Project Overview

Project Matador is a private power and AI data center campus on a Texas Tech-owned site in the Panhandle. Developed by Fermi Inc., the project combines large-scale on-site power generation with hyperscale AI-ready data-center capacity, allowing compute tenants to secure dedicated power alongside their facilities. 

It’s the world’s largest private HyperGrid™ campus, with 6 of 17GW already permitted on 8,400 acres in the Texas Panhandle. Matador has secured 2 GW of generation assets and has secured nearly USD 1.5 billion in committed financing from leading lenders.

The ramp beyond the first data center is subject to entering into binding customer agreements. The first lease, for 222 MW of facility power, represents about 1.3 percent of the stated 17 GW. It is described as one of the largest upcoming data centers in Texas. 

The company says it will build the power infrastructure and lease turnkey data center capacity, and describes a behind-the-meter model with no grid interconnection queue, supplemented by 86 MW of utility power from Xcel Energy.

Project Matador Location

Project Matador is located in Carson County, Texas, in the Texas Panhandle. It is situated near Amarillo and adjacent to the U.S. Department of Energy’s Pantex Plant. Fermi controls the core site through a 99-year ground lease with the Texas Tech University System, covering approximately 8,400 acres. 

Its location offers proximity to natural-gas production, two major fiber-optic corridors, the Ogallala Aquifer, and the Pantex facility, attributes Fermi considers strategically valuable for fuel supply, connectivity, water access, security, and potential future nuclear development. 

Technical Specifications

Project Background

Fermi America announced Project Matador as an 11 GW private power and data center campus near Amarillo, later increasing it to 17 GW. The land is owned by the Texas Tech University System and held by Fermi under a 99-year ground lease executed in April 2025, with Texas Tech limited to revenue participation and covenant enforcement per Fermi's NRC application. 

Fermi applied to the NRC in June 2025 for four AP1000 reactors. In September 2025, it signed a non-binding letter of intent with an investment-grade prospective tenant, which later agreed to provide up to USD 150 million for construction but ended the funding agreement in December 2025. A shareholder lawsuit followed. 

In 2026, Fermi obtained a TCEQ air permit (February), took delivery of Siemens SGT-800 turbines in Houston (February), repaid its Macquarie loan and secured new equipment financing (Q1), removed CEO Toby Neugebauer (April), and signed the TensorWave lease (August).

Project Matador Current Status

Currently, Project Matador is under development, moving from site works to construction. No data center is operating, and the company reports no operating revenue. Fermi signed its first binding customer agreement on 10 August 2026 (TensorWave, 222 MW, about USD 6.5 billion over 15 years), subject to project guarantees and financing.

Lee McIntire became CEO on 11 August 2026 after founder Toby Neugebauer was removed in April. Gas turbines are arriving on site (October 2026), and an NRC staff preliminary recommendation favours the combined licences for four AP1000 reactors.

Project Matador Completion Date

Project Matador does not have a single official completion date. Fermi describes it as a multi-phase, multi-decade buildout extending through 2038, with initial commercial energization and first-tenant commissioning planned in late 2027. 

Stakeholder Details

Project Matador Cost Details

Fermi Inc. has not officially disclosed the total estimated cost for Project Matador. Fermi has already invested more than USD 1.5 billion in site buildout as of mid-2026. 

Project Scope

The following is the project scope of Project Matador:

• Private power and AI data-center campus: Fermi is developing an energy-first campus in Carson County, Texas, to supply dedicated power directly to AI and hyperscale computing tenants. 
  

• Natural gas-fired generation: The core generation scope includes gas turbines and combined-cycle capacity, supported by dual natural-gas interconnections and firm fuel-supply arrangements. 
  

• Battery energy storage and power-quality systems: Fermi will deploy battery energy storage systems (BESS) and related power-quality infrastructure to manage rapid AI load changes, improve reliability, support commissioning, and provide ride-through capability during outages. 
  

• Advanced nuclear capacity: The long-term scope includes nuclear baseload power, subject to licensing and regulatory approvals. The U.S. Nuclear Regulatory Commission selected Project Matador as an inaugural participant in its Environmental Impact Statement pilot program, which is intended to help streamline advanced-reactor licensing. 
  

• Cooling and water infrastructure: The scope includes on-site water distribution, storage, and cooling-related infrastructure to support power generation and data-center operations. The site overlies the Ogallala Aquifer, and Fermi has secured groundwater rights as part of early site development. 

Project Timeline

Benefits

The following are the benefits of the project: 

• Reduced dependence on the public grid: Fermi plans to generate the substantial majority of power on-site through a behind-the-meter private power system. This is intended to reduce reliance on congested transmission networks and long interconnection queues. 
  

• Faster access to power: By co-locating generation, substations, and data-center capacity on one campus, Fermi aims to shorten the time required for tenants to secure power and begin operations. This supports faster deployment of AI infrastructure. 
  

• Lower transmission losses: The project lowers transmission losses because power is generated close to tenant facilities, reducing long-distance transmission losses. This improves overall energy efficiency compared with importing power from distant sources. 
  

• Water conservation: The campus plans to use dry and hybrid cooling, closed-loop water reuse, recycled water, and rainfall capture. Fermi says these measures are designed to reduce water consumption substantially compared with conventional water-cooled systems. 

Project Matador Latest News

Below is the latest news of Project Matador:

Three GE Vernova 6B gas turbines arrived at the site (October 15, 2026): 

Fermi announced that three GE Vernova 6B gas turbines were delivered to Project Matador in Carson County after final preparation and transport to the Texas Panhandle. The company said the delivery supports its planned private-grid power buildout, which it now describes as targeting up to 17 GW of capacity. 

Conclusion

Project Matador is a strategic project to combine hyperscale AI data centers with dedicated on-site power generation in Amarillo, Texas. Its integrated model, spanning data-center capacity, nuclear, gas, solar, battery, fiber, and cooling infrastructure, positions it as one of the largest powered AI campuses in the United States.

Its phased development model also provides flexibility, allowing infrastructure and capacity to be delivered progressively as demand and financing evolve. Upon completion, it is expected to strengthen the Texas Panhandle’s position as a major hub for artificial intelligence, advanced computing, and digital infrastructure.

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