Fermi Inc. is a specialized real estate investment trust (REIT) purpose-built to address the massive power requirements of the artificial intelligence and hyperscale computing industries. Founded in 2025, the company is developing its flagship initiative, Project Matador, on a 5,263-acre site in Amarillo, Texas, under a 99-year ground lease with the Texas Tech University System. The campus is designed to be a grid-independent, multi-gigawatt private energy and data center ecosystem, ultimately targeting up to 11 gigawatts of capacity. Fermi's business model involves developing, owning, and leasing powered shell facilities and infrastructure to compute-intensive AI businesses through long-term triple-net leases. The company plans to integrate diverse power generation sources, including combined-cycle natural gas, advanced nuclear reactors, solar power, and battery energy storage, to deliver highly reliable, behind-the-meter electricity. While currently in the pre-revenue development phase and incurring significant capital expenditures for equipment and construction, Fermi recently secured its first major anchor tenant, AI cloud provider TensorWave, with a 15-year, $6.5 billion turnkey lease agreement. The company's competitive position relies on its ability to bypass public utility grid bottlenecks and deliver gigawatt-scale power to AI hyperscalers on accelerated timelines.
