Fermi America
Category: AI Infrastructure
Fermi is developing the world's largest, behind-the-meter artificial intelligence private grid campus, known as the HyperGrid™ Project. Fermi America was founded in 2025. The company is led by Lee McIntire. Based in Dallas, Texas, United States (corporate HQ); Amarillo / Carson County, Texas (Project Matador). Team size: N/A. Total funding raised: ~$2.0B+ (incl. ~$785M IPO w/ greenshoe, ~$108M Series C/Preferred, $500M MUFG, $431M convertible notes, plus Keystone/Beal/Yorkville equipment facilities). Latest round: Debt. Key investors include Macquarie Group, MUFG, Public shareholders via IPO, Convertible note holders (July 2026), Keystone National Group, Beal Bank / CSG Investments, Yorkville Advisors.
- Founded
- 2025
- Headquarters
- Dallas, Texas, United States (corporate HQ); Amarillo / Carson County, Texas (Project Matador)
- Team size
- N/A
- Total funding
- ~$2.0B+ (incl. ~$785M IPO w/ greenshoe, ~$108M Series C/Preferred, $500M MUFG, $431M convertible notes, plus Keystone/Beal/Yorkville equipment facilities)
Value proposition
Providing a massive, highly redundant, and private power grid specifically for AI data centers to address the growing energy needs and constraints of the AI industry.
Products and solutions
Project Matador / HyperGrid™: Behind-the-meter private power and AI campus targeting up to 17 GW (gas, nuclear, solar, battery), ~7,500–8,400 acres in Carson County, TX; ~6 GW permitted; first power targeted 2026.
Unique value
The project's uniqueness lies in its massive scale and the integration of a private power grid with a large-scale AI data center campus. They are building both the power source and the data center simultaneously, creating a self-contained ecosystem.
Target customer
Large-scale AI companies, cloud providers, and other enterprises requiring massive, reliable computing power and energy.
Industries served
Artificial Intelligence, Data Centers, High-Performance Computing, Cloud Computing
Technology advantage
The primary advantage is the 'behind-the-meter' private grid, which ensures a reliable and redundant power supply independent of the public grid. The planned use of a mix of energy sources, including natural gas, solar, and eventually nuclear, provides a scalable and long-term energy solution.
How they differentiate
Fermi America is developing the world's largest, behind-the-meter artificial intelligence private grid campus, the 'HyperGrid Project'. This project integrates massive AI data centers with a dedicated, carbon-free power generation facility, including advanced nuclear power. This vertical integration of power and data infrastructure aims to provide stable, low-cost, and reliable energy, which is a major challenge for large-scale AI operations.
Main competitors
Digital Realty, Equinix, Amazon Web Services (AWS), Google Cloud, Microsoft Azure
Key partnerships
Texas Tech University System (99-year campus lease / Project Matador), Hillcore Energy Capital (2.6 GW BOOT power alliance at Project Matador), Doosan Enerbility (nuclear power technology), Macquarie Group (Series C / project debt), Siemens Energy (gas turbines), Westinghouse (nuclear reactor design/licensing)
Notable customers
TensorWave (first binding customer lease: 222 MW Phase 1 / up to 650 MW, ~$6.5B contracted revenue over 15 years), Texas Tech University System (campus ground lease partner), ASP Isotopes (nuclear fuel partnership), Quantum Leap Energy (nuclear fuel partnership), Westinghouse (nuclear reactor design/licensing)
Major milestones
Closed $350 million in financing in August 2025., Announced HyperGrid/Project Matador with Texas Tech University System., IPO priced $21/share Nasdaq FRMI Sept 30/Oct 1, 2025 (~$682.5M base; ~$785M w/ greenshoe)., Secured $500M MUFG equipment facility (and other equipment debt)., CEO Toby Neugebauer removed Apr 17, 2026; terminated for cause Apr 30, 2026., Interim Office of the CEO: Jacobo Ortiz and Anna Bofa as co-presidents., Dallas corporate HQ announced (Fermi 2.0)., Issued $431.25M 5% convertible senior notes due 2031 (July 14, 2026)., Signed first binding customer lease with TensorWave (222 MW / up to 650 MW, ~$6.5B) Aug 2026., Appointed Lee McIntire CEO effective Aug 11, 2026., Hillcore Energy Capital 2.6 GW BOOT power alliance Aug 2026., Capacity target raised to 17 GW; ~6 GW permitted.
Growth metrics
Public (NASDAQ & LSE: FRMI) since Oct 2025. Market cap ~$3.2B as of late Aug 2026 (down from multi-billion IPO peak). Pre-revenue; first binding tenant TensorWave (~$6.5B / 222 MW). First power targeted 2026; Phase 1 tenant delivery 2H 2027. Lee McIntire CEO since Aug 2026.
Market positioning
Fermi America is positioning itself as a pioneer in the integrated energy and AI infrastructure market. By addressing the immense power requirements of AI, the company is targeting a critical bottleneck in the industry's growth. Their focus on a private grid and nuclear power sets them apart from traditional data center providers and cloud hyperscalers.
Geographic focus
The company's primary geographic focus is the United States, with its flagship 'HyperGrid Project' being developed in Amarillo, Texas.
Patents and IP
Not publicly available
About Lee McIntire
Former Chairman/CEO/President of CH2M Hill; CEO of TerraPower (2015–2018); Partner/EVP and board member at Bechtel; Lead Independent Director at McDermott International. 40+ years in large-scale engineering, construction, and energy infrastructure.
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Official website: https://fermiamerica.com/
