Fermi · Nasdaq and LSE: FRMI
Facts register.
Every figure used on this site, with its status, the date it is current as of, and a link to its primary source. Updated Sep 8, 2026. Where a later SEC filing differs, the filing controls.
Substation steel, Carson County, February 2026
Scope
How the register is used.
Every figure is recorded once with the disclosure it came from, and the pages read from the register rather than restating it.
Land
| Metric | Value | Status | As of | Primary source |
|---|---|---|---|---|
| Under the Texas Tech ground lease todayThe 99-year ground lease was signed on May 14, 2025 for 5,769 acres. A first amendment executed in August 2025 set the leased site at approximately 4,523 acres, with a 713-acre tract to be added upon transfer from a federal agency to Texas Tech University, for approximately 5,236 acres in total. Groundwater leases covering approximately 5,227 acres are held separately and are not part of this figure. | ~4,523acres | Contracted (disclosed) | Jun 30, 2026 | Fermi Inc. Form 10-Q for the quarter ended June 30, 2026 ↗Aug 14, 2026 |
| Pending transfer from a federal agencyA 713-acre tract to be added to the Texas Tech ground lease upon transfer from a federal agency to Texas Tech University, taking the leased site to approximately 5,236 acres. | 713acres | Application pending (forward-looking) | Jun 30, 2026 | Fermi Inc. Form 10-Q for the quarter ended June 30, 2026 ↗Aug 14, 2026 |
| Project Matador site, in the aggregateThe Form 10-Q for the quarter ended June 30, 2026 states that the site includes approximately 5,236 acres held or to be held under a long-term lease with the Texas Tech University System and, together with additional acreage acquired, under contract, or subject to options to purchase, is expected to encompass approximately 8,400 acres in the aggregate. The aggregate figure depends on the closing of pending acquisitions and the exercise of purchase options. Acreage figures published before August 2026, including the 5,769 acres of the original Texas Tech ground lease and the 5,800 acres cited in 2025 coverage, describe earlier stages of the same site and have been superseded. | ~8,400acres | Reported (disclosed) | Jun 30, 2026 | Fermi Inc. Form 10-Q for the quarter ended June 30, 2026 ↗Aug 14, 2026 |
Capacity and permits
| Metric | Value | Status | As of | Primary source |
|---|---|---|---|---|
| Natural gas permitted by TCEQOne Texas Commission on Environmental Quality clean-air permit covering ~6 GW; final approval Feb 25, 2026 after preliminary approval in Nov 2025. | ~6GW | Permitted (disclosed) | Feb 25, 2026 | Fermi America secures final 6 GW clean-air permit from TCEQ (release) ↗Feb 25, 2026 |
| Additional TCEQ application pendingSecond clean-air permit application for the east side of the campus. Filed; not approved. No assurance it will be granted. | ~5GW | Application pending (forward-looking) | Mar 27, 2026 | Fermi America files second clean-air permit application (~5 GW) with TCEQ (release) ↗Mar 27, 2026 |
| Private-grid generation plannedCompany plan for Project Matador at full build. Capacity beyond the ~6 GW already permitted is subject to additional permits, financing, interconnection capacity and land acquisition, including the second ~5 GW TCEQ application filed Mar 27, 2026 and pending land closings. | ~17GW | Planned (forward-looking) | Jun 30, 2026 | Fermi Inc. Form 10-Q for the quarter ended June 30, 2026 ↗Aug 14, 2026 |
| Generation equipment landed in TexasSix Siemens Energy SGT-800 units (arrived Feb 2026) and three Siemens Energy SGT6-5000F units (arrived Jul 2026), as reported by the company. Landed equipment is not yet installed or generating. | ~2.2GW | Landed in Texas (disclosed) | Aug 13, 2026 | Second Quarter 2026 results release (Form 8-K, Ex. 99.1) ↗Aug 13, 2026 |
| Hillcore Energy Capital power centerFramework alliance (Aug 11, 2026): a build-own-operate-transfer power center (~2.5 GW gas plus ~100 MW solar and storage) with Fermi as anchor offtaker under a 20-year PPA and no Fermi capital expenditure. Definitive agreements were pending as of the Q2 2026 release. | ~2.6GW | Planned (forward-looking) | Aug 13, 2026 | Second Quarter 2026 results release (Form 8-K, Ex. 99.1) ↗Aug 13, 2026 |
| Grid supply via SPS / Xcel EnergyElectric service agreement with Southwestern Public Service (an Xcel Energy subsidiary); initial energization of 86 MW targeted first. Not company-owned generation. | up to 200MW | Contracted (disclosed) | Aug 13, 2026 | Second Quarter 2026 results release (Form 8-K, Ex. 99.1) ↗Aug 13, 2026 |
Equipment
| Metric | Value | Status | As of | Primary source |
|---|---|---|---|---|
| Siemens Energy SGT-800~300 MW simple-cycle (Phase One). Bathtub excavation complete for all six power islands as of Q2 2026. Six further SGT-800s are financed for 2028 delivery (CSG Investments facility). | 6 | Landed in Texas (disclosed) | Aug 13, 2026 | Second Quarter 2026 results release (Form 8-K, Ex. 99.1) ↗Aug 13, 2026 |
| Siemens Energy SGT6-5000FF-class units, up to ~728 MW simple-cycle (Phase Two). One unit is on the campus in Carson County; two are in transit from the Port of Houston. TSK engaged for early works and fast-start engineering. | 3 | 1 onsite, 2 enroute (disclosed) | Sep 15, 2026 | Second Quarter 2026 results release (Form 8-K, Ex. 99.1) ↗Aug 13, 2026 |
| GE Frame 6B~114 MW simple-cycle. Three units, on the campus in Carson County. | 3 | Onsite (disclosed) | Sep 15, 2026 | Fermi Inc. Annual Report on Form 10-K for fiscal 2025 ↗Mar 30, 2026 |
| GE TM2500 mobile unitsApproximately 132 MW of mobile aeroderivative generation under contract. | 7 | Contracted (disclosed) | Dec 31, 2025 | Fermi Inc. Annual Report on Form 10-K for fiscal 2025 ↗Mar 30, 2026 |
Schedule
| Metric | Value | Status | As of | Primary source |
|---|---|---|---|---|
| Initial commercial power, next ~6 monthsCompany guidance of "about 200 megawatts of initial commercial power over the next six months" from Aug 13, 2026, working with Xcel Energy toward 200 MW on site. Forward-looking. | ~200MW | Target (forward-looking) | Aug 13, 2026 | Second Quarter 2026 results release (Form 8-K, Ex. 99.1) ↗Aug 13, 2026 |
| First on-site generation to anchor tenantManagement guidance on the Q2 2026 call: first ~210 MW available July 1, 2027, ~640 MW nameplate by Q4 2027. The Form 10-Q states commercial operations are targeted to commence in 2027. Forward-looking; schedules can change. | Jul 1, 2027 | Target (forward-looking) | Aug 13, 2026 | Second Quarter 2026 earnings call (management guidance) ↗Aug 13, 2026 |
| Within 18 to 24 monthsCompany guidance: "about 1.5 GW over the next 18 to 24 months" from Aug 13, 2026. Forward-looking. | ~1.5GW | Target (forward-looking) | Aug 13, 2026 | Second Quarter 2026 results release (Form 8-K, Ex. 99.1) ↗Aug 13, 2026 |
| On-site generation within ~30 monthsCompany statement that the Hillcore alliance would double planned on-site generation to ~4.8 GW within approximately 30 months; depends on definitive agreements, financing and construction. | ~4.8GW | Target (forward-looking) | Aug 13, 2026 | Second Quarter 2026 results release (Form 8-K, Ex. 99.1) ↗Aug 13, 2026 |
Anchor tenant
| Metric | Value | Status | As of | Primary source |
|---|---|---|---|---|
| TensorWave Phase 1 facility powerBinding lease with TensorWave, an AI cloud infrastructure provider. Initial term of 15 years after the final delivery phase, plus two five-year renewal options; phased delivery beginning in the second half of 2027. | 222MW | Contracted (disclosed) | Aug 10, 2026 | Fermi announces binding lease agreement with TensorWave (release) ↗Aug 10, 2026 |
| Contracted revenue, Phase 1 initial termTotal contracted revenue over the 15-year initial term for Phase 1 as stated by the company; undiscounted and assuming full delivery and performance. Expansion options could take the facility to 650+ MW across three phases. | ~$6.5B | Contracted (disclosed) | Aug 10, 2026 | Fermi announces binding lease agreement with TensorWave (release) ↗Aug 10, 2026 |
| With expansion options exercisedTwo expansion options across three phases; options are the tenant’s to exercise. | 650+MW | Planned (forward-looking) | Aug 10, 2026 | Fermi announces binding lease agreement with TensorWave (release) ↗Aug 10, 2026 |
Nuclear
| Metric | Value | Status | As of | Primary source |
|---|---|---|---|---|
| Westinghouse AP1000 units, NRC application docketedCombined License Application Parts 1 and 2 submitted Jun 17, 2025 and docketed by the NRC Sep 5, 2025 (dockets 052-00051 to 052-00054). Docketing is acceptance for review, not a license. Part 3 targeted by Dec 31, 2026; the NRC schedules a Final EIS for Dec 2026. | 4 | Application pending (forward-looking) | Sep 5, 2025 | U.S. NRC, Fermi America Combined License Application (PMN Units 1 to 4) ↗Updated Aug 27, 2026 |
| Planned nuclear capacityCompany plan for the nuclear units at full build. The Combined License Application is before the NRC; no construction or operating license has been issued. | ~6GW | Planned (forward-looking) | Jun 30, 2026 | Fermi Inc. Form 10-Q for the quarter ended June 30, 2026 ↗Aug 14, 2026 |
Site and infrastructure
| Metric | Value | Status | As of | Primary source |
|---|---|---|---|---|
| City of Amarillo water, at twice the standard rateWater supply agreement approved by Amarillo City Council Oct 28, 2025. Fermi funds all connection infrastructure. A non-binding framework to scale supply and 30-year groundwater leases are described in the Form 10-K; larger figures are not contracted. | up to 2.5MGD | Contracted (disclosed) | Oct 30, 2025 | City of Amarillo, Fermi project water supply agreement ↗Oct 30, 2025 |
| Natural-gas supply arrangement (Energy Transfer)Supply via the Transwestern interconnect; ~4.6 to 4.7 miles of on-site high-pressure pipeline installed. | ~300,000MMBtu/day | Contracted (disclosed) | Dec 31, 2025 | Fermi Inc. Annual Report on Form 10-K for fiscal 2025 ↗Mar 30, 2026 |
| AI data center capacity at full build-outCompany plan; depends on tenant demand, financing, permits and construction. | up to ~15M sq ft | Planned (forward-looking) | Jun 30, 2026 | Fermi Inc. Form 10-Q for the quarter ended June 30, 2026 ↗Aug 14, 2026 |
| Fencing / water line / gas line installedCompany-reported site works as of the second quarter of 2026, plus ~261 acres (~11.4 million sq ft) of site preparation. | 11.3 / 7.2 / 4.6miles | Reported (disclosed) | Jun 30, 2026 | Second Quarter 2026 results release (Form 8-K, Ex. 99.1) ↗Aug 13, 2026 |
| Invested in site build-out to dateProperty, plant and equipment, net of $1,547.9 million at June 30, 2026. | $1.5B+ | Reported (disclosed) | Jun 30, 2026 | Second Quarter 2026 results release (Form 8-K, Ex. 99.1) ↗Aug 13, 2026 |
Financing and results
| Metric | Value | Status | As of | Primary source |
|---|---|---|---|---|
| IPO gross proceeds, priced Sep 30, 2025 at $21.0037,375,000 shares including the full over-allotment option. Nasdaq trading began Oct 1, 2025; London Stock Exchange trading Oct 2, 2025. | $784.9M | Reported (disclosed) | Oct 3, 2025 | Form 8-K (closing of initial public offering) ↗Oct 3, 2025 |
| 5.00% convertible senior notes due 2031Rule 144A offering closed July 2026; net proceeds ~$416.8 million after capped-call transactions. Conversion rate 105.0862 shares per $1,000 (~$9.52). Not an offer of securities. | $431.25M | Reported (disclosed) | Jul 15, 2026 | Form 8-K (5.00% Convertible Senior Notes due 2031) ↗Jul 15, 2026 |
| MUFG non-recourse turbine facility$444.9 million drawn at June 30, 2026 (Form 10-Q). | $500M | Contracted (disclosed) | Jun 30, 2026 | MUFG $500 million equipment loan (release) ↗Feb 10, 2026 |
| Keystone / Cape high-voltage equipment facilityThe Form 10-K describes a $120 million facility with a $100 million upsize option; the announcement headlines the $200 million total. $77.3 million was drawn at June 30, 2026. | $120M | Contracted (disclosed) | Jun 30, 2026 | Keystone National Group / Cape Commercial Finance equipment facility (release) ↗Feb 24, 2026 |
| CSG Investments facility, six SGT-800s for 2028Equipment facility for a second tranche of six Siemens Energy SGT-800 units. | $165M | Contracted (disclosed) | Mar 27, 2026 | Fiscal 2025 results release (CSG $165M SGT-800 facility) ↗Mar 30, 2026 |
| Yorkville promissory-note commitment (undrawn)Committed but undrawn as of June 30, 2026. | $156.25M | Contracted (disclosed) | Jun 30, 2026 | Fermi Inc. Form 10-Q for the quarter ended June 30, 2026 ↗Aug 14, 2026 |
| Cash and restricted cash, June 30, 2026Before ~$416.8 million of net proceeds from the July 2026 convertible notes. The Form 10-Q discusses liquidity, including going-concern considerations management concluded were alleviated by its plans. | $91.7M | Reported (disclosed) | Jun 30, 2026 | Second Quarter 2026 results release (Form 8-K, Ex. 99.1) ↗Aug 13, 2026 |
| Net loss, Q2 2026Pre-revenue. Net loss of $214.5 million for the six months ended June 30, 2026, including significant non-cash share-based compensation. | $25.8M | Reported (disclosed) | Jun 30, 2026 | Second Quarter 2026 results release (Form 8-K, Ex. 99.1) ↗Aug 13, 2026 |
| Shares of common stock outstandingPer the Form 10-Q cover; also the total voting rights figure notified via RNS on Jul 23, 2026. | 640,467,348 | Reported (disclosed) | Aug 10, 2026 | Fermi Inc. Form 10-Q for the quarter ended June 30, 2026 ↗Aug 14, 2026 |
Community
| Metric | Value | Status | As of | Primary source |
|---|---|---|---|---|
| Permanent jobs at full build-outCompany estimate (roughly 3,000 in data-center operations). Not an audited figure and not contained in an SEC filing; depends on full build-out. | ~5,400 | Company estimate (forward-looking) | Sep 1, 2026 | Fermi America newsroom, “Community Questions” (company estimate, not an SEC filing) ↗Sep 1, 2026 |
| Construction jobs per day at peakCompany estimate; subject to change with the construction schedule. | 10,000+ | Company estimate (forward-looking) | Sep 1, 2026 | Fermi America newsroom, “Community Questions” (company estimate, not an SEC filing) ↗Sep 1, 2026 |
Corporate
| Metric | Value | Status | As of | Primary source |
|---|---|---|---|---|
| Headquarters1845 Woodall Rodgers Freeway, Suite 1100, Dallas, TX 75201. The company maintains a project office in Amarillo, Texas. | Dallas, Texas | Reported (disclosed) | Aug 31, 2026 | Form 8-K (annual meeting date, headquarters, Audit Committee) ↗Aug 31, 2026 |
| Chief Executive Officer (effective Aug 11, 2026)Independent director since the IPO; former Chairman and CEO of CH2M HILL and CEO of TerraPower. Resigned from the Audit Committee on appointment. | Lee McIntire | Reported (disclosed) | Aug 14, 2026 | Form 8-K (appointment of Lee McIntire as Chief Executive Officer) ↗Aug 14, 2026 |
| Inaugural annual meeting of stockholdersRecord date August 31, 2026. Proxy materials will be filed with the SEC and posted under Investor Relations when available. | Oct 30, 2026 | Reported (disclosed) | Aug 31, 2026 | Form 8-K (annual meeting date, headquarters, Audit Committee) ↗Aug 31, 2026 |
Reported (disclosed)Landed in Texas (disclosed)Onsite (disclosed)Enroute (disclosed)Permitted (disclosed)Contracted (disclosed)
Disclosed facts as of the date shown, taken from SEC filings, regulator records or company releases.
Application pending (forward-looking)Planned (forward-looking)Target (forward-looking)Company estimate (forward-looking)
Forward-looking statements that depend on permits, financing, construction, counterparties and market conditions, and may not be realized. Every value is superseded by the company’s subsequent SEC filings.
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