Fermi tied TensorWave's first Texas phase to 222 megawatts of AI data-center capacity.
Fermi's investor materials and corrected lease announcement say TensorWave signed a 15-year turnkey data-center lease for the first 222-megawatt Project Matador phase, with phased delivery beginning in the second half of 2027 and about $6.5 billion of expected contracted revenue over the initial term. The Wall Street Journal reported on August 13 that the customer win followed leadership turmoil and that Fermi remained pre-revenue with a second-quarter net loss.
Verified 12:05 AM PDT · 3 original sources
The evidence
What the reporting establishes
What happened
Fermi's investor materials and corrected lease announcement say TensorWave signed a 15-year turnkey data-center lease for the first 222-megawatt Project Matador phase, with phased delivery beginning in the second half of 2027 and about $6.5 billion of expected contracted revenue over the initial term. The Wall Street Journal reported on August 13 that the customer win followed leadership turmoil and that Fermi remained pre-revenue with a second-quarter net loss.
Pressure point
Fermi's lease and revenue figures are company claims, and a lease is not delivered compute. The execution risk sits in financing, construction, power generation, interconnection, GPU supply and TensorWave's own demand curve before the 2027 delivery window arrives.
What to watch
Whether Fermi secures financing and guaranties; whether first power arrives on schedule; whether TensorWave fills the facility with profitable GPU demand; and whether gas-heavy private power campuses face local or regulatory resistance.
Audit the story
Original sources
Company claims remain company claims. Follow the reporting and judge the evidence directly.
- FermiFermi Announces Binding Lease Agreement with TensorWave ↗
- U.S. Securities and Exchange CommissionFermi second quarter 2026 investor presentation ↗
- The Wall Street JournalRick Perry's Fermi Finally Finds a Customer for Its Giant Texas AI Power Bet ↗
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