Fermi Inc. develops next-generation private electric grids that deliver highly redundant power at gigawatt scale to support next-generation intelligence and AI compute. The company combines cutting-edge technology with a deep bench of proven world-class multidisciplinary leaders with a combined 25 GW of experience to create one of the world's largest 17 GW next-generation private grids, helping ensure America's energy and AI dominance. The behind-the-meter Project Matador campus is expected to integrate the nation's largest combined-cycle natural gas project, one of the largest clean new nuclear power complexes in America, utility grid power, solar power, and battery energy storage to support hyperscale AI and advanced computing. The company was incorporated in 2025 is headquartered in Amarillo, Texas.
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Fermi Signs Binding 650-Megawatt Power Deal with TensorWave
Fermi Inc. announced a binding customer agreement with AI infrastructure company TensorWave for up to 650 megawatts of power, with an initial 15-year, 222-megawatt phase worth about $6.5 billion in revenue. Chairman Marius Haas said the company hit all five commitments from its 90-day plan, and Chief Commercial Officer Anna Bofa noted the $6.5 billion figure is tied strictly to Phase 1, while the campus holds total expansion potential of up to 650 megawatts. Fermi also reported three Siemens Energy F-class units cleared customs at the Port of Houston, a new alliance with Hillcore Energy Partners adding 2.6 gigawatts within three years, and an upsized convertible note offering yielding about $382 million in net proceeds. The company named Lee McIntire as chief executive, and 51 hedge funds held shares in the most recent quarter, up from 40 the prior quarter, with short interest at 9.70% of the float.
Fermi signed a binding agreement with TensorWave for up to 650 megawatts of capacity, starting with a 15-year, 222-megawatt commitment valued at approximately $6.5 billion in revenue. Construction and revenue are expected to begin in late Q3 or early Q4 2027. Fermi targets 640 megawatts of nameplate capacity by Q4 2027 and formed a Hillcore alliance that could add 2.6 gigawatts to Project Matador, bringing total potential capacity to 4.8 gigawatts. The company raised more than $430 million through 5% convertible notes, with approximately $382 million in net proceeds, while Lee McIntire became interim CEO as Fermi continues its search for a long-term chief executive.
Fermi Inc. reports Q2 GAAP EPS of -$0.04, beating estimates by $0.02
Fermi Inc. reported second-quarter 2026 results with a GAAP loss of $0.04 per share, beating analyst expectations by $0.02. The company also announced it delivered on all five of its 90-day objectives and held $91.7 million in total cash and restricted cash on hand. The results were disclosed in a press release issued by Fermi Inc.
Digital Realty Trust and Equinix lead real estate gainers as sector hits 52-week high
Digital Realty Trust and Equinix were among the top large-cap real estate gainers this week as the sector benefited from a rotation out of technology stocks and reached a new 52-week high. The Real Estate Select Sector SPDR Fund hit a 52-week high after upbeat housing data, with the S&P 500 Real Estate Index Sector rising 1.35% to 293.1 points. Digital Realty Trust surged 14.49% to $199.08 after posting stronger-than-expected second-quarter earnings and raising its full-year guidance, while Equinix advanced 6.30% to $1,084.24. Among large-cap losers, KE Holdings fell 8.68% to $15.89 and CoStar Group dropped 7.12% to $27.66. In the mid-cap segment, Opendoor Technologies was the biggest loser with a 14.78% decline to $3.84, while data center REIT Fermi led gainers with a 22.31% jump to $7.40.
Fermi Inc. Shares Surge 19% on Project Matador Turbine Delivery
Fermi Inc. shares climbed as much as 19.46 percent on Friday to $7.55 apiece after the company announced that three natural gas turbines from Siemens Energy arrived at the Port of Houston for its flagship Project Matador campus in Texas. The three turbines, rated up to 780 megawatts in simple cycle mode, mark the largest single power equipment move for the project, which spans more than 7,500 acres in Carson County and is designed to deliver 17 GW of power from lower-carbon natural gas, advanced nuclear, solar, and battery storage. Investors also positioned ahead of the company's second-quarter earnings release scheduled for August 13 before the market opens, with attention on the business outlook and leadership composition following the removal of former CEO Toby Neugebauer and the appointment of interim co-CEOs Jacobo Ortiz and Anna Bofa. The company plans to list 12.13 million additional shares on the London Stock Exchange on July 29 to pay advisers and settle employee stock awards, which would bring total voting shares on the LSE to more than 640.4 million. Institutional interest remained strong, with 51 hedge funds holding positions as of the end of the first quarter, up from 40 the prior quarter, and collective holdings rising to $165.6 million from $160 million.
Fermi's First Siemens Turbines Arrive at Port of Houston for Project Matador
Fermi Inc. announced the arrival of three Siemens Energy SGT6-5000F natural gas turbines at the Port of Houston, marking a key milestone for its Project Matador advanced energy and AI campus near Amarillo, Texas. Together, the three turbines are rated at up to 780 megawatts in simple-cycle mode and will anchor the second phase of what is expected to be the nation's largest combined-cycle natural gas project. The delivery follows Fermi's recent selection of TSK for early works on phase-two turbines and Primoris Services Corporation for balance-of-plant work on six SGT-800 turbines in phase one. Fermi's Co-President Jacobo Ortiz highlighted the company's rapid execution under its FermiSpeed strategy, which involves early procurement of long-lead equipment and parallel workstreams to accelerate power delivery for hyperscale customers. The turbines will now travel to the Project Matador campus, where site preparation is already underway, as Fermi scales toward its planned private grid with more than $1.4 billion invested in site buildout to date.
CCC Intelligent Solutions surges on sale exploration; Circle gains on OCC approval
CCC Intelligent Solutions surged 14.5% in premarket trading after Reuters reported the software company is exploring a potential sale, having hired Morgan Stanley to lead the process and begun reaching out to prospective buyers including private equity firms. Circle Internet Group climbed 7% after receiving approval from the U.S. Office of the Comptroller of the Currency to establish First National Digital Currency Bank, a national trust bank under direct federal oversight. Meta Platforms gained 3.8% after unveiling its latest artificial intelligence model, Muse Spark 1.1, and introducing paid access for developers. Fermi America tumbled 14.6% after pricing an upsized $375 million offering of 5.00% convertible senior notes due 2031, while Silo Pharma dropped 22% after announcing an at-the-market private placement of up to $11.7 million.
Fermi plunges 16% after hours after $375M convertible notes pricing
Fermi Inc. shares fell 16% in extended trading after the company priced an upsized offering of 5.00% convertible senior notes due 2031 in an aggregate principal amount of $375 million. The initial conversion price is approximately $9.52 per share, representing a 30% premium over the July 9 closing price of $7.32. The notes are senior unsecured obligations, pay interest semiannually beginning January 15, 2027, and mature on July 15, 2031. The sale is expected to close on July 14, 2026.
JPMorgan upgraded Primoris Services Corporation to Overweight from Neutral with a price target of $116, up from $105. Analyst Mark Strouse noted the shares trade at a significant discount to peers while the non-renewables parts of the business continue to perform well. The firm urged investors to view Primoris through a sum-of-the-parts perspective, seeing valuation upside even if one assumes additional cost overruns in the renewables segment, which JPMorgan said is unlikely. Separately, Fermi announced a major agreement with Primoris Energy Services, part of Primoris, to engineer and construct the balance of plant for the first six SGT-800 gas turbines anchoring Fermi's phase one power buildout in Amarillo, Texas. Cantor Fitzgerald had earlier lowered its price target on Primoris to $100 from $124 while maintaining a Neutral rating, calling the stock a prove-it story until execution is fully demonstrated.
Five Energy Stocks Riding Texas's Data Center Power Boom
Texas has become the epicenter of America's AI data center boom, with ERCOT projecting electricity demand could approach 368 gigawatts by 2032, driven almost entirely by AI and data center load. Vistra Corp., the largest competitive generator in the state, has signed 20-year power purchase agreements with Meta for more than 2,600 megawatts of nuclear output and a separate 20-year, 1,200-megawatt nuclear supply deal tied to its Comanche Peak plant. NRG Energy closed a $12 billion acquisition of LS Power's generation portfolio, doubling its capacity to about 25 gigawatts, and has signed a 295-megawatt supply deal to power two Texas data centers with an option to expand to 1 gigawatt. Energy Transfer LP began flowing natural gas to Oracle's data center campus near Abilene in January, the first of agreements to supply up to 900 million cubic feet a day across three Oracle sites, and says it has inked agreements for more than 6 billion cubic feet a day in new demand-pool volumes over the past year. CenterPoint Energy now has 12.2 gigawatts of firmly committed new industrial load in its Houston territory, up 63% from one quarter earlier, and expects to energize 8 gigawatts of data center load by 2029. Fermi Inc., a nine-month-old pre-revenue company co-founded by former Texas Governor Rick Perry, is planning an 11-gigawatt grid-independent power and data center campus called HyperGrid outside Amarillo, with supply deals including Energy Transfer for gas to its first phase of generation.
Real estate stocks eke out gains in June, post solid returns in four months of H1 2026
Real estate stocks closed the first half of 2026 with gains in four of the six months, eking out a positive June despite a hawkish Federal Reserve. The S&P 500 Real Estate Index Sector rose 0.23% month-over-month to 279.69 points, while the State Street Real Estate Select Sector SPDR ETF added 0.09% to $44.03. The Dow Jones REIT Indx Equity REIT Total Return Index advanced 1.48%, and the FTSE Nareit All Equity REITs index gained 0.81%. Office REITs and Health Care REITs were the biggest beneficiaries among subsectors, but losses in Specialized REITs and Industrial REITs weighed on overall returns. The benchmark 10-Year Treasury yield ended flat at 4.47%, easing fiscal concerns that had driven borrowing costs higher in May. Among large-cap stocks, data center REITs led weekly losers, with Iron Mountain down 10.61%, Digital Realty Trust off 9.95%, and Equinix falling 7.87%, reflecting public anxiety over electricity grid strains from AI data centers. American Healthcare REIT topped the gainers, up 8.09%, after Citi upgraded the stock to Buy. In midcaps, Compass rose 14.21% after management met with Oppenheimer, which maintained a Buy rating, while data center REIT Fermi fell 8.41%. Small-cap decliners were led by mortgage REITs Redwood Trust and Apollo Commercial Real Estate Finance, the latter downgraded by BTIG on expected book value erosion from asset sales. Newly appointed Fed Chair Kevin Warsh's hawkish comments fueled speculation that rate hikes could return, pressuring mortgage REITs near-term but potentially benefiting them from wider spreads over time.
Fermi Partners with Primoris Services for Texas Power Plant Construction
Fermi has entered into an agreement with Primoris Services Corporation to engineer and construct the balance of plant for the first six SGT-800 gas turbines at its power facility in Amarillo, Texas. The project supports the adjacent Project Matador hyperscale computing campus and represents a key milestone in Fermi's 2.0 execution strategy to accelerate infrastructure delivery. Primoris has already completed initial site preparations, including turbine island excavations and utility material staging, and the expanded partnership leverages that progress to streamline the transition into full-scale engineering and construction. The collaboration reflects Fermi's strategy of partnering with established contractors to develop large-scale private electric grids for AI-centric clients.
Primoris Services has sharply cut its 2026 guidance due to cost overruns in six renewables projects, while also announcing the abrupt departure of its Chief Operating Officer. The company now projects $8.7 billion in revenue and $358.2 million in earnings by 2028, requiring 7.7% annual revenue growth and a $117.2 million earnings increase from the current $241.0 million. In late June 2026, Fermi America Inc. awarded Primoris Energy Services a contract to engineer and construct the balance of plant for six SGT-800 gas turbines at the Project Matador power facility in Amarillo, Texas, reinforcing its role in data-center-linked power generation. Some analysts had previously forecast revenue of about $10.3 billion and earnings of about $378.1 million, highlighting the impact of renewables execution risk on the stock's outlook.
Fermi America selects TSK for engineering and project management of Project Matador phase two in Texas
Fermi America has selected Spanish EPC contractor TSK to lead engineering and project management for the second phase of Project Matador, a massive Texas power campus. TSK will oversee permitting and infrastructure planning for three Siemens SGT6-5000F gas turbines intended to provide reliable, dispatchable power for the site. Project Matador is a private energy system designed to supply up to 17 gigawatts of electricity directly to hyperscale AI and advanced computing facilities, combining natural gas, nuclear, solar, and battery storage to meet surging technology sector energy demands. The partnership reflects a growing trend of developers investing in dedicated power assets to secure electricity for AI infrastructure, with Fermi aiming to accelerate development timelines and reduce execution risks by leveraging TSK's specialized EPC expertise.
Fermi Drops 7.4% as Governance Dispute with Co-Founder Neugebauer Intensifies
Fermi Inc. shares fell 7.4% amid an escalating governance dispute with co-founder and major shareholder Toby R. Neugebauer over his push to call a special shareholder meeting and influence the company's direction and Project Matador. The company advanced Project Matador by signing a service agreement with TSK Electronica y Electricidad USA for three Siemens SGT6-5000F gas turbines, aiming to accelerate engineering, permitting, and execution for its next phase of power capacity. Neugebauer is seeking a special meeting and a dual-track review for Project Matador, raising near-term uncertainty around control and capital allocation. The governance battle does not yet clearly change the core near-term catalyst of securing the first large, investment-grade tenant or the key risk of financing and schedule slippage.
Fermi Inc. shares rallied for a fifth straight session, jumping 5.35 percent to close at $7.88 amid reports that OpenAI is nearing an agreement to lease capacity at Fermi's Project Matador campus. JMP Citizens reported last week that OpenAI is among the companies assessing the site, and Fermi earlier said it is on track to deliver approximately 1.1 gigawatts of new power at its Amarillo campus by year-end, part of a 17-gigawatt project designed for completion by 2030. The company also hinted last month at securing a leasing agreement with a new tenant within three months. Separately, Fermi mailed a consent revocation statement to shareholders in response to former CEO Toby Neugebauer's solicitation to call a special meeting, accusing him of seeking to install hand-picked board nominees to advance a personal agenda.