Fermi Orders Four Big Nuclear Reactors for Texas Data Centers

Fermi Inc. has signed deals to begin production of four big nuclear-power reactors that would be used for a private data center grid campus in the Texas Panhandle.

Shares rose as much as 9% after the announcement and a slew of buy ratings initiated by Wall Street analysts. The developer, though, doesn’t generate revenue yet and is wading into one of the most complicated and expensive types of power plants to build. The US has built just two reactors this century — the Vogtle project in Georgia — that were completed with significant overruns and delays.

Fermi, the real estate ...