Exhibit 2 · Project signal
Fermi America 'Project Matador'
Data Center · Delayed
ISO/RTO:ERCOTConfidence:Medium
- Status
- Delayed
- State
- TX
- County
- Potter
- Nearest city
- Amarillo
- Utility
- ERCOT (plus planned on-site generation; SPS electric service agreement covers up to 200 MW of grid power)
- Developer / owner
- Fermi America
- Estimated load
- 11,000 MW
- Estimated generation
- 6,000 MW
- Reported capex (as cited)
- Raised $746M in Oct 2025 IPO; multi-GW campus pitched
- Announced
- 2025-10
- Expected COD
- Uncertain; construction paused early 2026; first ~1,000 MW targeted end of 2026
- Public summary
- Pitched as potentially the largest data center in the world (formerly 'Advanced Energy and Intelligence Campus'). ~11,000 MW at full build, target later raised toward 17,000 MW; first ~1,000 MW targeted end of 2026 (as of 2026-04). Behind-the-meter HyperGrid plan: ~6,000 MW gas given TCEQ preliminary approval Nov 2025, four 1,000 MW nuclear reactors planned, plus solar and battery; ~2,000 MW secured. SPS electric service agreement covers up to 200 MW of grid power. Construction reportedly slowed in early 2026 with workforce reductions; CEO cited awaiting a final Clean Air Permit. Co-founder/CEO departed April 2026. Satellite tracking showed building construction had not started as of early 2026, and at least one early tenant reportedly withdrew. Treat the timeline as uncertain.
- Grid relevance
- A cautionary signal: a heavily promoted multi-GW project facing permitting (Clean Air) and execution risk. Useful counterweight to headline capacity numbers — announced GW is not delivered GW.
- Last updated
- 2026-06-17
- Sources
- Distilled Earth: World's largest planned data center in troublePulled 2026-06-17https://www.distilled.earth/p/the-worlds-largest-planned-data-center
- Fermi AmericaPulled 2026-06-17https://fermiamerica.com