Fermi Inc. (NASDAQ:FRMI)(LSE:FRMI), operating as Fermi America, on November 12, 2026, announced multiple new agreements with an undisclosed investment-grade hyperscale customer to advance development of 600 megawatts of power capacity at Project Matador, alongside its third-quarter 2026 financial results.

Major Customer Agreements Signal Shift From Pipeline to Revenue

The agreements come ahead of a final lease. According to the company, the customer is making financial and development commitments before a lease is signed, reflecting what Fermi describes as the importance of securing access to power within the customer's targeted delivery timeline.

The commitments include a USD 200 million prepayment agreement providing substantial upfront customer funding in connection with the proposed 600 MW development, and a USD 15 million early construction and site development agreement that establishes a framework for advancing site preparation and construction activities as soon as possible to maintain the customer's desired schedule.

Fermi and the customer are also finalizing a USD 90 million structural steel and building materials purchase agreement, which would allow the customer to leverage long-lead materials Fermi secured in advance, accelerating the customer's planned construction of multiple data center facilities at Project Matador. The company said the parties continue to work toward a definitive long-term lease and finalization of the steel purchase agreement. The customer's identity remains confidential.

In a statement, Fermi Chief Executive Officer Lee McIntire framed the deals as validation of the company's approach. "Hyperscalers want sites that are ready with permitted power, and Fermi's Project Matador is one of the few that can meet that demand today," McIntire said.

"Our head start in speed to power is a key reason an investment-grade hyperscaler has signed up for 600 megawatts and committed more than USD 200 million up front to accelerate construction at Project Matador with an additional USD 90 million contemplated."

McIntire added that the agreements are part of Fermi's strategy of investing early in infrastructure readiness to attract customer capital earlier in the project lifecycle and translate power and infrastructure advantages into long-term revenue opportunities "with little or no dilution."

He said the deals represent what the company believes is "just the start" of converting its customer pipeline, and that if Fermi successfully turns prospective customers into leases, it would completely fill the company's 2.2 gigawatts of current capacity, positioning the company to evolve from pre-revenue and pre-lease to its next phase of growth.

TensorWave Lease Terminated

Separately, Fermi disclosed that it and TensorWave have terminated the Data Center Lease and Services Agreement the two parties signed in August 2026. The AMD credit support agreement associated with TensorWave has also been terminated, according to the announcement.

Texas Tech Partnership Reaffirmed

Fermi said it and the Texas Tech University System continue to work together to advance Project Matador, including the conditions under the land lease that precede vertical construction.

Earlier in the week of the announcement, Texas Tech University System Chancellor Brandon Creighton issued a statement reaffirming the partnership, saying, "Texas Tech is proud of our partnership with Fermi and remains firmly committed to the success of Project Matador."

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