AI-campus developer Fermi (FRMI) had no revenue-generating activities through September 30; commercial timing depends on tenant leases and project financing.

Fermi Inc.’s quarterly filing states that it had not commenced revenue-generating activities as of September 30, 2026. Activity through that date concerned formation, infrastructure procurement, leasing discussions, preliminary site development, and marketing for Project Matador, its Texas campus.

The expected start of commercial operations is tied to closing a definitive tenant lease, the associated phased delivery schedule, and sequencing construction with executed tenant agreements and project-level financing. The filing therefore does not establish an unconditional commercial opening date.

Fermi expects substantially all revenue to come from leasing private-grid-powered AI data-center infrastructure to hyperscalers, neocloud providers, semiconductor companies, and other compute-intensive tenants. It does not expect operating revenue until facilities are delivered to tenants, although it earns non-operating interest income on cash.

The filing expressly states that energy-generation and facility-square-footage disclosures are unaudited and outside the accounting firm’s financial-statement review. It also says substantially all assets are in the United States, with certain equipment held at overseas vendor facilities pending shipment to Project Matador.