Sequencing Beats Vision: Why Fermi's $19B Pitch Couldn't Land a Single Tenant

Fermi's $19 billion pitch collapsed because no anchor tenant ever signed, while NextEra is quietly working 21 GW of large-load interest off a Google deal locked in December. The developers landing capacity right now sequenced tenants, generation, and queue position in that order, and the spread between them and the storyline projects is widening fast.