Why it matters
The strategic read
Gives Fermi's Project Matador its first binding tenant and converts a portion of the planned power campus into contracted AI-cloud capacity. The lease combines a multibillion-dollar base term, phased 2027 delivery and a path to more than 650 MW for TensorWave's AMD Instinct GPU infrastructure.
Source-supported terms
What was disclosed
- 01
Fermi Campus 1 signed a binding turnkey data-center lease with TensorWave TEX1 at Project Matador.
- 02
The initial 15-year term is expected to generate approximately $6.5B of contracted revenue, excluding renewal periods.
- 03
The first facility is designed for 222 MW of total facility power and tens of thousands of next-generation AMD Instinct GPUs.
- 04
TensorWave is expected to take occupancy in phases beginning in the second half of 2027.
- 05
TensorWave holds rights for two additional data centers that could expand the partnership above 650 MW across three phases.
- 06
The first-phase lease is Fermi's first binding customer agreement at Project Matador.
Disclosure boundary
What is known—and what is not
Binding lease announced. The corrected issuer release discloses the initial term, expected contracted revenue, first-phase facility power, phased delivery and expansion rights. Public materials do not disclose rent schedule, renewal economics, development capex, full guaranty terms, financing conditions, equipment purchase commitments, service levels, remedies, termination rights or whether TensorWave will exercise either expansion option.