Fermi Inc. Announces CBRE Management Agreement for First Data Center

Fermi Inc. (NASDAQ: FRMI, LSE: FRMI) announced on 24 September 2026 that its subsidiary, Fermi Services LLC, has entered into a five‑year management agreement with CBRE, the world’s largest commercial real estate services firm. CBRE will serve as the exclusive operations and maintenance provider for Building One, the first data‑center facility of Project Matador located in the Texas Panhandle.

Key Terms of the Agreement

  • Effective Period: The contract commences on the date Building One is first ready for service and extends for five years.
  • Renewal: Fermi retains the right to renew the agreement in subsequent five‑year terms.
  • Scope of Services: CBRE will manage maintenance, cooling, fire protection, and all building systems.
  • Transition Work: CBRE begins its transition activities upon receipt of Fermi’s notice to proceed. Site leaders will be on the ground up to 120 days before that date to develop maintenance programs, inspect equipment, and establish operating procedures.

Strategic Rationale

Lee McIntire, Chief Executive Officer of Fermi Inc., emphasized the importance of partnering with experienced operators early in the project lifecycle. “By engaging CBRE now, we ensure that when Building One is ready for service, the people, programs, and procedures to run it are already in place,” McIntire said. “CBRE’s proven track record in demanding data‑center environments will help safeguard uptime for our AI compute operations.”

Project Matador Overview

Project Matador is part of Fermi Inc.’s broader effort to develop next‑generation private electric grids that support hyperscale AI and advanced computing. The campus aims to integrate a range of power sources—including a large combined‑cycle natural gas plant, a clean nuclear complex, utility grid power, solar generation, and battery energy storage—to provide highly redundant gigawatt‑scale power.

Market Context

  • Stock Performance: On the day of the announcement, the delayed price of Fermi shares rose 1.10 % to $4.60, up from the previous close of $4.52.
  • Valuation: The company’s price‑to‑earnings ratio is –4.05, reflecting its current investment‑grade status and ongoing capital deployment.
  • Capital Size: With a market capitalization of approximately $2.89 billion, Fermi is positioned as a mid‑cap player within the real‑estate and infrastructure sector.

Conclusion

The CBRE management agreement represents a significant milestone for Fermi Inc., aligning operational expertise with the company’s ambitious infrastructure and AI compute objectives. The partnership is expected to streamline the launch of Building One and provide a scalable framework for future expansions within Project Matador.