Shares of Fermi Inc. crumpled Friday after the company with links to President Donald Trump was surprised by some bad news from what was supposed to be the first tenant of its massive data-center power project in Texas.

For a company that plans to be a real-estate investment trust — which generates income from its tenants — not having any tenants would be a big problem.

The company, which went public on Oct. 1 through a high-profile initial public offering, wants to be a big player in the artificial-intelligence power business. Its primary focus is Project Matador, which includes building and operating the Donald J. Trump Generating Plant.

In addition to the name of the plant, the company has connections to Trump through co-founder Rick Perry, a former Texas governor who served as secretary of energy during Trump’s first term.

But after strong demand for Fermi’s IPO, the stock has tumbled, and it closed Thursday 27.4% below its IPO price of $21 a share.

The company previously said that “an investment grade-rated” entity had signed a letter of intent in September to be its first tenant and had in November signed what’s known as an Advance in Aid of Construction Agreement to provide up to $150 million to Fermi to fund construction.
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