From PowerPoint to actual dirt
New Era Energy & Digital’s Q1 2026 call wasn’t really about the legacy natural gas and helium business. It was a hard pivot to the company’s Texas Critical Data Centers project — basically, the thing management now says the market should value it on.
And the vibe was: we are no longer just talking about this thing. Management said the project has moved from formation into execution, which is corporate-speak for “the slideshow is over, now we have to build the damn thing.”
The money part got a lot less squishy
The company said it raised $120 million in equity and lined up a $290 million credit facility with Macquarie. That matters because data centers are expensive beasts, and funding is usually where these stories go to get awkward.
New Era also said it ended April with more than $80 million in cash, which gives it some breathing room as it works through Phase 1 of TCDC.
Partners, land, and a lot of unglamorous progress
Management leaned hard on the idea that this is a partner-led buildout, with Stream Data Centers and Apollo helping reduce execution risk. In other words: fewer lone-wolf vibes, more “we’re bringing adult supervision.”
Operationally, the company said it has:
- acquired additional land,
- cleared liabilities,
- and made progress on permitting and site-readiness work.
None of that sounds flashy, but for a project like this, boring is often bullish. Investors usually want to see less chaos and more shovels-in-the-ground momentum.
What to watch next
The key question is whether New Era can keep advancing multiple workstreams at once without leaning too hard on shareholders for more capital. Management sounded confident Phase 1 can be funded without major dilution, and that’s the part the market will be listening for next.
Big picture: NUAI is trying to graduate from speculative story stock to actual infrastructure developer. That’s a tougher game, but if the execution holds, the upside story gets a lot more believable.