Amazon named as Fermi’s 600 MW customer for Project Matador

The Financial Times identified Amazon as the hyperscaler behind Fermi's $200 million prepayment deal, and the stock jumped Fermi spent Thursday describing its newest customer as an unnamed “investment-grade hyperscaler.” By Friday, the Financial Times had supplied the name: Amazon . The customer has committed to an initial 600 MW of power at Fermi’s Project Matador campus in Texas, starting in 2027. Investors liked what they saw. Fermi shares (NASDAQ: FRMI) posted intraday gains reported at 20-26%. Fermi announced the agreements on November 12, 2026, alongside its third-quarter results. The deal carries real money, not just a handshake. The arrangement includes a $200 million prepayment, which was due by November 13. It also includes $15 million for early construction work and $90 million for steel and building materials.

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