Project Matador: 156 MW of AI Capacity and the Conditions Behind the Deal

Fermi’s Project Matador in Carson County, Texas, has a defined first AI customer phase and several named infrastructure partners. The immediate story for contractors is the relationship between that leased computing space, the campus power work already reported, and the commercial conditions that still govern delivery. TensorWave is the customer; Fermi is developing the campus near Amarillo.

The October 14 TensorWave fact sheet filed with the SEC identifies 222 MW of total facility power and 156 MW of critical IT capacity. Phased delivery is targeted to begin in Q4 2027 and finish in early 2028. These are future delivery targets. Current energized capacity and a verified start of vertical data-hall construction remain unconfirmed in the reviewed evidence.

The first phase in context

Item	Disclosure	Qualification
Location	Carson County, Texas	Near Amarillo
Total facility power	222 MW	TensorWave first phase
Critical IT capacity	156 MW	Planned delivery
Delivery	Q4 2027–early 2028	Forward-looking target
Lease revenue	About $6.5 billion	Initial 15-year term
Construction evidence	Power/civil work	Data-hall start unverified
Project budget / jobs	Undisclosed here	No totals verified

The distinction between total power and IT capacity matters when evaluating scope. Neither number provides a cable quantity, rack count, security-device schedule or subcontract value. Contractors still need design documents and a package boundary before translating a capacity announcement into a credible estimate. Using megawatts as a direct proxy for low-voltage revenue would conceal those missing inputs.

What AMD support changes, and what remains open

Fermi’s October 13 announcement says it signed a credit-support agreement with AMD for the first phase. It describes the agreement as progress toward project financing and separately announces an expansion framework covering up to 650 MW of gross power. That framework remains conditional. The same release retains risks concerning financing and satisfaction of the TensorWave lease’s closing conditions.

The filed fact sheet adds a consequential timing detail: AMD’s obligations begin after construction is complete and rent commences on the final delivery phase, subject to the agreement. A signed support agreement therefore does not establish that construction financing has closed. For a prospective supplier, the useful next evidence is a funded construction facility and a buyer authorized to issue its specific package.

The September 22 closing extension identifies Fermi Campus 1 LLC as landlord and TensorWave TEX1 LLC as the contracting tenant. It moved the closing deadline to October 31, 2026. The release lists work letters, guaranties, operating schedules, service levels, board approvals and sufficient construction financing among the closing conditions. The October announcements reviewed for this report do not establish that every condition has been met or waived.

About $6.5 billion is the disclosed revenue expectation over the initial 15-year lease term. It cannot be used as the construction budget or the basis for a percentage-based low-voltage estimate. Fermi separately reports more than $1.5 billion invested across the campus. That broader spending claim does not isolate the TensorWave phase’s cost. Its 17 GW campus ambition also depends on further commercial commitments and development conditions.

Power construction has a documented footprint

The strongest specific construction evidence comes from Fermi’s June 30 Primoris announcement. It says Primoris had mobilized, completed excavation for six gas-turbine power islands and received balance-of-plant material for underground utilities. The disclosed engineering and construction scope serves six Siemens SGT-800 turbines in the simple-cycle portion of the power buildout.

That release also says the parties were advancing scope, schedule and execution planning toward a final EPC agreement. Later owner announcements call Primoris and TSK EPC partners, but the reviewed material does not supply final contract terms. Primoris Energy Services’ power work is a concrete contractor lead with a defined boundary. It does not identify the data-center general contractor or assign the building’s fiber, security or controls packages.

A separate June 25 services agreement with TSK Electronica y Electricidad USA covers early works and engineering for three Siemens SGT6-5000F turbines. The described work includes permitting support, site mobilization and engineering deliverables associated with Siemens’ equipment. This is the second power-generation phase. Its numbering should be kept separate from TensorWave’s leased computing phases.

Named companies have different responsibilities

Organization	Disclosed role	Scope boundary
Fermi Inc.	Owner/developer	Campus development
Fermi Campus 1 LLC	Landlord	TensorWave lease
TensorWave / TEX1 LLC	Customer / tenant	Contracting entity distinguished
AMD	Credit support	Conditional start
Primoris Energy Services	Power balance-of-plant	Six SGT-800 islands
TSK USA	Early engineering	Three SGT6-5000F units
CBRE	Building One O&M	Fermi Services agreement
NAES	Gas-fleet O&M	Power operations
Siemens Energy	Turbine equipment	Owner-reported deliveries
Hillcore Energy Capital	Power alliance	Separate BOOT framework

The September 24 CBRE agreement was signed through Fermi Services LLC. It names CBRE the exclusive operations and maintenance provider for Building One, with a five-year term beginning when the building is ready for service and renewal options. The release describes maintenance, cooling, fire protection and building-system operations, plus preparation of procedures and maintenance programs.

That is useful context for eventual turnover documentation and operational coordination. It does not disclose a construction-installation award. A controls or fire contractor should establish who specifies, buys, installs and accepts each system before treating an operator’s appointment as a procurement opportunity.

The September 28 NAES agreement addresses the natural-gas fleet. NAES is to prepare operating procedures and maintenance systems, staff units as they enter service and support reliability programs. Fermi retains asset ownership and facility control. The release also reports Siemens turbine arrivals and a roughly 2.6 GW build-own-operate-transfer alliance with Hillcore. Those are power-side disclosures; they do not increase the verified TensorWave IT figure.

Where low-voltage contractors can prepare

The following opportunities are LVN’s prospective trade analysis of the disclosed campus and operating functions. No public low-voltage solicitation, installation award or package buyer was verified. The practical value today is preparing questions and capabilities around the interfaces that could become defined work.

Work area	Potential relevance	Evidence still needed
Fiber / outside plant	Carrier and campus routes	Route, demarcation, buyer
Structured cabling	Facility connectivity	Design and quantities
Access / video	Perimeter and building security	Platform and integrator
Fire interfaces	Monitoring and acceptance	Approved responsibilities
Building controls	Cooling and alarms	Integration and test scope
Power OT networks	Equipment communication	Electrical/control boundaries

For fiber firms, route diversity, carrier entrances, handoff locations and acceptance testing are useful early discussion points. For cabling installers, pathway ownership and access to rooms can determine the sequence of work. A capability package should show how the firm handles installation records, labeling, test results and correction of deficiencies. These are preparation suggestions, not Matador’s published specifications.

Security and controls firms face a different set of coordination questions. Who owns the operational network? Which team approves alarm naming and integration? Where does an equipment vendor’s responsibility end? Who witnesses testing and signs the turnover package? Resolving these interfaces helps prevent a technically complete installation from remaining commercially incomplete because acceptance responsibilities were unclear.

Power construction creates its own procurement chain. A firm seeking work around generation should confirm whether the inquiry belongs to a power contractor, equipment supplier or operating team. The presence of several large companies does not make them interchangeable buyers. A narrowly relevant introduction should identify the exact service offered, the relevant phase and the evidence needed to establish an opportunity.

Jobs, trades and useful preparation

Verified construction and permanent job totals were not found for this phase. The operating agreements describe staffing and readiness activities, but they do not provide a current hiring inventory. Technicians should check employer-controlled postings for the actual location, discipline, start date and prerequisites before treating campus announcements as job openings.

Useful preparation areas include fiber cleaning and testing, splicing, structured-cabling documentation, pathway coordination, grounding and bonding, access-control integration, fire-alarm interfaces and controls commissioning. The Fiber Optic Association’s workforce resources provide a general training reference. No FOA partnership or project-specific certification requirement is implied.

OSHA’s Outreach Training Program is a general safety-awareness resource. Its course cards do not replace employer training, site orientation or task-specific requirements. Before mobilization, firms should obtain the actual onboarding rules, access procedures, lift requirements and safety expectations from the responsible contractor. Skills planning can begin now; a dispatch decision needs a confirmed engagement.

The milestones that would make this more actionable

The next commercial milestones are confirmation of lease closing and construction financing. For construction firms, the next useful disclosures are final power-contract scope, the data-center GC and design team, issued packages and named procurement contacts. Actual data-hall progress, commissioning and delivery should be checked against dated evidence as the schedule develops.

Geography also deserves care. The campus is in Carson County near Amarillo. A city-level map location is useful for regional awareness; a verified parcel and entrance are needed for route planning and site visits. A corporate mailing address should never substitute for a construction location.

Follow the project, its named participants and emerging construction opportunities through LVN Signal. The immediate contractor advantage is a clear view of the disclosed phase, responsible organizations and unanswered procurement questions. That gives each new award, permit or delivery update a practical place in the decision to pursue work.