Fermi Inc Dossier
Qualitative Analysis
Business overview
Fermi Inc. (d/b/a Fermi America) is a specialized real estate investment trust (REIT) and advanced energy infrastructure developer purpose-built for the artificial intelligence (AI) era. Co-founded in 2025 by former U.S. Energy Secretary Rick Perry and private equity investor Toby Neugebauer, the company focuses on developing gigawatt-scale, grid-independent private electric grids to power hyperscale AI data centers. Its flagship asset is Project Matador, a behind-the-meter energy and compute campus spanning over 7,500 acres in Carson County, Texas. At full build-out, Project Matador is designed to deliver up to 17 GW of highly redundant power integrating combined-cycle natural gas, advanced nuclear reactors, solar power, and battery energy storage systems (BESS).
Research as of 19 Jun 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
A comprehensive strategic evolution transitioning the company from an entrepreneurial startup to a scaled, institutional public enterprise. Key pillars include strengthening corporate governance under an independent board, securing binding tenant commitments, managing working capital, and establishing a new corporate headquarters in Dallas, Texas.
Expected impact: Aims to pair the company's physical asset base with institutional capabilities to maximize long-term shareholder returns and accelerate commercial engagement.
Development of the world's largest private behind-the-meter energy and compute campus spanning over 7,500 acres in Carson County, Texas. The project is designed to integrate natural gas, advanced nuclear, solar, and battery storage to deliver up to 17 GW of highly redundant power directly to hyperscale AI tenants.
Expected impact: Bypasses the traditional electric grid to provide fast, scalable, and low-carbon power to meet the massive energy demands of next-generation AI data centers.
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Strategic Partnerships
Secured a 20-year capital lease agreement for seven GE TM2500 gas turbines totaling 157.5 MW of capacity. These fast-deploying turbines expand Fermi's natural gas platform and support the initial 500 MW tranche of power generation.
Terms: 20-year capital lease agreement; turbines delivered in Q4 2025 for commercial operation in early 2026.
Deepened partnership to lead the return of large-scale nuclear construction in the U.S. Hyundai E&C is collaborating on front-end engineering design (FEED) work for four Westinghouse AP1000 nuclear units supporting Project Matador.
Terms: Terms of the FEED and construction planning agreements were not publicly disclosed.
Anchors the Project Matador campus on 5,236 acres of TTU-controlled land under a long-term ground lease, providing a strategic hub for operations, workforce readiness, and regional development.
Terms: 99-year ground lease agreement.