• Fermi said it has seen increased tenant interest in its project in recent weeks, including from hyperscalers and neo-cloud providers.
• The Project Matador campus can deliver up to 17 gigawatts of power once online.
• First-quarter net loss came in at $0.30 per share, which is better than the consensus estimate.

Shares of electric grid developer Fermi Inc. (FRMI) were up on Thursday after the company shared key updates about its landmark initiative, Project Matador, and reported first-quarter results.

At the time of writing, FRMI stock was up 25% and on track for its best one-day gains since going public in October last year.

FRMI’s Project Matador

Project Matador is Fermi’s flagship power generation campus, currently under construction in Carson County, Texas, that can deliver up to 17 gigawatts once online, using lower-carbon natural gas, advanced nuclear, solar, and battery storage.

The company said it used investor capital to build the $1.4 billion power infrastructure at a record pace and is now looking to lease it to enterprise customers, especially those building out AI data centers.

Fermi also noted that tenant engagement improved in recent weeks, and active discussions are ongoing with hyperscalers, neo-cloud providers, and enterprise compute operators.

“The uptick in interest from prospective tenants confirms our business plan,” said President Anna Bofa. “In recent weeks, we've hosted multiple prospective tenants and strategic partners who continue to view Project Matador as one of the most advanced and customer-ready, large-scale power campuses.”

The company said it is confident it will sign a long-term tenant in the near future, as demand for AI continues to rise, spurring an aggressive data center infrastructure buildout in the U.S., especially by tech giants.

FRMI Q1 Results

The company has yet to generate revenue. However, for the first quarter (Q1), net loss came in at $189 million, or $0.30 per share, better than the $0.50 per-share loss estimate polled by Fiscal AI.

At the end of the quarter, the company held $243 million in cash and restricted and carried $421 million in debt on its balance sheet.

What Do Retail Traders Think About FRMI

On Stocktwits, retail sentiment about FRMI turned ‘extremely bullish' from ‘bearish’ amid ‘high’ message volumes over the last 24 hours.

One user on the platform wrote that the business is finally heating up.

FRMI stock has fallen nearly 6% so far this year and more than 71% since going public last year.

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