Fermi Inc. (NASDAQ: FRMI) has signed a binding 15-year lease agreement with AI cloud provider TensorWave for a turnkey data center at its Project Matador campus in Texas. The first phase of the deal is expected to generate approximately $6.5 billion in contracted revenue and will provide 222 megawatts (MW) of power.
The facility is designed to support tens of thousands of next-generation AMD Instinct GPUs for large-scale artificial intelligence training and inference workloads. Phased delivery of the data center is scheduled to begin in the second half of 2027. The agreement also includes expansion rights that could bring the total partnership to more than 650 MW over three phases.