Shares of Fermi Inc. surged Tuesday after the energy infrastructure company announced its first binding customer lease at its flagship Project Matador campus in Texas, marking a major commercial milestone for the company's push to build large-scale power infrastructure for artificial intelligence data centers. The stock closed up 21.68% at $7.16, on volume of nearly 19.9 million shares, roughly in line with its three-month average of about 19 million shares, giving the company a market capitalization of approximately $4.55 billion. Tuesday's rally follows a volatile stretch for Fermi shares over the past several months. Fermi is scheduled to release its second-quarter 2026 earnings on August 13, before markets open, with a conference call to follow. Investors are expected to focus closely on the company's broader business outlook for the remainder of the year, along with any further updates on additional tenant leases or partnerships tied to the Project Matador campus.