Fermi America disclosed in its 2025 annual report that it remains a pre-revenue, development-stage company centered on Project Matador, its planned AI and private-power campus in the Texas Panhandle. The filing says the company had not generated revenue as of December 31, 2025, does not expect operating revenue until it signs definitive tenant leases and begins delivering powered shells and on-site power capacity, and booked a net loss of $486.4 million for the period from inception on January 10, 2025 through year-end.
The 10-K also sketches a capital-intensive balance sheet story. Fermi said net cash used in operating activities totaled $34.2 million, net cash used in investing activities reached $570.3 million, and financing activities provided about $1.01 billion. Management said Phase 0 and Phase 1 capital expenditures could exceed $3 billion in aggregate, with roughly $2 billion expected over the next 12 months, while total capital needs across all phases could range from about $70 billion to $90 billion. The company said recent financing includes a $500 million turbine warehouse facility with MUFG, a $165 million equipment financing facility with CSG Investments, a $120 million high-voltage equipment warehouse facility that can expand by another $100 million, and a $156.3 million Yorkville promissory note.
On project status, Fermi said it has substantially completed Phase 0 site enablement and shifted its near-term focus to Phase 1, which targets initial commercial energization and first-tenant commissioning. The filing says the company secured up to 200 MW of grid-supplied capacity from SPS, expects the first 86 MW in the second half of 2026, and has assembled generation equipment that it says could support about 1.5 GW of simple-cycle capacity under its control. But Fermi also reset expectations, saying it no longer expects to have 1.1 GW online by the end of 2026 because it still lacks a definitive tenant lease and needs project-level financing tied to tenant readiness. It now says the longer-term target is about 2.0 GW of gas-fired and grid-supplied power online by the end of 2027, subject to installation, commissioning, financing, and tenant milestones.
- No revenue recognized as of December 31, 2025
- Net loss: $486.4 million
- General and administrative expense: $177.8 million
- Net cash used in operating activities: $34.2 million
- Net cash used in investing activities: $570.3 million
- Net cash provided by financing activities: $1.01 billion
- Phase 0 and Phase 1 capex could exceed $3 billion
- Roughly $2 billion of that capex is expected in the next 12 months
- Full-project capital needs are estimated at $70 billion to $90 billion
- Project Matador site control: 5,236 acres under a 99-year lease, expanding to about 7,570 acres with adjacent land under acquisition or contract
- Initial grid power target: 200 MW from SPS
- First 86 MW expected in 2H 2026
- Earlier 1.1 GW by end-2026 target has slipped
- Revised target: about 2.0 GW online by end-2027, subject to financing and tenant execution
- TCEQ approved the first approximately 6 GW air permit on February 25, 2026
- Fermi filed for an additional 5 GW air permit on March 27, 2026
- The company says it is in active discussions with multiple prospective tenants, but no binding lease had been signed as of the filing date
At the center of the update is a more cautious schedule reset: “we do not currently expect to have 1.1 GW of power online by the end of 2026.”
🌐 Analysis: The filing shifts the Fermi story from headline ambition to execution discipline. Investors now have a clearer picture of the gating items: binding tenant leases, project-level financing, turbine deployment, and regulatory approvals. The report also shows how much of Project Matador’s valuation case depends on converting equipment control and permitting progress into contracted revenue, rather than on the scale of the long-range 11 GW to 17 GW vision alone.
