The read on Nakota is a question of how much is contracted versus how much is still potential. A new offtake agreement gives Tachyon9 and Nixxy, Inc. (NASDAQ: NIXX) one signed customer for the planned Nakota AI Data Campus in North Dakota: Nidar Infrastructure Limited, the parent of India's Yotta, which management says brings roughly $156 million in annual recurring revenue from the first 100 MW phase. The read-through is that a speculative power-and-land bet now has a contractual spine, but the headline up to $1.5 billion a year at a full ~1 GW buildout remains a pathway, not an order, and the case turns on the gap between those two figures.
What's changed
Until this week, the case for Nakota rested almost entirely on a resource thesis. The campus is planned for roughly 620 acres in Williams County, North Dakota, sited to draw on behind-the-meter natural gas from the Williston Basin, with a targeted buildout of up to 1 GW. Generating power on-site is meant to sidestep the multi-year utility interconnection queues that constrain rival projects. That is a plausible advantage, but a resource is not a contract.
The offtake agreement is what changes the analysis. Management says it provides for approximately $156 million in annual recurring revenue from the initial 100 MW phase, and grants Nidar and Yotta a right of first offer on the remaining capacity. The company frames that right as a pathway toward nearly 1 GW and, in its words, up to $1.5 billion in annual revenue potential at full buildout. The two figures are consistent: 1 GW is about ten times the 100 MW phase, and ten times $156 million lands near $1.5 billion. But only the 100 MW figure is tied to the agreement; the $1.5 billion and the full 1 GW remain potential, conditional on capacity that has not been contracted.
The customer is the evidence
The strongest point in the company's favor is the counterparty. Nidar is the parent and credit-support entity for the transaction, backed by the Hiranandani Group, and the majority shareholder of Yotta. By the company's account, Yotta holds an estimated 60 to 70 percent of India's deployed GPU capacity, runs three campuses in Navi Mumbai, Gujarat, and Greater Noida with a fourth planned in Telangana, and built Shakti Cloud, India's sovereign AI platform, with NVIDIA. In February 2026 it announced a US$2 billion-plus plan to deploy 20,736 liquid-cooled NVIDIA Blackwell Ultra GPUs at Greater Noida, a four-year NVIDIA DGX Cloud engagement valued at over US$1 billion, and more than 10,000 GPUs for India's IndiaAI Mission. A buyer of that scale lends credibility a small developer cannot manufacture on its own.
On the supply side, the substance of the public vehicle is Tachyon9, which contributes roughly $64 million in equipment, land-option rights, and a signed letter of intent for the entire 1 GW development, making it the primary asset and revenue contributor in the NIXX transaction. NIXX is the listed vehicle the platform would trade through, not the asset itself.
The counterargument
The risk is that almost everything load-bearing here is still forward-looking. The campus is planned and designed, not built. Shahal Khan, Tachyon9's Chairman and CEO, said the framework "provides revenue visibility, supports project financing, and significantly de-risks the path" toward the platform. That language concedes the point: the path is being de-risked, not completed. An offtake agreement reflecting terms contemplated under an earlier memorandum of understanding is a framework, not financed construction.
Three execution questions sit unanswered. First, financing: a 1 GW gas-powered campus is a capital project measured in the billions, and the release points only to financing initiatives "to be announced." Second, the right of first offer is an option, not an order, so the $1.5 billion figure depends on capacity Yotta has not yet committed to buy. Third, behind-the-meter gas generation at this scale carries permitting, carbon-capture integration, and construction timelines the announcement does not detail.
On balance
The offtake agreement is a real step up from a pure resource story. It names a credible customer, attaches a concrete near-term revenue figure to a defined first phase, and gives the project the contractual spine financing requires. The involvement of Darshan Hiranandani, who chairs Nidar, and Sunil Gupta, who leads Yotta, is hardest to discount. But the gap between $156 million from one contracted phase and $1.5 billion from a buildout that is still a pathway is the whole investment question. The company has earned a closer look, not yet the headline number.