Fermi, founded in January, pushed a rapid IPO in October to tap booming AI data‑center and nuclear power trends. The Texas‑based startup promised a massive data‑center and energy campus on a dusty Amarillo lease, a plan that drew former Energy Secretary Rick Perry and billionaire Toby Neugebauer into a joint venture.

Last year, Fermi’s share price plunged 80% after the IPO, sparking a bitter showdown between the two founders. Perry, who called Neugebauer a genius, now clashes with the billionaire over the company’s next move, as both wrestle for control of the $?? unclear but high‑stakes venture.

With the Texas Tech University System owning the land, the dispute threatens to derail a project that could reshape data‑center economics and nuclear energy demand. Investors watch closely as the fight escalates, knowing that the outcome will set a precedent for how tech‑energy hybrids are governed in the U.S. market.

Regardless of who prevails, the episode underscores the volatility of high‑tech startups that blend AI infrastructure with nuclear power ambitions. Market analysts warn that any delay could push competitors to accelerate their own projects, potentially shifting investor focus toward alternative energy data centers and altering the competitive balance in the sector.