New York, June 19, 2026, 15:05 (EDT)
- Fermi was last at $9.50, gaining around 10%. Volume cleared 41 million shares before the Nasdaq shut down for Juneteenth.
- Project Matador remains in the spotlight after OpenAI-linked capacity reports, though none of the company materials cited here mention a signed binding tenant agreement.
- The focus this week is if the rally lands a real customer or JV announcement, or if it stays driven by the board dispute with ex-CEO Toby Neugebauer.
Fermi Inc. heads into the long weekend after a sharp rally, with no Friday session to follow it up. The Nasdaq-listed AI power campus builder ended Thursday at $9.50, gaining around 10%, before U.S. equity markets closed for Juneteenth.
Fermi is still pitching its potential more than showing operating results. Its value hangs on whether Project Matador—the planned Amarillo, Texas site—can shift from land and permits to locking in customers. Fermi says it wants to build a 17-gigawatt private grid at the site, calling a gigawatt 1 billion watts of power. The company says about 6 GW has permits, nearly $1 billion of financing is committed, and first power is aimed for 2026.
There was no signed lease driving the move. Last week, Proactive Investors said JMP Citizens believed OpenAI was probably one of the parties looking at Project Matador’s capacity and that a big agreement could be close. Shares traded more on hope than on hard news.
Neugebauer, who co-founded Fermi and once ran the company, used the stock move to push for changes. He put out a statement on June 18 saying the “market has spoken clearly.” He urged the board to look at both tenant agreements and a possible sale or merger while calling out management for losses since he was ousted. Stock Titan
The board pushed back. On June 15, Fermi said there’s no special meeting set, Neugebauer doesn’t have the support needed, and told shareholders to send back the company’s white revocation card, not Neugebauer’s green card. The company also said engagement with tenants and partners had picked up again, but added that “no assurances can be made” about announcing any deals. PR Newswire
Proxy math has entered the picture for Fermi. According to an early SEC filing from the Neugebauer group, the group wants to push for a shareholder-called meeting around June 30 if its own shares plus any executed agent designations hit at least 50% of Fermi’s outstanding common. Agent designations mean shareholders give the group permission to move ahead with the meeting call.
Cautious investors say this isn’t a clear rerating yet. The stock is still development-stage, moving on reports, governance news, and hopes for a customer deal. A signed lease or JV could anchor the gains, but if another week passes with just letters and no counterparty named, the rally could unwind quickly on profit-taking.
AI-infrastructure stocks are in focus. Fermi raised $682.5 million in its U.S. IPO at $21 per share, according to Reuters last year, coming into a wave of data center and power infrastructure spending tied to artificial intelligence. “There’s no questioning that they’re selling into a lot of demand for AI infrastructure right now,” Matt Kennedy, a senior strategist at Renaissance Capital, told Reuters at the time. Reuters also mentioned CoreWeave and WhiteFiber as AI infrastructure names that traded well above their IPO prices. Reuters
Analysts haven’t dismissed the leadership fight as pure theater since it affects customer talks. Stifel’s Stephen Gengaro wrote earlier this year that losing the CEO “clearly creates concern,” but it might actually help if there was friction. Mizuho’s Vikram Malhotra flagged fresh discussions happening with both former and potential customers now, including AI hyperscalers—big cloud buyers. MarketWatch
Markets face a tight, event-driven week. Trading starts up again after the break with three main things on radars: news of a signed tenant, any joint-venture or financing announcement, or new proxy filings showing if shareholder backing moved for either side. The stock has momentum for now. It still lacks a contract.
