Fermi Signs AMD Credit Support Agreement for Project Matador in Texas
Fermi said the agreement with AMD supports a lease for the 222 megawatts (MW) first phase of Project Matador and marks a step toward project financing.
Fermi Inc. (Nasdaq:FRMI)(LSE:FRMI) has signed a credit support agreement with AMD connected to the first phase of its Project Matador energy and AI development in Carson County, Texas. The companies also agreed on a partnership framework covering possible future expansion of up to 650 MW of gross power capacity.
The announcement was made on October 13, 2026. Fermi said the credit support arrangement supports a lease covering phase one, which has 222 megawatts (MW) of gross power capacity. The company said the agreement is a step toward securing project financing; it did not announce that financing had been completed.
Fermi Chief Executive Lee McIntire said the arrangement with AMD provides a framework for the second and third phases of Project Matador. The company said its plans include a campus supported by land, permits, water, power equipment and a fibre network.
AMD’s Mathew Hein, Senior Vice President and Chief Strategy Officer of Corporate Development, described the collaboration as a step toward increasing infrastructure capacity for next-generation AI systems. He said the companies are working to support deployment of AMD-powered AI infrastructure at scale.
Fermi describes Project Matador as a behind-the-meter energy and AI campus using a private grid built and operated on site. The company said the site is secured or held under long-term lease, with more than $1.5 billion invested in the buildout to date.
The planned infrastructure is expected to combine a combined-cycle natural gas project, a clean new nuclear power complex, utility grid electricity, solar generation and battery energy storage. Fermi said the campus is intended to support hyperscale AI and advanced computing.
Subject to entering into binding customer agreements, Fermi said the project is expected to ramp to approximately 17 GW, with capital deployment matched to commercial commitments.
Fermi said the arrangement remains subject to conditions attached to AMD’s obligations under the agreement. The company also identified its ability to obtain project financing on acceptable terms or at all as a risk.
Other risks cited by Fermi include construction, equipment, supply-chain and permitting issues. The company said actual results could differ materially from forward-looking statements because of these and other uncertainties, including the availability of project financing and the timing and conditions of construction capital deployment.
Fermi signed a credit support agreement with AMD supporting a lease for phase one of Project Matador in Carson County, Texas.
Phase one has 222 megawatts (MW) of gross power capacity.
The companies outlined a framework for future expansion of up to 650 MW of gross power capacity.
Project Matador is expected to reach approximately 17 GW subject to binding customer agreements, with capital deployment matched to commercial commitments.
Project financing has not been announced as completed, and Fermi cited financing, construction, equipment, supply-chain and permitting risks.
Fermi Inc. announced that it had signed a credit support agreement with AMD supporting a lease for phase one of Project Matador in Carson County, Texas. The companies also signed an agreement outlining a partnership and framework for future expansion of up to 650 MW of gross power capacity.
The agreement supports a lease for phase one of Fermi Inc.'s Project Matador energy and AI buildout in Carson County, Texas. Phase one has 222 megawatts (MW) of gross power capacity, in line with Fermi's first customer lease announced on August 10, 2026.
Fermi Inc. said the credit support agreement represents a key milestone towards securing project financing. The announcement does not state that project financing has been completed, and the company said its ability to obtain financing on acceptable terms or at all is a risk.
Fermi Inc. and AMD signed an agreement outlining a partnership and framework for future expansion of up to 650 MW of gross power capacity. Fermi's chief executive, Lee McIntire, said the partnership establishes a framework for phases two and three of Project Matador.
Project Matador is located in Carson County, Texas, where Fermi Inc. is developing an energy and AI ecosystem. The company describes the site as a behind-the-meter campus designed to provide large-scale power for AI and advanced computing through a private grid built and operated on site.
Fermi Inc. said Project Matador is expected to integrate a combined-cycle natural gas project, a clean, new nuclear power complex, utility grid power, solar power and battery energy storage. The company said the campus is intended to support hyperscale AI and advanced computing.
Subject to entering into binding customer agreements, Fermi Inc. said Project Matador is expected to ramp to approximately 17 GW. The company also said capital deployment will be matched to commercial commitments.
Fermi Inc. develops next-generation private electric grids intended to deliver highly redundant power at gigawatt scale for intelligence and AI compute. The company said its behind-the-meter model is designed to provide access to large-scale, reliable power on a timeline that meets customer demand.
Fermi Inc. said the Project Matador site is secured or under long-term lease, with more than $1.5 billion invested in buildout to date. The announcement does not provide a separate breakdown of that investment.
Fermi chief executive Lee McIntire said the company has the land, permits, water, power equipment and fibre network, which he said give the project distinct performance advantages. He also said Fermi's focus remains on building out its planned campus with partners such as AMD.
Mathew Hein, AMD's Senior Vice President and Chief Strategy Officer of Corporate Development, said the collaboration was an important step in expanding infrastructure capacity for next-generation AI solutions. He said the companies were enabling customers to deploy AMD-powered AI infrastructure at scale and supporting AMD's continued data centre momentum.
Fermi Inc. said risks include satisfaction of the conditions to AMD's obligations under the agreement, the company's ability to obtain project financing on acceptable terms or at all, and construction, equipment, supply chain and permitting risks. The company also said forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied.
Fermi Inc., operating as Fermi America™, trades on Nasdaq under FRMI and on the LSE under FRMI, according to the announcement.
Fermi Inc. said the AMD partnership provides a framework for phases two and three, while the project is expected to ramp to approximately 17 GW subject to entering into binding customer agreements. The company also said the timing and conditions of construction capital deployment and the availability of project financing remain subject to risks and uncertainties.