Overview
- Fermi’s board turned down co‑founder Toby Neugebauer’s call to sell the company and said it will keep pursuing tenants, partners, and funding under interim leadership.
- The company says interest has picked up from big tech customers and financiers, yet it still lacks an anchor tenant for Project Matador after talks reported to involve Amazon collapsed.
- Equipment and cash pressures are building, with scarce cooling systems and turbines that may be sold to help meet a Macquarie loan carrying about a 49% effective rate and roughly $149 million due in August.
- Reports from Cleanview and Fuzzy Panda say Fermi overstated construction progress, pointing to satellite images that show little real work at the Texas site.
- Shares have fallen more than 75% since the IPO, and analysts say listing before securing a bankable anchor deal left the project hard to finance and execute.