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๐ ๐๐๐ฌ๐ฎ๐ฅ๐ญ๐ฌ
โข Revenue: $228M (Est. $221.71M) โ , +66% QoQ.
โข AI Cloud Revenue: $200M, +182% QoQ.
โข Bitcoin Mining Revenue: $28M (vs. $67M QoQ).
โข Net Loss: $263M (vs. $684M loss QoQ).
โข Adjusted EBITDA: $66M (vs. $19M QoQ).
โข AI Cloud Segment Gross Margin: 86%.
โข Operating ARR: $1B, doubled QoQ.
โข Revenue Backlog: $20.3B, +22% QoQ.
โ
๐ฏ ๐๐ฎ๐ข๐๐๐ง๐๐
โข Contracted ARR Target: >$4B, fully contracted and funded, now targeted for January 2027, potentially extending into February.
โข FY2027 Remaining Planned CapEx: ~$15B.
โข Funding: $9B in cash, committed GPU financing and customer prepayments; ~$6B in targeted additional financing and other sources, subject to market conditions.
โข Data Center Capacity Target: ~800MW by end of 2027.
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๐ ๐๐๐ฒ ๐๐๐ค๐๐๐ฐ๐๐ฒ๐ฌ
โข Revenue beat consensus by ~2.8%, driven by accelerating AI Cloud deployment.
โข AI Cloud revenue nearly tripled sequentially and now represents ~88% of total revenue.
โข Revenue backlog reached $20.3B, with approximately two-thirds tied to investment-grade counterparties.
โข >$4B contracted ARR target moved from year-end 2026 to January 2027, potentially late February, due to customer-requested design changes and supplier timing.
โข Horizon 1 entered service for Microsoft and achieved NVIDIA Exemplar Cloud status for GB300 NVL72 systems.
โข Horizon 2โ4 progressed to late-stage construction.
โข Expanded an existing contract with a leading Frontier AI Lab after quarter-end.
โข Signed a five-year contract generating ~$22M per IT-MW annually, with customer prepayments covering 90% of associated GPU CapEx.
โข Signed a short-term contract at ~$40M revenue per IT-MW.
โข Contracted pricing increased 11% for three-year deals and 12% for five-year deals.
โข Secured power exceeds 5GW, supported by >30,000 acres of land, with a >35GW development pipeline.
โข Cash declined to $3.52B from $5.90B QoQ, while $6B of planned funding remains subject to market conditions.
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๐ฌ ๐๐๐ง๐๐ ๐๐ฆ๐๐ง๐ญ ๐๐จ๐ฆ๐ฆ๐๐ง๐ญ๐๐ซ๐ฒ
โThe more than $4 billion of contracted ARR is funded and now targeted for January, after a customer-requested design change and supplier timing moved it from year-end; it may extend to the end of February.โ