Fermi (FRMI) UBS’s 2025 Global Technology and AI Conference summary

Project overview and site significance

• The Amarillo corridor is described as the most energy-rich province globally, with unmatched hydrocarbon resources and infrastructure, including the Pantex nuclear facility and major pipelines.

• The site benefits from state ownership, a ready-to-permit nuclear location, and extensive water and fiber infrastructure, making it ideal for large-scale energy projects.

• The project is positioned as the largest energy construction effort outside of China, with significant progress on gas and water pipelines and a $4.5 billion financing round underway.

Construction progress and milestones

• Construction is underway for tenant number one, who has committed $150 million and requires 1GW of power by 2026.

• Four buildings and substations are already under construction, with expansion to the west and south campuses to accommodate greater capacity.

• The company has secured 2.4GW of power, exceeding initial expectations, and aims for 2GW by 2027, with a 6GW air permit in place.

• The first gigawatt is scheduled for delivery by the end of 2026, with assets being prepared and partnerships like Xcel providing 200MW.

Market demand and customer strategy

• Demand from hyperscalers and data center operators is strong, with customers seeking 3-5GW blocks rather than smaller increments.

• The full 11GW capacity is expected to be spoken for within two years, driven by overwhelming customer interest.

• The company positions itself as a sophisticated utility, emphasizing reliability, scale, and speed as key differentiators.

• Future economics for additional gigawatts are expected to improve as demand for larger deployments increases.