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
FERC show cause orders Jun 18 / Section 206 / PJM MISO SPP CAISO ISO-NE NYISO / 30-day informational report Jul 20 / 60-day tariff response Aug 17 / 90-day abeyance request Aug 3 / five reform categories / cost-shift prevention is the big one / colocation + BTMG rules / flexible-load transmission services
Plain-English version. On June 18, 2026, the Federal Energy Regulatory Commission (FERC, the federal regulator with jurisdiction over the interstate transmission grid) used Section 206 of the Federal Power Act to issue what are called 'show-cause orders'...
Abbott directive Jun 10 / PUCT + ERCOT memo due Jul 17 / residential transmission cost reduction by Jul 31 / data centers self-fund infrastructure / TX legislative agenda preview / context for Kilby
Plain-English version of what Abbott actually directed. On June 10, 2026 — twelve days before the Project Kilby announcement — Texas Gov. Greg Abbott sent a formal directive letter to the Public Utility Commission of Texas (PUCT, the state utility regulator)...
Meta / Crusoe / 1.6 GW / Childress TX + Warrenton MO / Bloomberg-sourced / $600B Meta infra pledge
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 ↗
PJM co-located load + BTMG / July 31 effective / 3 new transmission services
Plain-English framing. 'Co-located load' is the structure where a generator (a power plant) and a load (a data center) sit on the same site, behind the same point of interconnection, so the data center is electrically 'hidden' from the rest of the grid....
White & Case / FERC / Mayer Brown / PJM ↗