Fermi · Nasdaq and LSE: FRMI

Land, power and data-center shells on one Texas campus.

A data-center campus needs three things. Fermi owns or controls all three on one site in Carson County, Texas, where generation and AI data centers sit behind one meter.

About Project Matador →Investor Relations

Land

One contiguous site east of Amarillo, beside the Pantex Plant.

Leased from the Texas Tech University System for 99 years. Gas, water and fiber are already at the property.

~8,400acresProject Matador site, in the aggregateReported (disclosed)
up to 2.5MGDCity of Amarillo water, at twice the standard rateContracted (disclosed)
~300,000MMBtu/dayNatural-gas supply arrangement (Energy Transfer)Contracted (disclosed)

Master plan →About Project Matador →

Aerial photograph of the Project Matador site on the Texas Panhandle with the campus parcels outlined — Campus parcels outlined, Carson County

Power

Generated on site, behind the meter.

Gas carries the early phases and is already permitted. Nuclear, solar and storage are planned, not permitted.

~6GWNatural gas permitted by TCEQPermitted (disclosed)
~5GWAdditional TCEQ application pendingApplication pending (forward-looking)
~17GWPrivate-grid generation plannedPlanned (forward-looking)
~6GWPlanned nuclear capacityPlanned (forward-looking)
up to 200MWGrid supply via SPS / Xcel EnergyContracted (disclosed)

The private grid →

A Siemens Energy gas turbine module being lifted from a ship by a heavy-lift crane at the Port of Houston — Siemens Energy turbine unloaded at the Port of Houston. Fermi America.

Shell

Liquid-cooled buildings, released phase by phase.

One is leased. The rest is planned.

up to ~15M sq ftAI data center capacity at full build-outPlanned (forward-looking)
Jul 1, 2027First on-site generation to anchor tenantTarget (forward-looking)

Customers →

Aerial concept render of the Fermi data-center campus at full build — Data-center campus, concept render. Fermi America.

Anchor tenantSigned Aug 10, 2026

The TensorWave lease.

Occupancy in phases from the second half of 2027.

222MWPhase 1 facility power
~$6.5BContracted revenue, undiscounted
15yrsInitial term, plus two five-year renewals
650+MWWith both expansion options

Announcement →Form 10-Q, Note 9 ↗

ConstructionLanded equipment as of Aug 13, 2026

Steel, foundations and a substation are up.

Nothing generates yet.

~2.2GWGeneration equipment landed in TexasLanded in Texas (disclosed)
6Siemens Energy SGT-800Landed in Texas (disclosed)
3Siemens Energy SGT6-5000F1 onsite, 2 enroute (disclosed)
3GE Frame 6BOnsite (disclosed)
$1.5B+Invested in site build-out to dateReported (disclosed)

December 2025, Fermi America construction updateGraded pads, pile foundations, trenching, substation steel and the water tank.

A wrapped Siemens Energy SGT6-5000F gas turbine on a self-propelled transporter beneath a red port crane at the Port of Houston — July 2026, Port of HoustonSiemens Energy SGT6-5000F unit unloaded at the Port of Houston. Three F-class units, up to ~728 MW simple-cycle.

A Siemens Energy SGT-800 gas turbine package on a trailer at the dock with Fermi America crew in high-visibility vests — February 2026, Port of HoustonFirst of six SGT-800 units unloaded. Phase One, ~300 MW simple-cycle.

Aerial photograph of steel columns rising from concrete foundations at the Project Matador substation under a wide Texas sky — February 2026, Carson CountySubstation steel. High-voltage equipment is financed under the Keystone and Cape equipment facility.

An excavator lowers a pipeline section into a trench beside an American flag on the Project Matador site — February 2026, Carson CountyHigh-pressure gas line installation. ~4.6 miles connect the site to the Transwestern system.

Photographs and film by Fermi. Landed equipment is not yet installed or generating.

The private grid

How the campus grid is designed.

Every source feeds the data centers directly. The grid connection is for start-up and backup only.

Rows of Siemens Energy gas turbine generators and their exhaust stacks on the Project Matador campus

Generation

~6 GW of gas, permitted.One TCEQ clean-air permit, final February 2026

~5 GW more, filed.A second TCEQ application, still pending

Four AP1000 reactors, docketed.Under NRC review. No license has been issued.

Up to ~17 GW behind the meter.Private-grid generation at full build

Milestones

Reported events and targets.

ReportedNewest first

Aug 11 to 13, 2026Hillcore alliance, new CEO, second-quarter resultsHillcore framework agreement. Lee McIntire appointed chief executive.Reported (disclosed)Announcement →
Aug 10, 2026Binding lease with TensorWaveThe first binding lease.Contracted (disclosed)Announcement →
Jul 2026F-class units arrive; $431M convertible notesThree SGT6-5000F units land. $431.25M of convertible notes close.Landed in Texas (disclosed)Announcement →
Apr 20, 2026Leadership and headquarters changesThe founding CEO departs. Marius Haas becomes chairman. Headquarters move to Dallas.Reported (disclosed)Document ↗
Mar 27, 2026~5 GW second application filedEast side of the campus. Approval is not assured.Application pending (forward-looking)Document ↗
Feb 25, 2026~6 GW clean-air permit finalFinal after the TCEQ denied contested-case requests.Permitted (disclosed)Announcement →