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A 15-year binding lease between Fermi (FRMI) and AI cloud provider TensorWave, worth approximately $6.5 billion in contracted revenue and covering the first 222-megawatt phase of Project Matador on an 8,400-acre Texas campus, sent shares up roughly 21% on Aug.
The numbers Before this agreement, Fermi had no committed tenant on a project it had been building without meaningful revenue.
The lease covers Phase 1 at 222 megawatts, with deliveries expected to begin in the second half of 2027.
The companies reportedly intend to expand the relationship beyond 650 megawatts across three phases, though that expansion remains prospective.
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