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Fermi Inc. is developing Project Matador in Carson County, Texas, for cloud providers, AI infrastructure operators and other large computing users that need substantial power alongside their facilities. It plans to combine data-center buildings with power generation, electrical distribution and cooling infrastructure. Initial power supply centers on natural gas, supplemented by grid power; nuclear power is a longer-term plan that requires regulatory approval.
The planned business is primarily a landlord, not a seller of electricity to the grid. Tenants would pay long-term rent for buildings with power infrastructure, with a fixed monthly component tied to reserved power capacity. Customers building their own facilities would pay ground rent. Fermi intends to supply power only to on-site tenants as part of their leases, and must structure its activities to meet the requirements of its intended real estate investment trust status.
Fermi has not generated revenue and, as of March 2026, had signed no definitive tenant lease. Binding tenant commitments are needed to support financing and further construction; rent also depends on delivering usable buildings and power. A small number of initial tenants could account for much of the revenue. Its site lease with the Texas Tech University System makes development permission conditional on financing, a tenant lease and required approvals, and allows early termination for specified failures.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Fermi's results hinge on binding anchor-tenant leases and bringing power infrastructure into service, making Siemens Energy's turbines and longer-term Westinghouse reactor plans key to watch.
Applied Digital competes with Fermi for hyperscalers willing to lease AI data-center capacity long term, with both building around access to ample power. Watch Applied Digital's new AI leases and progress securing power connections: these show how competing capacity is reaching the tenants Fermi needs.
TeraWulf competes with Fermi for hyperscale customers paying under long-term leases for power-intensive AI data-center infrastructure. Its delivery of contracted capacity at Lake Mariner and Abernathy shows competing supply becoming available to that customer group.
Cipher Digital competes with Fermi for power-intensive AI tenants by securing powered sites before developing large computing facilities for hyperscalers. Watch its 600 MW of facilities under development for those tenants, rather than the bitcoin mining that generated its revenue through December 31, 2025.
Keel Infrastructure Corp. and Fermi are both developing businesses that lease computing capacity long term, using controlled land, power rights and generation infrastructure. Keel's computing-infrastructure business had no revenue as of December 31, 2025; its expected first data-center revenue in 2027 is a milestone to watch for this competing offering.
Core Scientific competes with Fermi's planned powered campus by providing space and infrastructure for customers' high-density AI computing equipment. Watch its conversion of mining facilities and development of AI hosting capacity, rather than its own digital-asset mining, for the competition facing Fermi's large computing deployments.
Digital Realty competes with Fermi for large tenants paying to lease data-center space with power, including buildings where customers install their own infrastructure. Its leases for multi-megawatt facilities and powered base buildings are the closest comparison to Fermi's planned powered-shell rental business.
Fermi's near-term power rollout depends on equipment made by GE Vernova, which sells and services electricity-generation technology, including the GE gas turbines Fermi has leased or acquired. Watch gas-turbine delivery times and backlogs: Fermi says constrained supply could delay additional turbines or raise Project Matador's construction costs.
Galaxy Digital's developing data-center business competes with Fermi's planned campus for large AI infrastructure deployments. Watch its computing-infrastructure development, not the trading fees and lending income paid by clients of its separate digital-assets business.
Fermi expects ONEOK to be a gas-supply and pipeline partner for expanding Project Matador's gas-fired generation; ONEOK gathers, processes and transports energy products, mainly earning fees. Watch pipeline capacity and disruptions, because fuel-delivery bottlenecks can raise Fermi's power costs and squeeze margins on tenant contracts.
Equinix and Fermi both charge customers for data-center space and power, but Equinix emphasizes connections among customers and business partners rather than a dedicated AI campus. Its monthly recurring space-and-power revenue is the relevant overlap; its interconnection network distinguishes the offering from Fermi's.
Oneok, Inc. earningsOKE
ONEOK's report will show whether gas gathering and pipeline transportation are running smoothly, a factor in fuel delivery for Fermi's planned gas-fired power.
Watch gas transportation capacity and pipeline disruptions. Smooth deliveries with few disruptions would suggest the route Fermi expects to use can better support gas-fired generation; capacity constraints or more interruptions could raise power costs and squeeze margins on Fermi's tenant contracts.
GE Vernova Inc. earningsGEV
GE Vernova's report will show gas-turbine delivery and backlog conditions that could constrain equipment supply for Fermi's power rollout.
Watch gas-turbine backlogs and delivery times. A growing backlog or longer waits would suggest equipment supply could delay Project Matador's power buildout and, in turn, tenant service; improving deliveries would ease this supply risk, but would not prove Fermi's own project is on schedule.
Fed Interest Rate Decision
Fermi’s campus buildout depends on substantial borrowing, so the Fed’s policy rate—which helps set borrowing costs—can change what it pays to finance Project Matador and how quickly it can develop the site.
Expected4.0%Last release4.0%
If it comes in above expectations
Higher rates can raise interest and other financing costs on new or repricing debt and make funding harder to obtain, pressuring Project Matador’s economics and potentially slowing development.
If it comes in below expectations
Lower rates can reduce borrowing costs and ease access to financing, potentially improving Project Matador’s economics and helping Fermi maintain its development pace.
Digital Realty Trust, Inc. earningsDLR
Digital Realty's report will show whether large customers are still leasing powered data-center space, the kind of space Fermi plans to rent out.
Read leasing for multi-megawatt facilities and powered base buildings alongside space available to rent. Steady leasing without a buildup in available capacity would show customers are taking up this kind of space, giving Fermi's planned powered shells a stronger demand backdrop; weaker leasing or more vacant capacity would suggest demand may not support Fermi's planned rentals.
Fermi Inc. earningsThis company
Fermi Inc.'s report will show whether Project Matador is moving from a development plan toward tenant-backed leases and rent from powered data centers.
Read signed definitive leases and recognized lease revenue alongside progress delivering powered shells and power. Leases followed by rent as capacity is delivered would show that tenant commitments are turning into long-term rental income; no definitive lease, or continued development spending without lease revenue, would show that execution and financing are still ahead of income.
