FRMI targets AI sector with $1.4 billion infrastructure, securing 2 GW capacity and advancing 11 GW permitted projects in Texas.
Fermi Inc. (NASDAQ:FRMI) announced a strategic pivot to become a large-scale provider of gigawatt-level power for AI infrastructure, leveraging over $1.4 billion in existing assets. The company’s 7,500-acre Project Matador campus in Texas has secured 2 GW of generation capacity and holds permits for approximately 11 GW.
Recent milestones include a 6 GW Clean Air Permit from the TCEQ and participation in an NRC pilot program to accelerate nuclear licensing. The first six Siemens gas turbines have arrived, with core infrastructure nearing completion. Fermi expects to begin power delivery later this year.
Leadership is finalizing binding agreements with hyperscalers and enterprise compute operators, aiming to solidify long-term contracts within 90 days. A new CEO appointment is also planned to drive commercialization efforts.