Toby Neugebauer, the co-founder and former chief executive officer of Fermi Inc., issued a formal call on Tuesday, April 21, 2026, for the company to be put up for sale. This development follows Neugebauer’s disclosure that he was removed from his leadership position by the board of directors on Friday, April 17, 2026. In a statement released late Monday, Neugebauer requested that the board initiate an immediate sale process to a third party, overseen by an independent investment bank.
Neugebauer stated that he was informed of his termination without cause. Along with his removal, several other colleagues also departed the company on Friday. Neugebauer noted that he, his family members, and the group of departing employees collectively hold approximately 40 percent of Fermi’s outstanding shares. He emphasized that his primary objective is now to maximize value for all shareholders, stating that he prioritizes financial returns over the completion of the project under current management. Neugebauer’s statement indicated that he ultimately cares about making money for all shareholders more than finishing what he and his team started.
Fermi Inc. was co-founded by Neugebauer and former U.S. Energy Secretary Rick Perry. The company is currently developing a large-scale energy campus in Texas designed to support artificial intelligence data centers. The project’s roadmap includes an initial phase powered by natural gas, with subsequent plans to integrate as many as four nuclear reactors to provide high-capacity, carbon-free electricity to the facility. The venture aims to address the significant power requirements of the next generation of AI infrastructure, which requires consistent and scalable energy sources.
As of Tuesday morning, Fermi Inc. has not issued an official response to Neugebauer’s call for a sale or provided specific details regarding the board’s decision to change leadership. The company’s strategic focus remains on the burgeoning demand for power-intensive AI infrastructure, a sector that has seen significant capital investment in the Texas region. Neugebauer’s exit and subsequent demand for a sale introduce uncertainty regarding the project's timeline and governance.
The call for a sale marks a significant shift in the company’s trajectory, as Neugebauer was a central figure in the firm’s founding and its strategy to bridge traditional energy sources with advanced nuclear technology. The involvement of Rick Perry, who served as the 14th U.S. Secretary of Energy, has been a key component of the company’s profile since its inception. The board now faces a decision on whether to engage with Neugebauer’s demand for a third-party acquisition or continue with its current development plan under new leadership. The company has been positioned as a key player in the intersection of energy production and high-performance computing.