Fermi, 600MW 규모 하이퍼스케일러 선결제로 2억 달러 수령… TensorWave 임대 계약 종료
Fermi said Thursday that an undisclosed investment-grade hyperscaler has committed about $200 million up front to advance an initial 600 megawatts of power capacity at Project Matador, its private-grid data center campus in the Texas Panhandle, beginning in 2027. The customer signed a $200 million prepayment agreement and a $15 million early construction and site development agreement. The two companies are also finalizing a $90 million purchase of structural steel and building materials that Fermi bought in advance.
The same release disclosed that Fermi's first announced tenant is gone. Fermi and TensorWave have terminated the Data Center Lease and Services Agreement they signed in August 2026, and the AMD credit support agreement tied to it has also been terminated. The release gives no reason for the terminations.
**What the hyperscaler signed, and what it has not**
Fermi said the customer is making financial and development commitments "ahead of finalizing a lease" because it wants access to power within its delivery timeline. The prepayment provides upfront funding for the proposed 600 MW development. The $15 million agreement sets a framework for site preparation and construction to start as soon as possible. The steel agreement, still being finalized, would let the customer use long-lead materials Fermi has already secured to speed construction of multiple data center buildings on the site. The customer's identity remains confidential, and the parties "continue to work toward a definitive long-term lease."
"Our headstart in speed to power is a key reason an investment-grade hyperscaler has signed up for 600 megawatts and committed more than $200 million up front," chief executive Lee McIntire said. He said that if Fermi converts its pipeline of prospective customers into leases, "it would completely fill our 2.2 gigawatts of current capacity."
The investor presentation shows the 600 MW as reserved for 2027 by a "major hyperscaler." Fermi puts its maximum 2027 power at 925 MW if all contracted turbines and equipment are delivered, rising to 1,332 MW in 2028 and 2,000 MW of Fermi-owned generation in 2029, plus up to 200 MW from Xcel Energy. The deck pitches a "Powered Land+" model, in which Fermi supplies power, land, water and fiber and the tenant builds the data halls. Fermi presents this as its capital-light entry point, at an illustrative $3.9 million to $5.1 million of capital per megawatt of gross power, compared with $12.1 million to $15.0 million for a turnkey facility.
*Fermi shows 600 MW reserved for 2027 by an unnamed hyperscaler, out of up to 925 MW it could deliver that year.*
**The TensorWave lease unwinds**
TensorWave, an AI cloud provider built on AMD GPUs, agreed in August to lease a turnkey data center at Project Matador with 222 MW of total facility power, about $6.5 billion of contracted revenue over an initial 15-year term, and expansion rights that could take the relationship above 650 MW. In October, AMD signed a credit support agreement backing that 222 MW phase-one lease, which Fermi called "a key milestone toward securing project financing." The two companies also set a framework for up to 650 MW of expansion. Fermi said at the time that closing the TensorWave lease and AMD's obligations were subject to conditions.
Thursday's release says only that both agreements are terminated. The hyperscaler's 600 MW is larger than TensorWave's first phase, but it comes with a prepayment and a construction agreement rather than a signed lease. Fermi therefore still has no binding long-term revenue contract on the campus.
**Third-quarter results**
| | Q3 2026 | Q3 2025 |
|---|---|---|
| G&A expense | $142.2M | $37.8M |
| Net loss | $141.6M | $346.8M |
| Loss per share | $0.22 | $0.84 |
| PP&E invested (quarter) | $133.4M | n/a |
Fermi has no revenue. G&A of $142.2 million made up most of the $141.6 million net loss and included $65.8 million of non-cash stock compensation and $21.5 million of financial advisory fees settled in stock. The year-earlier loss of $346.8 million included $309.0 million of other expense. Capital spending was $133.4 million in the quarter and $759.5 million over nine months, bringing net property, plant and equipment to about $1.67 billion.
Debt, net, rose to $958.4 million after a $463.0 million net increase in borrowings under its convertible notes and equipment financing facilities. Cash and restricted cash fell to $315.5 million from $408.5 million of cash at the end of 2025. The deck lists $1.2 billion of financing commitments, including a $500 million turbine warehouse facility with about $445 million drawn, and $431 million of 5% convertible notes due 2031.
Fermi also said Texas Tech University System, its landlord, remains committed to the project, and that the two are still working on the land-lease conditions that must be met before vertical construction begins. Texas Tech chancellor Brandon Creighton said the university "remains firmly committed to the success of Project Matador." Fermi scheduled a call for 9 a.m. ET on Thursday.