Fermi Inc. (FRMI), which priced its IPO at $21, is a strategic hard-asset play tackling the AI and Bitcoin power bottleneck, targeting 11GW by 2038. With potential for $1.1B EBITDA in 2027 and $2.9B in 2028, FRMI could reach $75/share, implying a 3x return from its IPO price. Investors should watch for the $150M prepay from its first tenant by October 15th as a key near-term catalyst.