Tenant Agreement Updates
Investment-Grade Hyperscaler Agreements. Fermi has entered into agreements with an undisclosed investment-grade hyperscale customer to advance development of an initial 600 MW of power capacity beginning in 2027 at Project Matador. The customer is making financial and development commitments ahead of finalizing a lease, reflecting the importance of securing access to power within its targeted delivery timeline. These financial and development commitments include:
- $200 million prepayment agreement: Provides for substantial upfront customer funding in connection with the proposed 600 MW development.
- $15 million early construction and site development agreement: Establishes a framework for advancing site preparation and construction activities as soon as possible to maintain the customer's desired schedule.
Additionally, Fermi and the customer are finalizing a $90 million structural steel and building materials purchase agreement, which would enable the customer to leverage critical long-lead materials Fermi secured in advance, accelerating the customer's planned construction of multiple data center facilities on Project Matador.
These agreements demonstrate Fermi's strategy of investing early in infrastructure readiness to enable faster customer development, attract customer capital earlier in the project lifecycle, and translate our power and infrastructure advantages into long-term revenue opportunities with little or no dilution.
The customer intends to use Fermi's infrastructure and advance development work to accelerate its deployment at Project Matador. The parties continue to work toward a definitive long-term lease and finalization of the steel purchase agreement. The customer's identity remains confidential.