Fermi Announces $200 Million Customer Commitment for Texas AI Campus

Fermi has signed agreements with an unnamed investment-grade hyperscaler to advance an initial 600 megawatts of power capacity, beginning in 2027, at Project Matador, its planned data center and private power campus on Texas Tech University System land near Amarillo in Carson County. The company disclosed the agreements in its third-quarter results and investor presentation, filed with the Securities and Exchange Commission on Nov. 12. A definitive long-term lease has not been signed, and the parties are still working toward one.

The customer package has three parts. A $200 million prepayment agreement provides upfront funding for the 600 MW development. A $15 million early construction and site development agreement sets a framework for starting site preparation and construction as soon as possible. A third agreement, covering $90 million of structural steel and building materials, is being finalized; it would let the customer use long-lead materials that Fermi secured in advance for several planned data center buildings.