Tachyon9 Locks a 100 MW Customer for Its North Dakota AI Campus. The Bigger Number Is Still a Pathway, Not a Contract
The word "offtake" implies something contracted, and a fair reading of Monday's announcement says that is true of one slice of it. Nidar Infrastructure Limited, the parent of India's Yotta Data Services, has agreed to…
The word "offtake" implies something contracted, and a fair reading of Monday's announcement says that is true of one slice of it. Nidar Infrastructure Limited, the parent of India's Yotta Data Services, has agreed to take roughly $156 million a year of capacity from the first 100 MW phase of the planned Nakota AI Data Campus in North Dakota, the project Tachyon9 Corporation is building and the reason NIXX (NASDAQ: NIXX) is worth a look. The number that anchors the headlines, up to $1.5 billion a year, belongs to a full buildout near 1 GW that the release frames as potential, reflecting the terms of this week's MOU rather than a signed commitment.
The framing the companies are offering
Management's case is clean and worth stating fairly. Power, not chips, is now the binding constraint on AI buildout, and Nakota is designed to sidestep the grid entirely: up to 1 GW of independent, behind-the-meter natural gas generation in the Williston Basin, on roughly 620 acres in Williams County, North Dakota. Tier III-capable, liquid-cooled, built for current and next-generation NVIDIA GPUs, with integrated carbon capture and sequestration and multiple diverse fiber entrances. Shahal Khan, Tachyon9's Chairman and CEO, framed the offtake as something that "provides revenue visibility, supports project financing, and significantly de-risks the path" to the platform. A named, credible customer signing for capacity before the concrete is poured is genuinely the hard part of infrastructure finance, and they have one.
The overlooked line in the release
Here is what the headline number can obscure. The $156 million is tied to the initial 100 MW phase. The figure that gets the attention, up to $1.5 billion in annual revenue potential, is explicitly attached to full buildout at nearly 1 GW. The math is internally consistent: 1 GW is about ten times 100 MW, and $156 million times ten lands near $1.5 billion. But the release is careful with its verbs, and so should a reader be. The company calls the larger figure a "potential" reached via a "pathway," and the right of first offer is an option for Nidar and Yotta, not a purchase commitment. Roughly nine-tenths of that revenue story is contingent on capacity that is not yet contracted.
Before you extrapolate
The conditionality runs deeper than the dollar figures. This offtake "reflects the commercial terms contemplated under" the memorandum of understanding from earlier in the week, so it is a step inside an evolving framework rather than a closed financing. The campus itself is described throughout as "planned," "designed to," and "expected." Tachyon9's own stake is an LOI for the full 1 GW development plus roughly $64 million in equipment and land-option rights, which makes it the primary asset contributor in the NIXX transaction but still leaves the development dependent on financing the company says it will detail later.
Where the bullish read has merit
None of that makes the counterparty hollow, and this is the case worth granting honestly. Yotta is not a speculative name. Management and the release peg it at an estimated 60 to 70 percent of India's deployed GPU capacity, across three operational campuses in Navi Mumbai, Gujarat, and Greater Noida, with a fourth planned in Telangana, plus Shakti Cloud, India's sovereign AI platform built with NVIDIA. In February 2026 Yotta announced a US$2 billion-plus investment to deploy 20,736 liquid-cooled NVIDIA Blackwell Ultra GPUs at Greater Noida, a four-year NVIDIA DGX Cloud engagement valued at over US$1 billion, and more than 10,000 GPUs allocated to India's IndiaAI Mission. Nidar, the credit-support parent backed by the Hiranandani Group and led by Chairman Darshan Hiranandani, with Sunil Gupta as Yotta's CEO, is the kind of counterparty whose right of first offer carries weight.
The case nobody mentions yet
So the honest read sits in the middle. The 100 MW phase is the part with a number attached and a buyer with a track record behind it. The 1 GW vision and the $1.5 billion are a direction of travel, gated on financing and execution that have not happened. Investors looking at NIXX are pricing the option on the campus, not the campus itself. The companies have given themselves a credible first customer. What they have not yet given is a closed development, and the release is upfront that those details are still to come.