The Leadership Crisis and Reset

Fermi's turmoil began on April 20, 2026, when co-founder and CEO Toby Neugebauer and CFO Miles Everson both departed their executive roles . The news sent shares down 22% . Lead independent director Marius Haas stepped in as interim chairman to lead a "2.0" reset for the company . The board launched a search for a permanent CEO, and for more than three months, Fermi operated without a top executive .

Lee McIntire Takes the Helm

On August 12, 2026, Fermi announced that Lee McIntire had been named CEO, effective August 11 . McIntire had served as an independent board member at Fermi since September 2025 . Before joining Fermi's board, he was CEO of CH2M Hill, a global engineering and construction firm, and TerraPower, the advanced nuclear reactor company founded by Bill Gates .

The choice of McIntire — an infrastructure and nuclear veteran rather than a tech founder — signals that Fermi's next phase is about executing large-scale physical construction rather than startup fundraising or hype .

First Anchor Customer: TensorWave Lease

On the business development side, Fermi signed a $6.5 billion lease with AI cloud provider TensorWave for part of its massive data center campus in Carson County, Texas, near Amarillo . The 15-year lease covers a data center supplied by 222 megawatts of power at Project Matador . TensorWave is Fermi's first binding anchor customer .

The overall Project Matador campus is described as one of the world's largest advanced energy and AI data center ecosystems, targeting up to 17 GW of total capacity .

Hillcore Power Alliance (2.6 GW)

On August 11, 2026, Fermi executed a framework agreement with Hillcore Energy Capital to finance, build, own, and operate a 2.6 GW natural gas-anchored power complex at Project Matador . The complex, called the Hillcore Power Center, will be built on a Build-Own-Operate-Transfer (BOOT) basis . It will combine approximately 2.5 GW of natural gas-fired generation with about 100 megawatts of solar generation and battery storage . The first power block of around 350 megawatts is targeted to deliver first power within 24 months of definitive agreements .

This deal more than doubles Fermi's power to market to 4.8 GW total over the next ~30 months . It provides the near-term power needed to get the campus online while Fermi pursues its longer-term nuclear ambitions.

Q2 2026 Results — 90-Day Plan Delivered

In its second quarter 2026 results announced on August 13, 2026, Fermi said it had fully executed all five 90-day objectives set in May 2026, including signing the TensorWave lease, establishing the Hillcore alliance, and advancing site development work . Chairman Marius Haas stated: "Roughly 90 days ago, we put ourselves on the clock with a clear set of aggressive objectives, and the team delivered on all five" .

What It Means for the Company's Next Phase

• From vision to execution. McIntire's background in delivering massive engineering projects (CH2M Hill) and advanced nuclear (TerraPower) directly matches the challenge of building the world's largest AI data center campus .
• Nuclear remains the long game, gas is the bridge. While Fermi markets itself as an "AI nuclear power firm," the immediate 2.6 GW deal with Hillcore is gas-fired. McIntire's nuclear expertise positions the company to introduce advanced nuclear reactors at the campus over time, but not before the gas plant provides initial power.
• Credibility restored with customers and markets. After the April leadership crisis, securing a $6.5 billion anchor lease and a well-capitalized power partner within 90 days suggests the board's turnaround plan is gaining traction .
• Key risk. Fermi is still a development-stage REIT with enormous capital requirements. The company's ability to finance the full 17 GW campus and deliver on its nuclear promises will depend on continued customer and investor confidence under the new CEO.

The Leadership Crisis and Reset

Fermi's turmoil began on April 20, 2026, when co-founder and CEO Toby Neugebauer and CFO Miles Everson both departed their executive roles . The news sent shares down 22% . Lead independent director Marius Haas stepped in as interim chairman to lead a "2.0" reset for the company . The board launched a search for a permanent CEO, and for more than three months, Fermi operated without a top executive .

Lee McIntire Takes the Helm

On August 12, 2026, Fermi announced that Lee McIntire had been named CEO, effective August 11 . McIntire had served as an independent board member at Fermi since September 2025 . Before joining Fermi's board, he was CEO of CH2M Hill, a global engineering and construction firm, and TerraPower, the advanced nuclear reactor company founded by Bill Gates .

The choice of McIntire — an infrastructure and nuclear veteran rather than a tech founder — signals that Fermi's next phase is about executing large-scale physical construction rather than startup fundraising or hype .

First Anchor Customer: TensorWave Lease

On the business development side, Fermi signed a $6.5 billion lease with AI cloud provider TensorWave for part of its massive data center campus in Carson County, Texas, near Amarillo . The 15-year lease covers a data center supplied by 222 megawatts of power at Project Matador . TensorWave is Fermi's first binding anchor customer .

The overall Project Matador campus is described as one of the world's largest advanced energy and AI data center ecosystems, targeting up to 17 GW of total capacity .

Hillcore Power Alliance (2.6 GW)

On August 11, 2026, Fermi executed a framework agreement with Hillcore Energy Capital to finance, build, own, and operate a 2.6 GW natural gas-anchored power complex at Project Matador . The complex, called the Hillcore Power Center, will be built on a Build-Own-Operate-Transfer (BOOT) basis . It will combine approximately 2.5 GW of natural gas-fired generation with about 100 megawatts of solar generation and battery storage . The first power block of around 350 megawatts is targeted to deliver first power within 24 months of definitive agreements .

This deal more than doubles Fermi's power to market to 4.8 GW total over the next ~30 months . It provides the near-term power needed to get the campus online while Fermi pursues its longer-term nuclear ambitions.

Q2 2026 Results — 90-Day Plan Delivered

In its second quarter 2026 results announced on August 13, 2026, Fermi said it had fully executed all five 90-day objectives set in May 2026, including signing the TensorWave lease, establishing the Hillcore alliance, and advancing site development work . Chairman Marius Haas stated: "Roughly 90 days ago, we put ourselves on the clock with a clear set of aggressive objectives, and the team delivered on all five" .

What It Means for the Company's Next Phase

• From vision to execution. McIntire's background in delivering massive engineering projects (CH2M Hill) and advanced nuclear (TerraPower) directly matches the challenge of building the world's largest AI data center campus .
• Nuclear remains the long game, gas is the bridge. While Fermi markets itself as an "AI nuclear power firm," the immediate 2.6 GW deal with Hillcore is gas-fired. McIntire's nuclear expertise positions the company to introduce advanced nuclear reactors at the campus over time, but not before the gas plant provides initial power.
• Credibility restored with customers and markets. After the April leadership crisis, securing a $6.5 billion anchor lease and a well-capitalized power partner within 90 days suggests the board's turnaround plan is gaining traction .
• Key risk. Fermi is still a development-stage REIT with enormous capital requirements. The company's ability to finance the full 17 GW campus and deliver on its nuclear promises will depend on continued customer and investor confidence under the new CEO.