Fermi stock fell after the company disclosed that Chief Executive Officer Toby Neugebauer departed his role on April 17, according to a Form 8-K filed with the U.S. Securities and Exchange Commission. The filing said Fermi’s board created an Interim Office of the CEO and named Chief Operating Officer Jacobo Ortiz and board observer Anna Bofa to that temporary leadership arrangement. The company said it intends to conduct a search for a new chief executive and expects to release additional details on Monday, April 20, 2026.
Key Insights
- Fermi said in an SEC filing that Toby Neugebauer departed as chief executive officer on April 17, 2026.
- The board created an Interim Office of the CEO made up of COO Jacobo Ortiz and board observer Anna Bofa.
- The company said it plans to search for a permanent replacement and expects to provide more details on April 20, 2026.
- In the latest quoted trade available through LSEG, FRMI was at $6.55.
- Reuters reported that Fermi raised $682.5 million in its U.S. IPO in September 2025 at $21 a share.
- The company’s Reuters profile describes Fermi as an advanced energy and hyperscale development company focused on large-scale AI power and data-center infrastructure.
Leadership Change Drives Fermi Shares Lower
The April 17 filing is the latest disclosure from Fermi, a Texas-based company that trades on Nasdaq under the symbol FRMI and also has a London listing. The filing identified the company as Fermi Inc. and said Neugebauer departed his role as chief executive officer. It did not state a reason for the departure. The board’s temporary leadership structure includes Ortiz, the company’s chief operating officer, and Bofa, who was listed as a board observer.
The filing also said Miles Everson, Fermi’s chief financial officer, was nominated to the board under a previously disclosed director nomination agreement. The board approved that nomination and increased the size of the board from five to seven directors. According to the filing, Fermi expects to release additional details on Monday, April 20.
Trading in FRMI was lower after the disclosure. The latest market quote available through LSEG showed the stock at $6.55, with the session marked by a wide range between an intraday high of $7.035 and a low of $4.54. The quote data also showed volume of 19,842,225 shares.
IPO Background and Project Matador
Fermi came to market in September 2025, when Reuters reported that the company raised $682.5 million in a U.S. initial public offering. Reuters said Fermi sold 32.5 million shares at $21 each, valuing the company at $12.46 billion. The company was founded in January 2025 and said at the time that it was building what it described as a large-scale AI power and data-center complex.
Reuters reported that Fermi’s project is centered on an AI data-center campus in Amarillo, Texas, designed to draw on nuclear, natural gas and solar power for hyperscale tenants. The company said the campus could deliver up to 11 gigawatts of power to data centers by 2038, with 1 gigawatt slated to come online by late 2026. Reuters also reported that Fermi did not expect to generate revenue within the next 12 months and had recorded a $6.4 million loss since inception through June 30, 2025.
The Reuters company profile says Fermi is developing Project Matador on a 5,236-acre site in Amarillo, Texas, on land leased from the Texas Tech University System. The profile says the project is designed to accommodate up to 6.0 gigawatts of nuclear capacity through four Westinghouse reactors and two small nuclear reactors, alongside other power pathways that include near-term natural gas development. Reuters identifies Fermi’s industry as multiline utilities and lists Neugebauer as founder, president and chief executive officer before the April 17 departure disclosure.
Reuters’ company profile also lists 2025 net income at negative $486.38 million, total assets at $1.413 billion, total debt at $109.80 million and total liabilities at $317.44 million. The profile further shows cash from operating activities at negative $34.15 million and cash from investing activities at negative $570.26 million for 2025. The figures were published by Reuters with LSEG data and are part of the company’s public market profile.
The same profile identifies Fermi as an advanced energy and hyperscale development company built around large-scale electric grids for artificial intelligence applications. It says Project Matador sits on a 5,236-acre site in Amarillo, Texas, and is secured through a lease on Texas Tech University System land. Reuters’ listing also shows the company’s executive roster before the departure filing, including Neugebauer as founder, president and chief executive officer, alongside Miles Everson as chief financial officer and Jacobo Ortiz Blanes as chief operating officer.
What the Company Said in Filing
In the SEC report, Fermi said it had established the interim leadership office and would search for a permanent chief executive. The company also said the filing was made on April 17, the same date Neugebauer left his role. No additional explanation for the departure appeared in the filing. The report was signed by General Counsel George Wentz on behalf of Fermi.
Separately, Reuters’ earlier IPO report noted that Fermi’s shares were expected to begin trading on Nasdaq on Oct. 1, 2025, and on the London Stock Exchange on Oct. 2, 2025, under the ticker FRMI. The report said UBS Investment Bank, Evercore ISI, Cantor and Mizuho were the book-running managers for the offering.
The filing was submitted as a Form 8-K current report.
Current Status
As of the latest quoted market data, FRMI was trading at $6.55. The company has said it will release more details on Monday, April 20, following the CEO departure and the board changes disclosed in its SEC filing.
