· Related development
Fermi's first prospective tenant ends a $150 million construction-funding agreement
Fermi disclosed that the prospective tenant under a September 19, 2025 non-binding letter of intent notified it on December 11, 2025 that it was terminating a November 3, 2025 agreement to advance up to $150 million for construction costs. No funds had been drawn. The letter of intent's exclusivity period had expired December 9.[1][2]
Fermi America (Fermi, Inc.)
What the sources say
- ✓ Verified
Fermi Inc. (SEC filing): Fermi's December 12, 2025 Form 8-K says an investment-grade-rated prospective tenant under a September 19, 2025 non-binding letter of intent had agreed on November 3, 2025 to advance up to $150 million for construction costs; no funds were drawn; the letter's exclusivity period expired December 9; and on December 11 the tenant gave notice it was terminating the advance agreement while the parties continued to negotiate a lease.[1][2]
- Advance
- $150,000,000
- Drawn
- $0
- ✓ Verified
Under the Texas Tech lease, lease commencement had been tied to a term sheet with a first tenant, and the notice to proceed for vertical construction requires an executed Phase 1 tenant lease; no source located states whether the System treated the December 2025 termination as affecting the lease.[3]