Close. The original NT targeted an experimental Intel cpu called i860 (RISC based) nicknamed “N10”. NT was, according to Wikipedia, a play on words for the target cpu architecture.
From Wikipedia: “One of the original NT developers, Mark Lucovsky, states that the name was taken from the original target processor—the Intel i860, code-named N10 ("N-Ten")”.
NT was always supposed to be multi architecture (MIPS, Alpha, IA-32). I’m not sure what happened to i860.
Link: https://en.wikipedia.org/wiki/Windows_NT