Fermi Inc.

Fermi Inc. develops and operates private power and computing campus infrastructure tailored for high-density artificial intelligence workloads. The company designs, constructs, and leases powered shell facilities integrated with dedicated, grid-independent energy generation assets, including natural gas-fired turbines, battery energy storage systems, solar installations, and planned nuclear generation. Its business model focuses on leasing powered campus space and ground under long-term agreements structured around contracted power capacity, invested capital, and cost reimbursements. Fermi targets hyperscale technology companies and large compute operators, such as cloud service providers, artificial intelligence infrastructure developers, semiconductor manufacturers, and enterprise or government organizations needing high-capacity computing power.

The company's primary development is Project Matador, situated in the Texas Panhandle within Carson County, Texas. This campus covers a 5,236-acre property under a 99-year ground lease with the Texas Tech University System, with additional adjacent land contracts expanding the footprint to roughly 7,570 acres. Fermi is based in the United States and does not disclose a specific city for its headquarters in the text.

Summary of the business section of Fermi's latest annual report, written by StockData.