The disclosure and our analysis
Evidence dates
Evidence: Fermi release of October 13, 2026 on ACCESS Newswire; Fermi release of September 22, 2026 extending the lease closing date; Fermi lease announcement of August 10, 2026; Fermi's Form 10-Q for the quarter ended June 30, 2026, reviewed September 24 and October 13, 2026.
What Fermi discloses
**The agreement.** Fermi says AMD signed a credit support agreement supporting the phase one lease at Project Matador. Fermi gives phase one as 222 MW of gross power capacity. The release does not state the amount, form or duration of AMD's support. [Source 1]
**Expansion framework.** Fermi and AMD also signed an agreement outlining a partnership and framework for future expansion of up to 650 MW of gross power capacity. Fermi's chief executive describes it as a framework for phases two and three. [Source 1] This is a framework, not a lease for that capacity.
**Conditions.** Fermi's forward looking statements list as risks the satisfaction of conditions to AMD's obligations under the agreement, the closing of the TensorWave lease and Fermi's ability to obtain project financing. [Source 1]
The lease this supports
In August, Fermi announced a binding lease between its subsidiary Fermi Campus 1 LLC and TensorWave TEX1, LLC, for a facility supported by 222 MW of total facility power after final phase delivery. [Source 3] Fermi's second quarter 10-Q says the lease has a 15 year initial term from the final delivery phase and is expected to generate about $6.5 billion of contracted revenue over that term, excluding renewals and the expansion option. It gives target delivery dates from the end of 2027 through the first quarter of 2028 for the network hall, January 1, 2028 for data halls 1 and 2, and February 1, 2028 for data halls 3 and 4. [Source 4]
On September 22, Fermi said the parties had moved the lease closing date from September 30 to October 31, 2026 as guaranty discussions continued. [Source 2] The October release does not say whether AMD's agreement satisfies that guaranty condition or whether other closing conditions remain.
Buyer analysis
This is our analysis.
**222 MW is a power figure.** Fermi describes it as gross power capacity, and earlier as total facility power. Neither is critical IT load. Buyers should not compare it with IT load figures from other campuses.
**Supplier backed credit is becoming a financing tool.** A chip maker standing behind a GPU cloud tenant's lease gives lenders a stronger credit to underwrite. Buyers working with neocloud providers should ask who stands behind the provider's own lease, because that affects whether the site gets built on schedule.
**Watch October 31.** The lease still needs to close. Signature, closing, financing and hall delivery are separate milestones, and only the first is confirmed for the full lease.
**None of this is open inventory.** Phase one is committed to one tenant, and the 650 MW expansion is a framework, not available capacity.
