Fermi Inc. Outlines Capital Strategy for Project Matador
Fermi Inc. CEO Lee McIntire announced a disciplined financial model to fund AI infrastructure development while limiting reliance on the corporate balance sheet.
CEO Lee McIntire issued a letter to shareholders on October 21, 2026, detailing a capital strategy to finance Project Matador. The initiative aims to provide the power and land necessary for artificial intelligence computing while preserving long-term shareholder value by limiting the use of the company's corporate balance sheet.
Fermi Inc. will prioritize powered land deals for capacity in 2027 and 2028. The company intends to secure customer capital through infrastructure funding and mobilization payments, while pursuing project-level debt. In the medium term, the company plans to partner with institutional infrastructure investors for project equity and construction financing.
McIntire reported that the project site has already attracted interest from investment-grade customers including AMD and TensorWave. Additionally, Fermi Inc. maintains a partnership with Texas Tech University to help resolve existing infrastructure barriers.
