Fermi Inc. has executed its first binding customer lease with TensorWave Inc., locking in approximately $6.5 billion in contracted revenue for a 222 MW artificial intelligence data center in Carson County, Texas. The 15-year agreement, finalized on August 10, 2026, validates Fermi America™'s Project Matador campus as a critical hub for large-scale AI training and inference. By securing an anchor tenant early in the buildout phase, Fermi mitigates construction risk through a turnkey delivery model while addressing the urgent market demand for high-power computing infrastructure.

The lease is structured between Fermi Campus 1 LLC, a subsidiary of Fermi Inc., and TensorWave TEX1, LLC, a subsidiary of the AI cloud provider TensorWave Inc. The facility is designed to support tens of thousands of next-generation AMD Instinct GPUs upon full delivery. The initial term spans 15 years following the commencement of the final delivery phase, which is targeted for the second half of 2027. The contract includes two renewal options of five years each and expansion rights for two additional data centers. If exercised, these expansion rights would increase the total partnership capacity to more than 650 MW across three phases.

Construction at Project Matador is already underway, with approximately 6 gigawatts (GW) of the planned 17 GW permitted and more than $1.5 billion invested in the buildout to date. First power is targeted for 2026, positioning Fermi to deliver capacity ahead of competitors facing permitting delays or capital constraints. The transaction includes customary conditions, such as the receipt of requisite project guarantees and financing. Fermi expects certain obligations under the lease to be guaranteed by one of the global leaders in AI, adding credit security to the deal.

Transaction Details

What the Numbers Show

The $6.5 billion valuation over the initial 15-year term implies an average annual revenue of roughly $433 million for the 222 MW phase. This pricing structure reflects a premium for guaranteed power availability and turnkey construction in a constrained market. The inclusion of expansion rights to more than 650 MW indicates that Fermi is structuring the deal to capture value beyond the initial build, potentially tripling the site's power footprint without renegotiating core terms. The timeline, with first power in 2026 and lease delivery in late 2027, allows for a commissioning period aligned with large-scale GPU cluster deployment schedules.

Marius Haas, Chairman of the Board of Directors of Fermi Inc., stated that the lease represents a "tremendous vote of confidence" in the company. He noted that executing this binding agreement fulfills the primary objective shared with the market in May. Haas highlighted the involvement of industry-leading developers, guarantors, and financing providers, describing TensorWave as the ideal anchor customer. Darrick Horton, CEO and Co-Founder of TensorWave, added that the partnership addresses the critical constraint of power in AI infrastructure, enabling the deployment of hundreds of thousands of GPUs on reliable timelines.

Fermi Inc. (NASDAQ: FRMI)(LSE: FRMI), operating as Fermi America, announced the arrival of three Siemens Energy SGT6-5000F natural gas turbines at the Port of Houston. The equipment is destined for Project Matador, an advanced energy and AI campus near Amarillo, Texas. The turbines are rated at up to 780 megawatts in simple-cycle mode and are expected to form the backbone of the second phase of the power buildout. This delivery marks one of the largest single power-equipment moves for the project to date.

The company recently selected TSK, a power-focused EPC firm, for early works on phase-two turbines and engaged Primoris Services Corporation for balance of plant construction on six SGT-800 turbines in phase one. Jacobo Ortiz, Co-President of Fermi America, stated that the execution aligns with the company's strategic plan to extend its speed-to-power advantage. The turbines will travel from Houston to the Project Matador site, where preparation is underway.

Project Matador Specifications

Fermi America is developing the site on 7,570 acres secured or under long-term lease in the Texas Panhandle. The project has seen more than $1.4 billion invested in site buildout to date. It is designed to address power constraints in AI infrastructure by providing large-scale, reliable power. Subject to binding tenant agreements, the project is expected to ramp to approximately 1.5 gigawatts through 2027.

Turbine Capabilities

Each SGT6-5000F turbine is rated at up to 260 megawatts in simple-cycle mode. The units can ramp at up to 40 megawatts per minute, reaching full speed in as little as five minutes. The model features a global fleet reliability near 99% in the 60-hertz market. The technology is suited for the flexible, high-availability power supply required by AI and advanced computing sectors.