Fermi America has filed a combined license application with the Nuclear Regulatory Commission for four Westinghouse AP1000 reactors to be built in Carson County, Texas. The NRC has accepted the first two parts of the application for formal review, officially launching the licensing process for what could become one of the most ambitious nuclear projects in the United States in decades.
The application — submitted on June 17, 2025 — covers four passive pressurized water reactors, designated PMN Units 1–4, as part of the so-called Project Matador. The NRC accepted the first two sections of the Combined License Application for docketing on September 5, 2025, initiating preliminary review activities. A third section, containing site-specific environmental documentation, is expected to be submitted in 2026: only after that filing will the agency be able to complete the acceptance review and set the overall timeline for the licensing process.
The Amarillo, Texas site is intended to host the HyperGrid campus, which Fermi America describes as the largest energy complex for artificial intelligence ever conceived. Combining nuclear, natural gas, and solar generation, the stated goal is to reach approximately 10,700 MW of behind-the-meter installed capacity, supporting up to 15 million square meters of hyperscale computing infrastructure by 2038. The four AP1000 units would contribute 4 GW of nuclear power to the overall energy mix.
Fermi America is working with Westinghouse to complete the COLA documentation. One distinguishing feature of this proceeding is the company’s participation in an NRC pilot program for developing an environmental impact statement prepared directly by the applicant — an approach the regulator considers beneficial for improving licensing efficiency. The company has confirmed its intent to deliver a draft of the document by the end of February 2026. In parallel, the firm has secured a permit for 6 GW of natural gas generation and a 200 MW grid agreement, with turbines and high-voltage equipment backed by more than $800 million in dedicated credit facilities.
The NRC noted that Fermi America considers the Project Matador site to be among the most studied, safe, and well-characterized nuclear sites in the United States for near-term deployment of the Westinghouse reactor — an assessment that contributed to the swift acceptance of the first two parts of the application. The agency also clarified that, at the appropriate time, it will publish a notice offering the opportunity to request a hearing before the Atomic Safety and Licensing Board.
On the corporate side, the regulatory milestone is accompanied by a stock market listing: Fermi America has filed documentation with the SEC for an initial public offering, with plans to list its shares on the Nasdaq Global Select Market under the ticker FRMI. The move positions the company as an integrated player — combining energy infrastructure and digital real estate — with nuclear power generation at the core of its business model, structured as a REIT beginning with fiscal year 2025.
If the licensing process proceeds as expected and the environmental documentation is delivered on schedule, 2026 could be the year the NRC sets a full review timeline for the four reactors. The trajectory hinges largely on how quickly Fermi America can complete the third section of the COLA — and on how decisively the NRC, driven by the ADVANCE Act and new federal executive orders, is willing to demonstrate that the U.S. licensing system can move at the pace the market demands.
