Data center profile · Carson County, Texas, next to the Pantex plant, about 15 miles northeast of Amarillo

Fermi America Project Matador

Fermi's private-grid AI campus on 5,200 acres near Amarillo, Texas: 6 GW gas air permit, 222 MW TensorWave lease not yet closed, going-concern warning.

Early construction, lease not closed. Site work since 2025; the state air permit for about 6 GW of gas was issued Feb. 25, 2026. The 222 MW TensorWave lease was signed Aug. 10, 2026 but is not effective until financing closes. No generation is running.
222 MW
first-phase lease: total facility power (company says)
TensorWave; about 156 MW of IT capacity (press); lease not yet effective
~6 GW
gas power approved by the state air permit
permit for 90 large and 3 small turbines; none operating; about 2.2 GW of turbines secured (company)
17 GW
campus target the company markets
11 GW gas, 4.4 GW nuclear, solar and batteries; only the 6 GW gas permit is issued
$6.5B
contracted lease revenue over 15 years (company says)
only if the lease closes; excludes renewals
OperatorFermi Inc. (Fermi America), Nasdaq: FRMI
CustomerTensorWave (AMD GPU cloud) for phase one; AMD provides credit support
Planned IT capacity3.7 GW at full build-out (our estimate from the company or utility power figure). Up to about 7.2 GW if the full 11.7 GW private grid, including nuclear, is built
First building in serviceOur estimate: 2027 (range 2027 to 2028); company says 2027.
Next deadlineOct. 31, 2026: Closing deadline for the TensorWave lease (already extended once from Sept. 30)
Construction from orbit

What the satellites see on the ground

From orbit, no ground clearing shows yet, and radar shows no structures rising yet. No new roof shows by Oct. 2026. That runs behind our stage (site work): the images do not yet show the ground work we expect.

Construction from orbit, as a share of the site: bare ground (left scale); roof and very bright radar echoes (right scale)
0123%0255075100%2023Jul2024Jul2025Jul2026Jul▲ Permits▲ Site workBare groundRadar: bright echoesRoof
0123%0255075100%2023202420252026▲ Permits▲ Site workBare groundRadar: bright echoesRoof
Roof: the highest 5-month median so far (roofs do not come down), dots are single months; bare ground: 3-month median; radar: 2-month median. Contains modified Copernicus Sentinel data 2023–2026.

How this works: Sentinel-2 photographs the ground every few days at 10 m. For each month we keep the cloud-free views over the campus outline (about 5,900 acres) and count the share that reads as bare ground and the share that reads as roof (very bright, not vegetated). Sentinel-1 radar sees through cloud every 6–12 days; walls and steel bounce the signal straight back, so the share of very bright radar echoes rises as buildings go up. Bright gravel pads and fresh concrete can read as roof, and wet or snowy months dip, so we read the trend, not single months. Black ticks mark our stage dates. Data: Copernicus Sentinel-1 and Sentinel-2, via the Copernicus Data Space Ecosystem.

Power

Power and the grid

200 MW contracted · 6,000 MW permitted

Grid power from Southwestern Public Service (Xcel)Service agreement
200 MW
up to 200 MW supplemental supply over a 115 kV line News report · Oct. 2026
On-site gas plant (permitted, none running)Air permit issued
6,000 MW
gross turbine rating about 5,175 MW in the permit; 93 turbines authorized; first power was targeted for end of 2026 Company · Oct. 2026
East campus gas (second air permit)Pending
5,000 MW
about 5 GW; application filed Mar. 2026, public meeting canceled and not rescheduled News report · Oct. 2026
Hillcore Power Center (gas, solar, storage)Alliance only
2,600 MW
alliance of Aug. 2026; first 350 MW block starts only after definitive agreements News report · Oct. 2026
Four AP1000 nuclear reactorsUnder federal review
4,400 MW
company target of first reactor around 2032; draft environmental review issued Oct. 2026 News report · Oct. 2026
ContractedPermittedProposed

Getting on the grid

Who supplies what, what it costs, and what is still not public.

  1. June 17, 2025
    Nuclear license application filed
    Fermi submits its first filing to the Nuclear Regulatory Commission for four reactors. State agency · Oct. 2026
  2. Feb. 25, 2026
    Gas air permit issued
    Texas environmental commissioners deny hearing requests and issue the permit. News report · Oct. 2026
  3. Aug. 11, 2026
    Hillcore alliance
    Hillcore would build and own a gas, solar and storage power center; no definitive agreements yet. News report · Oct. 2026
  4. Sept. 21, 2026
    State permit freeze
    Texas orders its environmental agency to pause permits for data-center infrastructure; the first permit predates it, the east campus one does not. News report · Oct. 2026
  5. Oct. 9, 2026
    Draft nuclear review issued
    Federal staff preliminarily recommend the license, pending a safety review with no schedule. see Permits
  6. Dec. 2026
    First power target
    The company says it is on track for first power from its own plant by end of 2026; its first data-center phase (222 MW) is due in the second half of 2027, and the lease's final delivery phase runs to early 2028. SEC filing · Oct. 2026

On-site generation on file

Backup generators (emergency use, not a power supply)
Is it running?

Evidence from space

NO2 over the site, net of the rural background, was lower in July–September 2026 (2 µmol/m²) than a year earlier (3), a 30% drop that is within normal swings at this level; the rural background rose 26% (20 to 26). The satellite sees no new combustion large enough to stand out here. On record here: On-site gas plant (permitted, none running), 6,000 MW, permitted; East campus gas (second air permit), 5,000 MW, proposed. No rise fits a plant that is not running yet, or runs little; it does not prove either.

See all campuses checked →

NO2 over the campus and over open country (µmol/m²)
0204060Jan 2025AprJulOctJan 2026AprJulOctOver the campusOpen country
0204060Jan 2025JulJan 2026JulOver the campusOpen country
Lines: 7-day (daily) / 3-week (weekly) averages; gaps from cloud filled by straight-line interpolation; dots are raw readings. Shaded: July–September 2025 and 2026, averaging 3 and 2 µmol/m² above open country (0.7×).

What else could explain it

How this works: the Sentinel-5P satellite measures NO2 in the air over every point on Earth once a day, around 1:30 p.m. local time, in pixels about 5.5 by 3.5 km. NO2 comes from burning fuel (turbines, engines, traffic, power plants), so a rise over a site that open country does not share points to new combustion there. It shows combustion activity, not megawatts. The site box is about 15 km across; the background box is open country about 62 km away. We use only high-quality readings and drop days or weeks when cloud hides more than half of either box. Data: Copernicus Sentinel-5P (ESA), processed with the Copernicus Data Space Ecosystem Sentinel Hub statistics service.

Permits

Permits checklist

2 pending · 3 granted

Approvals a campus like this normally needs (including an air permit for backup or on-site generators), and what we found.

Risks

What could slow it down

Lawsuits

2 cases on record

Money

Money on record

$6.5B
TensorWave lease revenue over 15 years (company says)
conditional on closing, which needs guaranties and project financing SEC filing · Aug. 2026
$1.5B+
invested to date (company says)
as of the latest company update Company · Oct. 2026
$745.7M
net IPO proceeds, Oct. 2025
37.4 million shares at $21 News report · Oct. 2026
$91.7M vs $576.4M
cash against debt at June 30, 2026 (press, from filings)
no revenue booked; auditors' going-concern doubt raised News report · Oct. 2026
$25M
fees paid to turbine lenders for a waiver, Oct. 2026
lenders dropped a covenant to sign a 400 MW lease by Nov. 10, 2026 News report · Oct. 2026
Timeline

What happened, and what is due

SitePaper trailConstructionPowerPermitsMoneyLegalUpcoming
  1. June 17, 2025
    Permits Fermi files its nuclear license application for four reactors State agency · Oct. 2026
  2. Sept. 19, 2025
    Money Fermi signs a letter of intent with an unnamed first tenant for over 1 GW of powered shell across 12 facilities (registration statement, as quoted in a securities complaint) Court filing · Jan. 2026
  3. Oct. 1, 2025
    Paper trail Fermi Inc. registered in Texas and Louisiana
  4. Oct. 28, 2025
    Permits Amarillo approves a 20-year water supply of up to 2.5 million gallons a day Company · Oct. 2026
  5. Dec. 12, 2025
    Money Fermi discloses that the unnamed first tenant terminated its $150 million advance-in-aid-of-construction agreement Court filing · Jan. 2026
  6. Jan. 5, 2026
    Legal Shareholders file a securities class action alleging Fermi overstated tenant demand Court filing · Jan. 2026
  7. Feb. 25, 2026
    Permits Texas issues the ~6 GW gas air permit over hearing requests News report · Oct. 2026
  8. April 17, 2026
    Site Board removes co-founder Toby Neugebauer as CEO; the CFO resigns News report · Oct. 2026
  9. Aug. 10, 2026
    Money Fermi signs the 222 MW TensorWave lease, with closing conditions SEC filing · Aug. 2026
  10. Sept. 21, 2026
    Permits Texas freezes new data-center infrastructure permits; the east campus air permit is caught News report · Oct. 2026
  11. Oct. 13, 2026
    Money AMD signs credit support for the lease; it only begins once final-phase rent starts News report · Oct. 2026
  12. Oct. 31, 2026
    Money Deadline to close the TensorWave lease (extended once) Company · Sept. 2026
  13. End of 2026
    Site Fermi must issue its notice to proceed or the landowner can end the ground lease News report · Oct. 2026
Construction activity

Building activity by quarter

Since Oct. 2025: 6 FAA filings (Oct. 2025): tallest permanent stack 98 ft (filed Oct. 2025).

FAA filings
’25
Dot size: records in the quarter, largest = 6. Two-digit years mark each first quarter.
The buildings

Specs

5,200 acres
site, on a 99-year ground lease from the Texas Tech University System
SEC filing · Oct. 2026
90 + 3 turbines
Siemens SGT800 units (56 MW each, combined cycle) and three GE Frame 6B units (45 MW each) in the draft permit
State agency · Oct. 2026
15 years + 2 x 5
TensorWave lease term from final delivery, with two renewal options
Company · Oct. 2026
1 GW+
powered shell across 12 facilities in the unnamed first tenant's Sept. 2025 letter of intent (per the securities complaint)
Court filing · Jan. 2026
650 MW+
expansion rights if the tenant takes two more data centers; AMD framework for up to 650 MW
Company · Oct. 2026
2.5 million gal/day
city of Amarillo water supply, 20 years, with a non-binding path to 10 MGD
Company · Oct. 2026
Who is involved

Owners, partners and builders

Owners
  • Fermi Inc. (Fermi America): developer and parent, a real estate investment trust
  • Fermi Campus 1 LLC: lessor to TensorWave
  • Texas Tech University System: landowner and ground lessor
  • Co-founders Rick Perry and Toby Neugebauer
Customers and backers
  • TensorWave: phase one tenant
  • AMD: credit support and expansion framework
  • MUFG Bank: turbine equipment lender
  • Hillcore Energy Capital: planned power partner
Decision-makers
  • Texas Commission on Environmental Quality: air permits
  • U.S. Nuclear Regulatory Commission: reactor license
  • Amarillo City Council: water
  • Carson County Commissioners Court: tax abatement
  • Southwestern Public Service: grid supply
Opponents
  • Panhandle Taxpayers for Transparency
  • Sierra Club
Still unknown

Open questions

Where this comes from

215 records from 54 documents

Drawn from news reports, securities filings, state agency records, business registries, company statements, court filings and public and commercial datasets, each kept with its date and source. The bar shows documents by type.

News report 21SEC filing 16State agency 8Company 7Court filing 1Dataset 1
Evidence

Every quote behind this page

Grade key: A = the primary record itself (permit, filing, exhibit) · B = a dated official statement · C = news reporting. Map distances are our own measurements on OpenStreetMap and carry no grade. Allegations in lawsuits are marked as such in the quotes.

Power (61)
  • On-site generation: 11679.3 MW
    “G6B01-G6B03 3x40.0 GT (T); F1G01-F2G03 6x260 CT (P); TM001-TM007 7x18.9 GT (P); F1S01-F2S03, FBS01 7x105 CA (P); FBG01-FBG06 6x50 CT (U); EG001-EG048, MG001-MG048 96x57 CT (P); ES001-ES016, MS001-MS016 32x105 CA (P); sum 11,679.3 MW”
    State agency · Oct. 2026 · grade A
  • EIA status: T (approvals received, not under construction)
    “Generators G6B01, G6B02, G6B03 (3x 40.0 MW combustion turbines) carry status (T) Regulatory approvals received. Not under construction”
    State agency · Oct. 2026 · grade A
  • EIA status: U (under construction, <=50% complete)
    “Generators FBG01-FBG06 (6x 50.0 MW combined-cycle CT) carry status (U) Under construction, less than or equal to 50 percent complete”
    State agency · Oct. 2026 · grade A
  • EIA status: P (planned, approvals not initiated)
    “148 generators carry status (P) Planned for installation, but regulatory approvals not initiated, including EG001-EG048, MG001-MG048, ES001-ES016, MS001-MS016”
    State agency · Oct. 2026 · grade A
  • EIA planned operation: June 2027
    “Earliest planned operation in plant 69799 is 2027-06 (G6B01-G6B03); later generator groups are filed for 2027-09, 2027-12 and 2030-12”
    State agency · Oct. 2026 · grade A
  • On-site power technology: Natural Gas Fired Combustion Turbine (GT)
    “Technology Natural Gas Fired Combustion Turbine, prime mover GT: G6B01-G6B03 at 40.0 MW and TM001-TM007 at 18.9 MW”
    State agency · Oct. 2026 · grade A
  • On-site power technology: Natural Gas Fired Combined Cycle (CT/CA)
    “Technology Natural Gas Fired Combined Cycle: CT gens at 260.0, 57.0 and 50.0 MW and CA steam gens at 105.0 MW across blocks F1, F2, FB, EG, ES, MG, MS”
    State agency · Oct. 2026 · grade A
  • On-site generation: 4,468 MW
    “PMN1, PMN2, PMN3, PMN4: 4x 1,117.0 MW Nuclear steam generators, all status P; nameplate sum 4,468.0 MW”
    State agency · Oct. 2026 · grade A
  • EIA status: P (planned, approvals not initiated)
    “Generators PMN1-PMN4 carry status (P) Planned for installation, but regulatory approvals not initiated”
    State agency · Oct. 2026 · grade A
  • EIA planned operation: Dec. 2031
    “Planned operation 2031-12 for PMN1 and PMN3; 2032-12 for PMN2 and PMN4, plant 69798 Project Matador Nuclear”
    State agency · Oct. 2026 · grade A
  • On-site power technology: Nuclear (ST)
    “Technology Nuclear, prime mover ST: generators PMN1, PMN2, PMN3, PMN4 at 1,117.0 MW each”
    State agency · Oct. 2026 · grade A
  • EIA-860M records Project Matador Nuclear (plant 69798) as 4 generators totaling 4,468.0 MW nameplate - an agency nameplate basis that differs from Fermi's own stated 4.0 GW (COL description) and 4.4 GW (Mar 2026 plan com
    “Plant 69798 Project Matador Nuclear, Fermi Nuclear: 4 generators, 4,468.0 MW”
    State agency · Oct. 2026 · grade A
  • County code: Carson County, TX (48065)
    “Fermi Equipment Holdco, LLC (Fermi or the Applicant) is proposing to authorize the construction of a natural gas-fired power plant at a greenfield site in Carson County, Texas”
    State agency · Oct. 2026 · grade A
  • On-site generation: 5,175 MW
    “Ninety natural gas fired combustion turbine-generators to operate in combined cycle mode. All turbines are Siemens Energy SGT800, each with a rated gross nominal capacity of 56 megawatts”
    State agency · Oct. 2026 · grade A
  • Jurisdiction check: Carson County has no zoning authority over the site (Texas counties lack general land-use power); the controlling approvals are state (TCEQ air permits) and federal (NRC COL) plus the TTUS ground leas
    “Project Matador will provide electricity to an on-site hyperscale data center campus designed for next-generation data and Artificial Intelligence (AI) infrastructure. The Project's power generation will be used solely onsite”
    State agency · Oct. 2026 · grade A
  • IT capacity: 156 MW
    “156 MW Critical IT capacity”
    SEC filing · Oct. 2026 · grade A
  • IT capacity: 156 MW
    “156 MW Critical IT capacity”
    SEC filing · Oct. 2026 · grade A
  • Stated campus size: 222 MW
    “The Lease covers 222 megawatts (MW) of total facility power at Fermi's Project Matador campus and represents approximately $6.5 billion in expected total revenue over its initial 15-year term”
    Company · Sept. 2026 · grade A
  • Stated campus size: 222 MW
    “The Lease covers 222 megawatts (MW) of total facility power at Fermi's Project Matador campus”
    Company · Sept. 2026 · grade A
  • EIA planned operation schedule: Plant 69799 (Project Matador Gas Plant) planned-operation tranches (EIA-860M Aug 2026): Jun 2027 - 3 GT generators, 120 MW, status T; Sep 2027 - 6 CT (1,560 MW) and 7 GT (132.3 MW), status
    “Status (T) Regulatory approvals received. Not under construction: generators G6B01, G6B02, G6B03 at 40 MW each, planned operation 2027-6”
    State agency · Aug. 2026 · grade A
  • EIA planned operation schedule: Plant 69798 (Project Matador Nuclear) planned-operation tranches (EIA-860M Aug 2026): 2 steam units planned Dec 2031 and 2 planned Dec 2032; all 4 generators status P
    “Plant 69798, Project Matador Nuclear: generators PMN1, PMN2, PMN3, PMN4 at 1,117 MW each, status (P), planned operation 2031-12 and 2032-12”
    State agency · Aug. 2026 · grade A
  • Stated campus size: 222 MW
    “with total facility power of 222 MW, configured across four data halls and one network data hall”
    SEC filing · Aug. 2026 · grade A
  • Stated campus size: 650 MW
    “would provide a total of 650 MW of total facility power”
    SEC filing · Aug. 2026 · grade A
  • Every large Fermi campus figure (11 GW, ~17 GW) is denominated by Fermi itself as power / generation capacity or private-grid power, never as IT or critical load; the Q2 2026 investor presentation labels the top end 'Up
    “Up to 17 GW Power Generation at Scale”
    SEC filing · Aug. 2026 · grade A
  • Fermi's own generation program plus the Hillcore framework is stated to bring planned on-site generation to approx 4.8 GW within approx 30 months (Q2 2026 earnings release) - a generation ramp figure, not load or IT
    “framework agreement would double planned on-site generation to 4.8 GW within approximately 30 months”
    SEC filing · Aug. 2026 · grade A
  • On-site generation: 11,000 MW
    “approximately 6.0 GW of nuclear capacity across two nuclear islands and up to approximately 6 GW of natural gas-fired generation”
    SEC filing · March 2026 · grade A
  • On-site generation: 17,000 MW
    “potential to expand the campus to up to approximately 17 GW of total generation capacity”
    SEC filing · March 2026 · grade A
  • On-site generation: 6,000 MW
    “On February 25, 2026, we received final approval from TCEQ for our approximately 6 GW natural gas-fired air permit”
    SEC filing · March 2026 · grade A
  • On-site generation: 11,000 MW
    “would authorize the site for up to approximately 11 GW of total natural gas-fired generation capacity”
    SEC filing · March 2026 · grade A
  • Utility service: 86 MW
    “including 86 MW of capacity expected to be energized in the second half of 2026”
    SEC filing · March 2026 · grade A
  • Generating units on the permit: 90 units
    “Sources include ninety turbines configured to operate in combined cycle mode, three turbines configured to operate in both simple cycle mode and combined cycle mode, sixteen cooling towers, six emergency generator engines”
    State agency · Feb. 2026 · grade A
  • Generating units on the permit: 3 units
    “Sources include ninety turbines configured to operate in combined cycle mode, three turbines configured to operate in both simple cycle mode and combined cycle mode, sixteen cooling towers, six emergency generator engines”
    State agency · Feb. 2026 · grade A
  • Backup generators: 6 units
    “Sources include ninety turbines configured to operate in combined cycle mode, three turbines configured to operate in both simple cycle mode and combined cycle mode, sixteen cooling towers, six emergency generator engines”
    State agency · Feb. 2026 · grade A
  • Southwestern Public Service (Xcel) grid supply of up to ~200 MW was still under negotiation in Fermi's SEC-furnished milestones
    “SPS Grid Power Agreement; Up to 200 MW Expected to be Secured; Currently Being Negotiated”
    SEC filing · Dec. 2025 · grade A
  • Utility service: 200 MW
    “a signed, definitive Electric Service Agreement (ESA) with Southwestern Public Service Company (SPS), a subsidiary of Xcel Energy, to provide up to 200 megawatts”
    Company · Dec. 2025 · grade A
  • Fermi's Nov 2025 investor deck states it is coordinating with Tenant 1 on BESS design targeting 1 MW of storage per 1 MW of IT capacity - a design ratio mention; no campus IT total is stated with it
    “Targeting 1 MW of Storage per 1 MW of IT Load”
    SEC filing · Nov. 2025 · grade A
  • On-site generation: 11,000 MW
    “approximately 6.0 GW of nuclear capacity across two nuclear islands and approximately 4.5 GW of natural gas-fired generation”
    SEC filing · Oct. 2025 · grade A
  • On-site generation: 1,750 MW
    “Up to 1.75 GW of additional solar generation may be sited on adjacent acreage to Project Matador”
    SEC filing · Oct. 2025 · grade A
  • On-site generation: 4,000 MW
    “our Combined License Application (COL Application) for 4 GW of nuclear power”
    SEC filing · Sept. 2025 · grade A
  • Stated campus size: 222 MW
    “The lease between Fermi's subsidiary Fermi Campus 1 LLC and TensorWave TEX1, LLC, a subsidiary of AI cloud provider TensorWave Inc., covers a facility supported by 222 megawatts (MW) of total facility power”
    Company · Oct. 2026 · grade B
  • On-site generation: 6,000 MW
    “the Texas Commission on Environmental Quality (TCEQ) has granted final approval of the nation's second largest Clean Air Permit for 6 gigawatts (GW) of clean natural gas-based power generation”
    Company · Oct. 2026 · grade B
  • Power plan: hybrid, behind-the-meter private grid (onsite gas, planned nuclear/solar/BESS) with supplemental utility supply from SPS
    “delivered behind the meter and on a private grid built and operated on site”
    Company · Oct. 2026 · grade B
  • Construction stage: Site preparation / early construction, grading, roads, fencing and water lines installed from Q3 2025; no data center building delivered; no generation operating
    “the initial cleared area spans roughly four million square feet - equivalent to about 85 acres - where soil surveying, compaction testing, and other early construction preparations are well underway”
    SEC filing · Oct. 2026 · grade B
  • Original target date: 2027
    “First phase to deliver a complete turnkey data center solution with 222 MW beginning in the second half of 2027”
    Company · Oct. 2026 · grade B
  • First-power target: 2026
    “These activities are keeping us on track toward our target of delivering first power by the end of 2026”
    SEC filing · Oct. 2026 · grade B
  • Site works per Q3 2025 update: ~85 acres cleared/graded; 6,500 ft of roads, 34,000 ft of fencing, 9,500 ft of barriers and 12,000 ft of water lines installed across data center, substation and generation sites
    “To date, we have installed 6,500 feet of roads, 34,000 feet of fencing, 9,500 feet of barriers, and 12,000 feet of water lines”
    SEC filing · Oct. 2026 · grade B
  • Fermi stated ~2.2 GW of gas turbines secured as of Oct 8, 2026, including the Siemens Energy SGT-800 fleet (six assets in the port of Houston as of Feb 2026), equipment on hand is far below the 93-turbine permitted flee
    “mobilize its previously announced Siemens Energy SGT-800 gas turbine fleet, six assets currently in the port of Houston, Texas, to the Amarillo campus”
    Company · Oct. 2026 · grade B
  • On-site generation: 4,400 MW
    “plan to achieve ~17GW of total power including 11GW of clean natural gas, 4.4GW of nuclear energy, solar and battery sources”
    Company · March 2026 · grade B
  • IT capacity: 156 MW
    “Unit cost guidance: $3-4M per MW of total power capacity; $10-12M per MW of critical IT capacity; 156 MW critical IT capacity”
    News report · Oct. 2026 · grade C
  • Utility service: 200 MW
    “86 MW starts January 2026; ramps to 200 MW via SPS 115 kV transmission”
    News report · Oct. 2026 · grade C
  • On-site generation: 4,400 MW
    “With a Potential 11 GW of Clean Natural Gas, 4.4 GW of Nuclear, Solar and Battery Power, Campus Targets 17 GW of Capacity”
    News report · Oct. 2026 · grade C
  • Grid region: SPP (Southwest Power Pool) via Southwestern Public Service; site is outside ERCOT
    “Carson County is in Xcel Energy's Southwestern Public Service (SPS) territory, which belongs to the Southwest Power Pool (SPP)”
    News report · Oct. 2026 · grade C
  • Board removed co-founder Toby Neugebauer as CEO in April 2026 and CFO Miles Everson resigned; both remained on the board. Lee McIntire (board member; former CH2M Hill and TerraPower CEO) was later appointed CEO and appea
    “In April, Neugebauer, Fermi's CEO and co-founder, and Miles Everson, the company's CFO, departed the company. Both remain on the company's board”
    News report · Oct. 2026 · grade C
  • Stated campus plan raised from ~11 GW (2025 materials) to ~17 GW (Mar 2026): 11 GW gas + 4.4 GW nuclear + solar/BESS + grid supply. Programme-level marketing figure only, permitted today is the ~6 GW gas plant; contract
    “The campus was initially announced with planned 11GW of capacity, but Fermi increased the figure to 17GW in March 2026”
    News report · Oct. 2026 · grade C
  • Project status: site cleared and permitted; Phase 1 lease signed but not yet closed (closing extended to Oct. 31, 2026); first building not yet delivered, occupancy phased Q4 2027-early 2028
    “Binding 15-year phase one lease for 222 MW total power capacity, with occupancy phased from Q4 2027”
    News report · Oct. 2026 · grade C
  • AMD partnership framework for possible expansion up to 650 MW across phases two and three; framework only, not contracted campus MW
    “The reports also described a partnership framework for possible expansion of up to 650 megawatts across phases two and three”
    News report · Oct. 2026 · grade C
  • Power model: private behind-the-meter grid (Fermi America HyperGrid)
    “With Project Matador, the overall technology infrastructure could get a new outlook. It does not rely solely on the public grid. Instead, Fermi America is building a dedicated private system in Carson County, near Amarillo”
    News report · Oct. 2026 · grade C
  • Long-term campus vision expanded from ~11 GW to nearly 17 GW (gas, nuclear, solar, storage)
    “Original plans for the site called for an 11-gigawatt (GW) campus, anchored by 4.4 GW of nuclear power. However, developers recently expanded their ambitions to nearly 17 GW”
    News report · Oct. 2026 · grade C
  • About 2.2 GW of gas turbines secured per Fermi (Oct. 8, 2026) and Siemens turbines on site; equipment program figure, not campus load
    “Equipment: 2.2 GW of gas turbines secured, Fermi said on October 8”
    News report · Oct. 2026 · grade C
  • Generator maker and model: Siemens Energy SGT-800 (90 combined-cycle turbines); GE Frame 6001 (GE 6B) (3 turbines)
    “All turbines are Siemens Energy SGT-800, each with an annual average heat input of 443 million British thermal units per hour (MMBtu/hr) and each with a rated gross nominal capacity of 56 megawatts (MW).”
    News report · Feb. 2026 · grade C
  • On-site generation: 5,175 MW
    “If all these units are built, it would represent a total MWs of 5,175 MWs of gas generated power, dwarfing any plant in the US.”
    News report · Feb. 2026 · grade C
Money and contracts (64)
  • termination / amendment: termination 400 MW lease or offtake covenant eliminated covenant (Equipment Supply Loan Financing Agreement amendment)
    “Among other things, the Amendment eliminates the covenant requiring the Company to enter into a lease or offtake arrangement for 400 MW on the Project Matador site by November 10, 2026.”
    SEC filing · Oct. 2026 · grade A
  • equipment supply loan financing agreement - Limited Waiver and Amendment No. 1: covenant REMOVED: 400 MW lease/offtake by Nov 10, 2026 400 MW
    “the Amendment eliminates the covenant requiring the Company to enter into a lease or offtake arrangement for 400 MW”
    SEC filing · Oct. 2026 · grade A
  • equipment supply loan financing agreement - Limited Waiver and Amendment No. 1: amendment fees paid 25 USD million
    “the Company paid amendment fees totaling $25 million”
    SEC filing · Oct. 2026 · grade A
  • data center lease and services agreement: contracted revenue (expected, initial term) 6.5 USD billion
    “$6.5B Phase one contracted revenue over the 15-year initial term”
    SEC filing · Oct. 2026 · grade A
  • data center lease and services agreement: renewal options 2 x 5 years
    “Term: 15-year initial term with two 5-year renewal options; 2.5% annual escalators”
    SEC filing · Oct. 2026 · grade A
  • data center lease and services agreement: renewal options 2 x 5 years
    “Term: 15-year initial term with two 5-year renewal options; 2.5% annual escalators”
    SEC filing · Oct. 2026 · grade A
  • credit support agreement: credit support for Phase 1 lease (guarantee-type support; AMD is NOT a tenant) 222 MW
    “signed a credit support agreement with AMD, supporting a lease for phase one of Fermi's Project Matador energy and AI buildout”
    Company · Oct. 2026 · grade A
  • partnership / expansion framework agreement: framework for future expansion of gross power capacity (not a lease) 650 MW
    “signed an agreement outlining a partnership and framework for future expansion of up to 650 MW of gross power capacity”
    Company · Oct. 2026 · grade A
  • data center lease and services agreement: initial term 15 years
    “Fermi Inc. extends closing date for Data Center Lease with TensorWave TEX1, LLC to October 31, 2026. Lease covers 222MW and represents $6.5B in expected revenue over 15 years at Project Matador campus”
    Company · Sept. 2026 · grade A
  • data center lease and services agreement - First Amendment: closing date deadline (extended)
    “The amendment extends the closing date under the Lease from September 30, 2026 to October 31, 2026”
    Company · Sept. 2026 · grade A
  • data center lease and services agreement: initial term 15 years
    “The initial term of the Lease is 15 years, commencing on the commencement date of the final delivered phase”
    SEC filing · Aug. 2026 · grade A
  • data center lease and services agreement: contracted revenue (expected, initial term) 6.5 USD billion
    “the Company expects to receive approximately $6.5 billion in contracted revenue over its initial 15-year term”
    SEC filing · Aug. 2026 · grade A
  • data center lease and services agreement: closing date (original, conditions to effectiveness)
    “a closing expected to occur on or before September 30, 2026 (subject to an extension provision)”
    SEC filing · Aug. 2026 · grade A
  • data center lease and services agreement: expansion option - total facility power if exercised 650 MW
    “would provide a total of 650 MW of total facility power”
    SEC filing · Aug. 2026 · grade A
  • data center lease and services agreement: phased delivery targets
    “target delivery dates ranging from the end of 2027 through the first quarter of 2028 for the network hall”
    SEC filing · Aug. 2026 · grade A
  • framework agreement (build-own-operate-transfer): planned power center capacity (framework only; definitive agreements pending) 2.6 GW
    “Hillcore intends to install up to approximately 2.6 GW of total power capacity at the HPC site”
    SEC filing · Aug. 2026 · grade A
  • As of the Q1 2026 10-Q (filed May 15, 2026) Fermi stated it had not yet entered into a lease agreement with any tenant; the TensorWave lease (Aug 9, 2026) is described in the Q2 10-Q as the definitive lease with its FIRS
    “We have not yet entered into a lease agreement with a tenant”
    SEC filing · May 2026 · grade A
  • ground lease: 99-year ground lease, 5,236-acre campus 99 years
    “99-Year Ground Lease with Texas Tech University for 5,236-acre Project Matador Campus; Commenced in September 2025”
    SEC filing · Dec. 2025 · grade A
  • tax abatement: executed
    “Executed Signed Tax Abatement with Carson County (TX)”
    SEC filing · Dec. 2025 · grade A
  • advance in aid of construction agreement (TERMINATED): termination by tenant (agreement never funded; party never signed a lease) 150 USD million
    “the First Tenant notified the Company that it is terminating the AICA”
    SEC filing · Dec. 2025 · grade A
  • electric service agreement: grid capacity, up to 200 MW
    “to provide up to 200 megawatts (MW) of electrical capacity to Fermi's 11 GW Project Matador Campus”
    Company · Dec. 2025 · grade A
  • The TTU ground lease (Ex 10.22 to the S-11) defines an 'IT Lease' as a lease agreement with respect to 100 megawatt critical IT capacity - a defined-term threshold in the ground lease, NOT a stated campus IT capacity
    “IT Lease means the lease agreement with respect to 100 megawatt critical IT load”
    SEC filing · Sept. 2025 · grade A
  • Land control: 99-year ground lease with the Texas Tech University System; lease formally commenced Q3 2025 after conditions precedent were satisfied
    “the Project Matador campus lease with the Texas Tech University System formally commenced following Fermi's satisfaction of conditions precedent required under the agreement”
    SEC filing · Oct. 2026 · grade B
  • Tenants: TensorWave (TensorWave TEX1, LLC)
    “it has executed its first binding customer lease at its Project Matador campus in Carson County, Texas”
    Company · Oct. 2026 · grade B
  • Tenant status: Lease executed Aug 2026, NOT yet closed/effective, closing conditions (guaranties, project-level financing) outstanding; closing extended to Oct 31, 2026; AMD credit support signed Oct 13, 2026
    “The Lease, signed in August 2026, provides that its effectiveness is subject to the satisfaction or waiver of specified closing conditions”
    Company · Oct. 2026 · grade B
  • Invested to date: 1500 USD millions
    “Construction at Project Matador is well underway, with approximately 6 gigawatts (GW) of the planned 17 GW already permitted, more than $1.5 billion invested in the buildout to date”
    Company · Oct. 2026 · grade B
  • ground lease: scope
    “This milestone officially activates the 99-year lease and provides us with long-term control of our Panhandle site”
    SEC filing · Oct. 2026 · grade B
  • ground lease: condition precedent
    “the Project Matador campus lease with the Texas Tech University System formally commenced following Fermi's satisfaction of conditions precedent required under the agreement - including delivery of site development plans, environmental studies, and initial financial commitments”
    SEC filing · Oct. 2026 · grade B
  • ground lease: finding: ground lease rent and economic terms are not disclosed in any opened source; only term, commencement and conditions precedent are public
    “the Project Matador campus lease with the Texas Tech University System formally commenced following Fermi's satisfaction of conditions precedent required under the agreement”
    SEC filing · Oct. 2026 · grade B
  • tenant lease: scope 222 MW
    “covers a facility supported by 222 megawatts (MW) of total facility power following commencement of the final delivery phase”
    Company · Oct. 2026 · grade B
  • tenant lease: contracted revenue 6500000000 USD
    “The lease is expected to generate approximately $6.5 billion in total contracted revenue over the initial 15-year term, for the first phase, excluding any renewal terms”
    Company · Oct. 2026 · grade B
  • tenant lease: term
    “Term: Initial term of 15 years following commencement of the final delivery phase, with two renewal options of five years each”
    Company · Oct. 2026 · grade B
  • tenant lease: expansion rights 650 MW
    “The lease carries expansion rights for two additional data centers that when exercised, would bring the partnership to a total of more than 650 MW”
    Company · Oct. 2026 · grade B
  • tenant lease: condition precedent
    “Those conditions include executing and delivering related work letters and guaranties; finalizing operations schedules and a service-level agreement; obtaining Board approvals; and securing project-level financing sufficient to fund construction of the leased premises”
    Company · Oct. 2026 · grade B
  • tenant lease: closing deadline amendment
    “The amendment extends the closing date under the Lease from September 30, 2026 to October 31, 2026”
    Company · Oct. 2026 · grade B
  • tenant lease: finding: lease termination/cancellation clauses are not public, the executed lease itself is not filed; only company summaries and the Oct 14, 2026 fact sheet describe its terms
    “Conditions: The lease contains customary conditions, including the receipt of requisite project guaranties and financing”
    Company · Oct. 2026 · grade B
  • credit support: scope 222 MW
    “it has signed a credit support agreement with AMD, supporting a lease for phase one of Fermi's Project Matador energy and AI buildout in Carson County, Texas, with 222 megawatts (MW) of gross power capacity”
    Company · Oct. 2026 · grade B
  • partnership framework: scope 650 MW
    “The companies have also signed an agreement outlining a partnership and framework for future expansion of up to 650 MW of gross power capacity”
    Company · Oct. 2026 · grade B
  • water supply agreement: scope 2.5 MGD
    “Amarillo City Council approved a 20-year water agreement to supply up to 2.5 million gallons per day for Fermi America's private grid campus at 2x the rate of area taxpayers”
    Company · Oct. 2026 · grade B
  • water supply agreement: expansion mou 10 MGD
    “The agreement included a non-binding memorandum of understanding (MoU) providing the opportunity of scaling up to 10 MGD in later phases as the project grows”
    Company · Oct. 2026 · grade B
  • tax abatement: scope
    “Carson County approved a 10-year tax abatement and reinvestment zone for Fermi America's 11GW energy campus, securing local investment”
    Company · Oct. 2026 · grade B
  • equipment purchase: scope 580 MW
    “In June and July, we acquired nine industrial gas turbines (six Siemens frames and three GE units) totaling over 580 MW of capacity for 2025 delivery”
    SEC filing · Oct. 2026 · grade B
  • Letter of intent: capacity 1,000 MW powered shell
    “The Tenant LOI provides for phased delivery of over 1 GW of powered shell spread across 12 Tenant Facilities”
    Court filing · Jan. 2026 · grade B
  • Advance in Aid of Construction Agreement: termination 150000000 USD
    “the first tenant for the Company's anticipated Project Matador AI campus had terminated its $150 million Advance in Aid of Construction Agreement”
    Court filing · Jan. 2026 · grade B
  • ground lease: termination
    “By December 31, Fermi must issue its notice to proceed, the formal order to begin construction, under its ground lease with the Texas Tech University System, the landowner at Matador, which can terminate the lease if the notice is late”
    News report · Oct. 2026 · grade C
  • tenant lease: power charges
    “TensorWave pays a fixed power charge and a variable power charge equal to the actual cost of electricity delivered, the 10-Q says”
    News report · Oct. 2026 · grade C
  • credit support: condition
    “Fermi says AMD's backing starts only once construction is finished and rent begins on the final delivery phase, so AMD is not on the hook while the site is being built”
    News report · Oct. 2026 · grade C
  • credit support: termination
    “the backing ends early if TensorWave, or a company guaranteeing its lease, keeps an investment-grade rating for 12 months in a row”
    News report · Oct. 2026 · grade C
  • letter of intent: scope
    “In September, Fermi announced it had signed a non-binding letter of intent (LOI) with an unnamed investment grade-rated tenant to be the first customer at its data center and energy campus”
    News report · Oct. 2026 · grade C
  • advance agreement: scope 150000000 USD
    “Fermi and the First Tenant entered the AICA, under which the tenant could advance up to $150 million toward construction costs (subject to conditions)”
    News report · Oct. 2026 · grade C
  • advance agreement: termination 0 USD drawn
    “The First Tenant notified Fermi it is terminating the AICA. Fermi said no funds were ever drawn under the agreement, and that lease negotiations continue”
    News report · Oct. 2026 · grade C
  • equipment loan: scope
    “Fermi Turbine Warehouse LLC and Firebird Equipment Holdco LLC entered into Limited Waiver and Amendment No. 1 to the Equipment Supply Loan Financing Agreement dated February 10, 2026”
    News report · Oct. 2026 · grade C
  • equipment loan: covenant 400 MW
    “The amendment removes the covenant that the company enter a lease or offtake arrangement for 400 MW on the Project Matador site by November 10, 2026”
    News report · Oct. 2026 · grade C
  • equipment loan: amendment waiver 25000000 USD amendment fees
    “Fermi also paid $25 million in amendment fees”
    News report · Oct. 2026 · grade C
  • electric service agreement: scope 200 MW
    “Xcel Energy's Southwestern Public Service (SPS) will deliver up to 200 MW of utility power”
    News report · Oct. 2026 · grade C
  • power development alliance: scope 2,600 MW
    “Hillcore will finance, build, own, and operate the Hillcore Power Center, which will comprise 2.5GW of natural gas-fired generation, developed in phases, together with approximately 100MW of solar generation and battery energy storage”
    News report · Oct. 2026 · grade C
  • power development alliance: condition 350 MW first block
    “Construction of the first power block, which will total 350MW, will commence upon the execution of definitive agreements. First power at the site is slated within 24 months of notice to proceed”
    News report · Oct. 2026 · grade C
  • IPO completed on Nasdaq and LSE around Oct 1, 2025, 37,375,000 shares at $21.00 per share; Fermi is structured as a REIT and remains pre-revenue
    “On or around October 1, 2025, Fermi completed an IPO of 37,375,000 shares of common stock at a price of $21.00 per share for net proceeds of approximately $745.7 million”
    News report · Oct. 2026 · grade C
  • Q2 2026 10-Q raised going-concern doubt; Fermi reported no revenue through Jun 30, 2026, with quarter-end cash of ~$91.7M against total debt of ~$576.4M (figures as compiled from Fermi's SEC filings by trade press)
    “Fermi has booked no revenue, its cash has drained into the buildout, and its June filing still raised going-concern doubt about its ability to keep operating”
    News report · Oct. 2026 · grade C
  • Co-founder Toby Neugebauer and his family trust sold 4,047,200 shares (~$14M) on Oct 13-14, 2026 with no Rule 10b5-1 plan, weeks after a Sep 11, 2026 statement that the Neugebauers had not sold a share since the IPO (For
    “Toby Neugebauer, the Dallas investor whose Vicksburg Investments Management and family trust hold about 22 percent of Fermi Inc.”
    News report · Oct. 2026 · grade C
  • Oct. 16, 2026 amendment to Fermi's MUFG turbine loan deleted the covenant requiring 400 MW of leases/offtake by Nov. 10, for a $25M fee; the TensorWave lease (222 MW) remains the only signed lease and had not closed
    “An amendment filed on October 16 erases the 400-megawatt lease covenant on Fermi's turbine loan and defers about $56 million of principal”
    News report · Oct. 2026 · grade C
  • credit support agreement: credit support for Phase 1 lease, beginning after construction completion and rent commencement 222 MW
    “The lease covers 222 MW of gross power capacity. Fermi first disclosed the deal on August 10, 2026, and it is projected to bring in approximately $6.5 billion in revenue over 15 years”
    News report · Oct. 2026 · grade C
  • data center lease and services agreement - First Amendment: closing date deadline (extended)
    “The amendment extends the closing date under the Lease from September 30, 2026 to October 31, 2026. All other terms of the Lease remain unchanged and in effect”
    News report · Sept. 2026 · grade C
  • Tenant: TensorWave TEX1, LLC (subsidiary of TensorWave Inc.)
    “subsidiary Fermi Campus 1 LLC entered into a build-to-suit lease on August 9, 2026, with TensorWave TEX1, LLC, a subsidiary of TensorWave Inc.”
    News report · Aug. 2026 · grade C
Permits and government (34)
  • air quality nsr: application received
    “The Texas Commission on Environmental Quality (TCEQ or the Agency) received the permit application on August 1, 2025, and declared it administratively complete on August 5, 2025”
    State agency · Oct. 2026 · grade A
  • air quality nsr: public notice nori
    “The Notice of Receipt and Intent to Obtain an Air Quality Permit (NORI, first public notice) was published in English on August 27, 2025, in the Amarillo Globe-News”
    State agency · Oct. 2026 · grade A
  • air quality nsr: public notice napd
    “The Notice of Application and Preliminary Decision for an Air Quality Permit (NAPD, second public notice) was published on November 4, 2025, in English in the Amarillo Globe-News”
    State agency · Oct. 2026 · grade A
  • air quality nsr: public meeting and comment close
    “A public meeting was held on December 4, 2025, at the Carson County War Memorial in Panhandle, Texas. The public comment period ended on December 4, 2025”
    State agency · Oct. 2026 · grade A
  • air quality nsr: contested case hearing requests
    “The Agency's Chief Clerk has identified 36 pending hearing requests, 34 from individuals (the Individual Requestors), one from the non-profit environmental organization, Sierra Club, and one from Panhandle Taxpayers for Transparency”
    State agency · Oct. 2026 · grade A
  • nuclear col: application initial submittal
    “On June 17, 2025, Fermi America submitted the initial portion of its COL application for four AP1000 reactors, PMN Units 1-4 (ADAMS Package Accession No. ML25169A395)”
    State agency · Oct. 2026 · grade A
  • nuclear col: application second submittal
    “On August 20, 2025, Fermi America provided a second submittal of the COL application (ADAMS Accession No. ML25232A199), which included non-site-specific technical chapters of the Final Safety Analysis Report”
    State agency · Oct. 2026 · grade A
  • nuclear col: acceptance for review
    “In an acceptance letter dated September 5, 2025, (ADAMS Accession No. ML25240A918), the NRC acknowledged, among other things, Fermi America's commitment to participate in the pilot program for environmental review”
    State agency · Oct. 2026 · grade A
  • nuclear col: notice of intent eis scoping
    “A notice of intent to prepare an EIS and to conduct a scoping process was published on March 20, 2026 (91 FR 13641)”
    State agency · Oct. 2026 · grade A
  • nuclear col: draft eis issued for comment
    “the preliminary recommendation is that the NRC issue the requested COL to Fermi America contingent upon successful completion of the safety review and unless safety issues mandate otherwise”
    State agency · Oct. 2026 · grade A
  • Texas Commission on Environmental Quality, public meeting: Public meeting on the draft air quality permit for Fermi America Project Matador (Permit 181009), Carson County War Memorial, Panhandle, TX
    “A public meeting was held on December 4, 2025, at the Carson County War Memorial in Panhandle, Texas”
    State agency · Oct. 2026 · grade A
  • Combined license: draft EIS issued for public comment; staff preliminary recommendation to issue COL contingent on safety review
    “The draft EIS is in response to a Combined License (COL) application submitted by Fermi America”
    State agency · Oct. 2026 · grade A
  • Air permits (state NSR, PSD, GHG PSD): permits issued (IDs as listed by Fermi)
    “Permits Issued: 181009, PSDTX1670, and GHGPSDTX254”
    SEC filing · March 2026 · grade A
  • Air permit application (additional natural gas generation): applied
    “we filed an additional application with the TCEQ for an incremental 5 GW air permit”
    SEC filing · March 2026 · grade A
  • New Source Review / PSD air permit (natural gas generation): final approval
    “we received final approval from TCEQ for our approximately 6 GW natural gas-fired air permit”
    SEC filing · Feb. 2026 · grade A
  • New Source Review / PSD air permit (natural gas generation): preliminary approval
    “we announced that the TCEQ granted preliminary approval for air permitting associated with the first approximately 6 GW”
    SEC filing · Nov. 2025 · grade A
  • FAA OE/AAA: Determined - No Hazard
    “A large-scale data center is currently in the design stage. To provide reliable power to the facility both a nuclear power plant and a natural gas power plant are planned as part of the overall development. This filing pertains specifically”
    FAA · Oct. 2025 · grade A
  • FAA OE/AAA: Determined - No Hazard
    “A large-scale data center is currently in the design stage. To provide reliable power to the facility both a nuclear power plant and a natural gas power plant are planned as part of the overall development. This filing pertains specifically”
    FAA · Oct. 2025 · grade A
  • FAA OE/AAA: Determined - No Hazard
    “A large-scale data center is currently in the design stage. To provide reliable power to the facility both a nuclear power plant and a natural gas power plant are planned as part of the overall development. This filing pertains specifically”
    FAA · Oct. 2025 · grade A
  • FAA OE/AAA: Determined - No Hazard
    “A large-scale data center is currently in the design stage. To provide reliable power to the facility both a nuclear power plant and a natural gas power plant are planned as part of the overall development. This filing pertains specifically”
    FAA · Oct. 2025 · grade A
  • FAA OE/AAA: Determined - No Hazard
    “A large-scale data center is currently in the design stage. To provide reliable power to the facility both a nuclear power plant and a natural gas power plant are planned as part of the overall development. This filing pertains specifically”
    FAA · Oct. 2025 · grade A
  • FAA OE/AAA: Determined - No Hazard
    “A large-scale data center is currently in the design stage. To provide reliable power to the facility both a nuclear power plant and a natural gas power plant are planned as part of the overall development. This filing pertains specifically”
    FAA · Oct. 2025 · grade A
  • Combined license application (four AP1000 reactors): application accepted for review
    “the NRC accepted the application for review on September 5, 2025”
    SEC filing · Sept. 2025 · grade A
  • Combined license application (four AP1000 reactors): application filed
    “we filed a combined license application with the NRC for four Westinghouse AP1000 reactors”
    SEC filing · June 2025 · grade A
  • air quality nsr: issued
    “the Texas Commission on Environmental Quality (TCEQ) has granted final approval of the nation's second largest Clean Air Permit for 6 gigawatts (GW) of clean natural gas-based power generation”
    Company · Oct. 2026 · grade B
  • Amarillo City Council: Final approval of 20-year water supply agreement with Fermi America (up to 2.5 MGD at 2x the standard rate; Fermi funds required infrastructure)
    “Amarillo City Council approved a 20-year water agreement to supply up to 2.5 million gallons per day for Fermi America's private grid campus at 2x the rate of area taxpayers”
    Company · Oct. 2026 · grade B
  • Carson County Commissioners Court: Approval of a 10-year tax abatement and creation of a reinvestment zone for the Project Matador campus
    “Carson County approved a 10-year tax abatement and reinvestment zone for Fermi America's 11GW energy campus”
    Company · Oct. 2026 · grade B
  • air quality nsr: application filed
    “Fermi Inc. (d/b/a Fermi America) (NASDAQ & LSE: FRMI), operating as Fermi America today filed an additional 5 GW Clean Air Permit Application with the Texas Commission on Environmental Quality (TCEQ)”
    News report · Oct. 2026 · grade C
  • air quality nsr: public meeting canceled under tceq pause
    “That application, air permit No. 183462, was set for a public meeting in Panhandle on Aug. 24. TCEQ's notice for that meeting now says it was canceled and will be rescheduled for a later date”
    News report · Oct. 2026 · grade C
  • ABBOTT DIRECTIVE EXPOSURE: Gov. Abbott's Sep 21, 2026 directive froze TCEQ issuance of permits for data-center infrastructure. Fermi's first permit (181009) was issued Feb 25, 2026 and PREDATES the freeze, but the East C
    “TCEQ spokesperson Ryan Vise said the agency has paused the issuance of all air and water permits and authorizations related to the construction or development of infrastructure directly supporting data centers”
    News report · Oct. 2026 · grade C
  • Texas Commission on Environmental Quality, Commissioners' Agenda Meeting: Consideration of hearing requests/requests for reconsideration and issuance of Air Quality Permit Nos. 181009, PSDTX1670, GHGPSDTX254 (Docket No.
    “The three commissioners for the Texas Commission on Environmental Quality (TCEQ) approved Fermi America's air quality permit application on Feb. 25”
    News report · Oct. 2026 · grade C
  • combined licenses (four AP1000 reactors): draft environmental review issued; preliminary staff recommendation
    “Outstanding approvals: Final environmental impact statement, completion of nuclear safety review, hearings and final Commission licensing decision”
    News report · Oct. 2026 · grade C
  • New Source Review air permit (additional gas generation): applied
    “Fermi applied for 5 GW more on March 27, its 2025 annual report says”
    News report · March 2026 · grade C
  • New Source Review air permit (PSD): final approval
    “The Texas Commission on Environmental Quality (TCEQ) gave final approval on February 25, 2026, to an air permit for about 6 GW of gas-fired generation”
    News report · Feb. 2026 · grade C
Legal (3)
  • Securities class action Lupia v. Fermi Inc. (S.D.N.Y. 1:26-cv-00050) alleges Fermi overstated tenant demand for Project Matador
    “COMPLAINT against Berenberg Capital Markets LLC, Cantor Fitzgerald & Co., Evercore Group L.L.C., Miles Everson, Fermi Inc., Marius Haas”
    Court filing · Jan. 2026 · grade A
  • Securities class action filed (Salvatore Lupia v. Fermi Inc., No. 1:26-cv-00050, S.D.N.Y.) alleging Fermi overstated tenant demand for Project Matador and understated reliance on the First Tenant's funding commitment; cl
    “The class action is pending in the U.S. District Court for the Southern District of New York. It is captioned Salvatore Lupia v. Fermi Inc., No. 1:26-cv-00050”
    News report · Oct. 2026 · grade C
  • Panhandle Taxpayers for Transparency announced it will pursue the regulatory appeal process against TCEQ's issuance of Permit 181009, arguing factual disputes in the emissions modeling remain unresolved
    “We feel like we have a very strong record, and so we're going to follow the appeal process as it is laid out in regulation”
    News report · Oct. 2026 · grade C
Site and other (9)
  • Campus name: Project Matador (Project Matador Advanced Energy and Intelligence Campus)
    “PMN Units 1-4 would be located at the Project Matador Advanced Energy and Intelligence Campus (Project Matador campus)”
    State agency · Oct. 2026 · grade A
  • Site location: Carson County, TX, adjacent to the DOE Pantex Plant, ~15 miles northeast of Amarillo along US Highway 60 near FM 2373
    “The proposed reactors would be located at the Project Matador campus in Carson County, Texas, adjacent to the U.S. Department of Energy's Pantex Plant”
    State agency · Oct. 2026 · grade A
  • Developer: Fermi America (Fermi Inc., Nasdaq/LSE: FRMI)
    “On October 14, 2026, Fermi Inc. (the "Company") posted a fact sheet containing additional information regarding its lease with TensorWave at the Project Matador site”
    SEC filing · Oct. 2026 · grade A
  • Developer: Fermi Inc. (d/b/a Fermi America)
    “Fermi Inc. (NASDAQ:FRMI)(LSE:FRMI), operating as Fermi America (Fermi or the Company), announced today that it has executed its first binding customer lease at its Project Matador campus”
    Company · Oct. 2026 · grade B
  • Site acres: 5200 acres
    “We have begun on-site geotechnical work at the Project Matador campus, marking the start of physical development on the approximately 5,200-acre site”
    SEC filing · Oct. 2026 · grade B
  • Stage: at risk
    “Fermi has booked no revenue, its cash has drained into the buildout, and its June filing still raised going-concern doubt about its ability to keep operating”
    News report · Oct. 2026 · grade C
  • Current target date: Feb. 2028
    “AMD's backing starts only when construction finishes and rent begins on the final delivery phase, which completes in early 2028”
    News report · Oct. 2026 · grade C
  • Fermi founded in January 2025 by former Texas governor and U.S. Energy Secretary Rick Perry and investor Toby Neugebauer
    “Fermi was founded in January 2025 by former Texas governor and energy secretary Rick Perry and Toby Neugebauer”
    News report · Oct. 2026 · grade C
  • County code: 48065
    “The original announcement locates Project Matador in Carson County, Texas. TensorWave TEX1 is a subsidiary of TensorWave Inc.”
    News report · Sept. 2026 · grade C