FRMI Stock Clocks Best Day Ever After Report Names Amazon As Project Matador Customer

• On Thursday, Fermi said the hyperscaler is advancing an initial 600 MW of power capacity beginning in 2027.
• No definitive long-term lease has been signed; the customer is committing capital ahead of a lease to secure power within its targeted timeline, the company said.
• Fermi said it plans to mobilize on site by December 1 and targets initial power in late second quarter or early third quarter of 2027.

Shares of Fermi Inc. (FRMI) extended their rebound on Friday, clocking their best day ever, and building on a sharp Thursday advance after the company disclosed major commitments from an unnamed investment-grade hyperscaler for 600 megawatts of power capacity at its Project Matador campus near Amarillo, Texas.

The Financial Times on Friday reported that people familiar with the matter identified the customer as Amazon, marking a reversal of earlier investment talks that collapsed last December. Amazon is expected to build its own data centers on the site, according to the people cited by the FT.

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FRMI shares closed up 26% on Friday on the report. 

Hyperscaler Commitments And Site Progress

Fermi is a pre-revenue developer of large-scale AI data-center campuses with dedicated on-site power. Co-founded in early 2025 by former U.S. Energy Secretary Rick Perry and energy financier Toby Neugebauer, it went public in October 2025 with a pitch for the world’s largest such campus.

On Thursday, Fermi said an investment-grade hyperscaler is advancing an initial 600 MW of power capacity at Project Matador beginning in 2027. The customer has agreed to a $200 million prepayment, a $15 million early construction and site-development agreement, and the two sides are finalizing a $90 million purchase of structural steel and building materials Fermi had already secured. No definitive long-term lease has been signed; the company said the customer is committing capital ahead of a lease to secure power within its targeted timeline.

Fermi said it plans to mobilize on site by December 1 and targets initial power in late second quarter or early third quarter of 2027.

FRMI’s Tough Road

FRMI shares have dived from their post-IPO peak amid financing concerns and the collapse of earlier tenant talks, including with Amazon and Oracle. Founder Neugebauer was ousted in April after allegations that his conduct damaged customer relations. Fermi still needs to secure project financing and satisfy conditions on its 99-year land lease with Texas Tech University by year-end, while its air permits face court challenges.

On Thursday, the company reported third-quarter net loss of $141.6 million and said it ended September with $286.3 million in cash against roughly $958 million in debt. It also said that it has terminated its earlier lease with neocloud TensorWave, signed in August.

How Did FRMI Retail Traders React?

On Stocktwits, retail sentiment around FRMI stock jumped from 'bullish' to 'extremely bullish' territory over the past 24 hours, while message volume stayed at 'high' levels.

A Stocktwits user said the deal is “just the beginning” for Fermi.

Another user opined that the deal just “saved the company.”

FRMI stock has dropped 68% year-to-date. 

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