NextDecade Corporation (NEXT): History, Ownership, Mission, How It Works & Makes Money

When you look at the energy transition landscape, does the name NextDecade Corporation (NEXT) immediately register as a leader, or just another developer? This Houston-based energy infrastructure giant is positioning itself to control approximately 5% of projected global liquefied natural gas (LNG) supply by the early 2030s, a staggering figure for a company that just secured Final Investment Decisions (FIDs) for its Rio Grande LNG Train 4 and Train 5 in late 2025. With total assets climbing to $7.86 billion as of June 30, 2025, and construction for the initial trains already over 55% complete, how is NextDecade managing to de-risk a multi-billion-dollar project while simultaneously pioneering carbon capture and storage (CCS) in the U.S. LNG market? You need to understand the history, the core business model built on long-term contracts like the 20-year Sale and Purchase Agreements (SPAs) finalized in September 2025, and the ownership structure that includes heavyweights like TotalEnergies SE, to defintely grasp the investment thesis here.

NextDecade Corporation (NEXT) History

You're looking at NextDecade Corporation, a company that has spent over a decade transforming from a concept into a major player poised to deliver one of the world's largest liquefied natural gas (LNG) projects. The story isn't one of overnight success; it's a long, capital-intensive road of strategic planning, permitting battles, and securing massive financing deals. It's defintely a high-stakes energy development story.

NextDecade Corporation's Founding Timeline

Year established

The original development entity, NextDecade LLC, was founded in 2010 to specifically focus on developing LNG export projects.

Original location

The company is headquartered in Houston, Texas, the heart of the US energy industry.

Founding team members

The initial vision was driven by seasoned energy executives, notably Kathleen Eisbrenner, a key founder and former CEO who previously built and sold another major LNG company.

Initial capital/funding

The company has secured substantial capital over its development phase. Total funding raised across seven rounds, including early-stage capital, amounts to approximately $4.12 million before the multi-billion dollar project financing for the Rio Grande LNG facility began.

NextDecade Corporation's Evolution Milestones

NextDecade Corporation's Transformative Moments

The company's trajectory was fundamentally shaped by a few decisive, high-risk moves that unlocked billions in capital and secured its market position. These weren't small tweaks; they were total game-changers.

• The Rio Grande LNG Focus: Committing to the Rio Grande Valley site in Brownsville, Texas, was the single most important decision. This location, with its proximity to Permian Basin and Eagle Ford Shale natural gas, positioned the company to offer a highly competitive product.
• Securing Offtake Agreements: The long-term Sale and Purchase Agreements (SPAs) are the company's financial backbone. By November 2025, securing contracts with global giants like Shell, TotalEnergies, Saudi Aramco, EQT Corporation (for 1.5 MTPA), and ConocoPhillips (for 1.0 MTPA) provided the necessary commercial certainty to underwrite the massive project debt.
• The CCS Integration: Integrating Carbon Capture and Storage (CCS) into the Rio Grande LNG project was a strategic masterstroke. This commitment to producing the lowest lifecycle greenhouse gas LNG in the world differentiates them from competitors and appeals to energy buyers with net-zero mandates.
• The 2025 FID Blitz: Achieving positive Final Investment Decisions (FIDs) for both Train 4 and Train 5 in quick succession in the fall of 2025 was a monumental feat. This unlocked approximately $13.4 billion in combined project financing and moved 12 MTPA of liquefaction capacity from development to construction, significantly de-risking the entire enterprise.

As of September 2025, construction progress on Phase 1 (Trains 1 and 2, plus common facilities) reached 55.9% completion, showing real execution is now the primary driver. You can read more about the strategic direction here: Mission Statement, Vision, & Core Values of NextDecade Corporation (NEXT).

NextDecade Corporation (NEXT) Ownership Structure

NextDecade Corporation is a publicly traded company, listed on the Nasdaq Capital Market (NASDAQ-CM) under the ticker NEXT. As of November 2025, the company's market capitalization stands at approximately $1.59 billion, with about 264.8 million shares outstanding.

The ownership structure is a blend of large institutional funds, significant insider holdings, and a substantial retail float, which creates a dynamic governance environment. You see major institutional players like BlackRock and Vanguard holding large positions, but a strategic corporate investor, TotalEnergies SE, also holds a notable stake, which is defintely a factor in long-term strategy.

Given Company's Current Status

NextDecade Corporation is a publicly held company, which means its shares are freely traded on a major exchange. This public status subjects the company to rigorous reporting and transparency requirements from the U.S. Securities and Exchange Commission (SEC), including filing 10-Qs and 10-Ks. The company's focus is on the construction and development of its flagship Rio Grande LNG export facility in Brownsville, Texas, and its associated Carbon Capture and Storage (CCS) projects. Its public status allows it to raise the massive capital needed for these energy infrastructure projects, like the financing secured for the first three liquefaction trains. You can learn more about their long-term goals in their Mission Statement, Vision, & Core Values of NextDecade Corporation (NEXT).

Given Company's Ownership Breakdown

The company's control is primarily vested in institutional hands, though insiders maintain a significant stake, giving them a strong voice in strategic decisions. Here's the quick math on who owns the equity, based on the 264.8 million shares outstanding for the 2025 fiscal year.

What this estimate hides is the influence of a single strategic corporate investor: TotalEnergies SE holds a substantial stake of approximately 17.14%, which is a powerful block and a key partner in the Rio Grande LNG project.

Given Company's Leadership

The organization is steered by a seasoned executive team with deep experience in the global energy and liquefied natural gas (LNG) markets, a critical factor given the scale of the Rio Grande LNG project. The leadership team has seen some recent changes, notably in the finance department.

• Matt Schatzman: Chairman & Chief Executive Officer (CEO). He has over three decades of energy industry experience, including a pivotal role at BG Group.
• Michael Mott: Senior VP, Enterprise Transformation & Interim Chief Financial Officer (CFO). He was appointed Interim CFO in October 2025 following the resignation of Brent Wahl.
• Tarik Skeik: Chief Operating Officer (COO).
• James MacTaggart: Chief Marketing Officer (CMO).
• Ariel Handler: Executive Vice President, Commercial & Carbon Solutions (appointed May 2025).
• Vera De Brito de Gyarfas: General Counsel & Corporate Secretary.

The Board of Directors also saw new appointments in July 2025, bringing in more diverse executive experience, including Pamela Beall and Diana Sands. This leadership structure is focused on executing the massive construction and development plan for the Rio Grande LNG facility. You need to watch the permanent CFO search; that will tell you a lot about the company's near-term financial priorities.

NextDecade Corporation (NEXT) Mission and Values

NextDecade Corporation's mission centers on delivering reliable, cost-effective energy solutions while its core values, like Safety and Integrity, define the operational blueprint for its massive Rio Grande LNG (liquefied natural gas) project.

The company's cultural DNA is built around a commitment to lower-carbon energy, which is why their business model integrates both LNG export and carbon capture and storage (CCS) through their NEXT Carbon Solutions subsidiary. This is a pragmatic, two-pronged approach to the energy transition.

NextDecade Corporation's Core Purpose

The company defines its core purpose as maximizing shareholder value, but it ties that financial goal directly to a responsible energy delivery model. Honestly, that's the kind of clarity investors need: profit tied to a tangible, sustainable action.

Official mission statement

The formal mission statement is a direct promise to the market, focusing on the quality and sustainability of their product.

• Deliver reliable, cost-effective and sustainable energy solutions.

This mission is supported by a clear set of core values that govern how they operate, especially on a project the size of Rio Grande LNG. For example, their focus on Safety is critical, considering the project completion for Trains 1 and 2 was at 55.9% as of September 2025, meaning thousands of workers are on-site.

• Safety: Making it a priority for people and surrounding communities.
• Integrity: Doing the right thing, being ethical and fair.
• Honesty: Valuing truth, honoring commitments, and taking responsibility.
• Respect: Listening to and respecting people, the environment, and communities.
• Transparency: Building trust through open communication with all stakeholders.
• Diversity: Valuing different experiences and thoughts for company success.

Vision statement

The company's vision looks beyond the current project, positioning NextDecade Corporation as a global facilitator for the ongoing energy shift. It's about access, not just production.

• Provide the world access to lower-carbon energy.

This vision is the driver behind their ambitious expansion plans, which include a potential liquefaction capacity of approximately 48 million tonnes per annum (MTPA) across all trains under development. What this estimate hides, though, is the massive capital commitment; the Final Investment Decision (FID) for Train 5 alone, announced in October 2025, involved a total project cost of approximately $6.7 billion. You can read more about how these statements align with their strategy here: Mission Statement, Vision, & Core Values of NextDecade Corporation (NEXT).

NextDecade Corporation slogan/tagline

The company's tagline is simple, forward-looking, and a defintely good piece of marketing that connects their product to the future of energy.

• Delivering energy for what's NEXT.

This slogan neatly encapsulates the company's dual focus on current energy needs and future sustainability efforts, even as they navigate the financial realities of a development-stage company. Here's the quick math: the net loss attributable to common stockholders for Q3 2025 was approximately $109.5 million, but that's an improvement from the prior year, showing progress in managing expenses during this massive construction phase.

NextDecade Corporation (NEXT) How It Works

NextDecade Corporation is a pure-play energy infrastructure developer that generates future revenue by building and commercializing large-scale Liquefied Natural Gas (LNG) export capacity and related decarbonization solutions. They create value by securing long-term, fixed-price contracts for future LNG supply, which then unlocks the significant project financing needed to construct their flagship Rio Grande LNG Facility in Brownsville, Texas.

NextDecade Corporation's Product/Service Portfolio

The company's primary offerings are centered around the Rio Grande LNG Facility, which is currently under construction and development as of November 2025. Their business model is built on two core, complementary lines of business.

NextDecade Corporation's Operational Framework

NextDecade's value creation process is a phased, capital-intensive infrastructure build-out, executed through a repeatable development model that minimizes risk and maximizes capital efficiency. The entire operation hinges on the construction progress of the multi-train Rio Grande LNG Facility.

• Commercialization First: The company secures binding, long-term SPAs-like the 20-year contracts with EQT Corporation and ConocoPhillips for Train 5-before committing to construction, which de-risks the project for lenders and investors.
• Phased Construction and Execution: The facility is being built in phases. As of September 2025, Phase 1 (Trains 1-3) is progressing, with overall completion for Trains 1 and 2 and common facilities at 55.9%. Engineering is nearly complete at 95.0%, showing the project is moving from design to physical construction.
• Repeatable Financing Model: NextDecade achieved positive Final Investment Decisions (FIDs) for both Train 4 and Train 5 in September and October 2025, respectively, securing over $13.4 billion in project financing across the two trains. This demonstrates a defintely repeatable process for scaling capacity without heavy shareholder dilution.
• Expansion Pipeline: They are already advancing the development and permitting for Trains 6 through 8, which are expected to add another 18 MTPA of capacity, ensuring a multi-decade growth runway.

The core of the operation is converting cheap, abundant U.S. natural gas into a high-value, transportable global commodity.

NextDecade Corporation's Strategic Advantages

The company's success is built on a few clear, hard-to-replicate advantages that translate directly into lower costs and higher commercial certainty for customers and stakeholders.

• Prime Geographic Location: The Rio Grande LNG Facility is located in Brownsville, Texas, offering direct pipeline access to the vast, low-cost gas supply from the Permian and Eagle Ford Shale basins. Plus, the site has 15,000 feet of frontage on an uncongested waterway, which helps with shipping logistics and costs.
• Scale and Market Share: With 30 MTPA of committed capacity from Trains 1-5, NextDecade will control approximately 5% of the projected global liquefaction supply in the early 2030s. This scale makes them a top-tier global supplier, attracting major international buyers.
• Decarbonization Differentiator: The integration of NEXT Carbon Solutions, a potential CCS project, positions their LNG as a lower-carbon product, which is a key selling point for energy-transition-focused buyers in Europe and Asia.
• Execution Momentum: The construction of Phase 1 is tracking ahead of schedule, with engineering and procurement for Trains 1 and 2 at 95.0% and 88.8% completion, respectively, as of September 2025. This superior execution with Bechtel Energy Inc. reduces project risk and instills confidence in the market.

To understand the long-term vision driving these strategic decisions, I recommend reviewing the Mission Statement, Vision, & Core Values of NextDecade Corporation (NEXT).

NextDecade Corporation (NEXT) How It Makes Money

NextDecade Corporation is a pure-play energy infrastructure developer that makes money by building and operating large-scale liquefied natural gas (LNG) export facilities, primarily through long-term, fixed-fee contracts that reserve liquefaction capacity for global customers. Since the Rio Grande LNG Facility is still under construction, the company is not generating material operating revenue in the 2025 fiscal year, but its future financial engine is fully contracted.

NextDecade Corporation's Revenue Breakdown

As of the 2025 fiscal year, NextDecade Corporation is in the development phase, meaning it reports $0 million in operating revenue for the periods like Q1 2025, as it is not yet selling LNG. The table below, therefore, reflects the future, contracted revenue structure that will take effect upon the commencement of operations, currently targeted for late 2027. This breakdown shows the quality of the future revenue stream, which is the key to the company's valuation.

Business Economics

The core of NextDecade Corporation's business model is a 'tolling' or 'capacity reservation' structure, which is a low-risk, utility-like approach that de-risks the massive capital expenditure (Capex) required for construction. This is a critical distinction from traditional energy companies that take on commodity price risk.

• Long-Term Contract Foundation: The company has secured long-term Sale and Purchase Agreements (SPAs) that cover over 90% of the Phase I (Trains 1-3) nameplate capacity of 16.15 MTPA (Million Tonnes Per Annum), with an average contract term of 19.2 years.
• De-Risked Revenue: Contracts are structured with a fixed fee per million British Thermal Units (MMBtu) that escalates annually with inflation, providing a stable, predictable revenue stream. This fixed component is expected to generate approximately $1.8 billion annually once Phase I is fully operational.
• Pass-Through Costs: The variable component of the contract is designed to offset the cost of natural gas feedstock (Henry Hub-linked) and operational costs, meaning these costs are generally passed through to the customer (the 'offtaker'). This insulates the company from volatility in US natural gas prices.
• High Capex, High Barrier-to-Entry: Building the facility is capital-intensive. Total Phase 1 capital costs are estimated at $18.0 billion, and the recently sanctioned Trains 4 and 5 each have project costs of approximately $6.7 billion. This high barrier-to-entry is what makes the long-term, contracted revenue so valuable.

The long-term contracts are the financial bedrock; everything else is upside.

For more on the strategic direction that underpins this model, you should review the Mission Statement, Vision, & Core Values of NextDecade Corporation (NEXT).

NextDecade Corporation's Financial Performance

Given the company is a developer, its 2025 financial performance is characterized by significant losses and capital raising activities, which is defintely normal for a major infrastructure project of this scale. The key metrics to watch are the burn rate and the successful financing of its expansion trains.

• Net Loss: For the three months ended September 30, 2025 (Q3 2025), the company reported a net loss attributable to common stockholders of approximately $109.5 million. This is a slight improvement from the $123.2 million loss in the same period of 2024.
• Earnings Per Share (EPS): The reported actual EPS for Q3 2025 was a loss of -$0.42.
• Liquidity: As of the end of Q2 2025, NextDecade reported cash and cash equivalents of $158.5 million, which is being used to fund development activities and general corporate expenses until the facility becomes operational.
• Financing Milestones: The company successfully achieved a positive Final Investment Decision (FID) for both Train 4 and Train 5 in Q3 and Q4 of 2025, securing approximately $6.7 billion in project financing for each train, a crucial step that validates the long-term business model.

Here's the quick math on the development risk: the company is burning cash now, but the $1.8 billion in annual fixed-fee revenue from Phase I alone, once operational, will fundamentally transform its financial profile from a developer to a stable cash-flow generator.

NextDecade Corporation (NEXT) Market Position & Future Outlook

NextDecade Corporation is rapidly transitioning from an LNG developer into a significant global exporter, anchored by the massive Rio Grande LNG Facility. This transition is de-risked by securing Final Investment Decisions (FIDs) for the first five trains, positioning the company to control approximately 5% of projected global liquefaction supply in the early 2030s.

The company's future is largely tied to the successful, on-budget completion of its $6.7 billion Trains 4 and 5, which achieved FID in September and October 2025, respectively, and the continued development of its unique NEXT Carbon Solutions platform.

Competitive Landscape

In the US Gulf Coast LNG market, NextDecade competes primarily against other developers aggressively scaling capacity. Since NextDecade is pre-revenue, we map its competitive standing using a projected capacity share based on major US Gulf Coast projects under construction or with near-term FID.

Here's the quick math: NextDecade's 30 MTPA from Trains 1-5 gives it a substantial footprint, but Venture Global LNG's total planned capacity of over 58 MTPA at Plaquemines makes them the largest competitor in terms of sheer scale and aggressive expansion.

Opportunities & Challenges

Industry Position

NextDecade Corporation is strategically positioned as a high-growth, second-wave US LNG exporter, distinguished by its commitment to decarbonization. The company is currently a development-stage entity, which means it reports no revenue and faces significant financial challenges, including a limited cash runway.

• Construction Momentum: Phase 1 (Trains 1-3) is tracking ahead of schedule, with overall project completion at 55.9% as of September 2025.
• Financial Backing: The successful closing of the $6.7 billion project financing for Train 4, which included capital from Global Infrastructure Partners (part of BlackRock), GIC, and TotalEnergies, defintely validates the project's viability.
• Differentiation: The integration of Carbon Capture and Storage (CCS) technology through NEXT Carbon Solutions sets it apart from pure-play LNG competitors like Venture Global LNG, attracting customers focused on reducing their Scope 3 emissions.
• Scale: With 30 MTPA secured and a total potential capacity of 48 MTPA, the Rio Grande LNG Facility is set to be one of the largest LNG export terminals globally.

The key action for investors is monitoring construction progress and the finalization of commercial agreements for the remaining uncontracted capacity. For a deeper dive into the balance sheet, you should read Breaking Down NextDecade Corporation (NEXT) Financial Health: Key Insights for Investors.

Finance: Track the quarterly capital expenditure against the $6.7 billion budget for Trains 4 and 5 to ensure project completion remains on budget.