Fermi Secures $6.5 Billion TensorWave Lease Agreement for Texas AI Data Center

Why Is Fermi Stock Soaring Tuesday? - Fermi (NASDAQ:FRMI)

Fermi Inc. (NASDAQ:FRMI) stock is trading higher by more than 19% during Tuesday's premarket session. On Monday, the company's subsidiary secured its first binding customer lease at Project Matador in Carson County, Texas, with TensorWave TEX1, a unit of AI cloud provider TensorWave. New Lease Agreement with TensorWave The agreement covers a facility with 222 MW of total power capacity and is designed to support tens of thousands of AMD Instinct GPUs for large-scale AI training and inference. The initial 15-year lease is expected to generate approximately $6.5 billion in contracted revenue, excluding renewals. The lease includes expansion options for two additional data centers which could increase the partnership's capacity to more than 650 MW. Construction at Project Matador is progressing, with about 6 GW of the planned 17 GW already permitted and more than $1.5 billion invested to date. The phased delivery is expected to begin in the second half of 2027, with two five-year renewal options. Fermi expects to deliver first power in 2026, positioning the company to bring AI data center capacity online as other projects face funding and permitting challenges. Fermi Technical Analysis At $7.02, the stock is trading about 9% above its 20-day SMA of $6.33. It is also about 6.9% above its 100-day SMA of $6.46. However, the stock remains about 2.3% below its 50-day SMA of $7.06. This level could act as a key decision point. A sustained move above the 50-day SMA could strengthen the recovery, while another rejection could keep the stock range-bound. The longer-term trend remains weak. FRMI is trading about 28.9% below its 200-day SMA of $9.71. The 50-day SMA also remains below the 200-day SMA, signaling a bearish trend. The stock has fallen 81.92% over the past 12 months. That suggests the recent strength remains a recovery attempt within a broader decline. Momentum also shows signs of weakening. The MACD is below its signal line, while the histogram remains negative. This indicates that bullish momentum is cooling and buyers may need to regain control to extend the rebound. Key Resistance: $7.50. This level could act as a near-term hurdle, particularly as the stock continues to battle its 50-day SMA. Earnings And Analyst Outlook The countdown is on: Fermi is set to report earnings on August 13, 2026 (confirmed). * EPS Estimate: Loss of 6 cents * Revenue Estimate: $5.99 million Analyst Consensus & Recent Actions: The stock carries a Buy rating with an average price forecast of $13.40. Recent analyst moves include: * Mizuho: Outperform (Lowers forecast to $11.00) (July 28) * Stifel: Buy (Lowers forecast to $17.00) (June 23) * Evercore ISI Group: Downgraded to In-Line (Lowers forecast to $11.00) (May 15) Fermi Price Action FRMI Stock Price Activity: Fermi shares were up 19.39% at $7.02 during premarket trading on Tuesday, according to Benzinga Pro data. Photo via Shutterstock Market News and Data brought to you by Benzinga APIs To add Benzinga News as your preferred source on Google, click here.

CORRECTION FROM SOURCE: Fermi Announces Binding Lease Agreement with TensorWave

Fermi and TensorWave have lined up world-class partners to collaborate on the project DALLAS, August 10, 2026 (Newswire.com) - 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 being designed 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. * Conditions: The lease contains customary conditions, including the receipt of requisite project guaranties and financing. "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," said 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. 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." Fermi has been advised by the Texas Tech University System that it supports the transaction and intends to work closely with Fermi toward a successful closing. "The Texas Tech University System-Fermi partnership is delivering on the bold vision behind Project Matador," said Chancellor Brandon Creighton. "TensorWave's selection of Fermi sends a strong signal about the enormous potential of this project and the Texas Panhandle. The System is proud to help position our region at the forefront of America's energy, AI and national security future." Fermi continues to advance discussions with additional hyperscale, neo-cloud and enterprise compute counterparties for capacity at Project Matador, and with development, construction, and financing partners for the campus. Fermi expects to provide further detail as agreements are finalized. About Fermi's Project Matador Fermi America is where AI gets power. The Company is developing one of the world's largest advanced energy and AI ecosystems, on an area in the Texas Panhandle that's more than half the size of Manhattan. The site, called Project Matador, is secured or under long-term lease with more than $1.5 billion invested in buildout to date. Fermi designed the project to solve the single biggest constraint in AI infrastructure: access to large-scale, reliable power on a timeline that meets customer demand - delivered behind the meter and on a private grid built and operated on site. Subject to entering into binding customer agreements, the project is expected to ramp to approximately 17 GW, with capital deployment matched to commercial progress. Investor Contact Barry Sievert | [email protected] Media Contact Fermi Inc. Communications | [email protected] About Fermi America™ Fermi America™ (NASDAQ:FRMI)(LSE:FRMI) develops next-generation private electric grids that deliver highly redundant power at gigawatt scale to support next-generation intelligence and AI compute. Fermi America™ combines cutting-edge technology with a deep bench of proven world-class multi-disciplinary leaders with a combined 25 GW of experience, to create the world's largest, 17 GW next-gen private grid, helping ensure America's energy and AI dominance. The behind-the-meter Project Matador campus is expected to integrate the nation's biggest combined-cycle natural gas project, one of the largest clean, new nuclear power complexes in America, utility grid power, solar power, and battery energy storage, to support hyperscale AI and advanced computing. For additional information visit www.fermiamerica.com. About TensorWave TensorWave is the AI cloud purpose-built for performance. Powered exclusively by AMD Instinct™ Series GPUs, TensorWave delivers high-bandwidth, memory-optimized infrastructure that scales with the most demanding training and inference workloads. Backed by funding from investors including Magnetar, AMD Ventures, Maverick Silicon, Nexus Venture Partners, and Western Frontier, TensorWave operates one of the world's largest all-AMD GPU clouds and is expanding rapidly to meet global demand. For more information, please visit tensorwave.com. Forward-Looking Statements This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's commercial strategy, tenant agreements, Project Matador, expected capacity, delivery schedules, financing arrangements, expansion opportunities, the potential exercise of expansion rights and any resulting capacity or revenue, expected contracted revenue, the anticipated growth of the company's relationship with TensorWave, market demand, the timing and conditions of construction capital deployment, the sufficiency and continued availability of tenant credit support, the availability of project financing, and future operations. Forward-looking statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. The Company undertakes no obligation to update any forward-looking statements except as required by law.

Fermi Announces Binding Lease Agreement with TensorWave

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, August 10, 2026 (Newswire.com) - 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. "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," said 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. 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." Fermi has been advised by the Texas Tech University System that it supports the transaction and intends to work closely with Fermi toward a successful closing. "The Texas Tech University System-Fermi partnership is delivering on the bold vision behind Project Matador," said Chancellor Brandon Creighton. "TensorWave's selection of Fermi sends a strong signal about the enormous potential of this project and the Texas Panhandle. The System is proud to help position our region at the forefront of America's energy, AI and national security future." Fermi continues to advance discussions with additional hyperscale, neo-cloud and enterprise compute counterparties for capacity at Project Matador, and with development, construction, and financing partners for the campus. Fermi expects to provide further detail as agreements are finalized. About Fermi's Project Matador Fermi America is where AI gets power. The Company is developing one of the world's largest advanced energy and AI ecosystems, on an area in the Texas Panhandle that's more than half the size of Manhattan. The site, called Project Matador, is secured or under long-term lease with more than $1.5 billion invested in buildout to date. Fermi designed the project to solve the single biggest constraint in AI infrastructure: access to large-scale, reliable power on a timeline that meets customer demand - delivered behind the meter and on a private grid built and operated on site. Subject to entering into binding customer agreements, the project is expected to ramp to approximately 17 GW, with capital deployment matched to commercial progress. Investor Contact Barry Sievert | [email protected] Media Contact Fermi Inc. Communications | [email protected] About Fermi America™ Fermi America™ (Nasdaq:FRMI)(LSE:FRMI) develops next-generation private electric grids that deliver highly redundant power at gigawatt scale to support next-generation intelligence and AI compute. Fermi America™ combines cutting-edge technology with a deep bench of proven world-class multi-disciplinary leaders with a combined 25 GW of experience, to create the world's largest, 17 GW next-gen private grid, helping ensure America's energy and AI dominance. The behind-the-meter Project Matador campus is expected to integrate the nation's biggest combined-cycle natural gas project, one of the largest clean, new nuclear power complexes in America, utility grid power, solar power, and battery energy storage, to support hyperscale AI and advanced computing. For additional information visit www.fermiamerica.com. About TensorWave TensorWave is the AI cloud purpose-built for performance. Powered exclusively by AMD Instinct™ Series GPUs, TensorWave delivers high-bandwidth, memory-optimized infrastructure that scales with the most demanding training and inference workloads. Backed by funding from investors including Magnetar, AMD Ventures, Maverick Silicon, Nexus Venture Partners, and Western Frontier, TensorWave operates one of the world's largest all-AMD GPU clouds and is expanding rapidly to meet global demand. For more information, please visit tensorwave.com. Forward-Looking Statements This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's commercial strategy, tenant agreements, Project Matador, expected capacity, delivery schedules, financing arrangements, expansion opportunities, the potential exercise of expansion rights and any resulting capacity or revenue, expected contracted revenue, the anticipated growth of the company's relationship with TensorWave, market demand, the timing and conditions of construction capital deployment, the sufficiency and continued availability of tenant credit support, the availability of project financing, and future operations. Forward-looking statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. The Company undertakes no obligation to update any forward-looking statements except as required by law.

Fermi earnings up next after landing first $6.5B data center lease By Investing.com

Fermi America LLC reports second-quarter results Thursday before the market opens, just two days after announcing its first major customer lease -- a deal analysts called a "long-awaited catalyst" for the struggling data center developer. The company expects revenue of $148.3 million for the June quarter, a dramatic sequential increase from the prior quarter when it reported zero revenue and a loss of $0.30 per share. No earnings forecast is available for the upcoming report. Revenue estimates have remained flat over the past two months, though the recent lease announcement came too late to affect consensus figures. Eight analysts rate the stock a Buy, with a mean price target of $17.00, implying 139% upside from the current $7.12 share price. The stock has tumbled from its 52-week high of $36.99 as investors grew impatient waiting for commercial traction at the company's Project Matador campus in Texas. That wait ended Monday when Fermi announced its first binding customer lease at Project Matador with AI cloud provider TensorWave. The lease is expected to generate approximately $6.5 billion in total contracted revenue over the initial 15-year term, covering 222 megawatts beginning in the second half of 2027. The agreement includes expansion rights for two additional data centers that would bring the total partnership to more than 650 MW. What Investors Are Watching The key question is whether Fermi can announce additional tenant signings during Thursday's call. Mizuho analyst Vikram Malhotra had outlined a 90-day goal for lease announcements, and while the TensorWave deal validates demand for AI-optimized power infrastructure, investors want to see pipeline momentum beyond a single customer. Execution risk looms large. The TensorWave agreement is a turnkey arrangement requiring Fermi to deliver a complete data center solution. With approximately 6 gigawatts of the planned 17 GW already permitted and more than $1.5 billion invested, the company must now prove it can convert infrastructure into operating revenue on schedule. The timeline to cash flow is another focus. Revenue from the TensorWave lease won't begin until the second half of 2027, leaving a significant gap between current capital deployment and revenue generation. Management commentary on near-term leasing activity and the path to profitability will be critical. Mizuho maintained its Outperform rating after the TensorWave announcement but holds an $11 price target, reflecting what the firm described as "still-high execution risk" and assumptions around delayed tenant signings and elevated capital expenditures for turnkey requirements. The earnings report arrives as Big Tech companies have committed over $1 trillion in future data center lease payments to support AI infrastructure, underscoring the sector's growth potential. Whether Fermi can capture a meaningful share of that demand -- and at what valuation -- remains the central question for investors. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Fermi America stock rockets on $6.5B TensorWave lease deal By Investing.com

Investing.com -- Fermi America LLC (NASDAQ:FRMI) shares jumped 35% in after-hours trading Monday following the announcement of a 15-year, $6.5 billion lease agreement with TensorWave for its Texas AI campus. The lease between Fermi's subsidiary Fermi Campus 1 LLC and TensorWave TEX1, LLC covers a facility supported by 222 megawatts of total facility power at the Project Matador campus in Carson County, Texas. The first phase is set to deliver a complete turnkey data center solution beginning in the second half of 2027. The agreement includes expansion rights for two additional data centers that would bring the total partnership to more than 650 MW across three phases. 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. Fermi said it expects certain obligations under the lease to be guaranteed by one of the global leaders in AI. The lease contains customary conditions, including the receipt of requisite project guaranties and financing. Construction at Project Matador is underway, with approximately 6 gigawatts of the planned 17 GW already permitted and more than $1.5 billion invested in the buildout to date. The company is targeting first power for 2026. The initial 15-year term includes two renewal options of five years each. Fermi said it continues to advance discussions with additional hyperscale, neo-cloud and enterprise compute counterparties for capacity at Project Matador. The Texas Tech University System, which has partnered with Fermi on the project, said it supports the transaction and intends to work closely with Fermi toward a successful closing. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Fermi shares jump on first binding Matador lease agreement

(Alliance News) - Fermi Inc on Tuesday announced the execution of its first binding customer lease agreement at its Project Matador campus in Texas. In response, Fermi shares were up 11% at USD6.90 each on Tuesday at around noon in London. The Texas-based, data centre-focused real estate investment trust said the deal is between subsidiary Fermi Campus 1 LLC and TensorWave TEX1 LLC, a subsidiary of AI cloud provider TensorWave Inc, and covers a facility supported by 222 megawatts of total facility power once the final delivery phase commences. "Once fully delivered, the facility is being designed to support tens of thousands of next-generation AMD Instinct GPUs for large-scale AI training and inference," Fermi added. Fermi, which operates as Fermi America, expects the lease to deliver approximately USD6.5 billion in total contracted revenue over its initial 15-year term. It also noted that the agreement carries expansion rights for two additional data centres, and that once these are exercised, the partnership will cover over 650 MW in total. Fermi added that Matador's construction "is well underway, with approximately 6 gigawatts (GW) of the planned 17 GW already permitted, more than USD1.5 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," it said. Chair Marius Haas commented: "A lease of this size and this term is a tremendous vote of confidence in Fermi. 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." Fermi said it continues to advance discussions with additional hyperscale, neo-cloud and enterprise compute counterparties for Matador's capacity, and with development, construction, and financing partners for the campus. It said it expects to release further details as deals are finalised. By Emma Curzon, Alliance News reporter

Fermi secures first data center lease worth $6.5 billion By Investing.com

DALLAS - Fermi Inc. (NASDAQ:FRMI)(LSE:FRMI) announced today it has signed its first binding customer lease at its Project Matador campus in Carson County, Texas, according to a press release statement. The lease with TensorWave TEX1, LLC, a subsidiary of AI cloud provider TensorWave Inc., covers a facility supported by 222 megawatts of total facility power. The agreement is expected to generate approximately $6.5 billion in total contracted revenue over an initial 15-year term, with two additional five-year renewal options. The facility will support AMD Instinct GPUs for AI training and inference. Fermi will develop, construct and deliver the turnkey data center, with TensorWave taking occupancy in phases beginning in the second half of 2027. The lease includes expansion rights for two additional data centers that would bring total capacity to more than 650 megawatts across three phases. Fermi stated that construction at Project Matador is underway, with approximately 6 gigawatts of the planned 17 gigawatts already permitted and more than $1.5 billion invested in the buildout to date. The company targets first power for 2026. The company expects certain obligations under the lease to be guaranteed by what it described as one of the global leaders in AI, though the guarantor was not identified. "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. Darrick Horton, CEO and Co-Founder of TensorWave, said the company's customers need hundreds of thousands of next-generation AMD Instinct GPUs. The Texas Tech University System stated it supports the transaction and intends to work toward a successful closing. The lease contains customary conditions, including receipt of requisite project guaranties and financing. Fermi stated it continues to advance discussions with additional customers for capacity at Project Matador. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Fermi Signs First Binding Lease Agreement at Project Matador in Texas; Shares Rise After Hours

Fermi Inc. is an advanced energy and hyperscale development company purpose-built for the artificial intelligence (AI) era. The Company is engaged in the development of electric grids that deliver highly redundant power at a gigawatt scale, required to create artificial intelligence. Situated on a 5,236-acre site in Amarillo, Texas, Project Matador is secured by the Company pursuant to the Lease on land owned by the Texas Tech University System. Project Matador is designed to accommodate up to 6.0 gigawatt (GW) of nuclear capacity via 4.0 GW of bifurcated Westinghouse Reactors and 2.0 GW of small nuclear reactor (SMRs). Its HyperRedundant site is strategically located adjacent to natural gas fields in the United States that is within a high-radiance solar corridor, well-positioned for advanced nuclear development and supportive of multiple energy pathways including near-term natural gas power development.