Huge Texas data center Fermi in turmoil, co-founded by Rick Perry/planned to name after Trump, has signed zero customers

https://www.msn.com/en-us/money/companies/texas-data-center-company-fermi-america-sputters-after-losing-top-executives-what-s-next/ar-AA21lV4j
Texas data center company Fermi America sputters after losing top executives. What's next?



Fermi America, the splashy data center company co-founded by former Gov. Rick Perry, has lost both its CEO and chief financial officer in the span of a few days.

It’s the latest of several blows to Fermi, which promised to build the world’s largest AI data center campus near Amarillo when it launched last year but now faces an assortment of financial and legal woes.

The leadership shakeup comes after state officials cautioned that the hype surrounding data centers could lead to inflated estimates of future power needs in Texas.

In an early morning Monday statement, Fermi called the executive departures “a new chapter” for the company as it progresses from a start-up to a “mature, established entity, well positioned for long-term, sustainable growth.”

Fermi is in negotiations with a candidate to serve as interim CFO, and the company’s chief operating officer and a board adviser have stepped into an interim CEO role, according to the statement. The firm will also establish a new headquarters in Dallas “as part of Fermi 2.0.”

From its inception, Fermi has talked a big game. Last June, it announced plans to build a giant data center campus named after President Donald Trump, powered initially by a massive build-out of natural gas power plants and later by ambitious deployment of large nuclear reactors



https://www.bloomberg.com/news/newsletters/2026-04-23/ai-energy-startup-fermi-faces-c-suite-drama-after-72-stock-selloff

Rick Perry’s AI-Energy Startup Fermi Faces C-Suite Drama After 72% Selloff
Ex-governor is on board that ousted CEO — who now wants directors gone

AI energy startup Fermi has a big-name co-founder in former Texas Governor Rick Perry and an ambitious goal to build the world’s largest private power grid for a data-center campus. The drama around the company these days is also Texas-sized.

Since skyrocketing in its first day of trading, Fermi has been jolted by challenges including the loss of a key anchor tenant for its Project Matador site near Amarillo. It told investors in March that it still hadn’t signed up customers.

The turmoil only worsened with the ouster of CEO and co-founder Toby Neugebauer and the departure of Chief Financial Officer Miles Everson. The stock plunged 18% on Monday, flirting with the all-time low of $4.80 set earlier this month.

The management shuffle suggested “there was friction between customers and Mr. Neugebauer, and negotiations could be simpler going forward,” Stifel Nicolaus & Co. analyst Stephen Gengaro said in a note.