Co-founder Neugebauer — who with family and former executives/management claims a ~40% block — wants a sale. The board says no. The market, for now, agrees with the board.

Fermi Inc. went public last October pitching 11 GW of behind-the-meter generation at a single West Texas campus, anchored by four AP1000 reactors and codenamed Project Matador. It briefly touched a ~$20B market cap. It closed Monday around $3.4B. What happened in between is the cleanest case study in public-company governance drama we’ve seen this year — compressed into a single business week. See the timeline visual below.

• The sequence: Co-founder Toby Neugebauer removed as CEO Friday Apr 17 — stays on the board, still the largest shareholder. Monday’s “Fermi 2.0” 8-K: CFO Miles Everson out as officer (also stays on board), COO Jacobo Ortiz and board observer Anna Bofa named Co-Presidents, Marius Haas elevated to Chairman, Heidrick & Struggles on the CEO search. FRMI closes -17.6%. Monday 11:51 PM ET, Neugebauer demands a sale (“removed without cause,” value being “destroyed”). Tuesday 11:54 PM ET, three minutes past his deadline, the board says no.

• The verdict (for now): FRMI rallies +15.8% Wednesday, clawing back most of Monday’s drop; by Thursday the tape had reclaimed most — but not all — of the pre-news level. Watch next: a proxy fight — the ~40% block held by Neugebauer with family and former executives/management is short of control, long enough to be uncomfortable — and whether “not for sale” holds if an unsolicited hyperscaler bid actually lands.

Fermi “Fermi 2.0” PR · Fermi business update · TechCrunch · Fortune

• The deal: 300 MW of IT load at the new 430 MW Delta Forge 1 campus in a southern U.S. market — 15 years, ~$7.5B contracted, with an unnamed U.S. investment-grade hyperscaler. Initial ops mid-2027.

• Scale: Lifts total contracted lease revenue across three AI Factory campuses (Polaris Forge + Delta Forge 1) to over $23B. Stock closed +13.9% on the day.

• The milestone: 174,000-cbm Al Qaiyyah loaded the first commissioning cargo at Sabine Pass, TX this week — expected destination Italy. Train 1 of the ~18 mtpa QatarEnergy (70%) / ExxonMobil (30%) JV reached first LNG on Mar 30. FID 2019; original operating target was 2024, later pushed to 1H25. Zachry Industrial’s 2024 bankruptcy is the short version of why it wasn’t.

• Timing: Ships into ~18 months of tight-ish TTF before the U.S. supply wall lands in 2027–28 — Plaquemines ramp, Corpus Christi Stage 3, Rio Grande LNG all stacking. QatarEnergy’s equity offtake goes to the merchant market, so the trading desks benefit before the SPA counterparties do.

• The close: Houston-based EIV final-closed Fund V (value-add energy-infrastructure, led by Managing Partners David Finan and Patti Melcher) and Resources II (non-op upstream, led by Partner Claire Harvey) Wednesday. Combined commitments: ~$1.1B. Total AUM to ~$3B.

• Why it matters: Fund V hunts value-add midstream with an explicit “last-mile” gas-and-power pitch for reindustrialization and data-center load; Resources II keeps accumulating non-op WI in Lower-48 O&G wells. LP appetite for lower-middle-market energy is intact and deepening — pensions, insurers, endowments, family offices all in. Read against Lime Rock below: two different books, same message from LPs.

• The close: LRNE Fund II final closed at $640M Tuesday — above the $500M target, under the $650M hard cap. Roughly 2x Fund I. Nearly 90% of Fund I’s institutional LPs re-upped.

• Why it matters: Energy-transition PE was supposed to have a hard year. A 2x step-up with 90% LP re-up — ~1/3 of it European and Asian — is the counter-signal. Read with EIV above: traditional energy and transition books, same message from LPs: keep going.

Q1 revenue $3.38B (+94% YoY), net income $1.49B, GAAP EPS $2.36 (adj. $2.33). Sales volume 618 Bcfe — above the high end of guidance, helped by Winter Storm Fern execution. Record $1.83B free cash flow on $608M of capex (4% below low-end guide). Retired ~$1.73B of senior notes in the quarter; total debt $6.0B, net debt $5.7B against a long-term $5B target. Fitch bumped the credit to BBB.

Q1 revenue $5.40B, net income $461M, EPS $0.55. Operating margin 13%. Returned ~$100M via buyback and paid the regular $0.17 quarterly dividend. CEO Jeff Miller: “In North America, I see clear signs that we are in the early innings of a recovery.”

Bechtel transitioned into field execution Thursday at the 345 MWe Natrium SFR in Kemmerer, WY — the first commercial non-LWR construction start in the U.S. in 40+ years (NRC construction permit issued Mar 4). Fuel load targeted 2030; COD 2030–31. Integrated molten-salt storage lets the plant dispatch up to 500 MWe while the reactor runs steady — the load-following pitch to hyperscalers.

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