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ChatGPTClaudePerplexityOpinion Project Matador · Part 5
Project Matador's price tag: $70 to $90 billion
Amarillo Ledger ·
Says what the Amarillo Ledger thinks about the record. The facts in it are sourced on the linked pages; the conclusions are ours.
Project Matador's price tag is $70 to $90 billion, by Fermi's own estimate. Phase 0 and Phase 1 alone are over $3 billion.
On June 30, 2026, Fermi reported $91.7 million in cash and restricted cash and about $536.9 million in debt, mostly loans on turbines and electrical equipment. In July it sold $431.25 million in convertible notes. Fermi itself says Phase 1 needs more capital than it has.
The deal everything hangs on is the first tenant lease: TensorWave, 222 megawatts, about $6.5 billion over 15 years by Fermi's estimate. Its Oct. 31 closing date passed without its conditions met, and Fermi said on Nov. 3 that the lease isn't yet in effect. Texas Tech's notice to proceed, due by Dec. 31, requires a tenant lease of at least 200 megawatts.
Why it matters here: Amarillo has committed up to 2.5 million gallons of City water a day for 20 years, and Fermi is paying for two new City wells due in January 2027. Before the council is asked for more water, residents should know where the financing stands.
The filings, figure by figure: amarilloledger.com/amarillo/project-matador
