"Intriguing" IPOs: Fermi (FRMI)

There has never been a company like Fermi on the public markets. Perhaps for a reason.

Watermill at Gennep, Vincent van Gogh, 1884, oil on canvas (Museo Nacional Thyssen-Bornemisza)

The word “unique” in the investing world relates to something positive. A unique opportunity is often a business or stock that possesses certain identifying traits that distinguish it from the competition in a positive way.

Fermi Inc.’s (NASDAQ: FRMI) IPO prospectus is one of the more unique prospectuses I’ve read and written about in this newsletter. In this case, however, I don’t think the term 'unique' has a positive connotation.

The most complimentary thing I can say about Fermi’s is that it is ambitious. Beyond ambition, I’m not sure what else to say because I can’t think of any other company with a similar business plan or corporate structure.

Let’s dig in.