Fermi and TensorWave Agree to Extend Closing Date

Fermi and TensorWave Agree to Extend Closing Date to October 31, 2026

Amendment demonstrates both parties' commitment to the 222 MW Project Matador lease as guaranty discussions continue

DALLAS, TX / ACCESS Newswire / September 23, 2026 / Fermi Inc. (NASDAQ:FRMI)(LSE:FRMI), operating as Fermi America™ ("Fermi" or the "Company"), today announced that its wholly owned subsidiary, Fermi Campus 1 LLC, and TensorWave TEX1, LLC ("TensorWave") have signed a First Amendment to their Data Center Lease and Services Agreement (the "Lease"). The amendment extends the closing date under the Lease from September 30, 2026 to October 31, 2026. All other terms of the Lease remain unchanged and in effect. The Lease covers 222 megawatts (MW) of total facility power at Fermi's Project Matador campus and represents approximately $6.5 billion in expected total revenue over its initial 15-year term.

Parties Working Constructively Toward Closing

The Lease, signed in August 2026, provides that its effectiveness is subject to the satisfaction or waiver of specified closing conditions. Those conditions include executing and delivering related work letters and guaranties; finalizing operations schedules and a service-level agreement; obtaining Board approvals; and securing project-level financing sufficient to fund construction of the leased premises.

The Company continues to negotiate a guaranty of certain lease obligations with an investment-grade counterparty. Both parties extended the closing date to allow more time to finalize that guaranty and complete the remaining closing conditions.

The Company believes the extension reflects both parties' continued commitment to the transaction and the constructive posture of all parties in the guaranty discussions.

"Both Fermi and TensorWave remain fully committed to this lease, and our decision to formally extend the closing date together reflects that," said Lee McIntire, Chief Executive Officer of Fermi. "Our remaining work is to finalize the lease guaranty with our counterparty. Those discussions are active, constructive and progressing, and we look forward to closing and delivering Project Matador's first data center for TensorWave."

Project Matador

Fermi America is where AI gets power. The Company is developing one of the world's largest advanced energy and AI ecosystems, on an area in the Texas Panhandle. The site, called Project Matador, is secured or under long-term lease with more than $1.5 billion invested in buildout to date. Fermi designed the project to solve the single biggest constraint in AI infrastructure: access to large-scale, reliable power on a timeline that meets customer demand - delivered behind the meter and on a private grid built and operated on site. Subject to entering into binding customer agreements, the project is expected to ramp to approximately 17 GW, with capital deployment matched to commercial commitments.

About Fermi America™

Fermi America™ (Nasdaq & LSE: FRMI) develops next-generation private electric grids that deliver highly redundant power at gigawatt scale to support next-generation intelligence and AI compute. Fermi America™ combines cutting-edge technology with a deep bench of proven world-class multi-disciplinary leaders with a combined 25 GW of experience, to create one of the world's largest, 17 GW next-gen private grid, helping ensure America's energy and AI dominance. The behind-the-meter Project Matador campus is expected to integrate the nation's biggest combined-cycle natural gas project, one of the largest clean, new nuclear power complexes in America, utility grid power, solar power, and battery energy storage, to support hyperscale AI and advanced computing. For additional information visit www.fermiamerica.com

About TensorWave

TensorWave is the AI cloud purpose-built for performance. Powered exclusively by AMD Instinct™ Series GPUs, TensorWave delivers high-bandwidth, memory-optimized infrastructure that scales with the most demanding training and inference workloads. Backed by funding from investors including Magnetar, AMD Ventures, Maverick Silicon, Nexus Venture Partners, and Western Frontier, TensorWave operates one of the world's largest all-AMD GPU clouds and is expanding rapidly to meet global demand. For more information, please visit tensorwave.com

Contacts

Investor Contacts
Barry Sievert | [email protected]

Media
Fermi Inc. Communications | [email protected]

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the federal securities laws. These include statements regarding the expected closing of the Lease and the timing thereof; the satisfaction or waiver of the conditions to closing, including the negotiation, execution and delivery of the rent guaranty and other guaranties and the completion of project-level financing; the parties' commitment to the transaction and the status and outcome of ongoing negotiations; the anticipated revenue under the Lease; the expected construction, delivery and operation of the leased premises; the potential exercise of expansion options; and the expected timing, phasing, capacity and configuration of Project Matador. Such statements rest on current expectations and assumptions and are subject to risks and uncertainties, including the risk that the conditions to closing are not satisfied by October 31, 2026 or at all, that the parties are unable to agree on the terms of the rent guaranty, that either party exercises its right to terminate the Lease if the closing conditions are not satisfied, and those described in the Company's filings with the U.S. Securities and Exchange Commission. Actual results could differ materially. There can be no assurance that the closing conditions will be satisfied or that the transactions contemplated by the Lease will be consummated. Forward-looking statements speak only as of today. The Company undertakes no obligation to update them except as required by law.

SOURCE: Fermi Inc.