Fermi delays TensorWave's 222 MW lease closing

Fermi and TensorWave pushed the closing date for a 222 MW AI data-center lease from September 30 to October 31, leaving its projected $6.5 billion, 15-year revenue conditional. Fermi’s lease-extension release says the deal still needs project financing, board approvals, an operating schedule, a service-level agreement, and an investment-grade lease guaranty. Compute buyers should file 222 MW as a conditional capacity promise—not delivered GPU supply—and Crusoe’s financing-versus-delivery analysis offers the relevant procurement test: demand acceptance evidence before reservation.