Shares in data centre real estate group Fermi plunged about a fifth on Monday on mounting investor concerns over growing costs and its lack of a tenant for its massive AI campus.
The stock fell as much as 24 per cent in morning trading before paring back some losses after the company, co-founded by former US energy secretary Rick Perry, announced a net loss of $486mn in fiscal year 2025. The shares closed down 13 per cent on Monday in New York.
The Texas-based company has yet to sign a tenancy agreement for its planned data centre campus in Amarillo, Texas, which would offer up to 17 gigawatts of nuclear, natural gas and renewable-powered electricity.
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