NUAI
NUAI: From Announced Megawatts to Bankable Cash Flow
The eight gates between TCDC's potential and shareholder value.
Ephesus Research · Research cutoff: October 22, 2026
Executive findings
New Era Energy & Digital's Texas Critical Data Centers project has a stronger starting point than a land-and-power announcement. NUAI has disclosed a signed Phase 1 power purchase agreement and funded credit support. Odessa's planning records independently corroborate development activity. Those achievements create an opportunity to negotiate with tenants; they do not establish completed buildings, accepted computing capacity or funded construction. S03 S04 S08
The central investment question is how much of that opportunity can become cash available to existing shareholders. Eight gates connect the two: permitting, deliverable IT capacity, lease economics, physical development, fuel, cooling, electrical configuration and telecommunications. Their interaction matters more than their individual headlines. A delay that moves tenant acceptance can increase financing needs even when the eventual project remains attractive.
The regulatory evidence deserves particular attention. TCEQ's October 19 implementation statement confirms that its pause reaches infrastructure directly supporting data centers. It supplies authoritative implementation detail, rather than a TCDC-specific stop-work order. ERCOT's planned December 10 report is a review milestone, not a guaranteed permit-reopening date. S01 S02 REG-10 REG-12
The principal upside is a site and power platform that becomes scarce, financeable capacity. The principal downside is that unresolved delivery obligations consume cash before rent begins. Direct leasing can preserve more project economics, but retaining those economics requires capital and completion capability. The decisive next step is an executable lease-and-financing package with clear delivery tests, landlord obligations and claims ahead of common equity.
Gate 1: Permitting must be tested by phase and authorization
The September 21 governor's directive paused relevant TCEQ permitting pending review. TCEQ's October 19 response describes screening of pending applications and certain claimed authorizations, including infrastructure directly supporting data centers. Neither document establishes that an islanded project is automatically exempt. Neither establishes that TCDC's existing approvals were revoked. S01 S02
ERCOT's information request supplies a timetable. Its published scope addresses data centers of at least 25 MW pursuing ERCOT interconnection. The September 24 clarification retained an October 12, 2026, 5 p.m. Central Prevailing Time response deadline and specified the relevant large-load and substantiated medium-load cohorts. ERCOT planned to deliver its report on or before December 10. That reporting date does not itself authorize TCEQ to resume issuing permits. The 25 MW information-request threshold must also be kept separate from the interconnection rule discussed in Gate 7. REG-10 REG-12
Phase 1 relies on an existing generating plant; Phase 2 contemplates new generation. Both may depend on supporting infrastructure with its own authorizations. County construction permits, city or extraterritorial platting and environmental approvals address different activities. The relevant question is which authorization remains necessary for each asset, and whether that authorization controls the schedule.
Delay reaches occupancy only when it consumes available schedule flexibility and moves a controlling milestone. A permit delay need not move opening if network construction already finishes later. Concurrent delays should not be added mechanically. Six-, twelve- and twenty-four-month examples in this article are sensitivities, not predictions.
For NUAI, the pause creates a material verification task without proving a fixed delay. Written agency treatment of the actual Phase 2 application and remaining Phase 1 infrastructure approvals would strengthen the case for timely delivery; an applicable restriction on a controlling activity would weaken it.
Gate 2: Announced power needs a defensible IT denominator
The September PPA covers 200–207 MW of electricity supply, subject to delivery conditions. Management's approximately 550 MW Phase 2 figure describes a generation development envelope. Their arithmetic sum of 757 MW combines different quantities; it is not a homogeneous, certified operating capacity. The longer-term approximately 1.4 GW ambition is an expansion plan, not another block to add to 757 MW. S03 S10
Critical IT capacity is the power available to servers and related computing equipment after facility overhead. Let k denote the peak overhead ratio: facility power divided by IT power under the relevant design conditions. If 207 MW is deliverable at the facility boundary, dividing by k of 1.20, 1.30 and 1.40 gives 172.50, 159.23 and 147.86 MW of IT capacity. These are arithmetic sensitivities, not TCDC engineering specifications.
Annual power usage effectiveness, or PUE, measures energy use over time. It cannot substitute for a peak design ratio. Summer derating, maintenance, reserve requirements and electrical losses require their own engineering reconciliation, with each effect deducted once. Similarly, a hypothetical 90% firm-delivery allowance on Phase 2 is an assumption about deliverable capacity, not an observed annual capacity factor. ENG11
Figure 1. Sources: ENG01-02/11; analyst sensitivity, not a TCDC forecast or certified capacity. The 90% allowance is not annual capacity factor; k is not annual PUE. Sequence is simplified; executed contracts determine commencement and billing.
Commercial acceptance is a separate sequence: construction, commissioning, tenant acceptance, lease commencement and billing. The public record does not justify numerical percentage deductions for each step. Physical server utilization also need not determine rent under a take-or-pay agreement that charges for reserved capacity.
At an illustrative $150 per critical kW per month, each contracted IT MW represents $1.8 million of annual gross capacity revenue. It does not represent net operating income or shareholder cash. The lease determines commencement, minimum payments and power recovery; costs and financing determine what remains.
For NUAI, the supply agreement is a meaningful input. A peak-capacity study tied to the electrical delivery boundary, and a tenant contract specifying accepted critical IT MW, would establish how much of that input can be sold. Until then, gross MW should not be treated as the revenue denominator.
Figure 2. Source: ENG01 and DOE ENG11; analyst-selected k. No certified TCDC design. Capacity rent requires built, accepted, commenced and billable capacity.
Gate 3: Lease value depends on financeability and obligations
NUAI's September and October filings describe a move toward direct tenant leasing. September also left open possible development partnerships. These disclosures establish strategy and negotiations, not an executed tenant lease. Retaining a larger economic interest can be valuable, provided the associated construction, operating and funding obligations are manageable. F05 S04
Peer transactions illustrate the trade-offs. Cipher's September 25 Barber Lake amendment added a separate ten-year AI-lab lease after the Fluidstack term, extending the combined horizon to twenty years and announced contract value above $9 billion. Cipher bears the first $359.3 million above the initial budget; beyond that, half the excess is recovered through additional rent over the aggregate term with a contracted return. That clause creates a capital and timing obligation. It does not, alone, establish that the amended transaction is better or worse overall. Compensation, guarantees, financing and remaining capex must be assessed together. S13 LP08
The peer chart uses a transparent quotient:
Average undiscounted revenue proxy = initial-term expected contract value / (initial-term years × contracted critical IT MW × 1,000 × 12).
It is not observed starting rent, net operating income or a forecast of NUAI's achievable pricing. The accompanying table separates original agreements from amendments and identifies vintage, options, delivery stage and structure. Unknown power-recovery and fit-out terms remain unknown.
Figure 7. Sources: lease-peers.json and LP source register; issuer disclosures. Not starting rent, NOI or NUAI pricing. Scope, ramp and fit-out differ; Riot is historical.
LP01 LP02 LP05 LP06 LP07 LP14 LP15 LP16 LP17 LP18 LP19 LP20
Hut 8 provides counterevidence to the assumption that development necessarily requires new parent common-equity issuance. SEC filings document $3.25 billion River Bend and $4.25 billion Beacon Point subsidiary note financings; its releases describe the structures as nonrecourse and nondilutive. Such financing can fund construction and, in River Bend's case, reimburse prior equity. It still depends on tenant credit, collateral, reserves and contractual conditions. It is not evidence that NUAI has equivalent credit support or access. LP19 LP20 LP32 LP33
For NUAI, direct leasing preserves an opportunity, not free ownership. A signed lease with funded construction commitments and acceptable completion support would strengthen the upside. Terms that leave the sponsor financing disproportionate cost overruns or surrendering most residual cash would weaken it.
Gate 4: Local records show progress with conditions
Odessa's October 1 agenda packet contains the September 17 meeting record for case 2026-91-P(ETJ). It records a 4–0 conditional preliminary plat approval for New Era Phase 1: 63.42 acres east of S JBS Parkway, approximately 1,645 feet north of E Bates Field Road, within the extraterritorial jurisdiction. This is independent evidence of planning progress. It is not final plat recordation or proof that staff conditions were satisfied. S08 PN01
NUAI separately reported construction-related approvals and pipeline-removal progress. A county authorization and a preliminary city/ETJ plat can cover different scopes, so their chronology does not manufacture a contradiction. The remaining reconciliation is between the issued instruments, the work each permits and the conditions still outstanding. PN09 PN10
The deed amendments contain both a benefit and an obligation. Their replacement conditions relax earlier six- and nine-month requirements and a completed-foundation trigger. The new test concerns pouring a foundation for at least one reasonably comparable data-center building on usable acreage, allowing reasonable engineering modifications, within twenty-four months of the amendments' recording. General clearing is insufficient. Signature and acknowledgment dates do not establish the recording-based deadline. S06 S07 PN08
The instruments retain an 80% original purchase-price repurchase mechanism and notice provisions, alongside protections for qualifying liens. The exact recording dates, satisfaction evidence and any later changes require tract-specific verification. No exercise of a repurchase right is established here. S06 S07
For NUAI, local records support a real development process and the amended conditions provide more flexibility. A final recorded plat, cleared staff conditions and evidence satisfying the foundation requirement would improve confidence. A documented inability to meet an operative condition would be adverse; an incomplete public record alone is not.
Gate 5: Regional gas is not a firm fuel chain
The Permian offers access to substantial gas infrastructure. NUAI's presentations describe multiple pipeline systems and physically diverse supply. A tenant service commitment, however, depends on an executed chain: supply, processing, transport, metering, pressure, quality, compression and delivery to the generating equipment. Several supplier names do not establish that chain. S09
Regional additions are positive context. Kinder Morgan reported the Gulf Coast Express expansion in service on June 23, adding 570 MMcf/day. Energy Transfer's August 4 release reported Hugh Brinson commercial service while forecasting full Phase I capability of 1.5 Bcf/day by September 1. That forecast is not evidence of subsequently observed throughput. Neither announcement establishes a contracted TCDC lateral. ENG15 ENG16
The distinction between peak and annual requirements matters. At 550 MW and an assumed heat rate of 7 MMBtu/MWh, full-load fuel use is 92,400 MMBtu per day. At 90% annual utilization, heat rates of 7–11 imply annual demand of 30.35–47.70 million MMBtu. A $1/MMBtu price change therefore moves the illustrative generation fuel bill by $30.35–47.70 million annually. These are technology sensitivities, not TCDC equipment specifications or NUAI's contracted exposure. ENG13 ENG14
Figure 3. Source: EIA ENG13/17; analyst cases. 7 is combined-cycle-like, not TCDC guidance. Average fuel is not peak firm transport; no price pass-through is assumed.
Phase 1 buys electricity under a PPA. The generator's fuel cost is not automatically NUAI's margin; the power formula, tenant recovery and hedges allocate the effect. Additional regional takeaway may improve connectivity while reducing local gas discounts. The direction and size of NUAI's benefit remain contractual. S03 S16
For NUAI, gas access is a plausible advantage. Firm delivery obligations, required pressure and quality, and a reliability review addressing shared upstream failures would make it bankable. Curtailable transport or a common bottleneck incompatible with tenant requirements would weaken that advantage. ENG18 ENG19
Figure 9. Source: ENG03/09/18/19; analyst synthesis. Operator names do not prove firmness. Map common causes, curtailment rights and tested backup before assigning uptime.
Gate 6: Cooling needs a complete heat-rejection design
Liquid cooling describes how heat leaves computing equipment. The heat must still leave the facility. A closed internal water loop can reject heat through dry coolers, evaporative equipment or a hybrid system, each with different power, water and capital needs. Closed-loop design establishes neither zero water demand nor an unacceptable water problem. ENG10 ENG11
The planning record describes a proposed employee-use well. That supports a limited water-use statement, not the cooling-water supply for the campus. It also does not prove that a required cooling supply is missing. A phase-specific mechanical design, water budget and source arrangement are the appropriate evidence. S08
The principal water sensitivity uses 150 MW of IT capacity at 90% average load. Each 0.1 litre/kWh of onsite water usage effectiveness, or WUE, corresponds to 118.26 million litres—118,260 cubic metres—per year. Here the measure is water supplied to the site on a withdrawal/makeup basis, not net consumptive loss. At WUE of 0.20, the example becomes 236.52 million litres annually. It excludes upstream electricity-generation water and is not a TCDC consumption forecast. ENG11
Figure 4. Source: DOE ENG11; illustrative withdrawal/makeup basis, not net consumptive loss. Not TCDC's water forecast; excludes offsite generation water and peak-day sizing.
Annual efficiency and peak-temperature performance answer different questions. Water-saving heat rejection can require more surface area, fans or higher operating temperatures. A low annual PUE does not certify the IT load supportable on the hottest design day. Energy Dome's assessment memorandum is similarly a development lead; storage discharge cannot be added to continuous generation without charging energy, losses and duration. ENG08 ENG10 ENG11
For NUAI, low-water cooling could be commercially valuable. Summer performance curves, a complete heat-rejection design and a documented water balance would substantiate the claim. Materially higher overhead or unmet water requirements would alter usable capacity and cost; the present disclosure gap does not establish infeasibility.
Gate 7: Behind-the-meter describes a configuration, not an exemption
Three questions must remain separate: where power is generated, how it is purchased and whether the load is electrically interconnected with ERCOT. The PPA permits supply from the Odessa plant, other available sources or ERCOT. That contractual flexibility does not establish completed grid infrastructure or the campus's electrical topology. S03
The operative large-load rule, 16 TAC section 25.194, became effective October 8, 2026. It applies to not-yet-energized large-load customers seeking qualifying new interconnections of at least 75 MW, specified expansions or co-location with generation. The large-load definition requires at least 75 MW of expected non-coincident peak demand at one site, at transmission or distribution voltage. The rule's precise size, timing and co-location tests—not the phrase behind-the-meter—determine applicability. REG-04
Its security framework is also more specific than a flat charge. At the relevant interconnection-agreement stage, the principal security amount is the greater of $50,000 per contracted peak MW or allocated system-upgrade costs, with possible additional minimum-billing-demand security. Direct connection contributions in aid of construction are separately cash-funded; intermediate collateral is credited or returned under the rule. Accordingly, $50,000 × 207 MW = $10.35 million is only hypothetical threshold arithmetic. It is not a verified TCDC liability, saving or complete cost estimate. REG-04
A fully isolated design avoids requirements tied specifically to grid connection, but must supply its own dependable generation, reserves and restoration capability. A connected design can obtain different backup options while assuming applicable studies, operating restrictions and costs. Either still faces its relevant environmental and local requirements.
For NUAI, the potential advantage is earlier reliable service, not a regulatory label. The electrical single-line, protection scheme, interconnection status and applicable utility agreement would establish which benefits and obligations actually attach to Phase 1 and later phases.
Gate 8: Network acceptance can become the final constraint
Power and buildings become useful computing capacity only with suitable telecommunications. Regional carrier coverage, operating fiber, a nonbinding framework, an executed service order, a physical campus connection and accepted service are different milestones. A campus can be near several networks without having a ready, diverse connection.
The September 29, 2025 company release reproduced in an SEC filing describes a nonbinding GlobeLink framework for dark-fiber rights of use and operations and maintenance. It establishes a commercial development relationship, not accepted campus service. Separate operator investment and regional expansion announcements do not establish that capital was earmarked for TCDC's lateral. PN13A PN17 PN18
FiberLight's Ector County school-network expansion is relevant evidence of regional infrastructure. It does not establish spare commercial strands, available capacity for TCDC or two independent campus routes. Providers can share ducts, crossings or upstream infrastructure, so different carrier names are not sufficient evidence of physical diversity. PN19 PN22
Undisclosed orders, additional lateral construction or a different carrier arrangement could resolve the gap. Public silence therefore does not justify a finding of network failure or an automatic valuation deduction. Commercial evidence can establish delivery responsibility and timing without publishing security-sensitive route details.
For NUAI, network readiness remains an unresolved acceptance condition. Executed delivery commitments, route-diversity confirmation and completed service testing would improve confidence. A documented service date later than the tenant's required opening would be adverse if it consumes schedule flexibility and becomes the controlling milestone.
Integrated shareholder economics
The eight gates converge at the funding plan. NUAI's October 8 filing reports a $116 million standby letter of credit, backed by approximately $118.3 million of pledged cash: $60 million of A2/A3 term-loan proceeds and approximately $58.3 million of existing subsidiary cash. The LC and its collateral are not two separate immediate expenditures, and restricted collateral is not deployable construction cash. S04
The stated fees are 1% at issuance and 2% annually, equivalent to $1.16 million initially and $2.32 million a year at full face. The disclosed 12% applies to reimbursement after an LC drawing, not the ordinary term-loan coupon. Anticipated refinancing was forward-looking; its closing and any collateral release were not established at the cutoff. F01
The April loan's contribution, repayment and release provisions are historical contractual evidence. They include parent contributions related to lease execution and specified changes in JV negotiations, a conditional return mechanism, and a six-month lender repayment election. October refers to an amended agreement. Those provisions cannot establish an automatic $20 million expense, current default, acceleration or repayment demand without the operative documents and satisfaction records. A transfer restricting parent cash is also different from a consolidated economic loss. F02 F03
The August 14 10-Q reported June 30 cash and equivalents of $69.82 million plus $15 million restricted cash. Management concluded that substantial doubt about going concern had been alleviated as of issuance. That dated conclusion supersedes the earlier warning; it does not measure liquidity after October collateralization. Subtracting October uses from June cash without intervening transactions would not produce a reliable current balance. F06
NUAI's $100 million at-the-market program provides an optional route to equity, not a committed cash balance. Future capital could also come from debt, tenant support, partnerships or asset monetization. No undisclosed solution should be assumed secured or unavailable. The final funding mix determines both retained ownership and dilution. F05
Time can change that mix. At an illustrative 11% discount rate, delaying an otherwise unchanged operating cash-flow stream by six, twelve or twenty-four months reduces present value by 5.08%, 9.91% or 18.84%. These isolated sensitivities exclude changes in capex timing, financing and carrying costs. Those effects need separate treatment without deducting delayed revenue twice.
Figure 5. Source: analyst timing formula; disclosed LC terms (S04). LC fees shown separately: no term-loan interest, opportunity cost or equity valuation.
Ultimately, receipts must cover power, operations, maintenance, taxes, reserves, capital needs and debt before project distributions reach the parent. Vistra's disclosed 5% interest concerns the relevant project company after power delivery, not 5% of listed NUAI or every prospective phase. Parent obligations and the diluted share count then determine the amount attributable to existing holders. Better project economics can coexist with tighter parent liquidity. S03
An illustrative capitalization table shows why project cash flow quality matters. Capitalizing normalized annual NOI of $100 million at 7% produces $1.43 billion of asset value. The surrounding $90-$110 million NOI and 6%-8% rate cases are sensitivities, not estimates for TCDC. Debt, development capital, ownership interests, taxes and parent obligations still separate asset value from NUAI common-equity value.
Figure 6. Source: analyst-selected normalized cases. USD billions; not NUAI valuation. Before debt, preferred claims, remaining capex, taxes, ownership and dilution.
Conditional outcomes
Bear conditions: an applicable approval blocks a controlling activity; accepted IT capacity or lease economics fall short of the funding plan; or delays force financing that transfers much of the residual value away from current holders. A technical obstacle need not destroy the entire project to damage shareholder returns.
Reference conditions: the disclosed land and power platform retains value, while commercial close depends on sequential resolution of permits, engineering, tenant terms and capital. Financing remains available only on terms that must be negotiated. This is a conditional development case, not a prediction of a particular completion date.
Bull conditions: NUAI establishes reliable, scarce capacity on a credible schedule, signs a credit-supported lease and closes financing that funds completion while preserving attractive residual economics. Resolution of linked gates can improve both timing and funding costs. Direct leasing may help, but financing partners can still be essential.
These outcomes carry no assigned probabilities or per-share forecasts. A lease headline, regional infrastructure announcement or reported cash balance should move the assessment only to the extent that it resolves the relevant condition.
Observable milestones
The next decision-useful records are specific:
- Written treatment of the actual Phase 2 application and remaining Phase 1/supporting-infrastructure approvals; the ERCOT report and any subsequent permit-resumption decision are separate events.
- Final plat and staff-condition clearance, recording and satisfaction evidence for land obligations, and issued construction authorizations with defined scope.
- A peak-capacity and electrical delivery package, firm fuel obligations, summer cooling performance, water balance and network delivery commitments.
- An executed lease specifying critical IT capacity, acceptance tests, commencement, minimum payments, power recovery, guarantees and landlord capital obligations.
- Closed funding, operative lender amendments, collateral-release conditions, updated usable cash and the resulting ownership and dilution.
These milestones belong in one dependency schedule. The last necessary completion can determine tenant acceptance; several parallel activities may improve simultaneously. Counting completed items equally can conceal a single condition that prevents billing.
Figure 8. Source: analyst synthesis of eight workstreams. Arrows show selected dependencies. Common causes can affect several gates; delays and risk haircuts are not additive.
Research conclusion
TCDC has documented assets and commitments that can support a valuable development business. Its investment case now turns on conversion: permitted and dependable power into accepted IT capacity, accepted capacity into a financeable lease, and project cash flow into value retained by NUAI shareholders.
The evidence supports both the opportunity and the need for discipline. Contracted supply, credit support and local planning progress deserve weight. So do unresolved authorizations, delivery obligations and funding terms. The next decisive information is the combination of executable commercial terms, committed completion funding and verifiable delivery milestones—not another increase in an announced MW total.
Methodology
Analyst EstimateThe capacity, delay, water, fuel and asset-capitalization sensitivities are illustrative calculations, not project forecasts or a NUAI per-share forecast.The research cutoff is October 22, 2026. This is a bounded review of public filings, official notices, local records, technical guidance and attributed company disclosures. A record can verify a contractual term without verifying physical performance. Company plans remain guidance; calculations are labeled sensitivities; interpretations remain conditional. A missing public document establishes an information gap, not the absence of an approval or contract.
Source IDs connect claims to the source register. The technical appendix preserves dates, clauses, assumptions and unknowns; figure data reproduce the calculations. Peer revenue quotients are undiscounted comparisons with differing contract structures, not pricing forecasts. This work is not an engineering certification, title opinion or exhaustive contract audit.
Disclosures
See Ephesus Research's research disclaimer and conflicts policy.
Related research and sources
Ephesus Research's NUAI PPA and power-cost analysis distinguishes electricity costs, tenant recovery and generator margins. The Jevons Question examines why greater computing demand does not by itself establish investor returns. S16 S17
The source register (JSON) and public technical appendix provide the underlying regulatory notices, SEC filings, local planning records, engineering references and peer-transaction details used throughout this article.
Audit this conclusion
The conclusion can be summarized elsewhere. The full Ephesus Research page remains the place to inspect the calculation, evidence, sensitivities, revisions, and contrary evidence behind it.
Evidence guide
Evidence and judgment labels
Statements marked Fact are intended to be directly supported by cited evidence. Guidance, estimates, assumptions, inferences, and speculation remain separately named so they are not mistaken for verified facts.
100
mapped sources
Yes
primary support
Evidence map
Mapped public sources
First Quarter 2026 Business Update — Advancing TCDC Toward Commercialization
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.
Vistra PPA and development agreement — NUAI Form 8-K
NUAI · Sep 21, 2026 · United States
Relevant finding
Executed 200–207 MW Phase 1 PPA; $116m initial LC plus up to $82.8m additional credit support; 5% non-voting interest. The PPA is not a tenant lease. Full contract exhibits and bank terms remain unresolved.
Review notes
Coverage carried from the approved September 23, 2026 workbook. Unresolved commercial terms remain explicit; this release adds explanations without refreshing the information cutoff.
Relevant pages: Sections identified in the workbook Source Register and Filing Coverage tabs.
NUAI June 30, 2026 financial statements
NUAI · Aug 14, 2026 · United States
Relevant finding
Historical cash, restricted cash, funded debt, liabilities and securities. September cash is an analyst roll-forward, not a reported September balance.
Review notes
Coverage carried from the approved September 23, 2026 workbook. Unresolved commercial terms remain explicit; this release adds explanations without refreshing the information cutoff.
Relevant pages: Sections identified in the workbook Source Register and Filing Coverage tabs.
NUAI August 2026 TCDC business update
NUAI · Aug 17, 2026 · United States
Relevant finding
207 / 550 MW development plan and capital structure. Residual 643 MW is the difference to the 1.4 GW masterplan; it is not Vistra-contracted capacity.
Review notes
Coverage carried from the approved September 23, 2026 workbook. Unresolved commercial terms remain explicit; this release adds explanations without refreshing the information cutoff.
Relevant pages: Sections identified in the workbook Source Register and Filing Coverage tabs.
NUAI Macquarie credit agreement
NUAI · Apr 8, 2026 · United States
Relevant finding
Funded A-1 borrowing and conditional/discretionary later tranches, minimum-return obligations and lender-election mechanics. Undrawn facility capacity is not cash.
Review notes
Coverage carried from the approved September 23, 2026 workbook. Unresolved commercial terms remain explicit; this release adds explanations without refreshing the information cutoff.
Relevant pages: Sections identified in the workbook Source Register and Filing Coverage tabs.
NUAI Macquarie amendment — July 2026
NUAI · Jul 22, 2026 · United States
Relevant finding
Reviewed amendment and funding requirements. An ATM-establishment requirement does not prove that shares have been sold or proceeds committed.
Review notes
Coverage carried from the approved September 23, 2026 workbook. Unresolved commercial terms remain explicit; this release adds explanations without refreshing the information cutoff.
Relevant pages: Sections identified in the workbook Source Register and Filing Coverage tabs.
NUAI LOC 20261008 - SEC 8-K
NUAI · Published 2026-10-08 · United States
Relevant finding
Executed agreement summarized; full documents deferred to Q3 10-Q.
Review notes
Evidence classification: executed agreement summarized; full documents deferred to Q3 10-Q. Transaction effective date 2026-10-07; publication date 2026-10-08. Peer financing is not a NUAI lending commitment. Full source-to-cell mappings and uncertainties are in the v2.6 register.
NUAI ATM 20260924 - SEC 8-K
NUAI · Published 2026-09-24 · United States
Relevant finding
Executed sales agreement; sales optional, no actual sale count disclosed.
Review notes
Evidence classification: executed sales agreement; sales optional, no actual sale count disclosed. Peer financing is not a NUAI lending commitment. Full source-to-cell mappings and uncertainties are in the v2.6 register.
APLD Q1 RELEASE - company earnings release
APLD · Published 2026-10-07 · United States
Relevant finding
Current update referencing earlier June financing.
Review notes
Evidence classification: current update referencing earlier June financing. Peer financing is not a NUAI lending commitment. Full source-to-cell mappings and uncertainties are in the v2.6 register.
HUT BEACON CLOSE - SEC 8-K
HUT · Published 2026-06-10 · United States
Relevant finding
Closed project notes; no verified LTC.
Review notes
Evidence classification: closed project notes; no verified LTC. Transaction effective date 2026-06-09; publication date 2026-06-10. Peer financing is not a NUAI lending commitment. Full source-to-cell mappings and uncertainties are in the v2.6 register.
CIFR BLACKPEARL DECK - company financing presentation
CIFR · Published 2026-02-04 · United States
Relevant finding
Tenant credit, capex basis and security description.
Review notes
Evidence classification: tenant credit, capex basis and security description. Peer financing is not a NUAI lending commitment. Full source-to-cell mappings and uncertainties are in the v2.6 register.
New Era Q2 filing and construction-permit update
2026-08-14
Relevant finding
550 MW air-permit application and gross 757 MW combined; not issued air permit or tenant IT capacity.
Review notes
Public source-register IDs: ENG04. Evidence classification: Company release.
Relevant pages: GlobeNewswire release 3345632
New Era supports strengthened Texas data-center oversight
2026-08-11
Relevant finding
Prioritizes closed-loop liquid cooling/reclaimed water; evaluating additional water/wastewater alternatives.
Review notes
Public source-register IDs: ENG05. Evidence classification: Company claim.
Relevant pages: Company investor-relations release
New Era About Us
Undated; observed 2026-10-22
Relevant finding
Advertises greater than 99% water reduction; baseline and engineering water balance not supplied in reviewed page.
Review notes
Public source-register IDs: ENG06. Evidence classification: Company marketing. The displayed date qualification preserves the recorded month or observation basis; an otherwise unknown publication day is not established.
Relevant pages: Undated current company website
Texas Critical Data Centers project page
Undated; observed 2026-10-22
Relevant finding
Still displays earlier 200/450/750 MW phase plan; 99.99%+ SLA and multi-source cooling claims are not executed tenant contracts.
Review notes
Public source-register IDs: ENG07. Evidence classification: Company marketing. The displayed date qualification preserves the recorded month or observation basis; an otherwise unknown publication day is not established.
Relevant pages: Undated current project website
Energy Dome and NUAI energy-storage partnership
2026-04-02
Relevant finding
Assessment framework; gas-turbine waste-heat integration; steady and stored-energy boost modes. No installed TCDC capacity or guaranteed duration.
Review notes
Public source-register IDs: ENG08. Evidence classification: Vendor statement / MOU.
Relevant pages: Energy Dome company announcement
TCDC and Thunderhead 250 MW strategic power agreement
2025-09-02
Relevant finding
250 MW non-binding arrangement, hybrid engines/turbines, contemplated Thunderhead finance/build/operate; Harbert funding relationship not project-specific financial close.
Review notes
Public source-register IDs: ENG09. Evidence classification: Company release / non-binding term sheet.
Relevant pages: Business Wire release 20250902177723
Cooling Water Efficiency Opportunities for Federal Data Centers
Undated; observed 2026-10-22
Relevant finding
Closed IT loop can reject heat through another loop and evaporative cooling tower; hybrid systems may require peak-day water.
Review notes
Public source-register IDs: ENG10. Evidence classification: Government technical guidance. The displayed date qualification preserves the recorded month or observation basis; an otherwise unknown publication day is not established.
Relevant pages: US DOE FEMP; Direct Liquid Cooling Systems section; figure 2
Best Practices Guide for Energy-Efficient Data Center Design
Publication date: 2024-07; exact day not established
Relevant finding
Annual PUE and WUE definitions; maximize useful heat reuse/dry heat rejection; annual PUE is not a certified peak MW ratio.
Review notes
Public source-register IDs: ENG11. Evidence classification: Government technical guide. The displayed date qualification preserves the recorded month or observation basis; an otherwise unknown publication day is not established.
Relevant pages: DOE FEMP / NREL; printed pp1,29-30; PDF pages10,38-39 (one-based)
Midland Top Ten Warmest Temperatures
Undated; observed 2026-10-22
Relevant finding
Midland record 116 F on June27 1994. Regional stress context, not TCDC design temperature.
Review notes
Public source-register IDs: ENG12. Evidence classification: Government climate record. Event/effective/period dates as recorded: 1994-06-27. The displayed date qualification preserves the recorded month or observation basis; an otherwise unknown publication day is not established.
Relevant pages: NWS Midland/Odessa climate records; 1930-2025 table
Electric Power Annual Table 8.2: Average Tested Heat Rates
2026-10-21
Relevant finding
Gas CC7535, internal combustion8853, turbine10975 Btu/kWh; full-load, capacity-weighted; not TCDC performance.
Review notes
Public source-register IDs: ENG13. Evidence classification: Government statistics. Event/effective/period dates as recorded: 2025.
Relevant pages: EIA Table8.2; FormEIA860; 2025 row
GE Vernova TM2500 specifications
Undated; observed 2026-10-22
Relevant finding
Illustrates ISO conditions, LHV convention and exclusions; no evidence that this is the TCDC machine.
Review notes
Public source-register IDs: ENG14. Evidence classification: Generic technical specification, not TCDC equipment evidence. The displayed date qualification preserves the recorded month or observation basis; an otherwise unknown publication day is not established.
Relevant pages: Manufacturer product specifications
Kinder Morgan Q2 2026 results
2026-07-22
Relevant finding
GCX expansion placed in service June23; +570MMcf/d; total2.59Bcf/d. Not proof of site delivery.
Review notes
Public source-register IDs: ENG15. Evidence classification: Operator-reported completed event. Event/effective/period dates as recorded: 2026-06-23.
Relevant pages: KMI Q2 release; Natural Gas Pipelines highlights
Energy Transfer Q2 2026 results and outlook
2026-08-04
Relevant finding
Reports Hugh Brinson commercial service; expects full PhaseI1.5Bcf/d capability bySeptember1. Expected capability is not independently verified throughput.
Review notes
Public source-register IDs: ENG16. Evidence classification: Operator event plus guidance.
Relevant pages: ET Q2 release; strategic highlights
EIA natural-gas conversion FAQ
Undated; observed 2026-10-22
Relevant finding
1037Btu/cf normalization; heating value varies bylocation/customer/time. Used as illustrative conversion, not TCDC gas quality.
Review notes
Public source-register IDs: ENG17. Evidence classification: Government conversion guidance. The displayed date qualification preserves the recorded month or observation basis; an otherwise unknown publication day is not established.
Relevant pages: EIA FAQ45
FERC/NERC lessons from Winter Storm Elliott
2023-11-07
Relevant finding
Gas/electric interdependence, freezing and fuel risks. Historical evidence does not forecast TCDC failure.
Review notes
Public source-register IDs: ENG18. Evidence classification: Government reliability investigation. Event/effective/period dates as recorded: 2022-12.
Relevant pages: FERC release R24-2; Elliott report summary
January 2024 Arctic storms review
2024-04-25
Relevant finding
Disconfirming evidence: improved performance with no major gas/electric incidents; preparations matter.
Review notes
Public source-register IDs: ENG19. Evidence classification: Government reliability review. Event/effective/period dates as recorded: 2024-01.
Relevant pages: FERC/NERC review announcement
Blackcomb project website
Undated; observed 2026-10-22
Relevant finding
No dated primary commissioning confirmation established in this workstream; do not count whole planned capacity as confirmed flowing.
Review notes
Public source-register IDs: ENG20. Evidence classification: Limited extraction; commissioning unverified. The displayed date qualification preserves the recorded month or observation basis; an otherwise unknown publication day is not established.
Relevant pages: Official project homepage
New Era Helium initiates Phase1 250 MW project
2025-04-16
Relevant finding
Expected finalization of gas supply agreements and gas transmission access; old250MWplan is not current executed550MWgas contract.
Review notes
Public source-register IDs: ENG21. Evidence classification: Historical company plan.
Relevant pages: Company investor-relations release
Odessa Planning and Zoning October 1 agenda packet containing September 17, 2026 meeting record
2026-10-01
Relevant finding
September 17 meeting record gives 4–0 conditional preliminary approval for New Era Phase 1, 63.42 acres in Odessa’s extraterritorial jurisdiction; proposed employee-only well with 150-foot setback.
Review notes
Public source-register IDs: PN01, S08. Evidence classification: VERIFIED FACT. Event/effective/period dates as recorded: 2026-09-17. Limitations: October 1 is the packet date. The record does not establish final plat recordation or satisfaction of staff conditions; detailed archived staff conditions were not retrieved.
Relevant pages: PDF page 6 (zero-based page 5), case 2026-91-P(ETJ)
Posted minutes of Odessa Planning and Zoning Commission, September 17, 2026
Undated; observed 2026-10-23
Relevant finding
Official posted meeting minutes for September 17, 2026.
Review notes
Public source-register IDs: PN02. Evidence classification: VERIFIED FACT. Event/effective/period dates as recorded: 2026-09-17. Limitations: Scan-only retrieval produced no extractable text during reinspection. The readable meeting record is cited through PN01. The displayed date qualification preserves the recorded month or observation basis; an otherwise unknown publication day is not established.
Relevant pages: Five-page PDF; case 2026-91-P(ETJ)
ECAD parcel 47010.00020.00000
Undated; observed 2026-10-23
Relevant finding
Lists Texas Critical Data Centers LLC as owner of 235 acres on S Atwood Avenue; July 25, 2025 sale under instrument 2025-00014469.
Review notes
Public source-register IDs: PN03. Evidence classification: VERIFIED FACT. Event/effective/period dates as recorded: 2025-07-25. Limitations: The current page includes preliminary 2027 and 2026 assessments. It is not a current certified title report, physical site inspection or market valuation. The displayed date qualification preserves the recorded month or observation basis; an otherwise unknown publication day is not established.
Relevant pages: Parcel summary; last sale instrument 2025-00014469
ECAD 2026 appraisal notice for parcel 47010.00020.00000
2026-04-01
Relevant finding
Dated tax assessment for the 235-acre tract with no assessed building value.
Review notes
Public source-register IDs: PN03b. Evidence classification: VERIFIED FACT. Event/effective/period dates as recorded: 2026-04-01. Limitations: A historical assessment cannot disprove subsequent construction.
Relevant pages: One-page notice dated April 1, 2026
Executed amendment to the 235-acre special warranty deed
2026-03-31
Relevant finding
Replaces the repurchase exhibit with commencement of pouring a qualifying data-center foundation within 24 months after amendment recording; original purchase price $1,527,500; conditional 80% repurchase mechanism.
Review notes
Public source-register IDs: PN04, S06. Evidence classification: VERIFIED FACT. Event/effective/period dates as recorded: 2026-03-25. Limitations: The retrieved exhibit does not establish the amendment recording date. March 25 execution and March 27 grantee acknowledgment are distinct from recording. Other deed terms remain.
Relevant pages: Exhibit 10.1; original deed 2025-00014469; replacement Exhibit A; legal description in Exhibit B
Executed amendment to the 205.13-acre special warranty deed
2026-03-31
Relevant finding
Identifies the December 19, 2025 acquisition of 205.13 acres for $5,128,250 and replaces the repurchase exhibit with the qualifying foundation-initiation condition.
Review notes
Public source-register IDs: PN05, S07. Evidence classification: VERIFIED FACT. Event/effective/period dates as recorded: 2026-03-25. Limitations: The amendment recording date was not obtained. Exhibit B has an apparent Midland/Ector wording inconsistency; this alone does not establish defective title.
Relevant pages: Exhibit 10.2; original deed 2025-00024528; replacement Exhibit A
New Era Form 8-K concerning land-deed amendments
2026-03-31
Relevant finding
Discloses amendment consideration of $4,347,500, comprising $1 million cash and a $3,347,500 note.
Review notes
Public source-register IDs: PN06. Evidence classification: VERIFIED FACT. Event/effective/period dates as recorded: 2026-03-25. Limitations: Historical consideration and any subsequent debt repayment are separate facts. This filing alone does not establish the current outstanding debt.
Relevant pages: Item 1.01; accession 0001213900-26-037454
Promissory note associated with deed amendments
2026-03-31
Relevant finding
Historical $3,347,500 note with July 20, 2026 maturity and 3.7% stated interest; repeats the narrowed foundation condition.
Review notes
Public source-register IDs: PN07. Evidence classification: VERIFIED FACT. Event/effective/period dates as recorded: 2026-03-25. Limitations: The historical instrument alone does not establish whether the obligation was later paid, amended or refinanced.
Relevant pages: Exhibit 4.1
Original 235-acre real-estate purchase contract
Undated; observed 2026-10-23
Relevant finding
Historical six- and nine-month milestones and a 24-month completed-foundation condition; title schedules include pipeline easements, a water disclaimer and a Dragon Products lease.
Review notes
Public source-register IDs: PN08. Evidence classification: VERIFIED FACT. Event/effective/period dates as recorded: 2025-07-17. Limitations: The repurchase exhibit was replaced in March 2026. The historical lease term ended February 28, 2026; no continuing lease is inferred. Physical pipeline removal does not establish legal easement release. The displayed date qualification preserves the recorded month or observation basis; an otherwise unknown publication day is not established.
Relevant pages: Exhibit 10.1; schedules 5 and 6.9; historical repurchase exhibit
New Era second-quarter 2026 update and construction-permit announcement
2026-08-14
Relevant finding
Issuer reports county structure and driveway permits, a grading NOI approval, a closed 54-acre corridor acquisition, removal of 22 abandoned pipelines and one pending surface waiver.
Review notes
Public source-register IDs: PN09. Evidence classification: COMPANY CLAIM OR GUIDANCE. Event/effective/period dates as recorded: 2026-08-14. Limitations: Issuer disclosure is not independent permit verification. Pending items reflect the August disclosure date, not established October status.
Relevant pages: Recent Highlights and Construction Permits in Hand
Sharon AI Form 425 disclosure of Ramboll/EYP engineering appointment
2025-10-30
Relevant finding
Announces design and engineering services including powered shells and electrical systems.
Review notes
Public source-register IDs: PN11. Evidence classification: COMPANY CLAIM OR GUIDANCE. Event/effective/period dates as recorded: 2025-10-30. Limitations: No executed construction contract or completed construction drawings are appended. The historical 400 MW design concept is not a current accepted capacity.
Relevant pages: Full-site mandate for Ramboll Data Center Facilities, formerly EYP Mission Critical Facilities
New Era announcement of TCDC memorandum for a 1,600-mile fiber network
2025-09-17
Relevant finding
Describes a proposed network, designed sub-five-millisecond latency and more than 30 Tbps per fiber pair, with intended TCDC access.
Review notes
Public source-register IDs: PN12. Evidence classification: COMPANY CLAIM OR GUIDANCE. Event/effective/period dates as recorded: 2025-09-17. Limitations: Designed performance is not measured performance. The announcement does not establish a binding use-right agreement, operational campus route or physical diversity.
Relevant pages: GlobeLink Holdings memorandum; Global Connect Enterprises involvement
Sharon AI phase-one engineering announcement, original website
2025-09-30
Relevant finding
Historical retrieval described a nonbinding GlobeLink memorandum for dark-fiber use rights and maintenance services. The readable SEC-filed version is registered as PN13A.
Review notes
Public source-register IDs: PN13. Evidence classification: COMPANY CLAIM OR GUIDANCE. Event/effective/period dates as recorded: 2025-09-30. Limitations: The October 23 reinspection returned navigation without the release body. PN13A supplies the substantive text and has a September 29, 2025 dateline; the website date and release dateline are not conflated.
Relevant pages: Engineering announcement and Site Connectivity paragraph; historical website date September 30, 2025
GlobeLink Fiber network description
Undated; observed 2026-10-23
Relevant finding
Describes 2,500 miles under development, comprising 1,600 new greenfield Texas miles and 900 subsea miles.
Review notes
Public source-register IDs: PN14. Evidence classification: COMPANY CLAIM OR GUIDANCE. Limitations: The undated marketing page does not establish commissioned routes, an as-built campus alignment or a complete historical page record. The displayed date qualification preserves the recorded month or observation basis; an otherwise unknown publication day is not established.
Relevant pages: GlobeLink Network section; inspected October 22 and October 23, 2026
FiberLight Odessa regional network map
Undated; observed 2026-10-22
Relevant finding
Odessa is a region marketed by the operator.
Review notes
Public source-register IDs: PN15. Evidence classification: COMPANY CLAIM OR GUIDANCE. Limitations: Interactive route geometry was unavailable in retrieval. Regional coverage does not establish a TCDC route, spare strands or serviceability. The displayed date qualification preserves the recorded month or observation basis; an otherwise unknown publication day is not established.
Relevant pages: Embedded ArcGIS map at https://experience.arcgis.com/experience/36238f84106b4f239d641220baf72ba0
GlobeLink Fiber press page
Undated; observed 2026-10-22
Relevant finding
Uses existing-tense wording for 2,400-mile infrastructure, while other operator pages describe development.
Review notes
Public source-register IDs: PN16. Evidence classification: COMPANY CLAIM OR GUIDANCE. Limitations: Inconsistent marketing tense does not resolve whether a particular route is operational. Campus-specific operating evidence was not supplied. The displayed date qualification preserves the recorded month or observation basis; an otherwise unknown publication day is not established.
Relevant pages: TCDC/GlobeLink partnership announcement
GlobeLink Fiber announcement of Cequel III investment
2026-05-18
Relevant finding
Announces named investor support for network development, including Texas routes.
Review notes
Public source-register IDs: PN17. Evidence classification: COMPANY CLAIM OR GUIDANCE. Event/effective/period dates as recorded: 2026-05-18. Limitations: Does not disclose the investment amount, a funded completion schedule or a TCDC-specific allocation.
Relevant pages: Early-round strategic investment; financial terms undisclosed
Cequel III portfolio page
Undated; observed 2026-10-22
Relevant finding
The investor’s indexed portfolio lists GlobeLink.
Review notes
Public source-register IDs: PN18. Evidence classification: ATTRIBUTED SOURCE WITH RETRIEVAL LIMITATION. Limitations: Rendered retrieval omitted the dynamic portfolio entries. The indexed entry does not establish investment amount or terms. The displayed date qualification preserves the recorded month or observation basis; an otherwise unknown publication day is not established.
Relevant pages: Search-index entry for GlobeLink among current companies
FiberLight/Netsync Ector ISD dark-fiber deployment announcement
2024-06-11
Relevant finding
Operator reports successful deployment of a local school-district dark-fiber network with loop rerouting.
Review notes
Public source-register IDs: PN19. Evidence classification: COMPANY CLAIM OR GUIDANCE (operator evidence). Event/effective/period dates as recorded: 2024-06-11. Limitations: This operator/customer disclosure is not an independent site inspection and does not establish spare commercial capacity, TCDC access or two independent campus routes.
Relevant pages: 80-mile network and loop design; named customer quotation from CTO Kellie Wilks
FiberLight Texas Connector construction-completion announcement
2018-02-20
Relevant finding
Operator reports completed fiber construction connecting its Texas networks and discusses equipment turn-up separately.
Review notes
Public source-register IDs: PN20. Evidence classification: COMPANY CLAIM OR GUIDANCE (operator evidence). Event/effective/period dates as recorded: 2018-02-20. Limitations: Historical regional completion is not current site-specific bandwidth availability or contracted TCDC service.
Relevant pages: Texas Connector linking western footprint with Dallas, Austin, San Antonio and Houston
FiberLight West Texas expansion and investment announcement
2026-02-23
Relevant finding
Reports construction begun and targets partial service in six months and completion of the full program in less than two years.
Review notes
Public source-register IDs: PN21. Evidence classification: COMPANY CLAIM OR GUIDANCE. Event/effective/period dates as recorded: 2026-02-23. Limitations: Targets are not completion evidence. The calculated $250,000 per route mile is a broad program ratio, not standalone boring cost or a TCDC quotation.
Relevant pages: $350 million additional program covering approximately 1,400 route miles; delivery FAQ
FiberLight Midland-to-El Paso corridor expansion announcement
2026-09-22
Relevant finding
Describes a planned 300-mile corridor, a 150-mile Pecos–McNary phase targeted for late 2027, and 50-mile Monahans–Fort Stockton construction or overbuild underway.
Review notes
Public source-register IDs: PN22. Evidence classification: COMPANY CLAIM OR GUIDANCE. Event/effective/period dates as recorded: 2026-09-22. Limitations: The announcement does not establish that the full corridor is operating or that TCDC is connected.
Relevant pages: Project Phases
Fiber Broadband Association, Local Permitting for Fiber Network Projects
Publication date: 2025-09; exact day not established
Relevant finding
Cites approximately $80,000 per route mile for directional boring; discusses rights-of-way, coordination and local permitting.
Review notes
Public source-register IDs: PN23. Evidence classification: TECHNICAL BENCHMARK. Event/effective/period dates as recorded: 2025-09. Limitations: A technical benchmark is not a TCDC quotation or all-in network cost. References to underlying 2024 and 2025 cost reports are inconsistent. The displayed date qualification preserves the recorded month or observation basis; an otherwise unknown publication day is not established.
Relevant pages: PDF page 9, zero-based page 8; directional-boring benchmark and deployment considerations
Grow Odessa official website
Undated; observed 2026-10-22
Relevant finding
The branded organization uses the Odessa Industrial Development Corporation name.
Review notes
Public source-register IDs: PN24. Evidence classification: VERIFIED FACT. Limitations: The executed instruments establish the deed counterparty. A similar name does not establish identity with the municipal economic-development entity. The displayed date qualification preserves the recorded month or observation basis; an otherwise unknown publication day is not established.
Relevant pages: Membership and Odessa Industrial Development Corporation identification
Archived versions of the September 17, 2026 Odessa agenda
Undated; observed 2026-10-22
Relevant finding
The government archive publicly links the meeting’s staff-packet versions.
Review notes
Public source-register IDs: PN25. Evidence classification: ACCESS LIMITATION. Event/effective/period dates as recorded: 2026-09-17. Limitations: The archived packets exceeded retrieval capacity. Detailed staff conditions remain unexamined. Archive URLs: https://www.odessa-tx.gov/AgendaCenter/ViewFile/ArchivedAgenda/_09172026-1514 and https://www.odessa-tx.gov/AgendaCenter/ViewFile/ArchivedAgenda/_09172026-1517 . The displayed date qualification preserves the recorded month or observation basis; an otherwise unknown publication day is not established.
Relevant pages: Archive versions 1514 and 1517, approximately 46.55 MB each
WULF Justified lease and Abernathy sale
2026-07-06
Relevant finding
Executed 401 critical-IT-MW, 20-year direct Anthropic lease; approximately $19 B expected initial-term revenue. Sale of entire 50.1% Abernathy JV interest. Credit support expected; not represented as closed.
Review notes
Public source-register IDs: LP01, S14. Evidence classification: COMPANY CLAIM OR GUIDANCE; transactional occurrence as announced. Limitations: Issuer filings establish disclosed terms and reported milestones. Future delivery, revenue and cost estimates remain company guidance; unspecified terms are unknown.
Relevant pages: See cited source and public source register
WULF Q2 2026 earnings exhibit
2026-08-05
Relevant finding
81 MW revenue-generating IT at June 30; CB3 increased total to 102 in early July. Approximately $530 M Abernathy sale consideration versus $450 M invested. Justified revenue $33 B including renewals. Lake Mariner construction guidance $8-10 M/ITMW.
Review notes
Public source-register IDs: LP02. Evidence classification: VERIFIED FACT that issuer filed disclosure; forecasts remain COMPANY CLAIM OR GUIDANCE. Limitations: Issuer filings establish disclosed terms and reported milestones. Future delivery, revenue and cost estimates remain company guidance; unspecified terms are unknown.
Relevant pages: See cited source and public source register
WULF original Fluidstack leases
2025-08-14
Relevant finding
More than 200 ITMW, approximately 250 gross MW; $3.7 B initial 10 years/$8.7 B including options; Google $1.8 B backstop and 41 M warrants. Modified gross escalating leases; $8-10 M/ITMW construction guidance.
Review notes
Public source-register IDs: LP03. Evidence classification: COMPANY CLAIM OR GUIDANCE; transactional occurrence as announced. Limitations: Issuer filings establish disclosed terms and reported milestones. Future delivery, revenue and cost estimates remain company guidance; unspecified terms are unknown.
Relevant pages: See cited source and public source register
Relevant finding
Google recognition agreements become effective at lease commencement. On specified default, Google may pay the termination amount or assume lease/pay rent. This is not a blanket construction guarantee.
Review notes
Public source-register IDs: LP04. Evidence classification: VERIFIED FACT that issuer filed disclosure; forecasts remain COMPANY CLAIM OR GUIDANCE. Limitations: Issuer filings establish disclosed terms and reported milestones. Future delivery, revenue and cost estimates remain company guidance; unspecified terms are unknown.
Relevant pages: See cited source and public source register
APLD Polaris Forge3 lease
2026-05-20
Relevant finding
300 critical ITMW supported by 430 gross MW; 15-year take-or-pay agreement, $7.5 B initial/$18.2 B including options. Unnamed US investment-grade hyperscaler. August 2027 initial delivery guidance.
Review notes
Public source-register IDs: LP05. Evidence classification: COMPANY CLAIM OR GUIDANCE; transactional occurrence as announced. Limitations: Issuer filings establish disclosed terms and reported milestones. Future delivery, revenue and cost estimates remain company guidance; unspecified terms are unknown.
Relevant pages: See cited source and public source register
APLD Macquarie financing terms presentation
2026-04-23
Relevant finding
Macquarie preferred plus 15% common: 12.75% PIK/cash return first five years, rising thereafter. Liquidation greater of accreted preference plus common FMV or 1.8 x MOIC. Seven-year force-sale right. Up to $2.25 M per leased MW.
Review notes
Public source-register IDs: LP07. Evidence classification: VERIFIED FACT that issuer filed disclosure; forecasts remain COMPANY CLAIM OR GUIDANCE. Limitations: Issuer filings establish disclosed terms and reported milestones. Future delivery, revenue and cost estimates remain company guidance; unspecified terms are unknown.
Relevant pages: See cited source and public source register
Cipher Barber lease extension
2026-09-25
Relevant finding
September 25 amendment modifies original Fluidstack lease and accompanies a separate subsequent ten-year AI-lab commitment, adding approximately$5.2 B and extending total duration to 20 years. Cipher bears first$359.3 M over initial budget; tenant reimburses 50% beyond that through rent over 20 years with a contracted return. Total-deal NPV is not established by this clause alone.
Review notes
Public source-register IDs: LP08, S13. Evidence classification: COMPANY CLAIM OR GUIDANCE; transactional occurrence as announced. Limitations: Issuer filings establish disclosed terms and reported milestones. Future delivery, revenue and cost estimates remain company guidance; unspecified terms are unknown.
Relevant pages: See cited source and public source register
Relevant finding
Barber 300 gross MW, including 244 phase 1 and 56 phase 2; Black Pearl 300 gross MW. Company states grid-approved power without load restrictions. Gross capacity must not be used as an IT denominator.
Review notes
Public source-register IDs: LP09. Evidence classification: VERIFIED FACT that issuer filed disclosure; forecasts remain COMPANY CLAIM OR GUIDANCE. Limitations: Issuer filings establish disclosed terms and reported milestones. Future delivery, revenue and cost estimates remain company guidance; unspecified terms are unknown. The displayed date qualification preserves the recorded month or observation basis; an otherwise unknown publication day is not established.
Relevant pages: See cited source and public source register
Cipher Q2 2026 business update
2026-08-04
Relevant finding
Initial Black Pearl capacity delivered and rent commenced early August; remaining construction continues. Barber beneficial use/network racks do not establish rent start. Stingray financing returns $56.7 M previously invested equity.
Review notes
Public source-register IDs: LP10. Evidence classification: COMPANY CLAIM OR GUIDANCE; transactional occurrence as announced. Limitations: Issuer filings establish disclosed terms and reported milestones. Future delivery, revenue and cost estimates remain company guidance; unspecified terms are unknown.
Relevant pages: See cited source and public source register
Galaxy Helios PhaseI completion
2026-07-06
Relevant finding
133 ITMW/200 gross MW delivered PhaseI, with rent in Q2 2026. Contracted 526 ITMW/800 gross MW to CoreWeave, 15 years plus two five-year options. PhaseII 260 ITMW and PhaseIII 133 ITMW scheduled 2027/2028.
Review notes
Public source-register IDs: LP12. Evidence classification: COMPANY CLAIM OR GUIDANCE; transactional occurrence as announced. Limitations: Issuer filings establish disclosed terms and reported milestones. Future delivery, revenue and cost estimates remain company guidance; unspecified terms are unknown.
Relevant pages: See cited source and public source register
Galaxy Q2 2026 investor presentation
2026-08-05
Relevant finding
Page 16: PhaseI 133 ITMW, $315 M average annual base revenue, $1.8 B construction; PhaseII 260 ITMW, $690 M average annual base revenue, $4 B estimated construction. Annual averages include escalators; not first-year rent.
Review notes
Public source-register IDs: LP13. Evidence classification: COMPANY CLAIM OR GUIDANCE; transactional occurrence as announced. Limitations: Issuer filings establish disclosed terms and reported milestones. Future delivery, revenue and cost estimates remain company guidance; unspecified terms are unknown.
Relevant pages: See cited source and public source register
Riot initial AMD lease
2026-01-16
Relevant finding
25 critical ITMW, 10 years, $311 M initial/$1 B including three five-year options. Modified gross. $89.8 M retrofit plus separate $96 M land purchase. Expansion rights are not initial contracted MW.
Review notes
Public source-register IDs: LP14. Evidence classification: COMPANY CLAIM OR GUIDANCE; transactional occurrence as announced. Limitations: Issuer filings establish disclosed terms and reported milestones. Future delivery, revenue and cost estimates remain company guidance; unspecified terms are unknown.
Relevant pages: See cited source and public source register
Riot Q2 2026 presentation
2026-08-10
Relevant finding
191 ITMW, 20-year AI-lab agreement, $9.1 B initial including ramp/$16.1 B including renewals; published $457 M average annual revenue. Construction estimate $11-12 M/ITMW excludes existing infrastructure and tenant fit-out. Expected IG backstop in finalization. AMD now 50 MW contracted, 25 commissioned.
Review notes
Public source-register IDs: LP15. Evidence classification: VERIFIED FACT that issuer filed disclosure; forecasts remain COMPANY CLAIM OR GUIDANCE. Limitations: Issuer filings establish disclosed terms and reported milestones. Future delivery, revenue and cost estimates remain company guidance; unspecified terms are unknown.
Relevant pages: See cited source and public source register
Hut8 RiverBend lease
2025-12-17
Relevant finding
245 criticalITMW, 15-year triple-net Fluidstack lease, $7 B initial including 3%annual escalator; $17.7 B including three five-year renewals. Google support covers lease payments/pass-throughs. Up to 1, 000 ITMW ROFO excluded. Initial hallQ22027 guidance.
Review notes
Public source-register IDs: LP16. Evidence classification: COMPANY CLAIM OR GUIDANCE; transactional occurrence as announced. Limitations: Issuer filings establish disclosed terms and reported milestones. Future delivery, revenue and cost estimates remain company guidance; unspecified terms are unknown.
Relevant pages: See cited source and public source register
Hut8 BeaconPoint PhaseI lease
2026-05-06
Relevant finding
352 ITMW, 15 years, $9.8 B initial/$25.1 B including options. Unnamed high-investment-grade tenant; triple-net take-or-pay.
Review notes
Public source-register IDs: LP17. Evidence classification: COMPANY CLAIM OR GUIDANCE; transactional occurrence as announced. Limitations: Issuer filings establish disclosed terms and reported milestones. Future delivery, revenue and cost estimates remain company guidance; unspecified terms are unknown.
Relevant pages: See cited source and public source register
Hut8 BeaconPoint PhaseII
2026-07-20
Relevant finding
Additional 352 ITMW at same campus. Total 704 ITMW against 1 GW gross. Combined initial-term revenue $19.6 B. Campus not yet delivered.
Review notes
Public source-register IDs: LP18. Evidence classification: COMPANY CLAIM OR GUIDANCE; transactional occurrence as announced. Limitations: Issuer filings establish disclosed terms and reported milestones. Future delivery, revenue and cost estimates remain company guidance; unspecified terms are unknown.
Relevant pages: See cited source and public source register
Hut8 RiverBend financing close
2026-04-30
Relevant finding
$3.25 B secured notes; 16.5-year fully amortizing tenor. Issuer describes nonrecourse, nondilutive construction funding. April 30 is announcement date, not necessarily closing event date.
Review notes
Public source-register IDs: LP19. Evidence classification: COMPANY CLAIM OR GUIDANCE; transactional occurrence as announced. Limitations: Issuer filings establish disclosed terms and reported milestones. Future delivery, revenue and cost estimates remain company guidance; unspecified terms are unknown.
Relevant pages: See cited source and public source register
Hut8 BeaconPoint financing close
2026-06-09
Relevant finding
$4.25 B secured notes; fully amortizing, nonrecourse, nondilutive, Baa 2 rated. Combined project construction financing $7.5 B.
Review notes
Public source-register IDs: LP20. Evidence classification: COMPANY CLAIM OR GUIDANCE; transactional occurrence as announced. Limitations: Issuer filings establish disclosed terms and reported milestones. Future delivery, revenue and cost estimates remain company guidance; unspecified terms are unknown.
Relevant pages: See cited source and public source register
CORZ Q2 2026 10-Q
Undated; observed 2026-10-22
Relevant finding
590 MW CoreWeave leased customer power; 395 MW billable June 30. Power passed through without markup and recorded gross. July 27 AMD377 MW plus neocloud 152 MW 15-year leases. AMD 1, 925 MW reservation is not firm; AMD may, but need not, cure neocloud default. Warrants create dilution.
Review notes
Public source-register IDs: LP21. Evidence classification: VERIFIED FACT that issuer filed disclosure; forecasts remain COMPANY CLAIM OR GUIDANCE. Limitations: Issuer filings establish disclosed terms and reported milestones. Future delivery, revenue and cost estimates remain company guidance; unspecified terms are unknown. The displayed date qualification preserves the recorded month or observation basis; an otherwise unknown publication day is not established.
Relevant pages: See cited source and public source register
CORZ Q2 2026 results
2026-07-28
Relevant finding
437 MW billing by mid-July. New approximately 530 MW/15-year agreements exceed $14 B potential base contracted revenue; total approximately 1.1 GW leased and more than $24 B potential contracted revenue.
Review notes
Public source-register IDs: LP22. Evidence classification: COMPANY CLAIM OR GUIDANCE; transactional occurrence as announced. Limitations: Issuer filings establish disclosed terms and reported milestones. Future delivery, revenue and cost estimates remain company guidance; unspecified terms are unknown.
Relevant pages: See cited source and public source register
Relevant finding
Microsoft five-year $9.7 B AI cloud agreement using 200 critical ITMW; 20% prepayment; approximately $5.8 B Dell equipment commitment. These GPU services are not bare colocation rent.
Review notes
Public source-register IDs: LP23. Evidence classification: VERIFIED FACT that issuer filed disclosure; forecasts remain COMPANY CLAIM OR GUIDANCE. Limitations: Issuer filings establish disclosed terms and reported milestones. Future delivery, revenue and cost estimates remain company guidance; unspecified terms are unknown.
Relevant pages: See cited source and public source register
Relevant finding
Microsoft accepted Horizon 1. NVIDIA exemplar status. This does not establish that all 200 MW was delivered.
Review notes
Public source-register IDs: LP24. Evidence classification: VERIFIED FACT that issuer filed disclosure; forecasts remain COMPANY CLAIM OR GUIDANCE. Limitations: Issuer filings establish disclosed terms and reported milestones. Future delivery, revenue and cost estimates remain company guidance; unspecified terms are unknown.
Relevant pages: See cited source and public source register
Nebius Meta agreement
2026-03-16
Relevant finding
Five-year $12 B dedicated capacity plus $15 B available-capacity backstop if capacity not sold to third parties. Initial deployment early 2027. GPU cloud, not rent; no comparable ITMW denominator.
Review notes
Public source-register IDs: LP25. Evidence classification: COMPANY CLAIM OR GUIDANCE; transactional occurrence as announced. Limitations: Issuer filings establish disclosed terms and reported milestones. Future delivery, revenue and cost estimates remain company guidance; unspecified terms are unknown.
Relevant pages: See cited source and public source register
FRMI TensorWave binding lease
2026-08-10
Relevant finding
222 MW total facility power, 15 years, $6.5 B initial; two five-year renewals. Expansion rights exceeding 650 MW are not firm. H2 2027 target; requisite project guaranties/financing conditions.
Review notes
Public source-register IDs: LP26. Evidence classification: COMPANY CLAIM OR GUIDANCE; transactional occurrence as announced. Limitations: Issuer filings establish disclosed terms and reported milestones. Future delivery, revenue and cost estimates remain company guidance; unspecified terms are unknown.
Relevant pages: See cited source and public source register
Relevant finding
Negotiations at three priority sites with permitting work underway; 2.2 GW pipeline. This update does not establish a signed lease. August 7 liquidity $819 M includes $121 M bitcoin.
Review notes
Public source-register IDs: LP27. Evidence classification: COMPANY CLAIM OR GUIDANCE; transactional occurrence as announced. Limitations: Issuer filings establish disclosed terms and reported milestones. Future delivery, revenue and cost estimates remain company guidance; unspecified terms are unknown.
Relevant pages: See cited source and public source register
WYFI Fluidstack release SEC exhibit
2025-12-18
Relevant finding
40 critical ITMW, 10 years, $865 M including nonrecurring installation/build charges and 3% escalator, excluding power and certain pass-throughs. Modified gross; customer pays PUE-adjusted electricity and tax allocations.99 MW utility agreement.
Review notes
Public source-register IDs: LP28. Evidence classification: VERIFIED FACT that issuer filed disclosure; forecasts remain COMPANY CLAIM OR GUIDANCE. Limitations: Issuer filings establish disclosed terms and reported milestones. Future delivery, revenue and cost estimates remain company guidance; unspecified terms are unknown.
Relevant pages: See cited source and public source register
WYFI September2026 presentation
Publication date: 2026-09; exact day not established
Relevant finding
NC1 active customer deployment and initial billing began August 2026. Do not infer all 40 MW was billing.
Review notes
Public source-register IDs: LP29. Evidence classification: VERIFIED FACT that issuer filed disclosure; forecasts remain COMPANY CLAIM OR GUIDANCE. Limitations: Issuer filings establish disclosed terms and reported milestones. Future delivery, revenue and cost estimates remain company guidance; unspecified terms are unknown. The displayed date qualification preserves the recorded month or observation basis; an otherwise unknown publication day is not established.
Relevant pages: See cited source and public source register
Cipher gas laterals development
2026-09-03
Relevant finding
Gas lateral development intended to support up to 2.5 GW new generation across sites; first power before end 2027 target and planned grid connection. This is not delivered capacity or evidence of fully islanded power.
Review notes
Public source-register IDs: LP30. Evidence classification: COMPANY CLAIM OR GUIDANCE; transactional occurrence as announced. Limitations: Issuer filings establish disclosed terms and reported milestones. Future delivery, revenue and cost estimates remain company guidance; unspecified terms are unknown.
Relevant pages: See cited source and public source register
WhiteFiber Form8-K execution date
Undated; observed 2026-10-22
Relevant finding
Agreement executed November 22. Item 7.01 refers to December 16 announcement while furnished exhibit is dated December 18; preserve difference instead of treating all dates as execution date.
Review notes
Public source-register IDs: LP31. Event/effective/period dates as recorded: 2025-11-22. Limitations: Issuer filings establish disclosed terms and reported milestones. Future delivery, revenue and cost estimates remain company guidance; unspecified terms are unknown. The displayed date qualification preserves the recorded month or observation basis; an otherwise unknown publication day is not established.
Relevant pages: See cited source and public source register
Terrain Labs October commentary on New Era financing
Undated; observed 2026-10-22
Relevant finding
Original A3 conditions vsOctober financing discrepancy already discussed externally
Review notes
Public source-register IDs: N01. Limitations: Not relied on for contract terms or current default status The displayed date qualification preserves the recorded month or observation basis; an otherwise unknown publication day is not established.
Relevant pages: See cited source and public source register
Ephesus October20 CoreWeave and NUAI article
Undated; observed 2026-10-22
Relevant finding
Lease signature distinct from financial close andLC release already covered
Review notes
Public source-register IDs: N02. Limitations: Prior analysis provides context; primary filings govern contractual terms. The displayed date qualification preserves the recorded month or observation basis; an otherwise unknown publication day is not established.
Relevant pages: See cited source and public source register
Governor August3 letter to PUCT and ERCOT
2026-08-03
Relevant finding
ERCOT-interconnection audit; resource and ownership reporting; denial for noncompliance
Review notes
Public source-register IDs: REG-01.
Relevant pages: See cited source and public source register
Governor directs TWDB reporting enforcement
2026-09-14
Relevant finding
Water-use reporting enforcement and ERCOT audit coordination
Review notes
Public source-register IDs: REG-03.
Relevant pages: See cited source and public source register
Texas Register October 2, 2026 adopted 16 TAC 25.194; Project 58481; TRD-202604027
2026-10-02
Relevant finding
ERCOT-interconnection scope, not-yet-energized criterion, 75 MW tests, co-location read with large-load definition, intermediate and SLLIA security, upgrade-cost comparison, separate CIAC and other obligations
Review notes
Public source-register IDs: REG-04. Evidence classification: Official adopted rule. Event/effective/period dates as recorded: 2026-09-18; 2026-10-08. Limitations: No project-specific TCDC applicability determination; source includes obsolete proposed-language discussion before the final operative text
Relevant pages: 25.194(a), (b)(1)(A)-(D), (b)(2), (c)(5),(14),(16), (d)(2)(B), (f)(2)(A)-(D), (f)(3), (g); final footer
Governor September 21, 2026 TCEQ data-center permit directive
2026-09-21
Relevant finding
Pause of permits related to data-center projects pending ERCOT review; October 19 agency response deadline
Review notes
Public source-register IDs: REG-06, S02. Evidence classification: Official statewide executive directive. Limitations: No express islanded exception, automatic restart date or TCDC-specific stop/revocation established
Relevant pages: Pages 1-2; operative pause paragraph on page 1
TCEQ October 19, 2026 response to Governor September 21 directive
2026-10-19
Relevant finding
Infrastructure directly supporting data centers; screening and pausing covered applications; claimed authorizations screened and suspended where possible
Review notes
Public source-register IDs: REG-07, S01. Evidence classification: Official agency implementation letter. Limitations: Does not identify TCDC's individual authorizations or their current disposition
Relevant pages: Page 1, paragraphs 2-3
White & Case summary of PUCT rule and permit pause
2026-09-25
Relevant finding
Secondary account of the rule and permit pause; the adopted rule governs the analysis.
Review notes
Public source-register IDs: REG-08. Limitations: Not relied on in place of the operative final rule.
Relevant pages: See cited source and public source register
Ephesus NUAI PPA spark spread and power cost advantage
Observed 2026-10-22
Relevant finding
Prior coverage: power purchase costs, tenant recovery and generator margins are distinct.
Review notes
Public source-register IDs: S16. The displayed date qualification preserves the recorded month or observation basis; an otherwise unknown publication day is not established.
Relevant pages: See cited source and public source register
Relevant finding
Prior coverage: computing demand does not by itself establish investor return.
Review notes
Public source-register IDs: S17. The displayed date qualification preserves the recorded month or observation basis; an otherwise unknown publication day is not established.
Relevant pages: See cited source and public source register
Relevant finding
Secondary market-development context; not a substitute for primary project records.
Review notes
Public source-register IDs: S18. The displayed date qualification preserves the recorded month or observation basis; an otherwise unknown publication day is not established.
Relevant pages: See cited source and public source register
TechTarget: TCEQ data center permit freeze may reach beyond ERCOT review
2026-09-24
Relevant finding
Secondary reporting used only to establish prior public discussion and limit novelty claims; primary agency letter controls current policy analysis.
Review notes
Public source-register IDs: S19.
Relevant pages: See cited source and public source register
Hut8 River Bend financing Form8-K
2026-04-30
Relevant finding
Issuer reports $3.25B 6.192% secured notes due2042, partial project-construction funding, reimbursement of prior equity, reserves and fees. Semiannual amortization from May2028. Covenants restrict distributions and other actions. The filing states offering completion April27 and indenture April30; dates are preserved as reported.
Review notes
Public source-register IDs: LP32. Event/effective/period dates as recorded: 2026-04-27. Limitations: Item1.01 summary reviewed; full indenture not exhaustively audited. Nonrecourse/nondilutive characterization attributed separately to issuer release LP19.
Relevant pages: See cited source and public source register
Sharon AI SEC-filed release on TCDC phase-one engineering and site connectivity
Undated; observed 2026-10-23
Relevant finding
Explicitly describes a nonbinding memorandum with GlobeLink to purchase dark-fiber use rights and associated operations and maintenance services for the proposed 1,600-mile Texas network.
Review notes
Public source-register IDs: PN13A. Evidence classification: COMPANY CLAIM OR GUIDANCE. Event/effective/period dates as recorded: 2025-09-29. Limitations: The release dateline is verified; the SEC filing date was not separately established. No signed binding use-right agreement or campus acceptance evidence is appended. The historical nonbinding status does not rule out subsequent undisclosed agreements. The displayed date qualification preserves the recorded month or observation basis; an otherwise unknown publication day is not established.
Relevant pages: Release dateline September 29, 2025; Site Connectivity paragraph; accession 0001829126-25-007797
ERCOT Request for Information Regarding Data Center State and Community Impacts
Undated; observed 2026-10-22
Relevant finding
Data centers at least 25 MW pursuing ERCOT interconnection; October 12, 2026 responses; intended report on or before December 10, 2026
Review notes
Public source-register IDs: REG-10. Evidence classification: Official ERCOT RFI information page. Limitations: Living page without a separate page publication date; no guarantee of permit reopening, no specific TCDC respondent status The displayed date qualification preserves the recorded month or observation basis; an otherwise unknown publication day is not established.
Relevant pages: Main RFI paragraph; key documents dated September 14 and September 18, 2026
ERCOT Market Notice M-B091426-01: Issuance of Request for Information Regarding Data Center State and Community Impacts
2026-09-14
Relevant finding
Issuance chronology
Review notes
Public source-register IDs: REG-11. Evidence classification: Official ERCOT market notice. Limitations: Direct fetch returned 403; full text not represented as reopened; deadline and threshold conclusions rely on REG-10 and REG-12
Relevant pages: Notice title and date; cross-reference in M-B091426-02 Long Description
ERCOT M-B091426-02: Voluntary State and Community Impact RFI Option for Newly Substantiated Medium Load Data Center Customers
2026-09-24
Relevant finding
Conditionally classified Batch Zero large-load cohort and substantiated 25-<75 MW medium-load cohort; voluntary newly substantiated medium-load option requested by October 5; unchanged October 12, 2026, 5 p.m. CPT response deadline
Review notes
Public source-register IDs: REG-12. Evidence classification: Official ERCOT market notice and clarification. Limitations: Does not establish that TCDC received an RFI or failed to respond
Relevant pages: Long Description and Action Required
Version control
Article change log
NUAI: From Announced Megawatts to Bankable Cash Flow
Oct 22, 2026 · NUAI
Published an eight-part investigation of TCDC development, power, cooling, leasing and financing with nine figures and a technical appendix.
Previous
No integrated eight-gate public investigation with this evidence set and sensitivity analysis.
Revised
Source-linked research, technical appendix, nine figures and reproducible supporting calculation data.
Reason
Separate company announcements, executed-agreement disclosures, verified approvals and analytical scenarios across the path to bankable project cash flow.
Source
100-source public register, SEC agreement disclosures and transparent sensitivity calculations
Estimated effect
Adds research and evidence-monitoring criteria. No changes to existing financial model assumptions, calculations or per-share valuations.
Research status
Research status
Current
Conclusion
Mixed
Version
1.0.0
Last reviewed
Oct 22, 2026
Access
Public and free
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