Fermi, a Texas company looking to build four nuclear plants next to a U.S. nuclear weapons complex, said in documents revealed on Tuesday that it is talking with large data managers on leasing agreements for the project.

European officials say a deal is needed to contain Iran’s nuclear program, but U.S. strikes may have given Tehran new incentive to develop an atomic weapon in secret.

This article appears in the August 2025 print edition with the headline “The New Arms Race.”