Shares of data center REIT Fermi FRMI.O rise 19.3% to $7.02.
FRMI says it is expected to generate about $6.5 billion in total contracted revenue from the initial 15-year term of its first phase lease agreement with AI cloud provider TensorWave.
The facility, leased by FRMI to TensorWave, is set to begin operations in H2 2027 and will use 222 MW of power to support thousands of AMD Instinct GPUs AMD.O for AI training and inference.
The deal includes expansion rights that could ultimately grow the project to more than 650 MW over three phases.
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