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 Jacobo Ortiz (Interim Co-CEO) and Anna Bofa (Interim Co-CEO). Based in Amarillo, Texas, United States. Team size: N/A. Total funding raised: $1.18 billion+ ($682.5M IPO + $500M MUFG loan). Latest round: IPO. Key investors include ["Macquarie Group", "MUFG", "Public shareholders via IPO"].
- Founded
- 2025
- Headquarters
- Amarillo, Texas, United States
- Team size
- N/A
- Total funding
- $1.18 billion+ ($682.5M IPO + $500M MUFG loan)
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
["The HyperGrid™ Project: An advanced energy and intelligence campus with up to 11 gigawatts of power capacity and 18 million square feet of AI infrastructure."]
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 (for building the campus)","Doosan Enerbility (for nuclear power technology)","Macquarie Group (lead investor in a $350 million financing round)"]
Notable customers
["Texas Tech University System (partnership for the HyperGrid campus)","ASP Isotopes (partnership for nuclear fuel production)","Quantum Leap Energy (partnership for nuclear fuel production)","Westinghouse (partnership for nuclear reactor design and licensing)"]
Major milestones
["Closed $350 million in financing in August 2025.","Announced the 'HyperGrid Project' in partnership with the Texas Tech University System.","Filed for a US IPO in September 2025.","Priced IPO at $21/share on Nasdaq (FRMI) on Sept 30, 2025, raising $682.5M.","Secured $500M equipment loan from MUFG in late 2025.","CEO Toby Neugebauer stepped down April 17, 2026; terminated for cause April 30, 2026.","Interim Office of the CEO established with Jacobo Ortiz and Anna Bofa as co-presidents.","HQ relocation from Amarillo to Dallas announced."]
Growth metrics
Public company (NASDAQ: FRMI) since October 2025. Market cap fell from ~$20B at IPO to ~$3.4B as of April 2026. Pre-revenue; first power expected 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 Jacobo Ortiz (Interim Co-CEO) and Anna Bofa (Interim Co-CEO)
Co-founder of Quantum Energy Partners, a private equity firm with over $17 billion in capital commitments.
Official website: https://fermiamerica.com/