Fermi Inc. (ticker: FERMI) entered the long weekend on a high note, with shares climbing approximately 10% to $9.50 before U.S. equity markets closed for the Juneteenth holiday. The rally, supported by trading volume exceeding 41 million shares on the Nasdaq, was largely driven by speculation that a major AI player—potentially OpenAI—could become a tenant at the company's Project Matador campus in Amarillo, Texas. However, no binding lease or agreement has been announced, leaving the stock exposed to potential profit-taking when trading resumes.
Project Matador remains the centerpiece of Fermi's valuation, which hinges on the company's ability to transform land and permits into concrete customer commitments. Fermi envisions a 17-gigawatt private grid at the site, with approximately 6 GW already permitted. The company has secured nearly $1 billion in committed financing and aims for first power delivery by 2026. Yet, without a signed tenant, the stock is trading more on hope than hard news.
The recent price surge was amplified by analyst commentary. Last week, JMP Securities, as reported by Proactive Investors, suggested that OpenAI is likely among the parties evaluating Project Matador's capacity and that a major agreement could be imminent. This speculation, however, has yet to be confirmed by any official company disclosure.
Adding to the narrative is an escalating boardroom battle. Former CEO and co-founder Toby Neugebauer, who was ousted from the company, has leveraged the stock movement to push for change. In a June 18 statement, he declared that "the market has spoken clearly," urging the board to pursue tenant agreements and consider a sale or merger, while criticizing management for the stock's decline since his departure.
Fermi's board has pushed back. In a June 15 response, the company stated that no special meeting is scheduled, that Neugebauer lacks the necessary shareholder support, and urged investors to return the company's white revocation card rather than Neugebauer's green card. The board also noted that engagement with tenants and partners has resumed but cautioned that "no assurances can be made" regarding any deal announcements.
The proxy fight is now entering a critical phase. According to an early SEC filing from the Neugebauer group, it intends to call a shareholder meeting around June 30 if its own shares plus executed agent designations reach at least 50% of Fermi's outstanding common stock. Agent designations allow shareholders to grant the group authority to proceed with the meeting call.
Investors are treading cautiously. The stock remains in a development-stage valuation, driven by rumors, governance disputes, and hopes for a customer deal. A signed lease or joint venture would anchor the gains, but if another week passes without a named counterparty, the rally could quickly unwind on profit-taking.
Fermi went public last year at $21 per share, raising $682.5 million in a U.S. IPO, as reported by Reuters. The company entered a wave of AI-driven data center and power infrastructure spending. Analysts have not dismissed the leadership conflict as mere theater, noting its impact on customer negotiations. Stifel's Stephen Gengaro wrote that losing the CEO "clearly creates concern," while Mizuho's Vikram Malhotra flagged that fresh discussions are occurring with both former and potential customers, including AI hyperscalers.
As markets reopen after the holiday, traders will focus on three key catalysts: a signed tenant agreement, any joint venture or financing announcement, and new proxy filings showing shifts in shareholder support. For now, Fermi has momentum—but it still lacks a contract.
