Fermi: $6.5B 222 MW Lease Still Unclosed - CRE AI Briefing, Oct 3, 2026

Fermi's TensorWave lease on Project Matador is still unclosed: about $6.5 billion in expected revenue over a 15-year term for a 222 MW phase one. The lease is binding but not effective until closing, extended to October 31, 2026, while Texas Tech's December 31 notice to proceed needs a signed Phase 1 tenant lease of at least 200 MW or the ground lease can terminate. Jayton, Texas filings put two buildings at about $2.4 billion each ($4.8 billion site); trade press ties Spur DC Owner registrations to Crusoe's Project Hyper (Childress plus Jayton around $12 billion), but the tenant field on the filings is still blank. Nebius signed a binding 50 MW, 12-year lease with AIB on a southeastern U.S. site that already has 65 MW locked in an electric service agreement, with prepayments plus project debt and preferred equity funding the build.

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Sources:
- https://americanbuildout.com/fermi-proxy-project-matador-advances-as-tenant-deal-board-fight-linger/
- https://www.newswire.com/news/fermi-and-tensorwave-agree-to-extend-closing-date-to-october-31-2026
- https://www.datacenterdynamics.com/en/news/crusoe-files-for-48bn-data-center-campus-in-jayton-texas/
- https://806connect.com/news/jayton-kent-county-data-center-state-filings
- https://www.globenewswire.com/news-release/2026/09/30/3371855/0/en/aib-data-centers-signs-contract-with-nebius-for-ai-data-center-capacity.html
- https://www.datacenterdynamics.com/en/news/nebius-signs-50mw-lease-with-aib-data-centers/