Energy writer Robert Bryce published an analysis on November 5, 2026, arguing that Fermi Inc., the Texas company that proposed a large nuclear and data center campus near Amarillo, has not delivered on the plans it announced in 2025. Writing on his Substack, Bryce said Fermi's share price has fallen 94% since October 2025.
According to Bryce, Fermi said in June 2025 that its project could deliver up to 11 GW of power for data centers and artificial intelligence. When the company went public four months later, it said it would build four AP1000 nuclear reactors at the campus, with construction of the first unit projected to start in 2026 on a five-year timeline and operation targeted for April 2031. The company also described plans for 2 GW of small modular reactor capacity and 1 GW of power online by the end of 2026.
"None of that has materialized," Bryce wrote.
Bryce reported that Fermi has not secured a tenant for the campus. He wrote that the company missed a deadline during the prior weekend to finalize a lease with TensorWave, its only prospective tenant, which he described as a smaller cloud computing provider facing financial challenges of its own.
The piece also describes governance disputes at the company. Bryce wrote that Fermi's board removed chief executive Toby Neugebauer in April, which led to lawsuits between Neugebauer and the company. He also pointed to a quarterly 10-Q filing disclosing payments for a lease on Neugebauer's private jet, insider share sales totaling nearly $22 million, and another boardroom ouster in the week before publication.
Bryce noted that Fermi carried a valuation of $17 billion after its initial public offering. The remainder of his analysis is available to paid subscribers.
Source: Robert Bryce / Substack -- https://robertbryce.substack.com/p/fermi-inc-is-circling-the-drain