The scarce input.
The grid is the binding constraint on the largest capital cycle in history. Energized megawatts — not chips — set the clearing price. Fermi owns the generation, co-locates the load, and sells power-plus-position to tenants who cannot wait in line.
Compute without power is stranded capital.
Hyperscalers will 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, set the clearing price. Fermi captures that scarcity premium: own the generation, co-locate the load, sell power-plus-position.
Committed, not aspirational.
$1B in financing commitments — MUFG, Beal Bank, Keystone, and Yorkville — backing a $60B initial build-out program. Dual-listed on NASDAQ and LSE under FRMI.
A schedule you can underwrite.
- 200 MW · Q4 2026First power on site — revenue-bearing.
- 1.5 GW · end of 2027Turbines bought, financed, and staged.
- 2 GW · 2028Generation online and contracted.
- up to 17 GWGas, nuclear, solar, and storage at full build.
Permits are the real queue — and Fermi has crossed it.
Air: a 6 GW federal permit secured, 5 GW more filed. Water: 11 MGD from the Ogallala aquifer. Nuclear: the first NRC Combined License accepted in fifteen years. Competitors start that clock at zero.
Good to know.
Fermi sells power and co-located capacity ("power-plus-position") to tenants under long-term arrangements, capturing the scarcity premium on 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.
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.
Review the opportunity.
Request the investor materials or reach Investor Relations directly.