Tue, Oct 13, 2026
Fermi signs AMD credit support agreement and expansion framework
Analysis
Positive: AMD's credit support appears to address the guaranty that was holding up the closing of the $6.5 billion TensorWave lease, and is a step toward project financing. The 650 MW expansion is only a framework with no binding terms, and the lease must still close by October 31.
Key points
- Credit support agreement signed with AMD, supporting the lease of phase one of Project Matador (Carson County, Texas): 222 MW of gross power capacity, in line with the first customer lease announced on August 10, 2026
- Described as a key milestone toward securing project financing; no financial terms of the credit support are disclosed
- Separate partnership agreement sets a framework for future expansion of up to 650 MW of gross power capacity (phases two and three)
- The TensorWave lease still has to close, now by October 31, 2026
- CEO says land, permits, water, power equipment and fiber network are in place