Fermi has signed a credit support agreement with AMD to underpin construction of the first data center at its Project Matador campus in Carson County, Texas, near Amarillo, Data Center Dynamics reported on October 14, 2026.
The deal covers an initial 222MW of IT capacity, with a framework for later expansion of up to 650MW of gross power capacity. AMD acts as guarantor while Fermi seeks financing for the first build-out. The campus sits on land owned by the Texas Tech University system and could reach 17GW at full build-out.
In August, Fermi signed an agreement with AI cloud provider TensorWave for up to 650MW, which the company expects to be worth up to $6.5 billion over 15 years. The first 222MW is expected online in the second half of 2027, with AMD Instinct GPUs deployed for AI training and inference.
The project has faced setbacks. A prospective first tenant withdrew from a non-binding letter of intent, prompting a class action lawsuit and a sharp share price decline, and chief executive Toby Neugebauer and chief financial officer Miles Everson departed in April. Nasdaq-listed Fermi shares touched a low of $3.43 on the Monday before publication, compared with a $25 valuation on their first trading day a year earlier. Fermi was founded in January 2025 by Rick Perry and Neugebauer.
Source: Data Center Dynamics -- https://www.datacenterdynamics.com/en/news/fermi-and-amd-sign-credit-support-deal-for-build-out-of-project-matador-campus-in-amarillo-texas/