Fermi Quantifies $6.5B TensorWave Lease: 75-80% NOI Margin, AMD Credit Support
FRMI sits 15% above its 52-week low of $3.2 on elevated volume (4.6× avg).
Summary
Fermi disclosed detailed economics for its TensorWave lease: $6.5B contracted revenue over 15 years, 222 MW capacity, 75-80% NOI margin, and AMD credit support.
Key Events · M&A and Partnerships · FRMI
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$6.5B TensorWave Lease Quantified
Binding 15-year phase one lease for 222 MW of total power capacity, with $6.5B in contracted revenue over the initial term and 156 MW of critical IT capacity.
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75-80% Project NOI Margin
Estimated phase one project-level NOI margin of approximately 75-80%, with natural gas and variable power charges passed through to the tenant.
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AMD Credit Support Secured
Investment-grade AMD (A/stable S&P, A1/stable Moody's) signed a credit support agreement backing the lease, effective once construction completes and rent starts.
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Q4 2027 Delivery Timeline
Phased delivery begins Q4 2027 and completes early 2028; lease includes two 5-year renewal options and 2.5% annual escalators.
Analysis · FRMI · Real Estate & Construction
Fermi's fact sheet puts hard numbers on the TensorWave lease for the first time: $6.5 billion in contracted revenue over 15 years, 222 MW of power capacity, and an estimated 75-80% project-level NOI margin. The lease is backed by investment-grade AMD credit support, which begins once construction completes and rent starts. This transforms a previously announced agreement into a concrete revenue anchor for the company, though delivery doesn't begin until Q4 2027 and the company still carries a going-concern warning from its Q2 10-Q.
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At the time of this filing, FRMI was trading at $3.69 on NASDAQ in the Real Estate & Construction sector, with a market capitalization of approximately $2.4B. The 52-week trading range was $3.20 to $32.39. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.