Fermi stock ($FRMI) deep dive: Rick Perry's 17 GW Project Matador power-and-data-center campus, the AP1000 nuclear and gas plan, why the anchor tenant walked and the stock fell 80%, the supply chain, and Fermi vs Vistra ($VST).
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Fermi ($FRMI) is a development-stage real estate investment trust building Project Matador, a planned behind-the-meter power-and-data-center campus near Amarillo, Texas. It was co-founded by former US Energy Secretary Rick Perry and CEO Toby Neugebauer, incorporated in January 2025, and went public on Nasdaq and the London Stock Exchange in October 2025. It generates no revenue yet and intends to make money by leasing on-site power and data-center space to AI tenants.
Fermi stock fell more than 80% from its highs after disclosing on 11 December 2025 that its primary prospective tenant had terminated a $150M construction-funding agreement. Because the company is pre-revenue and the entire thesis depends on signing tenants, losing its anchor customer gutted the stock and triggered securities class-action lawsuits alleging the IPO overstated tenant demand and funding.
As of mid-2026, no. Fermi's one disclosed anchor-tenant agreement was terminated in December 2025. Management says it is in active discussions with multiple prospective tenants but has not announced a binding lease. The June 2026 rally was driven by reports of OpenAI's separate multi-gigawatt data-center demand, not by any Fermi contract.
Yes — Fermi is structured as a specialty REIT. It plans to own the land, power generation, and data-center buildings of Project Matador and earn long-term lease income from tenants, rather than operating compute itself. That makes it a landlord-and-utility hybrid for AI infrastructure rather than a cloud or chip company.
Project Matador is Fermi's flagship campus: roughly 5,800 acres near Amarillo, next to the DOE's Pantex plant, designed for up to 17 GW of on-site generation (gas, nuclear, solar, wind, battery) and 18 million square feet of data centers. The "HyperGrid" branding refers to powering the data centers entirely from on-site generation, independent of the public grid. The first ~1 GW is targeted for late 2026, powered initially by natural gas.
They're different risk profiles. Vistra ($VST) is a ~$46B operating power producer with ~41 GW running, ~5 million customers, and signed 20-year nuclear PPAs with Amazon and Meta — a cash-generating incumbent re-rating on AI demand. Fermi ($FRMI) is a pre-revenue developer with no operating power and no signed tenant, so it's a high-variance bet on execution. Vistra is the lower-risk, already-contracted exposure; Fermi is the speculative option on a new entrant getting built. This is not financial advice — review the filings and size for the risk.
That depends entirely on your tolerance for binary, pre-revenue risk. The bull case: a uniquely sited 17 GW campus next to Pantex, a Rick Perry-led team with regulatory pull, signed reactor and gas supply deals, and a market starved for AI power. The bear case: zero revenue, a $486M loss, an anchor tenant that already walked, active securities litigation, a tens-of-billions funding gap, and a nuclear base load a decade out. The equity is an option on signing a hyperscaler. This is not financial advice — read the 10-K and the lawsuit complaints before sizing anything.