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Venture Global Inc

For the period ended Dec 31, 2024. Filed Mar 6, 2025.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Mar 6, 2025

VG$11.80+2.3%Stored close · as of Nov 9, 2026

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10-K 1 vginc10-kxye2024.htm 10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to .

Commission file number 001-42486

(Exact Name of Registrant as Specified in Its Charter)

DELAWARE95-3539083
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification Number)
1001 19TH STREET NORTH, SUITE 1500ARLINGTON, VIRGINIA 22209
(Address of Principal Executive Offices)
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
Class A common stock, $ 0.01 par valueVGNew York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☐ No ☒

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ☐ Accelerated filer ☐Smaller reporting company ☐
Non-accelerated filer ☒ (Do not check if a smaller reporting company)Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The registrant was not a public company as of the last business day of its most recently completed second fiscal quarter and, therefore, it cannot calculate the aggregate market value of its voting and non‑voting common equity held by non‑affiliates as of such date.

As of February 14, 2025, the number of shares of the registrant’s Class A common stock outstanding was 450,937,393, and the number of shares of the registrant’s Class B common stock outstanding was 1,968,604,458.

DOCUMENTS INCORPORATED BY REFERENCE

Certain portions of the definitive proxy statement for the registrant’s Annual Meeting of Stockholders (to be filed within 120 days of the close of the registrant’s fiscal year) are incorporated by reference into Part III of this Annual Report on Form 10-K. Except with respect to information specifically incorporated by reference in this Annual Report on Form 10-K, such proxy statement will not be deemed to be filed as part hereof.

TABLE OF CONTENTS

Page
Glossary of Key Terms4
Cautionary Statement Regarding Forward-Looking Statements6
Summary of Material Risks Associated with Our Business8
PART I
Item 1. Business10
Item 1A. Risk Factors40
Item 1B. Unresolved Staff Comments105
Item 1C. Cybersecurity106
Item 2. Properties107
Item 3. Legal Proceedings107
Item 4. Mine Safety Disclosure108
PART II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities109
Item 6. [Reserved]110
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations111
Item 7A. Quantitative and Qualitative Disclosures about Market Risk140
Item 8. Financial Statements and Supplementary Data143
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure184
Item 9A. Controls and Procedures184
Item 9B. Other Information184
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections184
PART III
Item 10. Directors, Executive Officers and Corporate Governance185
Item 11. Executive Compensation185
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters185
Item 13. Certain Relationships and Related Transactions and Director Independence185
Item 14. Principal Accounting Fees and Services185
PART IV
Item 15. Exhibits and Financial Statement Schedules187
Signatures203
ContentsView on SEC.gov

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