Fermi Inc on Wednesday said it has secured a $500 million loan from Mitsubishi UFJ Financial Group Inc to support the build-out of its 11-gigawatt private energy campus in Texas.
The Amarillo, Texas-based real estate investment trust is focused on data centres.
The non-recourse equipment loan will fund the purchase of three Siemens Energy AG SGT6-5000F gas turbines and support delivery of the first 2.3 gigawatts of power in the coming years, with turbine deliveries expected from the first half of 2026.
Fermi said the facility has a repeatable structure designed to support future gigawatt-scale equipment purchases ahead of project financing, and that part of the proceeds will also repay a pre-existing loan and support construction and deployment of additional turbines.
‘This financing puts real muscle behind our strategy, securing long-lead equipment early, staying ahead of the market and executing with certainty,’ said Fermi America Chief Executive Officer Toby Neugebauer.
The company also Wednesday reported a net loss of $346.8 million in the third quarter to the end of September. The net loss was $353.2 million from inception on January 10 to the end of September.
Net loss per share was $0.84 in the third quarter and $0.95 for the January-to-September period.
Fermi had $183.0 million in cash at September 30, before raising $731.4 million from its initial public offering in October.
‘By the end of 2026, our goal is to have the first portion of our campus up and running, delivering the first gigawatt of clean, reliable power to high-density computing modules, and demonstrating the feasibility of large-scale private energy grids,’ the company said.
‘From there, we plan to expand capacity in stages, adding generation and data center blocks to reach our full scale by the 2030s.’
Shares in Fermi were up 5.3% at $9.80 on Wednesday morning in London. They were up 4.8% to $9.85 in the New York pre-market.
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