Fermi - the massive planned power and data center company

Fermi (Fermi America, listed as Fermi Inc.) is a Texas company building a very large power-and-data campus it calls Project Matador. The site is in the Texas Panhandle, in Carson County near Amarillo, on land tied to the Texas Tech University System. The plan is about 11 GW, with natural gas first and nuclear later. The company says nuclear will supply most of the power in the long run, with four Westinghouse AP1000 reactors planned.

What has happened, as far as my search shows:

• The IPO: Fermi filed for an IPO in September 2025. Its shares opened about 19% above the expected price, raising $682 million, per Data Center Dynamics.
• Gas and nuclear deals: It has signed gas-turbine, gas-pipeline and reactor-equipment deals. In February 2026 it took delivery of six Siemens Energy turbines, which it says will supply about a third of the first gigawatt.
• Turmoil: Its first anchor tenant pulled out of an agreement worth an initial $150 million, and a lawsuit followed.
• First binding customer: ABC 7 reported a 15-year, $6.5 billion lease with the AI cloud provider TensorWave for a 222-megawatt data center on the campus (reported August 2026).
• Finances: The company reported a second-quarter loss of $0.04 per share and a $431 million convertible note offering. Investing.com reported the stock hit a 52-week low; that report is undated in my search, so treat it as recent but unconfirmed.

The numbers to watch are how much of the 11 GW is contracted versus planned, when the gas capacity actually comes online, and how the nuclear timeline holds up. Most of the 11 GW is still a plan, not built capacity. This is not investment advice.

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