Fermi Announces Binding Lease Agreement with TensorWave
Key Highlights
- ➤$6.5 billion contracted revenue over 15 years for phase-one 222 MW turnkey data center lease.
- ➤222 MW facility delivery begins in the second half of 2027, with TensorWave taking occupancy in phases.
- ➤Expansion rights could grow the Fermi (FRMI)-TensorWave partnership beyond 650 MW across three phases.
- ➤Lease obligations are expected to receive guarantees from one of the global leaders in AI.
- ➤Project Matador has approximately 6 GW permitted, over $1.5 billion invested, and first power targeted for 2026.
- ➤Lease includes two five-year renewal options after the initial 15-year term, subject to customary conditions.
- ➤Facility is expected to support tens of thousands of next-generation AMD Instinct GPUs for AI training and inference.
Expert Statements
Marius Haas, Chairman of the Board of Directors of Fermi Inc.
“A lease of this size and this term is a tremendous vote of confidence in Fermi.”
Marius Haas, Chairman of the Board of Directors of Fermi Inc.
“In delivering this first binding agreement, we've now fulfilled the most important objective we shared with the market in May.”
Marius Haas, Chairman of the Board of Directors of Fermi Inc.
“The committed partner ecosystem of developers, guarantors, and financing providers are all industry-leading companies, and TensorWave is exactly the kind of anchor customer our project was designed for.”
Marius Haas, Chairman of the Board of Directors of Fermi Inc.
“I am incredibly proud of our team for executing the site buildout to date, and for delivering this agreement and advancing others that we expect to announce soon.”
Darrick Horton, CEO and Co-Founder of TensorWave
“Power is the critical constraint in AI infrastructure, and the vision and scope of what Fermi is building at Project Matador resonates with our own.”
Darrick Horton, CEO and Co-Founder of TensorWave
“Our customers need hundreds of thousands of next-generation AMD Instinct GPUs in aggregate, on timelines they can count on.”
Darrick Horton, CEO and Co-Founder of TensorWave
“Fermi has assembled the power, land, and permits to deliver at that pace, and we are proud to be the first customer at a campus built for the decades ahead.”
Brandon Creighton, Chancellor of the Texas Tech University System
“The Texas Tech University System-Fermi partnership is delivering on the bold vision behind Project Matador.”
Brandon Creighton, Chancellor of the Texas Tech University System
“TensorWave's selection of Fermi sends a strong signal about the enormous potential of this project and the Texas Panhandle.”
Brandon Creighton, Chancellor of the Texas Tech University System
“The System is proud to help position our region at the forefront of America's energy, AI and national security future.”
Intends to grow the partnership to more than 650 megawatts (MW) over three phases
First phase to deliver a complete turnkey data center solution with 222 MW beginning in the second half of 2027, representing approximately $6.5 billion in total contracted revenue
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