Fermi (FRMI)

Fermi’s planned campus includes powered shell buildings and the underlying systems needed to make them viable for major tenants. This can include private generation assets, substations, power delivery infrastructure, internal distribution networks, water systems, cooling infrastructure, and other site-level services. By combining energy development with data centre-ready facilities, the company aims to serve customers that want faster access to large blocks of power than may be available through traditional utility interconnection processes.

The company may also use a flexible leasing approach. In addition to providing powered shell facilities, it can offer long-term ground leases to tenants that prefer to build their own facilities on Fermi-controlled land. Those arrangements may include access to integrated power delivery, depending on the tenant’s requirements.

Fermi operates in a market shaped by rapid growth in AI model training, inference, cloud computing, and energy-intensive digital infrastructure. Its appeal depends on execution: securing generation capacity, completing complex infrastructure projects, attracting creditworthy tenants, and managing regulatory, construction, and energy-market risks.