Updated 11th September 2025 – Project Matador is a planned 11GW data center campus in Texas to be built by Fermi America. The company, co-founded by former U.S. Energy Secretary Rick Perry, has filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission. Fermi intends to list on the Nasdaq Global Select Market under the ticker symbol FRMI, though the size of the offering and price range have not yet been disclosed. UBS Investment Bank, Cantor, and Mizuho will act as joint lead bookrunners, while Macquarie Capital, Stifel, and Truist Securities will serve as additional managers.
Project Matador: An 11GW Campus
Fermi’s flagship project is designed as an 18 million-square-foot hyperscale complex in Amarillo, Texas, developed in partnership with the Texas Tech University System. Envisioned as one of the largest AI-focused campuses globally, Project Matador will be powered by a diverse mix of energy sources.
In July, Fermi expanded its capacity with the acquisition of more than 600MW of natural gas generation across two deals, including nine turbines, to meet near-term demand. The company aims to deliver 1GW of AI power by 2026. While natural gas will anchor the project in its early stages, Fermi’s long-term strategy prioritizes nuclear energy as the core power supply.
Washington 27th June 2025 – Texas-based Fermi America, co-founded by former U.S. Energy Secretary Rick Perry, has announced plans to build the Largest U.S. Energy and Data Complex , powered by nuclear, natural gas, and solar energy. Dubbed the “Hypergrid” project, it will be developed in partnership with Texas Tech University and formally launched on July 4.
Massive Scale and Clean Power Ambition
The proposed site where the Largest U.S. Energy and Data Complex is to be built is located near Amarillo and adjacent to the Department of Energy’s Pantex nuclear weapons plant, spans nearly 5,800 acres. Fermi says the Hypergrid campus could eventually deliver up to 11 gigawatts (GW) of energy—enough to power more than 8.2 million homes. The first 1 GW is expected online by late 2026. It will also house large-scale AI data centers, strategically located near major gas pipelines and atop a large natural gas field that will join teh list of the largest data centers being built around the world.
Nuclear Power in the Spotlight
Fermi’s announcement comes amid renewed national focus on nuclear energy. Former Secretary Perry emphasized urgency: “We’re behind—and it’s all hands on deck.” He noted that while China is currently building 22 reactors, the U.S. has none under construction. Fermi has applied for four 1-GW nuclear reactors, though the company has not confirmed specifics or revealed financing details.
Political Momentum and Regulatory Scrutiny
The Largest U.S. Energy and Data Complex project aligns with recent executive orders from former President Trump to fast-track nuclear reactor applications and restructure the Nuclear Regulatory Commission (NRC). While these moves aim to revive the sector, they’ve drawn criticism over concerns of weakening oversight.
The NRC confirmed it is reviewing Fermi’s applications, with more public details expected soon.
Project Summary: Largest U.S. Energy and Data Complex
- Name: Hypergrid
- Developer: Fermi America
- Location: Amarillo, Texas (near Pantex Plant)
- Energy Capacity: Up to 11 GW (nuclear, gas, solar)
- Initial Output: 1 GW by late 2026
- Purpose: Power generation & AI data center campus
- Partners: Texas Tech University
- Launch Date: July 4, 2025 (planned)
