Fermi America (NASDAQ:FRMI) has finalized an electric service agreement with Southwestern Public Service Company, part of Xcel Energy, to provide the power needed for its Project Matador Campus in Amarillo, Texas.
Under the deal, the utility will deliver up to 200 megawatts of capacity to the site, which is home to Fermi’s expanding artificial intelligence computing infrastructure. Initial power delivery of 86 megawatts is scheduled to begin in January 2026, with capacity ramping steadily until the full 200 megawatts is available, the company said.
Project Matador requires substantial electricity to support its AI-focused data and computing workloads, making the agreement a critical component of Fermi’s operational plans.