Amazon Returns To Fermi As Reactor Timelines Slip Further Away

详细摘要

Amazon Returns To Fermi As Reactor Timelines Slip Further Away Fermi's mystery customer from Thursday's announcement finally has a name.On Thursday, the Project Matador developer…

Fermi's mystery customer from Thursday's announcement finally has a name.

On Thursday, the Project Matador developer said an unnamed "investment-grade hyperscaler" committed to an initial 600 MW starting in 2027, backed by a $200 million prepayment and a $15 million early construction deal.

On Friday, the Financial Times named Amazon as the customer, and the stock went vertical.

FRMI jumped as much as 42% to $2.92 before settling at $2.61, up 27% on the day after a 14% gain on Thursday.

This is more of a triumphant return of the big fish Fermi has been trying to hook since 2025. After a mystery tenant had previously pulled a $150 million construction advance, Business Insider reported that then-CEO Toby Neugebauer had told it the tenant was Amazon, even though the reports were later denied by Fermi and Neugebauer.

In November 2025, we warned that storm clouds were gathering as Fermi struggled to sign its first major tenant. A month later, the stock cratered 50% when Amazon walked. In April, shares crashed another 22% after the board ousted Neugebauer and the CFO quit.

Even when we discussed last month the NRC backing Fermi's four AP1000s with a draft environmental review, some of the deadlines and expected timelines have already been blown out one to two years.

Amazon replaces, rather than adds to, Fermi's first lease. The 222 MW, $6.5 billion TensorWave lease, which blew through its Oct. 31 closing deadline, has been terminated and took AMD's credit support with it.

Fermi also put out that the hardware is arriving. The third-quarter deck shows all six GE Vernova 6B turbines and five of six Siemens F-class units on site, eight Siemens SGT-800s in transit, and about 2 GW of generation secured.

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