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“Fermi Shares Slide After Deep Q3 Loss — CEO Warns the U.S. Is “At War” Over AI Leadership”🚨

Fermi (FRMI $22.35, -11.69%) plunged Tuesday after the newly public company reported a massive third-quarter loss — its first earnings report since debuting on the market last month.

The nuclear-powered data center startup posted a net loss of $346.8 million, far exceeding analyst expectations for a $13.3 million loss, according to FactSet. Nearly $309 million of that total was attributed to unspecified “other expenses,” a vague category that left some investors questioning the company’s accounting transparency and spending priorities.

Fermi, cofounded by former U.S. Energy Secretary Rick Perry, aims to use small modular nuclear reactors to power large-scale AI data centers, reducing reliance on traditional fossil fuels and unstable electric grids. The company said it expects to bring 1.1 gigawatts of gas capacity online by the end of 2026, part of a broader strategy to fuse nuclear, natural gas, and AI infrastructure into what it calls “the next energy revolution.”

In its letter to shareholders, Fermi struck an unusually militant tone — likening America’s race to dominate AI infrastructure to the Manhattan Project of World War II.

“Not all enemies wear uniforms, but make no mistake, America is at war,” the company wrote, suggesting the U.S. must accelerate its technological and energy development to compete with China.

The dramatic language, coupled with the steep loss and absence of current revenue, rattled investors who had bid up the stock after its IPO amid growing hype around AI infrastructure plays.

Still, Fermi’s bold narrative — positioning itself as a patriotic, high-tech energy firm at the crossroads of AI and national security — has captured attention in Washington and Silicon Valley alike. Whether that vision translates into profits, however, remains to be seen.