# EDGAR Filing Document

**Accession Number:** 0002071778
**File Stem:** 0000000000-25-010621
**Filing Date:** 2025-9
**Character Count:** 4199
**Document Hash:** e88598e61a69281aa08a4dd0405a1607
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-010621.hdr.sgml**: 20260304

**ACCESSION NUMBER**: 0000000000-25-010621

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250929

**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 29, 2025

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

       Re: Fermi LLC
           Amended Registration Statement on Form S-11
           Filed September 29, 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. Unless
we note
otherwise, any references to prior comments are to comments in our September
26, 2025
letter.

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

1.     We note your revised disclosure on pages 24-25 regarding the
illustrative example of
       your NOI. Please provide additional information regarding your basis for
the
       projections, including the objective information considered. It remains
unclear how
       your lack of operating history and the uncertainty surrounding future
operating
       performance supports the determination 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 29, 2025
Page 2

Exhibits

2.     We note the tax opinion filed as Exhibit 8.1 provides that the
discussion set forth in
       the Prospectus under the heading    Material U.S. Federal Income Tax
Considerations,
       insofar as it describes provisions of U.S. federal income tax law and
Regulations or
       legal conclusions with respect thereto, constitutes, in all material
respects, an accurate
       summary under current law of the material U.S. federal income tax
considerations.
       Your tax opinion should identify the specific tax issue on which counsel
is opining
       and not merely be an opinion on the manner in which they are described
in the
       prospectus. Refer to Section III.C.1 of Staff Legal Bulletin for
guidance. Please
       revise.
        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 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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