Appreciate it. LNG is the right mental model: decade-long offtake contracts, sovereign counterparty risk underwriting, and project finance built on forecastable flows. Stargate, by contrast, is sprinting ahead of load without anything resembling take-or-pay. The capital stack is speculative, not bankable.
The real puzzle: what’s the AI equivalent of a Qatargas–TotalEnergies contract? Until that exists, we’re not building infrastructure. We’re placing $500B directional bets.
Great laterals. In LNG they want decades of visibility before the first shovel hits the ground.
Appreciate it. LNG is the right mental model: decade-long offtake contracts, sovereign counterparty risk underwriting, and project finance built on forecastable flows. Stargate, by contrast, is sprinting ahead of load without anything resembling take-or-pay. The capital stack is speculative, not bankable.
The real puzzle: what’s the AI equivalent of a Qatargas–TotalEnergies contract? Until that exists, we’re not building infrastructure. We’re placing $500B directional bets.