Fermi signs 15-year data center lease with TensorWave worth about $6.5 billion

Fermi signed a binding 15-year turnkey data center lease with TensorWave for 222 MW at its Project Matador campus in Texas.

Phase one is expected to generate about $6.5 billion in contracted revenue over the initial term.

Delivery is scheduled in phases starting in the second half of 2027, with first power targeted for 2026.

The lease includes expansion rights for two additional data centers, taking total capacity to more than 650 MW.

Closing is subject to customary conditions, including project guarantees and financing; some obligations may be guaranteed by a global AI company.