Fermi Inc. (Nasdaq:FRMI)(LSE:FRMI), operating as Fermi America, announced on October 13, 2026, that 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.

Phase One Lease and Project Financing Milestone

The phase one lease covers 222 megawatts (MW) of gross power capacity, in line with Fermi's first customer lease as announced on August 10, 2026.

According to the company, the agreement represents a key milestone toward securing project financing.

Framework for Future Expansion up to 650 MW

In addition to the credit support agreement, the two companies have signed an agreement outlining a partnership and framework for future expansion of up to 650 MW of gross power capacity.

Fermi Chief Executive Officer Lee McIntire said the strategic partnership establishes a framework for phases two and three of the project.

"We have the land, the permits, the water, the power equipment, and the fiber network that give us distinct performance advantages," McIntire said, adding that the company's focus remains on building out its planned campus with top-tier partners like AMD.

AMD Cites Demand for AI Compute Infrastructure

Mathew Hein, Senior Vice President and Chief Strategy Officer of Corporate Development at AMD, said the pace of AI innovation is driving unprecedented demand for compute and the large-scale data center infrastructure needed to support it.

Hein described the collaboration with Fermi as an important step in expanding the infrastructure capacity needed to bring next-generation AI solutions to market, saying the companies are enabling customers to deploy AMD-powered AI infrastructure at scale and supporting AMD's continued data center momentum.

About Project Matador

Fermi America is developing one of the world's largest advanced energy and AI ecosystems in the Texas Panhandle. The site, called Project Matador, is secured or under long-term lease, with more than USD 1.5 billion invested in buildout to date.

The company designed the project to address access to large-scale, reliable power on a timeline that meets customer demand, delivered behind the meter and on a private grid built and operated on site.

Subject to entering into binding customer agreements, the project is expected to ramp to approximately 17 GW, with capital deployment matched to commercial commitments.

The behind-the-meter Project Matador campus is expected to integrate what the company describes as the nation's biggest combined-cycle natural gas project, one of the largest clean, new nuclear power complexes in America, utility grid power, solar power, and battery energy storage, to support hyperscale AI and advanced computing.

Forward-Looking Risks Noted

The announcement's forward-looking statements, made under the Private Securities Litigation Reform Act of 1995, note that actual results could differ materially from those expressed or implied.

Risks cited include satisfaction of the conditions to AMD's obligations under the agreement and to the closing of the TensorWave lease, the company's ability to obtain project financing on acceptable terms or at all, and construction, equipment, supply chain, and permitting risks, among others described in Fermi's filings with the Securities and Exchange Commission.

The company undertakes no obligation to update forward-looking statements except as required by law.

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