Fermi Names Lee McIntire CEO as TensorWave Lease Lifts Stock Nearly 23%
Fermi names Lee McIntire CEO as TensorWave signs Project Matador's first binding lease, lifting shares nearly 23% since Monday after an April shakeup.
Summary
On August 12, 2026, Fermi America named independent director Lee McIntire CEO, more than three months after firing co-founder Toby Neugebauer. McIntire previously led CH2M Hill and TerraPower, Bill Gates' nuclear startup, and has 40 years of experience delivering large, complex projects. Chairman Marius Haas said his mandate is to execute construction and power delivery on schedule, within budget and safely, while bringing credibility with customers, employees, regulators and neighbors.
Fermi, co-founded by former U.S. Energy Secretary Rick Perry, is developing Project Matador, an AI campus in Amarillo, Texas, intended eventually to use nuclear reactors to power data centers. TensorWave signed the campus's first binding customer lease on Monday, and Fermi shares rose nearly 23% from Monday through Wednesday's announcement. The boost follows April's removal of Neugebauer and CFO Miles Everson, a setback Fermi combined with plans for a Dallas headquarters under its “Fermi 2.0” reset.
Positives
- Lee McIntire brings 40 years of complex project delivery and previous CEO experience at CH2M Hill and Bill Gates-founded TerraPower.
- TensorWave signed Project Matador's first binding customer lease on Monday.
- Fermi shares gained nearly 23% from Monday through Wednesday's leadership announcement.
- Project Matador is designed to use nuclear reactors to power AI data centers in Amarillo, Texas.
Risks & concerns
- Fermi spent more than three months without a permanent CEO after firing co-founder Toby Neugebauer.
- April's removal of Neugebauer and CFO Miles Everson hurt the young company.
- Project Matador's nuclear reactors remain an eventual component of a campus still under development.
- Fermi must now deliver construction and power on schedule, within budget and safely, Chairman Marius Haas said.