Fermi Inc. kept the spotlight on execution after reporting second-quarter 2026 results, highlighting that it had met all five 90-day objectives set in May, including a binding 15-year, 222 MW anchor lease with TensorWave at Project Matador Phase 1 and the appointment of Lee McIntire as CEO. The TensorWave agreement, expected to generate about $6.5 billion in contracted revenue, gives Fermi its first binding customer lease at the Texas campus and includes two expansion options that could lift the footprint to more than 650 MW. Management is now framing progress around construction milestones rather than near-term revenue. Fermi targets roughly 200 MW of initial commercial power within six months, about 1.5 GW within 18 to 24 months, and, through its Hillcore alliance, planned on-site capacity of 4.8 GW within roughly 30 months. The company said the Hillcore arrangement would support 2.6 GW of incremental generation financed off Fermi's balance sheet, with buildout tied to signed customer demand. Quarterly figures underscored the capital intensity of that transition. Fermi posted a net loss of $25.8 million, or $0.04 per share, with G&A expense of $26.8 million as the primary driver. CapEx in property, plant and equipment totaled $185.0 million in the quarter, bringing gross PP&E to about $1.55 billion, while total assets stood at $1.76 billion. Total cash and restricted cash were $91.7 million and debt was $520.1 million. Fermi also pointed to its July convertible offering, which netted $416.80 million, and said it had $431 million of 5.00% notes due 2031 with a conversion price of about $9.52 and a capped call effective strike of $14.64. Shares had already rallied on the TensorWave announcement, closing at $7.60 on August 12, up 22.78% over the prior week, and were up another 2% in premarket trading after the earnings release. Chairman Marius Haas said the company had delivered on all five aggressive objectives set roughly 90 days earlier. The updates add operating and financing detail to a story that had already turned on securing a large, long-term anchor customer after a previously collapsed Amazon agreement.