Fermi America continues to expand its investment in energy infrastructure for artificial intelligence and hyperscale computing while ramping up development of its energy megaproject in Texas. The company confirmed it has already secured more than 2 gigawatts of power generation capacity and is progressing with regulatory permits to add approximately 11 GW more.
The Dallas-based company posted a net loss of $189 million in the first quarter of 2026. The figure reflects a sharp increase year over year, mainly due to stock-based compensation and costs associated with refinancing corporate debt.
Project Matador drives AI energy infrastructure in Texas
Fermi’s main strategic asset is Project Matador, located in Carson County, Texas. The energy campus spans more than 7,500 acres and was designed to supply up to 17 GW of electricity through a combination of natural gas, advanced nuclear power, solar energy, batteries, and grid interconnection.
The company aims to position itself as a private power provider for artificial intelligence operators and major cloud platforms. This segment has gained relevance due to the rapid growth in energy demand associated with high-performance data centers.
Fermi also reported that it received an air emissions permit for approximately 6 GW granted by the Texas Commission on Environmental Quality. According to the company, this is one of the largest energy permits awarded in the United States for this type of development.
Nuclear power and natural gas drive the expansion
During the quarter, the company also applied for additional permits to add another 5 GW of generation capacity. In parallel, the U.S. Nuclear Regulatory Commission selected Project Matador for a pilot program aimed at accelerating the environmental review of advanced reactors.
The project’s physical infrastructure also recorded significant progress. Fermi confirmed the completion of nearly five miles of pipelines and the connection of power transmission systems for future grid interconnections.
In addition, the company received the first six Siemens SGT-800 turbines through the Port of Houston as part of its initial energy deployment strategy.
Fermi strengthens financing and commercial strategy
On the financial front, Fermi ended the quarter with $243 million in cash and restricted cash. The company also secured $785 million in new equipment financing facilities, including a $500 million credit line backed by Mitsubishi UFJ Financial Group.
Company President Marius Haas noted that Fermi is now entering a phase focused on securing binding contracts with strategic customers, accelerating commercialization, and strengthening corporate liquidity.
Discussions with cloud operators and enterprise computing providers intensified in recent weeks due to the sustained increase in energy demand for artificial intelligence workloads.
As part of its corporate transition called “Fermi 2.0,” the company expanded its board of directors, appointed an interim chief financial officer, and hired Heidrick & Struggles to lead the search for a permanent chief executive officer.
Source: Oil Price
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