<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13G</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: Perry Griffin -->
          <cik>0001950683</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <securitiesClassTitle>Common Stock</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>09/30/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0002071778</issuerCik>
        <issuerName>Fermi Inc.</issuerName>
        <issuerCusip>314911108</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>620 S. Taylor</com:street1>
          <com:street2>Suite 301</com:street2>
          <com:city>Amarillo</com:city>
          <com:stateOrCountry>TX</com:stateOrCountry>
          <com:zipCode>79101</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(d)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Griffin Perry</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>71946450.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>71946450.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>71946450.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>12.67</classPercent>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
      <comments>Calculated based on 597,672,623 shares of Common Stock outstanding as of September 30, 2025, as reported on the Issuer's prospectus filed on October 1, 2025, pursuant to Rule 424(b)(4) under the Securities Act of 1933 (the "Prospectus").</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Caddis Holdings, LLC</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>TX</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>71946450.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>71946450.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>71946450.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>12.67</classPercent>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
      <comments>Calculated based on 597,672,623 shares of Common Stock outstanding as of September 30, 2025, as reported in the Prospectus.</comments>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>Fermi Inc.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>620 S. Taylor, Suite 301, Amarillo, Texas 79101</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>Griffin Perry</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>1333 Oak Lawn Ave., Suite 900, Dallas, Texas 75207</principalBusinessOfficeOrResidenceAddress>
        <citizenship>See response to Item 4 on cover page.</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>Y</notApplicableFlag>
      </item3>
      <item4>
        <amountBeneficiallyOwned>See response to Item 9 on cover page.

Reflects shares of common stock of Fermi Inc. (the "Issuer") directly held by Caddis Holdings, LLC. Mr. Perry is a managing member of Caddis Holdings, LLC and may be deemed to share voting and dispositive power of the reported securities. Nothing in this statement shall be deemed an admission of beneficial ownership of the reported securities for purposes of Section 13(d) or (g) of the Securities Exchange Act of 1934 or for any other purpose.</amountBeneficiallyOwned>
        <classPercent>See response to Item 11 on cover page.</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>See response to Item 5 on cover page.</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>See response to Item 6 on cover page.</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>See response to Item 7 on cover page.</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>See response to Item 8 on cover page.</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>Y</notApplicableFlag>
      </item10>
    </items>
    <exhibitInfo>Exhibit A - Joint Filing Agreement</exhibitInfo>
    <signatureInformation>
      <reportingPersonName>Griffin Perry</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Griffin Perry</signature>
        <title>Griffin Perry</title>
        <date>11/14/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Caddis Holdings, LLC</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Griffin Perry</signature>
        <title>Griffin Perry/Managing Member</title>
        <date>11/14/2025</date>
      </signatureDetails>
    </signatureInformation>
  </formData>

</edgarSubmission>
