Fermi Soars After Landing First Tenant for Giant Texas Data-Center Project -- WSJ

By Jennifer Hiller

Shares in Fermi rose 20% after it said it signed up AI cloud provider TensorWave to be the first customer at its Texas data-center site.

Fermi, a startup co-founded last year by Rick Perry, the former energy secretary and Texas governor, aims to build a huge AI campus on land owned by the Texas Tech University System.

Analysts at Stifel called the lease deal with a TensorWave subsidiary "a critical milestone for Fermi," saying it validates the value of the site and should lead to further transactions.

The company has had a dramatic few months after ousting its former chief executive and co-founder, Toby Neugebauer. Neugebauer last month withdrew his call for a shareholder meeting to thrash out the company's direction, citing an "untenable timeline" caused by the recusal of a judge.

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August 11, 2026 10:15 ET (14:15 GMT)