Shares of Fermi Inc (NASDAQ:FRMI, LSE:FRMI) jumped more than 26% on Tuesday after reports that analyst firm JMP Citizens said OpenAI is likely among several counterparties evaluating capacity at the company's Project Matador AI power campus and that a significant deal could be imminent.
JMP Citizens reportedly said that OpenAI has likely been assessing Fermi's capacity at Project Matador and flagged the potential for a major commercial agreement.
Fermi, a specialized energy and hyperscaler company focused on supplying low-carbon power to artificial intelligence and compute-intensive industries, is on track to deliver approximately 1.1 gigawatts of new power by the end of 2026 at its Amarillo, Texas campus. The project is designed to scale to 17 GW by 2038 and is positioned as a behind-the-meter solution for hyperscalers facing grid interconnection delays.
The stock's advance follows a decline of more than 15% in late May and early June, driven by heavy infrastructure investment and recent leadership changes.
Fermi recently secured approximately $785 million in new equipment financing, anchored by a $500 million facility from MUFG. The company held total cash and restricted cash of roughly $243 million as of the first quarter of 2026.
