Fermi, a Texas-based AI data center startup that went public last year at ~$20B, is now in turmoil with market cap collapsed to $3.2B. Fired cofounder/top shareholder Toby Neugebauer (~40% ownership) is pushing for immediate sale, while the board majority (led by chairman Marius Haas and including former Texas governor Rick Perry) opposes the move and claims recent leadership changes position the company for growth.
War
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.
Wednesday, April 22, 2026 12:00 PM UTC2 MIN READSOURCE: Fortune AIBY sys://pipeline
Tags
war
/// RELATED
Products1d ago
Photoshop’s ‘Modern User Interface’ Sucks (and Doesn’t Feel Modern)
Adobe's Photoshop 2026 redesign prioritizes visual modernization over core UX patterns, breaking focus management that professional keyboard workflows depend on.
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.