Fermi Inc. Secures Lease Agreement with TensorWave

Fermi Inc. announced a binding lease agreement with TensorWave at Project Matador in Texas. The partnership aims to extend over three phases, delivering more than 650 megawatts (MW) of power. The first phase will offer a turnkey data center solution with 222 MW, set for completion in the latter half of 2027. This phase is projected to generate $6.5 billion in contracted revenue over 15 years, excluding renewal terms.

Once completed, the facility will support tens of thousands of AMD Instinct GPUs for AI training and inference. Construction is in progress with $1.5 billion already invested, and first power slated for 2026. Expansion rights enable additional developments, bolstering the partnership's capacity. The lease is expected to be guaranteed by a leading AI entity.

Marius Haas, Fermi Inc.'s Chairman, expressed confidence in the partnership, highlighting its critical role for AI infrastructure powered by renewable energy. The project is supported by the Texas Tech University System, emphasizing its significance for regional and national advancements in AI and energy sectors.