The evidence should remain inspectable after the conclusion is published.

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

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.