Fermi (FRMI) said late Monday it has signed its first binding customer lease at its Project Matador campus in Texas, a deal expected to generate about $6.5 billion over its initial 15-year term for the first phase.

The lease between Fermi's subsidiary Fermi Campus 1 and TensorWave TEX1, a unit of TensorWave, covers a facility supported by 222 megawatts of total power once the final delivery phase begins.

The agreement includes expansion rights for two additional data centers that would bring the partnership to more than 650 MW if exercised.

Project Matador's first power is targeted for 2026, with construction already underway and permits secured for about 6 GW of the planned 17-GW campus.

Fermi shares jumped 19% in after-hours trading.