Is FRMI halal?
Fermi Inc.
Doubtful
No clear verdict is possible for Fermi Inc. — data is insufficient or the case is contested in fiqh. As a precaution it is NOT included in the halal list.
Checked: 15 October 2026
Exchange
NASDAQ
Price
3.16
Day
-6.92%
Market cap
$2.11B
Industry
REIT - Specialty
Sector
Real Estate
What the company does
Fermi (IPO 2025, a REIT) is building 'Project Matador', a private power campus in Texas for AI data centers (gas, nuclear, solar, batteries — an 11 GW plan). No revenue yet; it expects rent.
What was checked
The AAOIFI standard has four steps: business activity first, then three financial ratios. Fail one and the stock is not halal.
Business activity
Activity needs clarification: REIT - Specialty
Interest-bearing debt / market cap
limit 30%
Interest-bearing debt $520.09M ÷ current market cap $2.11B = 24.6%
24.6%
Pass
Cash & investments / market cap
limit 30%
Cash + interest-bearing securities $62.54M ÷ current market cap $2.11B = 3.0%
3.0%
Pass
Non-compliant income / total revenue
limit 5%
—
No data
Figures from the company's filings (2026-06-30), USD. Market cap is a 36-month average (the S&P Shariah index approach), so a one-day price move does not flip the verdict.
In the lists
- In the S&P 500
- Not in the S&P 500
- Held by funds
- SPRE 2.90%
Superinvestors
SEC 13F, 2026 Q3. Up to 45 days delayed.Held by 1 superinvestors · Average reported price: $9.16
- Christopher DavisDavis Advisors$4.1M0.0%
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- Halal investingBlogAAOIFI Shariah Standard No. 21 in plain languageThe most widely used standard for halal stock screening: the two-step test, the three ratios and how it differs from other methods.
Halal is the first question. The second: when to enter?
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This is neither investment advice nor a fatwa. Screening is based on public financial statements and AAOIFI standard No. 21; data may lag. For a personal decision consult your own scholar.