The evidence should remain inspectable after the conclusion is published.

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.

Relevant finding

The filing describes a $116m LC, approximately $118.3m initial cash collateral at 102%, a 1% initial fronting fee and a 2% annual LC fee.

Review notes

The article distinguishes LC face amount, initial collateral, fees and the cost of financing. Restricted cash collateral is not modeled as a recurring electricity charge or a permanently consumed expense.

Relevant pages: Item 1.01 — letter-of-credit reimbursement agreement

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.

Relevant finding

Hypothetical offering illustration.

Review notes

Evidence classification: hypothetical offering illustration. Peer financing is not a NUAI lending commitment. Full source-to-cell mappings and uncertainties are in the v2.6 register.

Relevant finding

The prospectus describes 5% non-voting, fully diluted project participation for Vistra and ongoing contingent tenant negotiations.

Review notes

Article-specific use of the development-framework and commercial-negotiation disclosures. Separate from the existing model's offering analysis. Contingent negotiations are not signed tenant protection.

Relevant pages: Recent developments — PPA/development framework and commercial negotiations

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.

Relevant finding

Management expects Q3 2027 power availability. Power availability is not the same as full-year rent, tenant acceptance or construction completion.

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.

Relevant finding

Source for the model’s analyst timing and probability sensitivities. The model does not assume this cancels TCDC’s existing approvals or establishes an exemption for every phase.

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.

Relevant finding

Executed PPA/DFA summary; full documents deferred.

Review notes

Evidence classification: executed PPA/DFA summary; full documents deferred. Transaction effective date 2026-09-18; publication date 2026-09-21. Peer financing is not a NUAI lending commitment. Full source-to-cell mappings and uncertainties are in the v2.6 register.

Relevant finding

TCDC PowerCo is the purchaser, with 200–207 MW and a 20-year term from first delivery. Contracted supply does not by itself disclose fixed pricing.

Review notes

Article-specific review of the executed supply agreement summary. Publicly reviewed terms do not establish a fixed tariff, Waha index, contractual heat rate or resale entitlement. Full contract exhibits were deferred.

Relevant pages: Item 1.01 — PPA and development framework

Relevant finding

Management describes firm contracted supply and expects availability in Q3 2027, subject to the disclosed execution and delivery conditions.

Review notes

Management's anticipated delivery timing and description of contracted power are labeled company guidance. The announcement does not verify commencement or establish a fixed electricity price.

Relevant pages: PPA announcement and expected power availability

Relevant finding

Ownership disclosure, not new project financing or proof of a tenant agreement.

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.

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.

Relevant finding

Financing strategy/guidance.

Review notes

Evidence classification: financing strategy/guidance. Peer financing is not a NUAI lending commitment. Full source-to-cell mappings and uncertainties are in the v2.6 register.

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.

Relevant finding

Reviewed PSU and transaction-cost accounting corrections. Noncash accounting adjustments are not modeled as an additional cash outflow.

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.

Relevant finding

Historical actual balances plus July consent.

Review notes

Evidence classification: historical actual balances plus July consent. Financial period end 2026-06-30. Peer financing is not a NUAI lending commitment. Full source-to-cell mappings and uncertainties are in the v2.6 register.

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.

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.

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.

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.

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.

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.

Relevant finding

Original terms; later amendment acknowledged, not available in reviewed record.

Review notes

Evidence classification: original terms; later amendment acknowledged, not available in reviewed record. Transaction effective date 2026-04-08; publication date not separately verified. Peer financing is not a NUAI lending commitment. Full source-to-cell mappings and uncertainties are in the v2.6 register.

Relevant finding

NNN/SPV strategy, not executed tenant lease.

Review notes

Evidence classification: NNN/SPV strategy, not executed tenant lease. Peer financing is not a NUAI lending commitment. Full source-to-cell mappings and uncertainties are in the v2.6 register.

Relevant finding

Management intends power consumption to be a tenant pass-through expense or direct tenant obligation. Contract implementation and the scope of recovery remain to be demonstrated.

Review notes

Article-specific evidence of management's intended commercial structure, not verification of an executed tenant lease or any particular tariff. This source mapping does not refresh model inputs.

Relevant pages: Item 1, Business — Leasing Structure

Relevant finding

Supports a 450 MW behind-the-meter generation plan for TCDC and explains why the model does not charge the full generation capex to NUAI parent by default.

Review notes

Company announcement used to support the model's Phase 2 behind-the-meter power architecture and the separation of data-center SPV economics from power-SPV economics. Definitive purchase documentation, fuel, permits, PPA/lease terms, and retained economics remain unverified.

Relevant pages: Announcement text describing Thunderhead, Turbine-X, major generation equipment access, procurement activities, and definitive documentation still to be finalized.