Fermi America (Fermi Inc.) is constructing Project Matador, part of what it calls the nation’s largest private HyperGrid campus in Amarillo, Texas. The company’s model is to deliver 11 GW of firm, long-duration power directly to high-demand industrial and technology users, bypassing constrained public grids. It has already begun on-site power-infrastructure construction and claims it can provide the first 2.3 GW on an accelerated timeline measured in months. To mitigate supply-chain delays and inflation, Fermi America is warehousing long-lead equipment—circuit breakers, transformers, substations and switchgear—through large capital facilities. Over the last 30 days the company has secured more than $600 million in institutional equipment commitments, including a $500 million turbine warehouse financing from MUFG and the new high-voltage equipment facility from Keystone National Group. These financings strengthen its capital base and support rapid asset procurement necessary for its 2026 deployment goals. Fermi positions itself as a critical enabler of America’s AI and advanced computing expansion by ensuring immediate access to reliable power at scale.

Total raised

$450M

Funding rounds

3

Latest round

Debt Financing

Latest activity

Feb 2026