Fermi's Nuclear AI Dream Stumbles as CEO and CFO Walk Out — and Ex-CEO Now Wants to Sell the Company

Fermi Inc., the high-profile startup promising nuclear power for AI data centers, lost both its co-founder CEO Toby Neugebauer and CFO Miles Everson on Friday. The double departure triggered an immediate 22–31% share drop across after-hours and Monday trading, wiping hundreds of millions in market cap. Neugebauer remains on the board but no longer chairs it; lead independent director Marius Haas now holds the gavel. The company has handed day-to-day control to an “Interim Office of the CEO” pairing COO Jacobo Ortiz and board observer Anna Bofa while it searches for permanent replacements .

The crisis took a sharp turn Tuesday when Fortune AI reported that Neugebauer is actively urging fellow shareholders to auction Fermi rather than continue its ambitious Texas build-out. In his view, a quick sale at a modest premium would salvage value after the stock collapse. The board has not authorized a formal process, but Neugebauer’s campaign introduces a new variable: the company could change hands before it ever flips the switch on a single reactor. Insiders say some investors are intrigued, while others worry a fire-sale price would undercut years of groundwork .

Fermi’s marquee project, a planned AI mega-campus in the Texas Panhandle designed to pair small modular reactors with hyperscale compute loads, is suddenly leaderless at a critical moment. Local press in Amarillo reports “site advancement” continues, yet no updated timeline or financing details have been released since the resignations. The facility was pitched as a flagship for nuclear-powered AI training clusters; losing both the chief executive and finance chief raises fresh questions about funding, permitting and customer commitments .

Trading volume exploded to more than eight times the monthly average as retail and institutional investors dumped FRMI shares. Posts on Stocktwits and Reddit threads show a mix of panic selling and opportunistic dip-buying, but sell-side notes from TipRanks label the stock “high-risk pending governance clarity.” The plunge puts Fermi’s year-to-date gains underwater and drags the small nuclear-reactor ETF space with it. Options markets priced in another 15% swing either direction within the week, implying traders expect more news soon .

The turmoil at Fermi lands just as hyperscalers scout for reliable, carbon-free power. If the startup splinters or sells, it could slow enthusiasm for small-reactor deals and push tech giants toward natural gas or grid upgrades instead. For now, competitors like Oklo and X-energy are fielding a wave of inbound calls from spooked data-center developers looking for backup options, according to industry recruiters. Whether Fermi steadies the ship or becomes a cautionary tale will shape the next round of AI-nuclear partnerships .