Highest-materiality recent filing
Fermi appoints Lee McIntire as CEO effective Aug 11, 2026
Lee McIntire appointed CEO effective Aug 11, 2026; he continues as director without additional compensation.
Fermi Q2: signs TensorWave lease, names CEO, raises $431M; net loss $25.8M
Signed 15-year lease with TensorWave for 222 MW at Project Matador; ~$6.5B total revenue.
Fermi appoints four senior officers including CFO, COO, and General Counsel
Appointed George Wentz as General Counsel, Anna Bofa as CCO, Jacobo Ortiz as COO, and Rob Masson as CFO, effective July 22, 2026.
Director Miles Everson resigns from Fermi Inc. board; response letter filed
Miles Everson resigned as director effective July 10, 2026.
Fermi closes $431.25M convertible notes offering; capped call limits dilution to 2% if stock triples
Issued $431.25M aggregate principal of 5.00% convertible senior notes due 2031; net proceeds $416.81M after fees.
Director Miles Everson resigns over disagreement on books access and committee delegation
Miles Everson resigned as director effective July 10, 2026, citing disagreement over access to books and records and delegation of financing oversight to Finance Committee.
Offers $350M convertible senior notes due 2031; initial purchasers have option for additional $52.5M.
Fermi reports Q1 net loss of $189M; secures 2 GW power, $785M financing
Net loss of $189M ($0.30 diluted EPS) primarily from $134M share-based comp and $25M extinguishment loss.
Fermi Inc. adopts supermajority voting requirement for bylaw amendments and director tenure changes
Board approved Amended and Restated Bylaws effective May 13, 2026; key change is a 70% shareholder vote threshold.
Fermi rejects former CEO Neugebauer's invalid special meeting requests; cites 80% stock decline
Board terminated Toby Neugebauer for cause after month-long transition negotiations failed.
Fermi appoints Chief Power Officer Larry Kellerman to Board of Directors
Elected May 4, 2026 as Class III director; term expires at 2028 annual meeting.
Fermi Inc. terminates Toby Neugebauer for cause, removes him from board
Mr. Neugebauer's employment terminated for cause on April 30, 2026 due to conduct violating his agreement and company policies.
Fermi appoints Robert L. Masson as interim CFO effective April 29, 2026
Masson, age 55, previously CFO at Noble Supply and Logistics (2023-2025) and Latham Group (2022-2023).
CEO Toby Neugebauer departs immediately; remains on Board; Marius Haas (former Lead Independent Director) becomes Chairman.
CEO Toby Neugebauer departs; CFO Miles Everson appointed to board
CEO Toby Neugebauer left April 17, 2026; interim Office of the CEO formed with COO Jacobo Ortiz and board observer Anna Bofa.
Fermi Inc. FY 2025 net loss $486M; raised $1.8B, secured 6 GW permit
Net loss of $486.4M ($1.13 per share) driven by $441.8M non-cash charges including $173.8M charitable contribution and $132.7M stock comp.
Fermi subsidiary secures $165M loan for six Siemens gas turbines for Project Matador
Up to $165M senior secured term loan from CLMG Corp. and lenders to fund Siemens SGT-800 turbine acquisition for Project Matador.
Fermi Inc. subsidiary enters $120M credit facility for Project Matador equipment
Fermi High Voltage Warehouse LLC entered a $120M senior secured credit facility with Keystone National Group as agent and Cape Commercial Finance as arranger.
Fermi secures $500M MUFG equipment loan for 11GW Project Matador turbines
$500M senior secured equipment warehouse facility from MUFG at SOFR + 4.0% p.a., 18-month maturity.
First tenant terminated AICA on Dec 11, 2025; no funds had been drawn under the agreement.
Fermi America Q3: 2.2GW gas secured, NRC accepts COL, IPO raises $785M
Secured 2.2GW gas-fired generation (surpassing 1.0GW target); first power delivery target remains end of 2026.
Fermi Inc. finalizes employment agreements for CEO and three C-suite executives with IPO effective
CEO Toby Neugebauer receives $500k base salary, twice-yearly equity top-up grant ensuring 40% of all LTIP awards to employees.
Fermi Inc. completes IPO of 37.4M shares at $21.00, raising ~$785M
Issued 37,375,000 shares (incl. over-allotment) at $21.00 for gross proceeds of $784,875,000.
On July 10, 2026, the Board of Directors (the “Board”) of Fermi Inc. (the “Company”) received a letter from Mr. Miles Everson, a director designee of Toby Neugebauer, pursuant to which Mr. Everson resigned as a director of the Company, effective immediately (the “Resignation Letter”).
the board of directors of the Company (the “Board”) elected effective as of May 4, 2026, Mr. Larry Kellerman, the Chief Power Officer of the Company, to the Board to fill the vacancy created by Mr. Neugebauer’s previously announced departure from the Board.
the board of directors of the Company (the “Board”) elected effective as of May 4, 2026, Mr. Larry Kellerman, the Chief Power Officer of the Company, to the Board to fill the vacancy created by Mr. Neugebauer’s previously announced departure from the Board.
On April 29, 2026, the Board of Directors (the “Board”) of Fermi Inc. (the “Company) appointed Robert L. Masson as Interim Chief Financial Officer (“Interim CFO”) and the principal financial officer of the Company effective April 29, 2026, until a permanent successor is named.
As a result of his termination for Cause, Mr. Neugebauer was automatically removed from the Company’s board of directors.
On April 30, 2026, the Company terminated Mr. Toby Neugebauer’s employment for Cause pursuant to his Employment Agreement as a result of conduct in violation of the terms of such agreement and of Company policies.
Max materiality 0.90 · Median 0.70 · Most common event leadership