Trump’s Huge AI Data Center Project Is Falling Apart Behind the Scenes
Fermi America, the company behind Donald Trump's 'Advanced Energy and Intelligence Campus' data center project in Texas, is struggling to secure a commercial tenant and has seen its stock price plummet 71% in six months. The company's CEO and CFO have abruptly stepped down, raising concerns about the project's viability.
Fermi America, the master developer of Donald Trump's Advanced Energy and Intelligence Campus, is facing significant challenges. The company has yet to secure a commercial tenant, a prerequisite for running a data center. Fermi America's CEO, Toby Neugebauer, and CFO, Miles Everson, have stepped down from their roles. The company's stock price has plummeted 71% over the past six months. Fermi America reported a full-year loss of nearly $500 million in 2025 with no incoming revenue. The company's Project Matador, a planned 17-gigawatt data center in Texas, is struggling to attract tenants.
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