Fermi posts wider Q1 loss as AI power campus expansion drives costs

Fermi Inc. said its first-quarter 2026 loss widened to $189 million as expansion costs mounted for its Texas AI and power infrastructure campus, even as the company secured more than 2 gigawatts of generation capacity and advanced permitting for about 11 GW of future development. The company ended the quarter with $243 million in cash and restricted cash and secured $785 million in new equipment financing, including a $500 million facility backed by Mitsubishi UFJ Financial Group. The loss included $134 million in non-cash share-based compensation and a $25 million debt extinguishment charge tied to repayment of a Macquarie term loan. Fermi’s Project Matador in Carson County, Texas, spans more than 7,500 acres and is planned for up to 17 GW of power from natural gas, nuclear, solar, battery storage and grid sources. The company also named Robert Masson interim CFO and is searching for a permanent CEO as it seeks binding tenant agreements with hyperscale and AI computing customers.