Fermi signs $6.5B TensorWave lease, raises $431M via convertible notes, appoints new CEO

Filed August 13, 2026 · Period ending August 13, 2026 · ~2 min read

Key Changes

• high

  Signed first anchor customer TensorWave to 15-year lease generating $6.5B revenue over contract life for 222 MW at Project Matador, with expansion options to triple footprint; phased delivery begins 2H 2027.

  Exhibit 99.1 view on EDGAR →
• high

  Entered strategic alliance with Hillcore Energy to add 2.6 GW generation capacity at Project Matador with zero capital or debt from Fermi; Hillcore finances and operates under 20-year PPA, Fermi holds acquisition option after year 10.

  Exhibit 99.1 view on EDGAR →
• high

  Raised $431M via 5.00% convertible senior notes due 2031 with $9.52 initial conversion price; capped call transactions eliminate dilution up to $14.64 per share (100% premium to July 9 closing price).

  Exhibit 99.1 view on EDGAR →