Fermi signs $6.5B, 15-year TensorWave data-center lease
Fermi America disclosed that its subsidiary Fermi Campus 1 LLC signed a binding turnkey phase-one data-center lease with TensorWave TEX1 LLC for Project Matador in Carson County, Texas. The lease covers 222 MW of facility power capacity and approximately $6.5 billion of contracted revenue over an initial 15-year term, with phased occupancy expected to begin in the fourth quarter of 2027, 2.5% annual escalators and two five-year renewal options. Its effectiveness remains subject to closing conditions including project financing, approvals, operating schedules and guaranties.
The supplied context supports a binding, long-duration commercial commitment covering 222 MW of data-center power capacity and approximately $6.5 billion of contracted revenue, with escalators, renewal options and phased occupancy beginning in 2027. This is new, forward-looking information that can materially change Fermi’s expected cash flows and operating capacity, so commercial_agreement is the appropriate type. The importance and surprise scores reflect a major single-company catalyst and a meaningful new anchor-tenant commitment, while the deal remains subject to financing, approvals, operating schedules and guaranties. The supporting context explicitly dates the lease announcement to August 10, 2026; therefore the occurrence timestamp uses that date rather than the October 14 source-publication timestamp, with midnight UTC used because no announcement time is provided. Only FRMI is approved because Fermi is the direct contracting party and beneficiary; the other listed companies are indirect, speculative beneficiaries or competitors without a disclosed project-specific contract, while the AMD credit-support discussion is separate and not sufficiently clear to approve for this lease-signing development. The prior non-duplicate and new-event classification is retained.
Binding 15-year phase one lease for 222 MW total power capacity, with occupancy phased from Q4 2027.
Phase one contracted revenue of $6.5B over the 15-year initial term; two 5-year renewal options and 2.5% annual escalators.