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The $300 billion HyperGrid AI campus near Amarillo, Texas, has hit a snag: a major funding deal collapsed, according to project owner Fermi America.
Fermi’s stock plunged as much as 43% on Friday, December 12, after news broke that a potential tenant had pulled out, taking a $150 million construction-funding agreement with them.
Also known as Project Matador, the ambitious plan calls for an 18‑million‑square‑foot campus designed to deliver up to 11 gigawatts of power for AI workloads. It would use a combination of natural gas, solar, wind, and nuclear energy, positioning it as the world’s largest energy and data complex.
The funding setback surfaced in a Fermi securities filing. According to Barron’s, Fermi signed a letter of intent with the unnamed tenant in September 2025 and, two months later, entered into an agreement for a $150 million advance to support construction. On December 11—two days after the agreement’s exclusivity period expired—the tenant notified Fermi it would not move forward. No funds were drawn under the agreement.
Despite the setback, Fermi said it will continue negotiating with the tenant and remains “confident” it will meet scheduled delivery dates.
The HyperGrid schedule calls for three 500,000‑square‑foot data centers by the end of 2026, using roughly 1 gigawatt of on‑site power. From there, the plan is to add about 1 gigawatt each year over the next decade, with full buildout targeted for 2032.
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