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Intends to grow the partnership to more than 650 megawatts (MW) over three phases

First phase to deliver a complete turnkey data center solution with 222 MW beginning in the second half of 2027, representing approximately $6.5 billion in total contracted revenue

Fermi and TensorWave have lined up world-class partners to collaborate on the project and expect certain of the obligations under the lease to be guaranteed by one of the global leaders in AI

DALLAS, TX / August 10, 2026 / Fermi Inc. 

Fermi Announces Binding Lease Agreement with TensorWave

Intends to grow the partnership to more than 650 megawatts (MW) over three phases

First phase to deliver a complete turnkey data center solution with 222 MW beginning in the second half of 2027, representing approximately $6.5 billion in total contracted revenue

Fermi and TensorWave have lined up world-class partners to collaborate on the project and expect certain of the obligations under the lease to be guaranteed by one of the global leaders in AI

DALLAS, TX / August 10, 2026 / Fermi Inc. (NASDAQ:FRMI)(LSE:FRMI), operating as Fermi America™ ("Fermi" or the "Company"), announced today that it has executed its first binding customer lease at its Project Matador campus in Carson County, Texas. The lease between Fermi's subsidiary Fermi Campus 1 LLC and TensorWave TEX1, LLC, a subsidiary of AI cloud provider TensorWave Inc., covers a facility supported by 222 megawatts (MW) of total facility power following commencement of the final delivery phase. Once fully delivered, the facility is expected to support tens of thousands of next-generation AMD Instinct GPUs for large-scale AI training and inference. The lease is expected to generate approximately $6.5 billion in total contracted revenue over the initial 15-year term, for the first phase, excluding any renewal terms. The lease carries expansion rights for two additional data centers that when exercised, would bring the partnership to a total of more than 650 MW.

Construction at Project Matador is well underway, with approximately 6 gigawatts (GW) of the planned 17 GW already permitted, more than $1.5 billion invested in the buildout to date, and first power targeted for 2026. As a result, Fermi is positioned to deliver AI data center capacity in a market where many projects are still raising the capital required to build or being blocked by permitting issues.

"A lease of this size and this term is a tremendous vote of confidence in Fermi," said Marius Haas, Chairman of the Board of Directors of Fermi Inc. "In delivering this first binding agreement, we've now fulfilled the most important objective we shared with the market in May. The committed partner ecosystem of developers, guarantors, and financing providers are all industry-leading companies, and TensorWave is exactly the kind of anchor customer our project was designed for. I am incredibly proud of our team for executing the site buildout to date, and for delivering this agreement and advancing others that we expect to announce soon."

Transaction summary

 * Structure: Turnkey data center lease. Fermi develops, constructs and delivers the facility; TensorWave takes occupancy in phases.
 * Capacity: 222 MW of total facility power for phase one with expansion rights that would bring the partnership to a total of more than 650 MW.
 * Term: Initial term of 15 years following commencement of the final delivery phase, with two renewal options of five years each.
 * Contracted Revenue: Approximately $6.5 billion over the initial 15-year term for phase one.
 * Delivery: Phased, beginning the second half of 2027.
 * Guarantee: Fermi expects certain of the obligations under the lease to be guaranteed by one of the global leaders in AI.
 * Conditions: The lease contains customary conditions, including the receipt of requisite project guaranties and financing.

"Power is the critical constraint in AI infrastructure, and the vision and scope of what Fermi is building at Project Matador resonates with our own," said Darrick Horton, CEO and Co-Founder of TensorWave. "Our customers need hundreds of thousands of next-generation AMD Instinct GPUs in aggregate, on timelines they can count on. Fermi has assembled the power, land, and permits to deliver at that pace, and we are proud to be the first customer at a campus built for the decades ahead."

Fermi has been advised by the Texas Tech University System that it supports the transaction and intends to work closely with Fermi toward a successful closing.

"The Texas Tech University System-Fermi partnership is delivering on the bold vision behind Project Matador," said Chancellor Brandon Creighton. "TensorWave's selection of Fermi sends a strong signal about the enormous potential of this project and the Texas Panhandle. The System is proud to help position our region at the forefront of America's energy, AI and national security future."

Fermi continues to advance discussions with additional hyperscale, neo-cloud and enterprise compute counterparties for capacity at Project Matador, and with development, construction, and financing partners for the campus. Fermi expects to provide further detail as agreements are finalized.

About Fermi's Project Matador
Fermi America is where AI gets power. The Company is developing one of the world's largest advanced energy and AI ecosystems, on an area in the Texas Panhandle that's more than half the size of Manhattan. The site, called Project Matador, is secured or under long-term lease with more than $1.5 billion invested in buildout to date. Fermi designed the project to solve the single biggest constraint in AI infrastructure: access to large-scale, reliable power on a timeline that meets customer demand - delivered behind the meter and on a private grid built and operated on site. Subject to entering into binding customer agreements, the project is expected to ramp to approximately 17 GW, with capital deployment matched to commercial progress.

About Fermi America™
Fermi America™ (Nasdaq:FRMI)(LSE:FRMI) develops next-generation private electric grids that deliver highly redundant power at gigawatt scale to support next-generation intelligence and AI compute. Fermi America™ combines cutting-edge technology with a deep bench of proven world-class multi-disciplinary leaders with a combined 25 GW of experience, to create the world's largest, 17 GW next-gen private grid, helping ensure America's energy and AI dominance. The behind-the-meter Project Matador campus is expected to integrate the nation's biggest combined-cycle natural gas project, one of the largest clean, new nuclear power complexes in America, utility grid power, solar power, and battery energy storage, to support hyperscale AI and advanced computing. For additional information visit www.fermiamerica.com.

About TensorWave
TensorWave is the AI cloud purpose-built for performance. Powered exclusively by AMD Instinct™ Series GPUs, TensorWave delivers high-bandwidth, memory-optimized infrastructure that scales with the most demanding training and inference workloads. Backed by funding from investors including Magnetar, AMD Ventures, Maverick Silicon, Nexus Venture Partners, and Western Frontier, TensorWave operates one of the world's largest all-AMD GPU clouds and is expanding rapidly to meet global demand. For more information, please visit tensorwave.com.

Forward-Looking Statements

This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's commercial strategy, tenant agreements, Project Matador, expected capacity, delivery schedules, financing arrangements, expansion opportunities, the potential exercise of expansion rights and any resulting capacity or revenue, expected contracted revenue, the anticipated growth of the company's relationship with TensorWave, market demand, the timing and conditions of construction capital deployment, the sufficiency and continued availability of tenant credit support, the availability of project financing, and future operations. Forward-looking statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. The Company undertakes no obligation to update any forward-looking statements except as required by law.

Fermi Announces Binding Lease Agreement with TensorWave

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