Fermi Provides Letter to Shareholders from CEO Lee McIntire on Financing Fermi's Next Chapter

Fermi CEO Lee McIntire published a shareholder letter framing the company's financing strategy for Project Matador, its large-scale power and data-center infrastructure development. The plan centers on reducing corporate equity needs: prioritizing powered land deals, securing customer development contributions and mobilization payments earlier, and pursuing project-level debt and strategic investors rather than relying on Fermi's own balance sheet. The letter cites interest from TensorWave and AMD plus a pipeline of investment-grade customers, with 2027 capacity being prioritized first and 2028 development to follow.

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