Fermi Campus 1 / TensorWave TEX1 (Project Matador)

Fermi Campus 1, a subsidiary of Fermi America, signed a binding lease with TensorWave TEX1 LLC, a subsidiary of AI cloud provider TensorWave, for a turnkey AI data center inside Fermi's Project Matador campus in the Texas Panhandle near Amarillo. The first phase is contracted for 222 MW of total facility power and is scheduled to begin delivery in the second half of 2027, representing about $6.5 billion in total contracted revenue over the lease term. The facility is being designed to support tens of thousands of next-generation AMD Instinct GPUs for large-scale AI training and inference. An option in the agreement could grow the TensorWave partnership to more than 650 MW across three phases. Project Matador itself is described by Fermi as the world's largest private "HyperGrid" power campus, targeting 17 GW of behind-the-meter nuclear, gas and solar generation on roughly 8,400 acres, with about 6 GW already permitted, more than $1.5 billion invested in the buildout to date, and first power targeted for 2026. The TensorWave lease is one of the first named commercial tenant commitments disclosed for the site.