Anchored Offtake Wins the Queue. Speculation Gets Repriced.

ERCOT's forecast just jumped to 367.8 GW by 2032 against a 410 GW interconnection queue, and Fermi Inc's 78% slide since October proves equity markets won't underwrite speculative gigawatts anymore. Anchored offtake, locked generation, and front-loaded water strategy are now the price of admission; everything else gets repriced or moratoriumed.