TLDR Fermi stock rose about 9% Thursday after an unnamed AI customer committed $200 million for Project Matador. The stock hit $2.13 in premarket trading, up 18%, after an 18% gain Wednesday.
Fermi (FRMI) stock was up about 9% on Thursday after the data-center developer unveiled a deal with an unnamed AI customer. The stock hit $2.13 in premarket trading, an 18% jump, following another 18% gain on Wednesday.
Even so, the stock sits roughly 90% below its 52-week closing high of $18.36 from November 2025. Investing.com put the early premarket move at 16%.
The deal centers on Project Matador, Fermi’s 5,200-acre campus in Amarillo, Texas. The goal is to develop 600 megawatts of power capacity, with work starting in 2027.
Fermi signed agreements with an investment-grade hyperscaler for an initial 600 MW at Project Matador, backed by a $200M prepayment. The customer builds its own data centers on our campus. Q3 results materials: https://t.co/8OQV6V5fVP
— Fermi America (@FermiAmerica) November 12, 2026
The customer is described as an investment-grade hyperscaler. It is putting up about $200 million in upfront funding.
Two smaller pieces sit beside that payment. There is a $15 million early construction agreement and a planned $90 million deal for structural steel.
Add it all up and the package reaches about $305 million. The steel portion is still only contemplated, though.
The customer has not signed a long-term lease. Both sides say they are working toward one.
CEO Lee McIntire said hyperscalers want sites with permitted power ready to go. He called Matador one of the few that meet that demand today.
Cantor Fitzgerald kept its Overweight rating on Thursday. Evercore ISI analyst Nicholas Amicucci repeated his Buy rating.
Both firms pointed to Fermi’s power capacity pipeline as a key edge. That backing came on the same day the company reported a wider loss.
Fermi posted a third-quarter net loss of $141.6 million, or 22 cents a share. Analysts surveyed by FactSet had expected a loss of 8 cents.
Administrative costs hit $142.2 million. That includes $65.8 million in stock-based pay and $21.5 million in adviser fees paid in stock.
The company also ended a data-center lease with TensorWave that was signed in August. That deal was expected to bring in about $6.5 billion.
A related backing deal with AMD for TensorWave was ended too. AMD stock rose about 2% Thursday.
Pressure is also coming from co-founder Toby Neugebauer, the largest holder. He was fired for cause in April and called for a sale of the company last week.
Another co-founder, former Texas Gov. Rick Perry, failed to win enough votes for reelection to the board last month. The dispute with leadership has been bitter.
Neugebauer said Fermi needs a partner with cheaper capital, building skill and a customer. He wants a sale while a tenant deal closes.
The broader market was soft Thursday, with the Nasdaq down nearly 1% and the S&P 500 off 0.4%. Fermi moved the other way.
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