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.
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