Shares of Fermi rose Thursday, continuing their strong run this week, after the data-center developer reported a slightly narrower than-expected loss in the second quarter.

Fermi posted a net loss of $25.8 million, or 4 cents a share, in the second quarter, wider than the loss of 2 cents from a year ago.

The company, which went public at $21 a share in October.2025, is still young and remains pre-revenue. Nor is there a true Wall Street consensus with only two firms providing estimates, according to FactSet. Of the estimates, a loss of 5 cents a share was expected.

Fermi stock rose 2.8% to $7.81 in premarket trading on Thursday after ending Wednesday up 6.7%. Shares have surged 23% this week but have declined 5% this year.

While the earnings report held little significance, the big news was from late Monday when the company announced it finally found a tenant for its Project Matador campus in Amarillo, Texas. The lease contract is for 15 years, with revenue of approximately $6.5 billion over that period, with artificial-intelligence cloud provider TensorWave. Shares rose 21% on the announcement.