Fermi Shares Surge on Project Matador Power Agreement with AMD

The partnership focuses on the first phase of the development, which targets 222 megawatts of gross power capacity. By securing this support, Fermi clears a significant hurdle toward final project financing, a move intended to recover ground after the company’s stock suffered a 59% decline earlier this year. Beyond the initial buildout, the companies have established a framework to expand the site’s capacity to 650 megawatts.

Project Matador currently occupies secured land in the Texas Panhandle, with over $1.5 billion already poured into the site. Fermi anticipates the facility will eventually scale to roughly 17 gigawatts, with future capital expenditure tied directly to commercial commitments.