General Discussion

Fermi, founded in January, hasn’t made a dime—in fact, it lost $6.4 million over its first six months of existence. That’s not surprising given that it doesn’t have any customers yet. In its prospectus, it stated it was “actively targeting” potential clients but didn’t name any of them, instead citing Elon Musk’s xAI, OpenAI and Anthropic as “potential hyperscaler tenants.” The firm claims it signed a letter of intent in September for its first gigawatt of power with an unnamed “investment grade tenant” and pointed to recent data center leasing transactions in the market to estimate that it could generate $1.5 billion in revenues from a lease for 1 gigawatt of capacity. Still, it called these “illustrative returns” rather than projections of its future revenue.

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But investors apparently like Fermi’s business plan, which is centered on a 5,236-acre Amarillo, Texas site called “Project Matador” on which the company aims to eventually deliver as much as 11 gigawatts of energy from natural gas, nuclear and solar plants. Fermi claims it can bring 1.1 gigawatts of that online by the end of 2026 in conjunction with the local utility.

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Perry held up Fermi’s data center as an example of Trump’s “energy dominance” agenda. “No one understands the global energy race better than Donald Trump," he said in the statement. Toby Neugebauer was just as congratulatory: “I want to thank President Trump for his strong leadership and action in clearing the path for companies like ours to help America win this race.”