Venture Global, Inc.

There have been no material changes with respect to the risk factors disclosed in our 2025 Form 10-K, except as disclosed below.

Our strategy to expand into data center development and construction may not be successful and could adversely affect our business and financial condition.

We are pursuing opportunities to develop our own AI Utility, at sites we own or control. These markets are highly competitive and rapidly evolving, and our ability to successfully develop or participate in such projects will depend on a number of factors, including our ability to procure and deploy sufficient data center and power generation capacity, availability of capital, our ability to secure customers or strategic partners, our technical and operational expertise, our ability to obtain regulatory and land use approvals and the development of suitable sites and infrastructure. If we are unable to execute this strategy successfully, our anticipated growth opportunities may not materialize, and our business, financial condition and results of operations could be adversely affected. In addition, allocating resources to support data center and power infrastructure development and related initiatives may divert capital, personnel and management attention from our existing LNG business.

The development of data center and power infrastructure may also require significant capital investment and could affect the timing of our cash flows. Data center and power development may require substantial upfront capital expenditures for infrastructure, equipment and site development, while revenues from hosting, leasing or related services generally are not realized until construction is complete and customers have been onboarded. As a result, there may be a significant lag between capital investment and revenue generation, which could increase our short-term liquidity needs. We may need to seek additional financing to support these investments or to preserve liquidity during periods of market volatility, and such financing may not be available on favorable or acceptable terms or at all.

The success of our data center and power infrastructure development strategy may be affected by a number of factors, including the timely delivery and reliable performance of power generation equipment, supply chain disruptions, labor shortages, tariffs or trade restrictions, technological changes, changes in demand for data centers or AI technology, regulatory environment, increased public opposition to data center projects and our ability to develop or retain the specialized expertise required to construct and operate data center infrastructure.

We may also encounter difficulties in the design, engineering, development or modification of data center infrastructure, which could result in cost overruns and significant delays. Although we have experience deploying and operating large-scale, behind-the-meter power generation for our LNG projects, we have limited experience developing or operating data centers, and the likelihood of our success must be considered in light of the expenses, difficulties and delays frequently encountered in expanding into, and operating in, an industry that is competitive and rapidly evolving. If we are unable to successfully develop and operate anticipated data center projects, our business, financial condition, results of operations and prospects could be adversely affected.

The data center market is highly competitive, and our inability to compete could adversely affect our business, financial condition and results of operations.

The data center market is highly competitive and rapidly evolving. Our ability to generate revenue from our data center and power infrastructure projects depends on our ability to negotiate and enter into binding, long-term agreements with a limited number of potential customers for our data center capacity, and if these parties delay or decline to enter into such agreements, or if the terms are not favorable or acceptable to us, the construction and operation of our data center and power infrastructure projects could be significantly delayed, which could hinder our ability to gain market traction with other potential customers as compared to our competitors.

There can be no assurance that we will be able to compete successfully in this market, and our failure to do so could adversely affect our business, financial condition and results of operations.

Evolving governmental regulation and opposition from environmental groups and other stakeholders, including through litigation or reputational campaigns, could delay or prevent the permitting, construction or operation of our data center and power infrastructure projects.

A growing number of state and local governments have enacted, or are considering, moratoria, restrictive zoning amendments, energy efficiency mandates, water use restrictions, heightened permitting requirements and other land use and regulatory limitations that prohibit or significantly constrain the development of new data centers or related gas-fired generation facilities or other energy infrastructure, and similar measures could be adopted in jurisdictions where we develop or intend to develop our data center and power infrastructure projects. If such measures are adopted, we may be required to delay, redesign or abandon those projects, relocate to alternative sites that may be less suitable or more costly to develop, or incur significant unrecoverable costs for land, permitting, engineering and equipment. Negative public sentiment regarding the AI industry – including concerns about the societal implications of AI, its energy intensity and the pace of deployment – could result in adverse publicity, regulatory scrutiny, or political opposition that makes it more difficult for us to site, permit and construct our facilities. Public opposition to our projects could also lead to campaigns in the media or in political forums that adversely impact our reputation.

In addition, data center and energy infrastructure projects in the United States frequently face opposition from policymakers, non-governmental organizations, environmental advocacy coalitions and local stakeholders due to concerns about their consumption of energy, water and other resources and broader environmental and community impacts. These groups may intervene in or challenge regulatory proceedings, file administrative appeals, contest the issuance of required environmental permits or other governmental approvals or initiate litigation under the National

Environmental Policy Act, the Clean Air Act, the Clean Water Act, the Endangered Species Act, analogous state laws or common law. Such opposition could result in the denial or delay of land use approvals, building permits or other approvals required to construct or commence commercial operation of our data centers, restrict our ability to expand, or lead to the imposition of conditions or mitigation measures that increase project costs or reduce project feasibility. Even unsuccessful challenges can delay project timelines, increase legal costs and discourage investment.

As a result, the construction and operation of our data center and power infrastructure projects could be delayed, suspended or abandoned, which could adversely affect our ability to generate revenue from any data center and power infrastructure projects we develop and our business, financial condition and results of operations.