Shares in data centre real estate group Fermi plunged as much as 24% on Monday after the company reported a year-to-date net loss of $486 million. The Texas-based company, co-founded by former US energy secretary Rick Perry, has yet to secure a tenant for its massive AI campus in Amarillo, Texas, which would offer up to 17 gigawatts of power.

Fermi's market capitalisation has tumbled to about $3.2 billion from a peak of more than $19 billion following its explosive October IPO. The company terminated a $150 million funding agreement in December, though a 20-year lease letter of intent remains in place. CEO Toby Neugebauer acknowledged stock volatility but emphasized building a 'consequential company' to meet critical power needs.

The Amarillo campus, dubbed 'Project Matador' with a building cost exceeding $50 billion, would be the world's largest data centre campus. However, analysts question Fermi's ability to compete with established providers like Digital Realty Trust and Equinix. All 11 analysts maintaining coverage still rate the stock a 'buy,' with price targets ranging from $20 to $35 per share.