New York, Feb 26, 2026, 09:07 EST — Premarket
- Fermi gave back about 0.3% in early premarket trading, following a sharp 17% gain at Wednesday’s close.
- Company revealed it’s secured the final Texas air-quality permit for Project Matador, which is slated to add 6 gigawatts of gas-fired capacity.
- Next up: March 6, when the lead-plaintiff deadline hits in the securities lawsuit. March 30 brings the results call.
Fermi Inc dropped 0.3% to $11.76 in premarket trading Thursday, giving up a slice of the previous session’s gains. Investors took stock of the latest regulatory green light out of Texas on its Project Matador development.
The Texas Commission on Environmental Quality (TCEQ) has approved an air permit allowing for 6 gigawatts of natural-gas power generation—enough capacity to power millions of homes. Local media reported the company required this sign-off to advance to major construction.
This is key for Fermi, whose shares have tended to jump—or drop—on project developments rather than financial results. The company is still hunting for both tenants and funding for its planned power-and-data-center campus. Since December, volatility has picked up. That was when Fermi revealed a potential tenant had walked, scrapping an agreement that might have brought in as much as $150 million for construction.
Late Wednesday, Fermi — operating as Fermi America — announced it’s received final sign-off from TCEQ for what it called the country’s second-largest clean-air permit tied to natural-gas generation at Project Matador, just outside Amarillo, Texas. The company, working alongside the Texas Tech University System, said the approval lets it start “vertical” construction and get six Siemens Energy SGT-800 gas turbines moving from the Port of Houston. Fermi said it’s already locked in contracts for more than 2 gigawatts of long lead-time gas generation assets. “When it comes to responsible, scalable energy production, it’s no surprise that Texas is leading the way,” CEO Toby Neugebauer said. PR Newswire
The latest rally leaves the core question about Fermi unresolved: is it a utility, a data-center landlord, or a REIT—a real estate investment trust angling to play both roles for tax perks? Business Insider, digging into the issue, noted that selling power can muddy REIT status and flagged a warning from Leonberg Capital founder Jussi Askola: “Substance matters more than labels, but careless language increases risk.” Evercore ISI’s Nick Amicucci, also quoted, called it “most practical and prudent” to treat Fermi like an independent power producer during the early buildout phase. Business Insider
There’s another cloud hanging over the legal front. Investors have until March 6 to move for lead-plaintiff status in a securities class action, according to a notice from Bleichmar Fonti & Auld. The lawsuit points to alleged misstatements around tenant demand and funding.
Fermi has penciled in March 30 for its fourth-quarter and full-year 2025 results. According to the company, Neugebauer and CFO Miles Everson will lead the earnings webcast and conference call.
Traders want to see more than just a timeline — they’re watching for real evidence: signed tenants, actual dollars, hard terms. Fermi is selling a “behind-the-meter” setup, with power produced directly on site instead of tapping into the public grid.
