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

Fermi and TensorWave have lined up world-class partners to collaborate on the project and expect certain of the obligations under the lease to be guaranteed by one of the global leaders in AI

DALLAS, TX / ACCESS Newswire / August 10, 2026 / Fermi Inc. (NASDAQ:FRMI)(LSE:FRMI), operating as Fermi America™ ("Fermi" or the "Company"), announced today that it has executed its first binding customer lease at its Project Matador campus in Carson County, Texas. The lease between Fermi's subsidiary Fermi Campus 1 LLC and TensorWave TEX1, LLC, a subsidiary of AI cloud provider TensorWave Inc., covers a facility supported by 222 megawatts (MW) of total facility power following commencement of the final delivery phase. Once fully delivered, the facility is expected to support tens of thousands of next-generation AMD Instinct GPUs for large-scale AI training and inference. The lease is expected to generate approximately $6.5 billion in total contracted revenue over the initial 15-year term, for the first phase, excluding any renewal terms. The lease carries expansion rights for two additional data centers that when exercised, would bring the partnership to a total of more than 650 MW.

Construction at Project Matador is well underway, with approximately 6 gigawatts (GW) of the planned 17 GW already permitted, more than $1.5 billion invested in the buildout to date, and first power targeted for 2026. As a result, Fermi is positioned to deliver AI data center capacity in a market where many projects are still raising the capital required to build or being blocked by permitting issues.

"A lease of this size and this term is a tremendous vote of confidence in Fermi," said 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. 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. 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."

Transaction summary

Structure: Turnkey data center lease. Fermi develops, constructs and delivers the facility; TensorWave takes occupancy in phases.

Capacity: 222 MW of total facility power for phase one with expansion rights that would bring the partnership to a total of more than 650 MW.

Term: Initial term of 15 years following commencement of the final delivery phase, with two renewal options of five years each.

Contracted Revenue: Approximately $6.5 billion over the initial 15-year term for phase one.

Delivery: Phased, beginning the second half of 2027.

Guarantee: Fermi expects certain of the obligations under the lease to be guaranteed by one of the global leaders in AI.

Conditions: The lease contains customary conditions, including the receipt of requisite project guaranties and financing.