Fermi secures $6.5 billion AI campus lease deal

• Fermi (NASDAQ:FRMI) signed a 15-year lease agreement with TensorWave valued at approximately $6.5 billion for Project Matador.
• The company reported a Q2 2026 net loss of $25.8 million while continuing development of its private power and AI campus.
• Fermi expanded planned power capacity through a 2.6 GW alliance with Hillcore, which would increase planned on-site generation to 4.8 GW.

Fermi (NASDAQ:FRMI) reported second-quarter 2026 results and announced progress on Project Matador, including a 15-year turnkey lease agreement with TensorWave valued at approximately $6.5 billion.

The agreement covers 222 MW of facility power for TensorWave’s first anchor customer site, with options that could expand its footprint, while Fermi continues developing its private power and artificial intelligence infrastructure campus in Texas.

The company formed a build-own-operate-transfer alliance with Hillcore for approximately 2.6 GW of additional generation capacity, which would increase planned on-site power capacity to 4.8 GW if completed.

Fermi received three Siemens SGT6-5000F turbines during the quarter, increasing landed power assets to 1.5 GW, and said investment in site development has exceeded $1.5 billion.

Fermi is developing Project Matador, a large-scale private power and AI data center campus designed to provide dedicated energy infrastructure for artificial intelligence computing.

The company remained pre-revenue in Q2 2026 and reported a net loss of $25.8 million, while later issuing more than $431 million of 5% convertible senior notes due 2031 with capped call features intended to reduce potential shareholder dilution.