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Demonstration profile for a development-stage power and data-center campus strategy.
Profile status
The source map now uses reviewed SEC filings, company materials, and research from the project's private NUAI research archive. Project rights, ownership, power, permits, tenants, financing, and the quantitative profile still require source-by-source verification before the illustrative model is treated as current.
Updated Aug 3, 2026
Gross power capacity
200 MW
Illustrative · current verification required
Contracted capacity
—
Illustrative · current verification required
Development pipeline
1,400 MW
Illustrative · current verification required
Profile overview
Demonstration profile for a development-stage power and data-center campus strategy.
Illustrative GP/LP and project-finance structure with milestone-dependent capital availability and potential parent-level dilution.
Asset map
| Project | Location | Stage | Gross capacity | Contracted capacity | Description |
|---|---|---|---|---|---|
| TCDC | West Texas (illustrative profile) | Development | 1,400 MW | — | Large phased campus used for the sample site-economics model. |
Capital structure
The demonstration history is included to make dilution visible beside enterprise-value growth. Replace it with current basic and fully diluted reconciliations before launch.
Latest material revision
Aug 3, 2026 · NUAI
Replaced the NUAI placeholder source map with reviewed SEC filings, company materials, the Agrippa deep dive, and the Northland company update from the project's private NUAI research archive.
Previous
Three illustrative placeholder records
Revised
Four reviewed company-specific records with exact public originals or explicit access limitations
Reason
The source map should separate primary evidence, company guidance, independent analysis, and conflicted sell-side research.
Source
Private NUAI research-archive review and public-original verification
Estimated effect
No direct change to the illustrative valuation outputs; improves auditability and makes the Northland conflicts and secondary-source limitations visible.
Public spreadsheets
NUAI · Data centers and behind-the-meter power
This model estimates the income each TCDC phase could produce, converts stabilized income into a project value, adjusts for NUAI's ownership and the chance that each phase is completed, subtracts net debt, and divides the result among diluted shares.
Question this model answers
What could NUAI's ownership in TCDC be worth if one or more phases are financed, built, and leased?
Base estimate per share
US$5.62
Outcomes shown
3
Published analysis
NUAI
A current preliminary TCDC model, mapped to the live Google Drive workbook, showing why nameplate capacity, tenant obligations, project financing, ownership, promote economics, and dilution must be modeled separately.
IREN · NUAI · WULF · CIFR · APLD
A six-gate framework for assigning different present values to operating, contracted, funded, permitted, and conceptual capacity.
Primary-source archive
NUAI · May 15, 2026 · United States
Relevant finding
Provides the primary record for NUAI's quarter-end financial position, capital structure, liquidity, obligations, ownership disclosures, and project-financing risk.
Review notes
Primary financial source for the March 2026 quarter. Use with subsequent 8-K exhibits for post-quarter financing and project updates; the filed legal-entity, liquidity, debt, equity, and share data control over secondary estimates.
Relevant pages: Unaudited financial statements; liquidity and capital resources; debt and equity notes; commitments; subsequent events; risk factors.
NUAI · May 18, 2026 · Texas
Relevant finding
Describes TCDC's 200 MW Phase 1, planned 450 MW behind-the-meter Phase 2 and 750 MW Phase 3, the path toward 1.4 GW, the Macquarie facility, the proposed GP/LP structure, and current permitting and commercial priorities.
Review notes
Company-furnished and forward-looking. Treat phase capacity, turbine procurement, adjacent-generation access, tenant discussions, project leverage, and timing as company guidance until supported by binding contracts, permits, lender commitments, and construction evidence.
Relevant pages: Slides 3-9 for funding, counterparties, TCDC phasing and near-term workstreams; slide 11 for capitalization; slides 15-16 for campus pipeline and proposed SPV structure.
NUAI · Jul 5, 2026 · Texas
Relevant finding
Synthesizes TCDC's phased 1.4 GW plan, partner ecosystem, Phase 1 power question, behind-the-meter expansion, Macquarie timing, land contribution, GP/LP waterfall economics, construction financing, and execution risks.
Review notes
A 143-page secondary deep dive reviewed from the project's private NUAI research archive. It synthesizes filings, company materials, calls, counterparties, project economics, and author estimates. Independently verify every material claim and scenario input; do not treat the report as a substitute for primary evidence.
Relevant pages: Pages 13-14 for company and site overview; 19-36 for TCDC, partners and power; 46-52 for incentives and lease timing; 56-126 for JV and waterfall economics; 136-138 for the pipeline and New Mexico optionality.
NUAI · May 26, 2026 · United States
Relevant finding
Provides institutional analyst color on TCDC's development path and adjacent-generation thesis while emphasizing construction, capital-intensity, financing, macroeconomic, counterparty, and legacy-asset risks.
Review notes
Institutional report supplied through the project's private NUAI research archive; a direct public report URL was not confirmed. Northland disclosed market-making, prior investment-banking compensation, a client relationship, management of a securities offering, and an intention to seek investment-banking compensation from NUAI. Treat company-specific conclusions and valuation as conflicted secondary research.
Relevant pages: Pages 1-5 for company analysis and risk discussion; pages 5-8 for analyst certification and conflicts disclosures.
Version record
Aug 3, 2026 · NUAI
Replaced the NUAI placeholder source map with reviewed SEC filings, company materials, the Agrippa deep dive, and the Northland company update from the project's private NUAI research archive.
Previous
Three illustrative placeholder records
Revised
Four reviewed company-specific records with exact public originals or explicit access limitations
Reason
The source map should separate primary evidence, company guidance, independent analysis, and conflicted sell-side research.
Source
Private NUAI research-archive review and public-original verification
Estimated effect
No direct change to the illustrative valuation outputs; improves auditability and makes the Northland conflicts and secondary-source limitations visible.
Jul 30, 2026 · NUAI
Changed Phase 1 funding from fully committed debt to milestone-dependent project debt.
Previous
Debt assumed fully available
Revised
Debt available only after executed lease and lender conditions
Reason
The funding path should distinguish announced capacity from legally committed capital.
Source
New Era Energy & Digital Q1 2026 Form 10-Q and related facility disclosures
Estimated effect
Lowered completion probability and increased potential parent-level dilution.
Jul 28, 2026 · NUAI
Corrected ownership weighting in the Phase 2 risk-adjusted value formula.
Previous
Ownership applied after per-share conversion
Revised
Ownership applied before equity-value conversion
Reason
Prevents double counting of gross project value.
Source
Internal formula review
Estimated effect
Reduced Phase 2 value per share in the sample output.
Aug 4, 2026 · NUAI
Replaced the website's demonstration NUAI model presentation with the current Google Drive workbook structure, including development-state values, phase-level economics, direct ownership assumptions, debt sizing, power-SPV separation, and assumption-level source links.
Previous
0.6.0-sample illustrative placeholder model
Revised
1.0.0-preliminary current source-backed model mapping
Reason
The live NUAI workbook now contains current phase-level assumptions, source notes, model checks, and an assumption-evidence tab. The website should reflect that model rather than the original placeholder scaffold.
Source
SEC-filed Q1 2026 business update and live NUAI Google Sheet
Estimated effect
Changes the public model status, source linkage, phase economics, per-share scenario outputs, and limitations. It does not eliminate uncertainty around leases, power, financing, ownership, permits, or dilution.
Capacity, contract, financing, and share-count fields should be traceable to dated sources.