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Fermi Down 43% After AI Campus Tenant Ends $150 Million Deal
(Bloomberg) — Fermi Inc. plunged as much as 43% on Friday after the power developer, co-founded by former Texas governor Rick Perry, said a tenant terminated a $150 million agreement tied to its proposed artificial intelligence campus in West Texas
The company said that its first investment-grade tenant ended an Advance in Aid of Construction Agreement from Nov. 4 that would have provided as much as $150 million to fund construction costs, according to a filing Friday. No funds had been drawn under that agreement. Fermi said it has begun discussions with several other potential electricity customers and remains on track to begin power delivery in 2026.
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