Fermi Project Matador: Amazon Reportedly the Customer for 600 MW, $200M

Fermi has not named the customer and says its identity remains confidential. Amazon has not confirmed the report in any source Voltgrid could read, and Voltgrid could not read the Financial Times report in full. The figures below come from Fermi's earnings release and slides, filed as exhibits to a Form 8-K with the U.S. Securities and Exchange Commission (SEC).

Besides the $200 million prepayment, the customer has signed a $15 million early construction and site development agreement. Fermi and the customer are also finalizing a $90 million purchase of structural steel and building materials that Fermi secured in advance, so the customer can build several data center facilities on the site.

Fermi calls the prepayment substantial upfront customer funding in connection with the proposed 600 MW development, meant to speed construction. The release does not say whether the cash has been paid or whether it will later be credited against rent. The parties are still working toward a definitive long-term lease.

What 600 MW Means for Fermi's Capacity

Fermi's chief executive calls 2.2 GW the company's current capacity, but its slides note that the total includes 200 MW of power from Xcel Energy and six turbines on order for 2028 delivery. Fermi describes itself as pre-revenue. It says Project Matador is expected to ramp to approximately 17 GW, subject to entering into binding customer agreements, and that anything beyond about 6 GW needs additional permits and approvals, financing, interconnection capacity and land.

Fermi describes the project as delivered behind the meter, on a private grid built and operated on site. The 8-K does not say which units will serve the 600 MW block. Voltgrid News reported earlier on Amazon's reported NVIDIA rack order.

What Powers Fermi's Project Matador

Fermi sells power from a private grid on its own site, not from a utility connection. Its slides put total capacity at 2.2 GW, a figure that includes 200 MW from Xcel Energy and six Siemens SGT-800 gas turbines on order for 2028. Fermi says it owns 2,000 MW of turbine capacity, and a TCEQ air permit covers about 6 GW, with a further 5 GW application filed.

Nuclear is a longer-dated option. Fermi has applied to the NRC for combined licences for four AP1000 reactors, and the NRC's March 20, 2026 notice began its environmental review. Fermi says the customer is paying ahead of a lease to secure power within its targeted delivery timeline.

Fermi's 2025 Tenant Exit, Denial and Other Release Items

On Dec. 12, 2025, Fermi disclosed that a prospective tenant had ended an agreement that could have provided up to $150 million toward construction at Matador. Reuters reported that Fermi's shares fell 34% after the announcement.

On Dec. 17, 2025, Business Insider reported that CEO Toby Neugebauer had told it in a phone call that the tenant was Amazon. Amazon declined to comment to Business Insider. The same day a Fermi spokesperson told Reuters that Fermi and Neugebauer "categorically deny" Business Insider's claim.

Bisnow reported on April 22, 2026 that Fermi had fired Neugebauer the week before and that the shares were down more than 75% since the IPO. It said the company still had no tenant for the site.

Fermi and TensorWave ended the data center lease signed in August 2026, and the AMD credit support agreement tied to it was also terminated. The company reported a $141.6 million third-quarter net loss, $315.5 million in cash and restricted cash, and $958.4 million of outstanding debt, net of unamortized issuance costs and discounts.

What Is Not Confirmed Yet

Fermi has not named the customer. The Amazon identity rests on the Financial Times report, which no free outlet Voltgrid checked had confirmed. Amazon had not commented in any report Voltgrid found.

The lease is not final, and neither is the $90 million steel agreement. Fermi's Form 10-Q for the quarter, which it said will follow, may add detail. Voltgrid News also covered Amazon's West Richland data center.