0001628280-25-008841 | 10-K | XBRL Viewer

Print Document

Debt - Narrative (Details) shares in Millions	12 Months Ended
Debt - Narrative (Details) shares in Millions	Dec. 31, 2024 USD ($) payment shares	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Warrants purchased (in shares) \| shares	7.2
Warrants and rights outstanding	$ 28,600,000
Loss on debt extinguishment	(49,314,000)	$ (9,531,000)
CD Credit Facility
Debt Instrument [Line Items]
Line of credit	8,448,000,000
Extinguishment of debt, amount	1,338,200,000
Loss on debt extinguishment	$ (49,300,000)
Rio Grande \| CD Credit Facility and TCF Credit Facility
Debt Instrument [Line Items]
Debt instrument, covenant, minimum percentage of projected principal amount outstanding be hedged	75.00%
Debt instrument, covenant, historical debt service coverage ratio, minimum	1.10
Senior Secured Notes and Loans \| Rio Grande
Debt Instrument [Line Items]
Debt instrument, covenant, repurchase price, percentage	101.00%
Senior Secured Notes \| 6.67% Senior Secured Notes due 2033
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.67%
Senior Secured Notes \| 6.67% Senior Secured Notes due 2033 \| Rio Grande
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.67%
Senior Secured Notes \| 6.85% Senior Secured Notes due 2047
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.85%
Senior Secured Notes \| 6.85% Senior Secured Notes due 2047 \| Rio Grande
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.85%
Senior Secured Notes \| 6.58% Senior Secured Notes due 2047
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.58%
Senior Secured Notes \| 6.58% Senior Secured Notes due 2047 \| Rio Grande
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.58%
Senior Secured Loans \| 6.72% Senior Secured Loans due 2033
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.72%
Senior Secured Loans \| 6.72% Senior Secured Loans due 2033 \| Rio Grande
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.72%
Senior Secured Loans \| 7.11% Senior Secured Loans due 2047
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	7.11%
Senior Secured Loans \| 7.11% Senior Secured Loans due 2047 \| Rio Grande
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	7.11%
Line of Credit \| Corporate Credit Agreement
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	12.00%
Line of credit	$ 175,000,000
Number of additional payments \| payment	8
Percentage of payments eligible to be paid-in kind	50.00%

Debt - Summary of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total debt	$ 4,035,000	$ 1,850,000
Total Credit Facilities	1,248,000	543,000
Unamortized debt issuance costs	(114,575)	(33,699)
Total	3,920,425	1,816,301
CD Senior Working Capital Facility
Debt Instrument [Line Items]
Total Credit Facilities	0	0
CD Credit Facility
Debt Instrument [Line Items]
Total Credit Facilities	1,022,000	484,000
TCF Credit Facility
Debt Instrument [Line Items]
Total Credit Facilities	226,000	59,000
Senior Secured Notes
Debt Instrument [Line Items]
Total debt	$ 2,005,000	700,000
Senior Secured Notes \| 6.67% Senior Secured Notes due 2033
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.67%
Total debt	$ 700,000	700,000
Senior Secured Notes \| 6.85% Senior Secured Notes due 2047
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.85%
Total debt	$ 190,000	0
Senior Secured Notes \| 6.58% Senior Secured Notes due 2047
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.58%
Total debt	$ 1,115,000	0
Senior Secured Loans
Debt Instrument [Line Items]
Total debt	$ 607,000	607,000
Senior Secured Loans \| 6.72% Senior Secured Loans due 2033
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.72%
Total debt	$ 356,000	356,000
Senior Secured Loans \| 7.11% Senior Secured Loans due 2047
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	7.11%
Total debt	$ 251,000	251,000
Senior Secured Notes and Loans
Debt Instrument [Line Items]
Total debt	$ 2,612,000	1,307,000
Line of Credit \| 12.00% Corporate Credit Agreement due 2030
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	12.00%
Total debt	$ 175,000	$ 0

Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

Note 5 — Leases

The Company commenced the Rio Grande LNG Facility site lease on July 12, 2023 and it has an initial term of 30 years. The Company has the option to renew and extend the term of the lease for up to two consecutive renewal periods of ten years each, but as the Company is not reasonably certain that those options will be exercised, none are recognized as part of our right of use assets and lease liabilities. The Company has also entered into an office space lease which expires on December 31, 2035, and does not include any options for renewal.

For the years ended December 31, 2024 and 2023, our operating lease costs were $10.8 million and $6.1 million, respectively.

Maturity of operating lease liabilities as of December 31, 2024 are as follows (in thousands, except lease term and discount rate):


2025	$	7,608
2026	9,522
2027	9,565
2028	9,609
2029	9,654
Thereafter	189,589
Total undiscounted lease payments	235,547
Discount to present value	(88,502)
Present value of lease liabilities	$	147,045

Weighted average remaining lease term - years	26.8
Weighted average discount rate - percent	4.1

Other information related to our operating leases is as follows (in thousands):


	Year Ended December 31,
	2024		2023
Operating cash flows for amounts paid included in the measurement of operating lease liabilities	$	8,022	$	3,122
Noncash right-of-use assets recorded for new operating lease liabilities during the period	—		147,727

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 148,137	$ 38,241
Restricted cash	244,625	256,237
Derivatives	16,867	17,958
Prepaid expenses and other current assets	2,943	2,089
Total current assets	412,572	314,525
Property, plant and equipment, net	5,020,003	2,437,733
Operating lease right-of-use assets	166,082	170,827
Deferred financing fees	317,788	389,695
Derivatives	472,057	0
Other non-current assets	15,557	11,021
Total assets	6,404,059	3,323,801
Current liabilities:
Accounts payable	244,642	243,129
Operating lease liabilities	2,881	3,143
Accrued and other current liabilities	347,561	306,115
Total current liabilities	595,084	552,387
Operating lease liabilities	144,164	145,962
Derivative liability	0	66,899
Debt, net	3,920,425	1,816,301
Other non-current liabilities	0	1,818
Total liabilities	4,659,673	2,583,367
Commitments and contingencies (Note 13 )
Equity:
Common stock, $0.0001 par value, 480.0 million authorized: 260.2 million and 256.5 million outstanding, respectively	26	26
Treasury stock: 3.1 million and 2.2 million respectively, at cost	(20,916)	(14,214)
Preferred stock, $0.0001 par value, 0.5 million authorized after designation of the convertible preferred stock: none outstanding	0	0
Additional paid-in-capital	852,054	693,883
Accumulated deficit	(453,523)	(391,772)
Total stockholders' equity	377,641	287,923
Non-controlling interest	1,366,745	452,511
Total equity	1,744,386	740,434
Total liabilities and equity	$ 6,404,059	$ 3,323,801

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operating activities:
Net income (loss) attributable to NextDecade Corporation	$ 277,447	$ (221,640)
Adjustment to reconcile net loss to net cash used in operating activities
Depreciation	1,931	168
Share-based compensation expense	19,907	26,553
Loss on common stock warrant liabilities	2,888	1,879
Derivative (gain) loss	(586,541)	44,803
Derivative settlements	48,676	4,138
Amortization of right-of-use assets	4,745	2,980
Gain on sale of assets	0	(5,712)
Amortization of debt issuance costs	65,336	41,390
Loss on extinguishment of debt	49,314	9,531
Other	593	26,432
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(854)	(940)
Accounts payable	(2,222)	4,057
Operating lease liabilities	(2,060)	(179)
Accrued expenses and other liabilities	25,255	(7,080)
Net cash used in operating activities	(95,585)	(73,620)
Investing activities:
Acquisition of property, plant and equipment	(2,567,801)	(1,737,636)
Acquisition of other non-current assets	(6,404)	(15,164)
Net cash used in investing activities	(2,574,205)	(1,752,800)
Financing activities:
Proceeds from debt issuance	3,523,243	2,083,000
Receipt of equity commitments	676,000	457,659
Proceeds from sale of common stock	0	254,400
Repayment of debt	(1,338,243)	(233,000)
Costs associated with repayment of debt	(13,423)	0
Debt and equity issuance costs	(72,801)	(494,270)
Preferred stock dividends	0	(53)
Shares repurchased related to share-based compensation	(6,702)	(9,627)
Net cash provided by financing activities	2,768,074	2,058,109
Net increase in cash, cash equivalents and restricted cash	98,284	231,689
Cash, cash equivalents and restricted cash – beginning of period	294,478	62,789
Cash, cash equivalents and restricted cash – end of period	392,762	294,478
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	148,137	38,241
Restricted cash	244,625	256,237
Total cash, cash equivalents and restricted cash per Consolidated Balance Sheet	$ 392,762	$ 294,478

Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt

Debt consisted of the following (in thousands):


	December 31,
	2024		2023
Senior Secured Notes and Loans:
6.67% Senior Secured Notes due 2033	$	700,000	$	700,000
6.85% Senior Secured Notes due 2047	190,000		—
6.58% Senior Secured Notes due 2047	1,115,000		—
6.72% Senior Secured Loans due 2033	356,000		356,000
7.11% Senior Secured Loans due 2047	251,000		251,000
Total Senior Secured Notes and Loans	2,612,000		1,307,000
12.00% Corporate Credit Agreement due 2030	175,000		—
Credit Facilities:
CD Senior Working Capital Facility	—		—
CD Credit Facility	1,022,000		484,000
TCF Credit Facility	226,000		59,000
Total Credit Facilities	1,248,000		543,000
Total debt	4,035,000		1,850,000
Unamortized debt issuance costs	(114,575)		(33,699)
Total debt, net	$	3,920,425	$	1,816,301

The Company may prepay the principal of the Corporate Credit Agreement, plus any unpaid interest, as follows:


Prepayment Prior To (1)						% of Principal
December 31, 2026						100.0%
December 31, 2027						105.0%
December 31, 2028						102.5%
December 31, 2030						100.0%

(1) Prepayment prior to December 31, 2026 would require an additional make whole premium.

Schedule of Line of Credit Facilities

Below is a summary of our committed credit facilities as of December 31, 2024 (in thousands):


	CD Senior Working Capital Facility		CD Credit Facility		TCF Credit Facility
Total facility size	$	500,000	$	8,448,000	$	800,000
Less:
Outstanding balance	—		1,022,000		226,000
Letters of credit issued	217,225		—		—
Available commitment	$	282,775	$	7,426,000	$	574,000

Priority ranking	Senior secured		Senior secured		Senior secured
Interest rate on outstanding balance	SOFR plus margin of 2.25%		SOFR plus margin of 2.25%		SOFR plus margin of 2.25%
Commitment fees on undrawn balance	0.68 %		0.68 %		0.68 %
Maturity date	July 12, 2030		July 12, 2030		July 12, 2030

Schedule of Maturities of Long-Term Debt

Debt Maturities


Years Ending December 31,	Principal Payments
2025 - 2029	$	—
Thereafter	4,035,000
Total	$	4,035,000

Schedule of Interest Income and Interest Expense Disclosure

Total interest expense, net of capitalized interest, consisted of the following (in thousands):


	Year Ended December 31,
	2024		2023
Interest per contractual rate	$	194,873	$	43,268
Amortization of debt issuance costs	65,336		41,390
Other interest costs	3,148		—
Total interest cost	263,357		84,658
Capitalized interest	(175,818)		(34,373)
Total interest expense, net of capitalized interest	$	87,539	$	50,285

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The following table shows the carrying amount and estimated fair value of our debt (in thousands):


	December 31, 2024				December 31, 2023
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Senior Secured Notes	$	2,005,000	$	1,984,836	$	700,000	$	743,593
Senior Secured Loans	607,000		609,082		607,000		632,998
Corporate Credit Agreement	175,000		169,750		—		—

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Note 12 — Income Taxes

The reconciliation of the federal statutory income tax rate to our effective income tax rate is as follows:


	Year Ended December 31,
	2024				2023
U.S. federal statutory rate, beginning of year	21	%			21	%
Non-controlling interest	(27)				(6)
Officers' compensation	1				(2)

Valuation allowance	5				(13)
Effective tax rate as reported	—	%	—	%	—	%

Significant components of our deferred tax assets and liabilities at December 31, 2024 and 2023 are as follows (in thousands):


	December 31,
	2024		2023
Deferred tax assets
Net operating loss carryforwards and credits	$	78,779	$	54,839
Investment in Intermediate Holdings	17,774		31,782

Operating lease liabilities	3,131		2,972
Other	8,283		4,996
Less: valuation allowance	(104,685)		(91,465)
Total deferred tax assets	3,282		3,124

Deferred tax liabilities
Operating lease right-of-use assets	(2,564)		(2,809)
Other	(718)		(315)
Total deferred tax liabilities	(3,282)		(3,124)

Net deferred tax assets (liabilities)	$	—	$	—

At December 31, 2024, we had federal net operating loss (“NOL”) carryforwards of approximately $370.5 million. Approximately $26.1 million of these NOL carryforwards will expire between 2034 and 2038.

Due to our history of NOLs, current year NOLs and significant risk factors related to our ability to generate taxable income, we have established a valuation allowance to offset our deferred tax assets as of December 31, 2024 and 2023. We will continue to evaluate our ability to release the valuation allowance in the future. Due to our full valuation allowance, we have not recorded a provision for federal or state income taxes during the years ended December 31, 2024 or 2023. Deferred tax assets and deferred tax liabilities are classified as non-current in our Consolidated Balance Sheets.

The Tax Reform Act of 1986 (as amended) contains provisions that limit the utilization of NOL and tax credit carryforwards if there has been a change in ownership as described in Section 382 of the Internal Revenue Code (“Section 382”). Substantial changes in the Company's ownership have occurred that may limit or reduce the amount of NOL carryforwards that the Company could utilize in the future to offset taxable income. The Company has not completed a detailed Section 382 study at this time to determine what impact, if any, that ownership changes may have had on its NOL carryforwards. In each period since its inception, the Company has recorded a valuation allowance for the full amount of its deferred tax assets, as the realization of the deferred tax asset is uncertain. As a result, the Company has not recognized any federal or state income tax benefit in its Consolidated Statement of Operations.

We remain subject to periodic audits and reviews by taxing authorities; however, we did not have any open income tax audits as of December 31, 2024. The federal tax returns for the years beginning 2021 remain open for examination. We have not recorded any unrecognized tax benefits related to uncertain tax positions as of December 31, 2024.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Share-based Compensation - Schedule of Restricted Stock Activity (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Shares
Non-vested, ending balance (in shares) \| shares	13,285
Restricted Stock
Shares
Non-vested, beginning balance (in shares) \| shares	12,812
Granted (in shares) \| shares	3,832
Vested (in shares) \| shares	(3,176)
Forfeited (in shares) \| shares	(183)
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, beginning balance (in usd per share) \| $ / shares	$ 4.72
Weighted average grant date fair value, Granted (in usd per share) \| $ / shares	4.75
Weighted average grant date fair value, Vested (in usd per share) \| $ / shares	4.60
Weighted average grant date fair value, Forfeited (in usd per share) \| $ / shares	5.71
Weighted average grant date fair value, ending balance (in usd per share) \| $ / shares	$ 4.71

Accrued and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2024

Accrued Liabilities and Other Liabilities [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	December 31,
	2024		2023
Rio Grande LNG Facility costs	$	276,137	$	268,821
Accrued interest	40,911		20,392
Employee compensation expense	13,425		9,270
Other accrued liabilities	17,088		7,632
Total accrued and other current liabilities	$	347,561	$	306,115

Debt - Term Loan, Unpaid Interest (Details) - Corporate Credit Agreement - Line of Credit	12 Months Ended
	Dec. 31, 2024
Debt Instrument, Redemption, Period One
Line of Credit Facility [Line Items]
Debt instrument, prepayment penalty percentage	100.00%
Debt Instrument, Redemption, Period Two
Line of Credit Facility [Line Items]
Debt instrument, prepayment penalty percentage	105.00%
Debt Instrument, Redemption, Period Three
Line of Credit Facility [Line Items]
Debt instrument, prepayment penalty percentage	102.50%
Debt Instrument, Redemption, Period Four
Line of Credit Facility [Line Items]
Debt instrument, prepayment penalty percentage	100.00%

Income Taxes - Narrative (Details)	Dec. 31, 2024 USD ($)
Income Tax Disclosure [Abstract]
Operating loss carryforwards	$ 370,500,000
Deferred tax assets, operating loss carryforwards, subject to expiration	26,100,000
Unrecognized tax benefits	$ 0

Net Loss Per Share - Anti-dilutive Securities (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive common shares (in shares)	9,146	6,390
Unvested stock and stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive common shares (in shares)	8,348	4,842
Common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive common shares (in shares)	798	1,548

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
U.S. federal statutory rate, beginning of year	21.00%	21.00%
Non-controlling interest	(27.00%)	(6.00%)
Officers' compensation	1.00%	(2.00%)
Valuation allowance	5.00%	(13.00%)
Effective tax rate as reported	0.00%	0.00%

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Note 3 — Property, Plant and Equipment

Property, plant and equipment consisted of the following (in thousands):


	December 31,
	2024		2023
Rio Grande LNG Facility under construction	$	5,009,239	$	2,431,389
Corporate and other	12,742		7,518
Total property, plant and equipment, at cost	5,021,981		2,438,907
Less: accumulated depreciation	(1,978)		(1,174)
Total property, plant and equipment, net	$	5,020,003	$	2,437,733

Supplemental Cash Flows (Details) - USD ($)	12 Months Ended
Supplemental Cash Flows (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Interest payments classified as operating activities	$ 3,557,000	$ 23,365,000
Accounts payable for acquisition of property, plant and equipment	242,057,000	238,105,000
Accruals for acquisition of property, plant and equipment	276,137,000	268,821,000
Non-cash settlement of warrant liabilities	8,571,000	0
Corporate fixed asset retirements	1,256,000	0
Non-cash issuance of the Warrants and associated discount to the Corporate Credit Agreement	28,595,000	0
Reclassification from other non-current assets to property, plant and equipment	1,867,000	9,006,000
Reclassification from other non-current assets to operating lease right-of-use assets	0	24,606,000
Accrued liabilities for debt and equity issuance costs	4,750,000	764,000
Paid-in-kind dividends on convertible preferred stock	$ 0	$ 20,431,000

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 13 — Commitments and Contingencies Legal Proceedings From time to time the Company may be subject to various claims and legal actions that arise in the ordinary course of business. As of December 31, 2024, management is not aware of any claims or legal actions that, separately or in the aggregate, are likely to have a material adverse effect on the Company’s financial position, results of operations or cash flows, although the Company cannot guarantee that a material adverse effect will not occur.

Consolidated Statement of Stockholders' Equity and Convertible Preferred Stock - USD ($) $ in Thousands	Total	Common stock	Treasury Stock	Additional paid-in-capital	Accumulated deficit	Non-controlling interest	Preferred Stock
Beginning balance at Dec. 31, 2022	$ 54,371	$ 14	$ (4,587)	$ 289,084	$ (230,140)		$ 202,443
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased related to share-based compensation			(9,627)
Share-based compensation				26,600
Issuance of common stock, net		6		254,394
Receipt of equity commitments				174,303
Sale of equity in Intermediate Holdings				(252,882)		$ 511,890
Preferred stock dividends				(20,484)			20,431
Preferred stock conversion		6		222,868			(222,874)
Subsidiary deconsolidation due to sale					629
Net income (loss) attributable to NextDecade Corporation	(221,640)				(162,261)	(59,379)
Ending balance at Dec. 31, 2023	740,434	26	(14,214)	693,883	(391,772)	452,511	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total stockholders' equity	287,923
Shares repurchased related to share-based compensation			(6,702)
Share-based compensation				20,041
Receipt of equity commitments				100,964		575,036
Exercise of common stock warrants				8,571
Warrants issued in connection with debt				28,595
Net income (loss) attributable to NextDecade Corporation	277,447				(61,751)	339,198
Ending balance at Dec. 31, 2024	1,744,386	$ 26	$ (20,916)	$ 852,054	$ (453,523)	$ 1,366,745
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total stockholders' equity	$ 377,641

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenues	$ 0	$ 0
Operating expenses:
General and administrative expense	150,109	111,468
Development expense	8,260	4,891
Lease expense	10,775	6,141
Depreciation expense	1,931	168
Total operating expenses	171,075	122,668
Total operating loss	(171,075)	(122,668)
Other income (expense):
Derivative gain (loss), net	586,541	(44,803)
Interest expense, net of capitalized interest	(87,539)	(50,285)
Loss on debt extinguishment	(49,314)	(9,531)
Other (expense) income, net	(1,166)	5,647
Total other income (expense)	448,522	(98,972)
Net income (loss) attributable to NextDecade Corporation	277,447	(221,640)
Less: net income (loss) attributable to non-controlling interest	339,198	(59,379)
Less: preferred stock dividends	0	20,484
Net loss attributable to common stockholders	$ (61,751)	$ (182,745)
Net loss per common share - basic (in usd per share)	$ (0.24)	$ (0.94)
Net loss per common share - diluted (in usd per share)	$ (0.24)	$ (0.94)
Weighted average shares outstanding - basic (in shares)	258,535	194,595
Weighted average shares outstanding - diluted (in shares)	258,535	194,595

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2024
Equity [Abstract]
Stockholders' Equity	Note 9 — Stockholders' Equity As discussed in Note 7 , Debt, on December 31, 2024 (the “Issuance Date”), the Warrants were issued in two tranches giving the lender the right to purchase up to approximately 3.6 million shares of our common stock at $7.15 per share (“Tranche A”) and an additional approximately 3.6 million shares of our common stock at $9.30 per share (“Tranche B”). The Warrants may be exercised by the holder solely on a cashless exercise basis at any time prior to December 31, 2029. The Company, at its discretion, may cause Tranche A to be exercised on a cash exercise basis (i) on any date between June 30, 2026 and December 31, 2026, if the 30-day volume weighted average trading price (“VWAP”) of the Company equals or exceeds $13.50 per share and the closing price for the Company's common stock exceeds such VWAP immediately prior to the date of exercise, or (ii) on any date between January 1, 2027 and July 1, 2027, if the 30-day VWAP for the Company's common stock equals or exceeds $15.00 per share and the closing price of the Company's common stock exceeds such VWAP immediately prior to the date of exercise, provided that in each case (a) a final investment decision on the fourth liquefaction train of the Rio Grande LNG Facility has been taken and (b) certain liquidity conditions regarding the holders ability to sell the shares of the Company's common stock have been met. The Warrants were valued using a Monte Carlo model that resulted in a relative fair value of approximately $28.6 million on the Issuance Date and are not subject to subsequent remeasurement. The Warrants have been classified as equity and are recognized within Additional paid-in capital on our Consolidated Balance Sheets.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Share-based Compensation - Schedule of Stock Option Transactions (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Stock Options
Outstanding, beginning balance (in shares) \| shares	1,479
Granted (in shares) \| shares	1,479
Exercises (in shares) \| shares	0
Forfeited (in shares) \| shares	0
Outstanding, ending balance (in shares) \| shares	0
Stock Options exercisable (in shares) \| shares	0
Weighted Average Exercise Price
Outstanding, beginning balance (in usd per share) \| $ / shares	$ 0
Granted (in usd per share) \| $ / shares	10.00
Exercised (in usd per share) \| $ / shares	0
Fortified (in usd per share) \| $ / shares	0
Outstanding, ending balance (in usd per share) \| $ / shares	10.00
Exercisable (in usd per share) \| $ / shares	$ 0

Leases - Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating cash flows for amounts paid included in the measurement of operating lease liabilities	$ 8,022	$ 3,122
Noncash right-of-use assets recorded for new operating lease liabilities during the period	$ 0	$ 147,727

Accrued and Other Current Liabilities - Summary of Accrued Liabilities and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accrued Liabilities and Other Liabilities [Abstract]
Rio Grande LNG Facility costs	$ 276,137	$ 268,821
Accrued interest	40,911	20,392
Employee compensation expense	13,425	9,270
Other accrued liabilities	17,088	7,632
Total accrued and other current liabilities	$ 347,561	$ 306,115

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2024	Feb. 20, 2025	Jun. 28, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-36842
Entity Registrant Name	NEXTDECADE CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-5723951
Entity Address, Address Line One	1000 Louisiana Street, Suite 3300
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	713
Local Phone Number	574-1880
Title of 12(b) Security	Common stock $0.0001 par value
Trading Symbol	NEXT
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 1.1
Entity Common Stock, Shares Outstanding		260,442,494
Documents Incorporated by Reference	Documents incorporated by reference: Portions of the definitive proxy statement for the registrant's Annual Meeting of Stockholders (to be filed within 120 days of the close of the registrant's fiscal year) are incorporated by reference into Part III of this Form 10-K.
Entity Central Index Key	0001612720
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2024
Amendment Flag	false

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Derivatives - Narrative (Details) - Interest Rate Swap - USD ($) $ in Millions	1 Months Ended
	Jun. 30, 2024	Dec. 31, 2024
Derivative [Line Items]
Derivative, maximum notional amount, increase (decrease)	$ 583.1
Realized derivative gain (loss)	$ 30.9
Fair Value, Inputs, Level 2
Derivative [Line Items]
Derivative liability		$ 488.9

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(9)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5C
-Subparagraph (SX 210.12-13C(Column H)(Footnote 7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(9)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(9)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SX 210.12-13(Column G)(Footnote 8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5C
-Subparagraph (SX 210.12-13C(Column H))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5C

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SX 210.12-13(Column G))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5A
-Subparagraph (SX 210.12-13A(Column E))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5A

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5B
-Subparagraph (SX 210.12-13B(Column E))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5B
-Subparagraph (SX 210.12-13B(Column E)(Footnote 4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-3

Reference 28: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483444/210-20-55-22

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483444/210-20-55-10

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

+ Details

Share-based Compensation - Assumptions Used in Estimating Fair Value of Stock Options (Details) - Stock Options	12 Months Ended
	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	6 years 6 months
Expected volatility	76.00%
Expected dividend yield	0.00%
Risk-free rate	3.80%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Debt - Summary of Credit Facilities Outstanding (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Outstanding balance	$ 1,248,000,000	$ 543,000,000
Corporate Credit Agreement \| Line of Credit
Line of Credit Facility [Line Items]
Line of credit	175,000,000
CD Senior Working Capital Facility
Line of Credit Facility [Line Items]
Line of credit	500,000,000
Outstanding balance	0	0
Letters of credit issued	217,225,000
Available commitment	$ 282,775,000
Interest rate on outstanding balance	2.25%
Commitment fees on undrawn balance	0.68%
CD Credit Facility
Line of Credit Facility [Line Items]
Line of credit	$ 8,448,000,000
Outstanding balance	1,022,000,000	484,000,000
Letters of credit issued	0
Available commitment	$ 7,426,000,000
Interest rate on outstanding balance	2.25%
Commitment fees on undrawn balance	0.68%
TCF Credit Facility
Line of Credit Facility [Line Items]
Line of credit	$ 800,000,000
Outstanding balance	226,000,000	$ 59,000,000
Letters of credit issued	0
Available commitment	$ 574,000,000
Interest rate on outstanding balance	2.25%
Commitment fees on undrawn balance	0.68%

Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Lessee, Operating Lease, Liability, to be Paid, Maturity

Maturity of operating lease liabilities as of December 31, 2024 are as follows (in thousands, except lease term and discount rate):


2025	$	7,608
2026	9,522
2027	9,565
2028	9,609
2029	9,654
Thereafter	189,589
Total undiscounted lease payments	235,547
Discount to present value	(88,502)
Present value of lease liabilities	$	147,045

Weighted average remaining lease term - years	26.8
Weighted average discount rate - percent	4.1

Lease, Cost

Other information related to our operating leases is as follows (in thousands):


	Year Ended December 31,
	2024		2023
Operating cash flows for amounts paid included in the measurement of operating lease liabilities	$	8,022	$	3,122
Noncash right-of-use assets recorded for new operating lease liabilities during the period	—		147,727

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation of the federal statutory income tax rate to our effective income tax rate is as follows:


	Year Ended December 31,
	2024				2023
U.S. federal statutory rate, beginning of year	21	%			21	%
Non-controlling interest	(27)				(6)
Officers' compensation	1				(2)

Valuation allowance	5				(13)
Effective tax rate as reported	—	%	—	%	—	%

Schedule of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities at December 31, 2024 and 2023 are as follows (in thousands):


	December 31,
	2024		2023
Deferred tax assets
Net operating loss carryforwards and credits	$	78,779	$	54,839
Investment in Intermediate Holdings	17,774		31,782

Operating lease liabilities	3,131		2,972
Other	8,283		4,996
Less: valuation allowance	(104,685)		(91,465)
Total deferred tax assets	3,282		3,124

Deferred tax liabilities
Operating lease right-of-use assets	(2,564)		(2,809)
Other	(718)		(315)
Total deferred tax liabilities	(3,282)		(3,124)

Net deferred tax assets (liabilities)	$	—	$	—

Background and Basis of Presentation	12 Months Ended
Background and Basis of Presentation	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Background and Basis of Presentation	Note 1 — Background and Basis of Presentation NextDecade Corporation, a Delaware corporation, is a Houston-based energy company primarily engaged in construction and development activities related to the liquefaction of natural gas and sale of LNG and the capture and storage of CO2 emissions. We are constructing a natural gas liquefaction and export facility located in the Rio Grande Valley near Brownsville, Texas (the “Rio Grande LNG Facility”). The Rio Grande LNG Facility has received Federal Energy Regulatory Commission (“FERC”) approval and Department of Energy (“DOE”) FTA and non-FTA authorizations for the construction of five liquefaction trains and LNG exports totaling 27 million tonnes per annum (“MTPA”). The Rio Grande LNG Facility has three liquefaction trains and related infrastructure (“Phase 1”) under construction while liquefaction trains 4 and 5 are currently being commercialized. We are also developing and seeking to commercialize potential carbon capture and storage (“CCS”) projects. We are also developing and beginning the permitting process for expansion trains 6 through 8 at the Rio Grande LNG Facility and developing a potential carbon capture and storage (“CCS”) project at the Rio Grande LNG Facility. On August 6, 2024, the U.S. Court of Appeals for the D.C. Circuit (the “Court”) issued a decision vacating the FERC’s reauthorization of the Rio Grande LNG Facility on the grounds that the FERC should have issued a supplemental Environmental Impact Statement (“EIS”) during its remand process. The Court’s decision will not be effective until the Court has issued its mandate, which is not expected to occur until after the appeals process has been completed. At this time, construction continues on Phase 1 at the Rio Grande LNG Facility. Basis of Presentation Our Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). All intercompany accounts and transactions have been eliminated in consolidation. Certain reclassifications have been made to conform prior period information to the current presentation. The reclassifications did not have a material effect on the Company's financial position, results of operations or cash flows. In the fourth quarter we changed the presentation of certain amounts previously presented as additional paid-in-capital to be presented as non-controlling interest, which did not change total equity or otherwise materially change the consolidated financial statements. The Company's consolidated financial statements have been prepared assuming it will continue as a going concern. The going concern assumption contemplates the continuity of operations, and the realization of assets and the satisfaction of liabilities in the ordinary course of business. The Company has generated negative cash flows from operations and has an accumulated deficit as of December 31, 2024. The Company believes the conditions and events, which previously raised substantial doubt about its ability to continue as a going concern, no longer exist following the execution of the credit agreement (the “Corporate Credit Agreement”), as disclosed in Note 7 – Debt. Accordingly, its current cash and cash equivalents will be sufficient to fund its operations for at least the next 12 months after the date the consolidated financial statements are issued.

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

Potentially dilutive securities not included in the diluted net loss per share computations because their effect would have been anti-dilutive were as follows (in thousands):


	Year Ended December 31,
	2024	2023
Unvested stock and stock units (1)	8,348	4,842
Common stock warrants	798	1,548
Total potentially dilutive common shares	9,146	6,390

(1) Includes the impact of unvested shares containing performance conditions to the extent that the underlying performance conditions are satisfied based on actual results as of the respective dates.

Net Loss Per Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

Note 10 — Net Loss Per Share

Potentially dilutive securities not included in the diluted net loss per share computations because their effect would have been anti-dilutive were as follows (in thousands):


	Year Ended December 31,
	2024	2023
Unvested stock and stock units (1)	8,348	4,842
Common stock warrants	798	1,548
Total potentially dilutive common shares	9,146	6,390

(1) Includes the impact of unvested shares containing performance conditions to the extent that the underlying performance conditions are satisfied based on actual results as of the respective dates.

Share-based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Share-based Compensation

Note 11 — Share-based Compensation

We have granted restricted stock and restricted stock units (collectively, “Restricted Stock”), as well as unrestricted stock and stock options, to employees, consultants and non-employee directors under our 2017 Omnibus Incentive Plan.

For the years ended December 31, 2024 and 2023, the Company recognized approximately $19.9 million and $26.6 million, respectively, of share-based compensation expense related to all share-based awards. As of December 31, 2024, unrecognized compensation expense, based on the grant date fair value, for all share-based awards totaled approximately $53.6 million, of which $39.8 million is expected to be recognized over a weighted-average period of 1.5 years.

Restricted Stock

Upon the vesting of restricted stock, shares of common stock will be released to the grantee. Upon the vesting of certain restricted stock units, the units will be converted into shares of common stock and released to the grantee. As of December 31, 2024, there was no Restricted Stock that would be required to be settled in cash.

As of December 31, 2024, we had approximately 8.8 million shares of service-based Restricted Stock outstanding and 4.5 million shares of performance-based Restricted Stock. The fair value of the Restricted Stock was established by the market price on the date of grant and, for service-based awards, is being recognized as compensation expense ratably over the vesting term.

The table below provides a summary of our Restricted Stock transactions for the year ended December 31, 2024 (in thousands, except for per share information):


	Shares	Weighted Average Grant Date Fair Value
Unvested at January 1, 2024	12,812	$	4.72
Granted	3,832	4.75
Vested	(3,176)	4.60
Forfeited	(183)	5.71
Unvested at December 31, 2024	13,285	$	4.71

Stock Options

During the year ended December 31, 2024, certain 2017 Plan participants were granted non-qualified options to purchase shares of common stock. Stock options were granted at an exercise price of $10.00, which was above the market price of the common stock on the date of grant. Stock options vest after three years of service or as otherwise set forth in the underlying award agreement. Vested options shall be exercisable at such time and under such conditions set forth in the underlying award agreement, but in no event shall any option be exercisable later than the tenth anniversary of the date of grant.

The following table provides a summary of our stock option transactions for the year ended December 31, 2024 (stock options in thousands):


	Stock Options	Weighted Average Exercise Price
Outstanding at January 1, 2024	—	$	—
Granted	1,479	10.00
Exercised	—	—
Forfeited	—	—
Outstanding at December 31, 2024	1,479	$	10.00
Exercisable at December 31, 2024	—	$	—

The fair value of each stock option award was estimated using the Black-Scholes option pricing model which resulted in a grant date fair value of $2.69. Valuation assumptions used to determine the grant date fair value were as follows:


Expected term (in years)	6.5
Expected volatility	76.0	%
Expected dividend yield	—	%
Risk-free rate	3.8	%

Due to our limited history, the Company has elected to apply the simplified method to determine the expected term. Additionally, due to our limited history, expected volatility is based on a blend of our historical volatility and our implied volatility. The expected dividend yield is based on our historical yields on the date of grant. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant.

Supplemental Cash Flows

12 Months Ended

Dec. 31, 2024

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flows

Note 14 — Supplemental Cash Flows

The following table provides supplemental disclosure of cash flow information (in thousands):


	Year Ended December 31,
	2024		2023
Interest payments classified as operating activities	$	3,557	$	23,365
Accounts payable for acquisition of property, plant and equipment	242,057		238,105
Accruals for acquisition of property, plant and equipment	276,137		268,821
Non-cash settlement of warrant liabilities	8,571		—
Corporate fixed asset retirements	1,256		—
Non-cash issuance of the Warrants and associated discount to the Corporate Credit Agreement	28,595		—
Reclassification from other non-current assets to property, plant and equipment	1,867		9,006
Reclassification from other non-current assets to operating lease right-of-use assets	—		24,606
Accrued liabilities for debt and equity issuance costs	4,750		764
Paid-in-kind dividends on convertible preferred stock	—		20,431

Debt

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Debt

Note 7 — Debt

Debt consisted of the following (in thousands):


	December 31,
	2024		2023
Senior Secured Notes and Loans:
6.67% Senior Secured Notes due 2033	$	700,000	$	700,000
6.85% Senior Secured Notes due 2047	190,000		—
6.58% Senior Secured Notes due 2047	1,115,000		—
6.72% Senior Secured Loans due 2033	356,000		356,000
7.11% Senior Secured Loans due 2047	251,000		251,000
Total Senior Secured Notes and Loans	2,612,000		1,307,000
12.00% Corporate Credit Agreement due 2030	175,000		—
Credit Facilities:
CD Senior Working Capital Facility	—		—
CD Credit Facility	1,022,000		484,000
TCF Credit Facility	226,000		59,000
Total Credit Facilities	1,248,000		543,000
Total debt	4,035,000		1,850,000
Unamortized debt issuance costs	(114,575)		(33,699)
Total debt, net	$	3,920,425	$	1,816,301

Senior Secured Notes and Loans

The 6.67% Senior Secured Notes, 6.85% Senior Secured Notes and 6.58% Senior Secured Notes (collectively, the “Senior Secured Notes”) as well as the 6.72% Senior Secured Loans and 7.11% Senior Secured Loans (collectively, the “Senior Secured Loans”) are senior secured obligations of Rio Grande, ranking senior in right of payment to any and all of Rio Grande’s future indebtedness that is subordinated to the Senior Secured Notes and the Senior Secured Loans, and equal in right of payment with Rio Grande’s other existing and future indebtedness that is senior and secured by the same collateral securing the Senior Secured Notes and Senior Secured Loans. The Senior Secured Notes and Senior Secured Loans are secured on a first-priority basis by a security interest in all of the membership interests in Rio Grande and substantially all of Rio Grande’s assets, on a pari passu basis with the CD Credit Agreement and the TCF Credit Facility.

Corporate Credit Agreement

On December 31, 2024, Super Holdings, a wholly-owned subsidiary of the Company, entered into a credit agreement (the “Corporate Credit Agreement”) to borrow an aggregate principal amount of $175.0 million.

The Corporate Credit Agreement matures on December 31, 2030 and bears a fixed annual interest rate of 12.0% which is payable quarterly. The Company may elect to add to the outstanding principal as paid-in-kind interest with respect to the first eight interest payment dates and may elect 50% as paid-in-kind interest of each interest payment date thereafter.

The Company may prepay the principal of the Corporate Credit Agreement, plus any unpaid interest, as follows:


Prepayment Prior To (1)						% of Principal
December 31, 2026						100.0%
December 31, 2027						105.0%
December 31, 2028						102.5%
December 31, 2030						100.0%

(1) Prepayment prior to December 31, 2026 would require an additional make whole premium.

In conjunction with the Corporate Credit Agreement, we issued to the lender warrants to purchase 7.2 million shares of our common stock (the “Warrants”). The relative fair value of the Warrants of approximately $28.6 million has been recognized as a discount to the Corporate Credit Agreement. For more information about the Warrants, see Note 9 , Stockholders’ Equity.

Credit Facilities

Below is a summary of our committed credit facilities as of December 31, 2024 (in thousands):


	CD Senior Working Capital Facility		CD Credit Facility		TCF Credit Facility
Total facility size	$	500,000	$	8,448,000	$	800,000
Less:
Outstanding balance	—		1,022,000		226,000
Letters of credit issued	217,225		—		—
Available commitment	$	282,775	$	7,426,000	$	574,000

Priority ranking	Senior secured		Senior secured		Senior secured
Interest rate on outstanding balance	SOFR plus margin of 2.25%		SOFR plus margin of 2.25%		SOFR plus margin of 2.25%
Commitment fees on undrawn balance	0.68 %		0.68 %		0.68 %
Maturity date	July 12, 2030		July 12, 2030		July 12, 2030

The obligations of Rio Grande under the CD Senior Working Capital Facility and CD Credit Facility are secured by substantially all of the assets of Rio Grande as well as a pledge of all of the membership interests in Rio Grande on a first-priority, pari passu basis with the Senior Secured Notes, the Senior Secured Loans and the loans made under the TCF Credit Facility.

The obligations of Rio Grande under the TCF Credit Agreement are secured by substantially all of the assets of Rio Grande as well as a pledge of all of the membership interests in Rio Grande on a first-priority, pari passu basis with the Senior Secured Notes, the Senior Secured Loans and the loans made under the CD Credit Agreement. Total Energies Holdings SAS provides contingent credit support to the lenders under the TCF Credit Agreement to pay past due amounts owing from Rio Grande under the agreement upon demand.

Restrictive Debt Covenants

The CD Credit Facility and the TCF Credit Facility (collectively, the “Rio Grande Facilities”) include certain covenants and events of default customary for project financings, including a requirement that interest rates for a minimum of 75% of the projected and outstanding principal amount be hedged or have fixed interest rates. The Rio Grande Facilities, the Senior Secured Loans, and Senior Secured Notes require Rio Grande to maintain a historical debt service coverage ratio of at least 1.10:1.00 at the end of each fiscal quarter starting from the initial principal payment date.

With respect to certain events, including a change of control event and receipt of certain proceeds from asset sales, events of loss or liquidated damages, the Senior Secured Notes and Senior Secured Loans requires Rio Grande to make an offer to repay the amounts outstanding at 101% (with respect to a change of control event) or par (with respect to each other event).

The Corporate Credit Agreement permits subsidiaries of Super Holdings to incur indebtedness to fund project-level equity in support of the construction of the fourth and fifth liquefaction trains of the Rio Grande LNG Facility, subject to the terms and conditions provided therein, including that Super Holdings make an offer to prepay the Corporate Credit Agreement in full at par plus accrued and unpaid interest.

As of December 31, 2024, Rio Grande was in compliance with all covenants related to its respective debt agreements.

Debt Extinguishments

As of December 31, 2024, the Company has made repayments of $1,338.2 million. As a result of these repayments, the Company recognized an approximate $49.3 million loss on extinguishment for the year ended December 31, 2024.

Debt Maturities


Years Ending December 31,	Principal Payments
2025 - 2029	$	—
Thereafter	4,035,000
Total	$	4,035,000

Interest Expense

Total interest expense, net of capitalized interest, consisted of the following (in thousands):


	Year Ended December 31,
	2024		2023
Interest per contractual rate	$	194,873	$	43,268
Amortization of debt issuance costs	65,336		41,390
Other interest costs	3,148		—
Total interest cost	263,357		84,658
Capitalized interest	(175,818)		(34,373)
Total interest expense, net of capitalized interest	$	87,539	$	50,285

Fair Value Disclosures

The following table shows the carrying amount and estimated fair value of our debt (in thousands):


	December 31, 2024				December 31, 2023
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Senior Secured Notes	$	2,005,000	$	1,984,836	$	700,000	$	743,593
Senior Secured Loans	607,000		609,082		607,000		632,998
Corporate Credit Agreement	175,000		169,750		—		—

The fair value of the Company's Senior Secured Notes, Senior Secured Loans and Corporate Credit Agreement represent Level 2 instruments in the fair value hierarchy. The fair value of the Company’s CD Credit Facility and TCF Credit Facility approximates its' carrying amount due to its variable interest rate, which approximates a market interest rate.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Debt - Summary of Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Interest per contractual rate	$ 194,873	$ 43,268
Amortization of debt issuance costs	65,336	41,390
Other interest costs	3,148	0
Total interest cost	263,357	84,658
Capitalized interest	(175,818)	(34,373)
Total interest expense, net of capitalized interest	$ 87,539	$ 50,285

- Definition

Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.

+ References + Details

Stockholders' Equity (Details) $ / shares in Units, shares in Millions, $ in Millions	Dec. 31, 2024 USD ($) tranche $ / shares shares
Subsidiary, Sale of Stock [Line Items]
Number of tranches \| tranche	2
Warrants purchased (in shares) \| shares	7.2
Warrants and rights outstanding \| $	$ 28.6
Warrant, Tranche A
Subsidiary, Sale of Stock [Line Items]
Warrants purchased (in shares) \| shares	3.6
Exercise price (in dollars per share)	$ 7.15
Days used to determine VWAP	30 days
Volume weighted average trading price threshold, minimum	$ 13.50
Warrant, Tranche B
Subsidiary, Sale of Stock [Line Items]
Warrants purchased (in shares) \| shares	3.6
Exercise price (in dollars per share)	$ 9.30
Days used to determine VWAP	30 days
Volume weighted average trading price threshold, minimum	$ 15.00

Accrued and Other Current Liabilities

12 Months Ended

Dec. 31, 2024

Accrued Liabilities and Other Liabilities [Abstract]

Accrued and Other Current Liabilities

Note 6 — Accrued and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	December 31,
	2024		2023
Rio Grande LNG Facility costs	$	276,137	$	268,821
Accrued interest	40,911		20,392
Employee compensation expense	13,425		9,270
Other accrued liabilities	17,088		7,632
Total accrued and other current liabilities	$	347,561	$	306,115

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Our Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). All intercompany accounts and transactions have been eliminated in consolidation. Certain reclassifications have been made to conform prior period information to the current presentation. The reclassifications did not have a material effect on the Company's financial position, results of operations or cash flows. In the fourth quarter we changed the presentation of certain amounts previously presented as additional paid-in-capital to be presented as non-controlling interest, which did not change total equity or otherwise materially change the consolidated financial statements. The Company's consolidated financial statements have been prepared assuming it will continue as a going concern. The going concern assumption contemplates the continuity of operations, and the realization of assets and the satisfaction of liabilities in the ordinary course of business. The Company has generated negative cash flows from operations and has an accumulated deficit as of December 31, 2024. The Company believes the conditions and events, which previously raised substantial doubt about its ability to continue as a going concern, no longer exist following the execution of the credit agreement (the “Corporate Credit Agreement”), as disclosed in Note 7 – Debt. Accordingly, its current cash and cash equivalents will be sufficient to fund its operations for at least the next 12 months after the date the consolidated financial statements are issued.
Variable Interest Entities (“VIEs”) and Non-Controlling Interests	Variable Interest Entities (“VIEs”) and Non-Controlling Interests The Company makes a determination at the inception of each arrangement whether an entity in which the Company has made an investment, sold equity in a subsidiary or in which it has other variable interests is considered a VIE. Generally, an entity is a VIE if either (1) the entity does not have sufficient equity at risk to finance its activities without additional subordinated financial support from other parties, (2) the entity's investors lack any characteristics of a controlling financial interest or (3) the entity was established with non-substantive voting rights. The Company consolidates VIEs when it is deemed to be the primary beneficiary. The primary beneficiary of a VIE is generally the party that has the power to make decisions that most significantly affect the economic performance of the VIE and has the obligation to absorb losses or the right to receive benefits that in either case, could be potentially significant to the VIE.
Non-controlling interests	When the Company consolidates an entity, 100% of the assets, liabilities, revenues and expenses of the entity are included in the Company's Consolidated Financial Statements. For those consolidated entities in which the Company owns less than 100%, the Company records a non-controlling interest as a component of equity in the Consolidated Balance Sheets, which represent the third party ownership in the net assets of the respective consolidated subsidiary. Additionally, the portion of the net income or loss attributable to the non-controlling interest is reported as net loss attributable to non-controlling interest on the Consolidated Statements of Operations.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and the accompanying notes. Management evaluates its estimates and related assumptions on a regular basis. Changes in facts and circumstances or additional information may result in revised estimates, and actual results may differ from these estimates.
Concentrations of Cash and Cash, Cash Equivalents and Restricted Cash	Concentrations of Cash We maintain cash balances and restricted cash at financial institutions, which may, at times, be in excess of federally insured levels. We have not incurred losses related to these balances to date. Cash, Cash Equivalents and Restricted Cash We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents that are restricted as to withdrawal or use under the terms of certain contractual agreements are recorded in Restricted cash on our Consolidated Balance Sheets.
Property, Plant and Equipment	Property, Plant and Equipment Fixed assets are recorded at cost. We depreciate our property, plant and equipment, excluding land, using the straight-line depreciation method over the estimated useful life of the asset. Upon retirement or other disposition of property, plant and equipment, the cost and related accumulated depreciation are removed, and the resulting gains or losses are recorded in our Consolidated Statements of Operations. Management tests property, plant and equipment for impairment whenever there are indicators that the carrying amount of property, plant and equipment might not be recoverable.
Derivative Instruments	Derivative Instruments The Company uses derivative instruments to hedge its exposure to cash flow variability from interest rate risk. Derivative instruments are recorded at fair value and included in the Consolidated Balance Sheets as current or non-current assets or liabilities depending on the derivative position and the expected timing of settlement.
Leases	Leases The Company determines if a contractual arrangement represents or contains a lease at inception. Operating leases with lease terms greater than twelve months are included in Operating lease right-of-use assets and Operating lease liabilities in the Consolidated Balance Sheets. Operating lease right-of-use assets and lease liabilities are recognized at the commencement date based on the present value of the future lease payments over the lease term. The Company utilizes its incremental borrowing rate in determining the present value of the future lease payments. The incremental borrowing rate is derived from information available at the lease commencement date and represents the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term and amount equal to the lease payments in a similar economic environment. The right-of-use assets and lease liabilities may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company has lease arrangements that include both lease and non-lease components. The Company accounts for non-lease components separately from the lease component.
Warrants	Warrants The Company determines the accounting classification of warrants that are issued, as either liability or equity, by first assessing whether the warrants meet liability classification in accordance with Accounting Standards Codification (“ASC”) 480 Distinguishing Liabilities from Equity (“ASC 480”), and then in accordance with ASC 815-40, Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company’s Own Stock (“ASC 815-40”). Under ASC 480, warrants are considered liability classified if the warrants are mandatorily redeemable, obligate the issuer to settle the warrants or the underlying shares by paying cash or other assets, or must or may require settlement by issuing a variable number of shares. If warrants do not meet liability classification under ASC 480, the Company assesses the requirements under ASC 815-40, which states that contracts that require or may require the issuer to settle the contract for cash or a variable number of shares are liabilities recorded at fair value, irrespective of the likelihood of the transaction occurring that triggers the net cash settlement feature. If the warrants do not require liability classification under ASC 815-40, in order to conclude equity classification, the Company assesses whether the warrants are indexed to our common stock and whether the warrants are classified as equity under ASC 815-40 or other applicable GAAP. After all relevant assessments are made, the Company concludes whether the warrants are classified as liability or equity. Liability classified warrants are required to be accounted for at fair value both on the date of issuance and on subsequent accounting period ending dates, with all changes in fair value after the issuance date recorded in the statements of operations as a gain or loss. Equity classified warrants are accounted for at fair value on the issuance date with no changes in fair value recognized after the issuance date.
Debt	Debt Discounts, fees and expenses incurred with the issuance of debt are amortized over the term of the debt. These amounts are presented as a reduction of our indebtedness on the accompanying Consolidated Balance Sheets.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company uses three levels of the fair value hierarchy of inputs to measure the fair value of an asset or a liability. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are inputs other than quoted prices included within Level 1 that are directly or indirectly observable for the asset or liability. Level 3 inputs are inputs that are not observable in the market. The Company is subject to all three levels of the fair value hierarchy.
Net Loss Per Share	Net Loss Per Share Basic net loss per share excludes dilution and is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted net loss per share reflects potential dilution and is computed by dividing net loss by the weighted average number of common shares outstanding during the period increased by the number of additional common shares that would have been outstanding if the potential common shares had been issued and were dilutive.
Share-based Compensation	Share-based Compensation We recognize share-based compensation at fair value on the date of grant. The fair value is recognized as expense over the requisite service period using the straight-line method. For equity-classified share-based compensation awards, compensation cost is recognized based on the grant-date fair value using the quoted market price of our common stock and not subsequently remeasured. The fair value is recognized as expense, net of any capitalization, using the straight-line basis for awards that vest based on service conditions and using the graded-vesting attribution method for awards that vest based on performance conditions. We estimate the service periods for performance awards utilizing a probability assessment based on when we expect to achieve the performance conditions. For liability classified share-based compensation awards, compensation cost is initially recognized on the grant date using estimated payout levels. Compensation cost is subsequently adjusted quarterly to reflect the updated estimated payout levels based on the changes in our stock price. We account for forfeitures as they occur.
Income Taxes	Income Taxes Provisions for income taxes are based on taxes payable or refundable for the current year and deferred taxes on temporary differences between the tax basis of assets and liabilities and their reported amounts in the Consolidated Financial Statements. Deferred tax assets and liabilities are included in the Consolidated Financial Statements at currently enacted income tax rates applicable to the period in which the deferred tax assets and liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the current period’s provision for income taxes. A valuation allowance is recorded to reduce the carrying value of our net deferred tax assets when it is more likely than not that a portion or all of the deferred tax assets will expire before realization of the benefit or future deductibility is not probable. We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the tax position.
Segments	Segments The Company’s chief operating decision maker, the Chief Executive Officer, allocates resources and assesses financial performance on a consolidated basis. As such, for purposes of financial reporting under U.S. GAAP during the years ended December 31, 2024 and 2023, the Company operated as a single operating segment. As the Company is a single operating segment, our segment profit or loss, assets and expenditures for additions to long-lived assets are reported as part of our consolidated financial statements. The Company does not currently generate revenues, and it is not expected to until Phase 1 operations commence. The Company has adopted ASU 2023-07, “Segment Reporting (Topic 280)”, effective retrospectively for the year ended December 31, 2024.

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment consisted of the following (in thousands):


	December 31,
	2024		2023
Rio Grande LNG Facility under construction	$	5,009,239	$	2,431,389
Corporate and other	12,742		7,518
Total property, plant and equipment, at cost	5,021,981		2,438,907
Less: accumulated depreciation	(1,978)		(1,174)
Total property, plant and equipment, net	$	5,020,003	$	2,437,733

Leases - Maturity of Operating Lease (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Leases [Abstract]
2025	$ 7,608
2026	9,522
2027	9,565
2028	9,609
2029	9,654
Thereafter	189,589
Total undiscounted lease payments	235,547
Discount to present value	(88,502)
Present value of lease liabilities	$ 147,045
Weighted average remaining lease term - years	26 years 9 months 18 days
Weighted average discount rate - percent	4.10%

Leases - Narrative (Details) $ in Millions	12 Months Ended
Leases - Narrative (Details) $ in Millions	Dec. 31, 2024 USD ($) renewal_period	Dec. 31, 2023 USD ($)
Leases [Abstract]
Term of contract	30 years
Number of consecutive renewal term \| renewal_period	2
Renewal term	10 years
Operating lease costs \| $	$ 10.8	$ 6.1

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Auditor Information [Abstract]
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	Houston, TexasFebruary 27, 2025

Share-based Compensation - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based payment arrangement, expense	$ 19.9	$ 26.6
Share-based compensation, granted in period, fair value	53.6
Total unrecognized compensation costs	$ 39.8
Total unrecognized compensation costs, period for recognition	1 year 6 months
Share-based compensation outstanding (in shares)	13,285
Options granted, exercise price (in usd per share)	$ 10.00
Award vesting period	3 years
Grant date fair value (in usd per share)	$ 2.69
Service Based Restricted Stock
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation outstanding (in shares)	8,800
Performance Based Restricted Stock
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation outstanding (in shares)	4,500

Derivatives (Tables)

12 Months Ended

Dec. 31, 2024

Derivative [Abstract]

Schedule of Derivative Instruments

As of December 31, 2024, Rio Grande has the following Swaps outstanding (in thousands):


Initial Notional Amount		Maximum Notional Amount		Maturity (1)	Weighted Average Fixed Interest Rate Paid		Variable Interest Rate Received
$	123,000	$	7,916,900	2048	3.4	%	USD - SOFR

(1) Swaps have an early mandatory termination date in July 2030.

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

Variable Interest Entity

12 Months Ended

Dec. 31, 2024

Variable Interest Entity, Measure of Activity [Abstract]

Variable Interest Entity

Note 8 — Variable Interest Entity

Intermediate Holdings and its wholly owned subsidiaries, including Rio Grande, have been formed to undertake Phase 1 of the construction and operation of the Rio Grande LNG Facility. The Company is not obligated to fund losses of Intermediate Holdings, however, the Company's capital account, which would be considered in allocating the net assets of Intermediate Holdings were it to be liquidated, continues to share in losses of Intermediate Holdings. Further, Rio Grande has granted the Company decision-making rights regarding the construction of Phase 1 of the Rio Grande LNG Facility and key aspects of its operation, which may only be terminated by equity holders for cause, via agreements with NextDecade LLC. Due to the foregoing, the Company determined that it holds a variable interest in Rio Grande through Intermediate Holdings and is its primary beneficiary, and therefore consolidates Intermediate Holdings in these Consolidated Financial Statements.

The following table presents the summarized assets and liabilities (in thousands) of Intermediate Holdings, which are included in the Company's Consolidated Balance Sheets. The assets in the table below may only be used to settle the obligations of Rio Grande. In addition, there is no recourse to us for the consolidated VIE’s liabilities. The assets and liabilities in the table below include assets and liabilities of Intermediate Holdings and its subsidiaries only and exclude

intercompany balances between Intermediate Holdings and NextDecade, which are eliminated in the Consolidated Financial Statements of NextDecade.


	December 31,
	2024		2023
Assets
Current assets:
Restricted cash	$	244,625	$	256,237
Derivatives	16,867		17,958
Prepaid expenses and other current assets	1,084		108
Total current assets	262,576		274,303
Property, plant and equipment, net	5,007,345		2,428,583
Operating lease right-of-use assets	153,679		157,053
Deferred financing fees	317,788		389,695
Derivatives	472,057		—
Other non-current assets	15,407		9,374
Total assets	$	6,228,852	$	3,259,008

Liabilities
Current liabilities:
Accounts payable	$	242,689	$	238,582
Accrued liabilities and other current liabilities	321,162		288,779
Operating leases	2,649		2,554
Total current liabilities	566,500		529,915
Operating leases	129,253		131,901
Derivatives	—		66,899
Debt, net	3,788,802		1,816,301
Total liabilities	$	4,484,555	$	2,545,016

Derivatives

12 Months Ended

Dec. 31, 2024

Derivative [Abstract]

Derivatives

Note 4 — Derivatives

In July 2023, Rio Grande entered into interest rate swaps agreements (the “Swaps”) to protect against interest rate volatility by hedging a portion of the floating-rate interest payments associated with the credit facilities described in Note 7 — Debt.

In June 2024, Rio Grande reduced the maximum notional amount associated with the Swaps by approximately $583.1 million, which resulted in a realized derivative gain of $30.9 million.

As of December 31, 2024, Rio Grande has the following Swaps outstanding (in thousands):


Initial Notional Amount		Maximum Notional Amount		Maturity (1)	Weighted Average Fixed Interest Rate Paid		Variable Interest Rate Received
$	123,000	$	7,916,900	2048	3.4	%	USD - SOFR

(1) Swaps have an early mandatory termination date in July 2030.

The Swaps are not designated as cash flow hedging instruments, and changes in fair value are recorded within our Consolidated Statements of Operations.

The Company values the Swaps using an income-based approach based on observable inputs to the valuation model including interest rate curves, risk adjusted discount rates, credit spreads and other relevant data. The fair value of the Swaps is approximately $488.9 million as of December 31, 2024, and is classified as Level 2 in the fair value hierarchy.

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net income (loss) attributable to NextDecade Corporation	$ 277,447	$ (221,640)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Nonvested Restricted Stock Shares Activity

The table below provides a summary of our Restricted Stock transactions for the year ended December 31, 2024 (in thousands, except for per share information):


	Shares	Weighted Average Grant Date Fair Value
Unvested at January 1, 2024	12,812	$	4.72
Granted	3,832	4.75
Vested	(3,176)	4.60
Forfeited	(183)	5.71
Unvested at December 31, 2024	13,285	$	4.71

Schedule of Share-Based Payment Arrangement, Option, Activity

The following table provides a summary of our stock option transactions for the year ended December 31, 2024 (stock options in thousands):


	Stock Options	Weighted Average Exercise Price
Outstanding at January 1, 2024	—	$	—
Granted	1,479	10.00
Exercised	—	—
Forfeited	—	—
Outstanding at December 31, 2024	1,479	$	10.00
Exercisable at December 31, 2024	—	$	—

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

Valuation assumptions used to determine the grant date fair value were as follows:


Expected term (in years)	6.5
Expected volatility	76.0	%
Expected dividend yield	—	%
Risk-free rate	3.8	%

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets
Net operating loss carryforwards and credits	$ 78,779	$ 54,839
Investment in Intermediate Holdings	17,774	31,782
Operating lease liabilities	3,131	2,972
Other	8,283	4,996
Less: valuation allowance	(104,685)	(91,465)
Total deferred tax assets	3,282	3,124
Deferred tax liabilities
Operating lease right-of-use assets	(2,564)	(2,809)
Other	(718)	(315)
Total deferred tax liabilities	(3,282)	(3,124)
Net deferred tax assets (liabilities)	$ 0	$ 0

Debt - Carrying Amount and Fair Value of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Carrying Amount	$ 4,035,000	$ 1,850,000
Senior Secured Notes
Debt Instrument [Line Items]
Carrying Amount	2,005,000	700,000
Estimated Fair Value	1,984,836	743,593
Senior Secured Loans
Debt Instrument [Line Items]
Carrying Amount	607,000	607,000
Estimated Fair Value	609,082	632,998
Corporate Credit Agreement
Debt Instrument [Line Items]
Carrying Amount	175,000	0
Estimated Fair Value	$ 169,750	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

Variable Interest Entity (Tables)

12 Months Ended

Dec. 31, 2024

Variable Interest Entity, Measure of Activity [Abstract]

Schedule of Variable Interest Entities

The assets and liabilities in the table below include assets and liabilities of Intermediate Holdings and its subsidiaries only and exclude

intercompany balances between Intermediate Holdings and NextDecade, which are eliminated in the Consolidated Financial Statements of NextDecade.


	December 31,
	2024		2023
Assets
Current assets:
Restricted cash	$	244,625	$	256,237
Derivatives	16,867		17,958
Prepaid expenses and other current assets	1,084		108
Total current assets	262,576		274,303
Property, plant and equipment, net	5,007,345		2,428,583
Operating lease right-of-use assets	153,679		157,053
Deferred financing fees	317,788		389,695
Derivatives	472,057		—
Other non-current assets	15,407		9,374
Total assets	$	6,228,852	$	3,259,008

Liabilities
Current liabilities:
Accounts payable	$	242,689	$	238,582
Accrued liabilities and other current liabilities	321,162		288,779
Operating leases	2,649		2,554
Total current liabilities	566,500		529,915
Operating leases	129,253		131,901
Derivatives	—		66,899
Debt, net	3,788,802		1,816,301
Total liabilities	$	4,484,555	$	2,545,016

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 — Summary of Significant Accounting Policies Variable Interest Entities (“VIEs”) and Non-Controlling Interests The Company makes a determination at the inception of each arrangement whether an entity in which the Company has made an investment, sold equity in a subsidiary or in which it has other variable interests is considered a VIE. Generally, an entity is a VIE if either (1) the entity does not have sufficient equity at risk to finance its activities without additional subordinated financial support from other parties, (2) the entity's investors lack any characteristics of a controlling financial interest or (3) the entity was established with non-substantive voting rights. The Company consolidates VIEs when it is deemed to be the primary beneficiary. The primary beneficiary of a VIE is generally the party that has the power to make decisions that most significantly affect the economic performance of the VIE and has the obligation to absorb losses or the right to receive benefits that in either case, could be potentially significant to the VIE. When the Company consolidates an entity, 100% of the assets, liabilities, revenues and expenses of the entity are included in the Company's Consolidated Financial Statements. For those consolidated entities in which the Company owns less than 100%, the Company records a non-controlling interest as a component of equity in the Consolidated Balance Sheets, which represent the third party ownership in the net assets of the respective consolidated subsidiary. Additionally, the portion of the net income or loss attributable to the non-controlling interest is reported as net loss attributable to non-controlling interest on the Consolidated Statements of Operations. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and the accompanying notes. Management evaluates its estimates and related assumptions on a regular basis. Changes in facts and circumstances or additional information may result in revised estimates, and actual results may differ from these estimates. Concentrations of Cash We maintain cash balances and restricted cash at financial institutions, which may, at times, be in excess of federally insured levels. We have not incurred losses related to these balances to date. Cash, Cash Equivalents and Restricted Cash We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents that are restricted as to withdrawal or use under the terms of certain contractual agreements are recorded in Restricted cash on our Consolidated Balance Sheets. Property, Plant and Equipment Fixed assets are recorded at cost. We depreciate our property, plant and equipment, excluding land, using the straight-line depreciation method over the estimated useful life of the asset. Upon retirement or other disposition of property, plant and equipment, the cost and related accumulated depreciation are removed, and the resulting gains or losses are recorded in our Consolidated Statements of Operations. Management tests property, plant and equipment for impairment whenever there are indicators that the carrying amount of property, plant and equipment might not be recoverable. Derivative Instruments The Company uses derivative instruments to hedge its exposure to cash flow variability from interest rate risk. Derivative instruments are recorded at fair value and included in the Consolidated Balance Sheets as current or non-current assets or liabilities depending on the derivative position and the expected timing of settlement. Leases The Company determines if a contractual arrangement represents or contains a lease at inception. Operating leases with lease terms greater than twelve months are included in Operating lease right-of-use assets and Operating lease liabilities in the Consolidated Balance Sheets. Operating lease right-of-use assets and lease liabilities are recognized at the commencement date based on the present value of the future lease payments over the lease term. The Company utilizes its incremental borrowing rate in determining the present value of the future lease payments. The incremental borrowing rate is derived from information available at the lease commencement date and represents the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term and amount equal to the lease payments in a similar economic environment. The right-of-use assets and lease liabilities may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company has lease arrangements that include both lease and non-lease components. The Company accounts for non-lease components separately from the lease component. Warrants The Company determines the accounting classification of warrants that are issued, as either liability or equity, by first assessing whether the warrants meet liability classification in accordance with Accounting Standards Codification (“ASC”) 480 Distinguishing Liabilities from Equity (“ASC 480”), and then in accordance with ASC 815-40, Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company’s Own Stock (“ASC 815-40”). Under ASC 480, warrants are considered liability classified if the warrants are mandatorily redeemable, obligate the issuer to settle the warrants or the underlying shares by paying cash or other assets, or must or may require settlement by issuing a variable number of shares. If warrants do not meet liability classification under ASC 480, the Company assesses the requirements under ASC 815-40, which states that contracts that require or may require the issuer to settle the contract for cash or a variable number of shares are liabilities recorded at fair value, irrespective of the likelihood of the transaction occurring that triggers the net cash settlement feature. If the warrants do not require liability classification under ASC 815-40, in order to conclude equity classification, the Company assesses whether the warrants are indexed to our common stock and whether the warrants are classified as equity under ASC 815-40 or other applicable GAAP. After all relevant assessments are made, the Company concludes whether the warrants are classified as liability or equity. Liability classified warrants are required to be accounted for at fair value both on the date of issuance and on subsequent accounting period ending dates, with all changes in fair value after the issuance date recorded in the statements of operations as a gain or loss. Equity classified warrants are accounted for at fair value on the issuance date with no changes in fair value recognized after the issuance date. Debt Discounts, fees and expenses incurred with the issuance of debt are amortized over the term of the debt. These amounts are presented as a reduction of our indebtedness on the accompanying Consolidated Balance Sheets. See Note 7 , Debt, for additional details. Fair Value of Financial Instruments The Company uses three levels of the fair value hierarchy of inputs to measure the fair value of an asset or a liability. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are inputs other than quoted prices included within Level 1 that are directly or indirectly observable for the asset or liability. Level 3 inputs are inputs that are not observable in the market. The Company is subject to all three levels of the fair value hierarchy. Net Loss Per Share Basic net loss per share excludes dilution and is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted net loss per share reflects potential dilution and is computed by dividing net loss by the weighted average number of common shares outstanding during the period increased by the number of additional common shares that would have been outstanding if the potential common shares had been issued and were dilutive. Share-based Compensation We recognize share-based compensation at fair value on the date of grant. The fair value is recognized as expense over the requisite service period using the straight-line method. For equity-classified share-based compensation awards, compensation cost is recognized based on the grant-date fair value using the quoted market price of our common stock and not subsequently remeasured. The fair value is recognized as expense, net of any capitalization, using the straight-line basis for awards that vest based on service conditions and using the graded-vesting attribution method for awards that vest based on performance conditions. We estimate the service periods for performance awards utilizing a probability assessment based on when we expect to achieve the performance conditions. For liability classified share-based compensation awards, compensation cost is initially recognized on the grant date using estimated payout levels. Compensation cost is subsequently adjusted quarterly to reflect the updated estimated payout levels based on the changes in our stock price. We account for forfeitures as they occur. Income Taxes Provisions for income taxes are based on taxes payable or refundable for the current year and deferred taxes on temporary differences between the tax basis of assets and liabilities and their reported amounts in the Consolidated Financial Statements. Deferred tax assets and liabilities are included in the Consolidated Financial Statements at currently enacted income tax rates applicable to the period in which the deferred tax assets and liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the current period’s provision for income taxes. A valuation allowance is recorded to reduce the carrying value of our net deferred tax assets when it is more likely than not that a portion or all of the deferred tax assets will expire before realization of the benefit or future deductibility is not probable. We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the tax position. Segments The Company’s chief operating decision maker, the Chief Executive Officer, allocates resources and assesses financial performance on a consolidated basis. As such, for purposes of financial reporting under U.S. GAAP during the years ended December 31, 2024 and 2023, the Company operated as a single operating segment. As the Company is a single operating segment, our segment profit or loss, assets and expenditures for additions to long-lived assets are reported as part of our consolidated financial statements. The Company does not currently generate revenues, and it is not expected to until Phase 1 operations commence. The Company has adopted ASU 2023-07, “Segment Reporting (Topic 280)”, effective retrospectively for the year ended December 31, 2024.

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par or stated value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	480,000,000.0	480,000,000.0
Common stock, issued (in shares)	260,200,000	256,500,000
Common stock, outstanding (in shares)	260,200,000	256,500,000
Treasury stock, common (in shares)	3,100,000	2,200,000
Preferred stock, par or stated value (in usd per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	500,000	500,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0

Derivatives - Interest Rate Swaps Outstanding (Details) - Rio Grande - Interest Rate Swap $ in Thousands	Dec. 31, 2024 USD ($)
Derivative [Line Items]
Derivative, notional amount	$ 123,000
Weighted Average Fixed Interest Rate Paid	3.40%
Maximum
Derivative [Line Items]
Derivative, notional amount	$ 7,916,900

Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	$ 5,021,981	$ 2,438,907
Less: accumulated depreciation	(1,978)	(1,174)
Total property, plant and equipment, net	5,020,003	2,437,733
Rio Grande LNG Facility under construction
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	5,009,239	2,431,389
Corporate and other
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	$ 12,742	$ 7,518

Debt - Schedule of Maturities of Long-term Debt (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Debt Disclosure [Abstract]
2025 - 2029	$ 0
Thereafter	4,035,000
Total	$ 4,035,000

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Supplemental Cash Flows (Tables)

12 Months Ended

Dec. 31, 2024

Supplemental Cash Flow Elements [Abstract]

Schedule of Cash Flow, Supplemental Disclosures

The following table provides supplemental disclosure of cash flow information (in thousands):


	Year Ended December 31,
	2024		2023
Interest payments classified as operating activities	$	3,557	$	23,365
Accounts payable for acquisition of property, plant and equipment	242,057		238,105
Accruals for acquisition of property, plant and equipment	276,137		268,821
Non-cash settlement of warrant liabilities	8,571		—
Corporate fixed asset retirements	1,256		—
Non-cash issuance of the Warrants and associated discount to the Corporate Credit Agreement	28,595		—
Reclassification from other non-current assets to property, plant and equipment	1,867		9,006
Reclassification from other non-current assets to operating lease right-of-use assets	—		24,606
Accrued liabilities for debt and equity issuance costs	4,750		764
Paid-in-kind dividends on convertible preferred stock	—		20,431

Background and Basis of Presentation (Details) - Rio Grande Liquefied Natural Gas Facility t in Millions	Dec. 31, 2024 train t
Product Information [Line Items]
Number of liquefaction trains authorized	5
Number of liquefaction trains	3
Liquefied natural gas export authorized, mass \| t	27
Number of liquefaction trains under development	2
Liquefaction Train Number Four
Product Information [Line Items]
Number of liquefaction trains under development	4
Liquefaction Train Number Five
Product Information [Line Items]
Number of liquefaction trains under development	5

Variable Interest Entity - Schedule of Variable Interest Entities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Restricted cash	$ 148,137	$ 38,241
Derivatives	16,867	17,958
Prepaid expenses and other current assets	2,943	2,089
Total current assets	412,572	314,525
Property, plant and equipment, net	5,020,003	2,437,733
Operating lease right-of-use assets	166,082	170,827
Deferred financing fees	317,788	389,695
Derivatives	472,057	0
Other non-current assets	15,557	11,021
Total assets	6,404,059	3,323,801
Current liabilities:
Accounts payable	244,642	243,129
Accrued liabilities and other current liabilities	347,561	306,115
Operating lease liabilities	2,881	3,143
Total current liabilities	595,084	552,387
Operating lease liabilities	144,164	145,962
Derivatives	0	66,899
Debt, net	3,920,425	1,816,301
Total liabilities	4,659,673	2,583,367
Rio Grande
Current assets:
Restricted cash	244,625	256,237
Derivatives	16,867	17,958
Prepaid expenses and other current assets	1,084	108
Total current assets	262,576	274,303
Property, plant and equipment, net	5,007,345	2,428,583
Operating lease right-of-use assets	153,679	157,053
Deferred financing fees	317,788	389,695
Derivatives	472,057	0
Other non-current assets	15,407	9,374
Total assets	6,228,852	3,259,008
Current liabilities:
Accounts payable	242,689	238,582
Accrued liabilities and other current liabilities	321,162	288,779
Operating lease liabilities	2,649	2,554
Total current liabilities	566,500	529,915
Operating lease liabilities	129,253	131,901
Derivatives	0	66,899
Debt, net	3,788,802	1,816,301
Total liabilities	$ 4,484,555	$ 2,545,016

Share-based Compensation - Schedule of Stock Option Transactions (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Stock Options
Outstanding, beginning balance (in shares) \| shares	1,479
Granted (in shares) \| shares	1,479
Exercises (in shares) \| shares	0
Forfeited (in shares) \| shares	0
Outstanding, ending balance (in shares) \| shares	0
Stock Options exercisable (in shares) \| shares	0
Weighted Average Exercise Price
Outstanding, beginning balance (in usd per share) \| $ / shares	$ 0
Granted (in usd per share) \| $ / shares	10.00
Exercised (in usd per share) \| $ / shares	0
Fortified (in usd per share) \| $ / shares	0
Outstanding, ending balance (in usd per share) \| $ / shares	10.00
Exercisable (in usd per share) \| $ / shares	$ 0