Core Viewpoint - New Era Energy & Digital is transitioning from a helium and natural gas operator to an AI infrastructure-focused enterprise, with significant investments in powered shell data centers in Odessa, Texas [1][4]. Financial Performance - The third-quarter financials reflect forward-looking investments, with substantial funds allocated for future earnings anticipated from tenant agreements [4][5]. - Building data centers requires intensive planning and high capital, with construction costs ranging from $8 million to $12 million per megawatt [2][5]. Infrastructure Development - The company is engaged in extensive due diligence processes for the development of data centers, which includes subsurface, surface, soil analysis, and foundational assessments [6]. - Discussions are ongoing with multiple potential tenants, but the complexity of due diligence means that final agreements may take time [2][6]. Funding Strategy - Funding for the projects will come from institutional and asset-level back financing, aiming to limit shareholder dilution [2][10]. - The total funding required for a 500 MW site could reach up to $5 billion, but the company plans to raise this amount without solely relying on equity issuance [9][11]. Market Position and Sentiment - New Era's strategic location in West Texas has attracted interest from tier-one financial institutions and technology firms [3][12]. - The company has experienced a positive market response, with its stock up over 30%, contrasting with declines in peer companies [12][13].