Fermi Inc. (NASDAQ:FRMI) stock is trading higher by more than 19% during Tuesday’s premarket session.
On Monday, the company’s subsidiary secured its first binding customer lease at Project Matador in Carson County, Texas, with TensorWave TEX1, a unit of AI cloud provider TensorWave.
New Lease Agreement with TensorWave
The agreement covers a facility with 222 MW of total power capacity and is designed to support tens of thousands of AMD Instinct GPUs for large-scale AI training and inference.
The initial 15-year lease is expected to generate approximately $6.5 billion in contracted revenue, excluding renewals.
