Shares in Fermi, the Texas‑based venture promising the world’s largest energy‑and‑data centre campus, tumbled more than 20% on Monday after chief executive Toby Neugebauer and finance chief Miles Everson quit. Neugebauer, also a co‑founder, will stay on the board while the firm launches a CEO search. The abrupt departures followed a bruising earnings call in which the company warned of mounting pressure to secure a marquee tenant.

The market has already erased roughly 82% of the IPO surge, dragging market value to about $3.4bn from a peak above $19bn. A lost $150mn Amazon investment dealt a further blow, though a 20‑year lease letter of intent with the retailer remains. Recent filings show insiders sold nearly $68mn of stock, underscoring waning confidence.

A March 30 filing disclosed a material weakness in Fermi’s accounting controls and a $486mn net loss for fiscal 2025. Board chair Marius Haas and interim leaders Ortiz and Anna Bofa will split operational duties while a search proceeds. Despite the turmoil, all 11 covering banks maintain buy ratings, leaving investors to weigh the odds of rescuing the ambitious “Project Matador” venture.