Fermi Secures AMD Credit Support for 222 MW Texas AI Project, Shares Jump 13 to 15 Percent Premarket

Fermi Inc. announced a credit support agreement with Advanced Micro Devices on October 13, supporting a customer lease covering the first phase of Project Matador, a large-scale energy and AI computing infrastructure site in Carson County, Texas. The phase-one lease calls for 222 megawatts of gross power capacity and was originally signed on August 10, 2026. The agreement is a key milestone toward securing project financing, and the two companies have also signed a separate framework agreement outlining a partnership for potential future expansion of up to 650 MW of gross power capacity across phases two and three.

Fermi CEO Lee McIntire said the company has the land, permits, water, power equipment, and fiber network in place, and that the AMD partnership establishes the framework for the broader campus buildout. Fermi has invested more than 1.5 billion dollars in Project Matador to date. AMD Chief Strategy Officer Mathew Hein was also cited in the announcement.

Shares of FRMI surged between 13.2 and 17 percent in premarket trading, with the stock quoted near 3.75 to 3.77 dollars per share. AMD shares gained roughly 1.9 percent on the news. The move made FRMI one of the largest percentage gainers in premarket action on October 13, against a mixed broader market backdrop where Nasdaq 100 futures fell about 0.7 percent and S&P 500 futures were marginally lower.