Dec 12 : Shares of Fermi plunged 34 per cent on Friday after the data center real estate investment company said a prospective tenant had terminated a deal to help fund construction at its Texas site, dealing a setback to the newly listed firm.

Under the terms of the agreement, the undisclosed customer would have leased part of Fermi's Project Matador site in Texas and could provide up to $150 million to help finance construction.

While both sides remain in discussions over a potential lease, the funding agreement has been scrapped.

The move could mark an early challenge to Fermi, a company co-founded by former U.S. Energy Secretary Rick Perry, which started trading in October at a valuation of $14.8 billion but is yet to bring in revenue.

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