Fermi's Founding CEO Exits After 198 Days as Public Company

Toby Neugebauer, co-founder and CEO of Fermi Inc., departed April 17, 2026—just 198 days after the Amarillo-based nuclear-powered AI infrastructure startup's October 2024 IPO. Fermi went public at a $16 billion valuation despite zero revenue, raising $682.5 million. The announcement triggered a 20% share decline. Neugebauer, son of retired congressman Randy Neugebauer, previously co-founded Quantum Energy Partners. Worth flagging: the departure of a founding CEO pre-revenue at a capital-intensive nuclear development company raises material execution questions.