Concept renderThe scarce input.
The grid is the binding constraint on one of the largest capital cycles in history. Energized megawatts, not chips, are the scarce input. Fermi plans to own the generation, co-locate the load, and offer power and co-located capacity to tenants who cannot wait in line.
What the capital is building.
Solid is secured. Dashed is permitted and planned. Revenue begins at first power, Q1 2027.
Compute without power is stranded capital.
Hyperscalers are expected to deploy hundreds of billions into AI infrastructure, but a U.S. interconnection now takes three to seven years against a projected 45 GW shortfall. Energized megawatts, not chips, are the scarce input. Fermi aims to serve that demand: own the generation, co-locate the load, and offer power and co-located capacity.
Intelligence runs on electricity. Fermi makes electricity.
A grid that cannot grow fast enough is the bottleneck of the AI build-out. Fermi sits on the supply side of the scarcest input, and prices it.
Financing commitments in place.
$1B in financing commitments from MUFG, Beal Bank, Keystone, and Yorkville, toward a planned ~$60B initial build-out program (per company disclosures). Dual-listed on NASDAQ and LSE under FRMI.
180 days of steel.
Progress is physical, not a slide. Four turbine platforms from two OEMs are already moving: three Siemens F-class units complete or in final assembly, six SGT-800s cleared customs in Houston, seven TM2500s under a twenty-year lease, and three GE Vernova FR6Bs with foundations poured.
- 11.3 milesOf perimeter fencing in the ground.
- 7.2 milesOf water lines laid.
- 4.6 milesOf gas lines laid.
- ~300 acresCleared and prepared.
A schedule built to underwrite.
- 200 MW · Q1 2027First power on site, targeted.
- 1.5 GW · end of 2027Turbines ordered, financed, and staged.
- 2 GW · 2028Generation targeted online.
- up to 17 GWGas, nuclear, solar, and storage planned at full build.
Permits are the real queue, and Fermi has crossed it.
Air: a 6 GW Texas (TCEQ) air permit issued, ~5 GW more filed. Water: 11 MGD from multiple sources. Nuclear: the first NRC Combined License accepted in fifteen years. Competitors start that clock at zero.
Good to know.
Fermi plans to provide power and co-located capacity to tenants under long-term arrangements, based on the scarcity of energized megawatts, rather than selling power into the public grid.
$1B in financing commitments from MUFG, Beal Bank, Keystone, and Yorkville support the initial program. For current figures, capital structure, and filings, see Investor Relations.
Quarterly results, the investor presentation, prepared remarks, transcript, and webcast are on the Investor Relations section, alongside SEC filings on EDGAR. Every load-bearing figure is sourced and dated there; this page is not a substitute for the filings.
Construction, permitting, supply-chain, and execution timing are the primary risks of any project at this scale. Forward-looking statements involve risk; this site is not investment advice. Refer to official filings.
This is an independent design study, not the official Fermi America website, and nothing here is an offer to sell or a solicitation of an offer to buy any security. Statements about future plans, capacity, timelines, financing, and results are forward-looking and subject to risks and uncertainties that could cause actual outcomes to differ materially. For authoritative, current information, rely on Fermi America’s SEC filings rather than this study.
Three ways in.
Review the opportunity.
Request the investor materials or reach Investor Relations directly.