# EDGAR Filing Document

**Accession Number:** 0002071778
**File Stem:** 0000000000-25-010548
**Filing Date:** 2025-9
**Character Count:** 4094
**Document Hash:** 6bd08a48c99c4ac5f07178487dd719ed
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-010548.hdr.sgml**: 20260304

**ACCESSION NUMBER**: 0000000000-25-010548

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250926

**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

```

                                                            September 26, 2025

Toby R. Neugebauer
Chief Executive Officer
Fermi LLC
600 S. Tyler St.
Suite 1501
Amarillo, TX 79101

       Re: Fermi LLC
           Amendment No. 1 to Registration Statement on Form S-11
           Filed September 24, 2025
           File No. 333-290089
Dear Toby R. Neugebauer:

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

        Please respond to this letter by amending your registration statement
and providing
the requested information. 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 any amendment to your registration statement and the
information
you provide in response to this letter, we may have additional comments.

Amended Registration Statement on Form S-11
Prospectus Summary, page 1

1.     We note your disclosure on page 24 and elsewhere that market analysis
indicates that
       a tenant lease could generate $1.5 billion of revenue when normalized
for 1GW of
       gross capacity and power purchase agreements and that assuming your
equipment
       incurred $600 million in operating expenses, you would generate $900
million of NOI
       for such normalized GW. Please tell us your basis for the projections,
including the
       objective information considered. Explain how you considered your lack
of operating
       history and the uncertainty surrounding future operating performance in
determining
       that the projections are reasonable. In this regard, assumptions
underlying the
       disclosures should be disclosed and reasonably supportable. Refer to
Item 10 of
       Regulation S-K.
 September 26, 2025
Page 2

Exhibits

2.     Please remove the assumption in Exhibit 5.1 that the Company will
receive
       consideration for the issuance of the Shares that is at least equal to
the par value of the
       Common Stock. The legal opinion may not assume away the issues that are
the
       subject of the opinion such as that par value has been paid for the
common stock.
       Refer to Section II.B.3.a of Staff Legal Bulletin No. 19 for guidance.
Please provide a
       revised opinion accordingly.
        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 James Regan at 202-551-3269 or Mary Beth Breslin
at 202-
551-3625 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`

_No text found in this document._