Fermi Inc. and TensorWave Continue Lease Discussions

Fermi Inc. (NASDAQ:FRMI), operating as Fermi America™, has provided an update on the Data Center Lease and Services Agreement between its subsidiary, Fermi Campus 1 LLC, and TensorWave TEX1, LLC. The agreement remains active after the October 31, 2026 closing date passed without completion of conditions. Fermi's CEO, Lee McIntire, stated both parties are committed to finalizing the agreement.

The lease, initiated in August 2026, is contingent on fulfilling various conditions, including work letters and guarantees, service-level agreement finalization, board approvals, and sufficient project-level financing for construction. As these were not met by the deadline, the lease remains inactive, but termination has not been pursued. Fermi and TensorWave are working towards closure.