The FIRE design for a burning plasma experiment is described in terms of its physics basis and engineering features. Systems analysis indicates that the device has a wide operating space to accomplish its mission, both for the ELMing H-mode reference and the high bootstrap current/high β advanced tokamak regimes. Simulations with 1.5D transport codes reported here both confirm and constrain the systems projections. Experimental and theoretical results are used to establish the basis for successful burning plasma experiments in FIRE.