Fermi is a development-stage company with no revenue, building a massive, grid-independent power and data center campus in the Texas Panhandle purpose-built for AI hyperscalers and other large compute users. Fermi's sole asset is Project Matador, a ~5,236-acre campus in Carson County, Texas, secured under a 99-year ground lease with the Texas Tech University System. The site is designed to eventually host up to ~11 GW of power generation capacity and up to ~15M sq ft of AI-ready compute infrastructure. Fermi's business model is essentially that of a power-centric real estate landlord: rather than charging rent per square foot, Fermi plans to charge tenants based on reserved power capacity in kilowatts per month, reflecting that power — not space — is the scarce resource for AI workloads. Fermi intends to qualify as a REIT, with leases structured on a triple-net basis. The power strategy relies primarily on natural gas turbines (with secured equipment totaling over 1.2 GW across GE and Siemens units), supplemented by 200 MW of grid capacity from Xcel Energy subsidiary SPS, and a long-term plan for up to four Westinghouse AP1000 nuclear reactors (~4 GW), for which Fermi filed a combined license application with the NRC in June 2025. Development is organized into five phases, with first tenant commissioning targeted for the first half of 2027. Fermi has not yet signed any binding tenant leases, and its prospective first tenant terminated a $150M construction advance agreement in December 2025.