Fermi posts TensorWave lease fact sheet: $6.5 billion phase one, 15-year term
Fermi Inc. posted a fact sheet on its website describing a binding 15-year phase one lease with TensorWave at Project Matador, with contracted revenue of $6.5 billion over the initial term. The lease is backed by credit support from AMD, which begins once construction is complete and rent starts, and the company says it supports project financing.
Key points
- Phase one covers 222 MW total power capacity and 156 MW critical IT capacity, with phased delivery starting Q4 2027 and completing early 2028.
- Estimated phase one project-level NOI margin is approximately 75% to 80%; the company says this excludes variable power charges passed through to the tenant.
- AMD credit support is signed; the company notes AMD's obligations start only after construction is complete and rent commences.
The filing
Written by AI on Nov 9, 2026, 11:46 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on October 14, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.