Watch for project financing announcements and construction milestones toward Q4 2027 delivery. The AMD credit support agreement is a key enabler for non-recourse project debt — any update on financing terms or cost overruns would be material. Monitor TensorWave's ability to raise additional capital given its $350M Series B and >2 GW platform scale.
Price Chart
Executive Summary
Fermi Inc. disclosed a binding 15-year phase one lease with TensorWave for 222 MW of total power capacity at the Project Matador site, with estimated phase one contracted revenue of $6.5 billion over the initial term. The lease is backed by credit support from investment-grade AMD, with phased delivery beginning Q4 2027 and completion in early 2028. This is a material, long-term revenue contract that establishes a clear path to cash flows for Fermi's data center development business.
Key Facts
- Binding 15-year phase one lease with TensorWave for 222 MW total power capacity (156 MW critical IT capacity)
- Estimated phase one contracted revenue of $6.5 billion over the 15-year initial term
- Estimated phase one project-level NOI margin of approximately 75%–80%
- Credit support agreement from AMD (rated A/stable S&P, A1/stable Moody's) beginning after construction completion
- Phased delivery begins Q4 2027, completes early 2028
- 2.5% annual escalators in lease; two 5-year renewal options
- TensorWave has raised $350M Series B from AMD, Magnetar, Maverick Silicon, and Nexus Venture Partners
- TensorWave has >2 GW of secured capacity across its platform
Financial Impact
$6.5 billion in phase one contracted revenue over 15 years; estimated project-level NOI margin of 75%–80%
Risk Factors
- Construction and permitting risks, including NRC and TCEQ approvals
- Tenant concentration risk — single tenant for phase one
- Execution risk on 222 MW build-out with 75-80% NOI margin target
- AMD credit support only begins after construction completion and rent commencement
- Forward-looking statements subject to numerous regulatory and market uncertainties
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001213900-26-109227 |
| Document: ea030854601ex99-1.htm | 0001213900-26-109227 |
| Document: 0001213900-26-109227-index-headers.html | 0001213900-26-109227 |
| Document: 0001213900-26-109227-index.html | 0001213900-26-109227 |
| Document: 0001213900-26-109227.txt | 0001213900-26-109227 |
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| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 6d ago | 144 | $2.86 | awaiting T+5 | — | $2.62 (+8.39%) |
Oct 16, 2026 11d ago | 8-K | $3.16 $2.65 | ▼ −16.14% | ▼ −16.23% | $2.62 (−17.09%) |
Oct 14, 2026 12d ago | 144 | $3.40 $2.65 | ▲ +21.94% | ▲ +20.93% | $2.62 (+22.83%) |
Oct 14, 2026 13d ago | 8-K | $3.16 $2.86 | ▼ −9.49% | ▼ −9.95% | $2.62 (−17.09%) |
Oct 13, 2026 13d ago | 144 | $3.16 $2.86 | ▲ +9.49% | ▲ +9.95% | $2.62 (+17.09%) |
Oct 2, 2026 25d ago | DEF 14A | $4.06 $3.25 | ▲ +19.95% | ▲ +20.37% | $2.62 (+35.47%) |
Jul 15, 2026 14w ago | 8-K | $5.93 $6.32 | ▼ −6.58% | ▼ −8.25% | $2.62 (+55.82%) |
Jul 13, 2026 15w ago | 8-K | $6.31 $6.05 | ▲ +4.12% | ▲ +3.34% | $2.62 (+58.48%) |
Jul 9, 2026 15w ago | 8-K | $6.59 $5.93 | ▲ +10.02% | ▲ +9.45% | $2.62 (+60.24%) |
Jul 8, 2026 15w ago | DFAN14A | $7.36 $6.74 | ▲ +8.42% | ▲ +9.29% | $2.62 (+64.40%) |
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