Fermi Inc. develops next-generation private electric grids that deliver highly redundant power at gigawatt scale to support next-generation intelligence and AI compute. The company combines cutting-edge technology with a multidisciplinary leadership team whose combined experience totals 25 GW, working to create one of the world's largest 17 GW next-generation private grids. The behind-the-meter Project Matador campus is expected to integrate the nation's largest combined-cycle natural gas project, one of the largest clean new nuclear power complexes in America, utility grid power, solar power, and battery energy storage to support hyperscale AI and advanced computing. The company was incorporated in 2025 and is headquartered in Amarillo, Texas.
Fermi's AI power campus advances, but convertible notes and governance fight weigh
▲
OpenAI lease buzz lifts demand hopes Reports that OpenAI is nearing a lease at Fermi's Project Matador campus signal strong demand for its data-center power. A major tenant would validate the business and could send the stock higher, though no deal is signed yet.
This is the core demand catalyst that could drive future revenue and investor confidence.
▼
Governance fight with co-founder adds uncertainty Co-founder Toby Neugebauer is pushing for a special shareholder meeting and a review of Project Matador, creating doubt about control and capital plans. This uncertainty can weigh on the stock until resolved.
The governance dispute is a new risk factor that could distract management and delay decisions.
▲
Construction and engineering partners accelerate power buildout Fermi signed TSK for engineering and Primoris for construction of gas turbines at its Texas power campus. These deals aim to speed up delivery and reduce execution risk, supporting the long-term growth story.
These partnerships show tangible progress on the power infrastructure needed to serve AI customers.
▼
Convertible notes offering dilutes shareholders and signals cash need Fermi priced $375 million in convertible notes, which can turn into shares later, diluting current owners. The stock fell sharply as investors worried about the company's financing needs and the impact on their stake.
This is a major new capital-raising event that directly affects the share count and balance sheet.
Latest
▲4
Fermi Lands $6.5B TensorWave Deal as Matador Buildout Accelerates
▲
First Siemens turbines arrive for Project Matador Three Siemens gas turbines rated up to 780 MW arrived at the Port of Houston, a key equipment milestone for Fermi's flagship AI power campus. Getting long-lead hardware on site keeps the project on schedule, which supports future revenue and investor confidence.
This is the first concrete buildout milestone of the period and directly advances the project that underpins FRMI's value.
▲
Fermi signs $6.5B binding power deal with TensorWave Fermi locked in a binding 15-year agreement for an initial 222 MW of power, worth about $6.5 billion in revenue, with potential to expand to 650 MW. A signed customer contract turns the campus from a plan into contracted future cash flow, a major de-risking for the stock.
This is the single biggest new fundamental event of the period, converting project ambition into contracted revenue.
▲
Hillcore alliance and convertible raise add capacity and cash Fermi formed an alliance with Hillcore Energy Partners that could add 2.6 GW to Project Matador, lifting total potential capacity to 4.8 GW, and raised about $382 million net through convertible notes. More power potential and fresh funding support the buildout without straining the balance sheet.
These financing and partnership moves are new and directly enable the expansion that drives FRMI's growth story.
▲
Data center IPO wave lifts sector capital access Nearly a dozen data center firms are listing or exploring IPOs, with Fermi cited among recent listings. A hot public market for the sector makes it easier for Fermi to raise money and signals strong investor appetite for AI infrastructure, though it also means more competition for capital.
This is a new sector-level development that affects FRMI's access to capital and its competitive backdrop.
Q3 2026
▲4
Fermi Lands $6.5B TensorWave Deal as Matador Buildout Accelerates
▲
First Siemens turbines arrive for Project Matador Three Siemens gas turbines rated up to 780 MW arrived at the Port of Houston, a key equipment milestone for Fermi's flagship AI power campus. Getting long-lead hardware on site keeps the project on schedule, which supports future revenue and investor confidence.
This is the first concrete buildout milestone of the period and directly advances the project that underpins FRMI's value.
▲
Fermi signs $6.5B binding power deal with TensorWave Fermi locked in a binding 15-year agreement for an initial 222 MW of power, worth about $6.5 billion in revenue, with potential to expand to 650 MW. A signed customer contract turns the campus from a plan into contracted future cash flow, a major de-risking for the stock.
This is the single biggest new fundamental event of the period, converting project ambition into contracted revenue.
▲
Hillcore alliance and convertible raise add capacity and cash Fermi formed an alliance with Hillcore Energy Partners that could add 2.6 GW to Project Matador, lifting total potential capacity to 4.8 GW, and raised about $382 million net through convertible notes. More power potential and fresh funding support the buildout without straining the balance sheet.
These financing and partnership moves are new and directly enable the expansion that drives FRMI's growth story.
▲
Data center IPO wave lifts sector capital access Nearly a dozen data center firms are listing or exploring IPOs, with Fermi cited among recent listings. A hot public market for the sector makes it easier for Fermi to raise money and signals strong investor appetite for AI infrastructure, though it also means more competition for capital.
This is a new sector-level development that affects FRMI's access to capital and its competitive backdrop.
News & notes movingFRMI
United States
Energy Transition & Power Demand▲2
Fermi Taps NAES to Operate Natural Gas Turbine Fleet at Project Matador
Fermi Inc. announced an operations and maintenance agreement with NAES Corporation, the largest independent operator of power plants in the United States, to run and maintain Fermi's natural gas turbine fleet at its Project Matador private-power campus in Carson County, Texas. Under the agreement, Fermi retains ownership of the assets and control of the facility while NAES serves as operator, performing operating and maintenance procedures, setting up the work management system, and preparing the plants for service. As Fermi's natural gas turbines come online, NAES will staff and operate the units, oversee the maintenance program, and handle site safety and environmental compliance. The deal also brings in the NAES Enterprise Reliability Program, which supplies operator training, asset risk reviews, maintenance planning, control reviews, and a live reliability dashboard. The agreement follows several recent milestones at Project Matador, including the selection of CBRE to operate and maintain the first data center, the arrival of the first Siemens Energy SGT6-5000F natural gas turbines, a binding lease agreement with first customer TensorWave, a build-own-operate-transfer strategic alliance with Hillcore Energy Capital Corporation for roughly 2.6 gigawatts of added power, and EPC agreements with Primoris Services Corporation and TSK. Fermi America is developing Project Matador with more than $1.5 billion invested in buildout to date, and subject to entering into binding customer agreements, the project is expected to ramp to approximately 17 GW.
Energy Transition & Power Demand › Behind-the-Meter & On-site Power ▲Supply
Energy Transition & Power Demand › Natural Gas Value Chain ▲Demand
Artificial Intelligence › Build-out, Construction & Engineering Supply
FRMI · Supply · Positive Fermi signs NAES to operate and maintain its Project Matador natural gas turbine fleet, advancing the power capacity buildout.
NAES Corporation · Demand · Positive NAES wins an operations and maintenance agreement to run Fermi's natural gas turbine fleet at Project Matador.
Data Center IPO Wave Accelerates as Nearly a Dozen Firms Seek Public Markets
Nearly a dozen data center companies have gone public, filed for an IPO or been reported to be exploring one over the past year, with the pace accelerating over the past three months. Recent listings include Blackstone Digital Infrastructure Trust, Brookfield-backed colocation provider Csquare and Texas startup Fermi, while Switch and Singapore-based DayOne have confidentially filed, SoftBank-backed SB Energy has publicly filed and AI data center specialist Nscale is reportedly preparing a listing. Major digital infrastructure players Vantage Data Centers, CyrusOne, Blue Owl, DataBank and EdgeCore are all reportedly at least exploring IPOs, a reversal from 2021 and 2022 when take-private deals including Blackstone's $10B acquisition of QTS left just two listed data center firms. Industry leaders say no single force is driving the shift, attributing it instead to the trillions of dollars required for AI infrastructure and a growing diversity of public equity strategies. Blue Owl is reportedly planning a REIT seeded with around $6.5B of its own stabilized data center assets, while SB Energy is reportedly seeking a valuation of more than $50B despite still developing its first campus.
CSQR · Capital · Positive Csquare is named as a recently listed Brookfield-backed colocation provider, a positive IPO/capital event.
FRMI · Capital · Positive Texas startup Fermi is cited among recent data center listings, a positive capital-markets development for the company.
DayOne · Capital · Neutral Singapore-based DayOne has confidentially filed for an IPO, a capital-markets event with no stated valuation or outcome.
OWL · Capital · Positive Blue Owl is reportedly planning a REIT seeded with around $6.5B of its own stabilized data center assets.
Nscale · Capital · Positive AI data center specialist Nscale is reportedly preparing a listing, a positive capital-markets development.
SB Energy · Capital · Neutral SB Energy publicly filed for an IPO and is reportedly seeking a valuation above $50B while still developing its first campus.
Fermi Signs Binding 650-Megawatt Power Deal with TensorWave
Fermi Inc. announced a binding customer agreement with AI infrastructure company TensorWave for up to 650 megawatts of power, with an initial 15-year, 222-megawatt phase worth about $6.5 billion in revenue. Chairman Marius Haas said the company hit all five commitments from its 90-day plan, and Chief Commercial Officer Anna Bofa noted the $6.5 billion figure is tied strictly to Phase 1, while the campus holds total expansion potential of up to 650 megawatts. Fermi also reported three Siemens Energy F-class units cleared customs at the Port of Houston, a new alliance with Hillcore Energy Partners adding 2.6 gigawatts within three years, and an upsized convertible note offering yielding about $382 million in net proceeds. The company named Lee McIntire as chief executive, and 51 hedge funds held shares in the most recent quarter, up from 40 the prior quarter, with short interest at 9.70% of the float.
Fermi signed a binding agreement with TensorWave for up to 650 megawatts of capacity, starting with a 15-year, 222-megawatt commitment valued at approximately $6.5 billion in revenue. Construction and revenue are expected to begin in late Q3 or early Q4 2027. Fermi targets 640 megawatts of nameplate capacity by Q4 2027 and formed a Hillcore alliance that could add 2.6 gigawatts to Project Matador, bringing total potential capacity to 4.8 gigawatts. The company raised more than $430 million through 5% convertible notes, with approximately $382 million in net proceeds, while Lee McIntire became interim CEO as Fermi continues its search for a long-term chief executive.
Fermi Inc. reports Q2 GAAP EPS of -$0.04, beating estimates by $0.02
Fermi Inc. reported second-quarter 2026 results with a GAAP loss of $0.04 per share, beating analyst expectations by $0.02. The company also announced it delivered on all five of its 90-day objectives and held $91.7 million in total cash and restricted cash on hand. The results were disclosed in a press release issued by Fermi Inc.
Digital Realty Trust and Equinix lead real estate gainers as sector hits 52-week high
Digital Realty Trust and Equinix were among the top large-cap real estate gainers this week as the sector benefited from a rotation out of technology stocks and reached a new 52-week high. The Real Estate Select Sector SPDR Fund hit a 52-week high after upbeat housing data, with the S&P 500 Real Estate Index Sector rising 1.35% to 293.1 points. Digital Realty Trust surged 14.49% to $199.08 after posting stronger-than-expected second-quarter earnings and raising its full-year guidance, while Equinix advanced 6.30% to $1,084.24. Among large-cap losers, KE Holdings fell 8.68% to $15.89 and CoStar Group dropped 7.12% to $27.66. In the mid-cap segment, Opendoor Technologies was the biggest loser with a 14.78% decline to $3.84, while data center REIT Fermi led gainers with a 22.31% jump to $7.40.
Fermi Inc. Shares Surge 19% on Project Matador Turbine Delivery
Fermi Inc. shares climbed as much as 19.46 percent on Friday to $7.55 apiece after the company announced that three natural gas turbines from Siemens Energy arrived at the Port of Houston for its flagship Project Matador campus in Texas. The three turbines, rated up to 780 megawatts in simple cycle mode, mark the largest single power equipment move for the project, which spans more than 7,500 acres in Carson County and is designed to deliver 17 GW of power from lower-carbon natural gas, advanced nuclear, solar, and battery storage. Investors also positioned ahead of the company's second-quarter earnings release scheduled for August 13 before the market opens, with attention on the business outlook and leadership composition following the removal of former CEO Toby Neugebauer and the appointment of interim co-CEOs Jacobo Ortiz and Anna Bofa. The company plans to list 12.13 million additional shares on the London Stock Exchange on July 29 to pay advisers and settle employee stock awards, which would bring total voting shares on the LSE to more than 640.4 million. Institutional interest remained strong, with 51 hedge funds holding positions as of the end of the first quarter, up from 40 the prior quarter, and collective holdings rising to $165.6 million from $160 million.
Fermi's First Siemens Turbines Arrive at Port of Houston for Project Matador
Fermi Inc. announced the arrival of three Siemens Energy SGT6-5000F natural gas turbines at the Port of Houston, marking a key milestone for its Project Matador advanced energy and AI campus near Amarillo, Texas. Together, the three turbines are rated at up to 780 megawatts in simple-cycle mode and will anchor the second phase of what is expected to be the nation's largest combined-cycle natural gas project. The delivery follows Fermi's recent selection of TSK for early works on phase-two turbines and Primoris Services Corporation for balance-of-plant work on six SGT-800 turbines in phase one. Fermi's Co-President Jacobo Ortiz highlighted the company's rapid execution under its FermiSpeed strategy, which involves early procurement of long-lead equipment and parallel workstreams to accelerate power delivery for hyperscale customers. The turbines will now travel to the Project Matador campus, where site preparation is already underway, as Fermi scales toward its planned private grid with more than $1.4 billion invested in site buildout to date.
CCC Intelligent Solutions surges on sale exploration; Circle gains on OCC approval
CCC Intelligent Solutions surged 14.5% in premarket trading after Reuters reported the software company is exploring a potential sale, having hired Morgan Stanley to lead the process and begun reaching out to prospective buyers including private equity firms. Circle Internet Group climbed 7% after receiving approval from the U.S. Office of the Comptroller of the Currency to establish First National Digital Currency Bank, a national trust bank under direct federal oversight. Meta Platforms gained 3.8% after unveiling its latest artificial intelligence model, Muse Spark 1.1, and introducing paid access for developers. Fermi America tumbled 14.6% after pricing an upsized $375 million offering of 5.00% convertible senior notes due 2031, while Silo Pharma dropped 22% after announcing an at-the-market private placement of up to $11.7 million.
Fermi plunges 16% after hours after $375M convertible notes pricing
Fermi Inc. shares fell 16% in extended trading after the company priced an upsized offering of 5.00% convertible senior notes due 2031 in an aggregate principal amount of $375 million. The initial conversion price is approximately $9.52 per share, representing a 30% premium over the July 9 closing price of $7.32. The notes are senior unsecured obligations, pay interest semiannually beginning January 15, 2027, and mature on July 15, 2031. The sale is expected to close on July 14, 2026.
JPMorgan upgraded Primoris Services Corporation to Overweight from Neutral with a price target of $116, up from $105. Analyst Mark Strouse noted the shares trade at a significant discount to peers while the non-renewables parts of the business continue to perform well. The firm urged investors to view Primoris through a sum-of-the-parts perspective, seeing valuation upside even if one assumes additional cost overruns in the renewables segment, which JPMorgan said is unlikely. Separately, Fermi announced a major agreement with Primoris Energy Services, part of Primoris, to engineer and construct the balance of plant for the first six SGT-800 gas turbines anchoring Fermi's phase one power buildout in Amarillo, Texas. Cantor Fitzgerald had earlier lowered its price target on Primoris to $100 from $124 while maintaining a Neutral rating, calling the stock a prove-it story until execution is fully demonstrated.
PRIM · Capital · Positive JPMorgan upgraded Primoris to Overweight with a higher price target, citing discount to peers and sum-of-the-parts valuation.
FRMI · Demand · Positive Fermi announced a major agreement with Primoris Energy Services for gas turbine buildout.
Five Energy Stocks Riding Texas's Data Center Power Boom
Texas has become the epicenter of America's AI data center boom, with ERCOT projecting electricity demand could approach 368 gigawatts by 2032, driven almost entirely by AI and data center load. Vistra Corp., the largest competitive generator in the state, has signed 20-year power purchase agreements with Meta for more than 2,600 megawatts of nuclear output and a separate 20-year, 1,200-megawatt nuclear supply deal tied to its Comanche Peak plant. NRG Energy closed a $12 billion acquisition of LS Power's generation portfolio, doubling its capacity to about 25 gigawatts, and has signed a 295-megawatt supply deal to power two Texas data centers with an option to expand to 1 gigawatt. Energy Transfer LP began flowing natural gas to Oracle's data center campus near Abilene in January, the first of agreements to supply up to 900 million cubic feet a day across three Oracle sites, and says it has inked agreements for more than 6 billion cubic feet a day in new demand-pool volumes over the past year. CenterPoint Energy now has 12.2 gigawatts of firmly committed new industrial load in its Houston territory, up 63% from one quarter earlier, and expects to energize 8 gigawatts of data center load by 2029. Fermi Inc., a nine-month-old pre-revenue company co-founded by former Texas Governor Rick Perry, is planning an 11-gigawatt grid-independent power and data center campus called HyperGrid outside Amarillo, with supply deals including Energy Transfer for gas to its first phase of generation.
Energy Transition & Power Demand › Grid, Transmission & Power Equipment ▲Demand
Energy Transition & Power Demand › Behind-the-Meter & On-site Power Competition
ET · Demand · Positive Energy Transfer has signed agreements for over 6 billion cubic feet per day in new demand-pool volumes and is supplying gas to Oracle data centers.
VST · Demand · Positive Vistra signed 20-year PPAs with Meta for over 2,600 MW nuclear output and a separate 1,200 MW nuclear supply deal.
CNP · Demand · Positive CenterPoint Energy has 12.2 GW of committed new industrial load, up 63% from prior quarter, driven by data center demand.
NRG · Demand · Positive NRG Energy closed a $12B acquisition doubling capacity and signed a 295 MW supply deal for data centers with expansion option.
FRMI · · Neutral Fermi Inc. is a pre-revenue company planning a large data center campus; no concrete revenue or contracts yet.
Real estate stocks eke out gains in June, post solid returns in four months of H1 2026
Real estate stocks closed the first half of 2026 with gains in four of the six months, eking out a positive June despite a hawkish Federal Reserve. The S&P 500 Real Estate Index Sector rose 0.23% month-over-month to 279.69 points, while the State Street Real Estate Select Sector SPDR ETF added 0.09% to $44.03. The Dow Jones REIT Indx Equity REIT Total Return Index advanced 1.48%, and the FTSE Nareit All Equity REITs index gained 0.81%. Office REITs and Health Care REITs were the biggest beneficiaries among subsectors, but losses in Specialized REITs and Industrial REITs weighed on overall returns. The benchmark 10-Year Treasury yield ended flat at 4.47%, easing fiscal concerns that had driven borrowing costs higher in May. Among large-cap stocks, data center REITs led weekly losers, with Iron Mountain down 10.61%, Digital Realty Trust off 9.95%, and Equinix falling 7.87%, reflecting public anxiety over electricity grid strains from AI data centers. American Healthcare REIT topped the gainers, up 8.09%, after Citi upgraded the stock to Buy. In midcaps, Compass rose 14.21% after management met with Oppenheimer, which maintained a Buy rating, while data center REIT Fermi fell 8.41%. Small-cap decliners were led by mortgage REITs Redwood Trust and Apollo Commercial Real Estate Finance, the latter downgraded by BTIG on expected book value erosion from asset sales. Newly appointed Fed Chair Kevin Warsh's hawkish comments fueled speculation that rate hikes could return, pressuring mortgage REITs near-term but potentially benefiting them from wider spreads over time.
Fermi Partners with Primoris Services for Texas Power Plant Construction
Fermi has entered into an agreement with Primoris Services Corporation to engineer and construct the balance of plant for the first six SGT-800 gas turbines at its power facility in Amarillo, Texas. The project supports the adjacent Project Matador hyperscale computing campus and represents a key milestone in Fermi's 2.0 execution strategy to accelerate infrastructure delivery. Primoris has already completed initial site preparations, including turbine island excavations and utility material staging, and the expanded partnership leverages that progress to streamline the transition into full-scale engineering and construction. The collaboration reflects Fermi's strategy of partnering with established contractors to develop large-scale private electric grids for AI-centric clients.
Artificial Intelligence › Build-out, Construction & Engineering ▲Demand
Energy Transition & Power Demand › Behind-the-Meter & On-site Power ▲Demand
Energy Transition & Power Demand › Natural Gas Value Chain ▲Demand
Artificial Intelligence › AI Data Center & Build-out ▲Demand
Energy Transition & Power Demand › Grid, Transmission & Power Equipment ▲Demand
PRIM · Demand · Positive Primoris wins contract to engineer and construct balance of plant for Fermi's power facility, securing new business.
FRMI · Demand · Positive Fermi's partnership with Primoris advances construction of power plant for AI data center, indicating strong end-customer demand.
Primoris Services has sharply cut its 2026 guidance due to cost overruns in six renewables projects, while also announcing the abrupt departure of its Chief Operating Officer. The company now projects $8.7 billion in revenue and $358.2 million in earnings by 2028, requiring 7.7% annual revenue growth and a $117.2 million earnings increase from the current $241.0 million. In late June 2026, Fermi America Inc. awarded Primoris Energy Services a contract to engineer and construct the balance of plant for six SGT-800 gas turbines at the Project Matador power facility in Amarillo, Texas, reinforcing its role in data-center-linked power generation. Some analysts had previously forecast revenue of about $10.3 billion and earnings of about $378.1 million, highlighting the impact of renewables execution risk on the stock's outlook.
Fermi America selects TSK for engineering and project management of Project Matador phase two in Texas
Fermi America has selected Spanish EPC contractor TSK to lead engineering and project management for the second phase of Project Matador, a massive Texas power campus. TSK will oversee permitting and infrastructure planning for three Siemens SGT6-5000F gas turbines intended to provide reliable, dispatchable power for the site. Project Matador is a private energy system designed to supply up to 17 gigawatts of electricity directly to hyperscale AI and advanced computing facilities, combining natural gas, nuclear, solar, and battery storage to meet surging technology sector energy demands. The partnership reflects a growing trend of developers investing in dedicated power assets to secure electricity for AI infrastructure, with Fermi aiming to accelerate development timelines and reduce execution risks by leveraging TSK's specialized EPC expertise.
Energy Transition & Power Demand › Natural Gas Value Chain ▲Demand
Artificial Intelligence › Build-out, Construction & Engineering ▲Demand
Energy Transition & Power Demand › Grid, Transmission & Power Equipment ▲Demand
Artificial Intelligence › AI Power & Cooling ▲Demand
FRMI · Demand · Positive Fermi America selected TSK for Project Matador phase two, a large power campus for AI infrastructure, indicating strong demand for Fermi's energy services.
TSK Electronica y Electricidad SA · Demand · Positive TSK was selected for engineering and project management of Project Matador phase two, a major contract win.
SIE.XETRA · Demand · Positive Siemens gas turbines (SGT6-5000F) are specified for the project, indicating demand for Siemens' power generation equipment.
Fermi Drops 7.4% as Governance Dispute with Co-Founder Neugebauer Intensifies
Fermi Inc. shares fell 7.4% amid an escalating governance dispute with co-founder and major shareholder Toby R. Neugebauer over his push to call a special shareholder meeting and influence the company's direction and Project Matador. The company advanced Project Matador by signing a service agreement with TSK Electronica y Electricidad USA for three Siemens SGT6-5000F gas turbines, aiming to accelerate engineering, permitting, and execution for its next phase of power capacity. Neugebauer is seeking a special meeting and a dual-track review for Project Matador, raising near-term uncertainty around control and capital allocation. The governance battle does not yet clearly change the core near-term catalyst of securing the first large, investment-grade tenant or the key risk of financing and schedule slippage.
Fermi Inc. shares rallied for a fifth straight session, jumping 5.35 percent to close at $7.88 amid reports that OpenAI is nearing an agreement to lease capacity at Fermi's Project Matador campus. JMP Citizens reported last week that OpenAI is among the companies assessing the site, and Fermi earlier said it is on track to deliver approximately 1.1 gigawatts of new power at its Amarillo campus by year-end, part of a 17-gigawatt project designed for completion by 2030. The company also hinted last month at securing a leasing agreement with a new tenant within three months. Separately, Fermi mailed a consent revocation statement to shareholders in response to former CEO Toby Neugebauer's solicitation to call a special meeting, accusing him of seeking to install hand-picked board nominees to advance a personal agenda.
Energy Transition & Power Demand › Nuclear Generation & Utilities ▲Demand
FRMI · Demand · Positive OpenAI is nearing a lease agreement for Fermi's Project Matador campus, indicating strong demand for its data center capacity.
USA
