The struggling AI power startup Fermi is losing both its CEO and chief financial officer as it launches a “2.0” reset to attract customers for the largest data center campus project in the world in the rural Texas Panhandle.
Fermi, which is backed by former U.S. Energy Secretary Rick Perry, saw a massively successful IPO last year—before generating any revenue—that was quickly followed by a steep decline on the stock market as it lost its first planned hyperscaler customer and then saw its cofounder and CEO, Toby Neugebauer, reportedly engage in a public confrontation with U.S. Commerce Secretary Howard Lutnick.
