including matters arising under the Securities Act. The Company has also entered into written indemnification agreements with its executive officers and members of its board of directors. These indemnification agreements require the Company to indemnify the executive officers and directors to the fullest extent permitted by applicable law against liability that may arise by reason of their service to the Company, and to advance expenses incurred as a result of any proceeding against them as to which they could be indemnified. The indemnification discussed in this Item 6 is not exclusive of any other rights the party seeking indemnification may possess.

**Item 7. Exemption from Registration Claimed.**

Not applicable.

**Item 8. Exhibits.**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 4.1 | [Certificate of Formation of Fermi Inc. (as amended through October 1, 2025) (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on October 3, 2025).](http://www.sec.gov/Archives/edgar/data/2071778/000121390025095832/ea026005201ex3-1_fermi.htm) |
| 4.2 | [Bylaws of Fermi Inc. (incorporated by reference to Exhibit 3.2 to the Company's Current Report on Form 8-K filed on October 3, 2025).](http://www.sec.gov/Archives/edgar/data/2071778/000121390025095832/ea026005201ex3-2_fermi.htm) |
| 5.1\* | [Legal Opinion of Haynes and Boone, LLP.](ea026153901ex5-1_fermi.htm) |
| 23.1\* | [Consent of Ernst & Young LLP.](ea026153901ex23-1_fermi.htm) |
| 23.2\* | [Consent of Haynes and Boone, LLP (included in its opinion filed as Exhibit 5.1).](ea026153901ex5-1_fermi.htm) |
| 24.1\* | [Power of Attorney (included in the signature page to this Registration Statement).](#sig_001) |
| 99.1 | [Fermi Inc. 2025 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on October 3, 2025).](http://www.sec.gov/Archives/edgar/data/2071778/000121390025095832/ea026005201ex10-2_fermi.htm) |
| 99.2 | [Form of Restricted Stock Award Agreement (Employees) under the Fermi Inc. 2025 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.2 to the Company's Registration Statement on Form S-11 filed on September 8, 2025).](http://www.sec.gov/Archives/edgar/data/2071778/000121390025085175/ea025233301ex10-2_fermi.htm) |
| 99.3 | [Form of Restricted Stock Award Agreement (Non-Employee Directors) under the Fermi Inc. 2025 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.3 to the Company's Registration Statement on Form S-11 filed on September 8, 2025).](http://www.sec.gov/Archives/edgar/data/2071778/000121390025085175/ea025233301ex10-3_fermi.htm) |
| 99.4 | [Form of Restricted Stock Unit Award Agreement (Employees, Time-Based) under the Fermi Inc. 2025 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.4 to the Company's Registration Statement on Form S-11 filed on September 8, 2025).](http://www.sec.gov/Archives/edgar/data/2071778/000121390025085175/ea025233301ex10-4_fermi.htm) |
| 99.5 | [Form of Restricted Stock Unit Award Agreement (Employees, Performance-Based) under the Fermi Inc. 2025 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.5 to the Company's Registration Statement on Form S-11 filed on September 8, 2025).](http://www.sec.gov/Archives/edgar/data/2071778/000121390025085175/ea025233301ex10-5_fermi.htm) |
| 99.6 | [Form of Nonqualified Stock Option Agreement under the Fermi Inc. 2025 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.6 to the Company's Registration Statement on Form S-11 filed on September 8, 2025).](http://www.sec.gov/Archives/edgar/data/2071778/000121390025085175/ea025233301ex10-6_fermi.htm) |
| 107\* | [Filing Fee Table.](ea026153901ex-fee_fermi.htm) |

---

\* Filed herewith.

**Item 9. Undertakings.**

(a) The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being
made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the
Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after
the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing,
any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which
was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus
filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20%
change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective
registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan
of distribution not previously disclosed in the registration statement or any material change to such information in the registration
statement;

*provided, however*, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment
any of the securities being registered which remain unsold at the termination of the offering.

(b) The undersigned registrant hereby undertakes that, for purposes
of determining any liability under the Securities Act, each filing of the registrant's annual report pursuant to Section 13(a)
or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to
Section 15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
bona fide offering thereof.

(h) Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions,
or otherwise, the registrant has been advised that in the opinion of the Commission such indemnification is against public policy as
expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities
(other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant
in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection
with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as
expressed in the Securities Act and will be governed by the final adjudication of such issue.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Amarillo, State of Texas, on October 17, 2025.

**Fermi Inc.**

---

| | | |
|:---|:---|:---|
|  | By: | */s/ Toby R. Neugebauer* |
| Date: October 17, 2025 |  | Toby R. Neugebauer, Chief Executive Officer |
|  |  | (Principal Executive Officer) |
|  | By: | */s/ Miles Everson* |
| Date: October 17, 2025 |  | Miles Everson, Chief Financial Officer |
|  |  | (Principal Accounting Officer and <br> Principal Financial Officer) |

---

**POWER OF ATTORNEY**

Each person whose signature appears below constitutes and appoints Toby R. Neugebauer or Miles Everson, each with full power to act alone, as his true and lawful attorney-in-fact and agent, with full power of substitution, for him and on his behalf and in his name, place and stead, in any and all capacities, to execute any and all amendments (including post-effective amendments) to this Registration Statement, including, without limitation, additional registration statements filed pursuant to Rule 462(b) under the Securities Act, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Commission, granting unto said attorney-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises in order to effectuate the same, as fully and to all intents and purposes as he might or could do if personally present, hereby ratifying and confirming all that said attorneys-in-fact and agents, or either of them, or their substitute or their substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the date indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| */s/ Toby Neugebauer* | Chief Executive Officer, | October 17, 2025 |
| Toby R. Neugebauer | President and Director (Principal Executive Officer) |  |
| */s/ Miles Everson* | Chief Financial Officer | October 17, 2025 |
| Miles Everson | (Principal Financial Officer and <br> Principal Accounting Officer) |  |
| */s/ Cordel Robbin-Coker* | Director | October 17, 2025 |
| Cordel Robbin-Coker |  |  |
| */s/ Marius Haas* | Director | October 17, 2025 |
| Marius Haas |  |  |
| */s/ Lee McIntire* | Director | October 17, 2025 |
| Lee McIntire |  |  |
| */s/ Rick Perry* | Director | October 17, 2025 |
| Rick Perry |  |  |

---

## Exhibit 5.1

**Exhibit 5.1**

---

| | |
|:---|:---|
| ![](ex5-1_001.jpg) | ![](ex5-1_002.jpg) |

---

October 17, 2025

Fermi Inc.

620 S. Taylor St., Suite 301

Amarillo, Texas 79101

Re: Fermi Inc. Registration Statement on Form S-8

Ladies and Gentlemen:

We have acted as counsel to Fermi Inc., a Texas corporation (the "***Company***"), with respect to certain legal matters in connection with the preparation of the Company's Registration Statement on Form S-8 (the "***Registration Statement***") under the Securities Act of 1933, as amended (the "***Securities Act***"), filed with the Securities and Exchange Commission on the date hereof. The Registration Statement relates to the registration of 69,073,650 shares (the "***Shares***") of the Company's common stock, $0.001 par value per share (the "***Common Stock***"), for issuance pursuant to the Fermi Inc. 2025 Long-Term Incentive Plan (the "***Incentive Plan***").

This opinion is being furnished in accordance with the requirements of Item 601(b)(5) of Regulation S-K under the Securities Act.

We have not considered and express no opinion herein as to the laws of any state or jurisdiction other than the laws of the State of Texas.

In rendering the opinion set forth herein, we have examined originals or copies, certified or otherwise identified to our satisfaction, of (i) the Certificate of Formation of the Company, as amended, and the Bylaws of the Company; (ii) certain resolutions of the board of directors of the Company related to the filing of the Registration Statement, the approval of the Incentive Plan and related matters; (iii) the Incentive Plan; (iv) the Registration Statement and all exhibits thereto; (v) a certificate executed by an officer of the Company, dated as of the date hereof; and (vi) such other records, documents and instruments as we considered appropriate for purposes of the opinion stated herein.

In making the foregoing examinations, we have assumed the genuineness of all signatures, the legal capacity of all natural persons, the authenticity of all documents submitted to us as originals, the conformity to original documents submitted to us as certified, conformed or photostatic copies thereof and the authenticity of the originals of such latter documents. As to all questions of fact material to the opinion stated herein, we have, without independent third-party verification of their accuracy, relied in part, to the extent we deemed reasonably necessary or appropriate, upon the representations and warranties of the Company contained in such documents, records, certificates, instruments or representations furnished or made available to us by the Company.

In rendering the opinion set forth below, we have assumed that, at the time of the issuance of the Shares, (i) the resolutions of the board of directors of the Company referred to above will not have been modified or rescinded; (ii) there will not have occurred any change in the law affecting the authorization, execution, delivery, validity or fully paid status of the Common Stock; and (iii) the individual issuances, grants or awards under the Incentive Plan will be duly authorized by all necessary corporate action of the Company and duly issued, granted or awarded in accordance with the requirements of the Incentive Plan.

Based on the foregoing, and subject to the assumptions, qualifications, limitations, and exceptions set forth herein, we are of the opinion that upon the issuance of the Shares in accordance with the terms of the Incentive Plan, the Shares will be validly issued, fully paid and non-assessable.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to all references to us in the Registration Statement. In giving this consent, we do not admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act and the rules and regulations thereunder. This opinion is given as of the date hereof and we assume no obligation to update or supplement such opinion after the date hereof to reflect any facts or circumstances that may thereafter come to our attention or any changes that may thereafter occur.

---

| |
|:---|
| Very truly yours, |
| */s/ Haynes and Boone, LLP* |
| HAYNES AND BOONE, LLP |

---

## Exhibit 23.1

**Exhibit 23.1**

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the Registration Statement (Form S-8) pertaining to the 2025 Long-Term Incentive Plan of Fermi Inc. (formerly Fermi LLC) of our report dated July 2, 2025, with respect to the financial statements of Fermi LLC included in its Registration Statement on Form S-11 (No. 333-290089) filed with the Securities and Exchange Commission.

/s/ Ernst & Young LLP

Fort Worth, Texas

October 17, 2025

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**S-8**

**Fermi Inc.**

**Table 1: Newly Registered Securities**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| Equity | Common Stock | (1) | Other | 69073650 | $29.31 | $2024548681.50 | 0.0001381 | $279590.17 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $2024548681.50 |  | 279590.17 |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  |  |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $279590.17 |

---

**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"), this Registration Statement on Form S-8 covers any additional shares of the registrant's common stock that become issuable as a result of any stock split, stock dividend, recapitalization or other similar transaction effected without the receipt of consideration that increases the number of the registrant's outstanding shares of common stock. Represents shares of the registrant's common stock issuable under the Fermi Inc. 2025 Long-Term Incentive Plan (the "2025 LTIP"). Estimated pursuant to Rule 457 under the Securities Act solely for purposes of calculating the registration fee. The price is calculated on the basis of the average of the high and low prices of the registrant's shares of common stock on October 14, 2025, as reported on The Nasdaq Stock Market LLC.