NextDecade Corporation continues building its Rio Grande LNG Facility, comprising five liquefaction trains with a total capacity around 30 MTPA. The company has secured lump-sum turnkey EPC contracts with Bechtel to mitigate cost and schedule risks. Financing expanded in July 2026 with $3.5 billion in senior secured notes supporting ongoing construction. However, NextDecade operates under high leverage combined with a weak current ratio, creating refinancing and liquidity challenges typical of capital-intensive LNG infrastructure developers. Long-term LNG sale agreements underpin revenue visibility upon operations start, though execution and regulatory risks endure.