NUAI signed a 20-year power deal. The financing is the part I’m watching.

I read NUAI’s latest 8-K because the new Vistra power deal looks important, but it also creates a pretty big financing test.

NUAI signed a 20-year agreement for 200-207 MW at its planned West Texas data center.

That matters. Getting enough power is one of the hardest parts of building a large data center.

But NUAI now has to post a $116M letter of credit within 15 business days. It may also need up to another $82.8M of security before power starts.

At June 30, the company had $69.8M of cash.

It also has a loan facility of up to $290M, but only $20M had been funded. The rest still depends on lender approval and other conditions.

The other big issue is the customer.

NUAI still has not announced a tenant. Its August presentation said tenant talks were ongoing.

Vistra also gets 5% of the project once power begins.

So I don’t think this is just a “207 MW secured” story.

The value question is whether NUAI can fund the project and sign a tenant on terms that make the build worth it.

For me, the next filing that matters is the one showing where the credit support comes from or naming the tenant.