Shares of Fermi Inc. surged Tuesday after the energy infrastructure company announced its first binding customer lease at its flagship Project Matador campus in Texas, marking a major commercial milestone for the company's push to build large-scale power infrastructure for artificial intelligence data centers.

The stock closed up 21.68% at $7.16, on volume of nearly 19.9 million shares, roughly in line with its three-month average of about 19 million shares, giving the company a market capitalization of approximately $4.55 billion. Shares had surged even more sharply in after-hours trading Monday, jumping as much as 35% immediately following the announcement, before settling into Tuesday's more moderate, though still substantial, gain.

Fermi, also known as Fermi America, announced Monday that it had signed a 15-year turnkey data-center lease with TensorWave, an artificial intelligence cloud provider, covering a facility backed by 222 megawatts of power at the company's Project Matador campus in Carson County, Texas. Once complete, the site is expected to house tens of thousands of next-generation AMD Instinct graphics processing units used for large-scale AI training and inference workloads. The agreement is projected to generate approximately $6.5 billion in contracted revenue over its........

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