Fermi America

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.

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

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

• Private power generation
• AI data center infrastructure
• Hyperscale power campus
• Behind-the-meter energy
• Nuclear gas power

Headquarters

HQ city

Amarillo

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Technology or R&D, Personnel, Operations, Marketing or Sales, Others

Revenue model

1. 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.
2. 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.
3. 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

Go-to-market motion1 record

Distribution channels1 record

Marketing channels7 records

Core 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

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

14 partnerships are on record, tiered major, core and minor.

• Primoris Services CorporationmajorImplementation/ SI/ Consulting Partner · 30 June 2026Selected 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.
• TSKmajorImplementation/ SI/ Consulting Partner · 26 June 2026Spanish 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)coreOthers · 27 March 2026Approved 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)coreStrategic or Co-development Partner · 11 February 2026Nuclear 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)coreStrategic or Co-development Partner · 8 December 2025Electric Service Agreement for up to 200 megawatts of grid power, initially delivering 86MW in 2026 ramping to 200MW. Delivered through 115kV transmission system.
• MVM EGImajorTechnology or Integration · 1 December 2025Hybrid 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 EnergyminorStrategic or Co-development Partner · 7 November 2025Nonbinding agreement for nuclear fuel research and development. ASP Isotopes subsidiary backed by Trump family members through American Ventures.
• Doosan EnerbilitycoreStrategic or Co-development Partner · 28 October 2025Nuclear partner bringing reactor construction expertise to Project Matador. Part of Korean nuclear industrial consortium alongside Hyundai E&C.
• Nuclear Regulatory Commission (NRC)coreOthers · 1 September 2025Accepted first Combined Operating License Application (COLA) in 15+ years for large-scale nuclear reactors. Active engagement on AP1000 COL application.
• Westinghouse Electric CompanycoreTechnology or Integration · 25 August 2025Supplier of AP1000 nuclear reactor technology for 4 planned nuclear units (4.4GW total). Strategic partnership announced to build four large AP1000 reactors.
• ParkhillmajorImplementation/ SI/ Consulting Partner · 22 August 2025Engineering firm providing design and engineering services for the 11GW private energy grid campus.
• Lee Lewis ConstructionmajorImplementation/ SI/ Consulting Partner · 22 August 2025Construction partner for building the world's largest 11GW private AI grid in Amarillo.
• Siemens EnergycoreTechnology or Integration · 1 July 2025Supplier 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 or Co-development Partner · 26 June 2025Strategic 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

Emerging 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

• Xx.com/FermiAmerica
• Facebookfacebook.com/fermiamerica
• LinkedInlinkedin.com/company/fermi-america
• Instagraminstagram.com/fermiamerica

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries4 records

Funding overview

Funding rounds7 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Fermi America