Fermi CEO outlines capital strategy for Project Matador

Fermi Inc. (NASDAQ: FRMI) published a letter to shareholders from CEO Lee McIntire on October 21, 2026, outlining the company's financing approach for its large-scale power and infrastructure development known as Project Matador.

McIntire described a three-part capital strategy focused on limiting equity dilution, attracting institutional financing partners, and building operating cash flows over time. In the near term, the company said it plans to prioritize powered land deals over fully funded turnkey data center construction, seek customer capital contributions earlier in the development process, and pursue project-level debt to reduce obligations on the corporate balance sheet.

Over the medium term, Fermi said it is establishing relationships with institutional infrastructure investors to provide construction financing and project equity across multiple phases of Project Matador. The company said these arrangements would allow it to retain participation in developed assets without independently funding each project.

McIntire noted that the company's site has attracted customers including TensorWave and AMD, citing permitted land, power generation equipment, a private grid, and a partnership with Texas Tech University as factors drawing interest. The company said it has a pipeline of investment-grade customers for its remaining 2027 capacity and planned 2028 development.

According to the letter, the long-term goal is for operational cash flows from completed projects to fund subsequent development phases without requiring ongoing corporate capital commitments.

McIntire stated the company intends to provide shareholders with reporting on financing progress and capital commitments as milestones are reached. The letter did not disclose specific financing amounts, contract values, or timelines.

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