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Transitioned from a Bitcoin-centric model to a high-density colocation platform, leveraging the CoreWeave contract as a foundational capital engine.

Secured a $3.3 billion project bond financing at a 7.75% interest rate, validating the predictability of contracted cash flows and providing liquidity for non-CoreWeave growth.

Adopted a 'pre-seeding' strategy by investing in long-lead equipment and civil works ahead of contracts to compress Ready-for-Service (RFS) timelines to 12-14 months.

Expanded the power strategy to include behind-the-meter solutions and natural gas infrastructure to bypass grid constraints and meet hyperscale demand.

Shifted commercial engagement from exclusive negotiations to a milestone-based approach to maintain asset liquidity in a high-demand market.

Leveraged operational learnings from 590 megawatts of active builds to standardize greenfield designs, avoiding the unpredictability of brownfield conversions.

Expects to deliver more than 450 billable megawatts by the end of summer 2026, reaching the full 590 megawatt CoreWeave commitment by early 2027.

Projects roughly $2 billion in total capital expenditures for 2026, which includes approximately $700 million for site acquisitions as well as additional expenditures to begin pre-seeding approximately 1 gigawatt of new billable capacity.

Anticipates Bitcoin mining activity will continue to wind down through 2026, with only one or two sites remaining operational by year-end.

Targets first data hall RFS for five non-CoreWeave sites in 2027, positioning the company to capture immediate demand from hyperscalers and AI labs.

Management expects pricing trends for new contracts to continue to firm up as a result of inflationary pressures on labor and equipment.

Increased target cash gross profit range for the CoreWeave contract to 80% to 85% due to better visibility into actual operating costs.

Closed the acquisition of the Hunt County, Texas site and announced the Polaris acquisition to support a 1.5 gigawatt power path at Muskogee.

Implemented a lockbox structure for the $3.3 billion bond, allowing project revenues to service debt while freeing up the vast majority of proceeds for corporate-level investment.

Monetized a significant portion of Bitcoin holdings, retaining only a modest amount on the balance sheet as the company continues its transition toward high-density colocation.

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Management allowed exclusivity to expire to re-engage with three other hyperscalers who were 'knocking at the door' for large-scale capacity.

The original customer remains in active discussions, but the company will now require clear milestones in any future exclusivity agreements.

Behind-the-meter solutions can be deployed in 12 to 14 months, utilizing low-emission technologies to accelerate time-to-power.

The ultimate cost to the tenant is expected to be comparable to grid power, with the company evaluating both self-ownership and third-party PPA structures.

Management identified brownfield conversions as significantly more difficult than anticipated, leading to a strategic shift toward standardized greenfield builds.

The company has implemented over 150 design iterations across its portfolio, creating a 'repeatable model' that differentiates it from traditional data center developers.

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