The artificial intelligence infrastructure race added another Texas-sized project this week. Fermi Inc., operating as Fermi America, has signed a credit support agreement with Advanced Micro Devices to support the first phase of its Project Matador AI development in Carson County, Texas, announced October 13.
The agreement backs a 222-megawatt data-centre lease previously secured with AI cloud provider TensorWave, representing approximately $6.5 billion in contracted revenue over an initial 15-year term, subject to contractual conditions. The companies have also established a framework for expansion toward approximately 650 megawatts of gross power capacity. Fermi shares gained about 12.9 per cent in premarket trading on the news.
The structure connects three levels of the AI market: Fermi develops the site, power infrastructure and facilities; TensorWave is the initial tenant; and AMD supplies the computing architecture around which the deployment is built.
The deal underlines the industry's binding constraint. Demand for AI hardware does not automatically create data-centre capacity — developers must secure financing and coordinate electricity, cooling, construction and customer requirements before a facility earns anything, and Fermi's announcement leaves construction financing and delivery schedules as open items.
AMD, meanwhile, has been pushing beyond standalone chips toward rack-scale AI systems, including its Helion open blueprint for agentic AI infrastructure unveiled this week, with partner-built rack systems slated to reach the market in November 2026.
