Fermi Secures $785M in Financing, Advances 2GW Power and 6GW Clean Air Permit
Fermi reported $189 million net loss, driven by $134 million in non-cash share-based compensation, and secured $785 million equipment financing with a $500 million MUFG facility. The company advanced over 2 GW of power, obtained a 6 GW Clean Air Permit and filed for an extra 5 GW toward 17 GW Project Matador build-out.
1. Fermi 2.0 Strategic Evolution
Fermi has transitioned from an entrepreneurial startup to an institutional public company under its Fermi 2.0 plan, converting over $1.4 billion of infrastructure investment into a scalable platform for gigawatt-scale private power delivery to AI tenants. Over the next 90 days, the company will focus on securing a binding tenant agreement, managing liquidity, hiring a new CEO and accelerating project commercialization.
2. Commercial and Regulatory Milestones
Construction at Project Matador, a 7,500-acre energy and compute campus in Texas, is on schedule to deliver initial power later this year. The company has secured over 2 GW of owned and contracted power generation, obtained a 6 GW Clean Air Permit, filed for an additional 5 GW permit and connected transmission systems for grid interconnection.
3. Q1 Financial Results and Financing
In Q1 2026, Fermi reported a $189 million net loss ($0.30 per share) largely due to $134 million of non-cash share-based compensation. It ended the quarter with $243 million in cash, closed $785 million in equipment financing facilities (including a $500 million MUFG facility) and secured a $156 million commitment for general corporate purposes.
4. Governance and Leadership Updates
As part of its institutional evolution, Fermi expanded its board from five to seven directors and appointed Robert Masson as Interim CFO. The company engaged Heidrick & Struggles to lead the CEO search and established a new Dallas headquarters alongside its permanent Amarillo presence.