Nuclear AI Company's CEO Departs After Less Than 7 Months as Public Firm

Toby Neugebauer, founding CEO of Fermi Inc., left the Amarillo-based nuclear power startup on April 17, 2026—just 198 days after it went public in October 2024. The company raised $682.5 million despite having made no money yet, at a $16 billion valuation. His departure triggered a 20% drop in the stock price. Worth flagging: when a founding CEO of a capital-heavy, pre-revenue company leaves this early, it raises serious questions about whether the company can actually deliver on its plans.