Toby Neugebauer

May 10, 2026

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Sequencing Beats Vision: Why Fermi's $19B Pitch Couldn't Land a Single Tenant

Months of failed negotiations later, the board ousted co-founder Toby Neugebauer and the stock sits 84% off its peak.

April 21, 2026

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Fermi's Anchor Tenant Walked in December. Everything Else Followed.

CEO Toby Neugebauer and CFO Miles Everson both exited within days, the stock has shed 69% since its October IPO, and satellite analysis from Cleanview shows no construction has begun on Project Matador near Amarillo.

April 20, 2026

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Hyperscalers Stop Waiting on the Grid as ERCOT Stares at 218 GW

Risk: developers who haven't reserved turbine or reactor slots by mid-2026 are bidding against a sold-out supply chain, and Fermi America's Amarillo stall, with CEO Toby Neugebauer out April 17 despite a February air permit, shows permits alone don't move dirt.

April 19, 2026

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Anchored Offtake Wins the Queue. Speculation Gets Repriced.

Fermi Inc. CEO Toby Neugebauer stepped down with shares down 31 percent in extended trading and 78 percent since the October IPO, after the anchor tenant for the 11 GW Project Matador withdrew and triggered a class action.

March 26, 2026

Fermi CEO Toby Neugebauer, whose company secured over 2 GW of natural gas for a behind-the-meter power island in Texas and is pursuing AP1000 nuclear plants, argues off-grid sites move faster and shield ratepayers.