US Stock Market Move | Secured its first $6.5 billion AI data center lease, Fermi Inc. (FRMI.US) surged over 20% in early trading.

On Tuesday, Fermi Inc. (FRMI.US) surged over 20% in early trading, currently at $7.17. In terms of news, on August 10, Fermi Inc. announced that its Project Matador facility in Carson County, Texas has signed its first binding customer lease with AI cloud provider TensorWave. According to a statement released by Fermi, the lease was signed by Fermi's subsidiary Fermi Campus 1 LLC and TensorWave's subsidiary TensorWave TEX1, LLC. The initial phase covers a facility supported by a total power capacity of 222 megawatts, expected to generate approximately $6.5 billion in total contracted revenue over an initial 15-year period. The lease includes expansion rights for two additional data centers, which, if fully exercised, will expand the partnership to over 650 megawatts across three phases. Fermi Chairman Marius Haas stated, "A lease of this scale and duration is a significant vote of confidence in Fermi. With the delivery of this first binding agreement, we have achieved our most important objective promised to the market in May."