Fermi signed its first definitive Project Matador tenant lease on August 9; initial private-grid AI campus operations target 2027.

Fermi entered into a definitive lease with the first tenant for Project Matador on August 9, 2026. The company said vertical construction was expected to begin following execution of that lease.

Commercial operations for the first private-grid-powered AI data-center campus are targeted to commence in 2027. This is a company target rather than an operating result or a statement that the campus was already delivering capacity.

As of June 30, Fermi had not begun revenue-generating activities. Its work through that date consisted of formation, commercial engagement, infrastructure procurement, leasing, preliminary site development and marketing for Project Matador.

Fermi expects substantially all future revenue to come from leases with hyperscalers, neocloud providers, semiconductor companies and other compute-intensive tenants. Its disclosed energy-generation and facility-square-footage figures are unaudited and were outside the review scope of its independent registered public accounting firm.