페르미 아메리카, '세계 최대 데이터센터'에 65억 달러 규모 임대 계약 체결

Fermi Inc. announced Monday that it has signed a $6.5 billion lease with AI cloud provider TensorWave for a portion of its sprawling data center and power campus in the Texas Panhandle. The deal marks the company’s first binding customer agreement following months of scrutiny over financing, leadership disputes, and environmental concerns.

The 15-year agreement covers a data center powered by 222 megawatts at Project Matador, a large-scale energy and computing development currently under construction in Carson County, northeast of Amarillo. Fermi stated the facility could ultimately accommodate tens of thousands of AMD Instinct graphics processing units designed to train and run artificial intelligence workloads.

Fermi plans to deliver the facility in phases beginning in the second half of 2027. The contract grants TensorWave options to expand into two additional data centers, potentially increasing the partnership’s total capacity to over 650 megawatts. These expansions are not yet committed, and the initial lease remains contingent on project financing and guarantees. Fermi indicated that certain TensorWave obligations will likely be backed by an unnamed “global leader in AI,” though it did not confirm whether such a guarantee has been executed.

“A lease of this size and this term is a tremendous vote of confidence in Fermi,” board Chairman Marius Haas said in a statement. TensorWave, a private firm specializing in cloud infrastructure built around AMD processors, recently raised $350 million in June at a reported valuation of $1.55 billion. AMD Ventures and Magnetar co-led the financing round.

Fermi will develop and construct the turnkey facility, with TensorWave scheduled to take occupancy in phases. The lease also includes two five-year renewal options following the initial term.

The agreement marks a significant milestone for a project that has drawn national attention for its scale and political ties, while simultaneously facing scrutiny over financing, water usage, air emissions, and corporate governance. Co-founded by former Texas Governor and U.S. Energy Secretary Rick Perry, Fermi aims to develop up to 17 gigawatts of power at Project Matador using a mix of natural gas, nuclear, solar, battery storage, and grid interconnections. Approximately 6 gigawatts have received permitting, and the company reports over $1.5 billion in capital already deployed.

Fermi has filed federal applications for four AP1000 nuclear reactors at the site, located adjacent to the U.S. Department of Energy’s Pantex facility. While NRC filings formally designate the location as the President Donald J. Trump Advanced Energy and Intelligence Campus, the company continues to refer to it as Project Matador. The proposed reactors have not yet secured construction or operating licenses.

This latest agreement comes after the collapse of a prior tenant arrangement that eroded investor confidence and sparked doubts about Fermi’s capacity to fund construction. In September 2025, Fermi executed a nonbinding letter of intent with an investment-grade prospective tenant. That party subsequently pledged up to $150 million toward construction costs but terminated the funding agreement in December. Fermi confirmed that no funds were ever disbursed.

The failed deal triggered a steep drop in Fermi’s stock price and led to a shareholder lawsuit accusing the company of misleading investors regarding tenant demand and Project Matador’s funding pipeline. Fermi has denied any misconduct and stated it will vigorously defend itself. As of March 31, the company had not yet generated operating revenue and disclosed in a regulatory filing that its existing cash reserves would be insufficient to cover anticipated obligations over the next 12 months without additional financing or adjustments to its construction timeline. Fermi estimates that completing the initial phases of Project Matador will require more than $3 billion in additional capital.

To bridge the funding gap, Fermi raised $431.25 million via convertible notes in July. The company plans to finance Project Matador through a blend of project debt, equipment financing, tenant advance payments, strategic investments, and tax incentives.

The company has also navigated a protracted leadership conflict. In April, Fermi’s board stripped co-founder Toby Neugebauer of his CEO role and terminated his employment for cause on April 30, citing violations of his employment contract and company policies. His board seat was vacated accordingly. Neugebauer contested the decision, asserting that his removal centered on control of Project Matador rather than performance. He filed suit to overturn his dismissal and initiated efforts to convene a special shareholder meeting to replace board members.

Fermi countered that Neugebauer attempted to seize control of the enterprise and maintained that its directors acted appropriately. Neugebauer paused his proxy campaign in July following a judge’s recusal just before a planned hearing, though he affirmed that the broader governance litigation would proceed. Compounding stability concerns, Chief Financial Officer Miles Everson resigned in April. Fermi subsequently appointed Robert Masson as CFO.

Water consumption at Project Matador has ignited further debate in a region reliant on groundwater for municipal, agricultural, and ranching needs. In October, the Amarillo City Council voted 4–1 to approve a deal allowing Fermi to purchase up to 2.5 million gallons of water daily. Under the terms, Fermi will pay double the standard industrial rate and bear full responsibility for constructing and maintaining the pipeline infrastructure connecting to the city. Councilman Les Simpson opposed the measure, contending the city could have secured higher pricing and that negotiations progressed too rapidly. Mayor Cole Stanley defended the arrangement as economically advantageous for Amarillo.

Perry has worked to alleviate concerns regarding the project’s water footprint. During an October interview, he noted that the first gigawatt of capacity would consume roughly the same amount of water as a single center-pivot irrigated cornfield. Fermi subsequently informed state legislators that its advanced cooling and water-recycling systems would reduce consumption by approximately 80% compared to conventional data center designs. Critics remain skeptical of these figures, warning that even highly efficient facilities could strain regional water supplies as the campus scales.

The controversy prompted Amarillo officials in May to propose a two-year moratorium on new large-scale data centers. Municipal leaders stated they required additional time to assess the industry’s impact on local water resources, electrical grids, and public infrastructure. Because Project Matador sits outside Amarillo’s city limits, a municipal moratorium would not legally halt its development. Nevertheless, the proposal underscored the political headwinds facing the project and similar hyperscale developments.

Residents and environmental organizations have also challenged air quality permits for the planned natural gas power complex. Despite calls for a contested hearing, the Texas Commission on Environmental Quality granted a major permit in February. Applications for additional generating facilities remain pending.

The project now operates amid a shifting regulatory landscape. On August 3, Governor Greg Abbott directed state regulators to audit data centers seeking Texas grid interconnections, evaluating their water consumption, infrastructure expenditures, and community impacts. Abbott has consistently argued that data centers must fully fund their own grid upgrades and avoid burdening residential ratepayers. While Fermi maintains that most of Project Matador’s power will be generated behind the meter on a private microgrid, the campus will still draw supplemental electricity from the public grid.

Fermi confirmed it continues discussions with hyperscale cloud providers, specialized AI firms, and enterprise clients regarding additional leasing opportunities at Project Matador.