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Cartis diligence evidence schedule

Project Matador HyperGrid Power Site

PRJ-0396 · Site · Texas Panhandle near Amarillo, Texas, United States

Record last updated Oct 28, 2026

Scope and capacity

On October 15, 2026, Fermi reported that three GE Vernova 6B gas turbines had arrived at Project Matador, following its September 28 selection of NAES to operate the natural-gas fleet. Equipment arrival and operator selection do not establish energization or first power; gas-generation capacity is not data-center IT capacity. Project Matador's HyperGrid is an actively financed and permitted private-power development with gas assets, grid supply and longer-term nuclear, solar and battery plans. Project Matador HyperGrid Power Site is located in Texas Panhandle near Amarillo, TX, US and is a generation site in construction status.

Headline: 86 MW Utility capacity

Numbers refer to their stated physical boundaries and are not added together. Source dates, claim dates and record updates have different meanings. Missing dates and locators are not inferred.

Claims and exhibit sources

Jump to a claim (17)

Base private power plan · 11 GW

Actual · Project Matador HyperGrid Power Site (Project)

Claim 36688 · Recorded claim type: Actual · Review: Approved · Claim date: Not stated

  1. Fermi Form 10-Q for quarter ended March 31, 2026

    U.S. Securities and Exchange Commission · Document date: May 14, 2026 · Primary

    Source reference: SRC-2046 · Recorded authority: Official primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/2071778/000207177826000032/frmi-20260331.htm

  2. Fermi 2025 Form 10-K

    U.S. Securities and Exchange Commission · Document date: Mar 30, 2026 · Corroborating

    Source reference: SRC-2048 · Recorded authority: Official primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/2071778/000207177826000010/frmi-20251231.htm

Conditional expanded power plan · 17 GW

Actual · Project Matador HyperGrid Power Site (Project)

Claim 36689 · Recorded claim type: Actual · Review: Approved · Claim date: Not stated

  1. Fermi Form 10-Q for quarter ended March 31, 2026

    U.S. Securities and Exchange Commission · Document date: May 14, 2026 · Primary

    Source reference: SRC-2046 · Recorded authority: Official primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/2071778/000207177826000032/frmi-20260331.htm

  2. Fermi files additional 5 GW clean-air permit and describes 17 GW plan

    Fermi America · Document date: Mar 14, 2026 · Corroborating

    Source reference: SRC-2052 · Recorded authority: Party primary

    Source URL

    https://fermiamerica.com/worlds-largest-private-grid-fermi-america-to-file-additional-5gw-clean-air-permit-for-project-matador-with-the-texas-commission-on-environmental-quality-tceq-upsizing-campus-proje/

  3. Project Matador current project website

    Fermi America · Document date: Not stated · Corroborating

    Source reference: SRC-2049 · Company announcement · Recorded authority: Party primary

    Source URL

    https://fermiamerica.com/

Gas generation air permit approved · 6 GW

Actual · Project Matador HyperGrid Power Site (Project)

Claim 36690 · Recorded claim type: Actual · Review: Approved · Claim date: Not stated

Headline treatment: Generation capacity; not IT capacity

  1. Fermi Form 10-Q for quarter ended March 31, 2026

    U.S. Securities and Exchange Commission · Document date: May 14, 2026 · Primary

    Source reference: SRC-2046 · Recorded authority: Official primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/2071778/000207177826000032/frmi-20260331.htm

  2. Fermi receives final clean-air permit approval

    Fermi America · Document date: Feb 25, 2026 · Corroborating

    Source reference: SRC-2051 · Recorded authority: Party primary

    Source URL

    https://fermiamerica.com/fermi-america-receives-nations-second-largest-clean-air-permit-for-project-matador/

Incremental gas permit application · 5 GW

Actual · Project Matador HyperGrid Power Site (Project)

Claim 36691 · Recorded claim type: Actual · Review: Approved · Claim date: Not stated

  1. Fermi Form 10-Q for quarter ended March 31, 2026

    U.S. Securities and Exchange Commission · Document date: May 14, 2026 · Primary

    Source reference: SRC-2046 · Recorded authority: Official primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/2071778/000207177826000032/frmi-20260331.htm

  2. Fermi 2025 Form 10-K

    U.S. Securities and Exchange Commission · Document date: Mar 30, 2026 · Corroborating

    Source reference: SRC-2048 · Recorded authority: Official primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/2071778/000207177826000010/frmi-20251231.htm

Secured generation assets approximately · 2 GW

Actual · Project Matador HyperGrid Power Site (Project)

Claim 36692 · Recorded claim type: Actual · Review: Approved · Claim date: Not stated

Headline treatment: Generation capacity; not IT capacity

  1. Fermi Q1 2026 earnings release

    U.S. Securities and Exchange Commission · Document date: May 14, 2026 · Primary

    Source reference: SRC-2047 · Recorded authority: Official primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/2071778/000207177826000027/fermi1q26erex_991.htm

  2. Project Matador current project website

    Fermi America · Document date: Not stated · Corroborating

    Source reference: SRC-2049 · Company announcement · Recorded authority: Party primary

    Source URL

    https://fermiamerica.com/

Sps grid service committed · 86 MW

Actual · Project Matador HyperGrid Power Site (Project)

Claim 36693 · Recorded claim type: Actual · Review: Approved · Claim date: Not stated

Headline treatment: Selected headline

  1. Fermi 2025 Form 10-K

    U.S. Securities and Exchange Commission · Document date: Mar 30, 2026 · Primary

    Source reference: SRC-2048 · Recorded authority: Official primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/2071778/000207177826000010/frmi-20251231.htm

First three f class turbines combined rating up to · 780 MW

Actual · Project Matador HyperGrid Power Site (Project)

Claim 36695 · Recorded claim type: Actual · Review: Approved · Claim date: Not stated

  1. First Siemens Energy turbines arrive for Project Matador

    Fermi America · Document date: Jul 21, 2026 · Primary

    Source reference: SRC-2050 · Recorded authority: Party primary

    Source URL

    https://fermiamerica.com/first-siemens-turbines-arrive-for-project-matador/

First three f class turbines at port of houston · True

Actual · Project Matador HyperGrid Power Site (Project)

Claim 36696 · Recorded claim type: Actual · Review: Approved · Claim date: Not stated

  1. First Siemens Energy turbines arrive for Project Matador

    Fermi America · Document date: Jul 21, 2026 · Primary

    Source reference: SRC-2050 · Recorded authority: Party primary

    Source URL

    https://fermiamerica.com/first-siemens-turbines-arrive-for-project-matador/

Site work to receive turbines underway · True

Actual · Project Matador HyperGrid Power Site (Project)

Claim 36697 · Recorded claim type: Actual · Review: Approved · Claim date: Not stated

  1. First Siemens Energy turbines arrive for Project Matador

    Fermi America · Document date: Jul 21, 2026 · Primary

    Source reference: SRC-2050 · Recorded authority: Party primary

    Source URL

    https://fermiamerica.com/first-siemens-turbines-arrive-for-project-matador/

First power target · 2026

Actual · Project Matador HyperGrid Power Site (Project)

Claim 36699 · Recorded claim type: Actual · Review: Approved · Claim date: Not stated

  1. Project Matador current project website

    Fermi America · Document date: Not stated · Primary

    Source reference: SRC-2049 · Company announcement · Recorded authority: Party primary

    Source URL

    https://fermiamerica.com/

Planned nuclear capacity · 4.4 GW

Planned / design or future potential · Project Matador HyperGrid Power Site (Project)

Claim 36701 · Recorded claim type: Actual · Review: Approved · Claim date: Not stated

Headline treatment: Generation capacity; not IT capacity

  1. Fermi files additional 5 GW clean-air permit and describes 17 GW plan

    Fermi America · Document date: Mar 14, 2026 · Primary

    Source reference: SRC-2052 · Recorded authority: Party primary

    Source URL

    https://fermiamerica.com/worlds-largest-private-grid-fermi-america-to-file-additional-5gw-clean-air-permit-for-project-matador-with-the-texas-commission-on-environmental-quality-tceq-upsizing-campus-proje/

Planned nuclear reactors · 4 reactors

Actual · Project Matador HyperGrid Power Site (Project)

Claim 36702 · Recorded claim type: Actual · Review: Approved · Claim date: Not stated

  1. Fermi Form 10-Q for quarter ended March 31, 2026

    U.S. Securities and Exchange Commission · Document date: May 14, 2026 · Primary

    Source reference: SRC-2046 · Recorded authority: Official primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/2071778/000207177826000032/frmi-20260331.htm

First nuclear unit target · 2032

Actual · Project Matador HyperGrid Power Site (Project)

Claim 36703 · Recorded claim type: Actual · Review: Approved · Claim date: Not stated

  1. Fermi Form 10-Q for quarter ended March 31, 2026

    U.S. Securities and Exchange Commission · Document date: May 14, 2026 · Primary

    Source reference: SRC-2046 · Recorded authority: Official primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/2071778/000207177826000032/frmi-20260331.htm

Solar component planned · True

Actual · Project Matador HyperGrid Power Site (Project)

Claim 36704 · Recorded claim type: Actual · Review: Approved · Claim date: Not stated

  1. Fermi Form 10-Q for quarter ended March 31, 2026

    U.S. Securities and Exchange Commission · Document date: May 14, 2026 · Primary

    Source reference: SRC-2046 · Recorded authority: Official primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/2071778/000207177826000032/frmi-20260331.htm

  2. Project Matador current project website

    Fermi America · Document date: Not stated · Corroborating

    Source reference: SRC-2049 · Company announcement · Recorded authority: Party primary

    Source URL

    https://fermiamerica.com/

Battery storage component planned · True

Actual · Project Matador HyperGrid Power Site (Project)

Claim 36705 · Recorded claim type: Actual · Review: Approved · Claim date: Not stated

  1. Fermi Form 10-Q for quarter ended March 31, 2026

    U.S. Securities and Exchange Commission · Document date: May 14, 2026 · Primary

    Source reference: SRC-2046 · Recorded authority: Official primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/2071778/000207177826000032/frmi-20260331.htm

  2. Project Matador current project website

    Fermi America · Document date: Not stated · Corroborating

    Source reference: SRC-2049 · Company announcement · Recorded authority: Party primary

    Source URL

    https://fermiamerica.com/

Mu fg equipment facility up to · $500 million

Actual · Project Matador HyperGrid Power Site (Project)

Claim 36706 · Recorded claim type: Actual · Review: Approved · Claim date: Not stated

  1. Fermi Form 10-Q for quarter ended March 31, 2026

    U.S. Securities and Exchange Commission · Document date: May 14, 2026 · Corroborating

    Source reference: SRC-2046 · Recorded authority: Official primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/2071778/000207177826000032/frmi-20260331.htm

  2. Fermi MUFG equipment financing 8-K

    U.S. Securities and Exchange Commission · Document date: Feb 10, 2026 · Primary

    Source reference: SRC-2053 · Recorded authority: Official primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/2071778/000121390026014270/ea0276274-8k_fermi.htm

Keystone cape facility up to · $200 million

Actual · Project Matador HyperGrid Power Site (Project)

Claim 36707 · Recorded claim type: Actual · Review: Approved · Claim date: Not stated

  1. Fermi Keystone/Cape equipment facility

    Fermi America · Document date: Feb 19, 2026 · Primary

    Source reference: SRC-2054 · Company announcement · Recorded authority: Party primary

    Source URL

    https://fermiamerica.com/fermi-america-makes-initial-draw-on-200-million-equipment-facility-from-keystone-national-group-and-cape-commercial-finance-to-accelerate-the-delivery-of-the-first-2-3gw-of-project-matador/

Counterparties and capital

Fermi Inc. · Developer · CMP-0981

Hyundai Engineering & Construction · Contractor · CMP-0987

Siemens Energy · Supplier · CMP-0197

Southwestern Public Service Company · Utility provider · CMP-0983

Equipment financing facility

$500,000,000 · Feb 10, 2026

Up-to commitment for three Siemens F-class turbines and related equipment; not full project financing.

Fermi Inc. (Sponsor and indirect borrower) · MUFG (Lender)

Sources (2)

Financing record 117; claim-specific source links appear in the exhibit sources where published.

High voltage equipment facility

$200,000,000 · Feb 19, 2026

Facility arranged by Cape; more than USD 100 million initially committed by Keystone.

Cape Commercial Finance (Arranger) · Fermi Inc. (Sponsor) · Keystone National Group (Lender)

Sources (1)

Financing record 118; claim-specific source links appear in the exhibit sources where published.

This schedule captures public Cartis research. It is not a title, lien or legal-opinion report. Document page/section locators and claim review timestamps are included only when published; this version has no separate locator or claim-review-time feed.