Fermi (FRMI) investor relations material

Project overview and site significance

• The Amarillo corridor is described as the most energy-rich province globally, with unmatched hydrocarbon resources and infrastructure, including the Pantex nuclear facility and major pipelines.

• The site benefits from state-owned land, a ready-to-permit nuclear site, and significant water resources from the Ogallala Aquifer.

• The project is positioned as the largest energy construction effort outside of China, with rapid progress on gas and water pipelines and a $4.5 billion financing underway.

Construction progress and milestones

• Construction is underway for multiple buildings and substations, with tenant number one already committed and $150 million advanced for immediate build-out.

• The first gigawatt of power is contractually obligated for delivery by the end of 2026, with 2.4GW of power already secured.

• The company holds a 6GW air permit and aims to scale up to 11GW, with ongoing expansion of land holdings to accommodate growth.

Customer demand and market dynamics

• Demand from hyperscalers and data center operators is described as overwhelming, with customers seeking 3-5GW blocks rather than smaller increments.

• The expectation is that all available power will be spoken for within two years, driven by the scarcity of grid power and the scale of customer needs.

• The economics for future tenants are anticipated to improve as scale increases, with power at speed and scale positioned as a premium asset.