Data center REIT Fermi plunges after tenant terminates agreement
Data center real estate investment trust Fermi's FRMI.O shares plunge 42% to $8.4 premarket after tenant terminates construction funding agreement
Co says investment grade-rated tenant has terminated a $150 million agreement for its Project Matador site
Site aimed at building world's largest energy and data complex, powered by nuclear, natural gas, and solar energy
FRMI says it has started discussions with several other potential tenants for power delivery at site in 2026
Co-founded by former U.S. Energy Secretary Rick Perry, FRMI was valued at $14.8 billion when its shares debuted on the Nasdaq in October
Current market cap is $9.36 billion, based on Thursday's close, according to data compiled by LSEG
7 brokerages rate the stock "buy" or higher; their median PT is $33 - LSEG
Up to last close, stock has dropped 39% since its listing in October
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