"Backed by the former U.S. energy secretary and Texas governor Rick Perry, AI power startup Fermi Inc. went from nonexistent to an October IPO with a mammoth $16 billion market cap in less than a year without any announced customers or construction-or even a single dollar of revenue. The electricity player pledges to build a sprawling "HyperGrid" of nuclear, solar, and gas-fired power to support massive data center complexes in the rural Texas Panhandle-enough to eventually power 8 million homes."
"Amarillo-based Fermi is unabashedly benefitting from the Trump administration: The company is led by the president's former energy secretary and a CEO who's the son of a retired Republican congressman. Fermi, which has support from the White House, is even tentatively naming its site the "President Donald J. Trump Advanced Energy and Intelligence Campus"-a venture nearly as ambitious as OpenAI and Oracle's "Stargate" AI venture, almost 300 miles away near Abilene, Texas."
Fermi Inc. secured a $16 billion market valuation in an October IPO despite having no announced customers, construction, or revenue. The company plans to build a sprawling "HyperGrid" of nuclear, solar, and gas-fired power to support massive data center complexes in the rural Texas Panhandle, with capacity claimed to eventually power eight million homes. Leadership includes former U.S. energy secretary Rick Perry and CEO Toby Neugebauer, son of a retired congressman, and the project has visible White House support. Fermi is tentatively naming the site the "President Donald J. Trump Advanced Energy and Intelligence Campus." Company leaders portray the venture as positioned to supply power for AI growth.
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