Overview
- Fermi executed a binding, multi‑phase lease with AI cloud provider TensorWave that starts with a 15‑year, 222 MW commitment and carries roughly $6.5 billion of contracted revenue for the initial term, with expansion options up to 650 MW.
- The company raised over $431 million through 5% convertible senior notes, with net proceeds around $382 million, and structured capped calls to limit dilution at higher share prices.
- Board director Lee McIntire was appointed CEO after a 90‑day turnaround plan that the board says met five priorities, including signing the TensorWave deal and securing strategic partners.
- Operational steps taken to de‑risk early execution include delivery of three Siemens SGT6‑5000F turbines and a Hillcore Energy build‑own‑operate‑transfer alliance that could add about 2.6 GW, bringing planned on‑site generation to roughly 4.8 GW within about 30 months.
- Key contingencies remain: the TensorWave deal close and any larger buildout require an investment‑grade backstop or guaranty, additional financing, and permits and construction success before construction and first revenue can begin in late Q3 or early Q4 2027.