Fermi Inc. has announced a 90-day action plan, with the core objective of signing a binding tenant agreement with a potential lessee. Management stated during the Q1 2026 earnings call that the company is at a pivotal transition point, moving from its startup foundation toward an institutionalized framework to achieve scale. CEO Toby Neugebauer emphasized the goal of creating a "private community powered by a private grid" to meet the massive power demands driven by artificial intelligence.

Regarding regulatory approvals, Fermi anticipates receiving another 5-gigawatt Clean Air Act permit in the fourth quarter of 2026. The company secured its first permit for approximately 6 gigawatts in February 2025 and submitted an application for the second 5-gigawatt permit in March 2026. If approved, the total planned capacity of its flagship Project Matador in Amarillo, Texas, would advance toward a 17-gigawatt target. Management highlighted that clear regulatory certainty with defined permits is a key catalyst for changing customer behavior.

Project Matador has made substantial construction progress, with approximately $1.4 billion in assets already deployed. This includes installed natural gas pipelines, water networks, and a grid substation that is about 60% to 70% complete. While the company has secured over $1 billion in committed financing and has locked in long-lead generation equipment for more than 2 gigawatts, it has not yet signed any definitive leases. Revenue is expected to commence in 2027, with major capital expenditures contingent upon signing binding leases and completing project financing.

Risk Note: The company remains in a pre-revenue stage and faces execution risks, including the absence of signed tenant agreements and reliance on project-level financing.