A vast expanse of dusty plains in the Texas Panhandle, just beyond the barbed-wire fences of the Pantex nuclear weapons plant, was supposed to birth the world’s largest AI data center. Futurism laid bare the cracks emerging in this ambitious venture last week. Fermi America, the company behind Project Matador—once boldly named the President Donald J. Trump Advanced Energy and Intelligence Campus—now reels from executive exits, gaping financial holes, and a glaring absence of tenants. Shares have cratered 71% in six months. No revenue. Nearly $500 million lost in 2025 alone. Toby Neugebauer, the co-founder and CEO with 28 years in venture capital but zero track record in computing infrastructure, stepped down abruptly on April 17, per an SEC filing . CFO Miles Everson followed suit days later. Neugebauer had floated selling the firm outright. Executives shot it down.…