Fermi’s first tenant of massive Trump-named power project backs out of funding dealListen(3 min)Listen(3 min)Shares of Fermi Inc. crumpled Friday after the company with links to President Donald Trump was surprised by some bad news from what was supposed to be the first tenant of its massive data-center power project in Texas.For a company FRMI that plans to be a real-estate investment trust — which generates income from its tenants — not having any tenants would be a big problem.About the AuthorTomi Kilgore is MarketWatch's Managing Editor, Companies, and is based in New York. You can follow him on Twitter @TomiKilgore.Copyright © 2025 MarketWatch, Inc. All rights reserved.

Fermi, co-founded by a former secretary of energy, Rick Perry, said its first potential tenant of Project Matador has backed out of an agreement to provide $150 million in advance funding.

Fermi’s first tenant of massive Trump-named power project backs out of funding deal

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