Fermi Inc. Achieves Key 90-Day Objectives and Reports Q2 2026 Results

Fermi Inc. has successfully met all objectives outlined in its 90-day plan, as announced today. During this period, the company secured its first anchor customer, appointed a new CEO, formed strategic alliances, received critical equipment, and raised substantial capital.

The company signed a 15-year agreement with TensorWave, a leading AI infrastructure provider, for a $6.5 billion deal. Lee McIntire was named CEO, bringing over 40 years of experience to lead Fermi through its next growth phase.

In addition to customer engagement, a partnership with Hillcore was established for substantial power generation at the Project Matador site. Fermi also issued convertible notes, enhancing liquidity with $431 million raised, preventing shareholder dilution unless stock prices significantly rise.

Q2 financials showed a net loss of $25.8 million due to administrative expenses, though $1.55 billion has been invested in property development, reflecting the company's commitment to disciplined capital deployment.