Fermi CEO Departs as Startup Rolls Out ‘2.0’ Reset Amid $3.4B Valuation

Fermi CEO Resignation Triggers Leadership Overhaul

The abrupt exit of Fermi CEO Toby Neugebauer marks a pivotal moment for the AI‑power startup as it initiates a “2.0” reset to salvage its flagship data‑center campus in the Texas Panhandle. Backed by former U.S. Energy Secretary Rick Perry, the company rode a near‑$20B IPO wave last year before revenue remained elusive.

Market fallout

Since October, the firm’s market cap has slid from almost $20B to $3.4B ↓ $16.6B, and shares fell an additional ↓ 18% on the leadership news.

Board reshuffle

Neugebauer will retain his board seat and remain the largest shareholder, while CFO Miles Everson also steps down to a non‑executive board role. Chairman Marius Haas has appointed an interim “office of the CEO” headed by COO Jacobo Ortiz and board observer Anna Bofa, a former Google and Meta executive.

Strategic pivot

The startup is relocating its headquarters from Amarillo to Dallas and pressing ahead with Project Matador, a plan to generate 11 GW of nuclear, solar and natural‑gas power for a “HyperGrid” that would serve data centers across 5,000 acres owned largely by the Texas Tech University System and leased to the U.S. Department of Energy.

“We are evolving to become a mature, sustainable entity,” the company said.

Analysts at Reuters and Bloomberg note that Neugebauer’s departure could ease friction with prospective tenants, potentially smoothing out stalled negotiations.