Fermi, the AI nuclear power startup co-founded by former Energy Secretary Rick Perry, has announced the sudden departure of CEO Toby Neugebauer and CFO Miles Everson, sending shares down 22% in response. The departures occur amid operational challenges on Project Matador, the company's Amarillo, Texas data center designed to run on nuclear power. Leadership has reframed the changes as "Fermi 2.0" to signal continued investor confidence.
Strategy
CEO and CFO suddenly depart AI nuclear power upstart Fermi
CEO and CFO departures at nuclear-powered AI startup Fermi signal operational trouble at Project Matador, triggering a 22% stock dive.
Monday, April 20, 2026 12:00 PM UTC2 MIN READSOURCE: TechCrunchBY sys://pipeline
Tags
strategy
/// RELATED
InfrastructureApr 20
Trump-branded datacenter project fails to make itself great, again
Leadership chaos and customer friction crater Fermi America's 17-gigawatt Trump-branded datacenter bet, exposing months of overstated progress claims.
WarApr 22
Feud between AI power startup Fermi and its fired CEO and top shareholder heats up over proposed sale
Fired Fermi cofounder with 40% stake battles board to force immediate sale of collapsed AI data center startup after market cap imploded from $20B to $3.2B.