Fermi America, a Texas-based data center venture co-founded by former Governor Rick Perry, has reportedly resumed negotiations with Amazon. The discussions focus on Project Matador, a large-scale campus project designed to generate up to 17 GW of power through a mix of nuclear, natural gas, solar, and wind energy.
On November 12, 2026, Fermi announced a power capacity agreement for 600 MW with an undisclosed investment-grade hyperscaler, widely identified as Amazon. The contract includes a $200 million upfront prepayment, which serves as a significant financial commitment from the tenant before the facility becomes operational.
This development follows a period of instability for the company. In October 2025, Fermi went public with a valuation of approximately $15 billion, despite having no operational revenue. By December 2025, a previous $150 million tenant deal with Amazon collapsed, leading to a sharp decline in Fermi’s stock price and internal governance issues.
The current agreement involves substantial commitments for early construction and material procurement. While the 600 MW capacity represents only a fraction of the total 17 GW goal for Project Matador, the upfront cash provides essential funding and a potential path to operational viability for the company.
