{
  "schema_version": "1.0.0",
  "dataset_id": "fermi-amd-credit-support-2026-10-14",
  "reviewed_on": "2026-10-14",
  "latest_event_date": "2026-10-13",
  "scope": "Issuer-described lease, closing-date extension and AMD credit-support signing. No operative AMD agreement or complete lease package is reconstructed.",
  "sources": [
    {
      "id": "FRMI_Q2",
      "url": "https://www.sec.gov/Archives/edgar/data/2071778/000207177826000051/frmi-20260630.htm",
      "kind": "issuer_quarterly_filing",
      "report_period_end": "2026-06-30",
      "filed_on": "2026-08-14",
      "locator": "Note 9 and MD&A TensorWave Lease Overview; subsequent-event execution on August 9."
    },
    {
      "id": "CLOSING_EXTENSION",
      "url": "https://www.nasdaq.com/press-release/fermi-and-tensorwave-agree-extend-closing-date-october-31-2026-2026-09-22",
      "kind": "issuer_press_release_distributed_by_ACCESS_Newswire",
      "announced_on": "2026-09-22",
      "locator": "First Amendment; closing conditions; all other lease terms described as unchanged."
    },
    {
      "id": "AMD_SUPPORT",
      "url": "https://www.newswire.com/news/fermi-signs-credit-support-agreement-with-amd-and-announces-partnership",
      "kind": "issuer_press_release",
      "announced_on": "2026-10-13",
      "locator": "Signed credit support for phase-one lease; expansion framework; conditions to AMD obligations and lease closing."
    }
  ],
  "parties": {
    "landlord": "Fermi Campus 1 LLC",
    "landlord_parent": "Fermi Inc.",
    "tenant": "TensorWave TEX1, LLC",
    "tenant_parent": "TensorWave Inc.",
    "new_support_provider_as_named": "AMD",
    "project_finance_borrower": null
  },
  "events": [
    {
      "date": "2026-08-09",
      "object": "phase_one_lease",
      "status": "execution_reported_in_later_filing",
      "source": "FRMI_Q2",
      "what_changed": "A named customer and landlord signed a lease with closing conditions."
    },
    {
      "date": "2026-09-22",
      "object": "lease_closing_date",
      "status": "extension_announced",
      "source": "CLOSING_EXTENSION",
      "previous_date": "2026-09-30",
      "new_date": "2026-10-31",
      "what_changed": "The disclosed closing date moved; the issuer said all other terms remained unchanged."
    },
    {
      "date": "2026-10-13",
      "object": "amd_credit_support",
      "status": "signed_agreement_announced",
      "source": "AMD_SUPPORT",
      "what_changed": "The public record now identifies AMD and reports a signed credit-support agreement for the phase-one lease; the conditions and full coverage remain unestablished here."
    }
  ],
  "measurements": [
    {
      "id": "phase_one_capacity",
      "value": 222,
      "unit": "MW_gross_facility_power",
      "source": "FRMI_Q2",
      "basis": "At commencement of the final delivered phase; not current operational IT capacity."
    },
    {
      "id": "lease_revenue",
      "value": 6.5,
      "unit": "USD_billions",
      "approximate": true,
      "source": "FRMI_Q2",
      "basis": "Expected total contracted revenue over the initial term; not loan proceeds, present value or AMD guarantee cap."
    },
    {
      "id": "lease_initial_term",
      "value": 15,
      "unit": "years",
      "source": "FRMI_Q2",
      "basis": "Starts at commencement of the final delivered phase; two five-year renewal options described separately."
    },
    {
      "id": "october_expansion_framework",
      "value": 650,
      "unit": "MW_gross_facility_power",
      "source": "AMD_SUPPORT",
      "basis": "A future expansion framework, not confirmed exercise, financing or deployment. The October release does not quantify the overlap with the August lease expansion option."
    }
  ],
  "august_lease_description": {
    "tensorwave_parent_support": "Tenant obligations to be supported by its parent under an unconditional guaranty described in the lease.",
    "fermi_parent_support": "Guaranty of landlord obligations and completion support for construction.",
    "outside_credit_support": "An additional guarantee of tenant rent obligations was being negotiated with an unnamed AI infrastructure company.",
    "closing_conditions": [
      "Related work letters and guaranties",
      "Operations schedules and service-level agreement",
      "Board approvals",
      "Project-level financing sufficient for construction"
    ],
    "target_delivery": "Late 2027 into Q1 2028; phase-specific targets, extensions and remedies apply.",
    "delay_remedies": "Escalating rent credits subject to a cap; outside-date failure can permit termination for affected space and recovery of prepaid amounts and security deposit.",
    "source": "FRMI_Q2",
    "description_is_executed_contract_review": false
  },
  "amd_support": {
    "signing_announced": true,
    "announced_on": "2026-10-13",
    "supported_project_reference": "222 MW phase-one lease",
    "exact_covered_obligations": null,
    "guarantee_cap_usd": null,
    "fee": null,
    "duration": null,
    "effective_date": null,
    "full_conditions": null,
    "termination_and_recovery_rights": null,
    "all_prior_guaranty_conditions_satisfied": null,
    "source": "AMD_SUPPORT",
    "source_risk_disclosure": "The announcement identifies conditions to AMD obligations and to TensorWave lease closing."
  },
  "execution_status": {
    "lease_closing_confirmed": null,
    "project_financing_closed_confirmed": null,
    "first_project_loan_draw_confirmed": null,
    "operating_delivery_confirmed": null,
    "null_meaning": "Not established by the sources reviewed; not an assertion that the event cannot have occurred."
  },
  "next_evidence": [
    {
      "item": "Operative support obligations and effectiveness",
      "decision": "Whether and when the support can be included in lender underwriting."
    },
    {
      "item": "Lease closing and disposition of the stated conditions",
      "decision": "Whether the signed lease has moved to the next contractual stage."
    },
    {
      "item": "Project debt commitment, borrower, draw conditions and first funding",
      "decision": "How much construction cash is actually available and when."
    },
    {
      "item": "Delivery, power readiness and customer acceptance",
      "decision": "When the project can provide service and collect operating receipts."
    }
  ],
  "interpretation": "A named signed support agreement is a positive financing milestone. It is not proof of funding or a license to treat total expected lease revenue as the support amount.",
  "errors_to_avoid": [
    "Do not set AMD's cap to 6.5 billion from lease revenue.",
    "Do not add the 222 MW lease and 650 MW framework as independently contracted capacity.",
    "Do not import NVIDIA PORTS rights, payment caps or deferral clauses into the AMD agreement.",
    "Do not treat October 31 as a guaranteed loan-funding or operating date."
  ]
}