Fermi Nuclear Startup's CEO Exits 198 Days After IPO

Toby Neugebauer, co-founder and CEO of nuclear-powered AI infrastructure startup Fermi Inc., stepped down April 17, 2026—just 198 days after the company's October 2024 IPO. Fermi went public at a $16 billion valuation with no revenue, raising $682.5 million. The announcement sparked a 20% stock drop. Worth flagging: a founding CEO's departure before the company generates revenue at a capital-intensive nuclear venture raises serious questions about execution risk.