Fermi America. RIP

On April 20, 2026, Fermi Inc announced that co-founder and Chief Executive Officer Toby Neugebauer had departed, effective April 17, details here. CFO Miles Everson resigned two days later. The company simultaneously unveiled something it called “Fermi 2.0”, a strategic evolution, apparently, from the prior strategy of... having a CEO.

FRMI shares fell as much as 31% in post-market trading on the news, hitting a session low of $4.53. This, for a company that was valued at $16 billion at its October 2025 IPO peak. It is now worth approximately $3 billion. Nine months. $13 billion in market cap. Gone.

I first wrote about Fermi America back in mid-December 2025; it might be interesting context for you in case you are not familiar with their story:

In the closing paragraph to that piece, I wrote the following:

Fermi America rode an extraordinary tidal wave, culminating in an IPO that beggared belief. What we’ve witnessed in over the course of the past month is an equally extraordinary case of buyers remorse. Yes, Fermi’s progress has been unfathomable, but it looks like investors have finally figured it out.

So, what’s been happening since then? Let’s dig in.