The evidence should remain inspectable after the conclusion is published.

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)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Relevant finding

Dynamic rental index used for a dated B200 snapshot, not a resale hardware bid.

Review notes

Snapshot values can change; report comparison quotes approximately $6.14 per GPU-hour on October 20.

Relevant pages: Relevant sections identified in the linked source; see in-article source descriptions.

Relevant finding

Reports JPMorgan commentary on exposure and financing structures.

Review notes

Secondary reporting of an analyst opinion, not a primary credit rating or an assurance of solvency.

Relevant pages: Relevant sections identified in the linked source; see in-article source descriptions.

Relevant finding

Reports analyst distinctions between distressed traded debt and project financing.

Review notes

Secondary reporting, not a binding lending offer or current financing cost.

Relevant pages: Relevant sections identified in the linked source; see in-article source descriptions.

Relevant finding

H100 neocloud rental index USD 2.85/GPU-hour on October 20.

Review notes

FAQ gives stale 2.53. Headline is an index observation, not audited collections. Full comparable history unavailable.

Relevant pages: Dated headline; index description and FAQ

Relevant finding

HGX H200 versus GB300 NVL72: 54,000 versus 2.8m tokens/s/MW; USD 4.20 versus 0.12 per million.

Review notes

Matched latency, context, precision, software, utilization and full TCO details incomplete. Rounded H200 arithmetic does not exactly reconcile.

Relevant pages: Cost per Token / TCO table

Relevant finding

Luna USD 0.50 and Astra USD 50 per million output tokens; standard processing below 272K context.

Review notes

Contemporaneous different products, not inflation. Realized discounts and task-equivalent quality not established.

Relevant pages: Frontier models; pricing footnote

Relevant finding

155T tokens/day; USD 38/GPU-hour at valley pricing; significant storage infrastructure.

Review notes

Mutable main branch; fixed commit not recovered. Fleet count/type, occupancy, billing mix and recognized/collected/imputed basis unresolved.

Relevant pages: Introduction; cluster/storage and KV-cache discussion

Relevant finding

Q3 SI revenue 7.560bn, operating income 0.431bn, adjusted EBITDA 4.953bn, capex 16.444bn; 1.7GW installed nameplate September 30.

Review notes

Unaudited company results. Segment includes advertising/software/compute and Cursor contribution; not a pure external rental business. Nameplate excludes facility overhead and is not consumption.

Relevant pages: Superintelligence table; capacity footnote

Relevant finding

xAI wholly owned February 2; cloud cancellation generally possible on 90 days after initial ramp.

Review notes

June-period disclosure; contract-specific terms may differ. Cannot infer external cash value from internal transfers.

Relevant pages: Superintelligence business; cloud contracts; acquisitions

Relevant finding

Management under-one-year payback claim; pricing above prior USD 30-50/W; compute and power/cooling targets.

Review notes

Transcription, not independently checked audio. Annual pricing basis and payback capital/cash-flow definition not established. Targets are management guidance.

Relevant pages: CFO Bret Johnsen Q&A; compute and power targets

Relevant finding

H1 CFO 3.663bn less cash capex 14.117bn; RPO 103.7bn; debt recourse and maturities.

Review notes

Corporate investment phase, not mature-cohort return. CFO already reflects interest. Noncash capex liabilities matter.

Relevant pages: Printed p7 income; pp11-12 cash flows; Notes 2 and 10

Relevant finding

Nebius financing, acceptance, delay damages and termination conditions.

Review notes

Prices/counts/thresholds partly redacted. Contract conditions do not prove a breach.

Relevant pages: 1.1(e-j); section 2; 3.1-3.4

Relevant finding

Taxonomy of integrated clouds, GPU specialists and mining-site conversions; paid utilization.

Review notes

Framework, not independent proof of specific company returns. Rental contracts vary in power inclusion.

Relevant pages: What operators do; three tiers

Relevant finding

Coordination of grid, equipment, cooling, network, permits and labor.

Review notes

Exact lead times and cancellation rates require primary project evidence.

Relevant pages: Interacting bottlenecks; critical path; permitting

Relevant finding

Distinguishes funding providers, capital transfers and ultimate customer demand.

Review notes

Do not adopt blanket claims of self-funded hyperscalers or universal investment-grade-only mandates.

Relevant pages: Who is paying; circular financing

Relevant finding

Cross-check for IREN commissioning, Dell demand and competitor-capacity questions.

Review notes

Results date is not established page publication date. Supply-chain implications are analysis, not disclosed purchase orders.

Relevant pages: Implications for buildout; supply-chain impact

Relevant finding

Confirms official SpaceX earnings-event availability.

Review notes

Event page retrieved; underlying audio/video was not reviewed. Payback wording relies on S11 transcription.

Relevant pages: Q3 earnings call webcast link

Relevant finding

H200 USD 3.53/GPU-hour October 20.

Review notes

Undated FAQ stale at 3.10; not an audited collected price.

Relevant pages: Dated headline

Relevant finding

B200 USD 6.14/GPU-hour October 20.

Review notes

Undated FAQ stale at 5.45; not an audited collected price.

Relevant pages: Dated headline

Relevant finding

Discovery questions about IREN financing, ARR and capacity.

Review notes

FY2025 net-income summary conflicts with primary release; primary source controls.

Relevant pages: Verdict; capacity/funding; supply chain

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

Relevant finding

Background reporting on CoreWeave contracts, creditor groups and buildout funding.

Review notes

Use as secondary context; legal rights require the actual contracts and security agreements.

Relevant pages: Relevant sections identified in the linked source; see in-article source descriptions.

Relevant finding

Duplicate/speculative connection requests; phased ramp-up and non-firm curtailment trade-offs.

Review notes

Hosting capacity or requested GW is not installed, energized or accepted AI compute.

Relevant pages: Executive summary; connection capacity and load ramps

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

Latest actual debt and preferred capital update.

Review notes

Evidence classification: latest actual debt and preferred capital update. Financial period end 2026-08-31. Peer financing is not a NUAI lending commitment. Full source-to-cell mappings and uncertainties are in the v2.6 register.

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.

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

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)

Relevant finding

PJM requests duplicate-load checks; next forecast January 2027.

Review notes

PJM does not own a single generator-style load queue. Proposed loads need utility-level verification.

Relevant pages: Large-load vetting and next forecast

Relevant finding

Executed corporate secured revolver.

Review notes

Evidence classification: executed corporate secured revolver. Transaction effective date 2026-09-24; publication date 2026-09-28. Peer financing is not a NUAI lending commitment. Full source-to-cell mappings and uncertainties are in the v2.6 register.

Relevant finding

Intended LOC uses.

Review notes

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

Relevant finding

Executed amendment plus binding follow-on lease commitment.

Review notes

Evidence classification: executed amendment plus binding follow-on lease commitment. Transaction effective date 2026-09-24; publication date 2026-09-25. Peer financing is not a NUAI lending commitment. Full source-to-cell mappings and uncertainties are in the v2.6 register.

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

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

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

Collateral and liquidity definitions.

Review notes

Evidence classification: collateral and liquidity definitions. Transaction effective date 2026-09-24; 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

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

Earlier standardized B200 GPU-hour rental benchmark comparison.

Review notes

Provider-derived observation; not independent order-book clearing price or GPU sale price.

Relevant pages: Relevant sections identified in the linked source; see in-article source descriptions.

Relevant finding

B200 July 27; all three generations September 7; term quotes.

Review notes

Page/body dates differ. Text saying all terms below spot contradicts 3-month 5.73 versus spot 5.69; not repeated.

Relevant pages: Index definition; term structure; generational spread

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

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

Relevant finding

Estimated 47% quarterly fixed-capability inference cost decline.

Review notes

Benchmark frontier, not a representative customer bill. Chart uses constant-rate illustration, not observed quarterly data.

Relevant pages: Key takeaways; methods and limitations

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

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

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

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

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

Relevant finding

Supports the article’s discussion of technology-specific investment credits, storage, the wind/solar cutoff and the qualifying fuel-cell exception.

Review notes

U.S. Code, reproduced by Cornell Legal Information Institute. Codified text consulted September 4, 2026. Mapped from the approved article bibliography; this publication repair does not constitute a new independent source audit. Where a publication day was not supplied, the registry uses the September 4 research cutoff for indexing; the displayed label preserves the original date qualification.

Relevant finding

Supports the discussion of electricity-production-credit eligibility and the accelerated wind/solar termination rule.

Review notes

U.S. Code, reproduced by Cornell Legal Information Institute. Codified text consulted September 4, 2026. Mapped from the approved article bibliography; this publication repair does not constitute a new independent source audit. Where a publication day was not supplied, the registry uses the September 4 research cutoff for indexing; the displayed label preserves the original date qualification.

Relevant finding

The enhanced credit concerns eligible semiconductor and semiconductor-equipment manufacturing, not an ordinary data center buying GPUs.

Review notes

Internal Revenue Service. Guidance consulted September 4, 2026. Mapped from the approved article bibliography; this publication repair does not constitute a new independent source audit. Where a publication day was not supplied, the registry uses the September 4 research cutoff for indexing; the displayed label preserves the original date qualification.

Relevant finding

Provides the investment-credit instructions cited for eligibility, timing and manufacturing-credit treatment.

Review notes

Internal Revenue Service. 2025 tax-year instructions. Mapped from the approved article bibliography; this publication repair does not constitute a new independent source audit. Where a publication day was not supplied, the registry uses the September 4 research cutoff for indexing; the displayed label preserves the original date qualification.

Relevant finding

Provides depreciation rules, including the need to classify assets separately and the exception for specified rate-regulated utility property.

Review notes

U.S. Code, reproduced by Cornell Legal Information Institute. Codified text consulted September 4, 2026. Mapped from the approved article bibliography; this publication repair does not constitute a new independent source audit. Where a publication day was not supplied, the registry uses the September 4 research cutoff for indexing; the displayed label preserves the original date qualification.

Relevant finding

Supports the research-expenditure discussion; not every engineering expense is assumed to qualify.

Review notes

Internal Revenue Service. December 2025 revision. Mapped from the approved article bibliography; this publication repair does not constitute a new independent source audit. Where a publication day was not supplied, the registry uses the September 4 research cutoff for indexing; the displayed label preserves the original date qualification.

Relevant finding

Provides the carbon-capture credit rules cited in the article. Credit values do not remove capture, transport, storage or execution costs.

Review notes

U.S. Code, reproduced by Cornell Legal Information Institute. Codified text consulted September 4, 2026. Mapped from the approved article bibliography; this publication repair does not constitute a new independent source audit. Where a publication day was not supplied, the registry uses the September 4 research cutoff for indexing; the displayed label preserves the original date qualification.

Relevant finding

Supports the different termination triggers for the commercial-building deduction, new-home credit and charging/refueling credit.

Review notes

Internal Revenue Service. Guidance consulted September 4, 2026. Mapped from the approved article bibliography; this publication repair does not constitute a new independent source audit. Where a publication day was not supplied, the registry uses the September 4 research cutoff for indexing; the displayed label preserves the original date qualification.

Relevant finding

The approved article cites 549 GW with agreements but not operating, a greater-than-five-year median for covered 2025 completions, and a 13% historical cohort capacity completion share. These are different denominators, not data-center load requests.

Review notes

Lawrence Berkeley National Laboratory and GridTracker. June 2026; data through end-2025. Mapped from the approved article bibliography; this publication repair does not constitute a new independent source audit. Where a publication day was not supplied, the registry uses the September 4 research cutoff for indexing; the displayed label preserves the original date qualification.

Relevant finding

Provides the sponsor opt-in fee route for accelerated review. Faster review does not guarantee approval or remove other permits.

Review notes

U.S. Code, reproduced by Cornell Legal Information Institute. Codified text consulted September 4, 2026. Mapped from the approved article bibliography; this publication repair does not constitute a new independent source audit. Where a publication day was not supplied, the registry uses the September 4 research cutoff for indexing; the displayed label preserves the original date qualification.

Relevant finding

The article cites the AEP Texas loan closing as a financing commitment supporting rebuilt, reconductored or new transmission, not proof of completed infrastructure.

Review notes

U.S. Department of Energy. Loan closed July 2026; page consulted September 4, 2026. Mapped from the approved article bibliography; this publication repair does not constitute a new independent source audit. Where a publication day was not supplied, the registry uses the September 4 research cutoff for indexing; the displayed label preserves the original date qualification.

Relevant finding

Supports the half-credit basis reduction in the article’s illustrative credit-plus-depreciation calculation; actual eligibility and usability remain separate questions.

Review notes

U.S. Code, reproduced by Cornell Legal Information Institute. Codified text consulted September 4, 2026. Mapped from the approved article bibliography; this publication repair does not constitute a new independent source audit. Where a publication day was not supplied, the registry uses the September 4 research cutoff for indexing; the displayed label preserves the original date qualification.

Relevant finding

Supports the discussion of domestic-content bonuses as a separate qualification test rather than an automatic supplement.

Review notes

Internal Revenue Service. Guidance in the September 4, 2026 Ephesus research dossier. Mapped from the approved article bibliography; this publication repair does not constitute a new independent source audit. Where a publication day was not supplied, the registry uses the September 4 research cutoff for indexing; the displayed label preserves the original date qualification.

Relevant finding

Supports the transferability discussion; a transferable credit’s face value is not necessarily the owner’s net cash proceeds.

Review notes

U.S. Code, reproduced by Cornell Legal Information Institute. Codified text in the September 4, 2026 Ephesus research dossier. Mapped from the approved article bibliography; this publication repair does not constitute a new independent source audit. Where a publication day was not supplied, the registry uses the September 4 research cutoff for indexing; the displayed label preserves the original date qualification.

Relevant finding

Provides the low-income-housing credit rules cited for the allocation increase; these are not automatic compute-campus subsidies.

Review notes

U.S. Code, reproduced by Cornell Legal Information Institute. Codified text consulted September 4, 2026. Mapped from the approved article bibliography; this publication repair does not constitute a new independent source audit. Where a publication day was not supplied, the registry uses the September 4 research cutoff for indexing; the displayed label preserves the original date qualification.

Relevant finding

Provides the New Markets Tax Credit allocation framework; an allocation of qualified investment is not the same as an annual grant.

Review notes

U.S. Code, reproduced by Cornell Legal Information Institute. Codified text consulted September 4, 2026. Mapped from the approved article bibliography; this publication repair does not constitute a new independent source audit. Where a publication day was not supplied, the registry uses the September 4 research cutoff for indexing; the displayed label preserves the original date qualification.

Relevant finding

Provides the construction-start deadline for qualifying hydrogen-production facilities, not all hydrogen-consuming equipment.

Review notes

U.S. Code, reproduced by Cornell Legal Information Institute. Codified text consulted September 4, 2026. Mapped from the approved article bibliography; this publication repair does not constitute a new independent source audit. Where a publication day was not supplied, the registry uses the September 4 research cutoff for indexing; the displayed label preserves the original date qualification.

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

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

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

Relevant finding

IREN two-year GPU/ancillary payback definition; operating/contracted ARR; funding rates and prepayments.

Review notes

6% weighted rate excludes fees. ARR is not recognized revenue. Payback does not establish whole-campus equity IRR. Revenue/MW annual basis not explicit.

Relevant pages: Highlights; assumptions and notes 1-5

Relevant finding

NVIDIA 89.0bn Data Center revenue and 75% consolidated GAAP gross margin.

Review notes

Supplier returns are separate from equipment purchasers returns.

Relevant pages: Q2 FY2027 summary

Relevant finding

Supports the 1.376 CAD per USD translation.

Review notes

Supports the 1.376 CAD per USD translation.

Relevant finding

C$2.91 reference used only for market comparison and reverse SOTP.

Review notes

C$2.91 reference used only for market comparison and reverse SOTP.

Relevant finding

Supports adaptability across materially different qualified intermediate feedstocks, not commercial recovery, uptime, payables or margin.

Review notes

Supports adaptability across materially different qualified intermediate feedstocks, not commercial recovery, uptime, payables or margin.

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

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

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

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

Relevant finding

Supports gross proceeds, issued shares and underwriting fee; post-quarter spending remains estimated.

Review notes

Supports gross proceeds, issued shares and underwriting fee; post-quarter spending remains estimated.

Relevant finding

Makes the calculation chain reproducible, separates GPU accounting life from financing and post-contract economic life, and identifies which inputs are facts, guidance, analyst assumptions, sensitivities or unresolved limitations.

Review notes

Canonical public workbook for formulas, site and GPU inputs, explicit cohort cash flow, financing and dilution, peer project-yield checks, assumption evidence, model checks, and revision history. It is a research model, not independent evidence of future performance.

Relevant pages: Scenario Inputs, Site Inputs, Consolidated DCF, GPU Residual & NOI, GPU Capital Duration, Financing & Dilution, Peer Cap Rates, Sources & Notes, Model Checks, Revisions, and Assumption Evidence tabs.

Relevant finding

Reports debt, operating leases, cash, property/equipment, pre-commencement lease commitments and GPU-related risks.

Review notes

Balance-sheet carrying values, principal amounts and undelivered commitments must not be conflated with collateral liquidation proceeds.

Relevant pages: Relevant sections identified in the linked source; see in-article source descriptions.

Relevant finding

Discloses Q2 revenue, backlog and active versus contracted power capacity.

Review notes

Backlog is not cash on hand, and contracted gross power is not instantly available capacity.

Relevant pages: Relevant sections identified in the linked source; see in-article source descriptions.

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

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

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

Relevant finding

Supports a non-core financing and residual-support sensitivity ceiling, not an automatic increase to IREN's Base residual value or useful life.

Review notes

NVIDIA described financing platforms with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR intended to mobilize more than $500 billion over time, with possible case-by-case support of up to 25%. Final legal terms, IREN eligibility, support recipients, revenue-share economics, asset ownership and timing remain undisclosed.

Relevant pages: Announcement and reporting sections covering platform scale, independent underwriting, possible NVIDIA support, residual-value framing and the absence of final transaction allocations.

Relevant finding

Describes the consolidated company, AI platform, application businesses, customer concentration, risk factors and pending transaction context used to define the SOTP segments.

Review notes

The website date reflects the model research cutoff where the exact filing date was not separately carried into the publication draft. Filing accession and SEC metadata control. Workbook ID S34 uses this source.

Relevant pages: Business; AI platform; Grok, X and applications; risk factors; capitalization; offering and acquisition disclosures.

Relevant finding

Reports approximate size, hardware, and construction time for the Colossus and Colossus II clusters used as historical build-speed benchmarks rather than proof of future repeatability.

Review notes

The website date reflects the model research cutoff; SEC filing metadata controls. Workbook IDs S16-S18 map to this filing.

Relevant pages: AI Infrastructure and Colossus development discussion.

Relevant finding

Provides the filed basis for the pending all-stock Cursor transaction and its approximately $60 billion implied value; cash flows and shares are included by scenario factor.

Review notes

Workbook ID S19. The website date reflects the model research cutoff; SEC filing metadata controls.

Relevant pages: Transaction description, expected consideration and closing conditions.

Relevant finding

Argues that rapid construction can support a 10 GW 2027 build and scarcity pricing, while also presenting unconfirmed Microsoft offtake and NVIDIA vendor-financing claims excluded from Base.

Review notes

Workbook IDs S23-S25. Retained as an aggressive technical and commercial thesis, not the primary source of record. The URL retains an older headline figure while the live headline refers to $300 billion of ARR.

Relevant pages: Public article and paywalled site/buildout discussion; accessed by the model research cutoff.

Relevant finding

Provides the $133.11 per-share market reference used for the valuation hurdle and reverse-DCF cross-check.

Review notes

Workbook ID S26. The $133.11 reference price is compared with a June 30 balance-sheet valuation date, creating a known date mismatch.

Relevant pages: Historical and current price display for August 7, 2026.

Relevant finding

States a current design target of 75 kW per ton, implying 75 GW for one million tons; thermal, radiation, bandwidth, repair and cost remain milestone-gated.

Review notes

Workbook ID S32. Technical target is not evidence of commercial cost competitiveness.

Relevant pages: Starmind mass, power-density and deployment description; accessed August 7, 2026.

Relevant finding

Explains that vacuum removes convective cooling and requires heat rejection primarily through radiation, supporting a milestone-gated orbital-compute treatment.

Review notes

Workbook ID S49. Access date is used for the living technical page.

Relevant pages: Thermal-control discussion for spacecraft and vacuum environments.

Relevant finding

Projects AI-server electricity use rising from roughly 63 TWh to more than 300 TWh by 2030 and inference overtaking training, supporting explicit physical power gates.

Review notes

Workbook ID S40. Research-cutoff access date is used where the exact document publication day was not carried into the draft.

Relevant pages: AI-server electricity demand and training-versus-inference discussion.

Relevant finding

Presents large AI revenue and infrastructure-capex estimates that support category growth but require careful taxonomy to avoid double counting.

Review notes

Workbook ID S41. Research-cutoff access date is used; overlapping TAM categories are not added together.

Relevant pages: AI revenue and infrastructure capex estimates through 2030.

Relevant finding

Provides a comparable operating snapshot of more than $5 billion of revenue, over 850 MW and $66.8 billion of backlog, useful only as a broad reasonableness check.

Review notes

Workbook ID S50. Research-cutoff access date is used. Revenue per MW is only a rough comparison because timing, contracts, utilization and hardware differ.

Relevant pages: FY2025 revenue, active power and backlog discussion.

Relevant finding

Presents a Bloomberg-consensus-style 2030 Connectivity cross-check of roughly $107.2 billion revenue, $56 billion operating income and $33.4 billion capex.

Review notes

Workbook ID S51. Research-cutoff access date is used; the figures are a consensus cross-check rather than issuer guidance.

Relevant pages: 2030 Connectivity revenue, operating income and capex estimates.

Relevant finding

Secondary reporting attributes a $300 target, a greater-than-$3.3 trillion 2040 revenue path and free cash flow only in 2035 to Morgan Stanley, reinforcing funding and terminal-state risk.

Review notes

Workbook ID S52. Research-cutoff access date is used; underlying assumptions are paywalled and non-reproducible.

Relevant pages: Reported target, 2040 revenue case and free-cash-flow timing.

Relevant finding

Reports an initial $16.8 billion Tesla/SpaceX investment and a much larger aspirational output goal; the Elon Case uses possible capex-per-watt improvement but no chip-sales revenue.

Review notes

Workbook ID S33. The funded first phase and aspirational long-run scale are kept separate.

Relevant pages: Article discussion of initial investment, ownership and long-run production aspiration.

Relevant finding

Frames a $1–2 trillion mid-2030s space economy as plausible but not inevitable, with launch a small share and orbital compute constrained by power, radiation, heat rejection and latency.

Review notes

Workbook ID S37. This is attributable thematic research, not the paywalled issuer initiation report.

Relevant pages: Space-economy sizing, launch share, orbital compute and technical constraints.

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

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

Relevant finding

Reports the xAI common-control acquisition presentation, Space, Connectivity and AI segment results, H1 operating cash flow and capex, cash, securities, debt, lease obligations, backlog, stock compensation, awards, and reported shares.

Review notes

Primary source of record for filed historical financials. Workbook IDs S01-S11, S21, S47-S48 map principally to this filing and its cited ownership disclosure.

Relevant pages: Cover; financial statements; cash-flow statement; segment note; debt and leases; commitments; backlog and concentration; EPS and awards; subsequent events.

Relevant finding

Contains management's year-end compute targets, power-and-cooling pipeline, current payback claim, additional cloud-contract disclosure, December ARR statement, 2030 revenue aspiration, and longer-shot SpaceX claims.

Review notes

Official management statements are classified as guidance, claims, or speculation rather than audited facts. Workbook IDs S12-S13, S20, S22, S27-S29, S31 and S35 use this source.

Relevant pages: Management discussion and Q&A on compute, AI pricing, revenue aspirations, Starlink V3, Starship, Starmind and financing.

Relevant finding

Actual closed project debt terms.

Review notes

Evidence classification: actual closed project debt terms. 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

Actual cash restrictions and corporate revolver.

Review notes

Evidence classification: actual cash restrictions and corporate revolver. 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

DigitalOcean revenue about 281m; adjusted FCF 60.585m.

Review notes

Broader company service mix; not an isolated inference profit margin. Selected-customer token growth is not market elasticity.

Relevant pages: Highlights; p13 FCF reconciliation

Relevant finding

May 4 and July 27 H100/H200 rental snapshots.

Review notes

Published snapshots, not full daily series. H200 coverage began May 4; launch timing differs.

Relevant pages: Opening paragraph; Twelve Weeks section

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

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

Relevant finding

The governor’s audit directive is cited as evidence of scrutiny within the current policy cycle, not proof that every prospective requirement is already law.

Review notes

Office of the Texas Governor. August 3, 2026. Mapped from the approved article bibliography; this publication repair does not constitute a new independent source audit.

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

Relevant finding

Ephesus style: separate fact, guidance, inference and assumptions; gates and dilution.

Review notes

Methodology provides framing, not evidence for market claims. No existing model/review status changed.

Relevant pages: Evidence separation; model review and financial boundaries

Relevant finding

Secondary reports attribute an Overweight rating and approximately $225–$240 targets to JPMorgan, but full assumptions are unavailable and not used as model inputs.

Review notes

Workbook ID S43. The underlying sell-side report is paywalled; target, timing and rating are non-reproducible cross-checks only.

Relevant pages: Reported JPMorgan rating and target discussion.

Relevant finding

Framework source for production, storage, pipeline, and regional-basis analysis.

Review notes

Official data source; select the exact series and retrieval date when publishing analysis.

Relevant finding

Primary-source portal for Texas grid conditions and interconnection evidence.

Review notes

Use exact queue, load, generation, and market reports with retrieval dates.

Relevant finding

Primary reference for nominal Treasury yields used in duration comparisons.

Review notes

Capture exact observation date and maturity.

Relevant finding

Regional hyperscaler H100 declines 26-54% from Q1 2025 to partial Q3 2026 coexist with neocloud recovery.

Review notes

Partial quarter, mixed coverage and segment differences; not a causal estimate.

Relevant pages: Compression by region; coverage note

Relevant finding

Provides Polaris Forge 1 contracted critical IT MW and CoreWeave lease revenue context.

Review notes

Fiscal year ended May 31, 2026; other Applied Digital tenants have distinct credit exposure.

Relevant pages: Relevant sections identified in the linked source; see in-article source descriptions.

Relevant finding

Allows exact reproduction of the community earnings-power outputs while preserving a clear distinction between public code and current intrinsic-value analysis.

Review notes

Public user-generated model used as a reproducible site-level operating engine and cross-check. It is not IREN guidance, audited information, or a substitute for the Ephesus cohort-cash DCF.

Relevant pages: Repository source code, site constants, GPU defaults, calculation engine, and scenario outputs reviewed through July 30, 2026.

Relevant finding

Provides the site-level configuration underlying the 2.31 GW, 3.91 GW, and raw 5.6 GW community stages; official evidence and execution probabilities are applied separately.

Review notes

User-generated site and cohort schedule used to operationalize official aggregate capacity milestones and to expose later-stage optionality. Exact annual timing, GPU configurations, capex, and later sites are not all company commitments.

Relevant pages: Site objects for Canadian campuses, Horizon, Childress, Sweetwater, Oklahoma, Nostrum, Kiowa, and the annual community buildout configuration.

Relevant finding

Provides transparent, editable inputs for the merchant and contracted GPU operating engine while keeping confidence low until company-specific realized economics are disclosed.

Review notes

User-generated GPU hourly rates, hardware prices, utilization, financing, and residual assumptions used for reproducibility and sensitivity analysis. These are not company guidance or reported realized economics.

Relevant pages: Default profiles for Vera Rubin, GB300, B300, B200, MI350X, pricing, utilization, purchase cost, financing, and residual assumptions.

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

Frames IREN as part of an NVIDIA-aligned independent cloud layer and discusses the strategic significance of NVIDIA's investment rights, GPU relationship, and use of IREN capacity.

Review notes

Secondary research reviewed from the project's private IREN research archive. Use it for strategic interpretation and question formation; verify contractual, financing, capacity, and valuation claims against primary filings and agreements.

Relevant pages: Saved-PDF sections discussing NVIDIA's independent-cloud strategy, IREN's NVIDIA relationship, and the neocloud competitive landscape; pagination varies by export.

Relevant finding

The article cites GE Vernova’s global output targets as company guidance, not completed U.S. power-plant deliveries.

Review notes

GE Vernova. July 22, 2026. Mapped from the approved article bibliography; this publication repair does not constitute a new independent source audit.

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

Alphabet Q2 CFO 39.069bn, capex 44.924bn, FCF -5.855bn; TTM FCF 53.273bn.

Review notes

Group capex is not all AI. Cloud segment economics exclude shared AI R&D.

Relevant pages: p9 FCF reconciliation; p8 segment allocation

Relevant finding

GE gas firm backlog 53GW plus slot reservations 63GW.

Review notes

Reservations are not firm backlog or delivered power; not all commitments relate to AI. Cash flow includes working-capital effects.

Relevant pages: pp1-2; Power; cash flow

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

Relevant finding

Provides a site-level buildout and valuation cross-check that helped identify capacity definitions, phase timing, and assumption differences requiring reconciliation.

Review notes

Secondary community model reviewed from the project's private IREN research archive. It is useful for site-level reconciliation and identifying missing questions, but every material capacity, timing, cost, financing, and valuation input must be checked against primary sources.

Relevant pages: Interactive site-level model and supporting methodology pages; accessed July 2026.

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

Relevant finding

Supports capping the official strategic model stage at 5.0 GW while keeping the community model's raw 5.6 GW configuration as a separate reference case.

Review notes

Primary company disclosure used for the up-to-5 GW strategic AI Cloud framework, NVIDIA relationship, and official capacity ceiling. The framework is not treated as a fully contracted five-gigawatt backlog or a fixed site-level delivery schedule.

Relevant pages: Announcement sections covering contracted AI Cloud revenue, strategic partners, the 480 MW and approximately 1.2 GW scale-up, and the longer-term power-backed expansion framework.

Relevant finding

Corrects the prior model denominator by adding the full PSU balance and anchors the current fully diluted share count at 228.810 million.

Review notes

Company-reported capitalization cross-check showing 214.197 million basic shares, 10.000 million options, 2.584 million PSUs, 1.050 million RSUs, 0.979 million warrants and 228.810 million fully diluted shares.

Relevant pages: Issued securities and delayed market-data section.

Relevant finding

Supports inclusion of the offering cash and shares in the pro forma capitalization, with a visible status caveat.

Review notes

Company announcement for gross proceeds and issued shares. It continued to describe final TSXV approval as a condition; no later approval announcement was located in the model review.

Relevant pages: Closing terms, share issuance, admissions and approval conditions.

Relevant finding

Supports the post-financing liquidity bridge and planned six-well program, while requiring separate modeling of the remaining plant, field, infrastructure and contingency funding need.

Review notes

Primary filed source for the 25.393 million-share offering, offer price, estimated net proceeds, proposed use of proceeds, plant scope, drilling program and pro forma working capital. Forward-looking uses and cost estimates are not commitments.

Relevant pages: Offering terms, capitalization, use of proceeds, plant procurement, development work and risk-factor sections.

Relevant finding

Anchors the model timeline while retaining explicit delay and execution-risk adjustments.

Review notes

Company source for the planned six-well program and Q4 2027 first-production target. The schedule, costs, permits, financing and commissioning remain forward-looking.

Relevant pages: Development plan, plant pathway, drilling program, timetable and use of proceeds.

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

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

Relevant finding

Provides an outside reference point for long-duration AI infrastructure lease revenue per critical MW-year and customer-credit framing.

Review notes

External AI/HPC lease benchmark only. The WULF economics do not establish NUAI tenant rent, credit support, pass-throughs, or ownership economics.

Relevant pages: Announcement sections describing the Anthropic 20-year lease, approximately 401 MW of critical IT load, approximately $19 billion of expected contracted lease revenue, and phased delivery timing.

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

Illustrative source for capacity, timing, and operating structure.

Review notes

Reconcile presentation metrics to contracts and filings.

Relevant finding

Illustrative source for site optionality and potential HPC development.

Review notes

Confirm project status independently.

Relevant finding

Illustrative source for contracted capacity and construction schedule.

Review notes

Separate signed commitments from prospective pipeline.

Relevant finding

Shows approximately 1.302 billion restricted Class B shares already issued and therefore already included in the reported cover count rather than added again as incremental dilution.

Review notes

Workbook ID S47. Month-start date is a publication placeholder where the exact filing day was not carried into the draft; SEC metadata controls.

Relevant pages: Beneficial-ownership table and restricted Class B share footnotes.

Relevant finding

Secondary reporting attributes a Buy rating and $235 target to Bank of America and says its DCF extends to 2045, but the WACC, site timing and funding waterfall are not public.

Review notes

Workbook ID S44. The underlying report is paywalled; month-start date is a placeholder and the linked page metadata controls.

Relevant pages: Reported rating, target and long-horizon DCF description.

Relevant finding

Secondary reporting attributes a $200 base target and a $900 illustrative long-shot outcome to Citi; the long shot is not reproducible and is used only to frame the low-probability Elon Case.

Review notes

Workbook ID S45. The underlying report is paywalled; month-start date is a placeholder and the linked page metadata controls.

Relevant pages: Reported base and long-shot valuation discussion.

Relevant finding

Illustrative source for debt, site ownership, power costs, and customer economics.

Review notes

Replace with exact filing.

Relevant finding

Illustrative source for operating sites, development commitments, and capital structure.

Review notes

Replace with exact filing.

Relevant finding

Illustrative source for construction commitments, revenue recognition, debt, and share count.

Review notes

Replace with exact filing and debt footnotes.

Relevant finding

Provides the core plant-capacity anchor but does not establish a fixed all-in installed cost or completed purchase contract.

Review notes

Supports the 940 litre-per-hour helium nameplate, 300 tonne-per-day CO2 capacity, US$78.7 million indicative equipment-package price and reservation-payment schedule. Final scope, definitive documentation, financing, approvals, delivery and commissioning remained conditions.

Relevant pages: Equipment capacity, price, payment milestones, exclusions and contemplated definitive agreement.

Relevant finding

Executed offering and completion guarantee.

Review notes

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

Relevant finding

Improves the mineral-rights and royalty bridge but does not establish reserves or sustained commercial rates across the field.

Review notes

Supports seven drilled wells, approximately 690 net fee-simple royalty-free acres, approximately 4,941 net leasehold acres, the majority 3% royalty burden and the company's then-current two-to-four production-well planning range.

Relevant pages: Land ownership, royalties, well count, pressure correlation and production-well planning.

Relevant finding

Supports strategic feedstock and distribution cooperation, not binding feedstock or offtake economics.

Review notes

Supports strategic feedstock and distribution cooperation, not binding feedstock or offtake economics.

Relevant finding

The directive concerns protecting residential customers from data-center infrastructure costs; its legal and implementation status is not expanded here.

Review notes

Office of the Texas Governor. June 10, 2026. Mapped from the approved article bibliography; this publication repair does not constitute a new independent source audit.

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.

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

Relevant finding

Offering and amortization illustration; no verified LTC.

Review notes

Evidence classification: offering and amortization illustration; no verified LTC. Peer financing is not a NUAI lending commitment. Full source-to-cell mappings and uncertainties are in the v2.6 register.

Relevant finding

Headline service term through May 2029; 325,000 GPUs and USD 1.25bn monthly; exit after initial three months with 90 days notice.

Review notes

Headline multi-year value is not irrevocable cash; use exact ramp and exit terms.

Relevant pages: Anthropic commercial agreement

Relevant finding

Reports a Morningstar fair-value estimate near $780 billion and a more cautious view of xAI and orbital-compute economics, retained as an independent downside cross-check.

Review notes

Workbook ID S46. Detailed private valuation assumptions were not fully public.

Relevant pages: Reported valuation and skepticism toward orbital data centers and xAI.

Relevant finding

Supports separately modeling GPU financing and customer prepayments rather than treating gross contracted revenue as unlevered equity value.

Review notes

Primary financing source for the $3.65 billion GPU facility and the disclosed Microsoft GPU-capex funding bridge. Financing reduces immediate equity needs but creates senior claims, interest, amortization, and refinancing risk.

Relevant pages: Financing highlights, facility components, blended cost, customer prepayment, collateral, and the disclosed percentage of Microsoft GPU capex funded.

Relevant finding

US data-center 2030 reference 649TWh; range 521-843TWh.

Review notes

Different geography/methodology from global IEA; forecast not an observed load.

Relevant pages: 2025 update summary and scenarios

Relevant finding

Provides the pre-financing balance-sheet anchor and confirms that material external capital remains necessary for development.

Review notes

Balance-sheet and expenditure source preceding the July financing. The July offering and subsequent payments are incorporated separately in the pro forma liquidity bridge.

Relevant pages: Selected financial information, liquidity, exploration spending, subsequent events and going-concern disclosures.

Relevant finding

Anchors March 31 cash, debt, liquidity and outstanding securities.

Review notes

Anchors March 31 cash, debt, liquidity and outstanding securities.

Relevant finding

Supports approximately 9,600 tpa design capacity and the disclosed initial capital framework; later-line capital remains estimated.

Review notes

Supports approximately 9,600 tpa design capacity and the disclosed initial capital framework; later-line capital remains estimated.

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

Provides a separate GPU-capex anchor for the NVIDIA cohort without establishing a different accounting life or guaranteed residual value.

Review notes

Primary purchase-cost anchor for approximately $1.6 billion of air-cooled Blackwell systems associated with the NVIDIA managed-services deployment. Final financing, system mix, installation cost, ownership and residual arrangements remain incomplete.

Relevant pages: Announcement sections covering the Dell systems purchase, payment timing, deployment capacity and relationship to the NVIDIA contract.

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

Relevant finding

Monthly all-surfaces 9.7T, about 480T and more than 3.2Q tokens; separate API 19B/minute.

Review notes

Paid share, workload intensity and realized revenue missing. API and all-surfaces measures cannot be spliced.

Relevant pages: AI momentum across the full stack

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

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

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

CoreWeave DDTL V parent guarantee and pledge.

Review notes

Subject to legal liability limitations. SPV existence alone does not establish non-recourse financing.

Relevant pages: Section 2.1(a-b); Article III

Relevant finding

Reports IREN's quarter-end financial position and operating disclosures, including its AI Cloud, data-center power portfolio, GPU deployment, Bitcoin-mining operations, and capital commitments.

Review notes

Primary financial source for the March 2026 quarter. Use the filed statements and notes to reconcile cash, debt, commitments, segment results, share count, and risk disclosures before changing the illustrative model.

Relevant pages: Overview; unaudited financial statements and notes; commitments and contingencies; management discussion; risk factors.

Relevant finding

Describes a five-year AI Cloud contract and strategic partnership with NVIDIA, the staged AI-capacity buildout, secured-power pipeline, current financial results, and management's financing assumptions.

Review notes

Company-furnished material. Reconcile contracted ARR, customer terms, NVIDIA investment rights, delivery schedules, and funding requirements to executed agreements and financial statements. Forward-looking targets are guidance, not realized results.

Relevant pages: Pages 1-5 for the NVIDIA relationship and buildout plan; pages 8-12 for financial statements and reconciliations.

Relevant finding

Lowest-cost-token claim removed; no comparable measure; depreciation described as largest current cost component.

Review notes

May response describes contemporaneous scope, not an audited October industry ranking.

Relevant pages: Response concerning lowest-cost-token statement

Relevant finding

Supports a distinct contracted NVIDIA cohort and a five-year primary monetization period while leaving post-contract and residual economics unverified.

Review notes

Primary company disclosure for the approximately $3.4 billion, five-year managed GPU-services agreement with NVIDIA across approximately 60 MW at Childress. The public materials do not disclose a separate NVIDIA revenue share, residual-value guarantee, final ownership allocation, or end-of-term hardware rights.

Relevant pages: Business-update sections covering the NVIDIA contract value, five-year term, deployment capacity, staged acceptance, and related Blackwell systems deployment.

Relevant finding

Closed notes; approximate management LTC.

Review notes

Evidence classification: closed notes; approximate management LTC. Transaction effective date 2026-04-30; publication date 2026-05-06. Peer financing is not a NUAI lending commitment. Full source-to-cell mappings and uncertainties are in the v2.6 register.

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

Relevant finding

Discloses 325,000 NVIDIA GPUs plus supporting infrastructure and approximately $1.25 billion of steady-state monthly fees, with a 90-day termination mechanism after the initial period.

Review notes

Workbook ID S14. The exact filing metadata controls if the placeholder month-start date differs from the SEC filing day.

Relevant pages: Capacity, fees, service period and termination provisions.

Relevant finding

Discloses 110,000 NVIDIA GPUs plus related components and approximately $920 million of steady-state monthly fees after ramp, with termination rights after December 2026.

Review notes

Workbook ID S15. The exact filing metadata controls if the placeholder month-start date differs from the SEC filing day.

Relevant pages: Ramp, capacity, fees, delivery remedies and termination provisions.

Relevant finding

Estimates a multi-trillion-dollar AI infrastructure buildout and describes silicon lives of roughly four to six years, materially shorter than buildings and power assets.

Review notes

Workbook ID S38. Used as an asset-life and market-capex cross-check, not a SpaceX issuer forecast.

Relevant pages: AI infrastructure capex, silicon, buildings, and power-asset life discussion.

Relevant finding

Contractual definitions and security.

Review notes

Evidence classification: contractual definitions and security. Transaction effective date 2026-04-30; publication date 2026-05-01. Peer financing is not a NUAI lending commitment. Full source-to-cell mappings and uncertainties are in the v2.6 register.

Relevant pages: definitions Loan to Cost Ratio and Full Budgeted Cost of Construction

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

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

Relevant finding

Illustrative capitalization subject to further definitive documentation.

Review notes

Evidence classification: illustrative capitalization subject to further definitive documentation. Peer financing is not a NUAI lending commitment. Full source-to-cell mappings and uncertainties are in the v2.6 register.

Relevant pages: slides40-42

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

Relevant finding

Estimates roughly 148 GW of incremental power capacity may be required by decade-end, reinforcing physical power and financing constraints without constituting a SpaceX commitment.

Review notes

Workbook ID S42. BlackRock has no public SpaceX issuer DCF in the research reviewed.

Relevant pages: AI energy requirement, generation, storage, gas and behind-the-meter capacity discussion.

Relevant finding

Global data-center electricity 485TWh estimated 2025; 950TWh forecast 2030; AI-focused demand more than triples.

Review notes

All data centers are not all AI. Forecasts are conditional, not observed 2030 consumption.

Relevant pages: Electricity demand summary

Relevant finding

Supports a current resource basis but not a reserve or current economic study.

Review notes

Supports a current resource basis but not a reserve or current economic study.

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

Supports the recurring Opportunity Zone framework and the new-zone timing described in the approved research.

Review notes

Internal Revenue Service. April 6, 2026. Mapped from the approved article bibliography; this publication repair does not constitute a new independent source audit.

Relevant finding

Estimates a greater-than-$25 billion 2025 neocloud market approaching $400 billion in 2031; a simple 2027 extrapolation is well below Base and Bull exit ARR.

Review notes

Workbook ID S39. Category definitions may differ from SpaceX's reported AI Infrastructure revenue.

Relevant pages: 2025 market size, 2031 forecast and growth-rate discussion.

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

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

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

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

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

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

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

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

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

Executed offering, escrow and completion guarantee.

Review notes

Evidence classification: executed offering, escrow and completion guarantee. Peer financing is not a NUAI lending commitment. Full source-to-cell mappings and uncertainties are in the v2.6 register.

Relevant finding

Estimates roughly $2.9 trillion of data-center construction from 2025–2028 and describes funding through corporate cash flow, bonds, asset-backed securities and private capital.

Review notes

Workbook ID S36. Thematic funding research is not a financing commitment to SpaceX.

Relevant pages: Data-center construction requirement and financing-channel discussion.

Relevant finding

Notice 2026-16 provides the production-property eligibility framework and exclusions used in the article.

Review notes

Internal Revenue Service. March 9, 2026. Mapped from the approved article bibliography; this publication repair does not constitute a new independent source audit.

Relevant finding

Historical 2024 lead times one to two years versus 2019 three to six months.

Review notes

Not an October 2026 quote for every project or transformer type.

Relevant pages: Distribution transformer lead-time discussion

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

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.

Relevant finding

Management-reported LTC; denominator not fully reconciled.

Review notes

Evidence classification: management-reported LTC; denominator not fully reconciled. Peer financing is not a NUAI lending commitment. Full source-to-cell mappings and uncertainties are in the v2.6 register.

Relevant pages: slide19

Relevant finding

Earlier measured coding slowdown should not be applied mechanically to current tools; newer causal magnitude uncertain.

Review notes

Participation/selection changes constrain inference. No universal productivity estimate.

Relevant pages: 2026 experiment update; selection concerns

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

Relevant finding

Qualifying production buildings have construction-start and in-service conditions; an ordinary data-center shell is not automatically eligible.

Review notes

Internal Revenue Service. February 20, 2026. Mapped from the approved article bibliography; this publication repair does not constitute a new independent source audit.

Relevant finding

Latency-dependent efficiency improvements and benchmark conditions.

Review notes

FP8/FP4 differences; random inputs; no prefix caching. Example excludes downtime/underutilization. Paid TCO continuation not reviewed.

Relevant pages: Unit economics; Hopper/Blackwell; TCO discussion

Relevant finding

Material-assistance restrictions can affect credit eligibility; they are separate from domestic-content bonus requirements.

Review notes

Internal Revenue Service. February 12, 2026. Mapped from the approved article bibliography; this publication repair does not constitute a new independent source audit.

Relevant finding

Executed offering and completion guarantee.

Review notes

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

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.

Relevant finding

Provides a long-duration landlord cash-flow reference that is not directly comparable with IREN's shorter-lived GPU-compute layer.

Review notes

Public infrastructure-landlord reference for 216 MW of critical IT load, a 15-year AWS lease, approximately $5.5 billion of contracted lease payments, a $9.5 million maximum development cost per critical MW, and tenant reimbursement of qualifying cost overruns.

Relevant pages: Transaction overview, financing and credit support, lease economics, construction-cost cap, rent commencement schedule, and operating-expense pass-through sections.

Relevant finding

Helps audit the claimed $600 billion U.S. carrier backdrop; the combined Big Three consolidated revenue used by the model is closer to $352 billion and includes non-wireless activity.

Review notes

Workbook ID S30. Used with the Verizon and T-Mobile totals carried in the workbook audit; month-start date is a placeholder and SEC metadata controls.

Relevant pages: Consolidated revenue and segment reporting.

Relevant finding

Provides a reasonableness reference while leaving realized liquid-helium pricing, transport, customer terms and processing deductions as explicit assumptions.

Review notes

External gaseous and Grade-A helium benchmark and market-context source. It is not a Topaz liquid-helium offtake quote or project netback.

Relevant pages: Price, production, reserves, imports, uses and market commentary.

Relevant finding

Anchors the model's resource-constrained case and shows that the strategic development case requires substantial appraisal, conversion, recovery and scale-up evidence.

Review notes

Primary technical source for gross and net contingent and prospective helium and CO2 resource ranges, effective October 1, 2024. The disclosed quantities are resources, not reserves.

Relevant pages: Resource tables, classifications, assumptions, contingencies and risk discussion.

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

Relevant finding

Qualifying equipment can receive a 100% first-year deduction. The article distinguishes immediate tax shielding from a grant and from incremental value over ordinary depreciation.

Review notes

Internal Revenue Service. January 14, 2026. Mapped from the approved article bibliography; this publication repair does not constitute a new independent source audit.

Relevant finding

Supports testing whether older GPUs should be redeployed or replaced based on risk-adjusted cash contribution per constrained critical kilowatt.

Review notes

Official NVIDIA platform claims used as a technology-cycle and contribution-per-kW stress. They do not establish realized IREN rental rates, utilization, deployment cost, power density or customer demand.

Relevant pages: Platform-performance sections comparing Rubin with Blackwell for inference token cost, GPU requirements and large-model training.

Relevant finding

Prevents the model from presenting proposed gas-tax language as enacted law.

Review notes

Current published gross-proceeds statute cross-check. The published text does not expressly contain the proposed 7%/9% gas schedule used as a conservative model assumption.

Relevant pages: Current statutory rate and scope.

Relevant finding

Supports the restored EBITDA-style calculation in the business-interest deduction limitation; the article does not assume unlimited deductibility.

Review notes

Internal Revenue Service. December 23, 2025. Mapped from the approved article bibliography; this publication repair does not constitute a new independent source audit.

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

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

Relevant finding

December 2025 coverage and normalization changes.

Review notes

No historical restatement/vintage bridge recovered; exact 53% trough comparison remains conditional.

Relevant pages: Revised A100 and H100 indices

Relevant finding

39MW IT expansion; separate phases/rents; 7.125% notes due 2030.

Review notes

Disclosed delivery targets were not independently confirmed as current operating status.

Relevant pages: Items 1.01 and 8.01

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

Provides the strongest disclosed unit-economics and financing anchor for the contracted hyperscaler cohort in the site-level DCF.

Review notes

Primary contract-economics anchor for approximately $9.7 billion of five-year contract value, the customer prepayment, GPU-system capex, Childress deployment, and contracted project-margin framing. Detailed remedies, final delivery, operating costs, renewal, and residual value remain material.

Relevant pages: Contract announcement and presentation sections covering the five-year Microsoft agreement, approximately $9.7 billion of contract value, 20% prepayment, approximately $5.8 billion of GPU and ancillary-equipment capex, and Horizon 1-4 delivery.

Relevant finding

Supports up to C$36.3 million of conditional support; capacity, capital and operating economics remain undisclosed.

Review notes

Supports up to C$36.3 million of conditional support; capacity, capital and operating economics remain undisclosed.

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

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

Relevant finding

Cipher original 168MW IT lease; Google support starts at commencement; default remedies and warrants.

Review notes

Later amended. Not evidence the campus was delivered. Backstop is conditional, not universal payment insurance.

Relevant pages: Item 1.01 Recognition and Warrant Agreements

Relevant finding

Anchors the lower sustained-rate cases and the field-supported utilization constraint; it does not prove commercial decline behavior.

Review notes

Reports 7%–8% helium, approximately 75%–80% CO2 and roughly 150–300 Mcf/day natural flow for 12–18 hours on smaller chokes. Jetstream #2 remained mechanically restricted and required remediation.

Relevant pages: Gas composition, choke-dependent flow, test duration and Jetstream #2 blockage discussion.

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

Relevant finding

Documents qualifying unsold compute-capacity purchase obligations and conditions through April 2032.

Review notes

This is not a general guarantee of corporate debt or GPU collateral resale values.

Relevant pages: Relevant sections identified in the linked source; see in-article source descriptions.

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

Relevant finding

Supports the Bull per-well rate only as an upside test anchor; the model does not treat the compressed peak as a multi-year plateau.

Review notes

Reports an approximately 501 Mcf/day natural maximum and a 1.3 MMcf/day compressed peak at Jetstream #1, plus an initial restricted Jetstream #2 flow. Peak and short-duration test rates are not long-term production forecasts.

Relevant pages: Flow-test setup, natural and compressed rates, pressure behavior and drilling plan.

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

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

Provides a long-duration infrastructure yield-on-cost reference while illustrating that the tenant or compute operator, rather than the landlord, bears most GPU obsolescence risk.

Review notes

Public project-economics reference for more than 200 MW of critical IT load, approximately $3.7 billion of initial contracted revenue, an approximately 85% expected site NOI margin, and an $8-$10 million project-cost range per critical MW. It is an infrastructure-hosting contract, not a direct GPU-compute comparison.

Relevant pages: Transaction highlights covering contracted revenue, initial lease term, expected NOI margin, project cost, Google support, and delivery schedule.

Relevant finding

The executive order is separate from the tax statute and illustrates the different durability of executive permitting policy.

Review notes

The White House, Executive Order 14318. July 23, 2025. Mapped from the approved article bibliography; this publication repair does not constitute a new independent source audit.

Relevant finding

The article cites Rhodium’s higher industrial energy-expenditure estimate as a 2035 modeled counterfactual relative to its baseline, not a measured result.

Review notes

Rhodium Group. July 11, 2025. Mapped from the approved article bibliography; this publication repair does not constitute a new independent source audit.

Relevant finding

The enacted legislation changes the tax incentives and deadlines discussed in the article. It does not establish one uniform four-year development window.

Review notes

U.S. Congress. July 4, 2025. Mapped from the approved article bibliography; this publication repair does not constitute a new independent source audit.

Relevant finding

The workbook retains the schedule only as a conservative policy sensitivity pending enacted-law or formal agency confirmation.

Review notes

Source of the proposed 7% gross-proceeds rate for the first extraction year and following two years and 9% thereafter. A bill text is not proof of enactment.

Relevant pages: Gas-production tax provisions and proposed effective language.

Relevant finding

Supports US$18.4 million of initial non-repayable construction funding.

Review notes

Supports US$18.4 million of initial non-repayable construction funding.

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

Relevant finding

Reports the older study’s 176 TWh estimate for 2023 and 325–580 TWh scenario range for 2028; the range is not a new 2026 observation or binding demand.

Review notes

Lawrence Berkeley National Laboratory. January 15, 2025; discusses 2024 study. Mapped from the approved article bibliography; this publication repair does not constitute a new independent source audit.

Relevant finding

5,172 support agents; approximately 15% average productivity improvement with heterogeneous effects.

Review notes

Task-specific study; not a universal profit or electricity result.

Relevant pages: Abstract and main results

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)

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

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

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

Relevant finding

Regional gas basis reflects location differences. Pipeline constraints can widen producing-region discounts, while additional takeaway capacity can narrow them.

Review notes

Historical background on location-price differentials and takeaway constraints. No 2020 prices or forward quotes are presented as current observations or forecasts.

Relevant pages: Discussion of producing-region hubs and Waha takeaway capacity

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

Relevant finding

Spark spread subtracts heat-rate-adjusted gas cost from electricity price; the calculation excludes other costs and is not net profit.

Review notes

Historical explanatory source used only for the definition. The article and its five charts use original illustrative assumptions; this source provides no current NUAI tariff or market quotation.

Relevant pages: Spark spread explanation

Relevant finding

Provides a stale historical NPV anchor used only after severe risk and timing haircuts.

Review notes

Provides a stale historical NPV anchor used only after severe risk and timing haircuts.

Relevant finding

Distinguishes savings, partial rebound, full rebound and backfire.

Review notes

Historical literature does not estimate a current AI-specific elasticity.

Relevant pages: Definitions and evidence on direct/indirect/economy-wide rebound