PROJECT MATADOR

About this Property

Project Matador represents a new class of industrial asset: Nuclear-powered digital infrastructure at hyperscale. As AI compute demand accelerates and semiconductor manufacturing reshoring continues, reliable multi-gigawatt energy platforms may become one of the most strategic asset classes of the next decade. This is not a short-term speculative technology play — it is a generational infrastructure build aligned with national security, clean energy, and the AI economy. High capital intensity. Long development horizon. Potentially transformative strategic positioning. A $70–$90 Billion Nuclear-Powered AI Infrastructure Platform Project Matador is a next-generation energy and industrial campus designed to power America’s AI, semiconductor, and advanced computing expansion. Developed by Fermi America LLC, the project integrates large-scale nuclear power, renewables, storage, and high-performance data infrastructure into a single secured campus in Texas. At full buildout, Matador will deliver 11 gigawatts (GW) of capacity — making it one of the largest clean-energy-powered digital infrastructure platforms in the world. THE CORE THESIS Artificial intelligence, hyperscale data centers, and semiconductor fabs require massive, uninterrupted, multi-gigawatt power. Traditional grids are not built for this level of sustained demand. Project Matador solves this constraint by colocating: 4 advanced nuclear reactors Solar generation Combined-cycle natural gas Grid-scale battery storage Hyperscale AI data centers Semiconductor manufacturing facilities All power is generated behind-the-meter, ensuring 24/7 reliability, energy security, and price stability. NUCLEAR FOUNDATION: THE AP1000 The campus will deploy four AP1000 nuclear reactors designed by Westinghouse Electric Company. Key characteristics: Passive safety systems (no external power required for emergency cooling) Proven Generation III+ design 60+ year operational lifespan Zero carbon emissions during operation ~4.4 GW of continuous baseload capacity from nuclear alone Supplementary solar, storage, and gas generation provide resilience and load-balancing flexibility. MARKET OPPORTUNITY AI Power Demand Is Exploding AI model training and inference workloads are driving exponential energy demand. Individual hyperscale data campuses may require 3+ GW each — comparable to powering several million homes. Simultaneously, U.S. semiconductor reshoring initiatives are expanding fabrication capacity under federal industrial policy support. Project Matador is positioned at the intersection of: AI compute infrastructure Semiconductor manufacturing Clean energy security Domestic industrial policy The addressable market includes: Hyperscale AI operators Cloud providers National security compute facilities Advanced chip fabrication plants Government-backed technology manufacturing STRATEGIC ADVANTAGES 1. Energy Security Onsite generation reduces exposure to grid congestion, curtailment, and price volatility. 2. Decarbonized Compute Nuclear baseload + renewables enable low-carbon AI infrastructure. 3. Industrial Policy Alignment Supports U.S. onshoring of semiconductor production and strategic computing capacity. 4. Supply Chain Partnerships Engineering and reactor component agreements have been signed with major Korean industrial partners, including: Hyundai Engineering & Construction Doosan Enerbility This secures long-lead nuclear components and strengthens execution timelines. CAPITAL STRUCTURE & FUNDING Projected capital expenditure: $70–$90 billion Funding strategy includes: Private equity participation Real estate investment structures (REIT participation) Federal loan guarantees Strategic infrastructure capital Revenue streams are expected from: Long-term power purchase agreements (PPAs) Data center tenancy Semiconductor fabrication leases Energy services agreements TIMELINE Construction start target: 2026 First reactor online: ~2031 Full nuclear buildout complete: ~2038 Given nuclear asset lifespans exceeding 60 years, this is a multi-decade infrastructure platform. SECOND-ORDER INVESTMENT EXPOSURE: URANIUM A nuclear buildout of this scale materially increases uranium fuel demand. Royalty and uranium-holding companies such as Uranium Royalty Corp may benefit from rising long-term contracting and fuel price support as U.S. nuclear capacity expands. PROJECTED ECONOMIC IMPACT 50,000+ direct and indirect jobs Multi-decade infrastructure cash flows Reduced grid strain Enhanced U.S. energy independence Anchor platform for domestic AI leadership RISK PROFILE High-Capex Infrastructure Risk Nuclear regulatory approval timelines Construction execution risk Cost overruns Commodity price volatility (uranium, steel, etc.) Long development cycle before full revenue realization However, long asset lifespans and structural AI-driven energy demand may offset these risks for long-term infrastructure investors.