Fermi says AMD signed credit-support agreement for first Project Matador phase

Fermi said it and AMD signed a credit-support agreement supporting the existing lease for the first phase of Project Matador, Fermi’s energy and AI campus in Carson County, Texas. The agreement moves the financing process forward, but Fermi did not say financing had closed.

Fermi identified the first phase as 222 megawatts of gross power capacity. The companies also signed a separate partnership framework that Fermi said could cover up to 650 MW across possible second and third phases. The announcement did not describe that framework as an exercised capacity commitment or a completed buildout.

AMD is not identified as the customer leasing the first phase. Fermi’s quarterly filing identifies TensorWave TEX1 as the customer that entered the lease with Fermi Campus 1 on Aug. 9. The filing said the lease’s effectiveness remained subject to closing conditions, including board approvals and project-level financing, and warned there was no assurance the lease would commence.

Fermi did not disclose the amount, duration, beneficiaries, draw conditions or termination terms of AMD’s credit support. It also did not name lenders, committed amounts, pricing or funding dates for the first phase.

Fermi said more than $1.5 billion has been invested in Project Matador’s buildout and that the wider project could reach about 17 gigawatts if customer agreements are signed. Those are Fermi’s project-scale claims, not completed-capacity figures. AMD strategy chief Mathew Hein said the collaboration was a step toward expanding infrastructure capacity needed to bring AI products to market.