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New Era Energy & Digital is developing TCDC. The v2.7.1 model separates direct-leasing strategy, taxpayer cash and conditional financing from verified balances, with October 8, 2026 physical inputs and valuation date.
Profile status
The v2.7.1 release corrects the minimum Phase 1 DSCR reference and cached value; assumptions and captured case values are unchanged. Physical inputs and valuation date remain October 8, 2026. The original recorded statutory research date is October 11 Pacific, with exhaustive end-of-day coverage uncertified and later company-filing coverage incomplete. Financing remains conditional. Capacity and share-history entries below are historical or illustrative profile records, not current cash, tenant commitments or model share counts.
Updated Oct 22, 2026
Gross power capacity
200 MW
Illustrative · current verification required
Contracted capacity
—
Illustrative · current verification required
Development pipeline
1,400 MW
Illustrative · current verification required
Profile overview
New Era Energy & Digital is developing TCDC. The v2.7.1 model separates direct-leasing strategy, taxpayer cash and conditional financing from verified balances, with October 8, 2026 physical inputs and valuation date.
Project debt is sized independently against eligible costs, coverage, value and commitments. Sponsor borrowing, equipment funding, LC replacement and capital recycling require separate underwriting and consent. No executable new project package is verified.
Asset map
| Project | Location | Stage | Gross capacity | Contracted capacity | Description |
|---|---|---|---|---|---|
| TCDC | West Texas (illustrative profile) | Development | 1,400 MW | — | Large phased campus used for the sample site-economics model. |
Capital structure
The demonstration history is included to make dilution visible beside enterprise-value growth. Replace it with current basic and fully diluted reconciliations before launch.
Latest material revision
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.
Public spreadsheets
NUAI · Data centers and behind-the-meter power
NUAI TCDC v2.7.1 separates direct-leasing strategy, taxpayer cash, priced financing and retained ownership. Ten captured comparisons distinguish frozen v2.6 references, matched tax cases, re-underwritten financing, timing and policy assumptions. All new financing remains conditional.
Question this model answers
Who funds TCDC, which taxpayer can use each deduction, and what remains for original shareholders?
Conditional financing comparisons
Compare captures
Captured cases
10
Published analysis
NUAI
TCDC's power agreements and local planning progress strengthen its development prospects. Turning them into shareholder cash depends on phase-specific permits, deliverable IT capacity, tenant acceptance, reliable infrastructure and a financeable lease.
NUAI
Supporting documents, engineering sensitivities and peer comparisons for the NUAI/TCDC eight-gate investigation, preserving dates, contractual boundaries, assumptions and unresolved project evidence.
NUAI
A hypothetical CoreWeave default is not the same as a collapse in AI compute demand. This source-based fundamental analysis examines GPU liquidation, direct hyperscaler leases, competing distressed sites, and the financing risk to New Era Energy & Digital's TCDC development, using SEC disclosures and explicitly illustrative stress tests.
NUAI
NUAI’s contracted Phase 1 electricity can support leasing and project finance, but a wider spark spread does not automatically become shareholder profit. This analysis separates generator margins, regional gas discounts and tenant power recovery, using public filings and clearly labeled illustrative calculations. The undisclosed PPA pricing formula and eventual tenant lease remain decisive.
NUAI
Historical August 4, 2026 TCDC analysis preserved for comparison. The linked v2.7.1 correction release retains an October 8 valuation date and the original October 11 Pacific recorded research date; exhaustive end-of-day coverage is not certified. Its strategy, taxpayer cash and conditional financing comparisons supersede the historical figures below.
IREN · NUAI · WULF · CIFR · APLD
A six-gate framework for assigning different present values to operating, contracted, funded, permitted, and conceptual capacity.
Primary-source archive
NUAI · May 15, 2026 · United States
Relevant finding
Provides the primary record for NUAI's quarter-end financial position, capital structure, liquidity, obligations, ownership disclosures, and project-financing risk.
Review notes
Primary financial source for the March 2026 quarter. Use with subsequent 8-K exhibits for post-quarter financing and project updates; the filed legal-entity, liquidity, debt, equity, and share data control over secondary estimates.
Relevant pages: Unaudited financial statements; liquidity and capital resources; debt and equity notes; commitments; subsequent events; risk factors.
NUAI · May 18, 2026 · Texas
Relevant finding
Describes TCDC's 200 MW Phase 1, planned 450 MW behind-the-meter Phase 2 and 750 MW Phase 3, the path toward 1.4 GW, the Macquarie facility, the proposed GP/LP structure, and current permitting and commercial priorities.
Review notes
Company-furnished and forward-looking. Treat phase capacity, turbine procurement, adjacent-generation access, tenant discussions, project leverage, and timing as company guidance until supported by binding contracts, permits, lender commitments, and construction evidence.
Relevant pages: Slides 3-9 for funding, counterparties, TCDC phasing and near-term workstreams; slide 11 for capitalization; slides 15-16 for campus pipeline and proposed SPV structure.
NUAI · Jul 5, 2026 · Texas
Relevant finding
Synthesizes TCDC's phased 1.4 GW plan, partner ecosystem, Phase 1 power question, behind-the-meter expansion, Macquarie timing, land contribution, GP/LP waterfall economics, construction financing, and execution risks.
Review notes
A 143-page secondary deep dive reviewed from the project's private NUAI research archive. It synthesizes filings, company materials, calls, counterparties, project economics, and author estimates. Independently verify every material claim and scenario input; do not treat the report as a substitute for primary evidence.
Relevant pages: Pages 13-14 for company and site overview; 19-36 for TCDC, partners and power; 46-52 for incentives and lease timing; 56-126 for JV and waterfall economics; 136-138 for the pipeline and New Mexico optionality.
NUAI · May 26, 2026 · United States
Relevant finding
Provides institutional analyst color on TCDC's development path and adjacent-generation thesis while emphasizing construction, capital-intensity, financing, macroeconomic, counterparty, and legacy-asset risks.
Review notes
Institutional report supplied through the project's private NUAI research archive; a direct public report URL was not confirmed. Northland disclosed market-making, prior investment-banking compensation, a client relationship, management of a securities offering, and an intention to seek investment-banking compensation from NUAI. Treat company-specific conclusions and valuation as conflicted secondary research.
Relevant pages: Pages 1-5 for company analysis and risk discussion; pages 5-8 for analyst certification and conflicts disclosures.
Version record
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.
Oct 22, 2026 · NUAI
Published the supporting technical evidence, engineering sensitivities, lease comparisons and financing boundaries for the eight-gate investigation.
Previous
Technical evidence available only in the companion research package.
Revised
Native technical appendix with original public-source labels and downloadable 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.
Oct 20, 2026 · NUAI
Adds a source-backed standalone fundamental risk article analyzing CoreWeave restructuring, potential GPU asset disposition, direct hyperscaler leasing, competing distressed sites, and NUAI project financing, with seven original SVG figures.
Previous
No standalone CoreWeave-default/TCDC economic-contagion research article
Revised
Eleven-source special-situations article with distinct reported facts, conditional bankruptcy pathways, and independently labeled illustrative tenant/financing sensitivities.
Reason
The user requested an article adapting the October 20 research report to the public site with graphics and detailed fundamentals.
Source
CoreWeave, NUAI and Applied Digital SEC disclosures; Silicon Data benchmarks; dated outside analysis
Estimated effect
Interpretation and monitoring priorities only. Zero mechanical change to any existing NUAI model assumption, current value per share, funding gate, execution probability, or published scenario output.
Oct 19, 2026 · NUAI
Publishes a standalone analysis of NUAI's PPA, spark spreads, regional gas basis and tenant power recovery, with five original SVG figures and downloadable chart data.
Previous
No standalone article connecting NUAI's PPA with spark-spread and tenant-recovery economics
Revised
Seven-source research article with explicit distinctions among disclosed terms, management intentions and illustrative sensitivities
Reason
Explain how commodity prices and contract allocation affect the power-cost advantage and the value potentially retained by shareholders.
Source
NUAI SEC filings and company announcement; EIA methodology; original illustrative calculations
Estimated effect
Interpretation only. No existing valuation input or output changes. A hypothetical $1/MMBtu fuel increase implies $11.42m annually at 207 MW, 90% utilization and a heat rate of 7 before tenant recovery; complete recovery leaves zero direct incremental landlord NOI.
Oct 12, 2026 · NUAI
Released the v2.7.1 correction to the strategy, tax, financing and ownership study: 27 Funding!C70 now reads minimum Phase 1 DSCR rather than Phase 2 DSCR. Ten captured comparisons, eight live workbook cases and five public downloads are retained. The original reproducibility archive remains private. The October 8 valuation date and physical inputs remain frozen. The original recorded statutory research date is October 11 Pacific; exhaustive end-of-day coverage is not certified and later company-filing coverage remains incomplete.
Previous
v2.6 conditional debt-capacity and retained-value model, preserved in its own archive
Revised
v2.7.1 direct-leasing strategy, taxpayer cash, loss-basis restrictions and re-underwritten financing with separate timing and policy cases; minimum Phase 1 DSCR reference corrected
Reason
Publish the reviewed study with the approved one-cell correction and reconciled reports. Original files are preserved; financial assumptions and saved scenario values are unchanged.
Source
v2.7.1 corrected workbook, reconciled reports, file manifest and source/change/QA register
Estimated effect
Selected E combined-phase value is unchanged and conditional on modeled funding and provider returns. The Phase 1 check now uses minimum Phase 1 DSCR rather than Phase 2 DSCR. Failed cases retain No feasible funded value. Zero new project packages are verified as executed. Eight targeted formula regressions passed. No full corrected-workbook or upstream-schedule recalculation was performed in ArtifactTool, native Excel or LibreOffice.
Oct 11, 2026 · NUAI
Recovered website integration for a reviewed v2.6 release preview: the unchanged workbook, eleven captured funding comparisons, source register and explanatory reports. Evidence remains frozen at October 8, 2026; production publication has not been completed.
Previous
v2.1 live lease/funding calculator; preserved as a historical archive
Revised
Reviewed v2.6 conditional debt-capacity and retained-value release preview
Reason
Owner requested recovery of the existing release through a reviewed preview, without rebuilding the model, merging or promoting production.
Source
v2.6 reviewed workbook and primary-source/QA register
Estimated effect
Best tested static conditional value $2.4146 per original share. Zero verified executed new project packages; native Excel validation unavailable. Failed cases have no feasible funded value.
Sep 26, 2026 · NUAI
Published the v2.1 live lease/financing calculator, immutable workbook and separate mature-asset framework. Financial evidence remains frozen at September 23, 2026.
Previous
v1.5.1 public snapshot explorer
Revised
v2.1 live selected-case model with dated repricing
Reason
Owner-authorized publication of the reviewed v2.1 version; no new financial evidence introduced.
Source
v2.1 workbook, research registers, calculation and QA package
Estimated effect
Changes the calculation version and reader controls. Conditional values do not establish signed contracts or available capital.
Sep 23, 2026 · NUAI
Published the approved v1.5 phase/funding model with v1.5.1 dashboard explanations below its controls, independent retained-interest/PUE/funding choices, exact workbook scenario snapshots and a checksum-verified public Excel download.
Previous
August 4 public mapping; v1.5 private workbook
Revised
v1.5.1 public model; Base 757 MW / 60% / PUE 1.35 / pro-rata: $2.5010 per share
Reason
Owner requested publication and plain-language explanations. Workbook v1.5.1 is a presentation-only change from v1.5; the larger public valuation change reflects the previously approved v1.5 operating and shareholder-funding revision.
Source
Approved NUAI workbook and its source register
Estimated effect
No v1.5 valuation assumptions or original formulas changed. Public site moves from a stale prior model to the approved September 23 snapshot. Operating-case likelihoods are unassigned; current-state and completed-state values remain separate.
Aug 3, 2026 · NUAI
Replaced the NUAI placeholder source map with reviewed SEC filings, company materials, the Agrippa deep dive, and the Northland company update from the project's private NUAI research archive.
Previous
Three illustrative placeholder records
Revised
Four reviewed company-specific records with exact public originals or explicit access limitations
Reason
The source map should separate primary evidence, company guidance, independent analysis, and conflicted sell-side research.
Source
Private NUAI research-archive review and public-original verification
Estimated effect
No direct change to the illustrative valuation outputs; improves auditability and makes the Northland conflicts and secondary-source limitations visible.
Jul 30, 2026 · NUAI
Changed Phase 1 funding from fully committed debt to milestone-dependent project debt.
Previous
Debt assumed fully available
Revised
Debt available only after executed lease and lender conditions
Reason
The funding path should distinguish announced capacity from legally committed capital.
Source
New Era Energy & Digital Q1 2026 Form 10-Q and related facility disclosures
Estimated effect
Lowered completion probability and increased potential parent-level dilution.
Jul 28, 2026 · NUAI
Corrected ownership weighting in the Phase 2 risk-adjusted value formula.
Previous
Ownership applied after per-share conversion
Revised
Ownership applied before equity-value conversion
Reason
Prevents double counting of gross project value.
Source
Internal formula review
Estimated effect
Reduced Phase 2 value per share in the sample output.
Aug 4, 2026 · NUAI
Replaced the website's demonstration NUAI model presentation with the current Google Drive workbook structure, including development-state values, phase-level economics, direct ownership assumptions, debt sizing, power-SPV separation, and assumption-level source links.
Previous
0.6.0-sample illustrative placeholder model
Revised
1.0.0-preliminary current source-backed model mapping
Reason
The live NUAI workbook now contains current phase-level assumptions, source notes, model checks, and an assumption-evidence tab. The website should reflect that model rather than the original placeholder scaffold.
Source
SEC-filed Q1 2026 business update and live NUAI Google Sheet
Estimated effect
Changes the public model status, source linkage, phase economics, per-share scenario outputs, and limitations. It does not eliminate uncertainty around leases, power, financing, ownership, permits, or dilution.
Capacity, contract, financing, and share-count fields should be traceable to dated sources.