Fermi has agreed a deal with an investment-grade hyperscaler to develop 600MW of power at Project Matador, its planned campus near Amarillo, Texas, with capacity to come online beginning next year. The customer, which has not signed a lease, is providing 200 million dollars up front and 15 million dollars under an early construction and site development agreement, and the two companies are finalising a 90 million dollar purchase agreement for structural steel and building materials Fermi secured in advance.
In the same statement, Fermi said it and TensorWave have terminated the data centre lease and services agreement signed in August 2026, and that the AMD credit support agreement tied to that lease is also terminated, ending the deal whose October 31 closing deadline was missed. Fermi also reported a net loss of 141.6 million dollars for the three months to the end of September, with debt up to 958.4 million dollars; its shares rallied to 2.15 dollars on the hyperscaler news after hitting a low of 1.55 dollars earlier this month, against a 30 dollar listing price in October 2025.