Dallas, May 13, 2026 – The battle for control at Fermi Inc. is escalating as founder Toby Neugebauer and his allies filed new proxy materials with the SEC, pressing for board changes despite the company’s claim that a May 29 special meeting has been canceled. The group plans to use separate proxy cards for the disputed May 29 vote and a shareholder-called meeting expected around June 30, according to the filing.
Fermi’s board has firmly rejected Neugebauer’s push for control and a quick sale, insisting there is no legitimate special meeting scheduled for May 29. The board’s Risk and Disclosure Committee voted unanimously to scrap the meeting, which Neugebauer sought to stack the board with supporters and force a sale at what the company describes as a depressed valuation.
Investors are now turning their attention to Fermi’s first-quarter earnings, due Thursday before the bell. While top-line revenue is important, the real focus is on signs that Fermi’s new executive team can secure an anchor tenant for Project Matador, the company’s proposed AI data-center and private-power site in the Texas Panhandle. The project is central to Fermi’s pitch that power is becoming the key bottleneck for artificial intelligence, with the U.S. Energy Information Administration projecting record electricity consumption in 2026 and 2027, driven by AI and crypto data centers.
The proxy filing reveals that Neugebauer beneficially holds 139,016,035 shares, while Vicksburg Investments Management LLC controls 44,656,376 shares, and the Melissa A. Neugebauer 2020 Trust owns 94,359,659 shares. To comply with the REIT 5/50 Rule—which prevents five or fewer people from controlling over 50% of a real estate investment trust—Neugebauer’s family indicated it could donate some shares to charities if necessary.
Fermi underwent a leadership shakeup in April, with Marius Haas stepping in as chairman, Neugebauer exiting as CEO, and CFO Miles Everson also leaving. The interim Office of the CEO—Jacobo Ortiz Blanes and Anna Bofa—now manages daily operations while the board searches for a permanent chief. Analyst opinions are divided: Stifel’s Stephen Gengaro sees potential upside from Neugebauer’s departure, suggesting future customer talks could be smoother, while Texas Capital Securities’ Derrick Whitefield notes the board stuck to its Project Matador plan. However, UBS analyst John Hodulik downgraded Fermi to Neutral from Buy, slashing the price target to $6 from $8, citing management churn and uncertainty about revenue timing.
The competitive landscape is shifting as big tech firms secure power deals. Constellation Energy is working to restart Three Mile Island to supply Microsoft’s data centers, while Meta has lined up long-term nuclear power agreements with Vistra and others. These moves underscore the growing link between AI expansion and reliable electricity.
Fermi shares rose to $6.00 in recent trading, a roughly 10% gain on volume exceeding 20 million shares, providing a temporary boost. But Thursday’s earnings call will hinge on one key question: Can Fermi shift Project Matador from holding assets to landing concrete customer commitments?