Key Highlights

  • NEXT shares traded down 0.32% at $6.15, with the 50-day moving average moving below the 200-day average.
  • Rio Grande LNG Trains 1 and 2 were 74.0% complete in June, and Train 3 was 50.4% complete.
  • First LNG production from Train 1 is expected in the first half of 2027, with first gas in late 2026.
  • Train 4 is 15.5% complete and Train 5, which reached a final investment decision in October 2025, is 9.4% complete.
  • The company is pursuing long-term offtake discussions to support a possible Train 6, with no executed agreements listed.

NextDecade (NASDAQ:NEXT) shares are trading down 0.32% at $6.15, and the stock's 50-day simple moving average has moved below its 200-day, a pattern technical analysts call a death cross. The company has a market capitalization of $1.64 billion.

The signal is derived from past prices and does not reflect construction progress. NextDecade is developing the Rio Grande LNG export facility in South Texas, and it published its second-quarter business update on July 30.

Trains 1 to 3 Advance Toward First LNG Ahead of Schedule

As of June, Trains 1 and 2 were 74.0% complete overall, with construction 58.9% complete and commissioning 0.6% complete. Train 3 was 50.4% complete overall, with construction 17.4% complete.

The update expects first gas in the second half of 2026 and first LNG production from Train 1 in the first half of 2027. It does not give substantial completion dates for the trains.

The chairman and chief executive said construction continues to progress positively toward first LNG, ahead of schedule and within budget. Commissioning of Trains 1 and 2 was 0.6% complete in June.

The update frames the next milestones as first gas, then first LNG, rather than financial results. It does not report a net loss, cash balance or liquidity figure.

Trains 4 and 5 Move Through Early Construction

Train 4 began construction in September 2025 after a positive final investment decision and the closing of project financing by subsidiaries. It was 15.5% complete as of June.

Train 5 reached a final investment decision in October 2025, and construction began the same month. It was 9.4% complete.

Financing Activity and Train 6 Discussions

For Train 5, the company has a program of $500 million of 6.56% senior secured notes due 2050, of which $350 million was issued and outstanding as of July 30. The update also describes a $1.0 billion term loan at 7.05% maturing in June 2033 and $3.5 billion of Phase 1 senior secured notes issued in July.

The update lists no executed offtake agreements. It says the company is pursuing long-term LNG offtake discussions with potential counterparties to support Train 6.

Signal Versus Construction Milestones

The death cross reflects past price action, while the disclosed progress shows three trains under construction ahead of a first LNG date in the first half of 2027. The next updates will show construction percentages for each train, the timing of first gas and any progress on Train 6 offtake. This review is limited to company disclosures and does not assess valuation.