Amongst US LNG projects, Tellurian's business model is innovative and differentiated, but will it work? The company plans to develop an integrated upstream-to-LNG business and to finance development via 100% equity investment. The rationale for upstream integration is to reduce margin leakage along the value chain and offer a more competitively priced product. By producing its own gas, Tellurian believes it can secure feedgas at below market prices. And by financing development entirely through equity investment, it avoids the need to raise debt. We assess the economic case for integrating upstream and the equity finance model.