Apr 20 announcement: both top execs stepped down (Neugebauer remains on Board, Everson resigned from CFO role, both retained as observers). Interim Office of the CEO co-led by COO Jacobo Ortiz Blanes and board observer Anna Bofa; Heidrick & Struggles searching for permanent CEO. Project Matador (11 GW Amarillo HyperGrid) still under construction with no anchor tenant — December 2025 lost a non-binding LOI tenant; another $150M deal canceled. HQ relocating Amarillo → Dallas. Stock down 19% on the news, 78% from 2025 IPO, 41% in March alone.
Primary source · Fortune ↗
Why it matters
Updates ai-paperwork-automation-market-research.md (Fermi listed as land-bank peer alongside PowerHouse / CleanArc / Crusoe / Tract / Stack) and contact-priority-ranking.md (Toby Neugebauer was a P7-tail; Griffin Perry was the warm-intro path). The substantive signal: even a fully-permitted 6 GW TCEQ Clean Air Permit + Texas-Tech-System backing is not enough to pre-sell hyperscaler load — the bottleneck has moved from supply-side permitting to demand-side anchor-tenant signing. That's a Cliff-relevant shift: the value of an entitled BTM site is no longer in the entitlement, it's in the underwriting + counterparty matching. Adjacent surface to the PJM-as-confidential-matchmaker move above.
Related filings
Abbott Jul 24 joint-memo actions / pay own infrastructure / 3 legislative asks 2027 / Project 58000 4CP→12CP comments Aug 11 adoption by Dec 31 / ride-through Jul 13 / Docket 59220 Crusoe/Ensign 260 MW + 265.5 MW wind uncapped curtailment first §39.169 test / Amazon GW Ranch 7.65 GW Pecos County off-grid largest TX BTM / NRG 1.2 GW BYOP CCGT / Energy Vault 1.25 GW BESS+gensets
While the audit froze the front door, the rest of the Texas architecture kept assembling. Abbott's July 17 PUCT/ERCOT joint memo produced its public actions July 24: data centers pay for their own infrastructure, residential ratepayers get shielded from...
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Plain-English version. Crusoe is a data center developer that originated in Bitcoin-flared-gas-to-compute and pivoted into AI-specific hyperscale campuses, most notably the Abilene Texas site that anchors a leg of the Stargate program. Meta is one of the four...
Data Center Dynamics — covering the original Bloomberg report ↗