US Stock Market Update | Fermi Inc. (FRMI.US) surges over 20% in early trading after securing its first $6.5 billion AI data center lease.

According to Zhitong Finance APP, on Tuesday, Fermi Inc. (FRMI.US) surged over 20% in early trading, now trading at $7.17. On the news front, 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, this lease is executed by Fermi's subsidiary, Fermi Campus 1 LLC, with 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 contract revenue over the initial 15-year term. The lease includes expansion rights for two additional data centers, and if fully exercised, the collaboration between both parties will expand to over 650 megawatts across three phases.