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Fermi announces an AMD credit support agreement for the TensorWave phase-one lease
Fermi said AMD signed a credit support agreement supporting the lease for phase one of Project Matador (222 MW of gross power capacity, the TensorWave lease announced August 10, 2026), and that the two companies signed a partnership agreement with a framework for possible expansion of up to 650 MW. A fact sheet Fermi filed the next day says AMD's credit support begins once construction is complete and rent starts. Closing of the TensorWave lease, due by October 31, 2026, was still listed as a risk.[1][2][3]
What the sources say
- ✓ Verified
Fermi Inc. (press release): Fermi's October 13, 2026 release says AMD signed a credit support agreement supporting a lease for phase one of Project Matador in Carson County, covering 222 MW of gross power capacity in line with its first customer lease announced August 10, 2026, and that the companies signed an agreement setting out a partnership and framework for possible future expansion of up to 650 MW of gross power capacity. Fermi called it a key milestone toward securing project financing. The release does not state the amount or term of the credit support. [1][2]
- Phase1 gross mw
- 222
- Expansion framework mw
- 650
- ✓ Verified
Fermi Inc. (press release): The release's forward-looking-statements section lists "satisfaction of the conditions to AMD's obligations under the agreement and to the closing of the TensorWave lease" and the ability to obtain project financing among its risks. It does not say whether the TensorWave lease has closed. [1]
- ✓ Verified
Fermi Inc. (SEC filing): A TensorWave lease fact sheet Fermi furnished to the SEC on October 14, 2026 describes a 15-year phase-one lease for 222 MW of total power capacity (156 MW of critical IT capacity) with two five-year renewal options and 2.5% annual escalators; says phased delivery is expected to begin in the fourth quarter of 2027 and finish in early 2028; and says AMD's credit support begins once construction is complete and rent starts. It also gives Fermi's estimates (projections) of an approximately 75% to 80% phase-one project-level operating margin, power capital costs of $3 million to $4 million per MW and data-center capital costs of $10 million to $12 million per MW of critical IT capacity. [3]
- Total power mw
- 222
- Critical it mw
- 156
- Annual escalator
- 2.5%
