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TensorWave signs 15-year lease for Fermi’s Project Matador data center
The 222 megawatt campus deal is expected to generate more than $6.5B in revenue over the lease term and includes renewal options and expansion rights for additional data centers.
Fermi has secured its first tenant for Project Matador, its Texas data center campus in Carson County. Artificial intelligence cloud provider TensorWave signed a 15-year lease, the company said Monday, with the deal expected to generate more than $6.5B in revenue.
The agreement includes two five-year renewal options, and TensorWave can choose to expand into two more data centers on the campus. TensorWave will move in phases, and once fully built the facility is designed to support up to tens of thousands of AMD graphics processing units used to operate and train AI.
The project spans 222 megawatts of power, and the REIT has faced setbacks in securing tenants and completing construction. Earlier reporting in the company’s IPO and subsequent headlines noted construction stalling, tenant delays, and misconduct allegations, with Fermi’s shares rising 21% after the lease news.
Fermi’s Project Matador also reflects broader funding and governance turmoil tied to its formation. The REIT was co-founded in 2025 by former Texas Gov. Rick Perry and Toby Neugebauer, and Neugebauer was ousted from the CEO and board role in April, leading to a wrongful termination suit and a proxy campaign that was later put on hold.