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Drugs Made In America Acquisition II Corp. Ordinary Shares vs Fermi: why the prices moved differently

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Drugs Made In America Acquisition II Corp. Ordinary Shares (DMII)

Fermi Inc. (FRMI)

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.

August 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.

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.

Q2 2026
▲2▼2

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.

June 2026
▲2▼2

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.

▲2▼2

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.

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