Fermi (FRMI) Soars 11% as 11-GW Project Moves Forward

Angelica Ballesteros

Sat, February 14, 2026 at 1:07 PM GMT+9 2 min read

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We recently published 10 Market Beasts Leaving Wall Street in the Dust. Fermi Inc. (NASDAQ:FRMI) was one of the best performers on Friday.

Fermi saw its share prices jump by 11.12 percent on Friday to close at $10.29 apiece as investors took heart from ongoing progress on its flagship 11-gigawatt Project Matador Campus outside Amarillo, Texas.

In partnership with Hyundai Engineering & Construction Co. Ltd., Fermi Inc. (NASDAQ:FRMI) said that it is now underway with Front-End Engineering Design activities, including site layout planning, cooling system evaluations, and cost and schedule development, which are necessary before it can start the engineering, procurement, and construction of the project.

Rendering of Fermi’s 11-GW Project Matador. Photo from Fermi

Earlier this week, Fermi Inc. (NASDAQ:FRMI) successfully raised $500 million in fresh funds through debt to MUFG Bank Ltd., one of the 10 largest financial groups globally, proceeds of which will be used to support the development of Project Matador, with the company targeting to deliver an initial 2.3 GW of power.

A huge chunk will be used for the acquisition of three F-class gas turbines from Siemens Energy, while the balance will be allocated for the repayment of existing loans, as well as the delivery, completion, and deployment of additional turbines within its fleet within the first half of the year.

“This financing puts real muscle behind our strategy—securing long-lead equipment early, staying ahead of the market, and executing with certainty,” said Fermi Inc. (NASDAQ:FRMI) CEO Toby Neugebauer.

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READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey****.****

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