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Published February 5, 2026
Fermi sold investors a bold future. Massive nuclear power. AI data centers. And a flagship project called Project Matador that was supposed to change everything.
In October 2025, Fermi went public at $21 a share, raising about $745 million. Executives said demand was strong and a major tenant was lined up to help fund construction.
By November, Fermi told investors that tenant had committed $150 million to help build the project. It sounded locked in. But behind the scenes, the entire project depended on that single tenant’s money.
Then, in December 2025, the truth hit. That tenant walked away. The funding vanished. The stock dropped about 30% in one day and later sank nearly 60% from the IPO price. Now, stunned investors say they were misled. And more shareholders are joining the lawsuit.