0001628280-24-046336 | 10-Q | XBRL Viewer

Share-based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

The Company has granted restricted stock and restricted stock units (collectively, “Restricted Stock”), as well as unrestricted stock and stock options, to employees, directors and outside consultants under the 2017 Omnibus Incentive Plan, as amended (the “2017 Plan”). Upon the vesting of Restricted Stock, shares of common stock are released to the grantee.

During the three months ended September 30, 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 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.

For the three and nine months ended September 30, 2024, the Company recognized share-based compensation expense related to all share-based awards of approximately $5.0 million and $13.8 million, respectively. For the three and nine months ended September 30, 2023, the Company recognized share-based compensation expense related to all share-based awards of approximately $9.7 million and $22.1 million, respectively.

Accrued Liabilities and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 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):


	September 30, 2024		December 31, 2023
Rio Grande LNG Facility costs	$	307,652	$	268,821
Accrued interest	4,081		20,392
Employee compensation expense	11,008		9,270
Professional services	5,400		—
Other accrued liabilities	2,888		7,632
Total accrued and other current liabilities	$	331,029	$	306,115

Consolidated Statements of Cash Flows $ in Thousands	3 Months Ended	9 Months Ended
Consolidated Statements of Cash Flows $ in Thousands	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Operating activities:
Net (loss) income attributable to NextDecade Corporation		$ (203,996)	$ 34,208
Adjustment to reconcile net (loss) income to net cash used in operating activities
Depreciation	$ 613	1,317	117
Share-based compensation expense		13,832	22,055
Derivative gain	329,733	(38,206)	(152,816)
Derivative settlements		45,231	1,160
Amortization of right-of-use assets		3,659	570
Loss on extinguishment of debt	0	47,573	0
Amortization of debt issuance costs		49,069	25,670
Other		2,321	(571)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets		767	(1,121)
Accounts payable		3,260	3,313
Operating lease liabilities		(1,631)	330
Accrued expenses and other liabilities		(9,878)	14,458
Net cash used in operating activities		(86,682)	(52,627)
Investing activities:
Acquisition of property, plant and equipment		(1,873,194)	(996,467)
Acquisition of other non-current assets		(6,404)	(13,971)
Net cash used in investing activities		(1,879,598)	(1,010,438)
Financing activities:
Proceeds from debt issuance		2,798,890	1,409,000
Receipt of equity commitments		493,333	283,355
Repayment of debt		(1,282,000)	0
Costs associated with repayment of debt		(13,423)	0
Proceeds from sale of common stock		0	254,400
Debt issuance costs		(52,623)	(490,960)
Preferred stock dividends		0	(53)
Shares repurchased related to share-based compensation		(6,577)	(9,607)
Net cash provided by financing activities		1,937,600	1,446,135
Net (decrease) increase in cash, cash equivalents and restricted cash		(28,680)	383,070
Cash, cash equivalents and restricted cash – beginning of period		294,478	62,789
Cash, cash equivalents and restricted cash – end of period	265,798	265,798	445,859
Balance per Consolidated Balance Sheets:
Cash and cash equivalents	38,230	38,230
Restricted cash	227,568	227,568
Total cash, cash equivalents and restricted cash	$ 265,798	$ 265,798	$ 445,859

Property, Plant and Equipment (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

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


	September 30, 2024		December 31, 2023
Rio Grande LNG Facility under construction	$	4,317,113	$	2,431,389
Corporate and other	13,628		7,518
Total property, plant and equipment, at cost	4,330,741		$	2,438,907
Less: accumulated depreciation	(1,365)		(1,174)
Total property, plant and equipment, net	$	4,329,376	$	2,437,733

Leases - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
Leases - Narrative (Details) $ in Millions	Sep. 30, 2024 USD ($) renewal_period	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) renewal_period	Sep. 30, 2023 USD ($)
Leases [Abstract]
Term of contract (in years)	30 years		30 years
Number of consecutive renewal term \| renewal_period	2		2
Renewal term (in years)	10 years		10 years
Operating lease costs \| $	$ 2.6	$ 2.6	$ 8.2	$ 3.3

Supplemental Cash Flows

9 Months Ended

Sep. 30, 2024

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flows

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


	Nine Months Ended September 30,
	2024		2023
Interest payments classified as operating activities	$	32,018	$	1,330
Accounts payable for acquisition of property, plant and equipment	218,313		322,539
Accruals for acquisition of property, plant and equipment	307,652		191,911
Non-cash settlement of warrant liabilities	8,571		—
Corporate fixed asset retirements	1,256		—
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	—		536
Non-cash settlement of paid-in-kind dividends on convertible preferred stock	—		20,431

Debt - Schedule of Maturities of Long-term Debt (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Debt Disclosure [Abstract]
2024 - 2025	$ 0
2026	54,890
2027 - 2028	0
Thereafter	3,312,000
Total	$ 3,366,890

- Definition

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

+ References + Details

Net Loss Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

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


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Unvested stock and stock units (1)	7,627	—	8,190	2,133
Common stock warrants	446	—	922	1,456
Total potentially dilutive common shares	8,073	—	9,112	3,589

(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.

Background and Basis of Presentation (Details) $ in Thousands, t in Millions	Sep. 30, 2024 USD ($) train t	Dec. 31, 2023 USD ($)
Product Information [Line Items]
Cash and cash equivalents \| $	$ 38,230	$ 38,241
Rio Grande Liquefied Natural Gas Facility
Product Information [Line Items]
Number of liquefaction trains authorized	5
Liquefied natural gas export authorized, mass \| t	27
Number of liquefaction trains	3
Number of liquefaction trains under development	2

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 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) income per share computations because their effect would have been anti-dilutive were as follows (in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Unvested stock and stock units (1)	7,627	—	8,190	2,133
Common stock warrants	446	—	922	1,456
Total potentially dilutive common shares	8,073	—	9,112	3,589

(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.

Derivatives

9 Months Ended

Sep. 30, 2024

Derivative [Abstract]

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 6 — 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 September 30, 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 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 net fair value of the Swaps is approximately $56.0 million as of September 30, 2024, and is classified as Level 2 in the fair value hierarchy.

Variable Interest Entity (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 38,230	$ 38,241
Derivatives	4,253	17,958
Prepaid expenses and other current assets	1,322	2,089
Total current assets	271,373	314,525
Property, plant and equipment, net	4,329,376	2,437,733
Operating lease right-of-use assets	167,168	170,827
Deferred financing fees	340,488	389,695
Other non-current assets	15,557	11,021
Total assets	5,123,962	3,323,801
Current liabilities:
Accounts payable	224,358	243,129
Accrued and other current liabilities	331,029	306,115
Operating leases	2,887	3,143
Total current liabilities	558,274	552,387
Operating leases	144,588	145,962
Derivatives	60,219	66,899
Debt, net	3,315,150	1,816,301
Total liabilities	4,078,231	2,583,367
Rio Grande
Current assets:
Cash and cash equivalents	227,568	256,237
Derivatives	4,253	17,958
Prepaid expenses and other current assets	700	108
Total current assets	232,521	274,303
Property, plant and equipment, net	4,315,233	2,428,583
Operating lease right-of-use assets	154,531	157,053
Deferred financing fees	338,454	389,695
Other non-current assets	15,407	9,374
Total assets	5,056,146	3,259,008
Current liabilities:
Accounts payable	221,954	238,582
Accrued and other current liabilities	316,091	288,779
Operating leases	2,625	2,554
Total current liabilities	540,670	529,915
Operating leases	129,924	131,901
Derivatives	60,219	66,899
Debt, net	3,260,260	1,816,301
Total liabilities	$ 3,991,073	$ 2,545,016

Leases - Maturity of Operating Leases (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Leases [Abstract]
2024 (remaining)	$ 1,912
2025	7,623
2026	9,522
2027	9,565
2028	9,609
Thereafter	199,242
Total undiscounted lease payments	237,473
Discount to present value	(89,998)
Present value of lease liabilities	$ 147,475
Weighted average remaining lease term - years	27 years
Weighted average discount rate - percent	4.10%

Debt - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Disclosure [Abstract]
Interest per contractual rate	$ 51,349	$ 16,169	$ 134,636	$ 16,169
Amortization of debt issuance costs	16,154	25,670	49,069	25,670
Other interest costs	978	0	2,133	0
Total interest cost	68,481	41,839	185,838	41,839
Capitalized interest	(52,576)	(9,303)	(118,424)	(9,303)
Total interest expense, net of capitalized interest	$ 15,905	$ 32,536	$ 67,414	$ 32,536

- 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

Share-based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

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	%

Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Debt

Debt consisted of the following (in thousands):


	September 30, 2024		December 31, 2023
Senior Secured Notes and Loans:
6.67% Senior Secured Notes due 2033	$	700,000	$	700,000
6.72% Senior Secured Loans due 2033	356,000		356,000
7.11% Senior Secured Loans due 2047	251,000		251,000
6.85% Senior Secured Notes due 2047	190,000		—
6.58% Senior Secured Notes due 2047	1,115,000		—
Total Senior Secured Notes and Loans	2,612,000		1,307,000
Credit Facilities:
CD Senior Working Capital Facility	—		—
CD Credit Facility	522,000		484,000
TCF Credit Facility	178,000		59,000
Corporate Credit Facility	54,890		—
Total debt	3,366,890		1,850,000
Unamortized debt issuance costs	(51,740)		(33,699)
Total debt, net	$	3,315,150	$	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.

Credit Facilities

Below is a summary of our committed credit facilities outstanding as of September 30, 2024 (in thousands):


	CD Senior Working Capital Facility		CD Credit Facility		TCF Credit Facility		Corporate Credit Facility
Total Facility Size	$	500,000	$	8,448,000	$	800,000	$	62,500
Less:
Outstanding balance	—		522,000		178,000		54,890
Letters of credit issued	174,925		—		—		—
Available commitment	$	325,075	$	7,926,000	$	622,000	$	7,610

Priority ranking	Senior secured		Senior secured		Senior secured		Senior secured
Interest rate on outstanding balance	SOFR + 2.25%		SOFR + 2.25%		SOFR + 2.25%		SOFR + 4.50%
Commitment fees on undrawn balance	0.68 %		0.68 %		0.68 %		1.35 %
Maturity Date	2030		2030		2030		2026

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.

The obligations of NextDecade LLC under the Corporate Credit Facility are guaranteed by Rio Grande LNG Super Holdings, LLC and Rio Grande LNG Intermediate Super Holdings, LLC, wholly owned subsidiaries of NextDecade LLC. The Corporate Credit Facility matures at the earlier of January 6, 2026 or 10 business days after a positive FID on Train 4 at the Rio Grande LNG facility.

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).

As of September 30, 2024, the Company was in compliance with all covenants related to its respective debt agreements.

Debt Extinguishment

As of September 30, 2024, Rio Grande has made repayments of $1,282.0 million, on the outstanding principal balance of the CD Credit Facility. As a result of these repayments, during the nine months ended September 30, 2024, Rio Grande has recognized approximately $47.6 million in losses on extinguishment.

Debt Maturities


	Principal Payments
2024 - 2025	$	—
2026	54,890
2027 - 2028	—
Thereafter	3,312,000
Total	$	3,366,890

Interest Expense

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Interest per contractual rate	$	51,349	$	16,169	$	134,636	$	16,169
Amortization of debt issuance costs	16,154		25,670		49,069		25,670
Other interest costs	978		—		2,133		—
Total interest cost	68,481		41,839		185,838		41,839
Capitalized interest	(52,576)		(9,303)		(118,424)		(9,303)
Total interest expense, net of capitalized interest	$	15,905	$	32,536	$	67,414	$	32,536

Fair Value Disclosures

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


	September 30, 2024				December 31, 2023
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Senior Notes — Level 2	$	2,005,000	$	2,064,852	$	700,000	$	743,593
Senior Loans — Level 2	607,000		631,976		607,000		632,998

The fair value of the Senior Secured Notes and Senior Secured Loans was calculated based on inputs that are observable in the market or that could be derived from, or corroborated with, observable market data, including interest rates on debt issued by parties with comparable credit ratings.

The fair value of the CD Credit Facility, TCF Credit Facility and Corporate Credit Facility approximates its respective 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
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-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
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Table]
Total property, plant and equipment, at cost	$ 4,330,741	$ 2,438,907
Less: accumulated depreciation	(1,365)	(1,174)
Total property, plant and equipment, net	4,329,376	2,437,733
Rio Grande LNG Facility under construction
Property, Plant and Equipment [Table]
Total property, plant and equipment, at cost	4,317,113	2,431,389
Corporate and other
Property, Plant and Equipment [Table]
Total property, plant and equipment, at cost	$ 13,628	$ 7,518

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 0	$ 0	$ 0	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Derivatives (Tables)

9 Months Ended

Sep. 30, 2024

Derivative [Abstract]

Schedule of Interest Rate Swaps Outstanding

As of September 30, 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

Consolidated Balance Sheets (Parentheticals) - $ / shares	Sep. 30, 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)	260,100,000	256,500,000
Common stock, outstanding (in shares)	260,100,000	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

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenues	$ 0	$ 0	$ 0	$ 0
Operating expenses:
General and administrative expense	43,598	32,128	110,005	85,195
Development expense	2,386	1,083	7,304	1,965
Lease expense	2,559	2,582	8,181	3,245
Depreciation expense	613	42	1,317	117
Total operating expenses	49,156	35,835	126,807	90,522
Total operating loss	(49,156)	(35,835)	(126,807)	(90,522)
Other (expense) income:
Derivative (loss) gain	(329,733)	240,265	38,206	152,816
Interest expense, net of capitalized interest	(15,905)	(32,536)	(67,414)	(32,536)
Loss on debt extinguishment	0	0	(47,573)	0
Other, net	1,719	9,950	(408)	4,450
Total other (expense) income	(343,919)	217,679	(77,189)	124,730
Net (loss) income attributable to NextDecade Corporation	(393,075)	181,844	(203,996)	34,208
Less: net (loss) income attributable to non-controlling interest	(269,876)	67,204	(76,567)	67,204
Less: preferred stock dividends	0	7,030	0	20,484
Net (loss) income attributable to common stockholders	$ (123,199)	$ 107,610	$ (127,429)	$ (53,480)
Net (loss) income per common share - basic (in usd per share)	$ (0.47)	$ 0.48	$ (0.49)	$ (0.31)
Net (loss) income per common share - diluted (in usd per share)	$ (0.47)	$ 0.48	$ (0.49)	$ (0.31)
Weighted average shares outstanding - basic (in shares)	259,379	222,466	257,981	173,720
Weighted average shares outstanding - diluted (in shares)	259,379	222,466	257,981	173,720

Share-based Compensation - Assumptions used in Estimating Fair Value of Stock Options (Details) - Stock Options	3 Months Ended
	Sep. 30, 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.

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+ Details

Derivatives - Narrative (Details) - Interest Rate Swap - USD ($) $ in Millions	1 Months Ended
	Jun. 30, 2024	Sep. 30, 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]
Derivatives		$ (56.0)

- 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.

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+ Details

Accrued Liabilities and Other Current Liabilities - Schedule of Accrued Liabilities and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accrued Liabilities and Other Liabilities [Abstract]
Rio Grande LNG Facility costs	$ 307,652	$ 268,821
Accrued interest	4,081	20,392
Employee compensation expense	11,008	9,270
Professional services	5,400	0
Other accrued liabilities	2,888	7,632
Total accrued and other current liabilities	$ 331,029	$ 306,115

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Nov. 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		260,291,186
Entity Central Index Key	0001612720
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Amendment Flag	false

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 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

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Due to our cumulative loss position, we have established a full valuation allowance against our deferred tax assets at September 30, 2024 and December 31, 2023. Due to our full valuation allowance, we have not recorded a provision for federal or state income taxes during either of the three and nine months ended September 30, 2024 or 2023.

- Definition

The entire disclosure for income tax.

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+ Details

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

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

Maturity of operating lease liabilities as of September 30, 2024 are as follows (in thousands, except lease term and discount rate):


2024 (remaining)	$	1,912
2025	7,623
2026	9,522
2027	9,565
2028	9,609
Thereafter	199,242
Total undiscounted lease payments	237,473
Discount to present value	(89,998)
Present value of lease liabilities	$	147,475

Weighted average remaining lease term - years	27.0
Weighted average discount rate - percent	4.1

Schedule of Lease, Cost

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


	Nine Months Ended September 30,
	2024		2023
Operating cash flows for amounts paid included in the measurement of operating lease liabilities	$	6,126	$	968
Noncash right-of-use assets recorded for operating lease liabilities during the period	—		147,829

Background and Basis of Presentation	9 Months Ended
Background and Basis of Presentation	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Background and Basis of Presentation	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 in 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 in development. We are also developing and seeking to commercialize potential carbon capture and storage (“CCS”) projects. 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. The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and disclosures required by GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2023. In our opinion, all adjustments, consisting only of normal recurring items, which are considered necessary for a fair presentation of the unaudited consolidated financial statements, have been included. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the operating results for the full year. 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. The Company has incurred operating losses since its inception and management expects operating losses and negative cash flows to continue until the commencement of operations at the Rio Grande LNG Facility and, as a result, the Company will require additional capital to fund its operations and execute its business plan. As of September 30, 2024, the Company had $38.2 million in cash and cash equivalents which may not be sufficient to fund the Company’s planned operations and development activities through one year after the date the consolidated financial statements are issued. Accordingly, there is substantial doubt about the Company’s ability to continue as a going concern. The analysis used to determine the Company’s ability to continue as a going concern does not include cash sources outside of the Company’s direct control that management expects to be available within the next twelve months. The Company plans to alleviate the going concern issue by obtaining sufficient funding through additional equity, equity-based or debt instruments or any other means and by managing certain operating and overhead costs. The Company’s ability to raise additional capital in the equity and debt markets, should the Company choose to do so, is dependent on a number of factors, including, but not limited to, the market demand for the Company’s equity or debt securities, which itself is subject to a number of business risks and uncertainties, as well as the uncertainty that the Company would be able to raise such additional capital at a price or on terms that are satisfactory to the Company. In the event the Company is unable to obtain sufficient additional funding, there can be no assurance that it will be able to continue as a going concern. These consolidated financial statements have been prepared on a going concern basis and do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary in the event the Company can no longer continue as a going concern.

Supplemental Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended
Supplemental Cash Flows (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Interest payments classified as operating activities	$ 32,018	$ 1,330
Accounts payable for acquisition of property, plant and equipment	218,313	322,539
Accruals for acquisition of property, plant and equipment	307,652	191,911
Non-cash settlement of warrant liabilities	8,571	0
Corporate fixed asset retirements	1,256	0
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	0	24,606
Accrued liabilities for debt and equity issuance costs	0	536
Non-cash settlement of paid-in-kind dividends on convertible preferred stock	$ 0	$ 20,431

Net Loss Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
Net Loss Per Share (Details) - shares shares in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive common shares (in shares)	8,073	0	9,112	3,589
Unvested stock and stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive common shares (in shares)	7,627	0	8,190	2,133
Common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive common shares (in shares)	446	0	922	1,456

Leases - Lease Expense (Details) - USD ($) $ in Thousands	9 Months Ended
Leases - Lease Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating cash flows for amounts paid included in the measurement of operating lease liabilities	$ 6,126	$ 968
Noncash right-of-use assets recorded for operating lease liabilities during the period	$ 0	$ 147,829

Derivatives - Interest Rate Swaps Outstanding (Details) - Rio Grande - Interest Rate Swap $ in Thousands	Sep. 30, 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

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 38,230	$ 38,241
Restricted cash	227,568	256,237
Derivatives	4,253	17,958
Prepaid expenses and other current assets	1,322	2,089
Total current assets	271,373	314,525
Property, plant and equipment, net	4,329,376	2,437,733
Operating lease right-of-use assets	167,168	170,827
Deferred financing fees	340,488	389,695
Other non-current assets	15,557	11,021
Total assets	5,123,962	3,323,801
Current liabilities:
Accounts payable	224,358	243,129
Accrued and other current liabilities	331,029	306,115
Operating leases	2,887	3,143
Total current liabilities	558,274	552,387
Debt, net	3,315,150	1,816,301
Operating leases	144,588	145,962
Derivatives	60,219	66,899
Other non-current liabilities	0	1,818
Total liabilities	4,078,231	2,583,367
Commitments and contingencies (Note 11)
Stockholders’ equity
Common stock, $0.0001 par value, 480.0 million authorized: 260.1 million and 256.5 million outstanding, respectively	26	26
Treasury stock: 3.1 million shares and 2.2 million respectively, at cost	(20,791)	(14,214)
Preferred stock, $0.0001 par value, 0.5 million authorized: none outstanding	0	0
Additional paid-in-capital	1,209,753	693,883
Accumulated deficit	(519,201)	(391,772)
Total stockholders’ equity	669,787	287,923
Non-controlling interest	375,944	452,511
Total equity	1,045,731	740,434
Total liabilities and equity	$ 5,123,962	$ 3,323,801

Debt - Carrying Amount and Fair Value of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Carrying Amount	$ 3,366,890	$ 1,850,000
Senior Secured Notes
Debt Instrument [Line Items]
Carrying Amount	2,005,000	700,000
Estimated Fair Value	2,064,852	743,593
Senior Secured Loans
Debt Instrument [Line Items]
Carrying Amount	607,000	607,000
Estimated Fair Value	$ 631,976	$ 632,998

- 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.

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-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

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total debt	$ 3,366,890	$ 1,850,000
Unamortized debt issuance costs	(51,740)	(33,699)
Total debt, net	3,315,150	1,816,301
CD Senior Working Capital Facility
Debt Instrument [Line Items]
Total debt	0	0
CD Credit Facility
Debt Instrument [Line Items]
Total debt	522,000	484,000
TCF Credit Facility
Debt Instrument [Line Items]
Total debt	178,000	59,000
Corporate Credit Facility
Debt Instrument [Line Items]
Total debt	54,890	0
Senior Secured Notes
Debt Instrument [Line Items]
Total debt	$ 2,005,000	700,000
Senior Secured Notes \| Senior Secured Notes
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
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
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
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
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

Share-based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Options granted, exercise price (in usd per share)	$ 10.00
Grant date fair value (in usd per share)	$ 2.69
Share-based payment arrangement, expense	$ 5.0	$ 9.7	$ 13.8	$ 22.1

Variable Interest Entity

9 Months Ended

Sep. 30, 2024

Variable Interest Entity, Measure of Activity [Abstract]

Variable Interest Entity

Intermediate Holdings and its wholly owned subsidiaries, including Rio Grande, have been formed to undertake construction and operation of Phase 1 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 Intermediate Holdings. 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 only and exclude intercompany balances between Intermediate Holdings and NextDecade, which are eliminated in the Consolidated Financial Statements of NextDecade.


	September 30, 2024		December 31, 2023
Assets
Current assets:
Restricted cash	$	227,568	$	256,237
Derivatives	4,253		17,958
Prepaid expenses and other current assets	700		108
Total current assets	232,521		274,303
Property, plant and equipment, net	4,315,233		2,428,583
Operating lease right-of-use assets	154,531		157,053
Deferred financing fees	338,454		389,695

Other non-current assets	15,407		9,374
Total assets	$	5,056,146	$	3,259,008

Liabilities
Current liabilities:
Accounts payable	$	221,954	$	238,582
Accrued liabilities and other current liabilities	316,091		288,779
Operating lease	2,625		2,554
Total current liabilities	540,670		529,915
Operating lease	129,924		131,901
Derivatives	60,219		66,899
Debt, net	3,260,260		1,816,301
Total liabilities	$	3,991,073	$	2,545,016

Variable Interest Entity (Tables)

9 Months Ended

Sep. 30, 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 only and exclude intercompany balances between Intermediate Holdings and NextDecade, which are eliminated in the Consolidated Financial Statements of NextDecade.


	September 30, 2024		December 31, 2023
Assets
Current assets:
Restricted cash	$	227,568	$	256,237
Derivatives	4,253		17,958
Prepaid expenses and other current assets	700		108
Total current assets	232,521		274,303
Property, plant and equipment, net	4,315,233		2,428,583
Operating lease right-of-use assets	154,531		157,053
Deferred financing fees	338,454		389,695

Other non-current assets	15,407		9,374
Total assets	$	5,056,146	$	3,259,008

Liabilities
Current liabilities:
Accounts payable	$	221,954	$	238,582
Accrued liabilities and other current liabilities	316,091		288,779
Operating lease	2,625		2,554
Total current liabilities	540,670		529,915
Operating lease	129,924		131,901
Derivatives	60,219		66,899
Debt, net	3,260,260		1,816,301
Total liabilities	$	3,991,073	$	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

Debt - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
Debt - Narrative (Details) $ in Thousands	Sep. 30, 2024 USD ($) d	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) d	Sep. 30, 2023 USD ($)
Debt Instrument [Line Items]
Loss on debt extinguishment	$ 0	$ 0	$ 47,573	$ 0
Corporate Credit Facility
Debt Instrument [Line Items]
Debt instrument, term, threshold past liquefaction train final investment decision \| d	10		10
CD Credit Facility
Debt Instrument [Line Items]
Extinguishment of debt, amount			$ 1,282,000
Loss on debt extinguishment			$ 47,600
Senior Secured Notes \| Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.67%		6.67%
6.85% Senior Secured Notes \| Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.85%		6.85%
6.58% Senior Secured Notes \| Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.58%		6.58%
6.72% Senior Secured Loans \| Senior Secured Loans
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.72%		6.72%
7.11% Senior Secured Loans \| Senior Secured Loans
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	7.11%		7.11%
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%		75.00%
Debt instrument, covenant, historical debt service coverage ratio, minimum			1.10
Rio Grande \| Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, covenant, repurchase price, percentage	101.00%		101.00%
Rio Grande \| Senior Secured Notes \| Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.67%		6.67%
Rio Grande \| 6.85% Senior Secured Notes \| Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.85%		6.85%
Rio Grande \| 6.58% Senior Secured Notes \| Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.58%		6.58%
Rio Grande \| 6.72% Senior Secured Loans \| Senior Secured Loans
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.72%		6.72%
Rio Grande \| 7.11% Senior Secured Loans \| Senior Secured Loans
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	7.11%		7.11%

Debt - Schedule of Credit Facilities Outstanding (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
CD Senior Working Capital Facility
Total Facility Size	$ 500,000
Outstanding balance	0
Letters of credit issued	174,925
Available commitment	$ 325,075
Interest rate on outstanding balance	2.25%
Commitment fees on undrawn balance	0.68%
CD Credit Facility
Total Facility Size	$ 8,448,000
Outstanding balance	522,000
Letters of credit issued	0
Available commitment	$ 7,926,000
Interest rate on outstanding balance	2.25%
Commitment fees on undrawn balance	0.68%
TCF Credit Facility
Total Facility Size	$ 800,000
Outstanding balance	178,000
Letters of credit issued	0
Available commitment	$ 622,000
Interest rate on outstanding balance	2.25%
Commitment fees on undrawn balance	0.68%
Corporate Credit Facility
Total Facility Size	$ 62,500
Outstanding balance	54,890
Letters of credit issued	0
Available commitment	$ 7,610
Interest rate on outstanding balance	4.50%
Commitment fees on undrawn balance	1.35%

Property, Plant and Equipment

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

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


	September 30, 2024		December 31, 2023
Rio Grande LNG Facility under construction	$	4,317,113	$	2,431,389
Corporate and other	13,628		7,518
Total property, plant and equipment, at cost	4,330,741		$	2,438,907
Less: accumulated depreciation	(1,365)		(1,174)
Total property, plant and equipment, net	$	4,329,376	$	2,437,733

Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt

Debt consisted of the following (in thousands):


	September 30, 2024		December 31, 2023
Senior Secured Notes and Loans:
6.67% Senior Secured Notes due 2033	$	700,000	$	700,000
6.72% Senior Secured Loans due 2033	356,000		356,000
7.11% Senior Secured Loans due 2047	251,000		251,000
6.85% Senior Secured Notes due 2047	190,000		—
6.58% Senior Secured Notes due 2047	1,115,000		—
Total Senior Secured Notes and Loans	2,612,000		1,307,000
Credit Facilities:
CD Senior Working Capital Facility	—		—
CD Credit Facility	522,000		484,000
TCF Credit Facility	178,000		59,000
Corporate Credit Facility	54,890		—
Total debt	3,366,890		1,850,000
Unamortized debt issuance costs	(51,740)		(33,699)
Total debt, net	$	3,315,150	$	1,816,301

Schedule of Line of Credit Facilities

Below is a summary of our committed credit facilities outstanding as of September 30, 2024 (in thousands):


	CD Senior Working Capital Facility		CD Credit Facility		TCF Credit Facility		Corporate Credit Facility
Total Facility Size	$	500,000	$	8,448,000	$	800,000	$	62,500
Less:
Outstanding balance	—		522,000		178,000		54,890
Letters of credit issued	174,925		—		—		—
Available commitment	$	325,075	$	7,926,000	$	622,000	$	7,610

Priority ranking	Senior secured		Senior secured		Senior secured		Senior secured
Interest rate on outstanding balance	SOFR + 2.25%		SOFR + 2.25%		SOFR + 2.25%		SOFR + 4.50%
Commitment fees on undrawn balance	0.68 %		0.68 %		0.68 %		1.35 %
Maturity Date	2030		2030		2030		2026

Schedule of Maturities of Long-Term Debt


	Principal Payments
2024 - 2025	$	—
2026	54,890
2027 - 2028	—
Thereafter	3,312,000
Total	$	3,366,890

Schedule of Interest Income and Interest Expense Disclosure

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Interest per contractual rate	$	51,349	$	16,169	$	134,636	$	16,169
Amortization of debt issuance costs	16,154		25,670		49,069		25,670
Other interest costs	978		—		2,133		—
Total interest cost	68,481		41,839		185,838		41,839
Capitalized interest	(52,576)		(9,303)		(118,424)		(9,303)
Total interest expense, net of capitalized interest	$	15,905	$	32,536	$	67,414	$	32,536

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):


	September 30, 2024				December 31, 2023
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Senior Notes — Level 2	$	2,005,000	$	2,064,852	$	700,000	$	743,593
Senior Loans — Level 2	607,000		631,976		607,000		632,998

Pay vs Performance Disclosure - USD ($) $ in Thousands	9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net (loss) income attributable to NextDecade Corporation	$ (203,996)	$ 34,208

- 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
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-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
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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-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
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-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
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-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

Supplemental Cash Flows (Tables)

9 Months Ended

Sep. 30, 2024

Supplemental Cash Flow Elements [Abstract]

Schedule of Cash Flow, Supplemental Disclosures

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


	Nine Months Ended September 30,
	2024		2023
Interest payments classified as operating activities	$	32,018	$	1,330
Accounts payable for acquisition of property, plant and equipment	218,313		322,539
Accruals for acquisition of property, plant and equipment	307,652		191,911
Non-cash settlement of warrant liabilities	8,571		—
Corporate fixed asset retirements	1,256		—
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	—		536
Non-cash settlement of paid-in-kind dividends on convertible preferred stock	—		20,431

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)	$ 0	$ 202,443
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net		6		254,394
Preferred stock conversion		6		222,868			(222,874)
Shares repurchased related to share-based compensation			(9,607)
Share-based compensation				22,235
Receipt of equity commitments				(14,424)		273,433
Preferred stock dividends				(20,484)			20,431
Rio Bravo de-consolidation					629
Sale of equity in Intermediate Holdings				(14,424)		273,433
Net (loss) income	34,208				(32,996)	67,204
Ending balance at Sep. 30, 2023	817,635	26	(14,194)	753,673	(262,507)	340,637	0
Beginning balance at Jun. 30, 2023	(19,682)	16	(4,657)	362,735	(377,776)	0	215,864
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net		4		179,396
Preferred stock conversion		6		222,868			(222,874)
Shares repurchased related to share-based compensation			(9,537)
Share-based compensation				10,128
Receipt of equity commitments				(14,424)		273,433
Preferred stock dividends				(7,030)			7,010
Rio Bravo de-consolidation					629
Sale of equity in Intermediate Holdings				(14,424)		273,433
Net (loss) income					114,640	67,204
Ending balance at Sep. 30, 2023	817,635	26	(14,194)	753,673	(262,507)	340,637	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total stockholders' equity	476,998
Total stockholders' equity	287,923
Beginning balance at Dec. 31, 2023	740,434	26	(14,214)	693,883	(391,772)	452,511
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased related to share-based compensation			(6,577)
Share-based compensation				13,967
Receipt of equity commitments				493,333
Exercise of common stock warrants				8,570
Sale of equity in Intermediate Holdings				493,333
Net (loss) income	(203,996)				(127,429)	(76,567)
Ending balance at Sep. 30, 2024	1,045,731	26	(20,791)	1,209,753	(519,201)	375,944
Beginning balance at Jun. 30, 2024	1,278,784	26	(14,367)	1,043,307	(396,002)	645,820
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased related to share-based compensation			(6,424)
Share-based compensation				4,984
Receipt of equity commitments				160,040
Exercise of common stock warrants				1,422
Sale of equity in Intermediate Holdings				160,040
Net (loss) income					(123,199)	(269,876)
Ending balance at Sep. 30, 2024	1,045,731	$ 26	$ (20,791)	$ 1,209,753	$ (519,201)	$ 375,944
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total stockholders' equity	$ 669,787

Leases

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

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 three months ended September 30, 2024 and 2023, our operating lease costs were $2.6 million and $2.6 million, respectively. For the nine months ended September 30, 2024 and 2023, our operating lease costs were $8.2 million and $3.3 million, respectively.

Maturity of operating lease liabilities as of September 30, 2024 are as follows (in thousands, except lease term and discount rate):


2024 (remaining)	$	1,912
2025	7,623
2026	9,522
2027	9,565
2028	9,609
Thereafter	199,242
Total undiscounted lease payments	237,473
Discount to present value	(89,998)
Present value of lease liabilities	$	147,475

Weighted average remaining lease term - years	27.0
Weighted average discount rate - percent	4.1

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


	Nine Months Ended September 30,
	2024		2023
Operating cash flows for amounts paid included in the measurement of operating lease liabilities	$	6,126	$	968
Noncash right-of-use assets recorded for operating lease liabilities during the period	—		147,829

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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 September 30, 2024, management is not aware of any claims or legal actions against the Company 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.

Accrued Liabilities and Other Current Liabilities

9 Months Ended

Sep. 30, 2024

Accrued Liabilities and Other Liabilities [Abstract]

Accrued Liabilities and Other Current Liabilities

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


	September 30, 2024		December 31, 2023
Rio Grande LNG Facility costs	$	307,652	$	268,821
Accrued interest	4,081		20,392
Employee compensation expense	11,008		9,270
Professional services	5,400		—
Other accrued liabilities	2,888		7,632
Total accrued and other current liabilities	$	331,029	$	306,115