This is I think the biggest indication that we are headed to a SPAC like bust. Fermi has no revenue at all. They leased 9 square miles of land (that is a crazy size) from Texas Tech University for 99 years and plan to install not only gas turbines to power the AI infastructure BUT add 4 Westinghouse AP1000 nuclear reactors (the same ones that were just finished in Georgia a couple years ago). These reactors are likely to cost a minimum of $10 billion a piece (I have heard as low as 8 but I am not sure there are enough being built) so that $40 billion needed right there and 8ish years to build them. The complex is expected to generate 11 gigawatts of power by 2038... thats 8.250 million homes.
Fermi is aiming to build the world's largest energy and data complex, powered by nuclear, natural gas and solar. It has incurred a $6.4 million loss since its inception through June 30 and does not expect to generate revenue within the next 12 months.