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Amarillo Ledger

Storyline · 35 events · May 14, 2025 – Dec 31, 2026

Project Matador: Texas Tech land lease, county incentives and state and federal permits (2025-2026)

Fermi America (Fermi Inc.) is developing "Project Matador," a planned gas, nuclear and solar power and data-center campus on Texas Tech University System land next to the Pantex Plant in Carson County, northeast of Amarillo and outside city limits. The Texas Tech University System signed a 99-year ground lease with a Fermi subsidiary on May 14, 2025, and the System and Fermi announced the project on June 25, 2025. Fermi applied to the Nuclear Regulatory Commission for licenses for four AP1000 reactors (June and August 2025) and to the Texas Commission on Environmental Quality for an air permit for a gas-fired power plant (August 2025). Carson County commissioners approved a phased tax abatement 5-0 on October 27, 2025, and Panhandle ISD approved a foreign-trade-zone revenue-loss indemnity agreement on November 6, 2025. TCEQ commissioners considered hearing requests on the air permit on February 25, 2026, and the permit was reported as approved that day; the NRC opened environmental scoping in March 2026. Fermi began trading on Nasdaq on October 1, 2025 after its initial public offering. Fermi's first prospective tenant ended a $150 million construction-funding agreement in December 2025, its CEO and CFO left in April 2026, and it signed a lease with TensorWave in August 2026 whose closing date was extended to October 31, 2026. Under the Texas Tech lease, Fermi must receive a notice to proceed from the System by December 31, 2026 before vertical data-center construction, or the System may terminate the lease. On the City of Amarillo's application, the Foreign-Trade Zones Board approved Subzone 252B for the site in August 2026.

A storyline groups dated events in order. It is a chronology, not an argument; it does not say why anything happened. All storylines

Where the story starts depends on the framing

  1. · Origin

    Texas Tech University System signs a 99-year ground lease with a Fermi subsidiary

    According to Fermi's later SEC filings, a Fermi subsidiary entered into a 99-year ground lease with the Texas Tech University System and Texas Tech University on May 14, 2025 for 5,769 acres in Carson County, intended for Project Matador. The lease sets a base rent and variable payments tied to appraised data-center value and to power and water sales. Before vertical data-center construction, Fermi must receive a notice to proceed from the System. The lease was not publicly described until Fermi's IPO-period filings; an excerpt of Fermi's NRC application quoted by Lubbock Lights dates the lease instrument to April 2025.[1][2][3]

    Texas Tech University SystemFermi America (Fermi, Inc.)

    • ✓ Verified

      Fermi Inc. (SEC filing): Fermi's 10-Q for the quarter ended June 30, 2026 says the company entered a 99-year ground lease with the Texas Tech University System on May 14, 2025 for 5,769 acres in Carson County, with no lessee-controlled options to extend or terminate. Base rent is $1.2 million in the first year, escalating during the first five years and by a fixed 3% a year afterward. When data-center space is subleased, Fermi owes variable payments of up to 1% of the appraised value of leased data-center space (up to $3 billion of assessed value; 0.5% above that) to the extent greater than base rent, plus 1% of gross power sales and 25% of gross water sales to its subtenants. No variable payments had been made as of June 30, 2026.[1]

      Lease years
      99
      Lease acres
      5,769
      Base rent year1
      $1,200,000
      Escalator after year5
      3%
      Power revenue share
      1%
      Water revenue share
      25%
    • ⚠ Sources differ

      Sources give different dates for when the Texas Tech land agreement was executed.

      Reported value 1[2][1]

      Lease date
      2025-05-14

      Date of the 99-year ground lease in Fermi's 10-K and 10-Q.

      Reported value 2[3]

      Lease date
      2025-04

      An excerpt of Fermi's NRC application, as quoted by Lubbock Lights, says the leasehold interest was executed in April 2025 through a Ground Lease Development Agreement.

    • ✓ Verified

      Fermi Inc. (SEC filing): Fermi's 10-K says the lease requires a notice to proceed from the Texas Tech University System before development, conditioned on, among other things, evidence of full funding and financing for Phase 1, an executed lease with a Phase 1 tenant, insurance, environmental site assessments, a $5 million letter of credit and all permits needed to begin Phase 1 construction.[2]

      Letter of credit
      $5,000,000
    • ✓ Verified

      The System's June 2025 announcement of the project did not mention a lease; the lease terms reached the public through Fermi's SEC filings and later news coverage of them.[4][2][5]

  2. · Precursor

    Fermi files the first part of an NRC combined license application for four AP1000 reactors

    Fermi America submitted Part 1 of a combined license (COL) application to the Nuclear Regulatory Commission for four Westinghouse AP1000 reactors (about 4 GW) at the Carson County site next to the Department of Energy's Pantex Plant.[6][7]

    Fermi America (Fermi, Inc.)

    • ✓ Verified

      Fermi America submitted Part 1 of a 10 CFR Part 52 combined license application on June 17, 2025 for four AP1000 pressurized-water reactors providing about 4 GW of baseload power at the Project Matador campus in Carson County, adjacent to the Department of Energy's Pantex Plant (NRC dockets 05200051-05200054).[7][6]

      Reactors
      4

  3. · Starting point

    Texas Tech University System and Fermi America announce the campus

    The Texas Tech University System and Fermi America announced plans for a campus of about 5,800 acres in the Texas Panhandle with 18 million square feet of data centers and up to 11 gigawatts from natural gas, solar, wind and nuclear power. The System said the agreement includes academic and research opportunities, an academic and research building, and Fermi support for an excellence fund. The System's release is dated June 26 and says the announcement was made Wednesday, June 25.[4][8]

    Tedd L. MitchellTexas Tech University SystemFermi America (Fermi, Inc.)

    • ✓ Verified

      Texas Tech University System: The Texas Tech University System described the campus as about 5,800 acres with 18 million square feet of data centers and up to 11 gigawatts of IT capacity from natural gas, solar, wind and nuclear energy. These are project plans.[4]

      Acres
      5,800
      Planned sq ft
      18,000,000
      Planned gw
      11
    • ✓ Verified

      Texas Tech University System: The System said the partnership includes internships, employment, workforce training and placement for students and faculty of its five institutions, construction of an academic and research building, and Fermi support for an excellence fund for strategic priorities, academic excellence, research and student success.[4]

    • ✓ Verified

      Tedd L. Mitchell, Chancellor, Texas Tech University System: Chancellor Tedd L. Mitchell said: "The Texas Tech University System is proud to partner with Fermi America on this historic endeavor."[4]

  4. · Precursor

    Fermi's trade consultant drafts a foreign-trade subzone request for the campus

    A request dated July 23, 2025, sent on behalf of Fermi SPE, LLC by a trade consultancy to the Foreign-Trade Zones Board, asked for a special-purpose subzone of about 988.78 acres in Carson County. The attached application form is marked "DRAFT - POWER GENERATION" and notes grantee actions still in process. The City of Amarillo, grantee of FTZ 252, later posted the packet on its Fermi page; the Board docketed the City's application on March 11, 2026.[9][10]

    Fermi America (Fermi, Inc.)

    • ✓ Verified

      Fermi SPE, LLC (through its trade consultant): The July 23, 2025 request, sent on behalf of Fermi SPE, LLC, proposed a 988.78-acre subzone and said the merchandise to be imported would include chillers, cooling towers, battery banks, diesel generators, transformers, air handling units, electrical components and servers. It stated that Fermi would assume all costs of operating the subzone and that no public funding had been requested. Its job figures (up to 7,400 at peak construction; 1,000-1,200 permanent) are company projections.[9]

      Subzone acres
      988.78
      Peak construction jobs
      7,400
      Permanent jobs low
      1,000
      Permanent jobs high
      1,200

  5. · Related development

    TCEQ receives Fermi's air permit application for a gas-fired power plant

    The Texas Commission on Environmental Quality received an application from Fermi Equipment Holdco, LLC for Air Quality Permit No. 181009, PSDTX1670 and GHGPSDTX254, for a natural gas-fired power plant about 15 miles northeast of Amarillo near US 60 and FM 2373 in Carson County. It was declared administratively complete August 5, 2025; the first public notice ran August 27, 2025.[11]

    Fermi America (Fermi, Inc.)

    • ✓ Verified

      TCEQ received the application for Air Quality Permit No. 181009, PSDTX1670 and GHGPSDTX254 on August 1, 2025 and declared it administratively complete on August 5, 2025. The Notice of Receipt and Intent was published August 27, 2025 in the Amarillo Globe-News (English) and El Mensajero (Spanish).[11]

    • ✓ Verified

      TCEQ's response to comments describes the permit as authorizing construction of a natural gas-fired power plant and lists authorized contaminants including ammonia, carbon monoxide, hazardous air pollutants, hydrogen sulfide, nitrogen oxides, organic compounds, particulate matter (PM10 and PM2.5), sulfur dioxide and sulfuric acid mist.[11]

  6. · Related development

    Texas Tech lease amended: site reduced to 4,523 acres plus a 713-acre federal tract

    Fermi and the Texas Tech University System executed a first amendment to the ground lease that reduced the site from about 5,769 to about 4,523 acres, acknowledged a 713-acre tract to be added on transfer from a federal agency to the System, and made the System the sole landlord. Fermi says lease commencement for the 4,523 acres occurred in September 2025; the 713-acre tract had not commenced as of June 30, 2026.[2][1]

    Texas Tech University SystemFermi America (Fermi, Inc.)

    • ✓ Verified

      Fermi Inc. (SEC filing): Fermi's 10-K says the August 11, 2025 first amendment memorialized the satisfaction or waiver of certain lease conditions, reduced the site from about 5,769 to about 4,523 acres, acknowledged a 713-acre tract to be added upon transfer from a federal agency to the Texas Tech University System, and designated the System as sole landlord. Lease commencement for the 4,523 acres was triggered in September 2025 after a term sheet with a first tenant; the 713-acre tract had not commenced as of June 30, 2026.[2][1]

      Acres before
      5,769
      Acres after
      4,523
      Pending federal tract acres
      713
    • ✓ Verified

      Fermi Inc. (SEC filing): Fermi reported total lease-related payments to the Texas Tech University System before commencement of about $1.75 million, of which about $1.51 million was applied to the 4,523-acre portion and about $238,000 to the 713-acre parcel.[2]

      Precommencement payments
      $1,750,000
      Applied main site
      $1,512,000
      Applied 713 acre
      $238,000
    • ✓ Verified

      Fermi Inc. (SEC filing): Fermi's 2026 filings describe the Project Matador site as about 5,236 acres held or to be held under the Texas Tech lease (4,523 acres plus the 713-acre tract), and an expanded campus of about 7,570 acres (10-K) or about 8,400 acres (June 30, 2026 10-Q) including land acquired, under contract or under option.[2][1]

      Ttus site acres
      5,236

  7. · Related development

    NRC accepts the first two parts of Fermi's license application for review

    Fermi submitted Part 2 of its COL application (non-site-specific safety analysis chapters) on August 20, 2025. By letter dated September 5, 2025 the NRC accepted Parts 1 and 2 for docketing; the NRC said it would complete its acceptance review of the full application when the third part is submitted.[6][7][12]

    Fermi America (Fermi, Inc.)

    • ✓ Verified

      Fermi submitted the second part of its COL application, non-site-specific chapters of its Final Safety Analysis Report, on August 20, 2025. The NRC's acceptance letter for Parts 1 and 2 is dated September 5, 2025. The NRC's division director for new reactor licensing said the agency did "not anticipate any safety issues" with the first two parts, and that the acceptance review of the whole application will be completed when the third part is submitted.[7][6][12]

    • ✓ Verified

      As of the NRC project page reviewed September 23, 2026, the safety evaluations, mandatory hearing and Commission decision on the license were all listed as "TBD"; no construction or operating license has been issued.[6][13]

  8. · Context

    Fermi begins trading on Nasdaq after its initial public offering

    Fermi Inc., an Amarillo-based company co-founded by former Texas Governor Rick Perry, priced its IPO at $21 per share on September 30, 2025, raising $682.5 million, and began trading on Nasdaq under FRMI on October 1, 2025. It described itself as a pre-revenue real estate investment trust developing Project Matador on land leased from the Texas Tech University System.[14][15]

    Fermi America (Fermi, Inc.)

    • ✓ Verified

      Fermi priced its initial public offering at $21 per share, selling 32.5 million shares for $682.5 million, and began trading on Nasdaq under the ticker FRMI on October 1, 2025. IPOScoop described it as a pre-revenue real estate investment trust co-founded by former Texas Governor and U.S. Energy Secretary Rick Perry, with a net loss of $6.4 million from its January 2025 inception through June 30, 2025.[14]

      Ipo price
      $21
      Shares
      32,500,000
      Proceeds
      $682,500,000
    • ⚠ Sources differ

      Reported size of the Project Matador site, leased from the Texas Tech University System under a 99-year lease, differs across sources and over time.

      Reported value 1[14][16]

      Acres
      5,236

      Site size reported at the time of the IPO and the October 28, 2025 council meeting.

      Reported value 2[15]

      Acres
      5,769

      Campus size reported in November 2025.

      Reported value 3[17][18]

      Acres
      5,800

      Rounded figure in broadcast and Globe-News coverage.

      Reported value 4[19]

      Acres
      7,570

      About 7,570 acres after adjacent land acquisitions Fermi reported in March 2026 (closed or under contract).

    • ✓ Verified

      Fermi has described the project as up to 11 gigawatts of on-site generation (natural gas, nuclear and solar) and 18 million square feet of data-center capacity; these are company plans and projections.[15][16]

      Planned gw
      11
      Planned sq ft
      18,000,000

  9. · Related development

    Carson County commissioners approve a phased tax abatement for Fermi, 5-0

    After about an hour of public comment and an executive session, the Carson County Commissioners Court voted 5-0 to approve a tax abatement agreement with Fermi America. As reported, the agreement divides the project into 15 phases, each eligible for a 10-year abatement once operational, with payments in lieu of taxes of $2,500 to $2,750 per megawatt of generation and $3 per square foot of data-center space. Fermi's release and SEC filings describe a 10-year abatement and a reinvestment zone.[20][21][22][2]

    Dan LootenFermi America (Fermi, Inc.)

    • ✓ Verified

      On Monday, October 27, 2025, Carson County commissioners voted 5-0, after about an hour of public comment and an executive session to review the final contract, to approve a tax abatement agreement with Fermi America.[20][21]

      Votes for
      5
      Votes against
      0
    • ✓ Verified

      As reported, the agreement divides the project into 15 phases, each eligible for a 10-year abatement once it begins operating; payments in lieu of taxes are based on output rather than appraised value: $2,500 to $2,750 per megawatt of generation and $3 per square foot of data-center construction. NewsChannel 10 reported the overall agreement could run up to 25 years. The agreement also includes annual coordination with local fire and EMS, about 40 permanent jobs per phase, and emergency planning with Pantex and regional responders.[20][21]

      Phases
      15
      Abatement years per phase
      10
      Pilot per mw low
      $2,500
      Pilot per mw high
      $2,750
      Pilot per sq ft
      $3
      Max term years
      25
      Jobs per phase
      40
    • ⚠ Sources differ

      Sources describe the length of the Carson County abatement differently.

      Reported value 1[22][2]

      Abatement description
      10-year tax abatement and reinvestment zone

      Fermi's October 29, 2025 release and its 10-K ("a 10-year property tax abatement framework on a per-phase basis").

      Reported value 2[21][20]

      Abatement description
      15 phases, each with a 10-year abatement; agreement could run up to 25 years

      News reports of the commissioners court vote.

    • ✓ Verified

      The Globe-News reported that if the project reached its full proposed scale (about 13 million square feet and up to 13 gigawatts), Carson County could receive roughly $800 million over the life of the abatements. This is a projection at full build-out.[20]

      Projected county payments
      $800,000,000
    • ✓ Verified

      Dan Looten, Carson County Judge: Carson County Judge Dan Looten said the court had been in discussions with Fermi since May and followed required posting and hearing procedures, and said: "They don't get a free pass just because they're writing a check. We'll be watching them, and so will the state and federal regulators."[20]

    • ✓ Verified

      Public commenters; Trent Sisemore, Fermi America: Residents who spoke raised water use, environmental oversight, effects on groundwater and on Pantex, and whether the public had adequate notice before site preparation began; others spoke in support, citing jobs and the Texas Tech partnership. Fermi's community liaison said only dirt work and site grading had occurred and that vertical construction would follow filing of the agreement.[20]

    • Unverified

      Judge Looten said the full agreement would be posted on the Carson County website after signatures and filings. The agreement text itself was not located for this record; terms here come from news reports and Fermi's filings.[20]

  10. · Related development

    TCEQ publishes notice of its preliminary decision on Fermi's air permit

    The Notice of Application and Preliminary Decision for Fermi's air permit, and notice of a public meeting, were published November 4, 2025. Fermi issued a release the same day describing the step as TCEQ "preliminary approval" of 6 GW of gas-fired generation, subject to a meeting and public input.[11][23]

    Fermi America (Fermi, Inc.)

    • ✓ Verified

      The Notice of Application and Preliminary Decision for the air permit was published November 4, 2025 in the Amarillo Globe-News and El Mensajero, together with notice of a public meeting.[11]

    • ✓ Verified

      Fermi America (press release): Fermi's November 4, 2025 release described TCEQ's step as "preliminary approval" of 6 GW of gas-fired generation, subject to a formal meeting and public input, and quoted Texas Tech University System Board of Regents Chairman Cody Campbell: "The era of burdensome permitting processes stalling critical infrastructure is over."[23]

      Described gw
      6

  11. · Related development

    Panhandle ISD trustees approve an FTZ revenue-loss indemnity agreement with Fermi

    At a special meeting, Panhandle ISD trustees unanimously approved a Foreign Trade Zone Exemption and Revenue Loss Indemnity Agreement with Fermi Inc., intended to protect the district from revenue loss if tax incentives are granted, and a letter of non-objection to a foreign-trade subzone in Carson County.[24]

    Fermi America (Fermi, Inc.)

    • ✓ Verified

      Panhandle ISD interim superintendent (quote): On November 6, 2025 Panhandle ISD trustees unanimously approved a Foreign Trade Zone Exemption and Revenue Loss Indemnity Agreement with Fermi Inc. and a letter of non-objection to a special-purpose foreign-trade subzone in Carson County. The interim superintendent said Fermi was making "a good faith effort to protect the taxpayers." The report gives no dollar amounts.[24]

  12. · Related development

    TCEQ holds a public meeting in Panhandle on Fermi's air permit

    TCEQ held a public meeting on the air permit application at the Carson County War Memorial in Panhandle; the public comment period ended the same day. TCEQ's response to comments listed more than 100 commenters, including Panhandle Taxpayers for Transparency and the Sierra Club, and made no changes to the draft permit in response.[11][25]

    Fermi America (Fermi, Inc.)

    • ✓ Verified

      TCEQ held the public meeting December 4, 2025 at the Carson County War Memorial in Panhandle, and the comment period ended that day. The Executive Director's response lists comments from Panhandle Taxpayers for Transparency, the Sierra Club, Panhandle 1st Coalition and more than 100 individuals, and states that no changes were made to the draft permit in response to comments.[11][25]

    • ✓ Verified

      NewsChannel 10 added an editor's note that no legislative correspondence was received on the application; its original story had said local legislators requested the meeting.[25]

  13. · Context

    Fermi announces an electric service agreement with Southwestern Public Service (Xcel Energy)

    Fermi said it executed an electric service agreement with Southwestern Public Service Company, an Xcel Energy subsidiary, for up to 200 MW of grid-supplied capacity, with the first 86 MW expected in the second half of 2026. Fermi says the site is in SPS's certificated service territory in the Southwest Power Pool region, not ERCOT.[2][1]

    Fermi America (Fermi, Inc.)

    • ✓ Verified

      Fermi Inc. (SEC filing): Fermi's 10-K says that on December 5, 2025 it announced a definitive electric service agreement with Southwestern Public Service Company for up to 200 MW: the first 86 MW expected to be energized in the second half of 2026 and an additional 114 MW targeted, but not fully committed, for year-end 2026, possibly extending into 2027. Fermi says the agreement is subject to applicable tariffs and regulatory oversight.[2]

      Contracted mw
      200
      First block mw
      86
      Second block mw
      114

  14. · Related development

    Fermi's first prospective tenant ends a $150 million construction-funding agreement

    Fermi disclosed that the prospective tenant under a September 19, 2025 non-binding letter of intent notified it on December 11, 2025 that it was terminating a November 3, 2025 agreement to advance up to $150 million for construction costs. No funds had been drawn. The letter of intent's exclusivity period had expired December 9.[26][27]

    Fermi America (Fermi, Inc.)

    • ✓ Verified

      Fermi Inc. (SEC filing): Fermi's December 12, 2025 Form 8-K says an investment-grade-rated prospective tenant under a September 19, 2025 non-binding letter of intent had agreed on November 3, 2025 to advance up to $150 million for construction costs; no funds were drawn; the letter's exclusivity period expired December 9; and on December 11 the tenant gave notice it was terminating the advance agreement while the parties continued to negotiate a lease.[26][27]

      Advance
      $150,000,000
      Drawn
      $0
    • ✓ Verified

      Under the Texas Tech lease, lease commencement had been tied to a term sheet with a first tenant, and the notice to proceed for vertical construction requires an executed Phase 1 tenant lease; no source located states whether the System treated the December 2025 termination as affecting the lease.[2]

  15. · Context

    Fermi confirms construction at the site is paused pending the air permit

    Fermi confirmed in a statement that construction at Project Matador was paused while it waited for a final clean air permit from TCEQ. About three million square feet had been cleared for the first phase.[28]

    Fermi America (Fermi, Inc.)

    • ✓ Verified

      Toby Neugebauer, then CEO of Fermi America: Fermi CEO Toby Neugebauer said: "we paused construction temporarily because we didn't want to risk getting a speeding ticket from TCEQ." The report did not say when the pause began.[28]

  16. · Context

    Fermi closes turbine financing with MUFG; further equipment loans follow

    Fermi closed a non-recourse turbine warehouse facility of up to $500 million with MUFG Bank, used in part to repay a $100 million Macquarie bridge loan from August 2025. It also entered an equipment facility of up to $120 million in February and a $165 million turbine loan from an affiliate of Beal Bank in March 2026.[2]

    Fermi America (Fermi, Inc.)

    • ✓ Verified

      Fermi Inc. (SEC filing): Fermi's 10-K reports: a $100 million Macquarie senior secured bridge loan (August 29, 2025) for Siemens turbine obligations, repaid in February 2026; a MUFG Bank turbine warehouse facility with commitments up to $500 million (closed February 10, 2026); an equipment facility of up to $120 million (February 2026); and a $165 million Beal Bank affiliate turbine loan at 12% interest (March 2026).[2]

      Macquarie
      $100,000,000
      Mufg
      $500,000,000
      Keystone
      $120,000,000
      Beal
      $165,000,000
      Beal rate
      12%
    • ✓ Verified

      Fermi Inc. (SEC filing): Fermi says it has submitted or plans to submit applications to the DOE Office of Energy Dominance Financing, the Advanced Reactor Demonstration Program and the Texas HB 14 Advanced Nuclear Completion Fund, and that it is in a pre-approval process for a DOE loan. No award was reported in its filings through June 30, 2026.[2][1]

    • ✓ Verified

      Fermi Inc. (SEC filing): Fermi's June 30, 2026 10-Q says completing Phase 1 will require capital beyond sources currently available, and that it has not secured project-level debt beyond previously announced financings; it lists property tax abatements and government grants among expected funding sources.[1]

  17. · Peak

    TCEQ commissioners take up hearing requests on Fermi's air permit; permit reported approved

    The TCEQ commission's February 25, 2026 agenda included Fermi Equipment Holdco's application for permits 181009, PSDTX1670 and GHGPSDTX254, with requests for hearing or reconsideration. Public Citizen, an advocacy group, said the commission denied all requests for a contested case hearing, against the recommendation of the Office of Public Interest Counsel. NewsChannel 10 reported that day that TCEQ had granted final approval. As described in TCEQ's response to comments, the permit covers three GE 6B and ninety Siemens SGT-800 combustion turbines.[29][30][31][11]

    Fermi America (Fermi, Inc.)

    • ✓ Verified

      Item 3 of the TCEQ commission's February 25, 2026 agenda (Docket No. 2025-1898-AIR) was consideration of Fermi Equipment Holdco's application for permits 181009, PSDTX1670 and GHGPSDTX254 for a gas-fired plant supplying an on-site hyperscale data-center campus, together with requests for hearing or reconsideration.[29]

    • ✓ Verified

      Public Citizen (advocacy group): Public Citizen said the commission voted to deny all requests for a contested case hearing or reconsideration, and that the Office of Public Interest Counsel had recommended granting residents' hearing request. The commission's order was not located for this record.[31]

    • ✓ Verified

      NewsChannel 10 reported on February 25, 2026 that TCEQ had granted final approval of Fermi's air permit; Fermi's communications officer called it the second-largest Clean Air Permit in the country (a company characterization).[30]

    • ✓ Verified

      TCEQ's response to comments describes three GE 6B natural gas combustion turbine-generators (simple and combined cycle) and ninety Siemens SGT-800 combustion turbine-generators in combined cycle, and notes commenters' concern that the permit covered all turbines rather than splitting the 93 turbines into separate applications.[11]

      Ge 6b turbines
      3
      Siemens sgt800 turbines
      90
    • ✓ Verified

      Fermi America (capacity figure): Fermi describes the permit as covering about 6 GW of generation; the TCEQ documents reviewed for this record describe turbine counts and heat input but do not state a total gigawatt figure.[23][1][11]

  18. · Context

    City of Amarillo applies for a foreign-trade subzone for Fermi's Panhandle site

    The Foreign-Trade Zones Board docketed an application from the City of Amarillo, grantee of Foreign-Trade Zone 252, requesting subzone status for Fermi, Inc.'s 988-acre facility at 688 FM 683, Panhandle, Texas, subject to FTZ 252's existing activation limit (docket S-133-2026). The notice was published in the Federal Register on March 16, 2026, with comments due April 27, 2026.[10]

    Fermi America (Fermi, Inc.)

    • ✓ Verified

      The City of Amarillo, as grantee of Foreign-Trade Zone 252, applied for subzone status for Fermi, Inc.'s proposed 988-acre subzone at 688 FM 683, Panhandle, Texas; the FTZ Board docketed it March 11, 2026 as S-133-2026.[10]

      Subzone acres
      988

  19. · Related development

    NRC announces an environmental impact statement and scoping for the reactors

    The NRC published a notice of intent to prepare an environmental impact statement for the four proposed AP1000 units and opened a 30-day scoping period, with comments due April 20, 2026. Fermi is participating in an NRC pilot under which the applicant prepares the draft EIS.[7][6]

    Fermi America (Fermi, Inc.)

    • ✓ Verified

      The NRC's notice of intent (91 FR 13641, March 20, 2026; docket NRC-2026-0100) opened a 30-day scoping period with comments guaranteed consideration if received by April 20, 2026. It describes the campus as possibly including up to 30 million square feet of hyperscale computing space and about 11 GW of generation capacity, and notes Fermi's participation in a NEPA pilot using an applicant-prepared draft EIS.[7]

  20. · Related development

    Fermi says it filed a second air permit application with TCEQ

    Fermi said it filed an additional air permit application with TCEQ for 5 GW of further generation, reflecting a target of about 17 GW of total capacity. The release does not give a permit number.[32]

    Fermi America (Fermi, Inc.)

    • ✓ Verified

      Fermi America (press release): Fermi's March 27, 2026 release said it filed an additional 5 GW air permit application with TCEQ, reflecting a target of about 17 GW of total power including 11 GW of natural gas. The release does not give a permit number; this record has not matched it to a TCEQ permit file.[32]

      Additional gw
      5
      Target total gw
      17

  21. · Related development

    Texas Tech University System and Fermi sign a collaboration agreement; Fermi to prepay rent

    Following what Fermi described as an exchange with the System about the project's future, the two signed a collaboration agreement. Fermi agreed to prepay $2 million of rent within 75 days and to place $9 million in escrow before December 31, 2026, to be released as amounts come due under the ground lease.[2][1]

    Texas Tech University SystemFermi America (Fermi, Inc.)

    • ✓ Verified

      Fermi Inc. (SEC filing): Fermi's filings say that on March 30, 2026 it and the Texas Tech University System signed a collaboration agreement in which the System confirmed it is committed to the relationship. Fermi agreed to prepay $2 million in rent within 75 days and to pay $9 million into escrow before December 31, 2026, to be released as amounts come due under the ground lease. Fermi prepaid the $2 million during the quarter ended June 30, 2026; the $9 million had not been funded as of that date.[2][1]

      Rent prepayment
      $2,000,000
      Escrow
      $9,000,000
    • ✓ Verified

      Fermi says the agreement followed "an exchange" between the System and the company about the project's future; no source located describes that exchange or a stated reason from the System.[2]

  22. · Related development

    Fermi's CEO steps down; Texas Tech System says it is discussing lease milestone extensions

    Co-founder Toby Neugebauer stepped down as CEO on April 17, 2026 and the CFO left within days; on April 20 Fermi named a new board chair and an interim office of the CEO. Bisnow reported that the Texas Tech University System was "engaged in good-faith discussions" to extend lease agreement milestones. ABC 7 later reported the board fired Neugebauer for cause on April 30; he disputes it and sued the company.[33][13][34]

    Brandon CreightonFermi America (Fermi, Inc.)Texas Tech University System

    • ✓ Verified

      Toby Neugebauer left the CEO role on April 17, 2026 and CFO Miles Everson departed within about 48 hours. On April 20 Fermi named Marius Haas board chair and created an interim office of the CEO and a CEO search. Bisnow reported that Neugebauer would remain on the board at that time.[33]

    • ✓ Verified

      Brandon Creighton, Chancellor, Texas Tech University System: Bisnow reported that the Texas Tech University System is "engaged in good-faith discussions" to extend lease agreement milestones and quoted Chancellor Brandon Creighton saying the System "remains firmly committed to our partnership with Fermi America." The report did not say which milestones or for how long.[33]

    • ✓ Verified

      ABC 7 reported that the board fired Neugebauer for cause on April 30, 2026, citing violations of his employment agreement and company policies; Neugebauer disputes the firing and sued to challenge it, and Fermi denies wrongdoing. Lubbock Lights reported he filed suit in Texas Business Court on May 1, 2026.[13][34]

  23. · Context

    Fermi responds to opposition comments on the City's foreign-trade subzone application

    Fermi submitted a response to three opposition comments filed in April 2026 on the City of Amarillo's subzone application (docket S-133-2026), which raised water use, employment and tax concerns and asked for a local public hearing. Fermi argued the comments were substantively identical and outside the Board's criteria. The City posted the response on its Fermi page.[35]

    Fermi America (Fermi, Inc.)

    • ✓ Verified

      Fermi America (response filed with the FTZ Board): Fermi's May 11, 2026 response says three opposition comments were filed on April 8, 9 and 17, 2026, by two organizations and an individual, raising water use, employment projections and tax policy, and asking the Board to hold a public hearing in the Amarillo area, require binding employment commitments and coordinate with TCEQ. Fermi argued none of these was required under the Board's regulations.[35]

    • ✓ Verified

      Fermi America: In the response Fermi projected about 5,475 permanent jobs and 102,300 construction work-years, said about 53% of Phase 1 equipment by value is foreign-sourced, said it submitted a production authority application on May 4, 2026, and said its City water contract would generate over $7 million a year for the City. These are company statements and projections.[35]

      Projected permanent jobs
      5,475
      Projected construction work years
      102,300
      Foreign share phase1
      53%
      Claimed city water revenue
      $7,000,000

  24. · Context

    Fermi notifies the FTZ Board of proposed power-plant production activity

    The Foreign-Trade Zones Board received Fermi Inc.'s notification of proposed production activity for its Panhandle facility within FTZ 252 (docket B-64-2026). The proposed finished products are a constructed nuclear power plant facility and a constructed natural gas power plant facility. The notice was published June 11, 2026, with comments due July 21, 2026.[36]

    Fermi America (Fermi, Inc.)

    • ✓ Verified

      Fermi's FTZ production notification (B-64-2026) listed proposed finished products of a constructed nuclear power plant facility and a constructed natural gas power plant facility, with foreign-status components including gas and steam turbines, transformers and cooling towers (duty rates from duty-free to 6.7%).[36]

  25. · Related development

    NRC confirms receipt of Fermi's applicant-prepared draft environmental impact statement

    Fermi says that in July 2026 the NRC acknowledged receipt of its applicant-prepared draft EIS under the NRC pilot program and issued a review schedule and resource estimate. The NRC's project page lists issuing the draft EIS as a September 2026 target and a final EIS as a December 2026 target, and lists tendering the third part of the application as a December 31, 2026 target.[1][6]

    Fermi America (Fermi, Inc.)

    • ✓ Verified

      Fermi's 10-Q says the NRC issued a letter in July 2026 acknowledging receipt of the applicant-prepared draft EIS and confirming completion of the pilot program's required steps, and provided a review schedule. The NRC project page lists the applicant-prepared draft EIS as "July 2026 (Actual)", issuing the draft EIS as a September 2026 target, the final EIS as a December 2026 target, and tendering Part 3 of the application by December 31, 2026 as a target.[1][6]

  26. · Context

    Fermi receives a federal court subpoena and an SEC document request about Project Matador

    Fermi disclosed that on July 30, 2026 it received a subpoena from the U.S. District Court for the Eastern District of New York requesting documents related to Project Matador, the company and certain former managers, and on August 3, 2026 a voluntary document request from the SEC. Fermi said neither contains an allegation of wrongdoing and that it is cooperating.[1]

    Fermi America (Fermi, Inc.)

    • ✓ Verified

      Fermi Inc. (SEC filing): Fermi disclosed a July 30, 2026 subpoena from the U.S. District Court for the Eastern District of New York requesting documents related to Project Matador, the company and certain former members of management, and an August 3, 2026 voluntary document request from the SEC. Fermi said each request is broad in scope, neither contains any allegation of wrongdoing, and it is cooperating. No source located describes the subject of the inquiries.[1]

  27. · Context

    Governor Abbott directs an audit of data centers seeking ERCOT grid connections

    Gov. Greg Abbott directed the Public Utility Commission and ERCOT to audit data centers moving through ERCOT's interconnection process. Fermi's quarterly report notes the site is in the Southwest Power Pool, not ERCOT, and cites the directive among state actions it says are making regulation of data centers more restrictive.[13][1]

    Greg AbbottFermi America (Fermi, Inc.)

    • ✓ Verified

      On August 3, 2026 Gov. Greg Abbott directed the PUC and ERCOT to audit data centers advancing through ERCOT's interconnection process, covering water use, infrastructure costs and effects on nearby communities. Fermi's 10-Q states that it is in the Southwest Power Pool, not ERCOT, and largely relies on behind-the-meter power.[13][1]

  28. · Context

    Fermi announces a 15-year lease with TensorWave at Project Matador

    ABC 7 Amarillo reported that Fermi signed a $6.5 billion, 15-year lease with AI cloud provider TensorWave for part of the Project Matador campus, its first binding customer agreement, with delivery to begin in stages in the second half of 2027 and the lease subject to conditions including project financing.[13]

    Fermi America (Fermi, Inc.)

    • ✓ Verified

      Fermi signed a $6.5 billion, 15-year lease with TensorWave for a 222-megawatt facility, its first binding customer agreement; the lease is subject to conditions including project financing and guarantees.[13]

      Lease value
      $6,500,000,000
      Lease years
      15
      Megawatts
      222

  29. · Context

    Fermi names a new CEO and signs a framework for a third party to build 2.6 GW of generation

    Lee McIntire became Fermi's CEO effective August 11, 2026. The same day Fermi entered a framework agreement under which Hillcore would finance, build, own and operate up to about 2.6 GW of gas-fired generation at the site under a ground sublease; definitive documents had not been executed.[1][37]

    Fermi America (Fermi, Inc.)

    • ✓ Verified

      Fermi Inc.: Fermi says that on August 11, 2026 it entered a framework agreement under which Hillcore would finance, construct, own and operate up to about 2.6 GW of generation at Project Matador under a build-own-operate-transfer structure and a long-term ground sublease, with Fermi as anchor offtaker under a 20-year power purchase agreement; the transactions remain subject to definitive documentation.[1][37]

      Framework gw
      2.6
      Ppa years
      20
    • ✓ Verified

      Fermi's 10-Q reports the appointment of Lee McIntire as Chief Executive Officer effective August 11, 2026 and of its interim CFO as permanent CFO.[1]

  30. · Context

    TCEQ cancels an August 24 public meeting on a second set of Fermi air permits

    TCEQ's chief clerk notified interested persons that the August 24, 2026 public meeting in Panhandle on Fermi Equipment Holdco's proposed permits 183462, PSDTX1704 and GHGPSDTX271 was cancelled and would be rescheduled. No new date had been posted as of the retrieval date.[38][39]

    Fermi America (Fermi, Inc.)

    • ✓ Verified

      In an August 11, 2026 letter, TCEQ's chief clerk said the August 24, 2026 public meeting on Fermi Equipment Holdco's proposed permits 183462, PSDTX1704 and GHGPSDTX271 (scheduled for the Panhandle High School auditorium) was cancelled and would be rescheduled, with notice by mail. The letter gives no reason.[38][39]

  31. · Context

    FTZ Board approves Subzone 252B for Fermi's Panhandle site

    The Foreign-Trade Zones Board's Executive Secretary approved the application to establish Subzone 252B for Fermi, Inc. in Panhandle, Texas, subject to FTZ 252's 2,000-acre activation limit. The approval letter says the subzone lapses if not activated by August 17, 2031, and that the approval does not imply authority for production activity requiring advance Board approval. The approval was published in the Federal Register on August 19, 2026.[40][41]

    Fermi America (Fermi, Inc.)Amarillo Economic Development Corporation (AEDC)

    • ✓ Verified

      The application to establish Subzone 252B for Fermi, Inc. was approved August 17, 2026 by the FTZ Board's Executive Secretary under delegated authority, subject to FTZ 252's 2,000-acre activation limit; the subzone lapses if not activated by August 17, 2031.[40][41]

    • ⚠ Sources differ

      The designation of Fermi's subzone differs between sources: the Federal Register approval notice and the FTZ Board's approval letter call it Subzone 252B, while the City's Fermi project page labels the approval letter and Fermi's rebuttal 'FTZ Subzone 252A'. On September 22, 2026 the FTZ Board designated the Phillips 66 subzone in Borger as Subzone 252A.

      Reported value 1[40][41]

      Designation
      252B

      FTZ Board approval notice and approval letter for Fermi, Inc.

      Reported value 2[42]

      Designation
      252A

      Link labels on the City of Amarillo's Fermi project page.

  32. · Context

    Phillips 66 Borger subzone moves to Amarillo's FTZ 252 as Subzone 252A

    The Foreign-Trade Zones Board (Order No. 2185) approved reissuing the Phillips 66 Company subzone in Borger, Texas from the City of Midland (FTZ 165) to the City of Amarillo, grantee of FTZ 252, and redesignated it Subzone 252A. Recorded here because the City's Fermi page labels Fermi's subzone documents "252A" while the Board designated Fermi's subzone 252B.[43]

    • ✓ Verified

      FTZ Board Order No. 2185 recognized the City of Amarillo as grantee of the Phillips 66 Company subzone in Borger, Texas, previously Subzone 165A under the City of Midland, and redesignated it Subzone 252A.[43]

  33. · Related development

    Fermi and TensorWave extend the lease closing date to October 31, 2026

    Fermi said a first amendment moved the closing date of its data-center lease with TensorWave from September 30 to October 31, 2026. Closing remains subject to conditions including guaranties, board approvals and project-level financing.[44]

    Fermi America (Fermi, Inc.)

    • ✓ Verified

      Fermi Inc. (press release): Fermi's September 22, 2026 release says a first amendment extends the lease closing date from September 30 to October 31, 2026, and that effectiveness remains subject to work letters and guaranties, operations schedules and a service-level agreement, board approvals, and project-level financing sufficient to fund construction of the leased premises.[44]

  34. · ContextScheduled

    Extended closing date for the TensorWave lease

    The TensorWave lease, Fermi's first binding tenant agreement, is to close by October 31, 2026 if its conditions are met or waived.[44]

    Fermi America (Fermi, Inc.)

    • Pending

      As of October 11, 2026 no source located reports whether the TensorWave lease has closed.[44]

  35. · ContextScheduled

    Deadline for Texas Tech's notice to proceed and Fermi's $9 million lease escrow

    Under the ground lease as described in Fermi's filings, Fermi must receive a notice to proceed from the Texas Tech University System by December 31, 2026 before vertical data-center construction, or the System may terminate the lease. The notice is conditioned on, among other things, a Phase 1 tenant lease of at least 200 MW and Phase 1 financing. The $9 million escrow under the collaboration agreement is also due by that date.[1][2]

    Texas Tech University SystemFermi America (Fermi, Inc.)

    • Pending

      Fermi Inc. (SEC filing): Fermi's 10-Q says the lease requires a notice to proceed from the Texas Tech University System by December 31, 2026 before vertical data-center construction, that the System may terminate the lease if it is not received by then, and that issuance is conditioned on, among other things, a Phase 1 tenant lease of at least 200 MW. It also says the lease's conditions to tenant construction, including Phase 1 financing and a first-tenant sublease of at least 200 MW, must occur before the end of 2026.[1]

      Min phase1 tenant mw
      200
    • ✓ Verified

      Fermi Inc. (press release): Fermi's August 10, 2026 release announcing the 222 MW TensorWave lease said the Texas Tech University System had advised Fermi that it supports the transaction and intends to work closely with Fermi toward a successful closing. No System statement on issuing the notice to proceed was located.[45]

    • ✓ Verified

      Fermi Inc. (SEC filing): Fermi's 10-Q also says its turbine warehouse equipment financing allows the lender to market the collateral if Fermi has not entered a 400 MW lease agreement by November 10, 2026.[1]

      Lease mw required
      400

Related storylines: City of Amarillo water supply agreement with Fermi America (2025-2026)AEDC incentive commitment to the Texas Tech School of Veterinary Medicine (2016-2026)AEDC land deals and incentive agreements approved by the City Council (2019-2026)