Fermi CEO outlines multi-stage funding for Project Matador

Fermi CEO Lee McIntire has announced a staged financing strategy for Project Matador, an infrastructure development designed to provide power and private electric grids for large-scale computing and artificial intelligence.

The company’s immediate priority is managing equity requirements for each megawatt of capacity delivered. For its remaining 2027 capacity and planned 2028 development, Fermi is focusing on pursuing powered-land deals. In the medium term, the company aims to cultivate relationships with institutional infrastructure investors and financial partners to finance development at scale.

Long-term goals include utilizing operating cash flows from operational projects to fund subsequent developments. Fermi intends to secure customer contributions earlier, arrange project-level debt, and attract strategic investment partners while limiting recourse to the corporate balance sheet. The company has previously noted an AMD credit-support agreement covering the Phase 1 lease and maintains a pipeline of investment-grade customers.