Fermi America
Fermi America (NASDAQ: FRMI) develops Project Matador, a planned 17 gigawatt private behind-the-meter power and data center campus in the Texas Panhandle combining gas, nuclear, solar, and battery assets to serve hyperscaler and AI compute tenants. The company is pre-revenue and pre-tenant as of early 2026.
- Company typePublic
- Founded2025
- HeadquartersAmarillo, United States
- Headcount51–100
- GTM typeB2B
- OfferingServices
What Fermi America does
Fermi America is a publicly traded (NASDAQ and LSE: FRMI) energy and infrastructure developer building Project Matador, a planned 17 gigawatt private "HyperGrid" power and AI campus on a 7,570-acre site in the Texas Panhandle adjacent to the Pantex DOE complex. The company was incorporated in January 2025 by former U.S. Energy Secretary Rick Perry and Toby Neugebauer, completed an IPO in October 2025 that raised $745.6M at an initial ~$19B valuation, and is led post-April 2026 leadership transition by an Office of the CEO (Co-Presidents Jacobo Ortiz and Anna Bofa) under Chairman Marius Haas.
The core technical platform integrates four power generation modules behind the meter: day-one Siemens SGT-800 and SGT6-5000F F-class combined-cycle gas turbines, plus GE TM2500 mobile units for dispatchable power; long-horizon baseload from four planned Westinghouse AP1000 nuclear reactors (4.4GW total) being progressed under the first NRC-accepted Combined Operating License application in 15+ years; solar plus battery storage for ramp bridging; and an Xcel Energy interconnect providing up to 200MW of grid power. Hybrid dry/wet cooling from MVM EGI targets ~80% freshwater reduction. Construction EPC is led by Hyundai E&C, Doosan Enerbility, Primoris, Lee Lewis Construction, and TSK. The planned end-product is up to 18 million square feet of data center capacity leased to hyperscalers and AI compute operators.
Fermi's go-to-market is direct enterprise sales to hyperscalers, AI companies, semiconductor manufacturers, and advanced computing operators. Revenue mechanics are intended to be long-term subscription/recurring through power purchase agreements, capacity leases, and data center space leases; however, as of Q1 2026 the company is pre-revenue with no signed tenants, reported a FY2025 net loss of $486.4M and Q1 2026 net loss of $189M, and is funding the build through a stack of equipment loans (MUFG $500M, Macquarie $350M, Keystone/Cape $200M, CSG $165M) and a convertible note (Yorkville $156.25M) totaling over $1B in committed financing, secured largely against turbine assets.
Fermi America firmographics
Firmographics- Name
- Fermi America
- Legal name
- Fermi, Inc.
- Website
- https://fermiamerica.com
- Company type
- Public
- Founded year
- 2025
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Fermi America (NASDAQ: FRMI) develops Project Matador, a planned 17 gigawatt private behind-the-meter power and data center campus in the Texas Panhandle combining gas, nuclear, solar, and battery assets to serve hyperscaler and AI compute tenants. The company is pre-revenue and pre-tenant as of early 2026.
- Ownership category
- akta.pro rank
Fermi America industry classification
Industry- Product category
- Private Power Infrastructure for AI Data Centers
- NAICS
- Electric Power Generation (22111), Fossil Fuel Electric Power Generation (221112), Nuclear Electric Power Generation (221113)
- SIC
- Cogeneration Services & Small Power Producers (4991)
- akta.pro primary industry
- Geothermal Power Plant Development & IPP (Permitting, Financing, Project Development) (EUAMAEAD)
- akta.pro secondary industries
- Thermal Power Plant EPC (Gas/Coal/Oil) (EUAEAAAA), Campus/Institutional Microgrids (Universities, Hospitals, Military) (EUACALAD), Hybrid Renewable Systems & Co-Optimization R&D (Solar+Wind+Storage, Multi-Resource Plants, Controls) (EUAMAOAI)
Keywords
Where Fermi America is headquartered
LocationHeadquarters
- HQ city
- Amarillo
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
Fermi America business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Infrastructure, Technology or R&D, Personnel, Operations, Marketing or Sales, Others
Revenue model
- Power Generation Leasing: The company plans to generate revenue by leasing power generation capacity to hyperscalers and AI companies through long-term power purchase agreements or capacity leases. This is the primary revenue model as a behind-the-meter private power provider.
- Data Center Space Leasing: Revenue from leasing data center infrastructure space to technology companies for housing computing equipment. The campus includes up to 18 million square feet of AI capacity.
- Pre-Revenue Development Stage: Company is currently pre-revenue with no signed tenants as of Q1 2026. The company reported zero revenue and a net loss of $486.4 million for FY2025.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Multi-year contract | Enterprise power capacity agreements - pricing not publicly disclosed |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels7 records
Fermi America product offering
Product offeringCore offering
Fermi America is developing Project Matador, a 17GW private power and AI campus on 7,570 acres in the Texas Panhandle that combines natural gas turbines, Westinghouse AP1000 nuclear reactors, solar, and battery storage into a single behind-the-meter HyperGrid platform. The company plans to generate revenue by leasing gigawatt-scale power capacity and up to 18 million square feet of data center space to hyperscalers, AI compute operators, and advanced manufacturing customers through long-term power purchase agreements and capacity leases.
Product overview
Fermi America's core offering is Project Matador, a 17GW private HyperGrid campus in the Texas Panhandle that provides hyperscale power directly to AI and data center operators through a behind-the-meter model. The platform combines multiple power generation modules: natural gas turbines (Siemens SGT-800, F-Class, GE6B units) for day-one deployment, Westinghouse AP1000 nuclear reactors for baseload capacity, and solar plus battery storage for renewable integration. Supporting infrastructure includes hybrid cooling systems from MVM EGI and Xcel Energy grid interconnect for supplemental power. All assets are aggregated under the proprietary HyperGrid brand to deliver gigawatt-scale private power without public grid constraints.
Differentiator
Problem solved
Functional benefit
Brands
- Project Matador: 17 GW private HyperGrid campus in Texas Panhandle combining natural gas, nuclear, solar, and battery storage for AI data centers
- Fermi 2.0
- Donald J. Trump Advanced Energy and Intelligence Campus
Products and services
- Project Matador Project Matador is a 17GW private power and AI campus on 7,570 acres in the Texas Panhandle combining natural gas, nuclear, solar, and battery storage to provide behind-the-meter electricity and up to 18 million square feet of data center capacity directly to hyperscale AI and data center operators, bypassing the public grid interconnection queue.
- HyperGrid HyperGrid is Fermi's proprietary branded private power grid platform delivering gigawatt-scale, behind-the-meter electricity to AI infrastructure without grid interconnection queues or ratepayer exposure, integrating multiple power sources (gas, nuclear, solar, battery) on a single campus.
Quantifiable outcome
- Up to 17GW of private power capacity - largest private HyperGrid in the world
- +2 more outcomes
Companies that use Fermi America
Customer profileNamed customers2 records
Segments3 records
Ideal customer profiles3 records
Fermi America technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature6 records
Fermi America partnerships and signals
Strategic signalPartnerships
14 partnerships are on record, tiered major, core and minor.
- Primoris Services CorporationmajorSelected to engineer and construct balance of plant systems for six Siemens SGT-800 gas turbines at combined cycle facility. Already completed excavation for all six gas turbine power islands.
- TSKmajorSpanish EPC contractor selected for Phase 2 early works engineering and project management for three Siemens SGT6-5000F gas turbines. Handles permitting, site mobilization, and Siemens contract scope.
- Texas Commission on Environmental Quality (TCEQ)coreApproved nation's second-largest Clean Air Permit for 6GW natural gas power generation. Also approved preliminary 6GW permit. Granting additional 5GW permit application filed March 2026.
- Hyundai Engineering & Construction (Hyundai E&C)coreNuclear construction partner with experience building 24 nuclear reactors globally (10 simultaneously). Partnering on FEED studies and EPC pathway for AP1000 reactor construction. Committed to favorable contract terms consistent with Barakah Nuclear Energy Plant performance.
- Xcel Energy (Southwestern Public Service Company)coreElectric Service Agreement for up to 200 megawatts of grid power, initially delivering 86MW in 2026 ramping to 200MW. Delivered through 115kV transmission system.
- MVM EGImajorHybrid dry-wet cooling company partnering on preliminary engineering and feasibility studies for cooling systems supporting 6GW gas generation and 4 AP1000 nuclear units. Leverages existing hybrid cooling design adapted for West Texas conditions.
- ASP Isotopes / Quantum Leap EnergyminorNonbinding agreement for nuclear fuel research and development. ASP Isotopes subsidiary backed by Trump family members through American Ventures.
- Doosan EnerbilitycoreNuclear partner bringing reactor construction expertise to Project Matador. Part of Korean nuclear industrial consortium alongside Hyundai E&C.
- Nuclear Regulatory Commission (NRC)coreAccepted first Combined Operating License Application (COLA) in 15+ years for large-scale nuclear reactors. Active engagement on AP1000 COL application.
- Westinghouse Electric CompanycoreSupplier of AP1000 nuclear reactor technology for 4 planned nuclear units (4.4GW total). Strategic partnership announced to build four large AP1000 reactors.
- ParkhillmajorEngineering firm providing design and engineering services for the 11GW private energy grid campus.
- Lee Lewis ConstructionmajorConstruction partner for building the world's largest 11GW private AI grid in Amarillo.
- Siemens EnergycoreSupplier of gas turbine equipment including SGT-800 units (6 turbines, 57MW each) and SGT6-5000F F-class units (3 turbines, up to 1.1GW). Equipment delivered to Houston port and being mobilized to site.
- Texas Tech University SystemcoreStrategic land partnership with 99-year ground lease for 7,570-acre campus. The land is held by a state entity providing security from legal/regulatory challenges. Texas Tech collaborated on project development including nuclear COL application.
Scale indicators14 records
Recent moves7 records
Expansion highlights6 records
Fermi America competitors and assessment
Company assessmentEmerging players
- X-energy: Advanced small modular reactor (Xe-100 high-temp gas) developer with hyperscaler backing (Dow, Amazon, Google). Emerging nuclear peer addressing the same AI-data-center baseload demand that anchors Fermi's AP1000 plans.
- Oklo: Aurora-15/50 small modular reactor developer actively pursuing AI data-center offtake, including a notable Equinix MOU. Emerging nuclear-AI peer on the small-modular side of the same thematic as Fermi's AP1000 program.
- Enchanted Rock: Behind-the-meter natural-gas resiliency microgrid provider for commercial and industrial customers. Emerging peer comparable to the gas-side of Fermi's behind-the-meter offering, though currently much smaller in scale.
- NuScale Power: Public SMR designer (SMR module) pursuing AI hyperscaler customers and Department of Energy support. Emerging nuclear peer focused on a smaller-form-factor product than Fermi's AP1000, addressing the same captive-power thesis.
Direct peers
- Aligned Energy: Data-center operator built around proprietary cooling and adaptive infrastructure for high-density AI workloads. Direct peer on the campus-scale, behind-the-meter data-center power and cooling stack — though smaller in scale.
- Constellation Energy: Largest U.S. nuclear operator that signed the 20-year Microsoft PPA to restart Three Mile Island Unit 1. The most direct incumbent analogue to Fermi's nuclear-for-AI thesis, with much larger scale and a fully operating fleet.
- Talen Energy: Independent power producer with the Susquehanna nuclear plant that signed the landmark Amazon Web Services behind-the-meter nuclear PPA. Directly comparable to Fermi as a nuclear-powered AI data center play.
- Vantage Data Centers: Hyperscale data-center operator building gigawatt-scale campuses with dedicated private power infrastructure, including significant behind-the-meter generation. Closest peer for Fermi's behind-the-meter campus model.
Broad incumbents
- NRG Energy: Large competitive power producer and retail electricity provider that has been actively repositioning toward data-center load via direct generation plus retail partnerships. Broad incumbent analogue to Fermi's IPP-plus-customer model.
- Vistra Corp: Large independent power producer with both nuclear (Comanche Peak) and natural gas generation targeting AI data-center load. Broad incumbent analogue with the operational scale to outcompete Fermi on existing nuclear PPAs.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
Fermi America social profiles
Digital presenceFermi America financial estimates
Financial estimateRevenue estimate
Valuation estimate
Fermi America leadership team
Management profileNumber of profiles
Profiles13 records
Fermi America subsidiaries and ownership
Company hierarchySubsidiaries4 records
Fermi America funding detail
Funding detailFunding overview
Funding rounds7 records
Investors5 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Fermi America M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Fermi America
What does Fermi America do?
Fermi America is developing Project Matador, a 17GW private power and AI campus on 7,570 acres in the Texas Panhandle that combines natural gas turbines, Westinghouse AP1000 nuclear reactors, solar, and battery storage into a single behind-the-meter HyperGrid platform. The company plans to generate revenue by leasing gigawatt-scale power capacity and up to 18 million square feet of data center space to hyperscalers, AI compute operators, and advanced manufacturing customers through long-term power purchase agreements and capacity leases.
Is Fermi America a public or private company?
Fermi America is a public company. It is classified as public and is currently operating.
When was Fermi America founded?
Fermi America was founded in 2025. It employs 51 to 100 people.
Where is Fermi America based?
Fermi America is headquartered in Amarillo, United States, in the North America region.
How does Fermi America make money?
Three revenue lines are on record. Power Generation Leasing is the primary driver. The others are data Center Space Leasing and pre-Revenue Development Stage.
Who are Fermi America's main competitors?
Emerging players on record are X-energy, Oklo, Enchanted Rock and NuScale Power. Direct peers are Aligned Energy, Constellation Energy, Talen Energy and Vantage Data Centers. Broad incumbents are NRG Energy and Vistra Corp.
Does Fermi America have an API?
No public API is recorded for Fermi America.
What industry is Fermi America in?
Fermi America's product category is Private Power Infrastructure for AI Data Centers. Its primary akta.pro industry code is EUAMAEAD, Geothermal Power Plant Development & IPP (Permitting, Financing, Project Development), with a secondary code of EUAEAAAA, Thermal Power Plant EPC (Gas/Coal/Oil). Its NAICS code is 22111 and its SIC code is 4991.