Tue, Sep 22, 2026
Fermi and TensorWave extend lease closing date to October 31, 2026
Key points
- First amendment to the 222 MW (gross) Project Matador data center lease moves the closing date from September 30 to October 31, 2026; all other terms are unchanged
- The lease is worth about $6.5 billion over its initial 15-year term and is not effective until its closing conditions are met
- Remaining conditions: work letters and guaranties, operations schedules and a service-level agreement, board approvals, and project-level financing sufficient to fund construction
- Fermi is still negotiating a guaranty of the lease obligations with an investment-grade counterparty; the extension gives time to finalize it
Deal amendment
Amendment · Tue, Sep 22, 2026View the deal
DealProject Matador · TensorWave