I am beginning to have my doubts. I don't see the type of financing and the dilution of the shares as positive.
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@investment_wizard_2286 I would basically agree with you, but of course no existing investor will find this positive. Now, of course, you have to ask what this dilution entails. Is it 1 or 2 billion per new major order? What is the % structure of the total financing of FC / equity and front up? We don't know that at the moment, which makes it impossible to make a forecast. And to be honest, it must be clear to every existing investor that this growth will never work without dilution (i.e. through equity and front up alone). At least not under good conditions. The private credit market is currently not willing to take too many risks (they already have them)
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@Michey777 They have already diluted the number of shares under the old ATM program by over 11% in January/February 2026 alone.
Yesterday's new ATM program is for another $6 billion.
These are not small dilutions. That's very aggressive.
Yesterday's new ATM program is for another $6 billion.
These are not small dilutions. That's very aggressive.
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•@Olli68 still says nothing about the number of deals with which this dilution is associated. Let's say there are 3 deals of 9 bn each = 27 bn. 6 bn equity remaining equity and upfront payment. Converters are left out this time. Would that be fine? And now imagine Microsoft subscribing to the 6 bn as an anchor - that would be even better.
What I would like to say again (and I can understand your criticism of the financing structure) is that this is a kind of "global limit". Only a proper underpinning of contracts can make it possible to assess whether something is too expensive.
Everything else is 🔮
What I would like to say again (and I can understand your criticism of the financing structure) is that this is a kind of "global limit". Only a proper underpinning of contracts can make it possible to assess whether something is too expensive.
Everything else is 🔮
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•@Michey777 Exactly. It's too much of a crystal ball in my eyes. That's why I got out after the Microsoft deal when the ATM moves became more and more aggressive. It's been 6 months since then and another deal hasn't even been hinted at. It's all too uncertain and vague for me. That's also what's been weighing on the share price for months.
I also wonder when they will have to buy new generations of chips? After 3 years? After 10 years? Probably already, if they are still paying off the old chips.
There's no end in sight for me. That's why the gas ball is pretty good.
And I personally once lost quite a lot of money when I invested with hope and faith. And when ATM measures were the order of the day. That's why I'm quite sensitive about this 😉
I also wonder when they will have to buy new generations of chips? After 3 years? After 10 years? Probably already, if they are still paying off the old chips.
There's no end in sight for me. That's why the gas ball is pretty good.
And I personally once lost quite a lot of money when I invested with hope and faith. And when ATM measures were the order of the day. That's why I'm quite sensitive about this 😉
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•@Olli68 yes 👍 everything is understandable. Then it's just not an industry you want to invest in (except for hyperscalers), which fortunately is what makes the stock market:) All your concerns are certainly justified, for my part I have a different case and therefore everything is fine for me
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