フェルミ・アメリカ（FRMI）2026年第2四半期決算説明会：TensorWaveとの65億ドルの契約

フェルミ・アメリカ（FRMI）の2026年第2四半期決算説明会では、初の拘束力のある顧客契約、プロジェクト・マタドールにおける電力容量の拡大、および開発を支援するための追加流動性に焦点が当てられました。

要点

• フェルミはTensorWaveとの間で、すべての拡張オプションが行使された場合に最大650メガワット（MW）を提供する拘束力のある契約を締結しました。初期フェーズでは、15年間のコミットメントのもと、総出力222メガワットをカバーし、初期期間中に約65億ドルの収益をもたらすと見込まれます。
• 経営陣は、TensorWaveプロジェクトの収益認識が2027年第3四半期後半または第4四半期前半頃から段階的に開始され、最初の部分の運用開始に伴い賃貸料が発生し始めると見込んでいます。
• 同社は、2027年7月1日に最初の210メガワットを提供し、2027年第4四半期までに定格容量640メガワットに達することを計画しています。
• フェルミとヒルコア・エナジー・パートナーズとの提携は、約2.6ギガワット（GW）の電力を追加し、プロジェクト・マタドールの計画容量を2.2ギガワットから4.8ギガワットに拡大することを目的としています。
• 7月、フェルミは増額発行となった4億3,100万ドルの5%シニア転換社債（2031年満期）の公募を完了しました。キャップド・コール取引後の手取額純額は約3億8,200万ドルでした。
• 単純サイクルモードでそれぞれ242メガワット以上の出力を持つシーメンス・エナジー社製のFクラス・タービン3台が、7月にヒューストン港に到着し通関を完了しました。

主要財務データ

経営陣によると、TensorWaveとの合意には基本賃貸料と固定電力料金が含まれています。変動エネルギーコストはすべて顧客に転嫁されるため、フェルミにおけるコモディティ価格変動リスク（エクスポージャー）が排除されると同社は述べています。

事業および業績の概要

TensorWaveがアンカー顧客に決定

フェルミは約12社の見込み客や戦略的パートナーとの協議を経て、最初のアンカー顧客としてTensorWaveを選定しました。経営陣は、TensorWaveの需要プロファイルが同社の電力供給スケジュールと一致しており、半導体サプライヤー、ハイパースケーラー、企業、およびAI企業へのアクセス機会を提供するとしています。

本契約は、330アーカーのキャンパス内で3つのフェーズにわたって構成されています。フェーズIは、222メガワット向けのターンキー型データセンター・ソリューションで構成されます。フェルミはデータセンター請負業者と連携しており、経営陣はこれを別途特定する予定としています。

同社はまた、特定のリース義務に対する投資適格級のバックストップ（履行保証）の最終調整を行っています。経営陣によると、このバックストップは15年間の初期期間全体をカバーするものであり、プロジェクトファイナンスの調達において重要であると説明しています。

プロジェクト・マタドールの電力インフラ構築

フェルミは、2027年第4四半期までに640メガワットの定格容量を利用可能にする計画です。最初の210メガワットは2027年7月1日を目標としています。

フェーズIには、シーメンス製SGT-800タービン6台、GE製6Bユニット3台、TM2500ユニット17台、およびXcelからの電力会社送電線200メガワットが含まれます。PrimorisがフェーズIのBOP（周辺設備）工事を支援しており、TSKは2028年および2029年の供給目標をサポートするためのシーメンスFクラス・ユニットの初期エンジニアリングを実施しています。

経営陣によると、3台のFクラス・タービンは単純サイクルモードで合計最大728メガワットを供給できます。これらのユニットはヒューストン港に到着し、通関を完了しています。

ヒルコアとの提携により計画容量を拡大

BOOT（建設・所有・運営・譲渡）構造のもと、ヒルコアは約2.6ギガワットの追加のオンサイト発電設備を資金調達、建設、所有、および運営します。フェルミは、ヒルコアの施設に対する前払いの資金支出なしで、プロジェクト・マタドールの計画総容量が4.8ギガワットに拡大すると見込んでいます。

各電力ブロックは、署名されたテナント需要に応じて実行されます。関連する電力購入契約（PPA）はテナントのリース期間に合わされ、燃料コストはテナントに転嫁されます。フェルミは基本賃貸料収入を維持し、10年経過後に適正市場価格でヒルコアの施設を取得するオプションを保有します。

ヒルコアの最初の電力供給は、着工通知（NTP）から24か月以内を目標としています。経営陣は、初期フェーズで360〜720メガワットを供給できる可能性があると示しました。

経営陣と商業パイプライン

リー・マッキンタイア氏が、本電話会議の翌火曜日付でCEOに就任しました。同氏は2025年9月からフェルミの取締役を務めており、Bechtel、McDermott、TerraPowerでプロジェクト遂行役を歴任してきました。取締役会はまた、長期的なCEO候補者の外部招へいに向けてHeidrickとの連携を継続すると述べています。

フェルミは、ハイパースケーラーやその他のテナント候補との協議を継続しています。経営陣は、いくつかの交渉が先進的な段階にあり、今後数か月の内に追加の契約が発表される可能性があると述べました。

経営陣の見通し（ガイダンス）

経営陣は以下の運用目標とタイムラインを提示しました。

• 最初の210メガワットの電力供給ターゲット日：2027年7月1日。
• 定格容量640メガワットのターゲット時期：2027年第4四半期まで。
• TensorWaveからの段階的な収益認識の開始予想時期：2027年第3四半期後半または第4四半期前半頃。
• ヒルコアによる最初の電力供給ターゲット時期：着工通知から24か月以内。
• フェルミ自社の開発とヒルコアとの提携を通じて、プロジェクト・マタドールの計画電力供給能力は4.8ギガワットに達する可能性があります。

これらの目標は、TensorWaveとのバックストップ契約の最終決定、プロジェクトファイナンスの調達、ならびに電力およびデータセンターの建設スケジュールの調整に依存しています。

リスクおよび注視すべき点

• 電話会議時点ではTensorWaveのバックストップ契約はまだ完了していませんでしたが、経営陣は近日中に発表が行われると予想していました。
• 顧客契約に関連する本格的な建設および資本投下を開始するための重要な前提条件として、プロジェクトファイナンスが依然として残されています。
• 引渡しにあたっては、発電設備、敷地建設、ターンキー型データセンター、および顧客の入居スケジュールの間での同期が必要です。
• 経営陣は市場ベースの資本コスト範囲を示したものの、フェーズIの総プロジェクトコスト数値や、65億ドルの契約に対する具体的なマージン（利益率）ガイダンスは提示しませんでした。
• 電力網への系統連携の順番待ち（キュー）および機器の確保状況は、大規模AIインフラプロジェクトにおける制約要因であり続けています。フェルミは、自社のビハインド・ザ・メーターモデルおよびXcelとの接続により、このリスクを軽減することを目指していると述べています。
• ヒルコアによる追加の容量は、テナントのリース契約が締結された場合にのみ開発されます。契約に基づき、それらの施設に関する建設、運営、およびパフォーマンスのリスクはヒルコア側が負います。

アナリスト質疑応答のハイライト

契約の採算性とエネルギーリスク：経営陣によると、TensorWaveは基本賃貸料と固定電力料金を支払う一方で、変動エネルギーコストは全額転嫁されます。したがって、フェルミはこの取引に関して燃料価格変動のリスクヘッジを行う予定はありません。

必要資本：同社は電力側の開発コストとしてメガワットあたり約300万〜400万ドル、ターンキー型データセンターのコストとしてメガワットあたり約1,000万〜1,200万ドルを挙げました。経営陣は、プロジェクト支出は締結済みの契約に合わせて行われ、複数の資金調達ソースによってサポートされると述べました。

ターンキー方式での実行：フェルミは、開閉装置、バッテリーエネルギー貯蔵、冷水システム、液冷など、チップレベルまでに必要な電気および機械インフラを網羅した初期施設を構築する意向です。データセンター専門のパートナーが主要な引渡し責任を担います。

顧客パイプライン：経営陣は、フェルミが引き続きハイパースケーラーと直接交渉を行っていると述べました。また、ハイパースケーラーがTensorWaveの3フェーズにわたるキャンパスを通じて容量にアクセスする経路も視野に入れており、展開が加速する可能性があるとみています。

テキサス州における規制リスク：経営陣は、プロジェクト・マタドールがERCOTではなく、Xcelおよびサウスウエスト・パワー・プールを通じて接続されていると述べました。同敷地のビハインド・ザ・メーター発電モデルは、電力需要をパブリックグリッド（公共送電網）に追加することに依存しないと述べています。

決算説明会文字起こし全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Good day, everyone, and welcome to the Fermi America's Second Quarter 2026 Earnings Call.

[Operator Instructions]

It is now my pleasure to hand the floor over to your host, Barry Sievert. Sir, the floor is yours.

Unknown Executive

Good morning, and thank you for joining Fermi America's Second Quarter 2026 Earnings Conference Call. With me today are our Chairman of the Board, Marius Haas, our Chief Commercial Officer, Anna Bofa, our Chief Operating Officer, Jacobo Ortiz and our Chief Financial Officer, Rob Masson.

Before we begin, I'd like to remind you that today's call contains forward-looking statements within the meaning of the federal securities laws. These statements reflect management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those we anticipate. For a discussion of these risks, please refer to our most recent annual report on Form 10-K and our subsequent reports on Form 10-Q. Any non-GAAP measures we reference today are intended to provide a supplemental perspective on the company's ongoing operations.

With that, I'll turn the call over to Marius.

Marius Haas

Thank you, Barry, and good morning, everyone. Thank you for joining us. One quarter ago, on our first quarter call, I did something that Chairman doesn't always do. I gave you a list, a focused 90-day plan built around 5 specific commitments, and I ask you to hold us to it. I told you the new leadership team would execute and that you should measure us not on our words, but by what we deliver. Several of you questioned why I established self-imposed aggressive deadlines on the team at a time when there was external distractions and internal transitions. Yes, it was a risk. But I have a very strong philosophy that an exceptionally talented team with a clear mission with clear priorities and well-understood timelines can achieve extraordinary things.

with clarity comes alignment, passion and focus. The focus eliminates the irrelevant noise. The passion was always about doing what is right for our shareholders. Today, roughly 90 days later, I'm here to report to you on our progress. And I'll say it plainly. Fermi is in a much stronger place now than it was then. To date, we've delivered on all 5 commitments, including the one that matters most.

Let me take you through our results. First, a quick reconnect to the macro backdrop because it frames the problem for me is working to solve. Power is the binding constraint on AI compute, not capital, not demand. Across hyperscalers, neo cloud providers, and frontier model developers the same bottleneck keeps surfacing access to large-scale, reliable electricity on a timeline that matches the pace of AI and data center development. Delays are being reported across announced projects worldwide, driven by grid interconnection queues and equipment availability.

Fermi was created to relieve that constraint, and this past quarter shows you how we are doing it. Objective number one of our 90-day plan was to secure a binding customer agreement. And I will say this was, by far, the most important objective. And the team delivered. We signed a binding agreement representing up to 650 megawatts of power. We are now in the process of finalizing the backstop agreement that sits behind it. Anna will walk you through the details in a moment.

I'll simply say this: the caliber of the counterparties now standing behind our advanced energy and AI ecosystem speaks directly to the value we've discussed with you since our IPO.

Objective number two was to select the right CEO for the next stage of Fermi's growth. With this in mind, we've appointed Lee McIntire effective this Tuesday. Lee has served on our Board since September of 2025 and already has a detailed working knowledge of the company and the project. More than that, he has built his entire career delivering large-scale projects, and that's the most important task in front of us right now, getting power to the site.

Lee has led some of the most demanding engineering and construction organizations in the world, including Bechtel, McDermott, and TerraPower, and he ran large-scale project delivery inside all of them. So when it comes to getting first power to the site in 2027, I can't think of anyone more equipped than Lee. He will work alongside Anna, Jacobo, Rob and me. We'll keep running the business exactly as we ran it this quarter. Our strategy has not changed and the pace will only accelerate.

The third objective was to advance strategic partnerships. Again, we delivered. During the quarter, we announced EPC partnerships with Primoris for balance of plant on Phase I and TSK for early works engineering on Phase II. These are 2 of the most capable and highly respected contractors in the industry. More recently, we also entered into a strategic alliance with HillCore, a premier and highly experienced infrastructure and power provider around the globe, which will accelerate our ability to deliver power at speed for large-scale customers.

The alliance will bring an incremental 2.6 gigawatts to the Project Matador campus within the next 3 years. There is no site we know of that has equipment and the ability to deliver 4.8 gigawatts during this time period. The demand for the power delivery is already here, and we have the team and the equipment to deliver.

Fourth, we've told you we'd enhance our liquidity. In July, we delivered an upsized $431 million convertible notes offering with significantly strengthened our balance sheet. Importantly, we did it at a low coupon and with a cap call structure built to protect our shareholders from dilution. Rob will take you through it.

The fifth and final objective in our 90-day plan was to move the site closer to power. On this front, we've made substantial progress, and we are still gaining momentum. Three Siemens Energy F-class turbines arrived at the port of Houston in July and have cleared customs. We've also progressed site development. Jacobo will give you full operational picture shortly.

Now let me put these 5 milestones into context. Any one of them a binding customer agreement, a CEO, significant partnerships, a strengthened balance sheet, turbines on the ground would have made for a notable quarter on their own. We challenged the team to stretch and they delivered all of them in a single quarter. That's the story for this quarter. Our leadership team kept its focus on the plan and executed it with excellence. That was the institutional discipline Fermi 2.0 was built to deliver. The board and I are extremely proud of how the team came together and without doubt, delivered an excellent quarter. With the site advancing and the commercial picture coming into focus, let me hand it to Anna.

Anna Bofa

Thanks, Marius, and good morning, everyone. I'll start with the most important thing I can tell you about this quarter. The market didn't just validate our project in concept. It's signed up for it. This is only the beginning. Customers need large-scale, reliable power on accelerated timelines, and that is exactly what Fermi is built to deliver. Over recent months, we've been actively engaged with roughly a dozen prospective customers and strategic partners. These discussions have been specific and substantive around capacity planning, delivery sequencing and the commercial frameworks required to move from interest to signature. Within that broader process, TensorWave stood out as a particularly strategic first customer for Fermi. For us, this was an ecosystem entry strategy.

First, speed matters. TensorWave is a highly entrepreneurial organization, operating in one of the fastest-growing parts of the AI infrastructure market. They have the ability to make decisions quickly and critically their demand curve aligns with our power delivery curve.

Second, we believe TensorWave gives Fermi a unique position inside the broader AI ecosystem. A direct relationship with the hyperscaler is incredibly valuable, and we are nurturing those too. but it's fundamentally a relationship with one customer. TensorWave sits between the semiconductor ecosystem and the ultimate users of that compute, giving Fermi exposure across multiple layers of the market. Compute is the foundation of the AI stack. And TensorWave's proximity to that layer gives us earlier visibility into where demand is forming, what infrastructure those workloads require and which customers are likely to need capacity next.

Through one anchor relationship, we gain connectivity not only to TensorWave, but also to the chip ecosystem and to multiple hyperscalers, enterprises and AI companies that may ultimately consume that capacity. For us, that is strategically important. We want Fermi to become a place where the broader AI infrastructure ecosystem comes together, not simply a campus serving a single customer.

Third, the multiphase nature of the relationship reinforces that opportunity. The deal has the potential to bring multiple workloads and end users on to the campus over time, giving more customers and partners direct exposure to Fermi's capabilities. The phased approach also matters from an execution standpoint.

By phasing the development, we can match capital deployment more closely with delivery time lines. while reducing complexity and preserving our ability to move quickly towards first revenue. And by pairing TensorWave with a highly capable data center partner, we gained direct visibility into who can design and construct these facilities quickly and efficiently, capabilities that can be reused across future Fermi customers.

Fourth, this transaction validates the unique nature of what we are building. Fermi combines large blocks of power, secured infrastructure, accelerated delivery and permitted land. TensorWave gave us the opportunity to establish commercial terms that we believe solidly reflect the value of that offering while remaining competitive for the customer. So our decision to partner with TenseRave was deliberate. We were looking for an anchor customer that could move at our speed, consume power on our delivery timeline, support economics that appropriately reflect the value of this differentiated asset and importantly, expand Fermi's connectivity across the broader AI ecosystem.

Let me turn to the agreement itself. We have signed a binding agreement with TensorWave, representing up to 650 megawatts of capacity if all expansion options are exercised. The agreement is structured in 3 phases. The initial phase is a 15-year commitment for 222 megawatts of gross power through a turnkey data center solution and represents approximately $6.5 billion of revenue to Fermi over the initial term.

We are finalizing the backstop agreement supporting certain obligations under the lease. We will identify that counterparty once the agreement is complete, which we anticipate in the coming days. A commitment of this scale follows extensive diligence across our power strategy, permitting, secured equipment, land control, construction plan, delivery schedule and execution capabilities. So when we talk about validation, we need something very specific: a sophisticated customer and their partners have evaluated what we are billing agreed to commercial terms we believe are competitive and reflect the value of our offering and made a long-term commitment to the campus.

And importantly, we believe this first commitment strengthens the ecosystem around Fermi and creates a stronger foundation from which to scale as we continue discussions with multiple other customers. With that, I'll turn it over to Jacobo to walk through what this looks like on the ground.

Unknown Executive

Thank you, Anna, and good morning. My focus this morning is simple. Everything Marius and Anna just described is backed by real steel on the ground and by an experienced team that is ready to execute. Over the last 12 weeks, we have refined our execution plan and strengthened our APC relationships with world-class contractors, and our team is ready to start construction as soon as project finance is in place. We remain committed to speed to power as customers sign leases while maintaining the capital discipline that matches major expenditures to commercial progress. Our execution team has been working with TensorWave to deliver its turnkey project on time to minimize execution risk, Fermi is partnering with a well-known data center contractor with access to critical components and deep multi-project experience executing these kind of projects reliably.

We will announce this partnership shortly. First, let me take you through power delivery and then our strategic alliance with Hillcore. Fermi, plans to deliver 640 megawatts of nameplate capacity by the fourth quarter of 2027. With the first 210 megawatts available July 1, 2027. Additionally, Phase I includes 6 Siemens SGT-800s turbines led by Primoris plus 3 GE 6B units and 17 TM2500s led by relevant power solutions, all in simple cycle along with 200 megawatts of utility power from Xcel.

We continue to make progress on our '28, '29 power delivery objectives, 3 seamless class units rated up to 728 megawatts in simple cycle mode, each more than 242 megawatts arrived at the Port of Houston a few weeks ago.

TSK, Spain's largest power-focused EPC firm is delivering the fast start engineering for those turbines. The F-class units are among the most widely used heavy-duty turbines in the market. They ramp up up to 40 megawatts a minute, reach full speed in about 5 minutes and carry a global fleet reliability, nearly 99%. That combination of high output, fast start and reliability is exactly what AI and advanced computing required. Our project has them, and we are ready to execute.

Now switching gears because speed to power is central to our strategy, I am excited to walk you through our strategic alliance with Hillcore Energy Partners in more detail. Hillcore and its affiliates, including JV driver, bring more than 35 years of heavy industrial and power generation experience, spanning natural gas, steam biomass and power boiler facilities from project development and construction through commissioning and operations. The alliance between our 2 companies brings approximately 2.6 gigawatts of additional power to the site under a build, own, operate, transfer structure, doubling project Matador's total power output to 4.8 gigawatts.

Think of Hillcore as a tenant that pays rent and delivers incremental power to the Fermi private grid. This accelerates and grows our revenue stream by expanding our total power supply to meet customers' growing demand faster than a self-build strategy only. And Fermi keeps 100% of the income it generates from base rent. Under the agreement, Hillcore finances builds, owns and operates their facility. So Fermi adds dedicated, behind the meter power with no upfront capital outlay. Fermi will be the anchor off taker, but we only commit as tenant leases are signed and each block of power is triggered by contracted demand from attendant, each power purchase agreement is matched to the term the lease that triggers it and field costs are passed through to the tenant as well.

That matching takes stranded capacity risk off the table and construction operating and performance risk sits with Hillcore. Importantly, we hold an option to acquire the facility at fair market value after year 10. First power is targeted within 24 months of the notice to proceed and the Hillcore build-out importantly runs in parallel with our own, doubling our capacity to 4.8 gigawatts of total power available.

We have an amazing site, a 6-gig air permit, power equipment and experienced construction team and trusted strategic partners ready to deliver Project Matador's mention. Power is the gating asset for AI and firming is ready to deliver what our customer needs, more power now. Fermi is where AI gets power. With that, Rob will take you through our strengthened financial position. Thank you.

Robert Masson

Thank you, Jacobo. The headline for me since our last earnings call is a significantly stronger balance sheet and it centers on the convertible notes we issued last month. We closed an upsized offering of more than $430 million of a 5% convertible senior notes due 2031. That figure includes the full exercise of the initial purchasers' option for an additional $56 million, a clear signal of the demand for this paper. Net proceeds after the cap call were approximately $382 million.

I'll walk you through the rationale on 4 parts. First, timing. We're focused on our operations and not on timing the market. We raised capital with prudence in mind to provide the operational flexibility and financial runway to focus on strategic objectives. Second, negotiating position, a stronger balance sheet lets us advance customer and partnership discussions from a position of strength, not under financing pressure.

Third, structure. We deliberately designed the structure with our shareholders in mind. We believe the convertible note paired with a cap call protects our current shareholders from dilution ahead of catalyst until the stock price more than doubles.

And fourth, cost of capital, a 5% coupon over a 5-year term is an attractive rate and a timeline that fits our development and power delivery plan. Tied back to the 90-day plan, this checks the liquidity objective, and it is one source among several. As we move into the next phase, our message on funding the project in capital is consistent. Thoughtful sourcing, disciplined deployment match to commercial progress. With that, I'll turn it back to Marius for closing remarks.

Marius Haas

Thank you, Rob. Fermi 2.0 has always been about the convergence of 2 things: a tangible asset base of over $1.5 billion that we have already built into the ground; and the institutional capability now deployed to realize its full value. This quarter, you watch those 2 things come together. In a single quarter, we delivered a binding customer agreement with one of the leading names in AI compute, a new strategic alliance and premier contractors enhanced liquidity on shareholder-friendly terms. Hired the right CEO to lead the next stage of Fermi's growth and deliver major on-the-ground project milestones that protect our speed to power advantage. But I want to end where I began with the team because the most important thing about this quarter is not a single milestone. It's that we set ambitious goals and made tremendous progress.

That is the entire point of Fermi 2.0. This is a business that does not wobble when the headlines do. The engineers pouring the foundations the teams managing our supply chain and permitting, the commercial team signing agreements. They showed you this quarter what institutional discipline and excellent execution looks like. We believe we have the single most valuable power and compute site in the market. And as a team, we are aligned around one overarching objective maximizing long-term value for our shareholders. The road ahead is demanding. We have to scale this amazing business, complete the current customer agreement, add new ones that are already far along in the process and focus on flawless power delivery to the site. But we began the second half of this year with a signed anchor customer, a further strengthened leadership team that has proven it can execute better liquidity, power moving toward the site and we begin with momentum.

We are pleased with where we are but never fully satisfied. We can always do better, and we will. We look forward to updating you on our continued progress as we execute the Fermi 2.0 vision. Operator, we're now ready to take questions.

Operator

[Operator Instructions]

Your first question is coming from Paul Golding from Macquarie.

質疑応答

Paul Golding

Congrats on all the progress. I wanted to ask initially just on TensorWave and the lease agreement there. How should we think about the power pass-through component of that? What is the $6.5 billion comprised of? And maybe how you're thinking of hedging power that you'd be delivering directly from your private grid perspective, given that, that is a unique aspect of your project.

Marius Haas

Operator, we can hear you. Operator, are you there?

Operator

Yes, your line is live.

Marius Haas

I think we're ready for the next question.

Operator

Your next question is coming from Nick Amicucci from Evercore ISI.

Nicholas Amicucci

Just wanted to kind of drill in on -- you guys had outlined during -- with the announcement of the TensorWave deal, $1.5 billion already spent. Just as we think about the spending ramp towards the initial 222 megawatts as well as the incremental like the $640 million. If we could just kind of frame how much spend is left to occur.

Robert Masson

Yes, I'd be happy to take that. So if we think about cash for the quarter, we decreased by about 50% just in line with what we talked about on the general preparation. When we think about the deal we just signed, there's specific cash flows that will be associated with that. And we talked before about disciplined capital deployment. So we're going to match our outflows to real signed deals and inflows. And you heard Jacobo talk about the same thing. We have the site, as we talked about through Phase 0 complete into Phase I, and that will match up well with the new TensorWave deal. Is that question or do you have a follow-up on that? I want to make sure I hit it all.

Nicholas Amicucci

No, that's fair enough. I think that covers it. Thanks, Great. And then as we think about to, I guess, just obviously, now the full management team seemingly in place. And as we think about kind of this somewhat of a shift towards a turnkey solution on the data center side as opposed to kind of just renting like access to the power. As we kind of think about that, I guess, what -- where what gives you guys confidence in the ability to kind of execute on that further more all embracing kind of build-out, if you would.

Operator

Your next question is coming from John Hodulik from UBS.

Anna Bofa

Our plan is to work with a world-class data center partner to deliver that aspect of the commitment. And we have already been in talks to contract that opportunity, and we feel fully confident that we are working with the right partner to deliver that data center.

Marius Haas

Nick, this is Marius. I'll add a little bit more to it from a context perspective. As you had mentioned, about the team. There is no doubt that what we're going to continue to do is add and scale the critical key components of the organization to ensure the flawless delivery of what we have committed to our tenants and our customers. We have deployed our executive compensation for officers as you saw we have deployed our long-term incentive program for our employees as well as our short-term incentive program. So we have everything in place in order to be able to scale this organization and clearly understand that we will need to functions in order to deliver the full scope of what we're talking about, having doing a turnkey solution as our first offering clearly puts us in a position of putting our arms around what a total offering could look like and will give us the experience and will give us the opportunity to be able to do this on an ongoing basis, although as Anna indicated, that's not going to be the pervasive model going forward. Does that make sense?

Nicholas Amicucci

Perfect. That's very clear.

Operator

Your next question is coming from John Hodulik from UBS.

John Hodulik

Congrats on all the milestones. First, a couple of follow-ups on the TensorWave deal. Can you guys give us a total CapEx number you think required to fulfill at -- the first phase of that contract? And maybe if there's been any spending already to fulfill that deal? And also, is there a way that you guys could give us a sense for what the margins are expected on the $6.5 billion? And then lastly, just when do you expect, sort of, full commencement of the first, sort of, 200 megawatts?

And then if I could follow up, maybe a question for Anna. You talked about some discussions with other tenants. Any other color you can provide in terms of how far along you might be with a second tenant. I guess following up on that last question is sort of the neo clouds, the sort of category that we could expect going forward of potential tenants? Or just any other color on sort of what we could expect, sort of, down the road or timing or or quality of potential tenants you may be talking to?

Robert Masson

Yes, I'd be happy to start. We'll talk overall about the market. Generally, if you think about it in 2 phases, a typical battery CapEx project runs in the range or the power side runs in the range of $3 million to $4 million per megawatt of gross power capacity, and you can think about this one in that range. And the data center itself, typical CapEx when you're talking about a turnkey solution, you'll find in the market is about $10 million to $12 million per megawatt. And again, we -- this project is going to be in that range. We're not disclosing overall total cost figure for the project. And we're sharing precise number now, not to set expectations. But I think if you think of those market comps, that's what we're looking at in this project. So kind of right in the middle of what you'd expect.

Anna Bofa

Yes. And I can take the second part of your question. So in terms of the commencement. So we anticipate the build and the, sort of, revenue commencement to start in phases. We anticipate that somewhere to be around the end of Q3, early Q4 of '27. And again, it's a phased delivery. So once the first part of the build is ready, the customer will then start paying rent all the way up until the full 220-megawatt build is complete.

In terms of your other question around just color on other customers, we are absolutely engaged with additional customers and have conversations that are very far along. In terms of neo clouds, we are absolutely focused on working with customers that are ready and available to take the capacity that we have, but we are absolutely also speaking with hyperscalers. One of the thing that was interesting about this deal for us is as we've been discussing opportunities with the hyperscalers. There is an interesting path on this deal where they could potentially get capacity sooner by partnering with TensorWave and the fact that they have sort of these 3 potential buildings. And so we are both having conversations where hyperscalers could work directly with us to come to the site, and they're very interested in that and potentially take the opportunity with the multi-buildings that TensorWave now has available to them that could potentially move them to site a little bit faster.

But again, one of the things that is really clear is that there is tremendous demand. There is very few kind of opportunities like Fermi. There are very few kind of sites that have no permitting issues that do have capacity. And so that has really attracted all of the hyperscalers to engage with us, and we're very pleased with how those conversations are moving forward.

Operator

Your next question is coming from Stephen Gengaro from Stifel.

Stephen Gengaro

Thank you, congrats on busy 90 days. I think two for me and maybe a follow-up on the prior question. The expectation, I think, that we had a while back where that you do kind of $700 million to $900 million of EBITDA per gigawatt deployed on an annual basis. And I'm just curious if that's still, kind of, a reasonable expectation going forward? And then the other question I had was when you think about the TensorWave contract and others, can you talk about like, sort of, the risk parameters around it and sort of the key hurdles we should be watching as far as time to power and what you could be liable for based on timing?

Anna Bofa

I can take the -- start with the risk and then, sort of, discuss the first part of the question. So in terms of the risk parameters, one of the things that you do when you are engaged in the process of driving towards an agreement as you look and see how do you reduce your risks. So part of our, sort of, ability to bring in a data center partner is absolutely a reduction in risk on the deal construct. And that's why we did the diligence to identify who we thought was the best potential partner. And most crucially, we identified a partner who could meet the timeline.

So what you do is you ensure that you line up the delivery of the power, the delivery of the data center and ultimately, where you land in terms of the agreement of when those two pieces come together to reduce that risk. And so that's the approach that we took on the TensorWave deal to ensure that we had the ability to have line of sight into making sure that what we signed up for that we could deliver, and we're absolutely confident in our ability to do that alongside the data center partner.

Robert Masson

And on the -- I can just talk about the EBITDA side. While we're not really in a position or going to talk about that specifically, I think you'll see from the overall contract value and the type of contract this is, it's very similar to other market deals that have been announced out there and the expectations on the profit side are the same. We have a modified net structure here. So it's a very good structure, and we're pleased with this as our first contract out of the gate.

Marius Haas

It's Marius. Just to add to it, just a couple of things that you should be looking forward to, and this is around the corner here is obviously the announcement of the backstop with a leading IT and restructure provider. Obviously, project financing would be step number two. That then triggers our ability to go move everything to the site and get ready to deliver on the power. So a number of those key deliverables are clearly what the team will be focused on, but those are all well in motion and around the corner.

Anna Bofa

Yes. And just -- we'll add to that further. Again, we just want to be really clear of how we've reduced the risk. And of course, on a deal like this, having an investment-grade backstop is a key part of that, particularly as you go into project finance. And so we have done a lot of work to ensure that, that is lined up and ready to go. And as mentioned earlier, we hope to be able to announce that partner here in the coming days.

Stephen Gengaro

If I could just add one quick one. You mentioned -- you implied earlier, I thought as far as the CapEx that you're going to match outflows and inflows. Does that mean there's not a lot of, sort of, Fermi cash needed to build this out that the customer is going to sort of be providing some of the working capital? How do we think about that?

Robert Masson

Yes. I think what we meant by that is we've been staging and we talked about waiting to do the next phase of development until we had a contract and we were going to execute. So fire marched ahead early on. We secured assets, which has given us the competitive advantage for speed to power. We developed the site in such a way that our timelines could match up well meaning power would no longer be the timing factor in being able to stand up and deliver to the customers. That's what we're talking about. I think each project itself then has capital deployment required with it. We'll look at various funding sources to do that, the normal ones. And so we're just talking about as we commence projects we will then put all the capital behind to build out that specific project and keep Project Matador on track.

Operator

Your next question is coming from Paul Golding from Macaquarie Research.

Paul Golding

Just wanted to provide another opportunity to pose that question again on power pass-through from the top of the queue, how that's being treated in the TensorWave arrangement, and how you're hedging fuel given the private grid component of the site?

Anna Bofa

Yes. And sorry for the technical difficulty earlier. So to be clear, the way that the, kind of, deal is structured is that take a base rent, we take a fixed power charge. And then that variable energy charge that does carry risk because it can go up, is a full pass-through on to the customer. And that is something that we plan to carry forward throughout all of our deals, we will always take that variable energy charge and have it be a full pass through on to the customer to reduce that risk.

Robert Masson

Yes. So there's no reason to hedge. We're not in that business. And as we said, no commodity risk, just to -- for us on that piece.

Paul Golding

Great. And maybe if I could just add a follow-up while I have you. Just thinking about other components of the project like cooling infrastructure, anything relating to, sort of, more developed Tier 3 infrastructure for the site itself. I think initially, the project concept for some of these shelves was to, sort of, be more of a basic shell. Do you see -- this is obviously a turnkey project, do you see opportunity or demand in the marketplace for some of those more basic shelves? Or is the demand really leaning towards the turnkey solution heavily?

Robert Masson

We talked last time about the different models and that in Fermi 2.0, we're changing our approach and so we talked before about the different options. You have powered land, and we see some demand for that. You've got the powered shell, which is, sort of, in the middle. And then you have this turnkey solution. And our real perspective is that each customer has their own desires. These are large customers and we're there, Fermi, to meet them as a good partner and deliver on that. So you'll expect us to be available across the spectrum of these things and just happens the first deal is the full turnkey.

If you think about in this case, we're going to build all the way up to the chips. So electrical and mechanical infrastructure, including the switchgear, battery energy storage and chilled water and liquid cooling systems, all on this. But that's that one spectrum. Again, we have the other 2 options as well if you think about the buckets.

Anna Bofa

Yes. And just to add to that a little bit. To be clear, we are engaging and working with a leading greatest center partner on this piece. So we, as Fermi, will, of course, partner to deliver this. The other thing to give you a little bit more color is, as Rob said, we are just matching the customer need and the customer demand. And as you look out in the market, what's been interesting is, of course, you have hyperscalers who often can do the [ power shell ] and do it themselves. But what you're seeing is there are data center partners that are just able to deliver things more quickly or they just have those long lead items that are required already lined up. And so it's been interesting to just see, kind of, where things are landing where hyperscalers are more open to a turnkey option, but in some cases, they again, can do it themselves, and we fully plan to be able to do both of those. We're just, again, trying to meet the customer where they're at and see what they need and deliver on that. I want to cover.

Marius Haas

I want to add something. And with our Hillcore alliance, we're doubling the amount of power that is available for us to lease to our tenants. And we can't stress how transformational that is for the industry and for our project. Again, we're going from 2.2 gigs to 4.8 gigawatts available faster than we could self-perform it. That is transformational.

Operator

Your next question is coming from Nicholas Hasson from Ocean Wall.

Unknown Analyst

I have a question for you, really just to come back to that point on the uniqueness of the Hillcore structure. Can you give us an idea of just how unusual that structure is? And also its repeatability as well going forward for Fermi?

Unknown Executive

Thank you, Nick. No, we're very excited. This is truly a one-of-a-kind transaction. As we were thinking how can we accelerate our development of total power at the site, so that we could serve our customers faster. It became evident that partnering with a power developer on site, leveraging the land, the gas, the permit so that they could stand [indiscernible] power concurrently with our own program on site was just a very efficient way of having more power online to meet the demand that is out there, which is phenomenal. So we like it. We're moving in that direction with 17 gigawatts of runway, we are going to keep exploring it.

Again, think about the fact that they're bringing their turbines, their capital and their people. We're doing the same thing. So again, being able to bring all that power online faster accelerates our speed to power. And obviously, it also accelerates and grows our revenue faster. So that -- think about the net present value of bringing that online is phenomenal.

Unknown Analyst

Okay. And just one last question and it's a great comment -- a great comment from Marius about not wobbling when the headlines do. This has been an extraordinary week for Fermi. How should we now think about sequencing? Was this always the plan or do everything come together a lot faster than had been expected.

Unknown Executive

Marius, you want to -- in the middle of [indiscernible] yes, sorry.

Marius Haas

Yes, Nick. No, thank you. No, the only thing I was going to add to Jacobo's [indiscernible], which is critically important on the Hillcore component is yes, we're doubling our power capacity in the near term, which is by far what almost every tenant and potential tenant is asking for. I mean the core question now is how fast can you deliver power in '27. That is literally the question we're getting from virtually every tenant right now, especially with projects around the globe as we indicated, not going forward at the pace that was expected or not getting the regulatory approvals as was expected or could not get equipment as expected. So they're not all knocking on the door coming and having the conversations with the team.

Look, Nick, as you know, this was a Herculean task by the organization to go get all these done, but we were very, very convinced that these were the levers that would drive the maximum shareholder value for our shareholders. And so hence, we knew we needed to do this, and we needed to do it quick. And again, I'm proud as can be as to how the team has come together and executed on these. And I don't think I'm going to put out another list of 90-day priorities just because we do need a little bit of a breather. But the clear focus right now is how do we deliver power and how do we ensure that every commitment we're making to TensorWave, but also the tenants that literally are around the corner that we will deliver flawlessly the power that they need.

Operator

Your next question is coming from Judy [indiscernible] from Mizuho.

Unknown Analyst

This is Judy on for Vikram. Congratulations on the quarter here. Just on the TensorWave IG backstop that you talked about, will it be for the full 15 years? And also on the same lease, the optionality for 650 megawatt, when does it expire?

Anna Bofa

Yes. So that backstop will be for the full 15 years. And in terms of when -- what was the second part of the question?

Robert Masson

Does it expire?

Anna Bofa

Does it expire? No, it does not expire. So part of the negotiation is that backstop fully guarantees that full 15 years, and that ensures that, again, we reduce any, sort of, risk, and it's exactly what we need to take to the next part of the process, which is the project finance piece, so we thought we can start executing on the project.

Marius Haas

Yes. So as you recall -- as you recall, it's a 330-acre campus that TensorWave is signed up for. It will be 3 phases. Obviously, we're talking about the first phase, but I know that Anna is already accelerating the conversations on Phase 2 and 3, and it will truly be driven by our ability to deliver power. It's really the power schedule delivery. That will dictate when 2 and 3 come up in production.

Anna Bofa

Yes, that's exactly right. To be clear, there is demand already for that kind of Phase II and Phase III. And so we're actually actively collaborating with both the backstop provider Tensorwave and potential hyperscalers to see how we can, kind of, move that along very quickly.

Unknown Analyst

Understood. And on the Hillcore deal that you released recently, could you give us details on the equipment contracts they have, like what did they own in terms of turbines, ancillary equipment to get to that 2.6 gigawatt incremental by 2028. And also on the same thing, whatever the land fees dollar per square foot that you guys will be getting from them, when does that start?

Marius Haas

Yes. Thank you for the question. So they have a GE set of power equipment. So they're going to be bringing online in different phases. Phase 1 could be between 360 and 720 megawatts within that 24 window. We're being conservative. So from that perspective, they have the equipment, the capital, the experience and demand power to stand up that equipment at the same time that we are standing up ours. I wanted to also add something that Nick asked, which is important as for our strategy. Our strategy will continue to be that Fermi will continue buying equipment, standing it up to meet customers' demand, but if there is a way to accelerate that like we are, it's revenue as well faster that we're getting. So we're going to do that as well.

Unknown Analyst

Understood. And if I could just one last one here. In considering the CEO, could you talk about the external interest that is involved, I believe, Lee has been on the Board since 2025 here?

Marius Haas

Yes. No, happy to. Yes, obviously, Lee has a phenomenal background perfect experience for what this next phase of Fermi 2.0 needs. We've had good response from the external search. We just think that this is such an important part of our future that we're not going to race to announce a long-term CEO if it isn't the perfect candidate. And then again, when we looked at what do we need to do right now, there was no better person to drive that agenda for firming. So our search with Heidrick will continue. We expect that now it is clear. We have clear demand. We have tenants. The stabilization of the organization is clear that we'll actually have a broader pool of candidates that will be interested in helping us and joining us in this journey. But we're not going to put a time line on it. We think Lee is going to be a great and phenomenal leader. And when we find the right person long term, we will make that announcement.

Operator

Your next question is coming from Derrick Whitfield from Texas Capital.

Derrick Whitfield

Congrats on meeting your 90-day initiatives. I wanted to start with the customer mix. With respect to the prospective tenant backlog, Anna, could you speak to or characterize how that list has changed over the last 90 days?

Anna Bofa

Yes. I would say that we've been in a fortunate position where there is, again, so much demand across the market that we've had to prioritize who we want to focus on. So we are absolutely still engaged with the top hyperscalers. And TensorWave, as I outlined earlier, really stood out to us because we believe it gives us access to the whole ecosystem. And because of the structure of the deal, it gives us the ability to point one of these hyperscalers to that first phase, second phase, third phase, that potentially could get them capacity sooner. And so in terms of, kind of, line of sight and what you can expect.

We do anticipate to have other deals that we'll be able to announce in the coming months. just given the kind of stage of those conversations, the need for capacity and the limited options that those partners have. So we're really excited about the progress. And again, we've been able to really prioritize the partners that we think are a great fit for us and hope to be able to bring more information as those deals move forward.

Derrick Whitfield

Terrific. And as my follow-up, I wanted to just focus on the regulatory environment. While you guys are directionally remodel Citizen under the bring your own generation mantra, do you expect any regulatory hurdles associated with the initial slug of grid power based on Governor Abbott's data center audit?

Anna Bofa

So again, what we've been seeing in the last couple of weeks in particular, since that announcement is just a validation of Fermi's initial thesis and hypothesis. And from the customer perspective, they recognize that, too, we had tremendous outreach when that announcement came up with people, sort of, asking if they could speed things up because folks have realized that Fermi's behind-the-meter solution is, sort of, the future, and we are very fortunate to have that behind-the-meter solution, and we're very fortunate to also have a partnership with Xcel with our grid connection that is not impacted by that announcement. And so we are sitting in a really unique position to be one of the few players in the United States that has the ability to continue to move projects forward in a timely fashion and deliver the capacity that we have.

Marius Haas

If I could add to that, Anna, it's -- Fermi's grid connection is through Xcel because we sit on SPS. We're not in ERCOT. So the Governor's directive is squarely aimed at protecting Texas rate payers from the cost of new grid dependent demand. Fermi does not create and is not dependent on the grid, we're actually, as you stated in your question, we're island that off the grid from that perspective. So we sold power without putting any of it on the public grid or the average Texan spill. So we believe that our offer and what's happening in the environment only strengthens our thesis on our business case, and it makes our site even more attractive. It's another reason to come to our site.

Operator

And thank you, that concludes our Q&A session. I'll now hand the conference back to Marius Haas for closing remarks. Please go ahead.

Marius Haas

Thank you all for your questions, and thank you again for joining us. Before we close, I want to say one more thing about our people. Everything you heard this morning, the binding agreement, the alliance, the turbines on the ground was delivered by the Fermi employees and the contractor teams. We are grateful for their dedication and focus. I'm looking forward to working with Lee as he steps in as CEO. This will include setting a date for our Annual Shareholder Meeting later this year. And finally, we'll keep you updated as we continue to advance toward a first power and finalize additional customer agreements. Thank you, and have a great day.

Operator

Thank you. Everyone, this concludes today's event. You may disconnect at this time, and have a wonderful day. Thank you for your participation.