What changed: r4 to r5
First sourced operating scenarios. Separates recurring rent from tenant work, retains consolidated cloud revenue and adds a bounded correction to directly reported Q4 operating loss.
Retrieval clocks and internal hashes are excluded. Changed source or accounting definitions are not automatically an economic restatement. The authored reason describes the destination revision.
| Field | Before | After |
|---|---|---|
| /business/description | Our Business We are a U.S.-based designer, developer, owner, and operator of large-scale, purpose-built data centers engineered to support high-performance computing (“HPC”) workloads, including artificial intelligence (“AI”), machine learning, and other accelerated-compute applications. We design, build, and operate high-performance, sustainably engineered data centers—which we refer to as AI factories—and deliver that capacity to investment-grade hyperscalers and other leading compute customers under long-term lease and hosting arrangements. Our standardized, repeatable design model spans site selection, design, construction, and operations, and has been qualified by major hyperscalers, enabling rapid, flexible deployment in both air-cooled and liquid-cooled configurations. Over the past several fiscal years, we have evolved from a company focused on blockchain hosting into a purpose-built HPC data center platform organized around our proprietary AI factory model. Today, our growth, capital allocation, and operating focus are centered on developing and operating HPC data centers, while our legacy blockchain hosting operations represent a. | Applied Digital develops and operates data centers. HPC leases generate base rent after delivery, while fit-out work and operating reimbursements add lower-margin revenue. Its legacy business hosts Bitcoin miners rather than mining Bitcoin itself. ChronoScale provides cloud services and remains consolidated because Applied Digital retains about 96% ownership. Project debt, restricted cash and preferred investors fund construction before leases reach full cash generation. |
| /business/drivers/0 | We design, build, and operate high-performance, sustainably engineered data centers—which we refer to as AI factories—and deliver that capacity to. | Accepted critical IT capacity and rent commencement |
| /business/drivers/1 | Today, our growth, capital allocation, and operating focus are centered on developing and operating HPC data centers, while our legacy blockchain hosting. | Recurring rent versus fit-out and pass-through revenue |
| /business/drivers/2 | We conduct our business through two reportable segments: our HPC data center hosting business (the “HPC Hosting Business”) and our blockchain data center. | Construction cash spending, coupons and preferred claims |
| /estimates/basis | not yet estimated | Desk base scenario from the operating model; not consensus. |
| /estimates/rows/2027Q1/as_of | None | 2026-09-19 |
| /estimates/rows/2027Q1/basis | None | Desk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance. |
| /estimates/rows/2027Q1/class | None | estimate |
| /estimates/rows/2027Q1/period | None | 2027Q1 |
| /estimates/rows/2027Q1/revenue | None | 281768500.0 |
| /estimates/rows/2027Q2/as_of | None | 2026-09-19 |
| /estimates/rows/2027Q2/basis | None | Desk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance. |
| /estimates/rows/2027Q2/class | None | estimate |
| /estimates/rows/2027Q2/period | None | 2027Q2 |
| /estimates/rows/2027Q2/revenue | None | 363403300.00000006 |
| /estimates/rows/2027Q3/as_of | None | 2026-09-19 |
| /estimates/rows/2027Q3/basis | None | Desk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance. |
| /estimates/rows/2027Q3/class | None | estimate |
| /estimates/rows/2027Q3/period | None | 2027Q3 |
| /estimates/rows/2027Q3/revenue | None | 460395599.99999994 |
| /estimates/rows/2027Q4/as_of | None | 2026-09-19 |
| /estimates/rows/2027Q4/basis | None | Desk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance. |
| /estimates/rows/2027Q4/class | None | estimate |
| /estimates/rows/2027Q4/period | None | 2027Q4 |
| /estimates/rows/2027Q4/revenue | None | 587387900.0 |
| /meta/business_authored | False | True |
| /meta/extract_accession | 0001144879-26-000048 | None |
| /meta/extract_filed | 2026-07-29 | None |
| /meta/extract_form | 10-K | None |
| /meta/extract_source | filing | authored |
| /meta/extract_url | https://www.sec.gov/Archives/edgar/data/1144879/000114487926000048/apld-20260531.htm | None |
| /meta/research_reviewed_at | None | 2026-09-19 |
| /meta/research_stage | None | operating_scenarios |
| /meta/revision | 4 | 5 |
| /meta/skeleton | True | False |
| /model/quarters/2026-05-31/eps_diluted/provenance/class | None | reported |
| /model/quarters/2026-05-31/eps_diluted/provenance/concept | None | Q4 consolidated eps_diluted |
| /model/quarters/2026-05-31/eps_diluted/provenance/filed | None | 2026-07-27 |
| /model/quarters/2026-05-31/eps_diluted/provenance/source_url | None | https://www.sec.gov/Archives/edgar/data/1144879/000114487926000044/apldq426earningsreleaseasf.htm |
| /model/quarters/2026-05-31/eps_diluted/value | None | -0.39 |
| /model/quarters/2026-05-31/gross_profit/provenance/class | None | derived |
| /model/quarters/2026-05-31/gross_profit/provenance/concept | None | 258.748M revenue - 193.121M services cost - 25.110M rental cost |
| /model/quarters/2026-05-31/gross_profit/provenance/filed | None | 2026-07-27 |
| /model/quarters/2026-05-31/gross_profit/provenance/source_url | None | https://www.sec.gov/Archives/edgar/data/1144879/000114487926000044/apldq426earningsreleaseasf.htm |
| /model/quarters/2026-05-31/gross_profit/value | None | 40517000.0 |
| /model/quarters/2026-05-31/net_income/provenance/class | None | reported |
| /model/quarters/2026-05-31/net_income/provenance/concept | None | Q4 consolidated net_income |
| /model/quarters/2026-05-31/net_income/provenance/filed | None | 2026-07-27 |
| /model/quarters/2026-05-31/net_income/provenance/source_url | None | https://www.sec.gov/Archives/edgar/data/1144879/000114487926000044/apldq426earningsreleaseasf.htm |
| /model/quarters/2026-05-31/net_income/value | None | -82407000.0 |
| /model/quarters/2026-05-31/operating_income/provenance/accession | 0001144879-26-000048 | None |
| /model/quarters/2026-05-31/operating_income/provenance/class | derived | reported |
| /model/quarters/2026-05-31/operating_income/provenance/concept | OperatingIncomeLoss | Q4 consolidated operating_income; directly reported July 27 quarter reviewed against July 29 annual filing; replaces incompatible annual-minus-prior-quarter cloud scope |
| /model/quarters/2026-05-31/operating_income/provenance/filed | 2026-07-29 | 2026-07-27 |
| /model/quarters/2026-05-31/operating_income/provenance/form | 10-K | None |
| /model/quarters/2026-05-31/operating_income/provenance/reviewed_through | None | 2026-07-29 |
| /model/quarters/2026-05-31/operating_income/provenance/source_url | https://data.sec.gov/api/xbrl/companyfacts/CIK0001144879.json | https://www.sec.gov/Archives/edgar/data/1144879/000114487926000044/apldq426earningsreleaseasf.htm |
| /model/quarters/2026-05-31/operating_income/value | -97545000.0 | -124820000.0 |
| /model/quarters/2026-05-31/revenue/provenance/class | None | reported |
| /model/quarters/2026-05-31/revenue/provenance/concept | None | Q4 consolidated revenue |
| /model/quarters/2026-05-31/revenue/provenance/filed | None | 2026-07-27 |
| /model/quarters/2026-05-31/revenue/provenance/source_url | None | https://www.sec.gov/Archives/edgar/data/1144879/000114487926000044/apldq426earningsreleaseasf.htm |
| /model/quarters/2026-05-31/revenue/value | None | 258748000.0 |
| /model/quarters/2026-05-31/shares_diluted/provenance/class | None | reported |
| /model/quarters/2026-05-31/shares_diluted/provenance/concept | None | Q4 consolidated shares_diluted |
| /model/quarters/2026-05-31/shares_diluted/provenance/filed | None | 2026-07-27 |
| /model/quarters/2026-05-31/shares_diluted/provenance/source_url | None | https://www.sec.gov/Archives/edgar/data/1144879/000114487926000044/apldq426earningsreleaseasf.htm |
| /model/quarters/2026-05-31/shares_diluted/value | None | 285651622.0 |
| /model/source | https://data.sec.gov/api/xbrl/companyfacts/CIK0001144879.json | SEC companyfacts with reviewed filing supplement; see each value's provenance. |
| /operating_model/cells/annual_coupon:shared/basis | None | Includes the June issuance and excludes the repaid bridge; not a payment calendar. |
| /operating_model/cells/annual_coupon:shared/case | None | shared |
| /operating_model/cells/annual_coupon:shared/formula/op | None | sum |
| /operating_model/cells/annual_coupon:shared/formula/refs/0 | None | pf1_coupon |
| /operating_model/cells/annual_coupon:shared/formula/refs/1 | None | pf2_coupon |
| /operating_model/cells/annual_coupon:shared/formula/refs/2 | None | convert_coupon |
| /operating_model/cells/annual_coupon:shared/formula/refs/3 | None | june_notes_coupon |
| /operating_model/cells/annual_coupon:shared/id | None | annual_coupon |
| /operating_model/cells/annual_coupon:shared/kind | None | derived |
| /operating_model/cells/annual_coupon:shared/label | None | Major debt annual coupon accrual |
| /operating_model/cells/annual_coupon:shared/period | None | Annual |
| /operating_model/cells/annual_coupon:shared/unit | None | USD_millions |
| /operating_model/cells/annual_coupon:shared/value | None | 486.175 |
| /operating_model/cells/base_2027q1_base_rent:base/basis | None | Desk rent mix/commencement sensitivity, not repricing signed leases. |
| /operating_model/cells/base_2027q1_base_rent:base/case | None | base |
| /operating_model/cells/base_2027q1_base_rent:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q1_base_rent:base/formula/refs/0 | None | base_2027q1_rent_at_reference |
| /operating_model/cells/base_2027q1_base_rent:base/formula/refs/1 | None | base_2027q1_rent_realization |
| /operating_model/cells/base_2027q1_base_rent:base/id | None | base_2027q1_base_rent |
| /operating_model/cells/base_2027q1_base_rent:base/kind | None | derived |
| /operating_model/cells/base_2027q1_base_rent:base/label | None | HPC base rent |
| /operating_model/cells/base_2027q1_base_rent:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_base_rent:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_base_rent:base/value | None | 66.15 |
| /operating_model/cells/base_2027q1_capex:base/basis | None | Desk construction spending; delay case includes higher build costs. Not company guidance. |
| /operating_model/cells/base_2027q1_capex:base/case | None | base |
| /operating_model/cells/base_2027q1_capex:base/id | None | base_2027q1_capex |
| /operating_model/cells/base_2027q1_capex:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_capex:base/label | None | Construction and asset purchases |
| /operating_model/cells/base_2027q1_capex:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_capex:base/value | None | 900.0 |
| /operating_model/cells/base_2027q1_cash_after_capex:base/basis | None | Before financing proceeds, principal, acquisitions and restricted reserve transfers. |
| /operating_model/cells/base_2027q1_cash_after_capex:base/case | None | base |
| /operating_model/cells/base_2027q1_cash_after_capex:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q1_cash_after_capex:base/formula/refs/0 | None | base_2027q1_cash_before_capex |
| /operating_model/cells/base_2027q1_cash_after_capex:base/formula/refs/1 | None | base_2027q1_capex |
| /operating_model/cells/base_2027q1_cash_after_capex:base/id | None | base_2027q1_cash_after_capex |
| /operating_model/cells/base_2027q1_cash_after_capex:base/kind | None | derived |
| /operating_model/cells/base_2027q1_cash_after_capex:base/label | None | Cash after capex proxy |
| /operating_model/cells/base_2027q1_cash_after_capex:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_cash_after_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_cash_after_capex:base/value | None | -989.96315 |
| /operating_model/cells/base_2027q1_cash_before_capex:base/basis | None | Analytical cash proxy; not consolidated GAAP CFO. |
| /operating_model/cells/base_2027q1_cash_before_capex:base/case | None | base |
| /operating_model/cells/base_2027q1_cash_before_capex:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q1_cash_before_capex:base/formula/refs/0 | None | base_2027q1_site_cash |
| /operating_model/cells/base_2027q1_cash_before_capex:base/formula/refs/1 | None | base_2027q1_cash_uses |
| /operating_model/cells/base_2027q1_cash_before_capex:base/id | None | base_2027q1_cash_before_capex |
| /operating_model/cells/base_2027q1_cash_before_capex:base/kind | None | derived |
| /operating_model/cells/base_2027q1_cash_before_capex:base/label | None | Cash before capex proxy |
| /operating_model/cells/base_2027q1_cash_before_capex:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_cash_before_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_cash_before_capex:base/value | None | -89.96315 |
| /operating_model/cells/base_2027q1_cash_uses:base/basis | None | Excludes noncash preferred accrual and financing principal. |
| /operating_model/cells/base_2027q1_cash_uses:base/case | None | base |
| /operating_model/cells/base_2027q1_cash_uses:base/formula/op | None | sum |
| /operating_model/cells/base_2027q1_cash_uses:base/formula/refs/0 | None | quarter_coupon |
| /operating_model/cells/base_2027q1_cash_uses:base/formula/refs/1 | None | base_2027q1_corp |
| /operating_model/cells/base_2027q1_cash_uses:base/formula/refs/2 | None | base_2027q1_other |
| /operating_model/cells/base_2027q1_cash_uses:base/id | None | base_2027q1_cash_uses |
| /operating_model/cells/base_2027q1_cash_uses:base/kind | None | derived |
| /operating_model/cells/base_2027q1_cash_uses:base/label | None | Corporate, coupon and other cash uses |
| /operating_model/cells/base_2027q1_cash_uses:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_cash_uses:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_cash_uses:base/value | None | 166.54375 |
| /operating_model/cells/base_2027q1_cloud:base/basis | None | Still consolidated; no assumption of a full GAAP deconsolidation. |
| /operating_model/cells/base_2027q1_cloud:base/case | None | base |
| /operating_model/cells/base_2027q1_cloud:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q1_cloud:base/formula/refs/0 | None | q4_cloud |
| /operating_model/cells/base_2027q1_cloud:base/formula/refs/1 | None | base_2027q1_cloud_factor |
| /operating_model/cells/base_2027q1_cloud:base/id | None | base_2027q1_cloud |
| /operating_model/cells/base_2027q1_cloud:base/kind | None | derived |
| /operating_model/cells/base_2027q1_cloud:base/label | None | Consolidated ChronoScale revenue |
| /operating_model/cells/base_2027q1_cloud:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_cloud:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_cloud:base/value | None | 18.396 |
| /operating_model/cells/base_2027q1_cloud_cash:base/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/base_2027q1_cloud_cash:base/case | None | base |
| /operating_model/cells/base_2027q1_cloud_cash:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q1_cloud_cash:base/formula/refs/0 | None | base_2027q1_cloud |
| /operating_model/cells/base_2027q1_cloud_cash:base/formula/refs/1 | None | base_2027q1_cloud_margin |
| /operating_model/cells/base_2027q1_cloud_cash:base/id | None | base_2027q1_cloud_cash |
| /operating_model/cells/base_2027q1_cloud_cash:base/kind | None | derived |
| /operating_model/cells/base_2027q1_cloud_cash:base/label | None | Cash contribution: cloud |
| /operating_model/cells/base_2027q1_cloud_cash:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_cloud_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_cloud_cash:base/value | None | -2.7594 |
| /operating_model/cells/base_2027q1_cloud_factor:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q1_cloud_factor:base/case | None | base |
| /operating_model/cells/base_2027q1_cloud_factor:base/id | None | base_2027q1_cloud_factor |
| /operating_model/cells/base_2027q1_cloud_factor:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_cloud_factor:base/label | None | Cloud revenue versus Q4 |
| /operating_model/cells/base_2027q1_cloud_factor:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_cloud_factor:base/unit | None | ratio |
| /operating_model/cells/base_2027q1_cloud_factor:base/value | None | 1.0 |
| /operating_model/cells/base_2027q1_cloud_margin:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q1_cloud_margin:base/case | None | base |
| /operating_model/cells/base_2027q1_cloud_margin:base/id | None | base_2027q1_cloud_margin |
| /operating_model/cells/base_2027q1_cloud_margin:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_cloud_margin:base/label | None | Cash contribution margin: cloud |
| /operating_model/cells/base_2027q1_cloud_margin:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_cloud_margin:base/unit | None | ratio |
| /operating_model/cells/base_2027q1_cloud_margin:base/value | None | -0.15 |
| /operating_model/cells/base_2027q1_corp:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q1_corp:base/case | None | base |
| /operating_model/cells/base_2027q1_corp:base/id | None | base_2027q1_corp |
| /operating_model/cells/base_2027q1_corp:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_corp:base/label | None | Corporate cash overhead |
| /operating_model/cells/base_2027q1_corp:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_corp:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_corp:base/value | None | 30.0 |
| /operating_model/cells/base_2027q1_fitout:base/basis | None | Low-margin nonrecurring installation work; not recurring rent. |
| /operating_model/cells/base_2027q1_fitout:base/case | None | base |
| /operating_model/cells/base_2027q1_fitout:base/id | None | base_2027q1_fitout |
| /operating_model/cells/base_2027q1_fitout:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_fitout:base/label | None | Tenant fit-out revenue |
| /operating_model/cells/base_2027q1_fitout:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_fitout:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_fitout:base/value | None | 150.0 |
| /operating_model/cells/base_2027q1_fitout_cash:base/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/base_2027q1_fitout_cash:base/case | None | base |
| /operating_model/cells/base_2027q1_fitout_cash:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q1_fitout_cash:base/formula/refs/0 | None | base_2027q1_fitout |
| /operating_model/cells/base_2027q1_fitout_cash:base/formula/refs/1 | None | base_2027q1_fitout_margin |
| /operating_model/cells/base_2027q1_fitout_cash:base/id | None | base_2027q1_fitout_cash |
| /operating_model/cells/base_2027q1_fitout_cash:base/kind | None | derived |
| /operating_model/cells/base_2027q1_fitout_cash:base/label | None | Cash contribution: fitout |
| /operating_model/cells/base_2027q1_fitout_cash:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_fitout_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_fitout_cash:base/value | None | 6.75 |
| /operating_model/cells/base_2027q1_fitout_margin:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q1_fitout_margin:base/case | None | base |
| /operating_model/cells/base_2027q1_fitout_margin:base/id | None | base_2027q1_fitout_margin |
| /operating_model/cells/base_2027q1_fitout_margin:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_fitout_margin:base/label | None | Cash contribution margin: fitout |
| /operating_model/cells/base_2027q1_fitout_margin:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_fitout_margin:base/unit | None | ratio |
| /operating_model/cells/base_2027q1_fitout_margin:base/value | None | 0.045 |
| /operating_model/cells/base_2027q1_hosting:base/basis | None | Hosting services, not owned Bitcoin production. |
| /operating_model/cells/base_2027q1_hosting:base/case | None | base |
| /operating_model/cells/base_2027q1_hosting:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q1_hosting:base/formula/refs/0 | None | q4_hosting |
| /operating_model/cells/base_2027q1_hosting:base/formula/refs/1 | None | base_2027q1_hosting_factor |
| /operating_model/cells/base_2027q1_hosting:base/id | None | base_2027q1_hosting |
| /operating_model/cells/base_2027q1_hosting:base/kind | None | derived |
| /operating_model/cells/base_2027q1_hosting:base/label | None | Mining hosting revenue |
| /operating_model/cells/base_2027q1_hosting:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_hosting:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_hosting:base/value | None | 37.3 |
| /operating_model/cells/base_2027q1_hosting_cash:base/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/base_2027q1_hosting_cash:base/case | None | base |
| /operating_model/cells/base_2027q1_hosting_cash:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q1_hosting_cash:base/formula/refs/0 | None | base_2027q1_hosting |
| /operating_model/cells/base_2027q1_hosting_cash:base/formula/refs/1 | None | base_2027q1_hosting_margin |
| /operating_model/cells/base_2027q1_hosting_cash:base/id | None | base_2027q1_hosting_cash |
| /operating_model/cells/base_2027q1_hosting_cash:base/kind | None | derived |
| /operating_model/cells/base_2027q1_hosting_cash:base/label | None | Cash contribution: hosting |
| /operating_model/cells/base_2027q1_hosting_cash:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_hosting_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_hosting_cash:base/value | None | 13.054999999999998 |
| /operating_model/cells/base_2027q1_hosting_factor:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q1_hosting_factor:base/case | None | base |
| /operating_model/cells/base_2027q1_hosting_factor:base/id | None | base_2027q1_hosting_factor |
| /operating_model/cells/base_2027q1_hosting_factor:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_hosting_factor:base/label | None | Hosting revenue versus Q4 |
| /operating_model/cells/base_2027q1_hosting_factor:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_hosting_factor:base/unit | None | ratio |
| /operating_model/cells/base_2027q1_hosting_factor:base/value | None | 1.0 |
| /operating_model/cells/base_2027q1_hosting_margin:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q1_hosting_margin:base/case | None | base |
| /operating_model/cells/base_2027q1_hosting_margin:base/id | None | base_2027q1_hosting_margin |
| /operating_model/cells/base_2027q1_hosting_margin:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_hosting_margin:base/label | None | Cash contribution margin: hosting |
| /operating_model/cells/base_2027q1_hosting_margin:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_hosting_margin:base/unit | None | ratio |
| /operating_model/cells/base_2027q1_hosting_margin:base/value | None | 0.35 |
| /operating_model/cells/base_2027q1_mw:base/basis | None | Desk delivery/acceptance schedule, not quarter-end capacity. Delta Forge 2 contributes only near H1 calendar 2028. |
| /operating_model/cells/base_2027q1_mw:base/case | None | base |
| /operating_model/cells/base_2027q1_mw:base/id | None | base_2027q1_mw |
| /operating_model/cells/base_2027q1_mw:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_mw:base/label | None | Average revenue-producing critical IT MW |
| /operating_model/cells/base_2027q1_mw:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_mw:base/unit | None | MW |
| /operating_model/cells/base_2027q1_mw:base/value | None | 150.0 |
| /operating_model/cells/base_2027q1_mw_ratio:base/basis | None | Normalizes critical IT capacity without treating utility power as IT load. |
| /operating_model/cells/base_2027q1_mw_ratio:base/case | None | base |
| /operating_model/cells/base_2027q1_mw_ratio:base/formula/op | None | divide |
| /operating_model/cells/base_2027q1_mw_ratio:base/formula/refs/0 | None | base_2027q1_mw |
| /operating_model/cells/base_2027q1_mw_ratio:base/formula/refs/1 | None | q4_rent_mw |
| /operating_model/cells/base_2027q1_mw_ratio:base/id | None | base_2027q1_mw_ratio |
| /operating_model/cells/base_2027q1_mw_ratio:base/kind | None | derived |
| /operating_model/cells/base_2027q1_mw_ratio:base/label | None | Capacity / 100 MW reference |
| /operating_model/cells/base_2027q1_mw_ratio:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_mw_ratio:base/unit | None | ratio |
| /operating_model/cells/base_2027q1_mw_ratio:base/value | None | 1.5 |
| /operating_model/cells/base_2027q1_other:base/basis | None | Net working capital, small-loan interest, taxes and interest income allowance. Lease principal excluded. |
| /operating_model/cells/base_2027q1_other:base/case | None | base |
| /operating_model/cells/base_2027q1_other:base/id | None | base_2027q1_other |
| /operating_model/cells/base_2027q1_other:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_other:base/label | None | Other net cash uses |
| /operating_model/cells/base_2027q1_other:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_other:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_other:base/value | None | 15.0 |
| /operating_model/cells/base_2027q1_preferred_accrual:base/basis | None | Simple quarterly accrual; noncash PIK assumption, no compounding or redemption waterfall. |
| /operating_model/cells/base_2027q1_preferred_accrual:base/case | None | base |
| /operating_model/cells/base_2027q1_preferred_accrual:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q1_preferred_accrual:base/formula/refs/0 | None | preferred_annual |
| /operating_model/cells/base_2027q1_preferred_accrual:base/formula/refs/1 | None | quarter |
| /operating_model/cells/base_2027q1_preferred_accrual:base/id | None | base_2027q1_preferred_accrual |
| /operating_model/cells/base_2027q1_preferred_accrual:base/kind | None | derived |
| /operating_model/cells/base_2027q1_preferred_accrual:base/label | None | Preferred economic accrual |
| /operating_model/cells/base_2027q1_preferred_accrual:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_preferred_accrual:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_preferred_accrual:base/value | None | 58.171875 |
| /operating_model/cells/base_2027q1_recoveries:base/basis | None | Pass-through operating recoveries modeled separately. |
| /operating_model/cells/base_2027q1_recoveries:base/case | None | base |
| /operating_model/cells/base_2027q1_recoveries:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q1_recoveries:base/formula/refs/0 | None | base_2027q1_base_rent |
| /operating_model/cells/base_2027q1_recoveries:base/formula/refs/1 | None | base_2027q1_recovery_ratio |
| /operating_model/cells/base_2027q1_recoveries:base/id | None | base_2027q1_recoveries |
| /operating_model/cells/base_2027q1_recoveries:base/kind | None | derived |
| /operating_model/cells/base_2027q1_recoveries:base/label | None | Tenant recoveries |
| /operating_model/cells/base_2027q1_recoveries:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_recoveries:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_recoveries:base/value | None | 9.922500000000001 |
| /operating_model/cells/base_2027q1_recovery_cash:base/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/base_2027q1_recovery_cash:base/case | None | base |
| /operating_model/cells/base_2027q1_recovery_cash:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q1_recovery_cash:base/formula/refs/0 | None | base_2027q1_recoveries |
| /operating_model/cells/base_2027q1_recovery_cash:base/formula/refs/1 | None | base_2027q1_recovery_margin |
| /operating_model/cells/base_2027q1_recovery_cash:base/id | None | base_2027q1_recovery_cash |
| /operating_model/cells/base_2027q1_recovery_cash:base/kind | None | derived |
| /operating_model/cells/base_2027q1_recovery_cash:base/label | None | Cash contribution: recovery |
| /operating_model/cells/base_2027q1_recovery_cash:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_recovery_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_recovery_cash:base/value | None | 0.0 |
| /operating_model/cells/base_2027q1_recovery_margin:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q1_recovery_margin:base/case | None | base |
| /operating_model/cells/base_2027q1_recovery_margin:base/id | None | base_2027q1_recovery_margin |
| /operating_model/cells/base_2027q1_recovery_margin:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_recovery_margin:base/label | None | Cash contribution margin: recovery |
| /operating_model/cells/base_2027q1_recovery_margin:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_recovery_margin:base/unit | None | ratio |
| /operating_model/cells/base_2027q1_recovery_margin:base/value | None | 0.0 |
| /operating_model/cells/base_2027q1_recovery_ratio:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q1_recovery_ratio:base/case | None | base |
| /operating_model/cells/base_2027q1_recovery_ratio:base/id | None | base_2027q1_recovery_ratio |
| /operating_model/cells/base_2027q1_recovery_ratio:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_recovery_ratio:base/label | None | Recoveries / base rent |
| /operating_model/cells/base_2027q1_recovery_ratio:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_recovery_ratio:base/unit | None | ratio |
| /operating_model/cells/base_2027q1_recovery_ratio:base/value | None | 0.15 |
| /operating_model/cells/base_2027q1_rent_at_reference:base/basis | None | Reported Q4 rent per 100 MW times average active capacity. |
| /operating_model/cells/base_2027q1_rent_at_reference:base/case | None | base |
| /operating_model/cells/base_2027q1_rent_at_reference:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q1_rent_at_reference:base/formula/refs/0 | None | base_2027q1_mw_ratio |
| /operating_model/cells/base_2027q1_rent_at_reference:base/formula/refs/1 | None | q4_rent |
| /operating_model/cells/base_2027q1_rent_at_reference:base/id | None | base_2027q1_rent_at_reference |
| /operating_model/cells/base_2027q1_rent_at_reference:base/kind | None | derived |
| /operating_model/cells/base_2027q1_rent_at_reference:base/label | None | Rent at Q4 reference economics |
| /operating_model/cells/base_2027q1_rent_at_reference:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_rent_at_reference:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_rent_at_reference:base/value | None | 66.15 |
| /operating_model/cells/base_2027q1_rent_cash:base/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/base_2027q1_rent_cash:base/case | None | base |
| /operating_model/cells/base_2027q1_rent_cash:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q1_rent_cash:base/formula/refs/0 | None | base_2027q1_base_rent |
| /operating_model/cells/base_2027q1_rent_cash:base/formula/refs/1 | None | base_2027q1_rent_margin |
| /operating_model/cells/base_2027q1_rent_cash:base/id | None | base_2027q1_rent_cash |
| /operating_model/cells/base_2027q1_rent_cash:base/kind | None | derived |
| /operating_model/cells/base_2027q1_rent_cash:base/label | None | Cash contribution: rent |
| /operating_model/cells/base_2027q1_rent_cash:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_rent_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_rent_cash:base/value | None | 59.535000000000004 |
| /operating_model/cells/base_2027q1_rent_margin:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q1_rent_margin:base/case | None | base |
| /operating_model/cells/base_2027q1_rent_margin:base/id | None | base_2027q1_rent_margin |
| /operating_model/cells/base_2027q1_rent_margin:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_rent_margin:base/label | None | Cash contribution margin: rent |
| /operating_model/cells/base_2027q1_rent_margin:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_rent_margin:base/unit | None | ratio |
| /operating_model/cells/base_2027q1_rent_margin:base/value | None | 0.9 |
| /operating_model/cells/base_2027q1_rent_realization:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q1_rent_realization:base/case | None | base |
| /operating_model/cells/base_2027q1_rent_realization:base/id | None | base_2027q1_rent_realization |
| /operating_model/cells/base_2027q1_rent_realization:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_rent_realization:base/label | None | Rent realization versus reference |
| /operating_model/cells/base_2027q1_rent_realization:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_rent_realization:base/unit | None | ratio |
| /operating_model/cells/base_2027q1_rent_realization:base/value | None | 1.0 |
| /operating_model/cells/base_2027q1_revenue:base/basis | None | Rent, fit-out, recoveries, hosting and cloud, without optional lease renewals. |
| /operating_model/cells/base_2027q1_revenue:base/case | None | base |
| /operating_model/cells/base_2027q1_revenue:base/formula/op | None | sum |
| /operating_model/cells/base_2027q1_revenue:base/formula/refs/0 | None | base_2027q1_base_rent |
| /operating_model/cells/base_2027q1_revenue:base/formula/refs/1 | None | base_2027q1_fitout |
| /operating_model/cells/base_2027q1_revenue:base/formula/refs/2 | None | base_2027q1_recoveries |
| /operating_model/cells/base_2027q1_revenue:base/formula/refs/3 | None | base_2027q1_hosting |
| /operating_model/cells/base_2027q1_revenue:base/formula/refs/4 | None | base_2027q1_cloud |
| /operating_model/cells/base_2027q1_revenue:base/id | None | base_2027q1_revenue |
| /operating_model/cells/base_2027q1_revenue:base/kind | None | derived |
| /operating_model/cells/base_2027q1_revenue:base/label | None | Consolidated revenue |
| /operating_model/cells/base_2027q1_revenue:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_revenue:base/value | None | 281.7685 |
| /operating_model/cells/base_2027q1_site_cash:base/basis | None | Includes all consolidated businesses. |
| /operating_model/cells/base_2027q1_site_cash:base/case | None | base |
| /operating_model/cells/base_2027q1_site_cash:base/formula/op | None | sum |
| /operating_model/cells/base_2027q1_site_cash:base/formula/refs/0 | None | base_2027q1_rent_cash |
| /operating_model/cells/base_2027q1_site_cash:base/formula/refs/1 | None | base_2027q1_fitout_cash |
| /operating_model/cells/base_2027q1_site_cash:base/formula/refs/2 | None | base_2027q1_recovery_cash |
| /operating_model/cells/base_2027q1_site_cash:base/formula/refs/3 | None | base_2027q1_hosting_cash |
| /operating_model/cells/base_2027q1_site_cash:base/formula/refs/4 | None | base_2027q1_cloud_cash |
| /operating_model/cells/base_2027q1_site_cash:base/id | None | base_2027q1_site_cash |
| /operating_model/cells/base_2027q1_site_cash:base/kind | None | derived |
| /operating_model/cells/base_2027q1_site_cash:base/label | None | Combined business cash contribution |
| /operating_model/cells/base_2027q1_site_cash:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_site_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_site_cash:base/value | None | 76.58059999999999 |
| /operating_model/cells/base_2027q2_base_rent:base/basis | None | Desk rent mix/commencement sensitivity, not repricing signed leases. |
| /operating_model/cells/base_2027q2_base_rent:base/case | None | base |
| /operating_model/cells/base_2027q2_base_rent:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q2_base_rent:base/formula/refs/0 | None | base_2027q2_rent_at_reference |
| /operating_model/cells/base_2027q2_base_rent:base/formula/refs/1 | None | base_2027q2_rent_realization |
| /operating_model/cells/base_2027q2_base_rent:base/id | None | base_2027q2_base_rent |
| /operating_model/cells/base_2027q2_base_rent:base/kind | None | derived |
| /operating_model/cells/base_2027q2_base_rent:base/label | None | HPC base rent |
| /operating_model/cells/base_2027q2_base_rent:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_base_rent:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_base_rent:base/value | None | 110.25 |
| /operating_model/cells/base_2027q2_capex:base/basis | None | Desk construction spending; delay case includes higher build costs. Not company guidance. |
| /operating_model/cells/base_2027q2_capex:base/case | None | base |
| /operating_model/cells/base_2027q2_capex:base/id | None | base_2027q2_capex |
| /operating_model/cells/base_2027q2_capex:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_capex:base/label | None | Construction and asset purchases |
| /operating_model/cells/base_2027q2_capex:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_capex:base/value | None | 1100.0 |
| /operating_model/cells/base_2027q2_cash_after_capex:base/basis | None | Before financing proceeds, principal, acquisitions and restricted reserve transfers. |
| /operating_model/cells/base_2027q2_cash_after_capex:base/case | None | base |
| /operating_model/cells/base_2027q2_cash_after_capex:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q2_cash_after_capex:base/formula/refs/0 | None | base_2027q2_cash_before_capex |
| /operating_model/cells/base_2027q2_cash_after_capex:base/formula/refs/1 | None | base_2027q2_capex |
| /operating_model/cells/base_2027q2_cash_after_capex:base/id | None | base_2027q2_cash_after_capex |
| /operating_model/cells/base_2027q2_cash_after_capex:base/kind | None | derived |
| /operating_model/cells/base_2027q2_cash_after_capex:base/label | None | Cash after capex proxy |
| /operating_model/cells/base_2027q2_cash_after_capex:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_cash_after_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_cash_after_capex:base/value | None | -1149.06112 |
| /operating_model/cells/base_2027q2_cash_before_capex:base/basis | None | Analytical cash proxy; not consolidated GAAP CFO. |
| /operating_model/cells/base_2027q2_cash_before_capex:base/case | None | base |
| /operating_model/cells/base_2027q2_cash_before_capex:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q2_cash_before_capex:base/formula/refs/0 | None | base_2027q2_site_cash |
| /operating_model/cells/base_2027q2_cash_before_capex:base/formula/refs/1 | None | base_2027q2_cash_uses |
| /operating_model/cells/base_2027q2_cash_before_capex:base/id | None | base_2027q2_cash_before_capex |
| /operating_model/cells/base_2027q2_cash_before_capex:base/kind | None | derived |
| /operating_model/cells/base_2027q2_cash_before_capex:base/label | None | Cash before capex proxy |
| /operating_model/cells/base_2027q2_cash_before_capex:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_cash_before_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_cash_before_capex:base/value | None | -49.06111999999999 |
| /operating_model/cells/base_2027q2_cash_uses:base/basis | None | Excludes noncash preferred accrual and financing principal. |
| /operating_model/cells/base_2027q2_cash_uses:base/case | None | base |
| /operating_model/cells/base_2027q2_cash_uses:base/formula/op | None | sum |
| /operating_model/cells/base_2027q2_cash_uses:base/formula/refs/0 | None | quarter_coupon |
| /operating_model/cells/base_2027q2_cash_uses:base/formula/refs/1 | None | base_2027q2_corp |
| /operating_model/cells/base_2027q2_cash_uses:base/formula/refs/2 | None | base_2027q2_other |
| /operating_model/cells/base_2027q2_cash_uses:base/id | None | base_2027q2_cash_uses |
| /operating_model/cells/base_2027q2_cash_uses:base/kind | None | derived |
| /operating_model/cells/base_2027q2_cash_uses:base/label | None | Corporate, coupon and other cash uses |
| /operating_model/cells/base_2027q2_cash_uses:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_cash_uses:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_cash_uses:base/value | None | 166.54375 |
| /operating_model/cells/base_2027q2_cloud:base/basis | None | Still consolidated; no assumption of a full GAAP deconsolidation. |
| /operating_model/cells/base_2027q2_cloud:base/case | None | base |
| /operating_model/cells/base_2027q2_cloud:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q2_cloud:base/formula/refs/0 | None | q4_cloud |
| /operating_model/cells/base_2027q2_cloud:base/formula/refs/1 | None | base_2027q2_cloud_factor |
| /operating_model/cells/base_2027q2_cloud:base/id | None | base_2027q2_cloud |
| /operating_model/cells/base_2027q2_cloud:base/kind | None | derived |
| /operating_model/cells/base_2027q2_cloud:base/label | None | Consolidated ChronoScale revenue |
| /operating_model/cells/base_2027q2_cloud:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_cloud:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_cloud:base/value | None | 19.315800000000003 |
| /operating_model/cells/base_2027q2_cloud_cash:base/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/base_2027q2_cloud_cash:base/case | None | base |
| /operating_model/cells/base_2027q2_cloud_cash:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q2_cloud_cash:base/formula/refs/0 | None | base_2027q2_cloud |
| /operating_model/cells/base_2027q2_cloud_cash:base/formula/refs/1 | None | base_2027q2_cloud_margin |
| /operating_model/cells/base_2027q2_cloud_cash:base/id | None | base_2027q2_cloud_cash |
| /operating_model/cells/base_2027q2_cloud_cash:base/kind | None | derived |
| /operating_model/cells/base_2027q2_cloud_cash:base/label | None | Cash contribution: cloud |
| /operating_model/cells/base_2027q2_cloud_cash:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_cloud_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_cloud_cash:base/value | None | -2.8973700000000004 |
| /operating_model/cells/base_2027q2_cloud_factor:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q2_cloud_factor:base/case | None | base |
| /operating_model/cells/base_2027q2_cloud_factor:base/id | None | base_2027q2_cloud_factor |
| /operating_model/cells/base_2027q2_cloud_factor:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_cloud_factor:base/label | None | Cloud revenue versus Q4 |
| /operating_model/cells/base_2027q2_cloud_factor:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_cloud_factor:base/unit | None | ratio |
| /operating_model/cells/base_2027q2_cloud_factor:base/value | None | 1.05 |
| /operating_model/cells/base_2027q2_cloud_margin:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q2_cloud_margin:base/case | None | base |
| /operating_model/cells/base_2027q2_cloud_margin:base/id | None | base_2027q2_cloud_margin |
| /operating_model/cells/base_2027q2_cloud_margin:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_cloud_margin:base/label | None | Cash contribution margin: cloud |
| /operating_model/cells/base_2027q2_cloud_margin:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_cloud_margin:base/unit | None | ratio |
| /operating_model/cells/base_2027q2_cloud_margin:base/value | None | -0.15 |
| /operating_model/cells/base_2027q2_corp:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q2_corp:base/case | None | base |
| /operating_model/cells/base_2027q2_corp:base/id | None | base_2027q2_corp |
| /operating_model/cells/base_2027q2_corp:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_corp:base/label | None | Corporate cash overhead |
| /operating_model/cells/base_2027q2_corp:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_corp:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_corp:base/value | None | 30.0 |
| /operating_model/cells/base_2027q2_fitout:base/basis | None | Low-margin nonrecurring installation work; not recurring rent. |
| /operating_model/cells/base_2027q2_fitout:base/case | None | base |
| /operating_model/cells/base_2027q2_fitout:base/id | None | base_2027q2_fitout |
| /operating_model/cells/base_2027q2_fitout:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_fitout:base/label | None | Tenant fit-out revenue |
| /operating_model/cells/base_2027q2_fitout:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_fitout:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_fitout:base/value | None | 180.0 |
| /operating_model/cells/base_2027q2_fitout_cash:base/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/base_2027q2_fitout_cash:base/case | None | base |
| /operating_model/cells/base_2027q2_fitout_cash:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q2_fitout_cash:base/formula/refs/0 | None | base_2027q2_fitout |
| /operating_model/cells/base_2027q2_fitout_cash:base/formula/refs/1 | None | base_2027q2_fitout_margin |
| /operating_model/cells/base_2027q2_fitout_cash:base/id | None | base_2027q2_fitout_cash |
| /operating_model/cells/base_2027q2_fitout_cash:base/kind | None | derived |
| /operating_model/cells/base_2027q2_fitout_cash:base/label | None | Cash contribution: fitout |
| /operating_model/cells/base_2027q2_fitout_cash:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_fitout_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_fitout_cash:base/value | None | 8.1 |
| /operating_model/cells/base_2027q2_fitout_margin:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q2_fitout_margin:base/case | None | base |
| /operating_model/cells/base_2027q2_fitout_margin:base/id | None | base_2027q2_fitout_margin |
| /operating_model/cells/base_2027q2_fitout_margin:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_fitout_margin:base/label | None | Cash contribution margin: fitout |
| /operating_model/cells/base_2027q2_fitout_margin:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_fitout_margin:base/unit | None | ratio |
| /operating_model/cells/base_2027q2_fitout_margin:base/value | None | 0.045 |
| /operating_model/cells/base_2027q2_hosting:base/basis | None | Hosting services, not owned Bitcoin production. |
| /operating_model/cells/base_2027q2_hosting:base/case | None | base |
| /operating_model/cells/base_2027q2_hosting:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q2_hosting:base/formula/refs/0 | None | q4_hosting |
| /operating_model/cells/base_2027q2_hosting:base/formula/refs/1 | None | base_2027q2_hosting_factor |
| /operating_model/cells/base_2027q2_hosting:base/id | None | base_2027q2_hosting |
| /operating_model/cells/base_2027q2_hosting:base/kind | None | derived |
| /operating_model/cells/base_2027q2_hosting:base/label | None | Mining hosting revenue |
| /operating_model/cells/base_2027q2_hosting:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_hosting:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_hosting:base/value | None | 37.3 |
| /operating_model/cells/base_2027q2_hosting_cash:base/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/base_2027q2_hosting_cash:base/case | None | base |
| /operating_model/cells/base_2027q2_hosting_cash:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q2_hosting_cash:base/formula/refs/0 | None | base_2027q2_hosting |
| /operating_model/cells/base_2027q2_hosting_cash:base/formula/refs/1 | None | base_2027q2_hosting_margin |
| /operating_model/cells/base_2027q2_hosting_cash:base/id | None | base_2027q2_hosting_cash |
| /operating_model/cells/base_2027q2_hosting_cash:base/kind | None | derived |
| /operating_model/cells/base_2027q2_hosting_cash:base/label | None | Cash contribution: hosting |
| /operating_model/cells/base_2027q2_hosting_cash:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_hosting_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_hosting_cash:base/value | None | 13.054999999999998 |
| /operating_model/cells/base_2027q2_hosting_factor:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q2_hosting_factor:base/case | None | base |
| /operating_model/cells/base_2027q2_hosting_factor:base/id | None | base_2027q2_hosting_factor |
| /operating_model/cells/base_2027q2_hosting_factor:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_hosting_factor:base/label | None | Hosting revenue versus Q4 |
| /operating_model/cells/base_2027q2_hosting_factor:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_hosting_factor:base/unit | None | ratio |
| /operating_model/cells/base_2027q2_hosting_factor:base/value | None | 1.0 |
| /operating_model/cells/base_2027q2_hosting_margin:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q2_hosting_margin:base/case | None | base |
| /operating_model/cells/base_2027q2_hosting_margin:base/id | None | base_2027q2_hosting_margin |
| /operating_model/cells/base_2027q2_hosting_margin:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_hosting_margin:base/label | None | Cash contribution margin: hosting |
| /operating_model/cells/base_2027q2_hosting_margin:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_hosting_margin:base/unit | None | ratio |
| /operating_model/cells/base_2027q2_hosting_margin:base/value | None | 0.35 |
| /operating_model/cells/base_2027q2_mw:base/basis | None | Desk delivery/acceptance schedule, not quarter-end capacity. Delta Forge 2 contributes only near H1 calendar 2028. |
| /operating_model/cells/base_2027q2_mw:base/case | None | base |
| /operating_model/cells/base_2027q2_mw:base/id | None | base_2027q2_mw |
| /operating_model/cells/base_2027q2_mw:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_mw:base/label | None | Average revenue-producing critical IT MW |
| /operating_model/cells/base_2027q2_mw:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_mw:base/unit | None | MW |
| /operating_model/cells/base_2027q2_mw:base/value | None | 250.0 |
| /operating_model/cells/base_2027q2_mw_ratio:base/basis | None | Normalizes critical IT capacity without treating utility power as IT load. |
| /operating_model/cells/base_2027q2_mw_ratio:base/case | None | base |
| /operating_model/cells/base_2027q2_mw_ratio:base/formula/op | None | divide |
| /operating_model/cells/base_2027q2_mw_ratio:base/formula/refs/0 | None | base_2027q2_mw |
| /operating_model/cells/base_2027q2_mw_ratio:base/formula/refs/1 | None | q4_rent_mw |
| /operating_model/cells/base_2027q2_mw_ratio:base/id | None | base_2027q2_mw_ratio |
| /operating_model/cells/base_2027q2_mw_ratio:base/kind | None | derived |
| /operating_model/cells/base_2027q2_mw_ratio:base/label | None | Capacity / 100 MW reference |
| /operating_model/cells/base_2027q2_mw_ratio:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_mw_ratio:base/unit | None | ratio |
| /operating_model/cells/base_2027q2_mw_ratio:base/value | None | 2.5 |
| /operating_model/cells/base_2027q2_other:base/basis | None | Net working capital, small-loan interest, taxes and interest income allowance. Lease principal excluded. |
| /operating_model/cells/base_2027q2_other:base/case | None | base |
| /operating_model/cells/base_2027q2_other:base/id | None | base_2027q2_other |
| /operating_model/cells/base_2027q2_other:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_other:base/label | None | Other net cash uses |
| /operating_model/cells/base_2027q2_other:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_other:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_other:base/value | None | 15.0 |
| /operating_model/cells/base_2027q2_preferred_accrual:base/basis | None | Simple quarterly accrual; noncash PIK assumption, no compounding or redemption waterfall. |
| /operating_model/cells/base_2027q2_preferred_accrual:base/case | None | base |
| /operating_model/cells/base_2027q2_preferred_accrual:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q2_preferred_accrual:base/formula/refs/0 | None | preferred_annual |
| /operating_model/cells/base_2027q2_preferred_accrual:base/formula/refs/1 | None | quarter |
| /operating_model/cells/base_2027q2_preferred_accrual:base/id | None | base_2027q2_preferred_accrual |
| /operating_model/cells/base_2027q2_preferred_accrual:base/kind | None | derived |
| /operating_model/cells/base_2027q2_preferred_accrual:base/label | None | Preferred economic accrual |
| /operating_model/cells/base_2027q2_preferred_accrual:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_preferred_accrual:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_preferred_accrual:base/value | None | 58.171875 |
| /operating_model/cells/base_2027q2_recoveries:base/basis | None | Pass-through operating recoveries modeled separately. |
| /operating_model/cells/base_2027q2_recoveries:base/case | None | base |
| /operating_model/cells/base_2027q2_recoveries:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q2_recoveries:base/formula/refs/0 | None | base_2027q2_base_rent |
| /operating_model/cells/base_2027q2_recoveries:base/formula/refs/1 | None | base_2027q2_recovery_ratio |
| /operating_model/cells/base_2027q2_recoveries:base/id | None | base_2027q2_recoveries |
| /operating_model/cells/base_2027q2_recoveries:base/kind | None | derived |
| /operating_model/cells/base_2027q2_recoveries:base/label | None | Tenant recoveries |
| /operating_model/cells/base_2027q2_recoveries:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_recoveries:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_recoveries:base/value | None | 16.537499999999998 |
| /operating_model/cells/base_2027q2_recovery_cash:base/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/base_2027q2_recovery_cash:base/case | None | base |
| /operating_model/cells/base_2027q2_recovery_cash:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q2_recovery_cash:base/formula/refs/0 | None | base_2027q2_recoveries |
| /operating_model/cells/base_2027q2_recovery_cash:base/formula/refs/1 | None | base_2027q2_recovery_margin |
| /operating_model/cells/base_2027q2_recovery_cash:base/id | None | base_2027q2_recovery_cash |
| /operating_model/cells/base_2027q2_recovery_cash:base/kind | None | derived |
| /operating_model/cells/base_2027q2_recovery_cash:base/label | None | Cash contribution: recovery |
| /operating_model/cells/base_2027q2_recovery_cash:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_recovery_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_recovery_cash:base/value | None | 0.0 |
| /operating_model/cells/base_2027q2_recovery_margin:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q2_recovery_margin:base/case | None | base |
| /operating_model/cells/base_2027q2_recovery_margin:base/id | None | base_2027q2_recovery_margin |
| /operating_model/cells/base_2027q2_recovery_margin:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_recovery_margin:base/label | None | Cash contribution margin: recovery |
| /operating_model/cells/base_2027q2_recovery_margin:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_recovery_margin:base/unit | None | ratio |
| /operating_model/cells/base_2027q2_recovery_margin:base/value | None | 0.0 |
| /operating_model/cells/base_2027q2_recovery_ratio:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q2_recovery_ratio:base/case | None | base |
| /operating_model/cells/base_2027q2_recovery_ratio:base/id | None | base_2027q2_recovery_ratio |
| /operating_model/cells/base_2027q2_recovery_ratio:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_recovery_ratio:base/label | None | Recoveries / base rent |
| /operating_model/cells/base_2027q2_recovery_ratio:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_recovery_ratio:base/unit | None | ratio |
| /operating_model/cells/base_2027q2_recovery_ratio:base/value | None | 0.15 |
| /operating_model/cells/base_2027q2_rent_at_reference:base/basis | None | Reported Q4 rent per 100 MW times average active capacity. |
| /operating_model/cells/base_2027q2_rent_at_reference:base/case | None | base |
| /operating_model/cells/base_2027q2_rent_at_reference:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q2_rent_at_reference:base/formula/refs/0 | None | base_2027q2_mw_ratio |
| /operating_model/cells/base_2027q2_rent_at_reference:base/formula/refs/1 | None | q4_rent |
| /operating_model/cells/base_2027q2_rent_at_reference:base/id | None | base_2027q2_rent_at_reference |
| /operating_model/cells/base_2027q2_rent_at_reference:base/kind | None | derived |
| /operating_model/cells/base_2027q2_rent_at_reference:base/label | None | Rent at Q4 reference economics |
| /operating_model/cells/base_2027q2_rent_at_reference:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_rent_at_reference:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_rent_at_reference:base/value | None | 110.25 |
| /operating_model/cells/base_2027q2_rent_cash:base/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/base_2027q2_rent_cash:base/case | None | base |
| /operating_model/cells/base_2027q2_rent_cash:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q2_rent_cash:base/formula/refs/0 | None | base_2027q2_base_rent |
| /operating_model/cells/base_2027q2_rent_cash:base/formula/refs/1 | None | base_2027q2_rent_margin |
| /operating_model/cells/base_2027q2_rent_cash:base/id | None | base_2027q2_rent_cash |
| /operating_model/cells/base_2027q2_rent_cash:base/kind | None | derived |
| /operating_model/cells/base_2027q2_rent_cash:base/label | None | Cash contribution: rent |
| /operating_model/cells/base_2027q2_rent_cash:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_rent_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_rent_cash:base/value | None | 99.22500000000001 |
| /operating_model/cells/base_2027q2_rent_margin:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q2_rent_margin:base/case | None | base |
| /operating_model/cells/base_2027q2_rent_margin:base/id | None | base_2027q2_rent_margin |
| /operating_model/cells/base_2027q2_rent_margin:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_rent_margin:base/label | None | Cash contribution margin: rent |
| /operating_model/cells/base_2027q2_rent_margin:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_rent_margin:base/unit | None | ratio |
| /operating_model/cells/base_2027q2_rent_margin:base/value | None | 0.9 |
| /operating_model/cells/base_2027q2_rent_realization:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q2_rent_realization:base/case | None | base |
| /operating_model/cells/base_2027q2_rent_realization:base/id | None | base_2027q2_rent_realization |
| /operating_model/cells/base_2027q2_rent_realization:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_rent_realization:base/label | None | Rent realization versus reference |
| /operating_model/cells/base_2027q2_rent_realization:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_rent_realization:base/unit | None | ratio |
| /operating_model/cells/base_2027q2_rent_realization:base/value | None | 1.0 |
| /operating_model/cells/base_2027q2_revenue:base/basis | None | Rent, fit-out, recoveries, hosting and cloud, without optional lease renewals. |
| /operating_model/cells/base_2027q2_revenue:base/case | None | base |
| /operating_model/cells/base_2027q2_revenue:base/formula/op | None | sum |
| /operating_model/cells/base_2027q2_revenue:base/formula/refs/0 | None | base_2027q2_base_rent |
| /operating_model/cells/base_2027q2_revenue:base/formula/refs/1 | None | base_2027q2_fitout |
| /operating_model/cells/base_2027q2_revenue:base/formula/refs/2 | None | base_2027q2_recoveries |
| /operating_model/cells/base_2027q2_revenue:base/formula/refs/3 | None | base_2027q2_hosting |
| /operating_model/cells/base_2027q2_revenue:base/formula/refs/4 | None | base_2027q2_cloud |
| /operating_model/cells/base_2027q2_revenue:base/id | None | base_2027q2_revenue |
| /operating_model/cells/base_2027q2_revenue:base/kind | None | derived |
| /operating_model/cells/base_2027q2_revenue:base/label | None | Consolidated revenue |
| /operating_model/cells/base_2027q2_revenue:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_revenue:base/value | None | 363.40330000000006 |
| /operating_model/cells/base_2027q2_site_cash:base/basis | None | Includes all consolidated businesses. |
| /operating_model/cells/base_2027q2_site_cash:base/case | None | base |
| /operating_model/cells/base_2027q2_site_cash:base/formula/op | None | sum |
| /operating_model/cells/base_2027q2_site_cash:base/formula/refs/0 | None | base_2027q2_rent_cash |
| /operating_model/cells/base_2027q2_site_cash:base/formula/refs/1 | None | base_2027q2_fitout_cash |
| /operating_model/cells/base_2027q2_site_cash:base/formula/refs/2 | None | base_2027q2_recovery_cash |
| /operating_model/cells/base_2027q2_site_cash:base/formula/refs/3 | None | base_2027q2_hosting_cash |
| /operating_model/cells/base_2027q2_site_cash:base/formula/refs/4 | None | base_2027q2_cloud_cash |
| /operating_model/cells/base_2027q2_site_cash:base/id | None | base_2027q2_site_cash |
| /operating_model/cells/base_2027q2_site_cash:base/kind | None | derived |
| /operating_model/cells/base_2027q2_site_cash:base/label | None | Combined business cash contribution |
| /operating_model/cells/base_2027q2_site_cash:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_site_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_site_cash:base/value | None | 117.48263 |
| /operating_model/cells/base_2027q3_base_rent:base/basis | None | Desk rent mix/commencement sensitivity, not repricing signed leases. |
| /operating_model/cells/base_2027q3_base_rent:base/case | None | base |
| /operating_model/cells/base_2027q3_base_rent:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q3_base_rent:base/formula/refs/0 | None | base_2027q3_rent_at_reference |
| /operating_model/cells/base_2027q3_base_rent:base/formula/refs/1 | None | base_2027q3_rent_realization |
| /operating_model/cells/base_2027q3_base_rent:base/id | None | base_2027q3_base_rent |
| /operating_model/cells/base_2027q3_base_rent:base/kind | None | derived |
| /operating_model/cells/base_2027q3_base_rent:base/label | None | HPC base rent |
| /operating_model/cells/base_2027q3_base_rent:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_base_rent:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_base_rent:base/value | None | 176.4 |
| /operating_model/cells/base_2027q3_capex:base/basis | None | Desk construction spending; delay case includes higher build costs. Not company guidance. |
| /operating_model/cells/base_2027q3_capex:base/case | None | base |
| /operating_model/cells/base_2027q3_capex:base/id | None | base_2027q3_capex |
| /operating_model/cells/base_2027q3_capex:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_capex:base/label | None | Construction and asset purchases |
| /operating_model/cells/base_2027q3_capex:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_capex:base/value | None | 1250.0 |
| /operating_model/cells/base_2027q3_cash_after_capex:base/basis | None | Before financing proceeds, principal, acquisitions and restricted reserve transfers. |
| /operating_model/cells/base_2027q3_cash_after_capex:base/case | None | base |
| /operating_model/cells/base_2027q3_cash_after_capex:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q3_cash_after_capex:base/formula/refs/0 | None | base_2027q3_cash_before_capex |
| /operating_model/cells/base_2027q3_cash_after_capex:base/formula/refs/1 | None | base_2027q3_capex |
| /operating_model/cells/base_2027q3_cash_after_capex:base/id | None | base_2027q3_cash_after_capex |
| /operating_model/cells/base_2027q3_cash_after_capex:base/kind | None | derived |
| /operating_model/cells/base_2027q3_cash_after_capex:base/label | None | Cash after capex proxy |
| /operating_model/cells/base_2027q3_cash_after_capex:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_cash_after_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_cash_after_capex:base/value | None | -1238.76409 |
| /operating_model/cells/base_2027q3_cash_before_capex:base/basis | None | Analytical cash proxy; not consolidated GAAP CFO. |
| /operating_model/cells/base_2027q3_cash_before_capex:base/case | None | base |
| /operating_model/cells/base_2027q3_cash_before_capex:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q3_cash_before_capex:base/formula/refs/0 | None | base_2027q3_site_cash |
| /operating_model/cells/base_2027q3_cash_before_capex:base/formula/refs/1 | None | base_2027q3_cash_uses |
| /operating_model/cells/base_2027q3_cash_before_capex:base/id | None | base_2027q3_cash_before_capex |
| /operating_model/cells/base_2027q3_cash_before_capex:base/kind | None | derived |
| /operating_model/cells/base_2027q3_cash_before_capex:base/label | None | Cash before capex proxy |
| /operating_model/cells/base_2027q3_cash_before_capex:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_cash_before_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_cash_before_capex:base/value | None | 11.235910000000047 |
| /operating_model/cells/base_2027q3_cash_uses:base/basis | None | Excludes noncash preferred accrual and financing principal. |
| /operating_model/cells/base_2027q3_cash_uses:base/case | None | base |
| /operating_model/cells/base_2027q3_cash_uses:base/formula/op | None | sum |
| /operating_model/cells/base_2027q3_cash_uses:base/formula/refs/0 | None | quarter_coupon |
| /operating_model/cells/base_2027q3_cash_uses:base/formula/refs/1 | None | base_2027q3_corp |
| /operating_model/cells/base_2027q3_cash_uses:base/formula/refs/2 | None | base_2027q3_other |
| /operating_model/cells/base_2027q3_cash_uses:base/id | None | base_2027q3_cash_uses |
| /operating_model/cells/base_2027q3_cash_uses:base/kind | None | derived |
| /operating_model/cells/base_2027q3_cash_uses:base/label | None | Corporate, coupon and other cash uses |
| /operating_model/cells/base_2027q3_cash_uses:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_cash_uses:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_cash_uses:base/value | None | 166.54375 |
| /operating_model/cells/base_2027q3_cloud:base/basis | None | Still consolidated; no assumption of a full GAAP deconsolidation. |
| /operating_model/cells/base_2027q3_cloud:base/case | None | base |
| /operating_model/cells/base_2027q3_cloud:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q3_cloud:base/formula/refs/0 | None | q4_cloud |
| /operating_model/cells/base_2027q3_cloud:base/formula/refs/1 | None | base_2027q3_cloud_factor |
| /operating_model/cells/base_2027q3_cloud:base/id | None | base_2027q3_cloud |
| /operating_model/cells/base_2027q3_cloud:base/kind | None | derived |
| /operating_model/cells/base_2027q3_cloud:base/label | None | Consolidated ChronoScale revenue |
| /operating_model/cells/base_2027q3_cloud:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_cloud:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_cloud:base/value | None | 20.2356 |
| /operating_model/cells/base_2027q3_cloud_cash:base/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/base_2027q3_cloud_cash:base/case | None | base |
| /operating_model/cells/base_2027q3_cloud_cash:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q3_cloud_cash:base/formula/refs/0 | None | base_2027q3_cloud |
| /operating_model/cells/base_2027q3_cloud_cash:base/formula/refs/1 | None | base_2027q3_cloud_margin |
| /operating_model/cells/base_2027q3_cloud_cash:base/id | None | base_2027q3_cloud_cash |
| /operating_model/cells/base_2027q3_cloud_cash:base/kind | None | derived |
| /operating_model/cells/base_2027q3_cloud_cash:base/label | None | Cash contribution: cloud |
| /operating_model/cells/base_2027q3_cloud_cash:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_cloud_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_cloud_cash:base/value | None | -3.03534 |
| /operating_model/cells/base_2027q3_cloud_factor:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q3_cloud_factor:base/case | None | base |
| /operating_model/cells/base_2027q3_cloud_factor:base/id | None | base_2027q3_cloud_factor |
| /operating_model/cells/base_2027q3_cloud_factor:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_cloud_factor:base/label | None | Cloud revenue versus Q4 |
| /operating_model/cells/base_2027q3_cloud_factor:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_cloud_factor:base/unit | None | ratio |
| /operating_model/cells/base_2027q3_cloud_factor:base/value | None | 1.1 |
| /operating_model/cells/base_2027q3_cloud_margin:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q3_cloud_margin:base/case | None | base |
| /operating_model/cells/base_2027q3_cloud_margin:base/id | None | base_2027q3_cloud_margin |
| /operating_model/cells/base_2027q3_cloud_margin:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_cloud_margin:base/label | None | Cash contribution margin: cloud |
| /operating_model/cells/base_2027q3_cloud_margin:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_cloud_margin:base/unit | None | ratio |
| /operating_model/cells/base_2027q3_cloud_margin:base/value | None | -0.15 |
| /operating_model/cells/base_2027q3_corp:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q3_corp:base/case | None | base |
| /operating_model/cells/base_2027q3_corp:base/id | None | base_2027q3_corp |
| /operating_model/cells/base_2027q3_corp:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_corp:base/label | None | Corporate cash overhead |
| /operating_model/cells/base_2027q3_corp:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_corp:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_corp:base/value | None | 30.0 |
| /operating_model/cells/base_2027q3_fitout:base/basis | None | Low-margin nonrecurring installation work; not recurring rent. |
| /operating_model/cells/base_2027q3_fitout:base/case | None | base |
| /operating_model/cells/base_2027q3_fitout:base/id | None | base_2027q3_fitout |
| /operating_model/cells/base_2027q3_fitout:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_fitout:base/label | None | Tenant fit-out revenue |
| /operating_model/cells/base_2027q3_fitout:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_fitout:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_fitout:base/value | None | 200.0 |
| /operating_model/cells/base_2027q3_fitout_cash:base/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/base_2027q3_fitout_cash:base/case | None | base |
| /operating_model/cells/base_2027q3_fitout_cash:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q3_fitout_cash:base/formula/refs/0 | None | base_2027q3_fitout |
| /operating_model/cells/base_2027q3_fitout_cash:base/formula/refs/1 | None | base_2027q3_fitout_margin |
| /operating_model/cells/base_2027q3_fitout_cash:base/id | None | base_2027q3_fitout_cash |
| /operating_model/cells/base_2027q3_fitout_cash:base/kind | None | derived |
| /operating_model/cells/base_2027q3_fitout_cash:base/label | None | Cash contribution: fitout |
| /operating_model/cells/base_2027q3_fitout_cash:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_fitout_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_fitout_cash:base/value | None | 9.0 |
| /operating_model/cells/base_2027q3_fitout_margin:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q3_fitout_margin:base/case | None | base |
| /operating_model/cells/base_2027q3_fitout_margin:base/id | None | base_2027q3_fitout_margin |
| /operating_model/cells/base_2027q3_fitout_margin:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_fitout_margin:base/label | None | Cash contribution margin: fitout |
| /operating_model/cells/base_2027q3_fitout_margin:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_fitout_margin:base/unit | None | ratio |
| /operating_model/cells/base_2027q3_fitout_margin:base/value | None | 0.045 |
| /operating_model/cells/base_2027q3_hosting:base/basis | None | Hosting services, not owned Bitcoin production. |
| /operating_model/cells/base_2027q3_hosting:base/case | None | base |
| /operating_model/cells/base_2027q3_hosting:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q3_hosting:base/formula/refs/0 | None | q4_hosting |
| /operating_model/cells/base_2027q3_hosting:base/formula/refs/1 | None | base_2027q3_hosting_factor |
| /operating_model/cells/base_2027q3_hosting:base/id | None | base_2027q3_hosting |
| /operating_model/cells/base_2027q3_hosting:base/kind | None | derived |
| /operating_model/cells/base_2027q3_hosting:base/label | None | Mining hosting revenue |
| /operating_model/cells/base_2027q3_hosting:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_hosting:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_hosting:base/value | None | 37.3 |
| /operating_model/cells/base_2027q3_hosting_cash:base/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/base_2027q3_hosting_cash:base/case | None | base |
| /operating_model/cells/base_2027q3_hosting_cash:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q3_hosting_cash:base/formula/refs/0 | None | base_2027q3_hosting |
| /operating_model/cells/base_2027q3_hosting_cash:base/formula/refs/1 | None | base_2027q3_hosting_margin |
| /operating_model/cells/base_2027q3_hosting_cash:base/id | None | base_2027q3_hosting_cash |
| /operating_model/cells/base_2027q3_hosting_cash:base/kind | None | derived |
| /operating_model/cells/base_2027q3_hosting_cash:base/label | None | Cash contribution: hosting |
| /operating_model/cells/base_2027q3_hosting_cash:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_hosting_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_hosting_cash:base/value | None | 13.054999999999998 |
| /operating_model/cells/base_2027q3_hosting_factor:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q3_hosting_factor:base/case | None | base |
| /operating_model/cells/base_2027q3_hosting_factor:base/id | None | base_2027q3_hosting_factor |
| /operating_model/cells/base_2027q3_hosting_factor:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_hosting_factor:base/label | None | Hosting revenue versus Q4 |
| /operating_model/cells/base_2027q3_hosting_factor:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_hosting_factor:base/unit | None | ratio |
| /operating_model/cells/base_2027q3_hosting_factor:base/value | None | 1.0 |
| /operating_model/cells/base_2027q3_hosting_margin:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q3_hosting_margin:base/case | None | base |
| /operating_model/cells/base_2027q3_hosting_margin:base/id | None | base_2027q3_hosting_margin |
| /operating_model/cells/base_2027q3_hosting_margin:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_hosting_margin:base/label | None | Cash contribution margin: hosting |
| /operating_model/cells/base_2027q3_hosting_margin:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_hosting_margin:base/unit | None | ratio |
| /operating_model/cells/base_2027q3_hosting_margin:base/value | None | 0.35 |
| /operating_model/cells/base_2027q3_mw:base/basis | None | Desk delivery/acceptance schedule, not quarter-end capacity. Delta Forge 2 contributes only near H1 calendar 2028. |
| /operating_model/cells/base_2027q3_mw:base/case | None | base |
| /operating_model/cells/base_2027q3_mw:base/id | None | base_2027q3_mw |
| /operating_model/cells/base_2027q3_mw:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_mw:base/label | None | Average revenue-producing critical IT MW |
| /operating_model/cells/base_2027q3_mw:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_mw:base/unit | None | MW |
| /operating_model/cells/base_2027q3_mw:base/value | None | 400.0 |
| /operating_model/cells/base_2027q3_mw_ratio:base/basis | None | Normalizes critical IT capacity without treating utility power as IT load. |
| /operating_model/cells/base_2027q3_mw_ratio:base/case | None | base |
| /operating_model/cells/base_2027q3_mw_ratio:base/formula/op | None | divide |
| /operating_model/cells/base_2027q3_mw_ratio:base/formula/refs/0 | None | base_2027q3_mw |
| /operating_model/cells/base_2027q3_mw_ratio:base/formula/refs/1 | None | q4_rent_mw |
| /operating_model/cells/base_2027q3_mw_ratio:base/id | None | base_2027q3_mw_ratio |
| /operating_model/cells/base_2027q3_mw_ratio:base/kind | None | derived |
| /operating_model/cells/base_2027q3_mw_ratio:base/label | None | Capacity / 100 MW reference |
| /operating_model/cells/base_2027q3_mw_ratio:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_mw_ratio:base/unit | None | ratio |
| /operating_model/cells/base_2027q3_mw_ratio:base/value | None | 4.0 |
| /operating_model/cells/base_2027q3_other:base/basis | None | Net working capital, small-loan interest, taxes and interest income allowance. Lease principal excluded. |
| /operating_model/cells/base_2027q3_other:base/case | None | base |
| /operating_model/cells/base_2027q3_other:base/id | None | base_2027q3_other |
| /operating_model/cells/base_2027q3_other:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_other:base/label | None | Other net cash uses |
| /operating_model/cells/base_2027q3_other:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_other:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_other:base/value | None | 15.0 |
| /operating_model/cells/base_2027q3_preferred_accrual:base/basis | None | Simple quarterly accrual; noncash PIK assumption, no compounding or redemption waterfall. |
| /operating_model/cells/base_2027q3_preferred_accrual:base/case | None | base |
| /operating_model/cells/base_2027q3_preferred_accrual:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q3_preferred_accrual:base/formula/refs/0 | None | preferred_annual |
| /operating_model/cells/base_2027q3_preferred_accrual:base/formula/refs/1 | None | quarter |
| /operating_model/cells/base_2027q3_preferred_accrual:base/id | None | base_2027q3_preferred_accrual |
| /operating_model/cells/base_2027q3_preferred_accrual:base/kind | None | derived |
| /operating_model/cells/base_2027q3_preferred_accrual:base/label | None | Preferred economic accrual |
| /operating_model/cells/base_2027q3_preferred_accrual:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_preferred_accrual:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_preferred_accrual:base/value | None | 58.171875 |
| /operating_model/cells/base_2027q3_recoveries:base/basis | None | Pass-through operating recoveries modeled separately. |
| /operating_model/cells/base_2027q3_recoveries:base/case | None | base |
| /operating_model/cells/base_2027q3_recoveries:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q3_recoveries:base/formula/refs/0 | None | base_2027q3_base_rent |
| /operating_model/cells/base_2027q3_recoveries:base/formula/refs/1 | None | base_2027q3_recovery_ratio |
| /operating_model/cells/base_2027q3_recoveries:base/id | None | base_2027q3_recoveries |
| /operating_model/cells/base_2027q3_recoveries:base/kind | None | derived |
| /operating_model/cells/base_2027q3_recoveries:base/label | None | Tenant recoveries |
| /operating_model/cells/base_2027q3_recoveries:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_recoveries:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_recoveries:base/value | None | 26.46 |
| /operating_model/cells/base_2027q3_recovery_cash:base/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/base_2027q3_recovery_cash:base/case | None | base |
| /operating_model/cells/base_2027q3_recovery_cash:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q3_recovery_cash:base/formula/refs/0 | None | base_2027q3_recoveries |
| /operating_model/cells/base_2027q3_recovery_cash:base/formula/refs/1 | None | base_2027q3_recovery_margin |
| /operating_model/cells/base_2027q3_recovery_cash:base/id | None | base_2027q3_recovery_cash |
| /operating_model/cells/base_2027q3_recovery_cash:base/kind | None | derived |
| /operating_model/cells/base_2027q3_recovery_cash:base/label | None | Cash contribution: recovery |
| /operating_model/cells/base_2027q3_recovery_cash:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_recovery_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_recovery_cash:base/value | None | 0.0 |
| /operating_model/cells/base_2027q3_recovery_margin:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q3_recovery_margin:base/case | None | base |
| /operating_model/cells/base_2027q3_recovery_margin:base/id | None | base_2027q3_recovery_margin |
| /operating_model/cells/base_2027q3_recovery_margin:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_recovery_margin:base/label | None | Cash contribution margin: recovery |
| /operating_model/cells/base_2027q3_recovery_margin:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_recovery_margin:base/unit | None | ratio |
| /operating_model/cells/base_2027q3_recovery_margin:base/value | None | 0.0 |
| /operating_model/cells/base_2027q3_recovery_ratio:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q3_recovery_ratio:base/case | None | base |
| /operating_model/cells/base_2027q3_recovery_ratio:base/id | None | base_2027q3_recovery_ratio |
| /operating_model/cells/base_2027q3_recovery_ratio:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_recovery_ratio:base/label | None | Recoveries / base rent |
| /operating_model/cells/base_2027q3_recovery_ratio:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_recovery_ratio:base/unit | None | ratio |
| /operating_model/cells/base_2027q3_recovery_ratio:base/value | None | 0.15 |
| /operating_model/cells/base_2027q3_rent_at_reference:base/basis | None | Reported Q4 rent per 100 MW times average active capacity. |
| /operating_model/cells/base_2027q3_rent_at_reference:base/case | None | base |
| /operating_model/cells/base_2027q3_rent_at_reference:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q3_rent_at_reference:base/formula/refs/0 | None | base_2027q3_mw_ratio |
| /operating_model/cells/base_2027q3_rent_at_reference:base/formula/refs/1 | None | q4_rent |
| /operating_model/cells/base_2027q3_rent_at_reference:base/id | None | base_2027q3_rent_at_reference |
| /operating_model/cells/base_2027q3_rent_at_reference:base/kind | None | derived |
| /operating_model/cells/base_2027q3_rent_at_reference:base/label | None | Rent at Q4 reference economics |
| /operating_model/cells/base_2027q3_rent_at_reference:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_rent_at_reference:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_rent_at_reference:base/value | None | 176.4 |
| /operating_model/cells/base_2027q3_rent_cash:base/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/base_2027q3_rent_cash:base/case | None | base |
| /operating_model/cells/base_2027q3_rent_cash:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q3_rent_cash:base/formula/refs/0 | None | base_2027q3_base_rent |
| /operating_model/cells/base_2027q3_rent_cash:base/formula/refs/1 | None | base_2027q3_rent_margin |
| /operating_model/cells/base_2027q3_rent_cash:base/id | None | base_2027q3_rent_cash |
| /operating_model/cells/base_2027q3_rent_cash:base/kind | None | derived |
| /operating_model/cells/base_2027q3_rent_cash:base/label | None | Cash contribution: rent |
| /operating_model/cells/base_2027q3_rent_cash:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_rent_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_rent_cash:base/value | None | 158.76000000000002 |
| /operating_model/cells/base_2027q3_rent_margin:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q3_rent_margin:base/case | None | base |
| /operating_model/cells/base_2027q3_rent_margin:base/id | None | base_2027q3_rent_margin |
| /operating_model/cells/base_2027q3_rent_margin:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_rent_margin:base/label | None | Cash contribution margin: rent |
| /operating_model/cells/base_2027q3_rent_margin:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_rent_margin:base/unit | None | ratio |
| /operating_model/cells/base_2027q3_rent_margin:base/value | None | 0.9 |
| /operating_model/cells/base_2027q3_rent_realization:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q3_rent_realization:base/case | None | base |
| /operating_model/cells/base_2027q3_rent_realization:base/id | None | base_2027q3_rent_realization |
| /operating_model/cells/base_2027q3_rent_realization:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_rent_realization:base/label | None | Rent realization versus reference |
| /operating_model/cells/base_2027q3_rent_realization:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_rent_realization:base/unit | None | ratio |
| /operating_model/cells/base_2027q3_rent_realization:base/value | None | 1.0 |
| /operating_model/cells/base_2027q3_revenue:base/basis | None | Rent, fit-out, recoveries, hosting and cloud, without optional lease renewals. |
| /operating_model/cells/base_2027q3_revenue:base/case | None | base |
| /operating_model/cells/base_2027q3_revenue:base/formula/op | None | sum |
| /operating_model/cells/base_2027q3_revenue:base/formula/refs/0 | None | base_2027q3_base_rent |
| /operating_model/cells/base_2027q3_revenue:base/formula/refs/1 | None | base_2027q3_fitout |
| /operating_model/cells/base_2027q3_revenue:base/formula/refs/2 | None | base_2027q3_recoveries |
| /operating_model/cells/base_2027q3_revenue:base/formula/refs/3 | None | base_2027q3_hosting |
| /operating_model/cells/base_2027q3_revenue:base/formula/refs/4 | None | base_2027q3_cloud |
| /operating_model/cells/base_2027q3_revenue:base/id | None | base_2027q3_revenue |
| /operating_model/cells/base_2027q3_revenue:base/kind | None | derived |
| /operating_model/cells/base_2027q3_revenue:base/label | None | Consolidated revenue |
| /operating_model/cells/base_2027q3_revenue:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_revenue:base/value | None | 460.39559999999994 |
| /operating_model/cells/base_2027q3_site_cash:base/basis | None | Includes all consolidated businesses. |
| /operating_model/cells/base_2027q3_site_cash:base/case | None | base |
| /operating_model/cells/base_2027q3_site_cash:base/formula/op | None | sum |
| /operating_model/cells/base_2027q3_site_cash:base/formula/refs/0 | None | base_2027q3_rent_cash |
| /operating_model/cells/base_2027q3_site_cash:base/formula/refs/1 | None | base_2027q3_fitout_cash |
| /operating_model/cells/base_2027q3_site_cash:base/formula/refs/2 | None | base_2027q3_recovery_cash |
| /operating_model/cells/base_2027q3_site_cash:base/formula/refs/3 | None | base_2027q3_hosting_cash |
| /operating_model/cells/base_2027q3_site_cash:base/formula/refs/4 | None | base_2027q3_cloud_cash |
| /operating_model/cells/base_2027q3_site_cash:base/id | None | base_2027q3_site_cash |
| /operating_model/cells/base_2027q3_site_cash:base/kind | None | derived |
| /operating_model/cells/base_2027q3_site_cash:base/label | None | Combined business cash contribution |
| /operating_model/cells/base_2027q3_site_cash:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_site_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_site_cash:base/value | None | 177.77966000000004 |
| /operating_model/cells/base_2027q4_base_rent:base/basis | None | Desk rent mix/commencement sensitivity, not repricing signed leases. |
| /operating_model/cells/base_2027q4_base_rent:base/case | None | base |
| /operating_model/cells/base_2027q4_base_rent:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q4_base_rent:base/formula/refs/0 | None | base_2027q4_rent_at_reference |
| /operating_model/cells/base_2027q4_base_rent:base/formula/refs/1 | None | base_2027q4_rent_realization |
| /operating_model/cells/base_2027q4_base_rent:base/id | None | base_2027q4_base_rent |
| /operating_model/cells/base_2027q4_base_rent:base/kind | None | derived |
| /operating_model/cells/base_2027q4_base_rent:base/label | None | HPC base rent |
| /operating_model/cells/base_2027q4_base_rent:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_base_rent:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_base_rent:base/value | None | 242.55 |
| /operating_model/cells/base_2027q4_capex:base/basis | None | Desk construction spending; delay case includes higher build costs. Not company guidance. |
| /operating_model/cells/base_2027q4_capex:base/case | None | base |
| /operating_model/cells/base_2027q4_capex:base/id | None | base_2027q4_capex |
| /operating_model/cells/base_2027q4_capex:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_capex:base/label | None | Construction and asset purchases |
| /operating_model/cells/base_2027q4_capex:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_capex:base/value | None | 1350.0 |
| /operating_model/cells/base_2027q4_cash_after_capex:base/basis | None | Before financing proceeds, principal, acquisitions and restricted reserve transfers. |
| /operating_model/cells/base_2027q4_cash_after_capex:base/case | None | base |
| /operating_model/cells/base_2027q4_cash_after_capex:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q4_cash_after_capex:base/formula/refs/0 | None | base_2027q4_cash_before_capex |
| /operating_model/cells/base_2027q4_cash_after_capex:base/formula/refs/1 | None | base_2027q4_capex |
| /operating_model/cells/base_2027q4_cash_after_capex:base/id | None | base_2027q4_cash_after_capex |
| /operating_model/cells/base_2027q4_cash_after_capex:base/kind | None | derived |
| /operating_model/cells/base_2027q4_cash_after_capex:base/label | None | Cash after capex proxy |
| /operating_model/cells/base_2027q4_cash_after_capex:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_cash_after_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_cash_after_capex:base/value | None | -1277.11706 |
| /operating_model/cells/base_2027q4_cash_before_capex:base/basis | None | Analytical cash proxy; not consolidated GAAP CFO. |
| /operating_model/cells/base_2027q4_cash_before_capex:base/case | None | base |
| /operating_model/cells/base_2027q4_cash_before_capex:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q4_cash_before_capex:base/formula/refs/0 | None | base_2027q4_site_cash |
| /operating_model/cells/base_2027q4_cash_before_capex:base/formula/refs/1 | None | base_2027q4_cash_uses |
| /operating_model/cells/base_2027q4_cash_before_capex:base/id | None | base_2027q4_cash_before_capex |
| /operating_model/cells/base_2027q4_cash_before_capex:base/kind | None | derived |
| /operating_model/cells/base_2027q4_cash_before_capex:base/label | None | Cash before capex proxy |
| /operating_model/cells/base_2027q4_cash_before_capex:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_cash_before_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_cash_before_capex:base/value | None | 72.88294000000005 |
| /operating_model/cells/base_2027q4_cash_uses:base/basis | None | Excludes noncash preferred accrual and financing principal. |
| /operating_model/cells/base_2027q4_cash_uses:base/case | None | base |
| /operating_model/cells/base_2027q4_cash_uses:base/formula/op | None | sum |
| /operating_model/cells/base_2027q4_cash_uses:base/formula/refs/0 | None | quarter_coupon |
| /operating_model/cells/base_2027q4_cash_uses:base/formula/refs/1 | None | base_2027q4_corp |
| /operating_model/cells/base_2027q4_cash_uses:base/formula/refs/2 | None | base_2027q4_other |
| /operating_model/cells/base_2027q4_cash_uses:base/id | None | base_2027q4_cash_uses |
| /operating_model/cells/base_2027q4_cash_uses:base/kind | None | derived |
| /operating_model/cells/base_2027q4_cash_uses:base/label | None | Corporate, coupon and other cash uses |
| /operating_model/cells/base_2027q4_cash_uses:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_cash_uses:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_cash_uses:base/value | None | 166.54375 |
| /operating_model/cells/base_2027q4_cloud:base/basis | None | Still consolidated; no assumption of a full GAAP deconsolidation. |
| /operating_model/cells/base_2027q4_cloud:base/case | None | base |
| /operating_model/cells/base_2027q4_cloud:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q4_cloud:base/formula/refs/0 | None | q4_cloud |
| /operating_model/cells/base_2027q4_cloud:base/formula/refs/1 | None | base_2027q4_cloud_factor |
| /operating_model/cells/base_2027q4_cloud:base/id | None | base_2027q4_cloud |
| /operating_model/cells/base_2027q4_cloud:base/kind | None | derived |
| /operating_model/cells/base_2027q4_cloud:base/label | None | Consolidated ChronoScale revenue |
| /operating_model/cells/base_2027q4_cloud:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_cloud:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_cloud:base/value | None | 21.1554 |
| /operating_model/cells/base_2027q4_cloud_cash:base/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/base_2027q4_cloud_cash:base/case | None | base |
| /operating_model/cells/base_2027q4_cloud_cash:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q4_cloud_cash:base/formula/refs/0 | None | base_2027q4_cloud |
| /operating_model/cells/base_2027q4_cloud_cash:base/formula/refs/1 | None | base_2027q4_cloud_margin |
| /operating_model/cells/base_2027q4_cloud_cash:base/id | None | base_2027q4_cloud_cash |
| /operating_model/cells/base_2027q4_cloud_cash:base/kind | None | derived |
| /operating_model/cells/base_2027q4_cloud_cash:base/label | None | Cash contribution: cloud |
| /operating_model/cells/base_2027q4_cloud_cash:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_cloud_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_cloud_cash:base/value | None | -3.17331 |
| /operating_model/cells/base_2027q4_cloud_factor:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q4_cloud_factor:base/case | None | base |
| /operating_model/cells/base_2027q4_cloud_factor:base/id | None | base_2027q4_cloud_factor |
| /operating_model/cells/base_2027q4_cloud_factor:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_cloud_factor:base/label | None | Cloud revenue versus Q4 |
| /operating_model/cells/base_2027q4_cloud_factor:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_cloud_factor:base/unit | None | ratio |
| /operating_model/cells/base_2027q4_cloud_factor:base/value | None | 1.15 |
| /operating_model/cells/base_2027q4_cloud_margin:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q4_cloud_margin:base/case | None | base |
| /operating_model/cells/base_2027q4_cloud_margin:base/id | None | base_2027q4_cloud_margin |
| /operating_model/cells/base_2027q4_cloud_margin:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_cloud_margin:base/label | None | Cash contribution margin: cloud |
| /operating_model/cells/base_2027q4_cloud_margin:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_cloud_margin:base/unit | None | ratio |
| /operating_model/cells/base_2027q4_cloud_margin:base/value | None | -0.15 |
| /operating_model/cells/base_2027q4_corp:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q4_corp:base/case | None | base |
| /operating_model/cells/base_2027q4_corp:base/id | None | base_2027q4_corp |
| /operating_model/cells/base_2027q4_corp:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_corp:base/label | None | Corporate cash overhead |
| /operating_model/cells/base_2027q4_corp:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_corp:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_corp:base/value | None | 30.0 |
| /operating_model/cells/base_2027q4_fitout:base/basis | None | Low-margin nonrecurring installation work; not recurring rent. |
| /operating_model/cells/base_2027q4_fitout:base/case | None | base |
| /operating_model/cells/base_2027q4_fitout:base/id | None | base_2027q4_fitout |
| /operating_model/cells/base_2027q4_fitout:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_fitout:base/label | None | Tenant fit-out revenue |
| /operating_model/cells/base_2027q4_fitout:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_fitout:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_fitout:base/value | None | 250.0 |
| /operating_model/cells/base_2027q4_fitout_cash:base/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/base_2027q4_fitout_cash:base/case | None | base |
| /operating_model/cells/base_2027q4_fitout_cash:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q4_fitout_cash:base/formula/refs/0 | None | base_2027q4_fitout |
| /operating_model/cells/base_2027q4_fitout_cash:base/formula/refs/1 | None | base_2027q4_fitout_margin |
| /operating_model/cells/base_2027q4_fitout_cash:base/id | None | base_2027q4_fitout_cash |
| /operating_model/cells/base_2027q4_fitout_cash:base/kind | None | derived |
| /operating_model/cells/base_2027q4_fitout_cash:base/label | None | Cash contribution: fitout |
| /operating_model/cells/base_2027q4_fitout_cash:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_fitout_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_fitout_cash:base/value | None | 11.25 |
| /operating_model/cells/base_2027q4_fitout_margin:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q4_fitout_margin:base/case | None | base |
| /operating_model/cells/base_2027q4_fitout_margin:base/id | None | base_2027q4_fitout_margin |
| /operating_model/cells/base_2027q4_fitout_margin:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_fitout_margin:base/label | None | Cash contribution margin: fitout |
| /operating_model/cells/base_2027q4_fitout_margin:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_fitout_margin:base/unit | None | ratio |
| /operating_model/cells/base_2027q4_fitout_margin:base/value | None | 0.045 |
| /operating_model/cells/base_2027q4_hosting:base/basis | None | Hosting services, not owned Bitcoin production. |
| /operating_model/cells/base_2027q4_hosting:base/case | None | base |
| /operating_model/cells/base_2027q4_hosting:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q4_hosting:base/formula/refs/0 | None | q4_hosting |
| /operating_model/cells/base_2027q4_hosting:base/formula/refs/1 | None | base_2027q4_hosting_factor |
| /operating_model/cells/base_2027q4_hosting:base/id | None | base_2027q4_hosting |
| /operating_model/cells/base_2027q4_hosting:base/kind | None | derived |
| /operating_model/cells/base_2027q4_hosting:base/label | None | Mining hosting revenue |
| /operating_model/cells/base_2027q4_hosting:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_hosting:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_hosting:base/value | None | 37.3 |
| /operating_model/cells/base_2027q4_hosting_cash:base/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/base_2027q4_hosting_cash:base/case | None | base |
| /operating_model/cells/base_2027q4_hosting_cash:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q4_hosting_cash:base/formula/refs/0 | None | base_2027q4_hosting |
| /operating_model/cells/base_2027q4_hosting_cash:base/formula/refs/1 | None | base_2027q4_hosting_margin |
| /operating_model/cells/base_2027q4_hosting_cash:base/id | None | base_2027q4_hosting_cash |
| /operating_model/cells/base_2027q4_hosting_cash:base/kind | None | derived |
| /operating_model/cells/base_2027q4_hosting_cash:base/label | None | Cash contribution: hosting |
| /operating_model/cells/base_2027q4_hosting_cash:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_hosting_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_hosting_cash:base/value | None | 13.054999999999998 |
| /operating_model/cells/base_2027q4_hosting_factor:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q4_hosting_factor:base/case | None | base |
| /operating_model/cells/base_2027q4_hosting_factor:base/id | None | base_2027q4_hosting_factor |
| /operating_model/cells/base_2027q4_hosting_factor:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_hosting_factor:base/label | None | Hosting revenue versus Q4 |
| /operating_model/cells/base_2027q4_hosting_factor:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_hosting_factor:base/unit | None | ratio |
| /operating_model/cells/base_2027q4_hosting_factor:base/value | None | 1.0 |
| /operating_model/cells/base_2027q4_hosting_margin:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q4_hosting_margin:base/case | None | base |
| /operating_model/cells/base_2027q4_hosting_margin:base/id | None | base_2027q4_hosting_margin |
| /operating_model/cells/base_2027q4_hosting_margin:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_hosting_margin:base/label | None | Cash contribution margin: hosting |
| /operating_model/cells/base_2027q4_hosting_margin:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_hosting_margin:base/unit | None | ratio |
| /operating_model/cells/base_2027q4_hosting_margin:base/value | None | 0.35 |
| /operating_model/cells/base_2027q4_mw:base/basis | None | Desk delivery/acceptance schedule, not quarter-end capacity. Delta Forge 2 contributes only near H1 calendar 2028. |
| /operating_model/cells/base_2027q4_mw:base/case | None | base |
| /operating_model/cells/base_2027q4_mw:base/id | None | base_2027q4_mw |
| /operating_model/cells/base_2027q4_mw:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_mw:base/label | None | Average revenue-producing critical IT MW |
| /operating_model/cells/base_2027q4_mw:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_mw:base/unit | None | MW |
| /operating_model/cells/base_2027q4_mw:base/value | None | 550.0 |
| /operating_model/cells/base_2027q4_mw_ratio:base/basis | None | Normalizes critical IT capacity without treating utility power as IT load. |
| /operating_model/cells/base_2027q4_mw_ratio:base/case | None | base |
| /operating_model/cells/base_2027q4_mw_ratio:base/formula/op | None | divide |
| /operating_model/cells/base_2027q4_mw_ratio:base/formula/refs/0 | None | base_2027q4_mw |
| /operating_model/cells/base_2027q4_mw_ratio:base/formula/refs/1 | None | q4_rent_mw |
| /operating_model/cells/base_2027q4_mw_ratio:base/id | None | base_2027q4_mw_ratio |
| /operating_model/cells/base_2027q4_mw_ratio:base/kind | None | derived |
| /operating_model/cells/base_2027q4_mw_ratio:base/label | None | Capacity / 100 MW reference |
| /operating_model/cells/base_2027q4_mw_ratio:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_mw_ratio:base/unit | None | ratio |
| /operating_model/cells/base_2027q4_mw_ratio:base/value | None | 5.5 |
| /operating_model/cells/base_2027q4_other:base/basis | None | Net working capital, small-loan interest, taxes and interest income allowance. Lease principal excluded. |
| /operating_model/cells/base_2027q4_other:base/case | None | base |
| /operating_model/cells/base_2027q4_other:base/id | None | base_2027q4_other |
| /operating_model/cells/base_2027q4_other:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_other:base/label | None | Other net cash uses |
| /operating_model/cells/base_2027q4_other:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_other:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_other:base/value | None | 15.0 |
| /operating_model/cells/base_2027q4_preferred_accrual:base/basis | None | Simple quarterly accrual; noncash PIK assumption, no compounding or redemption waterfall. |
| /operating_model/cells/base_2027q4_preferred_accrual:base/case | None | base |
| /operating_model/cells/base_2027q4_preferred_accrual:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q4_preferred_accrual:base/formula/refs/0 | None | preferred_annual |
| /operating_model/cells/base_2027q4_preferred_accrual:base/formula/refs/1 | None | quarter |
| /operating_model/cells/base_2027q4_preferred_accrual:base/id | None | base_2027q4_preferred_accrual |
| /operating_model/cells/base_2027q4_preferred_accrual:base/kind | None | derived |
| /operating_model/cells/base_2027q4_preferred_accrual:base/label | None | Preferred economic accrual |
| /operating_model/cells/base_2027q4_preferred_accrual:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_preferred_accrual:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_preferred_accrual:base/value | None | 58.171875 |
| /operating_model/cells/base_2027q4_recoveries:base/basis | None | Pass-through operating recoveries modeled separately. |
| /operating_model/cells/base_2027q4_recoveries:base/case | None | base |
| /operating_model/cells/base_2027q4_recoveries:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q4_recoveries:base/formula/refs/0 | None | base_2027q4_base_rent |
| /operating_model/cells/base_2027q4_recoveries:base/formula/refs/1 | None | base_2027q4_recovery_ratio |
| /operating_model/cells/base_2027q4_recoveries:base/id | None | base_2027q4_recoveries |
| /operating_model/cells/base_2027q4_recoveries:base/kind | None | derived |
| /operating_model/cells/base_2027q4_recoveries:base/label | None | Tenant recoveries |
| /operating_model/cells/base_2027q4_recoveries:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_recoveries:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_recoveries:base/value | None | 36.3825 |
| /operating_model/cells/base_2027q4_recovery_cash:base/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/base_2027q4_recovery_cash:base/case | None | base |
| /operating_model/cells/base_2027q4_recovery_cash:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q4_recovery_cash:base/formula/refs/0 | None | base_2027q4_recoveries |
| /operating_model/cells/base_2027q4_recovery_cash:base/formula/refs/1 | None | base_2027q4_recovery_margin |
| /operating_model/cells/base_2027q4_recovery_cash:base/id | None | base_2027q4_recovery_cash |
| /operating_model/cells/base_2027q4_recovery_cash:base/kind | None | derived |
| /operating_model/cells/base_2027q4_recovery_cash:base/label | None | Cash contribution: recovery |
| /operating_model/cells/base_2027q4_recovery_cash:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_recovery_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_recovery_cash:base/value | None | 0.0 |
| /operating_model/cells/base_2027q4_recovery_margin:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q4_recovery_margin:base/case | None | base |
| /operating_model/cells/base_2027q4_recovery_margin:base/id | None | base_2027q4_recovery_margin |
| /operating_model/cells/base_2027q4_recovery_margin:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_recovery_margin:base/label | None | Cash contribution margin: recovery |
| /operating_model/cells/base_2027q4_recovery_margin:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_recovery_margin:base/unit | None | ratio |
| /operating_model/cells/base_2027q4_recovery_margin:base/value | None | 0.0 |
| /operating_model/cells/base_2027q4_recovery_ratio:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q4_recovery_ratio:base/case | None | base |
| /operating_model/cells/base_2027q4_recovery_ratio:base/id | None | base_2027q4_recovery_ratio |
| /operating_model/cells/base_2027q4_recovery_ratio:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_recovery_ratio:base/label | None | Recoveries / base rent |
| /operating_model/cells/base_2027q4_recovery_ratio:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_recovery_ratio:base/unit | None | ratio |
| /operating_model/cells/base_2027q4_recovery_ratio:base/value | None | 0.15 |
| /operating_model/cells/base_2027q4_rent_at_reference:base/basis | None | Reported Q4 rent per 100 MW times average active capacity. |
| /operating_model/cells/base_2027q4_rent_at_reference:base/case | None | base |
| /operating_model/cells/base_2027q4_rent_at_reference:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q4_rent_at_reference:base/formula/refs/0 | None | base_2027q4_mw_ratio |
| /operating_model/cells/base_2027q4_rent_at_reference:base/formula/refs/1 | None | q4_rent |
| /operating_model/cells/base_2027q4_rent_at_reference:base/id | None | base_2027q4_rent_at_reference |
| /operating_model/cells/base_2027q4_rent_at_reference:base/kind | None | derived |
| /operating_model/cells/base_2027q4_rent_at_reference:base/label | None | Rent at Q4 reference economics |
| /operating_model/cells/base_2027q4_rent_at_reference:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_rent_at_reference:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_rent_at_reference:base/value | None | 242.55 |
| /operating_model/cells/base_2027q4_rent_cash:base/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/base_2027q4_rent_cash:base/case | None | base |
| /operating_model/cells/base_2027q4_rent_cash:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q4_rent_cash:base/formula/refs/0 | None | base_2027q4_base_rent |
| /operating_model/cells/base_2027q4_rent_cash:base/formula/refs/1 | None | base_2027q4_rent_margin |
| /operating_model/cells/base_2027q4_rent_cash:base/id | None | base_2027q4_rent_cash |
| /operating_model/cells/base_2027q4_rent_cash:base/kind | None | derived |
| /operating_model/cells/base_2027q4_rent_cash:base/label | None | Cash contribution: rent |
| /operating_model/cells/base_2027q4_rent_cash:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_rent_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_rent_cash:base/value | None | 218.29500000000002 |
| /operating_model/cells/base_2027q4_rent_margin:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q4_rent_margin:base/case | None | base |
| /operating_model/cells/base_2027q4_rent_margin:base/id | None | base_2027q4_rent_margin |
| /operating_model/cells/base_2027q4_rent_margin:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_rent_margin:base/label | None | Cash contribution margin: rent |
| /operating_model/cells/base_2027q4_rent_margin:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_rent_margin:base/unit | None | ratio |
| /operating_model/cells/base_2027q4_rent_margin:base/value | None | 0.9 |
| /operating_model/cells/base_2027q4_rent_realization:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2027q4_rent_realization:base/case | None | base |
| /operating_model/cells/base_2027q4_rent_realization:base/id | None | base_2027q4_rent_realization |
| /operating_model/cells/base_2027q4_rent_realization:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_rent_realization:base/label | None | Rent realization versus reference |
| /operating_model/cells/base_2027q4_rent_realization:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_rent_realization:base/unit | None | ratio |
| /operating_model/cells/base_2027q4_rent_realization:base/value | None | 1.0 |
| /operating_model/cells/base_2027q4_revenue:base/basis | None | Rent, fit-out, recoveries, hosting and cloud, without optional lease renewals. |
| /operating_model/cells/base_2027q4_revenue:base/case | None | base |
| /operating_model/cells/base_2027q4_revenue:base/formula/op | None | sum |
| /operating_model/cells/base_2027q4_revenue:base/formula/refs/0 | None | base_2027q4_base_rent |
| /operating_model/cells/base_2027q4_revenue:base/formula/refs/1 | None | base_2027q4_fitout |
| /operating_model/cells/base_2027q4_revenue:base/formula/refs/2 | None | base_2027q4_recoveries |
| /operating_model/cells/base_2027q4_revenue:base/formula/refs/3 | None | base_2027q4_hosting |
| /operating_model/cells/base_2027q4_revenue:base/formula/refs/4 | None | base_2027q4_cloud |
| /operating_model/cells/base_2027q4_revenue:base/id | None | base_2027q4_revenue |
| /operating_model/cells/base_2027q4_revenue:base/kind | None | derived |
| /operating_model/cells/base_2027q4_revenue:base/label | None | Consolidated revenue |
| /operating_model/cells/base_2027q4_revenue:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_revenue:base/value | None | 587.3879 |
| /operating_model/cells/base_2027q4_site_cash:base/basis | None | Includes all consolidated businesses. |
| /operating_model/cells/base_2027q4_site_cash:base/case | None | base |
| /operating_model/cells/base_2027q4_site_cash:base/formula/op | None | sum |
| /operating_model/cells/base_2027q4_site_cash:base/formula/refs/0 | None | base_2027q4_rent_cash |
| /operating_model/cells/base_2027q4_site_cash:base/formula/refs/1 | None | base_2027q4_fitout_cash |
| /operating_model/cells/base_2027q4_site_cash:base/formula/refs/2 | None | base_2027q4_recovery_cash |
| /operating_model/cells/base_2027q4_site_cash:base/formula/refs/3 | None | base_2027q4_hosting_cash |
| /operating_model/cells/base_2027q4_site_cash:base/formula/refs/4 | None | base_2027q4_cloud_cash |
| /operating_model/cells/base_2027q4_site_cash:base/id | None | base_2027q4_site_cash |
| /operating_model/cells/base_2027q4_site_cash:base/kind | None | derived |
| /operating_model/cells/base_2027q4_site_cash:base/label | None | Combined business cash contribution |
| /operating_model/cells/base_2027q4_site_cash:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_site_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_site_cash:base/value | None | 239.42669000000004 |
| /operating_model/cells/base_2028q1_base_rent:base/basis | None | Desk rent mix/commencement sensitivity, not repricing signed leases. |
| /operating_model/cells/base_2028q1_base_rent:base/case | None | base |
| /operating_model/cells/base_2028q1_base_rent:base/formula/op | None | multiply |
| /operating_model/cells/base_2028q1_base_rent:base/formula/refs/0 | None | base_2028q1_rent_at_reference |
| /operating_model/cells/base_2028q1_base_rent:base/formula/refs/1 | None | base_2028q1_rent_realization |
| /operating_model/cells/base_2028q1_base_rent:base/id | None | base_2028q1_base_rent |
| /operating_model/cells/base_2028q1_base_rent:base/kind | None | derived |
| /operating_model/cells/base_2028q1_base_rent:base/label | None | HPC base rent |
| /operating_model/cells/base_2028q1_base_rent:base/period | None | 2028Q1 |
| /operating_model/cells/base_2028q1_base_rent:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q1_base_rent:base/value | None | 286.65000000000003 |
| /operating_model/cells/base_2028q1_capex:base/basis | None | Desk construction spending; delay case includes higher build costs. Not company guidance. |
| /operating_model/cells/base_2028q1_capex:base/case | None | base |
| /operating_model/cells/base_2028q1_capex:base/id | None | base_2028q1_capex |
| /operating_model/cells/base_2028q1_capex:base/kind | None | assumption |
| /operating_model/cells/base_2028q1_capex:base/label | None | Construction and asset purchases |
| /operating_model/cells/base_2028q1_capex:base/period | None | 2028Q1 |
| /operating_model/cells/base_2028q1_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q1_capex:base/value | None | 1400.0 |
| /operating_model/cells/base_2028q1_cash_after_capex:base/basis | None | Before financing proceeds, principal, acquisitions and restricted reserve transfers. |
| /operating_model/cells/base_2028q1_cash_after_capex:base/case | None | base |
| /operating_model/cells/base_2028q1_cash_after_capex:base/formula/op | None | subtract |
| /operating_model/cells/base_2028q1_cash_after_capex:base/formula/refs/0 | None | base_2028q1_cash_before_capex |
| /operating_model/cells/base_2028q1_cash_after_capex:base/formula/refs/1 | None | base_2028q1_capex |
| /operating_model/cells/base_2028q1_cash_after_capex:base/id | None | base_2028q1_cash_after_capex |
| /operating_model/cells/base_2028q1_cash_after_capex:base/kind | None | derived |
| /operating_model/cells/base_2028q1_cash_after_capex:base/label | None | Cash after capex proxy |
| /operating_model/cells/base_2028q1_cash_after_capex:base/period | None | 2028Q1 |
| /operating_model/cells/base_2028q1_cash_after_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q1_cash_after_capex:base/value | None | -1287.56503 |
| /operating_model/cells/base_2028q1_cash_before_capex:base/basis | None | Analytical cash proxy; not consolidated GAAP CFO. |
| /operating_model/cells/base_2028q1_cash_before_capex:base/case | None | base |
| /operating_model/cells/base_2028q1_cash_before_capex:base/formula/op | None | subtract |
| /operating_model/cells/base_2028q1_cash_before_capex:base/formula/refs/0 | None | base_2028q1_site_cash |
| /operating_model/cells/base_2028q1_cash_before_capex:base/formula/refs/1 | None | base_2028q1_cash_uses |
| /operating_model/cells/base_2028q1_cash_before_capex:base/id | None | base_2028q1_cash_before_capex |
| /operating_model/cells/base_2028q1_cash_before_capex:base/kind | None | derived |
| /operating_model/cells/base_2028q1_cash_before_capex:base/label | None | Cash before capex proxy |
| /operating_model/cells/base_2028q1_cash_before_capex:base/period | None | 2028Q1 |
| /operating_model/cells/base_2028q1_cash_before_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q1_cash_before_capex:base/value | None | 112.43497000000002 |
| /operating_model/cells/base_2028q1_cash_uses:base/basis | None | Excludes noncash preferred accrual and financing principal. |
| /operating_model/cells/base_2028q1_cash_uses:base/case | None | base |
| /operating_model/cells/base_2028q1_cash_uses:base/formula/op | None | sum |
| /operating_model/cells/base_2028q1_cash_uses:base/formula/refs/0 | None | quarter_coupon |
| /operating_model/cells/base_2028q1_cash_uses:base/formula/refs/1 | None | base_2028q1_corp |
| /operating_model/cells/base_2028q1_cash_uses:base/formula/refs/2 | None | base_2028q1_other |
| /operating_model/cells/base_2028q1_cash_uses:base/id | None | base_2028q1_cash_uses |
| /operating_model/cells/base_2028q1_cash_uses:base/kind | None | derived |
| /operating_model/cells/base_2028q1_cash_uses:base/label | None | Corporate, coupon and other cash uses |
| /operating_model/cells/base_2028q1_cash_uses:base/period | None | 2028Q1 |
| /operating_model/cells/base_2028q1_cash_uses:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q1_cash_uses:base/value | None | 166.54375 |
| /operating_model/cells/base_2028q1_cloud:base/basis | None | Still consolidated; no assumption of a full GAAP deconsolidation. |
| /operating_model/cells/base_2028q1_cloud:base/case | None | base |
| /operating_model/cells/base_2028q1_cloud:base/formula/op | None | multiply |
| /operating_model/cells/base_2028q1_cloud:base/formula/refs/0 | None | q4_cloud |
| /operating_model/cells/base_2028q1_cloud:base/formula/refs/1 | None | base_2028q1_cloud_factor |
| /operating_model/cells/base_2028q1_cloud:base/id | None | base_2028q1_cloud |
| /operating_model/cells/base_2028q1_cloud:base/kind | None | derived |
| /operating_model/cells/base_2028q1_cloud:base/label | None | Consolidated ChronoScale revenue |
| /operating_model/cells/base_2028q1_cloud:base/period | None | 2028Q1 |
| /operating_model/cells/base_2028q1_cloud:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q1_cloud:base/value | None | 22.0752 |
| /operating_model/cells/base_2028q1_cloud_cash:base/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/base_2028q1_cloud_cash:base/case | None | base |
| /operating_model/cells/base_2028q1_cloud_cash:base/formula/op | None | multiply |
| /operating_model/cells/base_2028q1_cloud_cash:base/formula/refs/0 | None | base_2028q1_cloud |
| /operating_model/cells/base_2028q1_cloud_cash:base/formula/refs/1 | None | base_2028q1_cloud_margin |
| /operating_model/cells/base_2028q1_cloud_cash:base/id | None | base_2028q1_cloud_cash |
| /operating_model/cells/base_2028q1_cloud_cash:base/kind | None | derived |
| /operating_model/cells/base_2028q1_cloud_cash:base/label | None | Cash contribution: cloud |
| /operating_model/cells/base_2028q1_cloud_cash:base/period | None | 2028Q1 |
| /operating_model/cells/base_2028q1_cloud_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q1_cloud_cash:base/value | None | -3.3112799999999996 |
| /operating_model/cells/base_2028q1_cloud_factor:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2028q1_cloud_factor:base/case | None | base |
| /operating_model/cells/base_2028q1_cloud_factor:base/id | None | base_2028q1_cloud_factor |
| /operating_model/cells/base_2028q1_cloud_factor:base/kind | None | assumption |
| /operating_model/cells/base_2028q1_cloud_factor:base/label | None | Cloud revenue versus Q4 |
| /operating_model/cells/base_2028q1_cloud_factor:base/period | None | 2028Q1 |
| /operating_model/cells/base_2028q1_cloud_factor:base/unit | None | ratio |
| /operating_model/cells/base_2028q1_cloud_factor:base/value | None | 1.2 |
| /operating_model/cells/base_2028q1_cloud_margin:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2028q1_cloud_margin:base/case | None | base |
| /operating_model/cells/base_2028q1_cloud_margin:base/id | None | base_2028q1_cloud_margin |
| /operating_model/cells/base_2028q1_cloud_margin:base/kind | None | assumption |
| /operating_model/cells/base_2028q1_cloud_margin:base/label | None | Cash contribution margin: cloud |
| /operating_model/cells/base_2028q1_cloud_margin:base/period | None | 2028Q1 |
| /operating_model/cells/base_2028q1_cloud_margin:base/unit | None | ratio |
| /operating_model/cells/base_2028q1_cloud_margin:base/value | None | -0.15 |
| /operating_model/cells/base_2028q1_corp:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2028q1_corp:base/case | None | base |
| /operating_model/cells/base_2028q1_corp:base/id | None | base_2028q1_corp |
| /operating_model/cells/base_2028q1_corp:base/kind | None | assumption |
| /operating_model/cells/base_2028q1_corp:base/label | None | Corporate cash overhead |
| /operating_model/cells/base_2028q1_corp:base/period | None | 2028Q1 |
| /operating_model/cells/base_2028q1_corp:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q1_corp:base/value | None | 30.0 |
| /operating_model/cells/base_2028q1_fitout:base/basis | None | Low-margin nonrecurring installation work; not recurring rent. |
| /operating_model/cells/base_2028q1_fitout:base/case | None | base |
| /operating_model/cells/base_2028q1_fitout:base/id | None | base_2028q1_fitout |
| /operating_model/cells/base_2028q1_fitout:base/kind | None | assumption |
| /operating_model/cells/base_2028q1_fitout:base/label | None | Tenant fit-out revenue |
| /operating_model/cells/base_2028q1_fitout:base/period | None | 2028Q1 |
| /operating_model/cells/base_2028q1_fitout:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q1_fitout:base/value | None | 250.0 |
| /operating_model/cells/base_2028q1_fitout_cash:base/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/base_2028q1_fitout_cash:base/case | None | base |
| /operating_model/cells/base_2028q1_fitout_cash:base/formula/op | None | multiply |
| /operating_model/cells/base_2028q1_fitout_cash:base/formula/refs/0 | None | base_2028q1_fitout |
| /operating_model/cells/base_2028q1_fitout_cash:base/formula/refs/1 | None | base_2028q1_fitout_margin |
| /operating_model/cells/base_2028q1_fitout_cash:base/id | None | base_2028q1_fitout_cash |
| /operating_model/cells/base_2028q1_fitout_cash:base/kind | None | derived |
| /operating_model/cells/base_2028q1_fitout_cash:base/label | None | Cash contribution: fitout |
| /operating_model/cells/base_2028q1_fitout_cash:base/period | None | 2028Q1 |
| /operating_model/cells/base_2028q1_fitout_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q1_fitout_cash:base/value | None | 11.25 |
| /operating_model/cells/base_2028q1_fitout_margin:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2028q1_fitout_margin:base/case | None | base |
| /operating_model/cells/base_2028q1_fitout_margin:base/id | None | base_2028q1_fitout_margin |
| /operating_model/cells/base_2028q1_fitout_margin:base/kind | None | assumption |
| /operating_model/cells/base_2028q1_fitout_margin:base/label | None | Cash contribution margin: fitout |
| /operating_model/cells/base_2028q1_fitout_margin:base/period | None | 2028Q1 |
| /operating_model/cells/base_2028q1_fitout_margin:base/unit | None | ratio |
| /operating_model/cells/base_2028q1_fitout_margin:base/value | None | 0.045 |
| /operating_model/cells/base_2028q1_hosting:base/basis | None | Hosting services, not owned Bitcoin production. |
| /operating_model/cells/base_2028q1_hosting:base/case | None | base |
| /operating_model/cells/base_2028q1_hosting:base/formula/op | None | multiply |
| /operating_model/cells/base_2028q1_hosting:base/formula/refs/0 | None | q4_hosting |
| /operating_model/cells/base_2028q1_hosting:base/formula/refs/1 | None | base_2028q1_hosting_factor |
| /operating_model/cells/base_2028q1_hosting:base/id | None | base_2028q1_hosting |
| /operating_model/cells/base_2028q1_hosting:base/kind | None | derived |
| /operating_model/cells/base_2028q1_hosting:base/label | None | Mining hosting revenue |
| /operating_model/cells/base_2028q1_hosting:base/period | None | 2028Q1 |
| /operating_model/cells/base_2028q1_hosting:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q1_hosting:base/value | None | 37.3 |
| /operating_model/cells/base_2028q1_hosting_cash:base/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/base_2028q1_hosting_cash:base/case | None | base |
| /operating_model/cells/base_2028q1_hosting_cash:base/formula/op | None | multiply |
| /operating_model/cells/base_2028q1_hosting_cash:base/formula/refs/0 | None | base_2028q1_hosting |
| /operating_model/cells/base_2028q1_hosting_cash:base/formula/refs/1 | None | base_2028q1_hosting_margin |
| /operating_model/cells/base_2028q1_hosting_cash:base/id | None | base_2028q1_hosting_cash |
| /operating_model/cells/base_2028q1_hosting_cash:base/kind | None | derived |
| /operating_model/cells/base_2028q1_hosting_cash:base/label | None | Cash contribution: hosting |
| /operating_model/cells/base_2028q1_hosting_cash:base/period | None | 2028Q1 |
| /operating_model/cells/base_2028q1_hosting_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q1_hosting_cash:base/value | None | 13.054999999999998 |
| /operating_model/cells/base_2028q1_hosting_factor:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2028q1_hosting_factor:base/case | None | base |
| /operating_model/cells/base_2028q1_hosting_factor:base/id | None | base_2028q1_hosting_factor |
| /operating_model/cells/base_2028q1_hosting_factor:base/kind | None | assumption |
| /operating_model/cells/base_2028q1_hosting_factor:base/label | None | Hosting revenue versus Q4 |
| /operating_model/cells/base_2028q1_hosting_factor:base/period | None | 2028Q1 |
| /operating_model/cells/base_2028q1_hosting_factor:base/unit | None | ratio |
| /operating_model/cells/base_2028q1_hosting_factor:base/value | None | 1.0 |
| /operating_model/cells/base_2028q1_hosting_margin:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2028q1_hosting_margin:base/case | None | base |
| /operating_model/cells/base_2028q1_hosting_margin:base/id | None | base_2028q1_hosting_margin |
| /operating_model/cells/base_2028q1_hosting_margin:base/kind | None | assumption |
| /operating_model/cells/base_2028q1_hosting_margin:base/label | None | Cash contribution margin: hosting |
| /operating_model/cells/base_2028q1_hosting_margin:base/period | None | 2028Q1 |
| /operating_model/cells/base_2028q1_hosting_margin:base/unit | None | ratio |
| /operating_model/cells/base_2028q1_hosting_margin:base/value | None | 0.35 |
| /operating_model/cells/base_2028q1_mw:base/basis | None | Desk delivery/acceptance schedule, not quarter-end capacity. Delta Forge 2 contributes only near H1 calendar 2028. |
| /operating_model/cells/base_2028q1_mw:base/case | None | base |
| /operating_model/cells/base_2028q1_mw:base/id | None | base_2028q1_mw |
| /operating_model/cells/base_2028q1_mw:base/kind | None | assumption |
| /operating_model/cells/base_2028q1_mw:base/label | None | Average revenue-producing critical IT MW |
| /operating_model/cells/base_2028q1_mw:base/period | None | 2028Q1 |
| /operating_model/cells/base_2028q1_mw:base/unit | None | MW |
| /operating_model/cells/base_2028q1_mw:base/value | None | 650.0 |
| /operating_model/cells/base_2028q1_mw_ratio:base/basis | None | Normalizes critical IT capacity without treating utility power as IT load. |
| /operating_model/cells/base_2028q1_mw_ratio:base/case | None | base |
| /operating_model/cells/base_2028q1_mw_ratio:base/formula/op | None | divide |
| /operating_model/cells/base_2028q1_mw_ratio:base/formula/refs/0 | None | base_2028q1_mw |
| /operating_model/cells/base_2028q1_mw_ratio:base/formula/refs/1 | None | q4_rent_mw |
| /operating_model/cells/base_2028q1_mw_ratio:base/id | None | base_2028q1_mw_ratio |
| /operating_model/cells/base_2028q1_mw_ratio:base/kind | None | derived |
| /operating_model/cells/base_2028q1_mw_ratio:base/label | None | Capacity / 100 MW reference |
| /operating_model/cells/base_2028q1_mw_ratio:base/period | None | 2028Q1 |
| /operating_model/cells/base_2028q1_mw_ratio:base/unit | None | ratio |
| /operating_model/cells/base_2028q1_mw_ratio:base/value | None | 6.5 |
| /operating_model/cells/base_2028q1_other:base/basis | None | Net working capital, small-loan interest, taxes and interest income allowance. Lease principal excluded. |
| /operating_model/cells/base_2028q1_other:base/case | None | base |
| /operating_model/cells/base_2028q1_other:base/id | None | base_2028q1_other |
| /operating_model/cells/base_2028q1_other:base/kind | None | assumption |
| /operating_model/cells/base_2028q1_other:base/label | None | Other net cash uses |
| /operating_model/cells/base_2028q1_other:base/period | None | 2028Q1 |
| /operating_model/cells/base_2028q1_other:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q1_other:base/value | None | 15.0 |
| /operating_model/cells/base_2028q1_preferred_accrual:base/basis | None | Simple quarterly accrual; noncash PIK assumption, no compounding or redemption waterfall. |
| /operating_model/cells/base_2028q1_preferred_accrual:base/case | None | base |
| /operating_model/cells/base_2028q1_preferred_accrual:base/formula/op | None | multiply |
| /operating_model/cells/base_2028q1_preferred_accrual:base/formula/refs/0 | None | preferred_annual |
| /operating_model/cells/base_2028q1_preferred_accrual:base/formula/refs/1 | None | quarter |
| /operating_model/cells/base_2028q1_preferred_accrual:base/id | None | base_2028q1_preferred_accrual |
| /operating_model/cells/base_2028q1_preferred_accrual:base/kind | None | derived |
| /operating_model/cells/base_2028q1_preferred_accrual:base/label | None | Preferred economic accrual |
| /operating_model/cells/base_2028q1_preferred_accrual:base/period | None | 2028Q1 |
| /operating_model/cells/base_2028q1_preferred_accrual:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q1_preferred_accrual:base/value | None | 58.171875 |
| /operating_model/cells/base_2028q1_recoveries:base/basis | None | Pass-through operating recoveries modeled separately. |
| /operating_model/cells/base_2028q1_recoveries:base/case | None | base |
| /operating_model/cells/base_2028q1_recoveries:base/formula/op | None | multiply |
| /operating_model/cells/base_2028q1_recoveries:base/formula/refs/0 | None | base_2028q1_base_rent |
| /operating_model/cells/base_2028q1_recoveries:base/formula/refs/1 | None | base_2028q1_recovery_ratio |
| /operating_model/cells/base_2028q1_recoveries:base/id | None | base_2028q1_recoveries |
| /operating_model/cells/base_2028q1_recoveries:base/kind | None | derived |
| /operating_model/cells/base_2028q1_recoveries:base/label | None | Tenant recoveries |
| /operating_model/cells/base_2028q1_recoveries:base/period | None | 2028Q1 |
| /operating_model/cells/base_2028q1_recoveries:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q1_recoveries:base/value | None | 42.9975 |
| /operating_model/cells/base_2028q1_recovery_cash:base/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/base_2028q1_recovery_cash:base/case | None | base |
| /operating_model/cells/base_2028q1_recovery_cash:base/formula/op | None | multiply |
| /operating_model/cells/base_2028q1_recovery_cash:base/formula/refs/0 | None | base_2028q1_recoveries |
| /operating_model/cells/base_2028q1_recovery_cash:base/formula/refs/1 | None | base_2028q1_recovery_margin |
| /operating_model/cells/base_2028q1_recovery_cash:base/id | None | base_2028q1_recovery_cash |
| /operating_model/cells/base_2028q1_recovery_cash:base/kind | None | derived |
| /operating_model/cells/base_2028q1_recovery_cash:base/label | None | Cash contribution: recovery |
| /operating_model/cells/base_2028q1_recovery_cash:base/period | None | 2028Q1 |
| /operating_model/cells/base_2028q1_recovery_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q1_recovery_cash:base/value | None | 0.0 |
| /operating_model/cells/base_2028q1_recovery_margin:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2028q1_recovery_margin:base/case | None | base |
| /operating_model/cells/base_2028q1_recovery_margin:base/id | None | base_2028q1_recovery_margin |
| /operating_model/cells/base_2028q1_recovery_margin:base/kind | None | assumption |
| /operating_model/cells/base_2028q1_recovery_margin:base/label | None | Cash contribution margin: recovery |
| /operating_model/cells/base_2028q1_recovery_margin:base/period | None | 2028Q1 |
| /operating_model/cells/base_2028q1_recovery_margin:base/unit | None | ratio |
| /operating_model/cells/base_2028q1_recovery_margin:base/value | None | 0.0 |
| /operating_model/cells/base_2028q1_recovery_ratio:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2028q1_recovery_ratio:base/case | None | base |
| /operating_model/cells/base_2028q1_recovery_ratio:base/id | None | base_2028q1_recovery_ratio |
| /operating_model/cells/base_2028q1_recovery_ratio:base/kind | None | assumption |
| /operating_model/cells/base_2028q1_recovery_ratio:base/label | None | Recoveries / base rent |
| /operating_model/cells/base_2028q1_recovery_ratio:base/period | None | 2028Q1 |
| /operating_model/cells/base_2028q1_recovery_ratio:base/unit | None | ratio |
| /operating_model/cells/base_2028q1_recovery_ratio:base/value | None | 0.15 |
| /operating_model/cells/base_2028q1_rent_at_reference:base/basis | None | Reported Q4 rent per 100 MW times average active capacity. |
| /operating_model/cells/base_2028q1_rent_at_reference:base/case | None | base |
| /operating_model/cells/base_2028q1_rent_at_reference:base/formula/op | None | multiply |
| /operating_model/cells/base_2028q1_rent_at_reference:base/formula/refs/0 | None | base_2028q1_mw_ratio |
| /operating_model/cells/base_2028q1_rent_at_reference:base/formula/refs/1 | None | q4_rent |
| /operating_model/cells/base_2028q1_rent_at_reference:base/id | None | base_2028q1_rent_at_reference |
| /operating_model/cells/base_2028q1_rent_at_reference:base/kind | None | derived |
| /operating_model/cells/base_2028q1_rent_at_reference:base/label | None | Rent at Q4 reference economics |
| /operating_model/cells/base_2028q1_rent_at_reference:base/period | None | 2028Q1 |
| /operating_model/cells/base_2028q1_rent_at_reference:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q1_rent_at_reference:base/value | None | 286.65000000000003 |
| /operating_model/cells/base_2028q1_rent_cash:base/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/base_2028q1_rent_cash:base/case | None | base |
| /operating_model/cells/base_2028q1_rent_cash:base/formula/op | None | multiply |
| /operating_model/cells/base_2028q1_rent_cash:base/formula/refs/0 | None | base_2028q1_base_rent |
| /operating_model/cells/base_2028q1_rent_cash:base/formula/refs/1 | None | base_2028q1_rent_margin |
| /operating_model/cells/base_2028q1_rent_cash:base/id | None | base_2028q1_rent_cash |
| /operating_model/cells/base_2028q1_rent_cash:base/kind | None | derived |
| /operating_model/cells/base_2028q1_rent_cash:base/label | None | Cash contribution: rent |
| /operating_model/cells/base_2028q1_rent_cash:base/period | None | 2028Q1 |
| /operating_model/cells/base_2028q1_rent_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q1_rent_cash:base/value | None | 257.985 |
| /operating_model/cells/base_2028q1_rent_margin:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2028q1_rent_margin:base/case | None | base |
| /operating_model/cells/base_2028q1_rent_margin:base/id | None | base_2028q1_rent_margin |
| /operating_model/cells/base_2028q1_rent_margin:base/kind | None | assumption |
| /operating_model/cells/base_2028q1_rent_margin:base/label | None | Cash contribution margin: rent |
| /operating_model/cells/base_2028q1_rent_margin:base/period | None | 2028Q1 |
| /operating_model/cells/base_2028q1_rent_margin:base/unit | None | ratio |
| /operating_model/cells/base_2028q1_rent_margin:base/value | None | 0.9 |
| /operating_model/cells/base_2028q1_rent_realization:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2028q1_rent_realization:base/case | None | base |
| /operating_model/cells/base_2028q1_rent_realization:base/id | None | base_2028q1_rent_realization |
| /operating_model/cells/base_2028q1_rent_realization:base/kind | None | assumption |
| /operating_model/cells/base_2028q1_rent_realization:base/label | None | Rent realization versus reference |
| /operating_model/cells/base_2028q1_rent_realization:base/period | None | 2028Q1 |
| /operating_model/cells/base_2028q1_rent_realization:base/unit | None | ratio |
| /operating_model/cells/base_2028q1_rent_realization:base/value | None | 1.0 |
| /operating_model/cells/base_2028q1_revenue:base/basis | None | Rent, fit-out, recoveries, hosting and cloud, without optional lease renewals. |
| /operating_model/cells/base_2028q1_revenue:base/case | None | base |
| /operating_model/cells/base_2028q1_revenue:base/formula/op | None | sum |
| /operating_model/cells/base_2028q1_revenue:base/formula/refs/0 | None | base_2028q1_base_rent |
| /operating_model/cells/base_2028q1_revenue:base/formula/refs/1 | None | base_2028q1_fitout |
| /operating_model/cells/base_2028q1_revenue:base/formula/refs/2 | None | base_2028q1_recoveries |
| /operating_model/cells/base_2028q1_revenue:base/formula/refs/3 | None | base_2028q1_hosting |
| /operating_model/cells/base_2028q1_revenue:base/formula/refs/4 | None | base_2028q1_cloud |
| /operating_model/cells/base_2028q1_revenue:base/id | None | base_2028q1_revenue |
| /operating_model/cells/base_2028q1_revenue:base/kind | None | derived |
| /operating_model/cells/base_2028q1_revenue:base/label | None | Consolidated revenue |
| /operating_model/cells/base_2028q1_revenue:base/period | None | 2028Q1 |
| /operating_model/cells/base_2028q1_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q1_revenue:base/value | None | 639.0227 |
| /operating_model/cells/base_2028q1_site_cash:base/basis | None | Includes all consolidated businesses. |
| /operating_model/cells/base_2028q1_site_cash:base/case | None | base |
| /operating_model/cells/base_2028q1_site_cash:base/formula/op | None | sum |
| /operating_model/cells/base_2028q1_site_cash:base/formula/refs/0 | None | base_2028q1_rent_cash |
| /operating_model/cells/base_2028q1_site_cash:base/formula/refs/1 | None | base_2028q1_fitout_cash |
| /operating_model/cells/base_2028q1_site_cash:base/formula/refs/2 | None | base_2028q1_recovery_cash |
| /operating_model/cells/base_2028q1_site_cash:base/formula/refs/3 | None | base_2028q1_hosting_cash |
| /operating_model/cells/base_2028q1_site_cash:base/formula/refs/4 | None | base_2028q1_cloud_cash |
| /operating_model/cells/base_2028q1_site_cash:base/id | None | base_2028q1_site_cash |
| /operating_model/cells/base_2028q1_site_cash:base/kind | None | derived |
| /operating_model/cells/base_2028q1_site_cash:base/label | None | Combined business cash contribution |
| /operating_model/cells/base_2028q1_site_cash:base/period | None | 2028Q1 |
| /operating_model/cells/base_2028q1_site_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q1_site_cash:base/value | None | 278.97872 |
| /operating_model/cells/base_2028q2_base_rent:base/basis | None | Desk rent mix/commencement sensitivity, not repricing signed leases. |
| /operating_model/cells/base_2028q2_base_rent:base/case | None | base |
| /operating_model/cells/base_2028q2_base_rent:base/formula/op | None | multiply |
| /operating_model/cells/base_2028q2_base_rent:base/formula/refs/0 | None | base_2028q2_rent_at_reference |
| /operating_model/cells/base_2028q2_base_rent:base/formula/refs/1 | None | base_2028q2_rent_realization |
| /operating_model/cells/base_2028q2_base_rent:base/id | None | base_2028q2_base_rent |
| /operating_model/cells/base_2028q2_base_rent:base/kind | None | derived |
| /operating_model/cells/base_2028q2_base_rent:base/label | None | HPC base rent |
| /operating_model/cells/base_2028q2_base_rent:base/period | None | 2028Q2 |
| /operating_model/cells/base_2028q2_base_rent:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q2_base_rent:base/value | None | 374.85 |
| /operating_model/cells/base_2028q2_capex:base/basis | None | Desk construction spending; delay case includes higher build costs. Not company guidance. |
| /operating_model/cells/base_2028q2_capex:base/case | None | base |
| /operating_model/cells/base_2028q2_capex:base/id | None | base_2028q2_capex |
| /operating_model/cells/base_2028q2_capex:base/kind | None | assumption |
| /operating_model/cells/base_2028q2_capex:base/label | None | Construction and asset purchases |
| /operating_model/cells/base_2028q2_capex:base/period | None | 2028Q2 |
| /operating_model/cells/base_2028q2_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q2_capex:base/value | None | 1500.0 |
| /operating_model/cells/base_2028q2_cash_after_capex:base/basis | None | Before financing proceeds, principal, acquisitions and restricted reserve transfers. |
| /operating_model/cells/base_2028q2_cash_after_capex:base/case | None | base |
| /operating_model/cells/base_2028q2_cash_after_capex:base/formula/op | None | subtract |
| /operating_model/cells/base_2028q2_cash_after_capex:base/formula/refs/0 | None | base_2028q2_cash_before_capex |
| /operating_model/cells/base_2028q2_cash_after_capex:base/formula/refs/1 | None | base_2028q2_capex |
| /operating_model/cells/base_2028q2_cash_after_capex:base/id | None | base_2028q2_cash_after_capex |
| /operating_model/cells/base_2028q2_cash_after_capex:base/kind | None | derived |
| /operating_model/cells/base_2028q2_cash_after_capex:base/label | None | Cash after capex proxy |
| /operating_model/cells/base_2028q2_cash_after_capex:base/period | None | 2028Q2 |
| /operating_model/cells/base_2028q2_cash_after_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q2_cash_after_capex:base/value | None | -1306.973 |
| /operating_model/cells/base_2028q2_cash_before_capex:base/basis | None | Analytical cash proxy; not consolidated GAAP CFO. |
| /operating_model/cells/base_2028q2_cash_before_capex:base/case | None | base |
| /operating_model/cells/base_2028q2_cash_before_capex:base/formula/op | None | subtract |
| /operating_model/cells/base_2028q2_cash_before_capex:base/formula/refs/0 | None | base_2028q2_site_cash |
| /operating_model/cells/base_2028q2_cash_before_capex:base/formula/refs/1 | None | base_2028q2_cash_uses |
| /operating_model/cells/base_2028q2_cash_before_capex:base/id | None | base_2028q2_cash_before_capex |
| /operating_model/cells/base_2028q2_cash_before_capex:base/kind | None | derived |
| /operating_model/cells/base_2028q2_cash_before_capex:base/label | None | Cash before capex proxy |
| /operating_model/cells/base_2028q2_cash_before_capex:base/period | None | 2028Q2 |
| /operating_model/cells/base_2028q2_cash_before_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q2_cash_before_capex:base/value | None | 193.02700000000004 |
| /operating_model/cells/base_2028q2_cash_uses:base/basis | None | Excludes noncash preferred accrual and financing principal. |
| /operating_model/cells/base_2028q2_cash_uses:base/case | None | base |
| /operating_model/cells/base_2028q2_cash_uses:base/formula/op | None | sum |
| /operating_model/cells/base_2028q2_cash_uses:base/formula/refs/0 | None | quarter_coupon |
| /operating_model/cells/base_2028q2_cash_uses:base/formula/refs/1 | None | base_2028q2_corp |
| /operating_model/cells/base_2028q2_cash_uses:base/formula/refs/2 | None | base_2028q2_other |
| /operating_model/cells/base_2028q2_cash_uses:base/id | None | base_2028q2_cash_uses |
| /operating_model/cells/base_2028q2_cash_uses:base/kind | None | derived |
| /operating_model/cells/base_2028q2_cash_uses:base/label | None | Corporate, coupon and other cash uses |
| /operating_model/cells/base_2028q2_cash_uses:base/period | None | 2028Q2 |
| /operating_model/cells/base_2028q2_cash_uses:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q2_cash_uses:base/value | None | 166.54375 |
| /operating_model/cells/base_2028q2_cloud:base/basis | None | Still consolidated; no assumption of a full GAAP deconsolidation. |
| /operating_model/cells/base_2028q2_cloud:base/case | None | base |
| /operating_model/cells/base_2028q2_cloud:base/formula/op | None | multiply |
| /operating_model/cells/base_2028q2_cloud:base/formula/refs/0 | None | q4_cloud |
| /operating_model/cells/base_2028q2_cloud:base/formula/refs/1 | None | base_2028q2_cloud_factor |
| /operating_model/cells/base_2028q2_cloud:base/id | None | base_2028q2_cloud |
| /operating_model/cells/base_2028q2_cloud:base/kind | None | derived |
| /operating_model/cells/base_2028q2_cloud:base/label | None | Consolidated ChronoScale revenue |
| /operating_model/cells/base_2028q2_cloud:base/period | None | 2028Q2 |
| /operating_model/cells/base_2028q2_cloud:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q2_cloud:base/value | None | 22.995 |
| /operating_model/cells/base_2028q2_cloud_cash:base/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/base_2028q2_cloud_cash:base/case | None | base |
| /operating_model/cells/base_2028q2_cloud_cash:base/formula/op | None | multiply |
| /operating_model/cells/base_2028q2_cloud_cash:base/formula/refs/0 | None | base_2028q2_cloud |
| /operating_model/cells/base_2028q2_cloud_cash:base/formula/refs/1 | None | base_2028q2_cloud_margin |
| /operating_model/cells/base_2028q2_cloud_cash:base/id | None | base_2028q2_cloud_cash |
| /operating_model/cells/base_2028q2_cloud_cash:base/kind | None | derived |
| /operating_model/cells/base_2028q2_cloud_cash:base/label | None | Cash contribution: cloud |
| /operating_model/cells/base_2028q2_cloud_cash:base/period | None | 2028Q2 |
| /operating_model/cells/base_2028q2_cloud_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q2_cloud_cash:base/value | None | -3.44925 |
| /operating_model/cells/base_2028q2_cloud_factor:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2028q2_cloud_factor:base/case | None | base |
| /operating_model/cells/base_2028q2_cloud_factor:base/id | None | base_2028q2_cloud_factor |
| /operating_model/cells/base_2028q2_cloud_factor:base/kind | None | assumption |
| /operating_model/cells/base_2028q2_cloud_factor:base/label | None | Cloud revenue versus Q4 |
| /operating_model/cells/base_2028q2_cloud_factor:base/period | None | 2028Q2 |
| /operating_model/cells/base_2028q2_cloud_factor:base/unit | None | ratio |
| /operating_model/cells/base_2028q2_cloud_factor:base/value | None | 1.25 |
| /operating_model/cells/base_2028q2_cloud_margin:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2028q2_cloud_margin:base/case | None | base |
| /operating_model/cells/base_2028q2_cloud_margin:base/id | None | base_2028q2_cloud_margin |
| /operating_model/cells/base_2028q2_cloud_margin:base/kind | None | assumption |
| /operating_model/cells/base_2028q2_cloud_margin:base/label | None | Cash contribution margin: cloud |
| /operating_model/cells/base_2028q2_cloud_margin:base/period | None | 2028Q2 |
| /operating_model/cells/base_2028q2_cloud_margin:base/unit | None | ratio |
| /operating_model/cells/base_2028q2_cloud_margin:base/value | None | -0.15 |
| /operating_model/cells/base_2028q2_corp:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2028q2_corp:base/case | None | base |
| /operating_model/cells/base_2028q2_corp:base/id | None | base_2028q2_corp |
| /operating_model/cells/base_2028q2_corp:base/kind | None | assumption |
| /operating_model/cells/base_2028q2_corp:base/label | None | Corporate cash overhead |
| /operating_model/cells/base_2028q2_corp:base/period | None | 2028Q2 |
| /operating_model/cells/base_2028q2_corp:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q2_corp:base/value | None | 30.0 |
| /operating_model/cells/base_2028q2_fitout:base/basis | None | Low-margin nonrecurring installation work; not recurring rent. |
| /operating_model/cells/base_2028q2_fitout:base/case | None | base |
| /operating_model/cells/base_2028q2_fitout:base/id | None | base_2028q2_fitout |
| /operating_model/cells/base_2028q2_fitout:base/kind | None | assumption |
| /operating_model/cells/base_2028q2_fitout:base/label | None | Tenant fit-out revenue |
| /operating_model/cells/base_2028q2_fitout:base/period | None | 2028Q2 |
| /operating_model/cells/base_2028q2_fitout:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q2_fitout:base/value | None | 280.0 |
| /operating_model/cells/base_2028q2_fitout_cash:base/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/base_2028q2_fitout_cash:base/case | None | base |
| /operating_model/cells/base_2028q2_fitout_cash:base/formula/op | None | multiply |
| /operating_model/cells/base_2028q2_fitout_cash:base/formula/refs/0 | None | base_2028q2_fitout |
| /operating_model/cells/base_2028q2_fitout_cash:base/formula/refs/1 | None | base_2028q2_fitout_margin |
| /operating_model/cells/base_2028q2_fitout_cash:base/id | None | base_2028q2_fitout_cash |
| /operating_model/cells/base_2028q2_fitout_cash:base/kind | None | derived |
| /operating_model/cells/base_2028q2_fitout_cash:base/label | None | Cash contribution: fitout |
| /operating_model/cells/base_2028q2_fitout_cash:base/period | None | 2028Q2 |
| /operating_model/cells/base_2028q2_fitout_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q2_fitout_cash:base/value | None | 12.6 |
| /operating_model/cells/base_2028q2_fitout_margin:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2028q2_fitout_margin:base/case | None | base |
| /operating_model/cells/base_2028q2_fitout_margin:base/id | None | base_2028q2_fitout_margin |
| /operating_model/cells/base_2028q2_fitout_margin:base/kind | None | assumption |
| /operating_model/cells/base_2028q2_fitout_margin:base/label | None | Cash contribution margin: fitout |
| /operating_model/cells/base_2028q2_fitout_margin:base/period | None | 2028Q2 |
| /operating_model/cells/base_2028q2_fitout_margin:base/unit | None | ratio |
| /operating_model/cells/base_2028q2_fitout_margin:base/value | None | 0.045 |
| /operating_model/cells/base_2028q2_hosting:base/basis | None | Hosting services, not owned Bitcoin production. |
| /operating_model/cells/base_2028q2_hosting:base/case | None | base |
| /operating_model/cells/base_2028q2_hosting:base/formula/op | None | multiply |
| /operating_model/cells/base_2028q2_hosting:base/formula/refs/0 | None | q4_hosting |
| /operating_model/cells/base_2028q2_hosting:base/formula/refs/1 | None | base_2028q2_hosting_factor |
| /operating_model/cells/base_2028q2_hosting:base/id | None | base_2028q2_hosting |
| /operating_model/cells/base_2028q2_hosting:base/kind | None | derived |
| /operating_model/cells/base_2028q2_hosting:base/label | None | Mining hosting revenue |
| /operating_model/cells/base_2028q2_hosting:base/period | None | 2028Q2 |
| /operating_model/cells/base_2028q2_hosting:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q2_hosting:base/value | None | 37.3 |
| /operating_model/cells/base_2028q2_hosting_cash:base/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/base_2028q2_hosting_cash:base/case | None | base |
| /operating_model/cells/base_2028q2_hosting_cash:base/formula/op | None | multiply |
| /operating_model/cells/base_2028q2_hosting_cash:base/formula/refs/0 | None | base_2028q2_hosting |
| /operating_model/cells/base_2028q2_hosting_cash:base/formula/refs/1 | None | base_2028q2_hosting_margin |
| /operating_model/cells/base_2028q2_hosting_cash:base/id | None | base_2028q2_hosting_cash |
| /operating_model/cells/base_2028q2_hosting_cash:base/kind | None | derived |
| /operating_model/cells/base_2028q2_hosting_cash:base/label | None | Cash contribution: hosting |
| /operating_model/cells/base_2028q2_hosting_cash:base/period | None | 2028Q2 |
| /operating_model/cells/base_2028q2_hosting_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q2_hosting_cash:base/value | None | 13.054999999999998 |
| /operating_model/cells/base_2028q2_hosting_factor:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2028q2_hosting_factor:base/case | None | base |
| /operating_model/cells/base_2028q2_hosting_factor:base/id | None | base_2028q2_hosting_factor |
| /operating_model/cells/base_2028q2_hosting_factor:base/kind | None | assumption |
| /operating_model/cells/base_2028q2_hosting_factor:base/label | None | Hosting revenue versus Q4 |
| /operating_model/cells/base_2028q2_hosting_factor:base/period | None | 2028Q2 |
| /operating_model/cells/base_2028q2_hosting_factor:base/unit | None | ratio |
| /operating_model/cells/base_2028q2_hosting_factor:base/value | None | 1.0 |
| /operating_model/cells/base_2028q2_hosting_margin:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2028q2_hosting_margin:base/case | None | base |
| /operating_model/cells/base_2028q2_hosting_margin:base/id | None | base_2028q2_hosting_margin |
| /operating_model/cells/base_2028q2_hosting_margin:base/kind | None | assumption |
| /operating_model/cells/base_2028q2_hosting_margin:base/label | None | Cash contribution margin: hosting |
| /operating_model/cells/base_2028q2_hosting_margin:base/period | None | 2028Q2 |
| /operating_model/cells/base_2028q2_hosting_margin:base/unit | None | ratio |
| /operating_model/cells/base_2028q2_hosting_margin:base/value | None | 0.35 |
| /operating_model/cells/base_2028q2_mw:base/basis | None | Desk delivery/acceptance schedule, not quarter-end capacity. Delta Forge 2 contributes only near H1 calendar 2028. |
| /operating_model/cells/base_2028q2_mw:base/case | None | base |
| /operating_model/cells/base_2028q2_mw:base/id | None | base_2028q2_mw |
| /operating_model/cells/base_2028q2_mw:base/kind | None | assumption |
| /operating_model/cells/base_2028q2_mw:base/label | None | Average revenue-producing critical IT MW |
| /operating_model/cells/base_2028q2_mw:base/period | None | 2028Q2 |
| /operating_model/cells/base_2028q2_mw:base/unit | None | MW |
| /operating_model/cells/base_2028q2_mw:base/value | None | 850.0 |
| /operating_model/cells/base_2028q2_mw_ratio:base/basis | None | Normalizes critical IT capacity without treating utility power as IT load. |
| /operating_model/cells/base_2028q2_mw_ratio:base/case | None | base |
| /operating_model/cells/base_2028q2_mw_ratio:base/formula/op | None | divide |
| /operating_model/cells/base_2028q2_mw_ratio:base/formula/refs/0 | None | base_2028q2_mw |
| /operating_model/cells/base_2028q2_mw_ratio:base/formula/refs/1 | None | q4_rent_mw |
| /operating_model/cells/base_2028q2_mw_ratio:base/id | None | base_2028q2_mw_ratio |
| /operating_model/cells/base_2028q2_mw_ratio:base/kind | None | derived |
| /operating_model/cells/base_2028q2_mw_ratio:base/label | None | Capacity / 100 MW reference |
| /operating_model/cells/base_2028q2_mw_ratio:base/period | None | 2028Q2 |
| /operating_model/cells/base_2028q2_mw_ratio:base/unit | None | ratio |
| /operating_model/cells/base_2028q2_mw_ratio:base/value | None | 8.5 |
| /operating_model/cells/base_2028q2_other:base/basis | None | Net working capital, small-loan interest, taxes and interest income allowance. Lease principal excluded. |
| /operating_model/cells/base_2028q2_other:base/case | None | base |
| /operating_model/cells/base_2028q2_other:base/id | None | base_2028q2_other |
| /operating_model/cells/base_2028q2_other:base/kind | None | assumption |
| /operating_model/cells/base_2028q2_other:base/label | None | Other net cash uses |
| /operating_model/cells/base_2028q2_other:base/period | None | 2028Q2 |
| /operating_model/cells/base_2028q2_other:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q2_other:base/value | None | 15.0 |
| /operating_model/cells/base_2028q2_preferred_accrual:base/basis | None | Simple quarterly accrual; noncash PIK assumption, no compounding or redemption waterfall. |
| /operating_model/cells/base_2028q2_preferred_accrual:base/case | None | base |
| /operating_model/cells/base_2028q2_preferred_accrual:base/formula/op | None | multiply |
| /operating_model/cells/base_2028q2_preferred_accrual:base/formula/refs/0 | None | preferred_annual |
| /operating_model/cells/base_2028q2_preferred_accrual:base/formula/refs/1 | None | quarter |
| /operating_model/cells/base_2028q2_preferred_accrual:base/id | None | base_2028q2_preferred_accrual |
| /operating_model/cells/base_2028q2_preferred_accrual:base/kind | None | derived |
| /operating_model/cells/base_2028q2_preferred_accrual:base/label | None | Preferred economic accrual |
| /operating_model/cells/base_2028q2_preferred_accrual:base/period | None | 2028Q2 |
| /operating_model/cells/base_2028q2_preferred_accrual:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q2_preferred_accrual:base/value | None | 58.171875 |
| /operating_model/cells/base_2028q2_recoveries:base/basis | None | Pass-through operating recoveries modeled separately. |
| /operating_model/cells/base_2028q2_recoveries:base/case | None | base |
| /operating_model/cells/base_2028q2_recoveries:base/formula/op | None | multiply |
| /operating_model/cells/base_2028q2_recoveries:base/formula/refs/0 | None | base_2028q2_base_rent |
| /operating_model/cells/base_2028q2_recoveries:base/formula/refs/1 | None | base_2028q2_recovery_ratio |
| /operating_model/cells/base_2028q2_recoveries:base/id | None | base_2028q2_recoveries |
| /operating_model/cells/base_2028q2_recoveries:base/kind | None | derived |
| /operating_model/cells/base_2028q2_recoveries:base/label | None | Tenant recoveries |
| /operating_model/cells/base_2028q2_recoveries:base/period | None | 2028Q2 |
| /operating_model/cells/base_2028q2_recoveries:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q2_recoveries:base/value | None | 56.2275 |
| /operating_model/cells/base_2028q2_recovery_cash:base/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/base_2028q2_recovery_cash:base/case | None | base |
| /operating_model/cells/base_2028q2_recovery_cash:base/formula/op | None | multiply |
| /operating_model/cells/base_2028q2_recovery_cash:base/formula/refs/0 | None | base_2028q2_recoveries |
| /operating_model/cells/base_2028q2_recovery_cash:base/formula/refs/1 | None | base_2028q2_recovery_margin |
| /operating_model/cells/base_2028q2_recovery_cash:base/id | None | base_2028q2_recovery_cash |
| /operating_model/cells/base_2028q2_recovery_cash:base/kind | None | derived |
| /operating_model/cells/base_2028q2_recovery_cash:base/label | None | Cash contribution: recovery |
| /operating_model/cells/base_2028q2_recovery_cash:base/period | None | 2028Q2 |
| /operating_model/cells/base_2028q2_recovery_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q2_recovery_cash:base/value | None | 0.0 |
| /operating_model/cells/base_2028q2_recovery_margin:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2028q2_recovery_margin:base/case | None | base |
| /operating_model/cells/base_2028q2_recovery_margin:base/id | None | base_2028q2_recovery_margin |
| /operating_model/cells/base_2028q2_recovery_margin:base/kind | None | assumption |
| /operating_model/cells/base_2028q2_recovery_margin:base/label | None | Cash contribution margin: recovery |
| /operating_model/cells/base_2028q2_recovery_margin:base/period | None | 2028Q2 |
| /operating_model/cells/base_2028q2_recovery_margin:base/unit | None | ratio |
| /operating_model/cells/base_2028q2_recovery_margin:base/value | None | 0.0 |
| /operating_model/cells/base_2028q2_recovery_ratio:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2028q2_recovery_ratio:base/case | None | base |
| /operating_model/cells/base_2028q2_recovery_ratio:base/id | None | base_2028q2_recovery_ratio |
| /operating_model/cells/base_2028q2_recovery_ratio:base/kind | None | assumption |
| /operating_model/cells/base_2028q2_recovery_ratio:base/label | None | Recoveries / base rent |
| /operating_model/cells/base_2028q2_recovery_ratio:base/period | None | 2028Q2 |
| /operating_model/cells/base_2028q2_recovery_ratio:base/unit | None | ratio |
| /operating_model/cells/base_2028q2_recovery_ratio:base/value | None | 0.15 |
| /operating_model/cells/base_2028q2_rent_at_reference:base/basis | None | Reported Q4 rent per 100 MW times average active capacity. |
| /operating_model/cells/base_2028q2_rent_at_reference:base/case | None | base |
| /operating_model/cells/base_2028q2_rent_at_reference:base/formula/op | None | multiply |
| /operating_model/cells/base_2028q2_rent_at_reference:base/formula/refs/0 | None | base_2028q2_mw_ratio |
| /operating_model/cells/base_2028q2_rent_at_reference:base/formula/refs/1 | None | q4_rent |
| /operating_model/cells/base_2028q2_rent_at_reference:base/id | None | base_2028q2_rent_at_reference |
| /operating_model/cells/base_2028q2_rent_at_reference:base/kind | None | derived |
| /operating_model/cells/base_2028q2_rent_at_reference:base/label | None | Rent at Q4 reference economics |
| /operating_model/cells/base_2028q2_rent_at_reference:base/period | None | 2028Q2 |
| /operating_model/cells/base_2028q2_rent_at_reference:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q2_rent_at_reference:base/value | None | 374.85 |
| /operating_model/cells/base_2028q2_rent_cash:base/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/base_2028q2_rent_cash:base/case | None | base |
| /operating_model/cells/base_2028q2_rent_cash:base/formula/op | None | multiply |
| /operating_model/cells/base_2028q2_rent_cash:base/formula/refs/0 | None | base_2028q2_base_rent |
| /operating_model/cells/base_2028q2_rent_cash:base/formula/refs/1 | None | base_2028q2_rent_margin |
| /operating_model/cells/base_2028q2_rent_cash:base/id | None | base_2028q2_rent_cash |
| /operating_model/cells/base_2028q2_rent_cash:base/kind | None | derived |
| /operating_model/cells/base_2028q2_rent_cash:base/label | None | Cash contribution: rent |
| /operating_model/cells/base_2028q2_rent_cash:base/period | None | 2028Q2 |
| /operating_model/cells/base_2028q2_rent_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q2_rent_cash:base/value | None | 337.365 |
| /operating_model/cells/base_2028q2_rent_margin:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2028q2_rent_margin:base/case | None | base |
| /operating_model/cells/base_2028q2_rent_margin:base/id | None | base_2028q2_rent_margin |
| /operating_model/cells/base_2028q2_rent_margin:base/kind | None | assumption |
| /operating_model/cells/base_2028q2_rent_margin:base/label | None | Cash contribution margin: rent |
| /operating_model/cells/base_2028q2_rent_margin:base/period | None | 2028Q2 |
| /operating_model/cells/base_2028q2_rent_margin:base/unit | None | ratio |
| /operating_model/cells/base_2028q2_rent_margin:base/value | None | 0.9 |
| /operating_model/cells/base_2028q2_rent_realization:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2028q2_rent_realization:base/case | None | base |
| /operating_model/cells/base_2028q2_rent_realization:base/id | None | base_2028q2_rent_realization |
| /operating_model/cells/base_2028q2_rent_realization:base/kind | None | assumption |
| /operating_model/cells/base_2028q2_rent_realization:base/label | None | Rent realization versus reference |
| /operating_model/cells/base_2028q2_rent_realization:base/period | None | 2028Q2 |
| /operating_model/cells/base_2028q2_rent_realization:base/unit | None | ratio |
| /operating_model/cells/base_2028q2_rent_realization:base/value | None | 1.0 |
| /operating_model/cells/base_2028q2_revenue:base/basis | None | Rent, fit-out, recoveries, hosting and cloud, without optional lease renewals. |
| /operating_model/cells/base_2028q2_revenue:base/case | None | base |
| /operating_model/cells/base_2028q2_revenue:base/formula/op | None | sum |
| /operating_model/cells/base_2028q2_revenue:base/formula/refs/0 | None | base_2028q2_base_rent |
| /operating_model/cells/base_2028q2_revenue:base/formula/refs/1 | None | base_2028q2_fitout |
| /operating_model/cells/base_2028q2_revenue:base/formula/refs/2 | None | base_2028q2_recoveries |
| /operating_model/cells/base_2028q2_revenue:base/formula/refs/3 | None | base_2028q2_hosting |
| /operating_model/cells/base_2028q2_revenue:base/formula/refs/4 | None | base_2028q2_cloud |
| /operating_model/cells/base_2028q2_revenue:base/id | None | base_2028q2_revenue |
| /operating_model/cells/base_2028q2_revenue:base/kind | None | derived |
| /operating_model/cells/base_2028q2_revenue:base/label | None | Consolidated revenue |
| /operating_model/cells/base_2028q2_revenue:base/period | None | 2028Q2 |
| /operating_model/cells/base_2028q2_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q2_revenue:base/value | None | 771.3725 |
| /operating_model/cells/base_2028q2_site_cash:base/basis | None | Includes all consolidated businesses. |
| /operating_model/cells/base_2028q2_site_cash:base/case | None | base |
| /operating_model/cells/base_2028q2_site_cash:base/formula/op | None | sum |
| /operating_model/cells/base_2028q2_site_cash:base/formula/refs/0 | None | base_2028q2_rent_cash |
| /operating_model/cells/base_2028q2_site_cash:base/formula/refs/1 | None | base_2028q2_fitout_cash |
| /operating_model/cells/base_2028q2_site_cash:base/formula/refs/2 | None | base_2028q2_recovery_cash |
| /operating_model/cells/base_2028q2_site_cash:base/formula/refs/3 | None | base_2028q2_hosting_cash |
| /operating_model/cells/base_2028q2_site_cash:base/formula/refs/4 | None | base_2028q2_cloud_cash |
| /operating_model/cells/base_2028q2_site_cash:base/id | None | base_2028q2_site_cash |
| /operating_model/cells/base_2028q2_site_cash:base/kind | None | derived |
| /operating_model/cells/base_2028q2_site_cash:base/label | None | Combined business cash contribution |
| /operating_model/cells/base_2028q2_site_cash:base/period | None | 2028Q2 |
| /operating_model/cells/base_2028q2_site_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q2_site_cash:base/value | None | 359.57075000000003 |
| /operating_model/cells/base_2028q3_base_rent:base/basis | None | Desk rent mix/commencement sensitivity, not repricing signed leases. |
| /operating_model/cells/base_2028q3_base_rent:base/case | None | base |
| /operating_model/cells/base_2028q3_base_rent:base/formula/op | None | multiply |
| /operating_model/cells/base_2028q3_base_rent:base/formula/refs/0 | None | base_2028q3_rent_at_reference |
| /operating_model/cells/base_2028q3_base_rent:base/formula/refs/1 | None | base_2028q3_rent_realization |
| /operating_model/cells/base_2028q3_base_rent:base/id | None | base_2028q3_base_rent |
| /operating_model/cells/base_2028q3_base_rent:base/kind | None | derived |
| /operating_model/cells/base_2028q3_base_rent:base/label | None | HPC base rent |
| /operating_model/cells/base_2028q3_base_rent:base/period | None | 2028Q3 |
| /operating_model/cells/base_2028q3_base_rent:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q3_base_rent:base/value | None | 441.0 |
| /operating_model/cells/base_2028q3_capex:base/basis | None | Desk construction spending; delay case includes higher build costs. Not company guidance. |
| /operating_model/cells/base_2028q3_capex:base/case | None | base |
| /operating_model/cells/base_2028q3_capex:base/id | None | base_2028q3_capex |
| /operating_model/cells/base_2028q3_capex:base/kind | None | assumption |
| /operating_model/cells/base_2028q3_capex:base/label | None | Construction and asset purchases |
| /operating_model/cells/base_2028q3_capex:base/period | None | 2028Q3 |
| /operating_model/cells/base_2028q3_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q3_capex:base/value | None | 1500.0 |
| /operating_model/cells/base_2028q3_cash_after_capex:base/basis | None | Before financing proceeds, principal, acquisitions and restricted reserve transfers. |
| /operating_model/cells/base_2028q3_cash_after_capex:base/case | None | base |
| /operating_model/cells/base_2028q3_cash_after_capex:base/formula/op | None | subtract |
| /operating_model/cells/base_2028q3_cash_after_capex:base/formula/refs/0 | None | base_2028q3_cash_before_capex |
| /operating_model/cells/base_2028q3_cash_after_capex:base/formula/refs/1 | None | base_2028q3_capex |
| /operating_model/cells/base_2028q3_cash_after_capex:base/id | None | base_2028q3_cash_after_capex |
| /operating_model/cells/base_2028q3_cash_after_capex:base/kind | None | derived |
| /operating_model/cells/base_2028q3_cash_after_capex:base/label | None | Cash after capex proxy |
| /operating_model/cells/base_2028q3_cash_after_capex:base/period | None | 2028Q3 |
| /operating_model/cells/base_2028q3_cash_after_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q3_cash_after_capex:base/value | None | -1248.92597 |
| /operating_model/cells/base_2028q3_cash_before_capex:base/basis | None | Analytical cash proxy; not consolidated GAAP CFO. |
| /operating_model/cells/base_2028q3_cash_before_capex:base/case | None | base |
| /operating_model/cells/base_2028q3_cash_before_capex:base/formula/op | None | subtract |
| /operating_model/cells/base_2028q3_cash_before_capex:base/formula/refs/0 | None | base_2028q3_site_cash |
| /operating_model/cells/base_2028q3_cash_before_capex:base/formula/refs/1 | None | base_2028q3_cash_uses |
| /operating_model/cells/base_2028q3_cash_before_capex:base/id | None | base_2028q3_cash_before_capex |
| /operating_model/cells/base_2028q3_cash_before_capex:base/kind | None | derived |
| /operating_model/cells/base_2028q3_cash_before_capex:base/label | None | Cash before capex proxy |
| /operating_model/cells/base_2028q3_cash_before_capex:base/period | None | 2028Q3 |
| /operating_model/cells/base_2028q3_cash_before_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q3_cash_before_capex:base/value | None | 251.07403000000005 |
| /operating_model/cells/base_2028q3_cash_uses:base/basis | None | Excludes noncash preferred accrual and financing principal. |
| /operating_model/cells/base_2028q3_cash_uses:base/case | None | base |
| /operating_model/cells/base_2028q3_cash_uses:base/formula/op | None | sum |
| /operating_model/cells/base_2028q3_cash_uses:base/formula/refs/0 | None | quarter_coupon |
| /operating_model/cells/base_2028q3_cash_uses:base/formula/refs/1 | None | base_2028q3_corp |
| /operating_model/cells/base_2028q3_cash_uses:base/formula/refs/2 | None | base_2028q3_other |
| /operating_model/cells/base_2028q3_cash_uses:base/id | None | base_2028q3_cash_uses |
| /operating_model/cells/base_2028q3_cash_uses:base/kind | None | derived |
| /operating_model/cells/base_2028q3_cash_uses:base/label | None | Corporate, coupon and other cash uses |
| /operating_model/cells/base_2028q3_cash_uses:base/period | None | 2028Q3 |
| /operating_model/cells/base_2028q3_cash_uses:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q3_cash_uses:base/value | None | 166.54375 |
| /operating_model/cells/base_2028q3_cloud:base/basis | None | Still consolidated; no assumption of a full GAAP deconsolidation. |
| /operating_model/cells/base_2028q3_cloud:base/case | None | base |
| /operating_model/cells/base_2028q3_cloud:base/formula/op | None | multiply |
| /operating_model/cells/base_2028q3_cloud:base/formula/refs/0 | None | q4_cloud |
| /operating_model/cells/base_2028q3_cloud:base/formula/refs/1 | None | base_2028q3_cloud_factor |
| /operating_model/cells/base_2028q3_cloud:base/id | None | base_2028q3_cloud |
| /operating_model/cells/base_2028q3_cloud:base/kind | None | derived |
| /operating_model/cells/base_2028q3_cloud:base/label | None | Consolidated ChronoScale revenue |
| /operating_model/cells/base_2028q3_cloud:base/period | None | 2028Q3 |
| /operating_model/cells/base_2028q3_cloud:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q3_cloud:base/value | None | 23.914800000000003 |
| /operating_model/cells/base_2028q3_cloud_cash:base/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/base_2028q3_cloud_cash:base/case | None | base |
| /operating_model/cells/base_2028q3_cloud_cash:base/formula/op | None | multiply |
| /operating_model/cells/base_2028q3_cloud_cash:base/formula/refs/0 | None | base_2028q3_cloud |
| /operating_model/cells/base_2028q3_cloud_cash:base/formula/refs/1 | None | base_2028q3_cloud_margin |
| /operating_model/cells/base_2028q3_cloud_cash:base/id | None | base_2028q3_cloud_cash |
| /operating_model/cells/base_2028q3_cloud_cash:base/kind | None | derived |
| /operating_model/cells/base_2028q3_cloud_cash:base/label | None | Cash contribution: cloud |
| /operating_model/cells/base_2028q3_cloud_cash:base/period | None | 2028Q3 |
| /operating_model/cells/base_2028q3_cloud_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q3_cloud_cash:base/value | None | -3.5872200000000003 |
| /operating_model/cells/base_2028q3_cloud_factor:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2028q3_cloud_factor:base/case | None | base |
| /operating_model/cells/base_2028q3_cloud_factor:base/id | None | base_2028q3_cloud_factor |
| /operating_model/cells/base_2028q3_cloud_factor:base/kind | None | assumption |
| /operating_model/cells/base_2028q3_cloud_factor:base/label | None | Cloud revenue versus Q4 |
| /operating_model/cells/base_2028q3_cloud_factor:base/period | None | 2028Q3 |
| /operating_model/cells/base_2028q3_cloud_factor:base/unit | None | ratio |
| /operating_model/cells/base_2028q3_cloud_factor:base/value | None | 1.3 |
| /operating_model/cells/base_2028q3_cloud_margin:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2028q3_cloud_margin:base/case | None | base |
| /operating_model/cells/base_2028q3_cloud_margin:base/id | None | base_2028q3_cloud_margin |
| /operating_model/cells/base_2028q3_cloud_margin:base/kind | None | assumption |
| /operating_model/cells/base_2028q3_cloud_margin:base/label | None | Cash contribution margin: cloud |
| /operating_model/cells/base_2028q3_cloud_margin:base/period | None | 2028Q3 |
| /operating_model/cells/base_2028q3_cloud_margin:base/unit | None | ratio |
| /operating_model/cells/base_2028q3_cloud_margin:base/value | None | -0.15 |
| /operating_model/cells/base_2028q3_corp:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2028q3_corp:base/case | None | base |
| /operating_model/cells/base_2028q3_corp:base/id | None | base_2028q3_corp |
| /operating_model/cells/base_2028q3_corp:base/kind | None | assumption |
| /operating_model/cells/base_2028q3_corp:base/label | None | Corporate cash overhead |
| /operating_model/cells/base_2028q3_corp:base/period | None | 2028Q3 |
| /operating_model/cells/base_2028q3_corp:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q3_corp:base/value | None | 30.0 |
| /operating_model/cells/base_2028q3_fitout:base/basis | None | Low-margin nonrecurring installation work; not recurring rent. |
| /operating_model/cells/base_2028q3_fitout:base/case | None | base |
| /operating_model/cells/base_2028q3_fitout:base/id | None | base_2028q3_fitout |
| /operating_model/cells/base_2028q3_fitout:base/kind | None | assumption |
| /operating_model/cells/base_2028q3_fitout:base/label | None | Tenant fit-out revenue |
| /operating_model/cells/base_2028q3_fitout:base/period | None | 2028Q3 |
| /operating_model/cells/base_2028q3_fitout:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q3_fitout:base/value | None | 250.0 |
| /operating_model/cells/base_2028q3_fitout_cash:base/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/base_2028q3_fitout_cash:base/case | None | base |
| /operating_model/cells/base_2028q3_fitout_cash:base/formula/op | None | multiply |
| /operating_model/cells/base_2028q3_fitout_cash:base/formula/refs/0 | None | base_2028q3_fitout |
| /operating_model/cells/base_2028q3_fitout_cash:base/formula/refs/1 | None | base_2028q3_fitout_margin |
| /operating_model/cells/base_2028q3_fitout_cash:base/id | None | base_2028q3_fitout_cash |
| /operating_model/cells/base_2028q3_fitout_cash:base/kind | None | derived |
| /operating_model/cells/base_2028q3_fitout_cash:base/label | None | Cash contribution: fitout |
| /operating_model/cells/base_2028q3_fitout_cash:base/period | None | 2028Q3 |
| /operating_model/cells/base_2028q3_fitout_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q3_fitout_cash:base/value | None | 11.25 |
| /operating_model/cells/base_2028q3_fitout_margin:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2028q3_fitout_margin:base/case | None | base |
| /operating_model/cells/base_2028q3_fitout_margin:base/id | None | base_2028q3_fitout_margin |
| /operating_model/cells/base_2028q3_fitout_margin:base/kind | None | assumption |
| /operating_model/cells/base_2028q3_fitout_margin:base/label | None | Cash contribution margin: fitout |
| /operating_model/cells/base_2028q3_fitout_margin:base/period | None | 2028Q3 |
| /operating_model/cells/base_2028q3_fitout_margin:base/unit | None | ratio |
| /operating_model/cells/base_2028q3_fitout_margin:base/value | None | 0.045 |
| /operating_model/cells/base_2028q3_hosting:base/basis | None | Hosting services, not owned Bitcoin production. |
| /operating_model/cells/base_2028q3_hosting:base/case | None | base |
| /operating_model/cells/base_2028q3_hosting:base/formula/op | None | multiply |
| /operating_model/cells/base_2028q3_hosting:base/formula/refs/0 | None | q4_hosting |
| /operating_model/cells/base_2028q3_hosting:base/formula/refs/1 | None | base_2028q3_hosting_factor |
| /operating_model/cells/base_2028q3_hosting:base/id | None | base_2028q3_hosting |
| /operating_model/cells/base_2028q3_hosting:base/kind | None | derived |
| /operating_model/cells/base_2028q3_hosting:base/label | None | Mining hosting revenue |
| /operating_model/cells/base_2028q3_hosting:base/period | None | 2028Q3 |
| /operating_model/cells/base_2028q3_hosting:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q3_hosting:base/value | None | 37.3 |
| /operating_model/cells/base_2028q3_hosting_cash:base/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/base_2028q3_hosting_cash:base/case | None | base |
| /operating_model/cells/base_2028q3_hosting_cash:base/formula/op | None | multiply |
| /operating_model/cells/base_2028q3_hosting_cash:base/formula/refs/0 | None | base_2028q3_hosting |
| /operating_model/cells/base_2028q3_hosting_cash:base/formula/refs/1 | None | base_2028q3_hosting_margin |
| /operating_model/cells/base_2028q3_hosting_cash:base/id | None | base_2028q3_hosting_cash |
| /operating_model/cells/base_2028q3_hosting_cash:base/kind | None | derived |
| /operating_model/cells/base_2028q3_hosting_cash:base/label | None | Cash contribution: hosting |
| /operating_model/cells/base_2028q3_hosting_cash:base/period | None | 2028Q3 |
| /operating_model/cells/base_2028q3_hosting_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q3_hosting_cash:base/value | None | 13.054999999999998 |
| /operating_model/cells/base_2028q3_hosting_factor:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2028q3_hosting_factor:base/case | None | base |
| /operating_model/cells/base_2028q3_hosting_factor:base/id | None | base_2028q3_hosting_factor |
| /operating_model/cells/base_2028q3_hosting_factor:base/kind | None | assumption |
| /operating_model/cells/base_2028q3_hosting_factor:base/label | None | Hosting revenue versus Q4 |
| /operating_model/cells/base_2028q3_hosting_factor:base/period | None | 2028Q3 |
| /operating_model/cells/base_2028q3_hosting_factor:base/unit | None | ratio |
| /operating_model/cells/base_2028q3_hosting_factor:base/value | None | 1.0 |
| /operating_model/cells/base_2028q3_hosting_margin:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2028q3_hosting_margin:base/case | None | base |
| /operating_model/cells/base_2028q3_hosting_margin:base/id | None | base_2028q3_hosting_margin |
| /operating_model/cells/base_2028q3_hosting_margin:base/kind | None | assumption |
| /operating_model/cells/base_2028q3_hosting_margin:base/label | None | Cash contribution margin: hosting |
| /operating_model/cells/base_2028q3_hosting_margin:base/period | None | 2028Q3 |
| /operating_model/cells/base_2028q3_hosting_margin:base/unit | None | ratio |
| /operating_model/cells/base_2028q3_hosting_margin:base/value | None | 0.35 |
| /operating_model/cells/base_2028q3_mw:base/basis | None | Desk delivery/acceptance schedule, not quarter-end capacity. Delta Forge 2 contributes only near H1 calendar 2028. |
| /operating_model/cells/base_2028q3_mw:base/case | None | base |
| /operating_model/cells/base_2028q3_mw:base/id | None | base_2028q3_mw |
| /operating_model/cells/base_2028q3_mw:base/kind | None | assumption |
| /operating_model/cells/base_2028q3_mw:base/label | None | Average revenue-producing critical IT MW |
| /operating_model/cells/base_2028q3_mw:base/period | None | 2028Q3 |
| /operating_model/cells/base_2028q3_mw:base/unit | None | MW |
| /operating_model/cells/base_2028q3_mw:base/value | None | 1000.0 |
| /operating_model/cells/base_2028q3_mw_ratio:base/basis | None | Normalizes critical IT capacity without treating utility power as IT load. |
| /operating_model/cells/base_2028q3_mw_ratio:base/case | None | base |
| /operating_model/cells/base_2028q3_mw_ratio:base/formula/op | None | divide |
| /operating_model/cells/base_2028q3_mw_ratio:base/formula/refs/0 | None | base_2028q3_mw |
| /operating_model/cells/base_2028q3_mw_ratio:base/formula/refs/1 | None | q4_rent_mw |
| /operating_model/cells/base_2028q3_mw_ratio:base/id | None | base_2028q3_mw_ratio |
| /operating_model/cells/base_2028q3_mw_ratio:base/kind | None | derived |
| /operating_model/cells/base_2028q3_mw_ratio:base/label | None | Capacity / 100 MW reference |
| /operating_model/cells/base_2028q3_mw_ratio:base/period | None | 2028Q3 |
| /operating_model/cells/base_2028q3_mw_ratio:base/unit | None | ratio |
| /operating_model/cells/base_2028q3_mw_ratio:base/value | None | 10.0 |
| /operating_model/cells/base_2028q3_other:base/basis | None | Net working capital, small-loan interest, taxes and interest income allowance. Lease principal excluded. |
| /operating_model/cells/base_2028q3_other:base/case | None | base |
| /operating_model/cells/base_2028q3_other:base/id | None | base_2028q3_other |
| /operating_model/cells/base_2028q3_other:base/kind | None | assumption |
| /operating_model/cells/base_2028q3_other:base/label | None | Other net cash uses |
| /operating_model/cells/base_2028q3_other:base/period | None | 2028Q3 |
| /operating_model/cells/base_2028q3_other:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q3_other:base/value | None | 15.0 |
| /operating_model/cells/base_2028q3_preferred_accrual:base/basis | None | Simple quarterly accrual; noncash PIK assumption, no compounding or redemption waterfall. |
| /operating_model/cells/base_2028q3_preferred_accrual:base/case | None | base |
| /operating_model/cells/base_2028q3_preferred_accrual:base/formula/op | None | multiply |
| /operating_model/cells/base_2028q3_preferred_accrual:base/formula/refs/0 | None | preferred_annual |
| /operating_model/cells/base_2028q3_preferred_accrual:base/formula/refs/1 | None | quarter |
| /operating_model/cells/base_2028q3_preferred_accrual:base/id | None | base_2028q3_preferred_accrual |
| /operating_model/cells/base_2028q3_preferred_accrual:base/kind | None | derived |
| /operating_model/cells/base_2028q3_preferred_accrual:base/label | None | Preferred economic accrual |
| /operating_model/cells/base_2028q3_preferred_accrual:base/period | None | 2028Q3 |
| /operating_model/cells/base_2028q3_preferred_accrual:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q3_preferred_accrual:base/value | None | 58.171875 |
| /operating_model/cells/base_2028q3_recoveries:base/basis | None | Pass-through operating recoveries modeled separately. |
| /operating_model/cells/base_2028q3_recoveries:base/case | None | base |
| /operating_model/cells/base_2028q3_recoveries:base/formula/op | None | multiply |
| /operating_model/cells/base_2028q3_recoveries:base/formula/refs/0 | None | base_2028q3_base_rent |
| /operating_model/cells/base_2028q3_recoveries:base/formula/refs/1 | None | base_2028q3_recovery_ratio |
| /operating_model/cells/base_2028q3_recoveries:base/id | None | base_2028q3_recoveries |
| /operating_model/cells/base_2028q3_recoveries:base/kind | None | derived |
| /operating_model/cells/base_2028q3_recoveries:base/label | None | Tenant recoveries |
| /operating_model/cells/base_2028q3_recoveries:base/period | None | 2028Q3 |
| /operating_model/cells/base_2028q3_recoveries:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q3_recoveries:base/value | None | 66.14999999999999 |
| /operating_model/cells/base_2028q3_recovery_cash:base/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/base_2028q3_recovery_cash:base/case | None | base |
| /operating_model/cells/base_2028q3_recovery_cash:base/formula/op | None | multiply |
| /operating_model/cells/base_2028q3_recovery_cash:base/formula/refs/0 | None | base_2028q3_recoveries |
| /operating_model/cells/base_2028q3_recovery_cash:base/formula/refs/1 | None | base_2028q3_recovery_margin |
| /operating_model/cells/base_2028q3_recovery_cash:base/id | None | base_2028q3_recovery_cash |
| /operating_model/cells/base_2028q3_recovery_cash:base/kind | None | derived |
| /operating_model/cells/base_2028q3_recovery_cash:base/label | None | Cash contribution: recovery |
| /operating_model/cells/base_2028q3_recovery_cash:base/period | None | 2028Q3 |
| /operating_model/cells/base_2028q3_recovery_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q3_recovery_cash:base/value | None | 0.0 |
| /operating_model/cells/base_2028q3_recovery_margin:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2028q3_recovery_margin:base/case | None | base |
| /operating_model/cells/base_2028q3_recovery_margin:base/id | None | base_2028q3_recovery_margin |
| /operating_model/cells/base_2028q3_recovery_margin:base/kind | None | assumption |
| /operating_model/cells/base_2028q3_recovery_margin:base/label | None | Cash contribution margin: recovery |
| /operating_model/cells/base_2028q3_recovery_margin:base/period | None | 2028Q3 |
| /operating_model/cells/base_2028q3_recovery_margin:base/unit | None | ratio |
| /operating_model/cells/base_2028q3_recovery_margin:base/value | None | 0.0 |
| /operating_model/cells/base_2028q3_recovery_ratio:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2028q3_recovery_ratio:base/case | None | base |
| /operating_model/cells/base_2028q3_recovery_ratio:base/id | None | base_2028q3_recovery_ratio |
| /operating_model/cells/base_2028q3_recovery_ratio:base/kind | None | assumption |
| /operating_model/cells/base_2028q3_recovery_ratio:base/label | None | Recoveries / base rent |
| /operating_model/cells/base_2028q3_recovery_ratio:base/period | None | 2028Q3 |
| /operating_model/cells/base_2028q3_recovery_ratio:base/unit | None | ratio |
| /operating_model/cells/base_2028q3_recovery_ratio:base/value | None | 0.15 |
| /operating_model/cells/base_2028q3_rent_at_reference:base/basis | None | Reported Q4 rent per 100 MW times average active capacity. |
| /operating_model/cells/base_2028q3_rent_at_reference:base/case | None | base |
| /operating_model/cells/base_2028q3_rent_at_reference:base/formula/op | None | multiply |
| /operating_model/cells/base_2028q3_rent_at_reference:base/formula/refs/0 | None | base_2028q3_mw_ratio |
| /operating_model/cells/base_2028q3_rent_at_reference:base/formula/refs/1 | None | q4_rent |
| /operating_model/cells/base_2028q3_rent_at_reference:base/id | None | base_2028q3_rent_at_reference |
| /operating_model/cells/base_2028q3_rent_at_reference:base/kind | None | derived |
| /operating_model/cells/base_2028q3_rent_at_reference:base/label | None | Rent at Q4 reference economics |
| /operating_model/cells/base_2028q3_rent_at_reference:base/period | None | 2028Q3 |
| /operating_model/cells/base_2028q3_rent_at_reference:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q3_rent_at_reference:base/value | None | 441.0 |
| /operating_model/cells/base_2028q3_rent_cash:base/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/base_2028q3_rent_cash:base/case | None | base |
| /operating_model/cells/base_2028q3_rent_cash:base/formula/op | None | multiply |
| /operating_model/cells/base_2028q3_rent_cash:base/formula/refs/0 | None | base_2028q3_base_rent |
| /operating_model/cells/base_2028q3_rent_cash:base/formula/refs/1 | None | base_2028q3_rent_margin |
| /operating_model/cells/base_2028q3_rent_cash:base/id | None | base_2028q3_rent_cash |
| /operating_model/cells/base_2028q3_rent_cash:base/kind | None | derived |
| /operating_model/cells/base_2028q3_rent_cash:base/label | None | Cash contribution: rent |
| /operating_model/cells/base_2028q3_rent_cash:base/period | None | 2028Q3 |
| /operating_model/cells/base_2028q3_rent_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q3_rent_cash:base/value | None | 396.90000000000003 |
| /operating_model/cells/base_2028q3_rent_margin:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2028q3_rent_margin:base/case | None | base |
| /operating_model/cells/base_2028q3_rent_margin:base/id | None | base_2028q3_rent_margin |
| /operating_model/cells/base_2028q3_rent_margin:base/kind | None | assumption |
| /operating_model/cells/base_2028q3_rent_margin:base/label | None | Cash contribution margin: rent |
| /operating_model/cells/base_2028q3_rent_margin:base/period | None | 2028Q3 |
| /operating_model/cells/base_2028q3_rent_margin:base/unit | None | ratio |
| /operating_model/cells/base_2028q3_rent_margin:base/value | None | 0.9 |
| /operating_model/cells/base_2028q3_rent_realization:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2028q3_rent_realization:base/case | None | base |
| /operating_model/cells/base_2028q3_rent_realization:base/id | None | base_2028q3_rent_realization |
| /operating_model/cells/base_2028q3_rent_realization:base/kind | None | assumption |
| /operating_model/cells/base_2028q3_rent_realization:base/label | None | Rent realization versus reference |
| /operating_model/cells/base_2028q3_rent_realization:base/period | None | 2028Q3 |
| /operating_model/cells/base_2028q3_rent_realization:base/unit | None | ratio |
| /operating_model/cells/base_2028q3_rent_realization:base/value | None | 1.0 |
| /operating_model/cells/base_2028q3_revenue:base/basis | None | Rent, fit-out, recoveries, hosting and cloud, without optional lease renewals. |
| /operating_model/cells/base_2028q3_revenue:base/case | None | base |
| /operating_model/cells/base_2028q3_revenue:base/formula/op | None | sum |
| /operating_model/cells/base_2028q3_revenue:base/formula/refs/0 | None | base_2028q3_base_rent |
| /operating_model/cells/base_2028q3_revenue:base/formula/refs/1 | None | base_2028q3_fitout |
| /operating_model/cells/base_2028q3_revenue:base/formula/refs/2 | None | base_2028q3_recoveries |
| /operating_model/cells/base_2028q3_revenue:base/formula/refs/3 | None | base_2028q3_hosting |
| /operating_model/cells/base_2028q3_revenue:base/formula/refs/4 | None | base_2028q3_cloud |
| /operating_model/cells/base_2028q3_revenue:base/id | None | base_2028q3_revenue |
| /operating_model/cells/base_2028q3_revenue:base/kind | None | derived |
| /operating_model/cells/base_2028q3_revenue:base/label | None | Consolidated revenue |
| /operating_model/cells/base_2028q3_revenue:base/period | None | 2028Q3 |
| /operating_model/cells/base_2028q3_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q3_revenue:base/value | None | 818.3648 |
| /operating_model/cells/base_2028q3_site_cash:base/basis | None | Includes all consolidated businesses. |
| /operating_model/cells/base_2028q3_site_cash:base/case | None | base |
| /operating_model/cells/base_2028q3_site_cash:base/formula/op | None | sum |
| /operating_model/cells/base_2028q3_site_cash:base/formula/refs/0 | None | base_2028q3_rent_cash |
| /operating_model/cells/base_2028q3_site_cash:base/formula/refs/1 | None | base_2028q3_fitout_cash |
| /operating_model/cells/base_2028q3_site_cash:base/formula/refs/2 | None | base_2028q3_recovery_cash |
| /operating_model/cells/base_2028q3_site_cash:base/formula/refs/3 | None | base_2028q3_hosting_cash |
| /operating_model/cells/base_2028q3_site_cash:base/formula/refs/4 | None | base_2028q3_cloud_cash |
| /operating_model/cells/base_2028q3_site_cash:base/id | None | base_2028q3_site_cash |
| /operating_model/cells/base_2028q3_site_cash:base/kind | None | derived |
| /operating_model/cells/base_2028q3_site_cash:base/label | None | Combined business cash contribution |
| /operating_model/cells/base_2028q3_site_cash:base/period | None | 2028Q3 |
| /operating_model/cells/base_2028q3_site_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q3_site_cash:base/value | None | 417.61778000000004 |
| /operating_model/cells/base_2028q4_base_rent:base/basis | None | Desk rent mix/commencement sensitivity, not repricing signed leases. |
| /operating_model/cells/base_2028q4_base_rent:base/case | None | base |
| /operating_model/cells/base_2028q4_base_rent:base/formula/op | None | multiply |
| /operating_model/cells/base_2028q4_base_rent:base/formula/refs/0 | None | base_2028q4_rent_at_reference |
| /operating_model/cells/base_2028q4_base_rent:base/formula/refs/1 | None | base_2028q4_rent_realization |
| /operating_model/cells/base_2028q4_base_rent:base/id | None | base_2028q4_base_rent |
| /operating_model/cells/base_2028q4_base_rent:base/kind | None | derived |
| /operating_model/cells/base_2028q4_base_rent:base/label | None | HPC base rent |
| /operating_model/cells/base_2028q4_base_rent:base/period | None | 2028Q4 |
| /operating_model/cells/base_2028q4_base_rent:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q4_base_rent:base/value | None | 529.2 |
| /operating_model/cells/base_2028q4_capex:base/basis | None | Desk construction spending; delay case includes higher build costs. Not company guidance. |
| /operating_model/cells/base_2028q4_capex:base/case | None | base |
| /operating_model/cells/base_2028q4_capex:base/id | None | base_2028q4_capex |
| /operating_model/cells/base_2028q4_capex:base/kind | None | assumption |
| /operating_model/cells/base_2028q4_capex:base/label | None | Construction and asset purchases |
| /operating_model/cells/base_2028q4_capex:base/period | None | 2028Q4 |
| /operating_model/cells/base_2028q4_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q4_capex:base/value | None | 1400.0 |
| /operating_model/cells/base_2028q4_cash_after_capex:base/basis | None | Before financing proceeds, principal, acquisitions and restricted reserve transfers. |
| /operating_model/cells/base_2028q4_cash_after_capex:base/case | None | base |
| /operating_model/cells/base_2028q4_cash_after_capex:base/formula/op | None | subtract |
| /operating_model/cells/base_2028q4_cash_after_capex:base/formula/refs/0 | None | base_2028q4_cash_before_capex |
| /operating_model/cells/base_2028q4_cash_after_capex:base/formula/refs/1 | None | base_2028q4_capex |
| /operating_model/cells/base_2028q4_cash_after_capex:base/id | None | base_2028q4_cash_after_capex |
| /operating_model/cells/base_2028q4_cash_after_capex:base/kind | None | derived |
| /operating_model/cells/base_2028q4_cash_after_capex:base/label | None | Cash after capex proxy |
| /operating_model/cells/base_2028q4_cash_after_capex:base/period | None | 2028Q4 |
| /operating_model/cells/base_2028q4_cash_after_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q4_cash_after_capex:base/value | None | -1071.03394 |
| /operating_model/cells/base_2028q4_cash_before_capex:base/basis | None | Analytical cash proxy; not consolidated GAAP CFO. |
| /operating_model/cells/base_2028q4_cash_before_capex:base/case | None | base |
| /operating_model/cells/base_2028q4_cash_before_capex:base/formula/op | None | subtract |
| /operating_model/cells/base_2028q4_cash_before_capex:base/formula/refs/0 | None | base_2028q4_site_cash |
| /operating_model/cells/base_2028q4_cash_before_capex:base/formula/refs/1 | None | base_2028q4_cash_uses |
| /operating_model/cells/base_2028q4_cash_before_capex:base/id | None | base_2028q4_cash_before_capex |
| /operating_model/cells/base_2028q4_cash_before_capex:base/kind | None | derived |
| /operating_model/cells/base_2028q4_cash_before_capex:base/label | None | Cash before capex proxy |
| /operating_model/cells/base_2028q4_cash_before_capex:base/period | None | 2028Q4 |
| /operating_model/cells/base_2028q4_cash_before_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q4_cash_before_capex:base/value | None | 328.96606 |
| /operating_model/cells/base_2028q4_cash_uses:base/basis | None | Excludes noncash preferred accrual and financing principal. |
| /operating_model/cells/base_2028q4_cash_uses:base/case | None | base |
| /operating_model/cells/base_2028q4_cash_uses:base/formula/op | None | sum |
| /operating_model/cells/base_2028q4_cash_uses:base/formula/refs/0 | None | quarter_coupon |
| /operating_model/cells/base_2028q4_cash_uses:base/formula/refs/1 | None | base_2028q4_corp |
| /operating_model/cells/base_2028q4_cash_uses:base/formula/refs/2 | None | base_2028q4_other |
| /operating_model/cells/base_2028q4_cash_uses:base/id | None | base_2028q4_cash_uses |
| /operating_model/cells/base_2028q4_cash_uses:base/kind | None | derived |
| /operating_model/cells/base_2028q4_cash_uses:base/label | None | Corporate, coupon and other cash uses |
| /operating_model/cells/base_2028q4_cash_uses:base/period | None | 2028Q4 |
| /operating_model/cells/base_2028q4_cash_uses:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q4_cash_uses:base/value | None | 166.54375 |
| /operating_model/cells/base_2028q4_cloud:base/basis | None | Still consolidated; no assumption of a full GAAP deconsolidation. |
| /operating_model/cells/base_2028q4_cloud:base/case | None | base |
| /operating_model/cells/base_2028q4_cloud:base/formula/op | None | multiply |
| /operating_model/cells/base_2028q4_cloud:base/formula/refs/0 | None | q4_cloud |
| /operating_model/cells/base_2028q4_cloud:base/formula/refs/1 | None | base_2028q4_cloud_factor |
| /operating_model/cells/base_2028q4_cloud:base/id | None | base_2028q4_cloud |
| /operating_model/cells/base_2028q4_cloud:base/kind | None | derived |
| /operating_model/cells/base_2028q4_cloud:base/label | None | Consolidated ChronoScale revenue |
| /operating_model/cells/base_2028q4_cloud:base/period | None | 2028Q4 |
| /operating_model/cells/base_2028q4_cloud:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q4_cloud:base/value | None | 24.834600000000002 |
| /operating_model/cells/base_2028q4_cloud_cash:base/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/base_2028q4_cloud_cash:base/case | None | base |
| /operating_model/cells/base_2028q4_cloud_cash:base/formula/op | None | multiply |
| /operating_model/cells/base_2028q4_cloud_cash:base/formula/refs/0 | None | base_2028q4_cloud |
| /operating_model/cells/base_2028q4_cloud_cash:base/formula/refs/1 | None | base_2028q4_cloud_margin |
| /operating_model/cells/base_2028q4_cloud_cash:base/id | None | base_2028q4_cloud_cash |
| /operating_model/cells/base_2028q4_cloud_cash:base/kind | None | derived |
| /operating_model/cells/base_2028q4_cloud_cash:base/label | None | Cash contribution: cloud |
| /operating_model/cells/base_2028q4_cloud_cash:base/period | None | 2028Q4 |
| /operating_model/cells/base_2028q4_cloud_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q4_cloud_cash:base/value | None | -3.72519 |
| /operating_model/cells/base_2028q4_cloud_factor:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2028q4_cloud_factor:base/case | None | base |
| /operating_model/cells/base_2028q4_cloud_factor:base/id | None | base_2028q4_cloud_factor |
| /operating_model/cells/base_2028q4_cloud_factor:base/kind | None | assumption |
| /operating_model/cells/base_2028q4_cloud_factor:base/label | None | Cloud revenue versus Q4 |
| /operating_model/cells/base_2028q4_cloud_factor:base/period | None | 2028Q4 |
| /operating_model/cells/base_2028q4_cloud_factor:base/unit | None | ratio |
| /operating_model/cells/base_2028q4_cloud_factor:base/value | None | 1.35 |
| /operating_model/cells/base_2028q4_cloud_margin:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2028q4_cloud_margin:base/case | None | base |
| /operating_model/cells/base_2028q4_cloud_margin:base/id | None | base_2028q4_cloud_margin |
| /operating_model/cells/base_2028q4_cloud_margin:base/kind | None | assumption |
| /operating_model/cells/base_2028q4_cloud_margin:base/label | None | Cash contribution margin: cloud |
| /operating_model/cells/base_2028q4_cloud_margin:base/period | None | 2028Q4 |
| /operating_model/cells/base_2028q4_cloud_margin:base/unit | None | ratio |
| /operating_model/cells/base_2028q4_cloud_margin:base/value | None | -0.15 |
| /operating_model/cells/base_2028q4_corp:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2028q4_corp:base/case | None | base |
| /operating_model/cells/base_2028q4_corp:base/id | None | base_2028q4_corp |
| /operating_model/cells/base_2028q4_corp:base/kind | None | assumption |
| /operating_model/cells/base_2028q4_corp:base/label | None | Corporate cash overhead |
| /operating_model/cells/base_2028q4_corp:base/period | None | 2028Q4 |
| /operating_model/cells/base_2028q4_corp:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q4_corp:base/value | None | 30.0 |
| /operating_model/cells/base_2028q4_fitout:base/basis | None | Low-margin nonrecurring installation work; not recurring rent. |
| /operating_model/cells/base_2028q4_fitout:base/case | None | base |
| /operating_model/cells/base_2028q4_fitout:base/id | None | base_2028q4_fitout |
| /operating_model/cells/base_2028q4_fitout:base/kind | None | assumption |
| /operating_model/cells/base_2028q4_fitout:base/label | None | Tenant fit-out revenue |
| /operating_model/cells/base_2028q4_fitout:base/period | None | 2028Q4 |
| /operating_model/cells/base_2028q4_fitout:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q4_fitout:base/value | None | 220.0 |
| /operating_model/cells/base_2028q4_fitout_cash:base/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/base_2028q4_fitout_cash:base/case | None | base |
| /operating_model/cells/base_2028q4_fitout_cash:base/formula/op | None | multiply |
| /operating_model/cells/base_2028q4_fitout_cash:base/formula/refs/0 | None | base_2028q4_fitout |
| /operating_model/cells/base_2028q4_fitout_cash:base/formula/refs/1 | None | base_2028q4_fitout_margin |
| /operating_model/cells/base_2028q4_fitout_cash:base/id | None | base_2028q4_fitout_cash |
| /operating_model/cells/base_2028q4_fitout_cash:base/kind | None | derived |
| /operating_model/cells/base_2028q4_fitout_cash:base/label | None | Cash contribution: fitout |
| /operating_model/cells/base_2028q4_fitout_cash:base/period | None | 2028Q4 |
| /operating_model/cells/base_2028q4_fitout_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q4_fitout_cash:base/value | None | 9.9 |
| /operating_model/cells/base_2028q4_fitout_margin:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2028q4_fitout_margin:base/case | None | base |
| /operating_model/cells/base_2028q4_fitout_margin:base/id | None | base_2028q4_fitout_margin |
| /operating_model/cells/base_2028q4_fitout_margin:base/kind | None | assumption |
| /operating_model/cells/base_2028q4_fitout_margin:base/label | None | Cash contribution margin: fitout |
| /operating_model/cells/base_2028q4_fitout_margin:base/period | None | 2028Q4 |
| /operating_model/cells/base_2028q4_fitout_margin:base/unit | None | ratio |
| /operating_model/cells/base_2028q4_fitout_margin:base/value | None | 0.045 |
| /operating_model/cells/base_2028q4_hosting:base/basis | None | Hosting services, not owned Bitcoin production. |
| /operating_model/cells/base_2028q4_hosting:base/case | None | base |
| /operating_model/cells/base_2028q4_hosting:base/formula/op | None | multiply |
| /operating_model/cells/base_2028q4_hosting:base/formula/refs/0 | None | q4_hosting |
| /operating_model/cells/base_2028q4_hosting:base/formula/refs/1 | None | base_2028q4_hosting_factor |
| /operating_model/cells/base_2028q4_hosting:base/id | None | base_2028q4_hosting |
| /operating_model/cells/base_2028q4_hosting:base/kind | None | derived |
| /operating_model/cells/base_2028q4_hosting:base/label | None | Mining hosting revenue |
| /operating_model/cells/base_2028q4_hosting:base/period | None | 2028Q4 |
| /operating_model/cells/base_2028q4_hosting:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q4_hosting:base/value | None | 37.3 |
| /operating_model/cells/base_2028q4_hosting_cash:base/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/base_2028q4_hosting_cash:base/case | None | base |
| /operating_model/cells/base_2028q4_hosting_cash:base/formula/op | None | multiply |
| /operating_model/cells/base_2028q4_hosting_cash:base/formula/refs/0 | None | base_2028q4_hosting |
| /operating_model/cells/base_2028q4_hosting_cash:base/formula/refs/1 | None | base_2028q4_hosting_margin |
| /operating_model/cells/base_2028q4_hosting_cash:base/id | None | base_2028q4_hosting_cash |
| /operating_model/cells/base_2028q4_hosting_cash:base/kind | None | derived |
| /operating_model/cells/base_2028q4_hosting_cash:base/label | None | Cash contribution: hosting |
| /operating_model/cells/base_2028q4_hosting_cash:base/period | None | 2028Q4 |
| /operating_model/cells/base_2028q4_hosting_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q4_hosting_cash:base/value | None | 13.054999999999998 |
| /operating_model/cells/base_2028q4_hosting_factor:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2028q4_hosting_factor:base/case | None | base |
| /operating_model/cells/base_2028q4_hosting_factor:base/id | None | base_2028q4_hosting_factor |
| /operating_model/cells/base_2028q4_hosting_factor:base/kind | None | assumption |
| /operating_model/cells/base_2028q4_hosting_factor:base/label | None | Hosting revenue versus Q4 |
| /operating_model/cells/base_2028q4_hosting_factor:base/period | None | 2028Q4 |
| /operating_model/cells/base_2028q4_hosting_factor:base/unit | None | ratio |
| /operating_model/cells/base_2028q4_hosting_factor:base/value | None | 1.0 |
| /operating_model/cells/base_2028q4_hosting_margin:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2028q4_hosting_margin:base/case | None | base |
| /operating_model/cells/base_2028q4_hosting_margin:base/id | None | base_2028q4_hosting_margin |
| /operating_model/cells/base_2028q4_hosting_margin:base/kind | None | assumption |
| /operating_model/cells/base_2028q4_hosting_margin:base/label | None | Cash contribution margin: hosting |
| /operating_model/cells/base_2028q4_hosting_margin:base/period | None | 2028Q4 |
| /operating_model/cells/base_2028q4_hosting_margin:base/unit | None | ratio |
| /operating_model/cells/base_2028q4_hosting_margin:base/value | None | 0.35 |
| /operating_model/cells/base_2028q4_mw:base/basis | None | Desk delivery/acceptance schedule, not quarter-end capacity. Delta Forge 2 contributes only near H1 calendar 2028. |
| /operating_model/cells/base_2028q4_mw:base/case | None | base |
| /operating_model/cells/base_2028q4_mw:base/id | None | base_2028q4_mw |
| /operating_model/cells/base_2028q4_mw:base/kind | None | assumption |
| /operating_model/cells/base_2028q4_mw:base/label | None | Average revenue-producing critical IT MW |
| /operating_model/cells/base_2028q4_mw:base/period | None | 2028Q4 |
| /operating_model/cells/base_2028q4_mw:base/unit | None | MW |
| /operating_model/cells/base_2028q4_mw:base/value | None | 1200.0 |
| /operating_model/cells/base_2028q4_mw_ratio:base/basis | None | Normalizes critical IT capacity without treating utility power as IT load. |
| /operating_model/cells/base_2028q4_mw_ratio:base/case | None | base |
| /operating_model/cells/base_2028q4_mw_ratio:base/formula/op | None | divide |
| /operating_model/cells/base_2028q4_mw_ratio:base/formula/refs/0 | None | base_2028q4_mw |
| /operating_model/cells/base_2028q4_mw_ratio:base/formula/refs/1 | None | q4_rent_mw |
| /operating_model/cells/base_2028q4_mw_ratio:base/id | None | base_2028q4_mw_ratio |
| /operating_model/cells/base_2028q4_mw_ratio:base/kind | None | derived |
| /operating_model/cells/base_2028q4_mw_ratio:base/label | None | Capacity / 100 MW reference |
| /operating_model/cells/base_2028q4_mw_ratio:base/period | None | 2028Q4 |
| /operating_model/cells/base_2028q4_mw_ratio:base/unit | None | ratio |
| /operating_model/cells/base_2028q4_mw_ratio:base/value | None | 12.0 |
| /operating_model/cells/base_2028q4_other:base/basis | None | Net working capital, small-loan interest, taxes and interest income allowance. Lease principal excluded. |
| /operating_model/cells/base_2028q4_other:base/case | None | base |
| /operating_model/cells/base_2028q4_other:base/id | None | base_2028q4_other |
| /operating_model/cells/base_2028q4_other:base/kind | None | assumption |
| /operating_model/cells/base_2028q4_other:base/label | None | Other net cash uses |
| /operating_model/cells/base_2028q4_other:base/period | None | 2028Q4 |
| /operating_model/cells/base_2028q4_other:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q4_other:base/value | None | 15.0 |
| /operating_model/cells/base_2028q4_preferred_accrual:base/basis | None | Simple quarterly accrual; noncash PIK assumption, no compounding or redemption waterfall. |
| /operating_model/cells/base_2028q4_preferred_accrual:base/case | None | base |
| /operating_model/cells/base_2028q4_preferred_accrual:base/formula/op | None | multiply |
| /operating_model/cells/base_2028q4_preferred_accrual:base/formula/refs/0 | None | preferred_annual |
| /operating_model/cells/base_2028q4_preferred_accrual:base/formula/refs/1 | None | quarter |
| /operating_model/cells/base_2028q4_preferred_accrual:base/id | None | base_2028q4_preferred_accrual |
| /operating_model/cells/base_2028q4_preferred_accrual:base/kind | None | derived |
| /operating_model/cells/base_2028q4_preferred_accrual:base/label | None | Preferred economic accrual |
| /operating_model/cells/base_2028q4_preferred_accrual:base/period | None | 2028Q4 |
| /operating_model/cells/base_2028q4_preferred_accrual:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q4_preferred_accrual:base/value | None | 58.171875 |
| /operating_model/cells/base_2028q4_recoveries:base/basis | None | Pass-through operating recoveries modeled separately. |
| /operating_model/cells/base_2028q4_recoveries:base/case | None | base |
| /operating_model/cells/base_2028q4_recoveries:base/formula/op | None | multiply |
| /operating_model/cells/base_2028q4_recoveries:base/formula/refs/0 | None | base_2028q4_base_rent |
| /operating_model/cells/base_2028q4_recoveries:base/formula/refs/1 | None | base_2028q4_recovery_ratio |
| /operating_model/cells/base_2028q4_recoveries:base/id | None | base_2028q4_recoveries |
| /operating_model/cells/base_2028q4_recoveries:base/kind | None | derived |
| /operating_model/cells/base_2028q4_recoveries:base/label | None | Tenant recoveries |
| /operating_model/cells/base_2028q4_recoveries:base/period | None | 2028Q4 |
| /operating_model/cells/base_2028q4_recoveries:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q4_recoveries:base/value | None | 79.38000000000001 |
| /operating_model/cells/base_2028q4_recovery_cash:base/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/base_2028q4_recovery_cash:base/case | None | base |
| /operating_model/cells/base_2028q4_recovery_cash:base/formula/op | None | multiply |
| /operating_model/cells/base_2028q4_recovery_cash:base/formula/refs/0 | None | base_2028q4_recoveries |
| /operating_model/cells/base_2028q4_recovery_cash:base/formula/refs/1 | None | base_2028q4_recovery_margin |
| /operating_model/cells/base_2028q4_recovery_cash:base/id | None | base_2028q4_recovery_cash |
| /operating_model/cells/base_2028q4_recovery_cash:base/kind | None | derived |
| /operating_model/cells/base_2028q4_recovery_cash:base/label | None | Cash contribution: recovery |
| /operating_model/cells/base_2028q4_recovery_cash:base/period | None | 2028Q4 |
| /operating_model/cells/base_2028q4_recovery_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q4_recovery_cash:base/value | None | 0.0 |
| /operating_model/cells/base_2028q4_recovery_margin:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2028q4_recovery_margin:base/case | None | base |
| /operating_model/cells/base_2028q4_recovery_margin:base/id | None | base_2028q4_recovery_margin |
| /operating_model/cells/base_2028q4_recovery_margin:base/kind | None | assumption |
| /operating_model/cells/base_2028q4_recovery_margin:base/label | None | Cash contribution margin: recovery |
| /operating_model/cells/base_2028q4_recovery_margin:base/period | None | 2028Q4 |
| /operating_model/cells/base_2028q4_recovery_margin:base/unit | None | ratio |
| /operating_model/cells/base_2028q4_recovery_margin:base/value | None | 0.0 |
| /operating_model/cells/base_2028q4_recovery_ratio:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2028q4_recovery_ratio:base/case | None | base |
| /operating_model/cells/base_2028q4_recovery_ratio:base/id | None | base_2028q4_recovery_ratio |
| /operating_model/cells/base_2028q4_recovery_ratio:base/kind | None | assumption |
| /operating_model/cells/base_2028q4_recovery_ratio:base/label | None | Recoveries / base rent |
| /operating_model/cells/base_2028q4_recovery_ratio:base/period | None | 2028Q4 |
| /operating_model/cells/base_2028q4_recovery_ratio:base/unit | None | ratio |
| /operating_model/cells/base_2028q4_recovery_ratio:base/value | None | 0.15 |
| /operating_model/cells/base_2028q4_rent_at_reference:base/basis | None | Reported Q4 rent per 100 MW times average active capacity. |
| /operating_model/cells/base_2028q4_rent_at_reference:base/case | None | base |
| /operating_model/cells/base_2028q4_rent_at_reference:base/formula/op | None | multiply |
| /operating_model/cells/base_2028q4_rent_at_reference:base/formula/refs/0 | None | base_2028q4_mw_ratio |
| /operating_model/cells/base_2028q4_rent_at_reference:base/formula/refs/1 | None | q4_rent |
| /operating_model/cells/base_2028q4_rent_at_reference:base/id | None | base_2028q4_rent_at_reference |
| /operating_model/cells/base_2028q4_rent_at_reference:base/kind | None | derived |
| /operating_model/cells/base_2028q4_rent_at_reference:base/label | None | Rent at Q4 reference economics |
| /operating_model/cells/base_2028q4_rent_at_reference:base/period | None | 2028Q4 |
| /operating_model/cells/base_2028q4_rent_at_reference:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q4_rent_at_reference:base/value | None | 529.2 |
| /operating_model/cells/base_2028q4_rent_cash:base/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/base_2028q4_rent_cash:base/case | None | base |
| /operating_model/cells/base_2028q4_rent_cash:base/formula/op | None | multiply |
| /operating_model/cells/base_2028q4_rent_cash:base/formula/refs/0 | None | base_2028q4_base_rent |
| /operating_model/cells/base_2028q4_rent_cash:base/formula/refs/1 | None | base_2028q4_rent_margin |
| /operating_model/cells/base_2028q4_rent_cash:base/id | None | base_2028q4_rent_cash |
| /operating_model/cells/base_2028q4_rent_cash:base/kind | None | derived |
| /operating_model/cells/base_2028q4_rent_cash:base/label | None | Cash contribution: rent |
| /operating_model/cells/base_2028q4_rent_cash:base/period | None | 2028Q4 |
| /operating_model/cells/base_2028q4_rent_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q4_rent_cash:base/value | None | 476.28000000000003 |
| /operating_model/cells/base_2028q4_rent_margin:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2028q4_rent_margin:base/case | None | base |
| /operating_model/cells/base_2028q4_rent_margin:base/id | None | base_2028q4_rent_margin |
| /operating_model/cells/base_2028q4_rent_margin:base/kind | None | assumption |
| /operating_model/cells/base_2028q4_rent_margin:base/label | None | Cash contribution margin: rent |
| /operating_model/cells/base_2028q4_rent_margin:base/period | None | 2028Q4 |
| /operating_model/cells/base_2028q4_rent_margin:base/unit | None | ratio |
| /operating_model/cells/base_2028q4_rent_margin:base/value | None | 0.9 |
| /operating_model/cells/base_2028q4_rent_realization:base/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/base_2028q4_rent_realization:base/case | None | base |
| /operating_model/cells/base_2028q4_rent_realization:base/id | None | base_2028q4_rent_realization |
| /operating_model/cells/base_2028q4_rent_realization:base/kind | None | assumption |
| /operating_model/cells/base_2028q4_rent_realization:base/label | None | Rent realization versus reference |
| /operating_model/cells/base_2028q4_rent_realization:base/period | None | 2028Q4 |
| /operating_model/cells/base_2028q4_rent_realization:base/unit | None | ratio |
| /operating_model/cells/base_2028q4_rent_realization:base/value | None | 1.0 |
| /operating_model/cells/base_2028q4_revenue:base/basis | None | Rent, fit-out, recoveries, hosting and cloud, without optional lease renewals. |
| /operating_model/cells/base_2028q4_revenue:base/case | None | base |
| /operating_model/cells/base_2028q4_revenue:base/formula/op | None | sum |
| /operating_model/cells/base_2028q4_revenue:base/formula/refs/0 | None | base_2028q4_base_rent |
| /operating_model/cells/base_2028q4_revenue:base/formula/refs/1 | None | base_2028q4_fitout |
| /operating_model/cells/base_2028q4_revenue:base/formula/refs/2 | None | base_2028q4_recoveries |
| /operating_model/cells/base_2028q4_revenue:base/formula/refs/3 | None | base_2028q4_hosting |
| /operating_model/cells/base_2028q4_revenue:base/formula/refs/4 | None | base_2028q4_cloud |
| /operating_model/cells/base_2028q4_revenue:base/id | None | base_2028q4_revenue |
| /operating_model/cells/base_2028q4_revenue:base/kind | None | derived |
| /operating_model/cells/base_2028q4_revenue:base/label | None | Consolidated revenue |
| /operating_model/cells/base_2028q4_revenue:base/period | None | 2028Q4 |
| /operating_model/cells/base_2028q4_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q4_revenue:base/value | None | 890.7146 |
| /operating_model/cells/base_2028q4_site_cash:base/basis | None | Includes all consolidated businesses. |
| /operating_model/cells/base_2028q4_site_cash:base/case | None | base |
| /operating_model/cells/base_2028q4_site_cash:base/formula/op | None | sum |
| /operating_model/cells/base_2028q4_site_cash:base/formula/refs/0 | None | base_2028q4_rent_cash |
| /operating_model/cells/base_2028q4_site_cash:base/formula/refs/1 | None | base_2028q4_fitout_cash |
| /operating_model/cells/base_2028q4_site_cash:base/formula/refs/2 | None | base_2028q4_recovery_cash |
| /operating_model/cells/base_2028q4_site_cash:base/formula/refs/3 | None | base_2028q4_hosting_cash |
| /operating_model/cells/base_2028q4_site_cash:base/formula/refs/4 | None | base_2028q4_cloud_cash |
| /operating_model/cells/base_2028q4_site_cash:base/id | None | base_2028q4_site_cash |
| /operating_model/cells/base_2028q4_site_cash:base/kind | None | derived |
| /operating_model/cells/base_2028q4_site_cash:base/label | None | Combined business cash contribution |
| /operating_model/cells/base_2028q4_site_cash:base/period | None | 2028Q4 |
| /operating_model/cells/base_2028q4_site_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2028q4_site_cash:base/value | None | 495.50981 |
| /operating_model/cells/base_fy2027_base_rent:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2027_base_rent:base/case | None | base |
| /operating_model/cells/base_fy2027_base_rent:base/formula/op | None | sum |
| /operating_model/cells/base_fy2027_base_rent:base/formula/refs/0 | None | base_2027q1_base_rent |
| /operating_model/cells/base_fy2027_base_rent:base/formula/refs/1 | None | base_2027q2_base_rent |
| /operating_model/cells/base_fy2027_base_rent:base/formula/refs/2 | None | base_2027q3_base_rent |
| /operating_model/cells/base_fy2027_base_rent:base/formula/refs/3 | None | base_2027q4_base_rent |
| /operating_model/cells/base_fy2027_base_rent:base/id | None | base_fy2027_base_rent |
| /operating_model/cells/base_fy2027_base_rent:base/kind | None | derived |
| /operating_model/cells/base_fy2027_base_rent:base/label | None | HPC base rent ($M) |
| /operating_model/cells/base_fy2027_base_rent:base/period | None | FY2027 |
| /operating_model/cells/base_fy2027_base_rent:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2027_base_rent:base/value | None | 595.35 |
| /operating_model/cells/base_fy2027_capex:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2027_capex:base/case | None | base |
| /operating_model/cells/base_fy2027_capex:base/formula/op | None | sum |
| /operating_model/cells/base_fy2027_capex:base/formula/refs/0 | None | base_2027q1_capex |
| /operating_model/cells/base_fy2027_capex:base/formula/refs/1 | None | base_2027q2_capex |
| /operating_model/cells/base_fy2027_capex:base/formula/refs/2 | None | base_2027q3_capex |
| /operating_model/cells/base_fy2027_capex:base/formula/refs/3 | None | base_2027q4_capex |
| /operating_model/cells/base_fy2027_capex:base/id | None | base_fy2027_capex |
| /operating_model/cells/base_fy2027_capex:base/kind | None | derived |
| /operating_model/cells/base_fy2027_capex:base/label | None | Cash construction capex ($M) |
| /operating_model/cells/base_fy2027_capex:base/period | None | FY2027 |
| /operating_model/cells/base_fy2027_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2027_capex:base/value | None | 4600.0 |
| /operating_model/cells/base_fy2027_cash_after_capex:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2027_cash_after_capex:base/case | None | base |
| /operating_model/cells/base_fy2027_cash_after_capex:base/formula/op | None | sum |
| /operating_model/cells/base_fy2027_cash_after_capex:base/formula/refs/0 | None | base_2027q1_cash_after_capex |
| /operating_model/cells/base_fy2027_cash_after_capex:base/formula/refs/1 | None | base_2027q2_cash_after_capex |
| /operating_model/cells/base_fy2027_cash_after_capex:base/formula/refs/2 | None | base_2027q3_cash_after_capex |
| /operating_model/cells/base_fy2027_cash_after_capex:base/formula/refs/3 | None | base_2027q4_cash_after_capex |
| /operating_model/cells/base_fy2027_cash_after_capex:base/id | None | base_fy2027_cash_after_capex |
| /operating_model/cells/base_fy2027_cash_after_capex:base/kind | None | derived |
| /operating_model/cells/base_fy2027_cash_after_capex:base/label | None | Cash after capex proxy ($M) |
| /operating_model/cells/base_fy2027_cash_after_capex:base/period | None | FY2027 |
| /operating_model/cells/base_fy2027_cash_after_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2027_cash_after_capex:base/value | None | -4654.905419999999 |
| /operating_model/cells/base_fy2027_cash_before_capex:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2027_cash_before_capex:base/case | None | base |
| /operating_model/cells/base_fy2027_cash_before_capex:base/formula/op | None | sum |
| /operating_model/cells/base_fy2027_cash_before_capex:base/formula/refs/0 | None | base_2027q1_cash_before_capex |
| /operating_model/cells/base_fy2027_cash_before_capex:base/formula/refs/1 | None | base_2027q2_cash_before_capex |
| /operating_model/cells/base_fy2027_cash_before_capex:base/formula/refs/2 | None | base_2027q3_cash_before_capex |
| /operating_model/cells/base_fy2027_cash_before_capex:base/formula/refs/3 | None | base_2027q4_cash_before_capex |
| /operating_model/cells/base_fy2027_cash_before_capex:base/id | None | base_fy2027_cash_before_capex |
| /operating_model/cells/base_fy2027_cash_before_capex:base/kind | None | derived |
| /operating_model/cells/base_fy2027_cash_before_capex:base/label | None | Cash before capex proxy ($M) |
| /operating_model/cells/base_fy2027_cash_before_capex:base/period | None | FY2027 |
| /operating_model/cells/base_fy2027_cash_before_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2027_cash_before_capex:base/value | None | -54.90541999999991 |
| /operating_model/cells/base_fy2027_fitout:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2027_fitout:base/case | None | base |
| /operating_model/cells/base_fy2027_fitout:base/formula/op | None | sum |
| /operating_model/cells/base_fy2027_fitout:base/formula/refs/0 | None | base_2027q1_fitout |
| /operating_model/cells/base_fy2027_fitout:base/formula/refs/1 | None | base_2027q2_fitout |
| /operating_model/cells/base_fy2027_fitout:base/formula/refs/2 | None | base_2027q3_fitout |
| /operating_model/cells/base_fy2027_fitout:base/formula/refs/3 | None | base_2027q4_fitout |
| /operating_model/cells/base_fy2027_fitout:base/id | None | base_fy2027_fitout |
| /operating_model/cells/base_fy2027_fitout:base/kind | None | derived |
| /operating_model/cells/base_fy2027_fitout:base/label | None | Tenant fit-out revenue ($M) |
| /operating_model/cells/base_fy2027_fitout:base/period | None | FY2027 |
| /operating_model/cells/base_fy2027_fitout:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2027_fitout:base/value | None | 780.0 |
| /operating_model/cells/base_fy2027_preferred_accrual:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2027_preferred_accrual:base/case | None | base |
| /operating_model/cells/base_fy2027_preferred_accrual:base/formula/op | None | sum |
| /operating_model/cells/base_fy2027_preferred_accrual:base/formula/refs/0 | None | base_2027q1_preferred_accrual |
| /operating_model/cells/base_fy2027_preferred_accrual:base/formula/refs/1 | None | base_2027q2_preferred_accrual |
| /operating_model/cells/base_fy2027_preferred_accrual:base/formula/refs/2 | None | base_2027q3_preferred_accrual |
| /operating_model/cells/base_fy2027_preferred_accrual:base/formula/refs/3 | None | base_2027q4_preferred_accrual |
| /operating_model/cells/base_fy2027_preferred_accrual:base/id | None | base_fy2027_preferred_accrual |
| /operating_model/cells/base_fy2027_preferred_accrual:base/kind | None | derived |
| /operating_model/cells/base_fy2027_preferred_accrual:base/label | None | Preferred economic accrual ($M) |
| /operating_model/cells/base_fy2027_preferred_accrual:base/period | None | FY2027 |
| /operating_model/cells/base_fy2027_preferred_accrual:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2027_preferred_accrual:base/value | None | 232.6875 |
| /operating_model/cells/base_fy2027_revenue:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2027_revenue:base/case | None | base |
| /operating_model/cells/base_fy2027_revenue:base/formula/op | None | sum |
| /operating_model/cells/base_fy2027_revenue:base/formula/refs/0 | None | base_2027q1_revenue |
| /operating_model/cells/base_fy2027_revenue:base/formula/refs/1 | None | base_2027q2_revenue |
| /operating_model/cells/base_fy2027_revenue:base/formula/refs/2 | None | base_2027q3_revenue |
| /operating_model/cells/base_fy2027_revenue:base/formula/refs/3 | None | base_2027q4_revenue |
| /operating_model/cells/base_fy2027_revenue:base/id | None | base_fy2027_revenue |
| /operating_model/cells/base_fy2027_revenue:base/kind | None | derived |
| /operating_model/cells/base_fy2027_revenue:base/label | None | Consolidated revenue ($M) |
| /operating_model/cells/base_fy2027_revenue:base/period | None | FY2027 |
| /operating_model/cells/base_fy2027_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2027_revenue:base/value | None | 1692.9552999999999 |
| /operating_model/cells/base_fy2028_base_rent:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2028_base_rent:base/case | None | base |
| /operating_model/cells/base_fy2028_base_rent:base/formula/op | None | sum |
| /operating_model/cells/base_fy2028_base_rent:base/formula/refs/0 | None | base_2028q1_base_rent |
| /operating_model/cells/base_fy2028_base_rent:base/formula/refs/1 | None | base_2028q2_base_rent |
| /operating_model/cells/base_fy2028_base_rent:base/formula/refs/2 | None | base_2028q3_base_rent |
| /operating_model/cells/base_fy2028_base_rent:base/formula/refs/3 | None | base_2028q4_base_rent |
| /operating_model/cells/base_fy2028_base_rent:base/id | None | base_fy2028_base_rent |
| /operating_model/cells/base_fy2028_base_rent:base/kind | None | derived |
| /operating_model/cells/base_fy2028_base_rent:base/label | None | HPC base rent ($M) |
| /operating_model/cells/base_fy2028_base_rent:base/period | None | FY2028 |
| /operating_model/cells/base_fy2028_base_rent:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2028_base_rent:base/value | None | 1631.7 |
| /operating_model/cells/base_fy2028_capex:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2028_capex:base/case | None | base |
| /operating_model/cells/base_fy2028_capex:base/formula/op | None | sum |
| /operating_model/cells/base_fy2028_capex:base/formula/refs/0 | None | base_2028q1_capex |
| /operating_model/cells/base_fy2028_capex:base/formula/refs/1 | None | base_2028q2_capex |
| /operating_model/cells/base_fy2028_capex:base/formula/refs/2 | None | base_2028q3_capex |
| /operating_model/cells/base_fy2028_capex:base/formula/refs/3 | None | base_2028q4_capex |
| /operating_model/cells/base_fy2028_capex:base/id | None | base_fy2028_capex |
| /operating_model/cells/base_fy2028_capex:base/kind | None | derived |
| /operating_model/cells/base_fy2028_capex:base/label | None | Cash construction capex ($M) |
| /operating_model/cells/base_fy2028_capex:base/period | None | FY2028 |
| /operating_model/cells/base_fy2028_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2028_capex:base/value | None | 5800.0 |
| /operating_model/cells/base_fy2028_cash_after_capex:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2028_cash_after_capex:base/case | None | base |
| /operating_model/cells/base_fy2028_cash_after_capex:base/formula/op | None | sum |
| /operating_model/cells/base_fy2028_cash_after_capex:base/formula/refs/0 | None | base_2028q1_cash_after_capex |
| /operating_model/cells/base_fy2028_cash_after_capex:base/formula/refs/1 | None | base_2028q2_cash_after_capex |
| /operating_model/cells/base_fy2028_cash_after_capex:base/formula/refs/2 | None | base_2028q3_cash_after_capex |
| /operating_model/cells/base_fy2028_cash_after_capex:base/formula/refs/3 | None | base_2028q4_cash_after_capex |
| /operating_model/cells/base_fy2028_cash_after_capex:base/id | None | base_fy2028_cash_after_capex |
| /operating_model/cells/base_fy2028_cash_after_capex:base/kind | None | derived |
| /operating_model/cells/base_fy2028_cash_after_capex:base/label | None | Cash after capex proxy ($M) |
| /operating_model/cells/base_fy2028_cash_after_capex:base/period | None | FY2028 |
| /operating_model/cells/base_fy2028_cash_after_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2028_cash_after_capex:base/value | None | -4914.49794 |
| /operating_model/cells/base_fy2028_cash_before_capex:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2028_cash_before_capex:base/case | None | base |
| /operating_model/cells/base_fy2028_cash_before_capex:base/formula/op | None | sum |
| /operating_model/cells/base_fy2028_cash_before_capex:base/formula/refs/0 | None | base_2028q1_cash_before_capex |
| /operating_model/cells/base_fy2028_cash_before_capex:base/formula/refs/1 | None | base_2028q2_cash_before_capex |
| /operating_model/cells/base_fy2028_cash_before_capex:base/formula/refs/2 | None | base_2028q3_cash_before_capex |
| /operating_model/cells/base_fy2028_cash_before_capex:base/formula/refs/3 | None | base_2028q4_cash_before_capex |
| /operating_model/cells/base_fy2028_cash_before_capex:base/id | None | base_fy2028_cash_before_capex |
| /operating_model/cells/base_fy2028_cash_before_capex:base/kind | None | derived |
| /operating_model/cells/base_fy2028_cash_before_capex:base/label | None | Cash before capex proxy ($M) |
| /operating_model/cells/base_fy2028_cash_before_capex:base/period | None | FY2028 |
| /operating_model/cells/base_fy2028_cash_before_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2028_cash_before_capex:base/value | None | 885.50206 |
| /operating_model/cells/base_fy2028_fitout:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2028_fitout:base/case | None | base |
| /operating_model/cells/base_fy2028_fitout:base/formula/op | None | sum |
| /operating_model/cells/base_fy2028_fitout:base/formula/refs/0 | None | base_2028q1_fitout |
| /operating_model/cells/base_fy2028_fitout:base/formula/refs/1 | None | base_2028q2_fitout |
| /operating_model/cells/base_fy2028_fitout:base/formula/refs/2 | None | base_2028q3_fitout |
| /operating_model/cells/base_fy2028_fitout:base/formula/refs/3 | None | base_2028q4_fitout |
| /operating_model/cells/base_fy2028_fitout:base/id | None | base_fy2028_fitout |
| /operating_model/cells/base_fy2028_fitout:base/kind | None | derived |
| /operating_model/cells/base_fy2028_fitout:base/label | None | Tenant fit-out revenue ($M) |
| /operating_model/cells/base_fy2028_fitout:base/period | None | FY2028 |
| /operating_model/cells/base_fy2028_fitout:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2028_fitout:base/value | None | 1000.0 |
| /operating_model/cells/base_fy2028_preferred_accrual:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2028_preferred_accrual:base/case | None | base |
| /operating_model/cells/base_fy2028_preferred_accrual:base/formula/op | None | sum |
| /operating_model/cells/base_fy2028_preferred_accrual:base/formula/refs/0 | None | base_2028q1_preferred_accrual |
| /operating_model/cells/base_fy2028_preferred_accrual:base/formula/refs/1 | None | base_2028q2_preferred_accrual |
| /operating_model/cells/base_fy2028_preferred_accrual:base/formula/refs/2 | None | base_2028q3_preferred_accrual |
| /operating_model/cells/base_fy2028_preferred_accrual:base/formula/refs/3 | None | base_2028q4_preferred_accrual |
| /operating_model/cells/base_fy2028_preferred_accrual:base/id | None | base_fy2028_preferred_accrual |
| /operating_model/cells/base_fy2028_preferred_accrual:base/kind | None | derived |
| /operating_model/cells/base_fy2028_preferred_accrual:base/label | None | Preferred economic accrual ($M) |
| /operating_model/cells/base_fy2028_preferred_accrual:base/period | None | FY2028 |
| /operating_model/cells/base_fy2028_preferred_accrual:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2028_preferred_accrual:base/value | None | 232.6875 |
| /operating_model/cells/base_fy2028_revenue:base/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/base_fy2028_revenue:base/case | None | base |
| /operating_model/cells/base_fy2028_revenue:base/formula/op | None | sum |
| /operating_model/cells/base_fy2028_revenue:base/formula/refs/0 | None | base_2028q1_revenue |
| /operating_model/cells/base_fy2028_revenue:base/formula/refs/1 | None | base_2028q2_revenue |
| /operating_model/cells/base_fy2028_revenue:base/formula/refs/2 | None | base_2028q3_revenue |
| /operating_model/cells/base_fy2028_revenue:base/formula/refs/3 | None | base_2028q4_revenue |
| /operating_model/cells/base_fy2028_revenue:base/id | None | base_fy2028_revenue |
| /operating_model/cells/base_fy2028_revenue:base/kind | None | derived |
| /operating_model/cells/base_fy2028_revenue:base/label | None | Consolidated revenue ($M) |
| /operating_model/cells/base_fy2028_revenue:base/period | None | FY2028 |
| /operating_model/cells/base_fy2028_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2028_revenue:base/value | None | 3119.4745999999996 |
| /operating_model/cells/cash:shared/basis | None | Reported consolidated amount, converted from thousands to millions. |
| /operating_model/cells/cash:shared/case | None | shared |
| /operating_model/cells/cash:shared/id | None | cash |
| /operating_model/cells/cash:shared/kind | None | reported |
| /operating_model/cells/cash:shared/label | None | May unrestricted cash |
| /operating_model/cells/cash:shared/period | None | 2026-05-31 |
| /operating_model/cells/cash:shared/source_date | None | 2026-07-29 |
| /operating_model/cells/cash:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1144879/000114487926000048/apld-20260531.htm |
| /operating_model/cells/cash:shared/unit | None | USD_millions |
| /operating_model/cells/cash:shared/value | None | 1591.988 |
| /operating_model/cells/contracted_mw:shared/basis | None | Five campuses including post-year-end commitments; not live capacity. |
| /operating_model/cells/contracted_mw:shared/case | None | shared |
| /operating_model/cells/contracted_mw:shared/id | None | contracted_mw |
| /operating_model/cells/contracted_mw:shared/kind | None | reported |
| /operating_model/cells/contracted_mw:shared/label | None | Contracted critical IT MW |
| /operating_model/cells/contracted_mw:shared/period | None | July 2026 |
| /operating_model/cells/contracted_mw:shared/source_date | None | 2026-07-27 |
| /operating_model/cells/contracted_mw:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1144879/000114487926000044/apldq426earningsreleaseasf.htm |
| /operating_model/cells/contracted_mw:shared/unit | None | MW |
| /operating_model/cells/contracted_mw:shared/value | None | 1410.0 |
| /operating_model/cells/convert_coupon:shared/basis | None | Stated principal times annual rate. |
| /operating_model/cells/convert_coupon:shared/case | None | shared |
| /operating_model/cells/convert_coupon:shared/formula/op | None | multiply |
| /operating_model/cells/convert_coupon:shared/formula/refs/0 | None | convert_principal |
| /operating_model/cells/convert_coupon:shared/formula/refs/1 | None | convert_rate |
| /operating_model/cells/convert_coupon:shared/id | None | convert_coupon |
| /operating_model/cells/convert_coupon:shared/kind | None | derived |
| /operating_model/cells/convert_coupon:shared/label | None | convert annual coupon expense |
| /operating_model/cells/convert_coupon:shared/period | None | Annual |
| /operating_model/cells/convert_coupon:shared/unit | None | USD_millions |
| /operating_model/cells/convert_coupon:shared/value | None | 12.375 |
| /operating_model/cells/convert_principal:shared/basis | None | Major debt instruments following June issuance; the repaid $300M bridge is excluded. Smaller loans and finance leases are additional obligations. |
| /operating_model/cells/convert_principal:shared/case | None | shared |
| /operating_model/cells/convert_principal:shared/id | None | convert_principal |
| /operating_model/cells/convert_principal:shared/kind | None | reported |
| /operating_model/cells/convert_principal:shared/label | None | convert principal |
| /operating_model/cells/convert_principal:shared/period | None | Post-June debt |
| /operating_model/cells/convert_principal:shared/source_date | None | 2026-07-29 |
| /operating_model/cells/convert_principal:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1144879/000114487926000048/apld-20260531.htm |
| /operating_model/cells/convert_principal:shared/unit | None | USD_millions |
| /operating_model/cells/convert_principal:shared/value | None | 450.0 |
| /operating_model/cells/convert_rate:shared/basis | None | Contractual coupon, excluding financing fees. |
| /operating_model/cells/convert_rate:shared/case | None | shared |
| /operating_model/cells/convert_rate:shared/id | None | convert_rate |
| /operating_model/cells/convert_rate:shared/kind | None | reported |
| /operating_model/cells/convert_rate:shared/label | None | convert annual coupon |
| /operating_model/cells/convert_rate:shared/period | None | Annual |
| /operating_model/cells/convert_rate:shared/source_date | None | 2026-07-29 |
| /operating_model/cells/convert_rate:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1144879/000114487926000048/apld-20260531.htm |
| /operating_model/cells/convert_rate:shared/unit | None | ratio |
| /operating_model/cells/convert_rate:shared/value | None | 0.0275 |
| /operating_model/cells/delivered_mw:shared/basis | None | Initial 100 MW plus 75 MW of the second building. |
| /operating_model/cells/delivered_mw:shared/case | None | shared |
| /operating_model/cells/delivered_mw:shared/id | None | delivered_mw |
| /operating_model/cells/delivered_mw:shared/kind | None | reported |
| /operating_model/cells/delivered_mw:shared/label | None | Delivered critical IT MW after June ramp |
| /operating_model/cells/delivered_mw:shared/period | None | 2026-06-30 |
| /operating_model/cells/delivered_mw:shared/source_date | None | 2026-07-27 |
| /operating_model/cells/delivered_mw:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1144879/000114487926000044/apldq426earningsreleaseasf.htm |
| /operating_model/cells/delivered_mw:shared/unit | None | MW |
| /operating_model/cells/delivered_mw:shared/value | None | 175.0 |
| /operating_model/cells/downside_2027q1_base_rent:downside/basis | None | Desk rent mix/commencement sensitivity, not repricing signed leases. |
| /operating_model/cells/downside_2027q1_base_rent:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_base_rent:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q1_base_rent:downside/formula/refs/0 | None | downside_2027q1_rent_at_reference |
| /operating_model/cells/downside_2027q1_base_rent:downside/formula/refs/1 | None | downside_2027q1_rent_realization |
| /operating_model/cells/downside_2027q1_base_rent:downside/id | None | downside_2027q1_base_rent |
| /operating_model/cells/downside_2027q1_base_rent:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_base_rent:downside/label | None | HPC base rent |
| /operating_model/cells/downside_2027q1_base_rent:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_base_rent:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_base_rent:downside/value | None | 53.581500000000005 |
| /operating_model/cells/downside_2027q1_capex:downside/basis | None | Desk construction spending; delay case includes higher build costs. Not company guidance. |
| /operating_model/cells/downside_2027q1_capex:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_capex:downside/id | None | downside_2027q1_capex |
| /operating_model/cells/downside_2027q1_capex:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_capex:downside/label | None | Construction and asset purchases |
| /operating_model/cells/downside_2027q1_capex:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_capex:downside/value | None | 1000.0 |
| /operating_model/cells/downside_2027q1_cash_after_capex:downside/basis | None | Before financing proceeds, principal, acquisitions and restricted reserve transfers. |
| /operating_model/cells/downside_2027q1_cash_after_capex:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_cash_after_capex:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q1_cash_after_capex:downside/formula/refs/0 | None | downside_2027q1_cash_before_capex |
| /operating_model/cells/downside_2027q1_cash_after_capex:downside/formula/refs/1 | None | downside_2027q1_capex |
| /operating_model/cells/downside_2027q1_cash_after_capex:downside/id | None | downside_2027q1_cash_after_capex |
| /operating_model/cells/downside_2027q1_cash_after_capex:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_cash_after_capex:downside/label | None | Cash after capex proxy |
| /operating_model/cells/downside_2027q1_cash_after_capex:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_cash_after_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_cash_after_capex:downside/value | None | -1127.424055 |
| /operating_model/cells/downside_2027q1_cash_before_capex:downside/basis | None | Analytical cash proxy; not consolidated GAAP CFO. |
| /operating_model/cells/downside_2027q1_cash_before_capex:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_cash_before_capex:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q1_cash_before_capex:downside/formula/refs/0 | None | downside_2027q1_site_cash |
| /operating_model/cells/downside_2027q1_cash_before_capex:downside/formula/refs/1 | None | downside_2027q1_cash_uses |
| /operating_model/cells/downside_2027q1_cash_before_capex:downside/id | None | downside_2027q1_cash_before_capex |
| /operating_model/cells/downside_2027q1_cash_before_capex:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_cash_before_capex:downside/label | None | Cash before capex proxy |
| /operating_model/cells/downside_2027q1_cash_before_capex:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_cash_before_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_cash_before_capex:downside/value | None | -127.42405499999998 |
| /operating_model/cells/downside_2027q1_cash_uses:downside/basis | None | Excludes noncash preferred accrual and financing principal. |
| /operating_model/cells/downside_2027q1_cash_uses:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_cash_uses:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q1_cash_uses:downside/formula/refs/0 | None | quarter_coupon |
| /operating_model/cells/downside_2027q1_cash_uses:downside/formula/refs/1 | None | downside_2027q1_corp |
| /operating_model/cells/downside_2027q1_cash_uses:downside/formula/refs/2 | None | downside_2027q1_other |
| /operating_model/cells/downside_2027q1_cash_uses:downside/id | None | downside_2027q1_cash_uses |
| /operating_model/cells/downside_2027q1_cash_uses:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_cash_uses:downside/label | None | Corporate, coupon and other cash uses |
| /operating_model/cells/downside_2027q1_cash_uses:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_cash_uses:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_cash_uses:downside/value | None | 178.54375 |
| /operating_model/cells/downside_2027q1_cloud:downside/basis | None | Still consolidated; no assumption of a full GAAP deconsolidation. |
| /operating_model/cells/downside_2027q1_cloud:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_cloud:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q1_cloud:downside/formula/refs/0 | None | q4_cloud |
| /operating_model/cells/downside_2027q1_cloud:downside/formula/refs/1 | None | downside_2027q1_cloud_factor |
| /operating_model/cells/downside_2027q1_cloud:downside/id | None | downside_2027q1_cloud |
| /operating_model/cells/downside_2027q1_cloud:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_cloud:downside/label | None | Consolidated ChronoScale revenue |
| /operating_model/cells/downside_2027q1_cloud:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_cloud:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_cloud:downside/value | None | 14.716800000000001 |
| /operating_model/cells/downside_2027q1_cloud_cash:downside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/downside_2027q1_cloud_cash:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_cloud_cash:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q1_cloud_cash:downside/formula/refs/0 | None | downside_2027q1_cloud |
| /operating_model/cells/downside_2027q1_cloud_cash:downside/formula/refs/1 | None | downside_2027q1_cloud_margin |
| /operating_model/cells/downside_2027q1_cloud_cash:downside/id | None | downside_2027q1_cloud_cash |
| /operating_model/cells/downside_2027q1_cloud_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_cloud_cash:downside/label | None | Cash contribution: cloud |
| /operating_model/cells/downside_2027q1_cloud_cash:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_cloud_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_cloud_cash:downside/value | None | -3.6792000000000002 |
| /operating_model/cells/downside_2027q1_cloud_factor:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q1_cloud_factor:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_cloud_factor:downside/id | None | downside_2027q1_cloud_factor |
| /operating_model/cells/downside_2027q1_cloud_factor:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_cloud_factor:downside/label | None | Cloud revenue versus Q4 |
| /operating_model/cells/downside_2027q1_cloud_factor:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_cloud_factor:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q1_cloud_factor:downside/value | None | 0.8 |
| /operating_model/cells/downside_2027q1_cloud_margin:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q1_cloud_margin:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_cloud_margin:downside/id | None | downside_2027q1_cloud_margin |
| /operating_model/cells/downside_2027q1_cloud_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_cloud_margin:downside/label | None | Cash contribution margin: cloud |
| /operating_model/cells/downside_2027q1_cloud_margin:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_cloud_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q1_cloud_margin:downside/value | None | -0.25 |
| /operating_model/cells/downside_2027q1_corp:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q1_corp:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_corp:downside/id | None | downside_2027q1_corp |
| /operating_model/cells/downside_2027q1_corp:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_corp:downside/label | None | Corporate cash overhead |
| /operating_model/cells/downside_2027q1_corp:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_corp:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_corp:downside/value | None | 35.0 |
| /operating_model/cells/downside_2027q1_fitout:downside/basis | None | Low-margin nonrecurring installation work; not recurring rent. |
| /operating_model/cells/downside_2027q1_fitout:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_fitout:downside/id | None | downside_2027q1_fitout |
| /operating_model/cells/downside_2027q1_fitout:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_fitout:downside/label | None | Tenant fit-out revenue |
| /operating_model/cells/downside_2027q1_fitout:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_fitout:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_fitout:downside/value | None | 120.0 |
| /operating_model/cells/downside_2027q1_fitout_cash:downside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/downside_2027q1_fitout_cash:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_fitout_cash:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q1_fitout_cash:downside/formula/refs/0 | None | downside_2027q1_fitout |
| /operating_model/cells/downside_2027q1_fitout_cash:downside/formula/refs/1 | None | downside_2027q1_fitout_margin |
| /operating_model/cells/downside_2027q1_fitout_cash:downside/id | None | downside_2027q1_fitout_cash |
| /operating_model/cells/downside_2027q1_fitout_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_fitout_cash:downside/label | None | Cash contribution: fitout |
| /operating_model/cells/downside_2027q1_fitout_cash:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_fitout_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_fitout_cash:downside/value | None | 2.4 |
| /operating_model/cells/downside_2027q1_fitout_margin:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q1_fitout_margin:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_fitout_margin:downside/id | None | downside_2027q1_fitout_margin |
| /operating_model/cells/downside_2027q1_fitout_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_fitout_margin:downside/label | None | Cash contribution margin: fitout |
| /operating_model/cells/downside_2027q1_fitout_margin:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_fitout_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q1_fitout_margin:downside/value | None | 0.02 |
| /operating_model/cells/downside_2027q1_hosting:downside/basis | None | Hosting services, not owned Bitcoin production. |
| /operating_model/cells/downside_2027q1_hosting:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_hosting:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q1_hosting:downside/formula/refs/0 | None | q4_hosting |
| /operating_model/cells/downside_2027q1_hosting:downside/formula/refs/1 | None | downside_2027q1_hosting_factor |
| /operating_model/cells/downside_2027q1_hosting:downside/id | None | downside_2027q1_hosting |
| /operating_model/cells/downside_2027q1_hosting:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_hosting:downside/label | None | Mining hosting revenue |
| /operating_model/cells/downside_2027q1_hosting:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_hosting:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_hosting:downside/value | None | 31.705 |
| /operating_model/cells/downside_2027q1_hosting_cash:downside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/downside_2027q1_hosting_cash:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_hosting_cash:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q1_hosting_cash:downside/formula/refs/0 | None | downside_2027q1_hosting |
| /operating_model/cells/downside_2027q1_hosting_cash:downside/formula/refs/1 | None | downside_2027q1_hosting_margin |
| /operating_model/cells/downside_2027q1_hosting_cash:downside/id | None | downside_2027q1_hosting_cash |
| /operating_model/cells/downside_2027q1_hosting_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_hosting_cash:downside/label | None | Cash contribution: hosting |
| /operating_model/cells/downside_2027q1_hosting_cash:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_hosting_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_hosting_cash:downside/value | None | 7.92625 |
| /operating_model/cells/downside_2027q1_hosting_factor:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q1_hosting_factor:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_hosting_factor:downside/id | None | downside_2027q1_hosting_factor |
| /operating_model/cells/downside_2027q1_hosting_factor:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_hosting_factor:downside/label | None | Hosting revenue versus Q4 |
| /operating_model/cells/downside_2027q1_hosting_factor:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_hosting_factor:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q1_hosting_factor:downside/value | None | 0.85 |
| /operating_model/cells/downside_2027q1_hosting_margin:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q1_hosting_margin:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_hosting_margin:downside/id | None | downside_2027q1_hosting_margin |
| /operating_model/cells/downside_2027q1_hosting_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_hosting_margin:downside/label | None | Cash contribution margin: hosting |
| /operating_model/cells/downside_2027q1_hosting_margin:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_hosting_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q1_hosting_margin:downside/value | None | 0.25 |
| /operating_model/cells/downside_2027q1_mw:downside/basis | None | Desk delivery/acceptance schedule, not quarter-end capacity. Delta Forge 2 contributes only near H1 calendar 2028. |
| /operating_model/cells/downside_2027q1_mw:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_mw:downside/id | None | downside_2027q1_mw |
| /operating_model/cells/downside_2027q1_mw:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_mw:downside/label | None | Average revenue-producing critical IT MW |
| /operating_model/cells/downside_2027q1_mw:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_mw:downside/unit | None | MW |
| /operating_model/cells/downside_2027q1_mw:downside/value | None | 135.0 |
| /operating_model/cells/downside_2027q1_mw_ratio:downside/basis | None | Normalizes critical IT capacity without treating utility power as IT load. |
| /operating_model/cells/downside_2027q1_mw_ratio:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_mw_ratio:downside/formula/op | None | divide |
| /operating_model/cells/downside_2027q1_mw_ratio:downside/formula/refs/0 | None | downside_2027q1_mw |
| /operating_model/cells/downside_2027q1_mw_ratio:downside/formula/refs/1 | None | q4_rent_mw |
| /operating_model/cells/downside_2027q1_mw_ratio:downside/id | None | downside_2027q1_mw_ratio |
| /operating_model/cells/downside_2027q1_mw_ratio:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_mw_ratio:downside/label | None | Capacity / 100 MW reference |
| /operating_model/cells/downside_2027q1_mw_ratio:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_mw_ratio:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q1_mw_ratio:downside/value | None | 1.35 |
| /operating_model/cells/downside_2027q1_other:downside/basis | None | Net working capital, small-loan interest, taxes and interest income allowance. Lease principal excluded. |
| /operating_model/cells/downside_2027q1_other:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_other:downside/id | None | downside_2027q1_other |
| /operating_model/cells/downside_2027q1_other:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_other:downside/label | None | Other net cash uses |
| /operating_model/cells/downside_2027q1_other:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_other:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_other:downside/value | None | 22.0 |
| /operating_model/cells/downside_2027q1_preferred_accrual:downside/basis | None | Simple quarterly accrual; noncash PIK assumption, no compounding or redemption waterfall. |
| /operating_model/cells/downside_2027q1_preferred_accrual:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_preferred_accrual:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q1_preferred_accrual:downside/formula/refs/0 | None | preferred_annual |
| /operating_model/cells/downside_2027q1_preferred_accrual:downside/formula/refs/1 | None | quarter |
| /operating_model/cells/downside_2027q1_preferred_accrual:downside/id | None | downside_2027q1_preferred_accrual |
| /operating_model/cells/downside_2027q1_preferred_accrual:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_preferred_accrual:downside/label | None | Preferred economic accrual |
| /operating_model/cells/downside_2027q1_preferred_accrual:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_preferred_accrual:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_preferred_accrual:downside/value | None | 58.171875 |
| /operating_model/cells/downside_2027q1_recoveries:downside/basis | None | Pass-through operating recoveries modeled separately. |
| /operating_model/cells/downside_2027q1_recoveries:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_recoveries:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q1_recoveries:downside/formula/refs/0 | None | downside_2027q1_base_rent |
| /operating_model/cells/downside_2027q1_recoveries:downside/formula/refs/1 | None | downside_2027q1_recovery_ratio |
| /operating_model/cells/downside_2027q1_recoveries:downside/id | None | downside_2027q1_recoveries |
| /operating_model/cells/downside_2027q1_recoveries:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_recoveries:downside/label | None | Tenant recoveries |
| /operating_model/cells/downside_2027q1_recoveries:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_recoveries:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_recoveries:downside/value | None | 8.037225000000001 |
| /operating_model/cells/downside_2027q1_recovery_cash:downside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/downside_2027q1_recovery_cash:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_recovery_cash:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q1_recovery_cash:downside/formula/refs/0 | None | downside_2027q1_recoveries |
| /operating_model/cells/downside_2027q1_recovery_cash:downside/formula/refs/1 | None | downside_2027q1_recovery_margin |
| /operating_model/cells/downside_2027q1_recovery_cash:downside/id | None | downside_2027q1_recovery_cash |
| /operating_model/cells/downside_2027q1_recovery_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_recovery_cash:downside/label | None | Cash contribution: recovery |
| /operating_model/cells/downside_2027q1_recovery_cash:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_recovery_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_recovery_cash:downside/value | None | 0.0 |
| /operating_model/cells/downside_2027q1_recovery_margin:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q1_recovery_margin:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_recovery_margin:downside/id | None | downside_2027q1_recovery_margin |
| /operating_model/cells/downside_2027q1_recovery_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_recovery_margin:downside/label | None | Cash contribution margin: recovery |
| /operating_model/cells/downside_2027q1_recovery_margin:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_recovery_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q1_recovery_margin:downside/value | None | 0.0 |
| /operating_model/cells/downside_2027q1_recovery_ratio:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q1_recovery_ratio:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_recovery_ratio:downside/id | None | downside_2027q1_recovery_ratio |
| /operating_model/cells/downside_2027q1_recovery_ratio:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_recovery_ratio:downside/label | None | Recoveries / base rent |
| /operating_model/cells/downside_2027q1_recovery_ratio:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_recovery_ratio:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q1_recovery_ratio:downside/value | None | 0.15 |
| /operating_model/cells/downside_2027q1_rent_at_reference:downside/basis | None | Reported Q4 rent per 100 MW times average active capacity. |
| /operating_model/cells/downside_2027q1_rent_at_reference:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_rent_at_reference:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q1_rent_at_reference:downside/formula/refs/0 | None | downside_2027q1_mw_ratio |
| /operating_model/cells/downside_2027q1_rent_at_reference:downside/formula/refs/1 | None | q4_rent |
| /operating_model/cells/downside_2027q1_rent_at_reference:downside/id | None | downside_2027q1_rent_at_reference |
| /operating_model/cells/downside_2027q1_rent_at_reference:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_rent_at_reference:downside/label | None | Rent at Q4 reference economics |
| /operating_model/cells/downside_2027q1_rent_at_reference:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_rent_at_reference:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_rent_at_reference:downside/value | None | 59.535000000000004 |
| /operating_model/cells/downside_2027q1_rent_cash:downside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/downside_2027q1_rent_cash:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_rent_cash:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q1_rent_cash:downside/formula/refs/0 | None | downside_2027q1_base_rent |
| /operating_model/cells/downside_2027q1_rent_cash:downside/formula/refs/1 | None | downside_2027q1_rent_margin |
| /operating_model/cells/downside_2027q1_rent_cash:downside/id | None | downside_2027q1_rent_cash |
| /operating_model/cells/downside_2027q1_rent_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_rent_cash:downside/label | None | Cash contribution: rent |
| /operating_model/cells/downside_2027q1_rent_cash:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_rent_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_rent_cash:downside/value | None | 44.472645 |
| /operating_model/cells/downside_2027q1_rent_margin:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q1_rent_margin:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_rent_margin:downside/id | None | downside_2027q1_rent_margin |
| /operating_model/cells/downside_2027q1_rent_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_rent_margin:downside/label | None | Cash contribution margin: rent |
| /operating_model/cells/downside_2027q1_rent_margin:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_rent_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q1_rent_margin:downside/value | None | 0.83 |
| /operating_model/cells/downside_2027q1_rent_realization:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q1_rent_realization:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_rent_realization:downside/id | None | downside_2027q1_rent_realization |
| /operating_model/cells/downside_2027q1_rent_realization:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_rent_realization:downside/label | None | Rent realization versus reference |
| /operating_model/cells/downside_2027q1_rent_realization:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_rent_realization:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q1_rent_realization:downside/value | None | 0.9 |
| /operating_model/cells/downside_2027q1_revenue:downside/basis | None | Rent, fit-out, recoveries, hosting and cloud, without optional lease renewals. |
| /operating_model/cells/downside_2027q1_revenue:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_revenue:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q1_revenue:downside/formula/refs/0 | None | downside_2027q1_base_rent |
| /operating_model/cells/downside_2027q1_revenue:downside/formula/refs/1 | None | downside_2027q1_fitout |
| /operating_model/cells/downside_2027q1_revenue:downside/formula/refs/2 | None | downside_2027q1_recoveries |
| /operating_model/cells/downside_2027q1_revenue:downside/formula/refs/3 | None | downside_2027q1_hosting |
| /operating_model/cells/downside_2027q1_revenue:downside/formula/refs/4 | None | downside_2027q1_cloud |
| /operating_model/cells/downside_2027q1_revenue:downside/id | None | downside_2027q1_revenue |
| /operating_model/cells/downside_2027q1_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_revenue:downside/label | None | Consolidated revenue |
| /operating_model/cells/downside_2027q1_revenue:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_revenue:downside/value | None | 228.04052500000003 |
| /operating_model/cells/downside_2027q1_site_cash:downside/basis | None | Includes all consolidated businesses. |
| /operating_model/cells/downside_2027q1_site_cash:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_site_cash:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q1_site_cash:downside/formula/refs/0 | None | downside_2027q1_rent_cash |
| /operating_model/cells/downside_2027q1_site_cash:downside/formula/refs/1 | None | downside_2027q1_fitout_cash |
| /operating_model/cells/downside_2027q1_site_cash:downside/formula/refs/2 | None | downside_2027q1_recovery_cash |
| /operating_model/cells/downside_2027q1_site_cash:downside/formula/refs/3 | None | downside_2027q1_hosting_cash |
| /operating_model/cells/downside_2027q1_site_cash:downside/formula/refs/4 | None | downside_2027q1_cloud_cash |
| /operating_model/cells/downside_2027q1_site_cash:downside/id | None | downside_2027q1_site_cash |
| /operating_model/cells/downside_2027q1_site_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_site_cash:downside/label | None | Combined business cash contribution |
| /operating_model/cells/downside_2027q1_site_cash:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_site_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_site_cash:downside/value | None | 51.119695 |
| /operating_model/cells/downside_2027q2_base_rent:downside/basis | None | Desk rent mix/commencement sensitivity, not repricing signed leases. |
| /operating_model/cells/downside_2027q2_base_rent:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_base_rent:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q2_base_rent:downside/formula/refs/0 | None | downside_2027q2_rent_at_reference |
| /operating_model/cells/downside_2027q2_base_rent:downside/formula/refs/1 | None | downside_2027q2_rent_realization |
| /operating_model/cells/downside_2027q2_base_rent:downside/id | None | downside_2027q2_base_rent |
| /operating_model/cells/downside_2027q2_base_rent:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_base_rent:downside/label | None | HPC base rent |
| /operating_model/cells/downside_2027q2_base_rent:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_base_rent:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_base_rent:downside/value | None | 79.38000000000001 |
| /operating_model/cells/downside_2027q2_capex:downside/basis | None | Desk construction spending; delay case includes higher build costs. Not company guidance. |
| /operating_model/cells/downside_2027q2_capex:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_capex:downside/id | None | downside_2027q2_capex |
| /operating_model/cells/downside_2027q2_capex:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_capex:downside/label | None | Construction and asset purchases |
| /operating_model/cells/downside_2027q2_capex:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_capex:downside/value | None | 1200.0 |
| /operating_model/cells/downside_2027q2_cash_after_capex:downside/basis | None | Before financing proceeds, principal, acquisitions and restricted reserve transfers. |
| /operating_model/cells/downside_2027q2_cash_after_capex:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_cash_after_capex:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q2_cash_after_capex:downside/formula/refs/0 | None | downside_2027q2_cash_before_capex |
| /operating_model/cells/downside_2027q2_cash_after_capex:downside/formula/refs/1 | None | downside_2027q2_capex |
| /operating_model/cells/downside_2027q2_cash_after_capex:downside/id | None | downside_2027q2_cash_after_capex |
| /operating_model/cells/downside_2027q2_cash_after_capex:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_cash_after_capex:downside/label | None | Cash after capex proxy |
| /operating_model/cells/downside_2027q2_cash_after_capex:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_cash_after_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_cash_after_capex:downside/value | None | -1305.39526 |
| /operating_model/cells/downside_2027q2_cash_before_capex:downside/basis | None | Analytical cash proxy; not consolidated GAAP CFO. |
| /operating_model/cells/downside_2027q2_cash_before_capex:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_cash_before_capex:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q2_cash_before_capex:downside/formula/refs/0 | None | downside_2027q2_site_cash |
| /operating_model/cells/downside_2027q2_cash_before_capex:downside/formula/refs/1 | None | downside_2027q2_cash_uses |
| /operating_model/cells/downside_2027q2_cash_before_capex:downside/id | None | downside_2027q2_cash_before_capex |
| /operating_model/cells/downside_2027q2_cash_before_capex:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_cash_before_capex:downside/label | None | Cash before capex proxy |
| /operating_model/cells/downside_2027q2_cash_before_capex:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_cash_before_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_cash_before_capex:downside/value | None | -105.39525999999998 |
| /operating_model/cells/downside_2027q2_cash_uses:downside/basis | None | Excludes noncash preferred accrual and financing principal. |
| /operating_model/cells/downside_2027q2_cash_uses:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_cash_uses:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q2_cash_uses:downside/formula/refs/0 | None | quarter_coupon |
| /operating_model/cells/downside_2027q2_cash_uses:downside/formula/refs/1 | None | downside_2027q2_corp |
| /operating_model/cells/downside_2027q2_cash_uses:downside/formula/refs/2 | None | downside_2027q2_other |
| /operating_model/cells/downside_2027q2_cash_uses:downside/id | None | downside_2027q2_cash_uses |
| /operating_model/cells/downside_2027q2_cash_uses:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_cash_uses:downside/label | None | Corporate, coupon and other cash uses |
| /operating_model/cells/downside_2027q2_cash_uses:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_cash_uses:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_cash_uses:downside/value | None | 178.54375 |
| /operating_model/cells/downside_2027q2_cloud:downside/basis | None | Still consolidated; no assumption of a full GAAP deconsolidation. |
| /operating_model/cells/downside_2027q2_cloud:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_cloud:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q2_cloud:downside/formula/refs/0 | None | q4_cloud |
| /operating_model/cells/downside_2027q2_cloud:downside/formula/refs/1 | None | downside_2027q2_cloud_factor |
| /operating_model/cells/downside_2027q2_cloud:downside/id | None | downside_2027q2_cloud |
| /operating_model/cells/downside_2027q2_cloud:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_cloud:downside/label | None | Consolidated ChronoScale revenue |
| /operating_model/cells/downside_2027q2_cloud:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_cloud:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_cloud:downside/value | None | 15.452640000000002 |
| /operating_model/cells/downside_2027q2_cloud_cash:downside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/downside_2027q2_cloud_cash:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_cloud_cash:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q2_cloud_cash:downside/formula/refs/0 | None | downside_2027q2_cloud |
| /operating_model/cells/downside_2027q2_cloud_cash:downside/formula/refs/1 | None | downside_2027q2_cloud_margin |
| /operating_model/cells/downside_2027q2_cloud_cash:downside/id | None | downside_2027q2_cloud_cash |
| /operating_model/cells/downside_2027q2_cloud_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_cloud_cash:downside/label | None | Cash contribution: cloud |
| /operating_model/cells/downside_2027q2_cloud_cash:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_cloud_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_cloud_cash:downside/value | None | -3.8631600000000006 |
| /operating_model/cells/downside_2027q2_cloud_factor:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q2_cloud_factor:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_cloud_factor:downside/id | None | downside_2027q2_cloud_factor |
| /operating_model/cells/downside_2027q2_cloud_factor:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_cloud_factor:downside/label | None | Cloud revenue versus Q4 |
| /operating_model/cells/downside_2027q2_cloud_factor:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_cloud_factor:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q2_cloud_factor:downside/value | None | 0.8400000000000001 |
| /operating_model/cells/downside_2027q2_cloud_margin:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q2_cloud_margin:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_cloud_margin:downside/id | None | downside_2027q2_cloud_margin |
| /operating_model/cells/downside_2027q2_cloud_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_cloud_margin:downside/label | None | Cash contribution margin: cloud |
| /operating_model/cells/downside_2027q2_cloud_margin:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_cloud_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q2_cloud_margin:downside/value | None | -0.25 |
| /operating_model/cells/downside_2027q2_corp:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q2_corp:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_corp:downside/id | None | downside_2027q2_corp |
| /operating_model/cells/downside_2027q2_corp:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_corp:downside/label | None | Corporate cash overhead |
| /operating_model/cells/downside_2027q2_corp:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_corp:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_corp:downside/value | None | 35.0 |
| /operating_model/cells/downside_2027q2_fitout:downside/basis | None | Low-margin nonrecurring installation work; not recurring rent. |
| /operating_model/cells/downside_2027q2_fitout:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_fitout:downside/id | None | downside_2027q2_fitout |
| /operating_model/cells/downside_2027q2_fitout:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_fitout:downside/label | None | Tenant fit-out revenue |
| /operating_model/cells/downside_2027q2_fitout:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_fitout:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_fitout:downside/value | None | 160.0 |
| /operating_model/cells/downside_2027q2_fitout_cash:downside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/downside_2027q2_fitout_cash:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_fitout_cash:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q2_fitout_cash:downside/formula/refs/0 | None | downside_2027q2_fitout |
| /operating_model/cells/downside_2027q2_fitout_cash:downside/formula/refs/1 | None | downside_2027q2_fitout_margin |
| /operating_model/cells/downside_2027q2_fitout_cash:downside/id | None | downside_2027q2_fitout_cash |
| /operating_model/cells/downside_2027q2_fitout_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_fitout_cash:downside/label | None | Cash contribution: fitout |
| /operating_model/cells/downside_2027q2_fitout_cash:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_fitout_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_fitout_cash:downside/value | None | 3.2 |
| /operating_model/cells/downside_2027q2_fitout_margin:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q2_fitout_margin:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_fitout_margin:downside/id | None | downside_2027q2_fitout_margin |
| /operating_model/cells/downside_2027q2_fitout_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_fitout_margin:downside/label | None | Cash contribution margin: fitout |
| /operating_model/cells/downside_2027q2_fitout_margin:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_fitout_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q2_fitout_margin:downside/value | None | 0.02 |
| /operating_model/cells/downside_2027q2_hosting:downside/basis | None | Hosting services, not owned Bitcoin production. |
| /operating_model/cells/downside_2027q2_hosting:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_hosting:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q2_hosting:downside/formula/refs/0 | None | q4_hosting |
| /operating_model/cells/downside_2027q2_hosting:downside/formula/refs/1 | None | downside_2027q2_hosting_factor |
| /operating_model/cells/downside_2027q2_hosting:downside/id | None | downside_2027q2_hosting |
| /operating_model/cells/downside_2027q2_hosting:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_hosting:downside/label | None | Mining hosting revenue |
| /operating_model/cells/downside_2027q2_hosting:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_hosting:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_hosting:downside/value | None | 31.705 |
| /operating_model/cells/downside_2027q2_hosting_cash:downside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/downside_2027q2_hosting_cash:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_hosting_cash:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q2_hosting_cash:downside/formula/refs/0 | None | downside_2027q2_hosting |
| /operating_model/cells/downside_2027q2_hosting_cash:downside/formula/refs/1 | None | downside_2027q2_hosting_margin |
| /operating_model/cells/downside_2027q2_hosting_cash:downside/id | None | downside_2027q2_hosting_cash |
| /operating_model/cells/downside_2027q2_hosting_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_hosting_cash:downside/label | None | Cash contribution: hosting |
| /operating_model/cells/downside_2027q2_hosting_cash:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_hosting_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_hosting_cash:downside/value | None | 7.92625 |
| /operating_model/cells/downside_2027q2_hosting_factor:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q2_hosting_factor:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_hosting_factor:downside/id | None | downside_2027q2_hosting_factor |
| /operating_model/cells/downside_2027q2_hosting_factor:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_hosting_factor:downside/label | None | Hosting revenue versus Q4 |
| /operating_model/cells/downside_2027q2_hosting_factor:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_hosting_factor:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q2_hosting_factor:downside/value | None | 0.85 |
| /operating_model/cells/downside_2027q2_hosting_margin:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q2_hosting_margin:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_hosting_margin:downside/id | None | downside_2027q2_hosting_margin |
| /operating_model/cells/downside_2027q2_hosting_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_hosting_margin:downside/label | None | Cash contribution margin: hosting |
| /operating_model/cells/downside_2027q2_hosting_margin:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_hosting_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q2_hosting_margin:downside/value | None | 0.25 |
| /operating_model/cells/downside_2027q2_mw:downside/basis | None | Desk delivery/acceptance schedule, not quarter-end capacity. Delta Forge 2 contributes only near H1 calendar 2028. |
| /operating_model/cells/downside_2027q2_mw:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_mw:downside/id | None | downside_2027q2_mw |
| /operating_model/cells/downside_2027q2_mw:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_mw:downside/label | None | Average revenue-producing critical IT MW |
| /operating_model/cells/downside_2027q2_mw:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_mw:downside/unit | None | MW |
| /operating_model/cells/downside_2027q2_mw:downside/value | None | 200.0 |
| /operating_model/cells/downside_2027q2_mw_ratio:downside/basis | None | Normalizes critical IT capacity without treating utility power as IT load. |
| /operating_model/cells/downside_2027q2_mw_ratio:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_mw_ratio:downside/formula/op | None | divide |
| /operating_model/cells/downside_2027q2_mw_ratio:downside/formula/refs/0 | None | downside_2027q2_mw |
| /operating_model/cells/downside_2027q2_mw_ratio:downside/formula/refs/1 | None | q4_rent_mw |
| /operating_model/cells/downside_2027q2_mw_ratio:downside/id | None | downside_2027q2_mw_ratio |
| /operating_model/cells/downside_2027q2_mw_ratio:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_mw_ratio:downside/label | None | Capacity / 100 MW reference |
| /operating_model/cells/downside_2027q2_mw_ratio:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_mw_ratio:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q2_mw_ratio:downside/value | None | 2.0 |
| /operating_model/cells/downside_2027q2_other:downside/basis | None | Net working capital, small-loan interest, taxes and interest income allowance. Lease principal excluded. |
| /operating_model/cells/downside_2027q2_other:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_other:downside/id | None | downside_2027q2_other |
| /operating_model/cells/downside_2027q2_other:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_other:downside/label | None | Other net cash uses |
| /operating_model/cells/downside_2027q2_other:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_other:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_other:downside/value | None | 22.0 |
| /operating_model/cells/downside_2027q2_preferred_accrual:downside/basis | None | Simple quarterly accrual; noncash PIK assumption, no compounding or redemption waterfall. |
| /operating_model/cells/downside_2027q2_preferred_accrual:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_preferred_accrual:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q2_preferred_accrual:downside/formula/refs/0 | None | preferred_annual |
| /operating_model/cells/downside_2027q2_preferred_accrual:downside/formula/refs/1 | None | quarter |
| /operating_model/cells/downside_2027q2_preferred_accrual:downside/id | None | downside_2027q2_preferred_accrual |
| /operating_model/cells/downside_2027q2_preferred_accrual:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_preferred_accrual:downside/label | None | Preferred economic accrual |
| /operating_model/cells/downside_2027q2_preferred_accrual:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_preferred_accrual:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_preferred_accrual:downside/value | None | 58.171875 |
| /operating_model/cells/downside_2027q2_recoveries:downside/basis | None | Pass-through operating recoveries modeled separately. |
| /operating_model/cells/downside_2027q2_recoveries:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_recoveries:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q2_recoveries:downside/formula/refs/0 | None | downside_2027q2_base_rent |
| /operating_model/cells/downside_2027q2_recoveries:downside/formula/refs/1 | None | downside_2027q2_recovery_ratio |
| /operating_model/cells/downside_2027q2_recoveries:downside/id | None | downside_2027q2_recoveries |
| /operating_model/cells/downside_2027q2_recoveries:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_recoveries:downside/label | None | Tenant recoveries |
| /operating_model/cells/downside_2027q2_recoveries:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_recoveries:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_recoveries:downside/value | None | 11.907000000000002 |
| /operating_model/cells/downside_2027q2_recovery_cash:downside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/downside_2027q2_recovery_cash:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_recovery_cash:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q2_recovery_cash:downside/formula/refs/0 | None | downside_2027q2_recoveries |
| /operating_model/cells/downside_2027q2_recovery_cash:downside/formula/refs/1 | None | downside_2027q2_recovery_margin |
| /operating_model/cells/downside_2027q2_recovery_cash:downside/id | None | downside_2027q2_recovery_cash |
| /operating_model/cells/downside_2027q2_recovery_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_recovery_cash:downside/label | None | Cash contribution: recovery |
| /operating_model/cells/downside_2027q2_recovery_cash:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_recovery_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_recovery_cash:downside/value | None | 0.0 |
| /operating_model/cells/downside_2027q2_recovery_margin:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q2_recovery_margin:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_recovery_margin:downside/id | None | downside_2027q2_recovery_margin |
| /operating_model/cells/downside_2027q2_recovery_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_recovery_margin:downside/label | None | Cash contribution margin: recovery |
| /operating_model/cells/downside_2027q2_recovery_margin:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_recovery_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q2_recovery_margin:downside/value | None | 0.0 |
| /operating_model/cells/downside_2027q2_recovery_ratio:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q2_recovery_ratio:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_recovery_ratio:downside/id | None | downside_2027q2_recovery_ratio |
| /operating_model/cells/downside_2027q2_recovery_ratio:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_recovery_ratio:downside/label | None | Recoveries / base rent |
| /operating_model/cells/downside_2027q2_recovery_ratio:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_recovery_ratio:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q2_recovery_ratio:downside/value | None | 0.15 |
| /operating_model/cells/downside_2027q2_rent_at_reference:downside/basis | None | Reported Q4 rent per 100 MW times average active capacity. |
| /operating_model/cells/downside_2027q2_rent_at_reference:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_rent_at_reference:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q2_rent_at_reference:downside/formula/refs/0 | None | downside_2027q2_mw_ratio |
| /operating_model/cells/downside_2027q2_rent_at_reference:downside/formula/refs/1 | None | q4_rent |
| /operating_model/cells/downside_2027q2_rent_at_reference:downside/id | None | downside_2027q2_rent_at_reference |
| /operating_model/cells/downside_2027q2_rent_at_reference:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_rent_at_reference:downside/label | None | Rent at Q4 reference economics |
| /operating_model/cells/downside_2027q2_rent_at_reference:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_rent_at_reference:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_rent_at_reference:downside/value | None | 88.2 |
| /operating_model/cells/downside_2027q2_rent_cash:downside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/downside_2027q2_rent_cash:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_rent_cash:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q2_rent_cash:downside/formula/refs/0 | None | downside_2027q2_base_rent |
| /operating_model/cells/downside_2027q2_rent_cash:downside/formula/refs/1 | None | downside_2027q2_rent_margin |
| /operating_model/cells/downside_2027q2_rent_cash:downside/id | None | downside_2027q2_rent_cash |
| /operating_model/cells/downside_2027q2_rent_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_rent_cash:downside/label | None | Cash contribution: rent |
| /operating_model/cells/downside_2027q2_rent_cash:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_rent_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_rent_cash:downside/value | None | 65.8854 |
| /operating_model/cells/downside_2027q2_rent_margin:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q2_rent_margin:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_rent_margin:downside/id | None | downside_2027q2_rent_margin |
| /operating_model/cells/downside_2027q2_rent_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_rent_margin:downside/label | None | Cash contribution margin: rent |
| /operating_model/cells/downside_2027q2_rent_margin:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_rent_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q2_rent_margin:downside/value | None | 0.83 |
| /operating_model/cells/downside_2027q2_rent_realization:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q2_rent_realization:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_rent_realization:downside/id | None | downside_2027q2_rent_realization |
| /operating_model/cells/downside_2027q2_rent_realization:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_rent_realization:downside/label | None | Rent realization versus reference |
| /operating_model/cells/downside_2027q2_rent_realization:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_rent_realization:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q2_rent_realization:downside/value | None | 0.9 |
| /operating_model/cells/downside_2027q2_revenue:downside/basis | None | Rent, fit-out, recoveries, hosting and cloud, without optional lease renewals. |
| /operating_model/cells/downside_2027q2_revenue:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_revenue:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q2_revenue:downside/formula/refs/0 | None | downside_2027q2_base_rent |
| /operating_model/cells/downside_2027q2_revenue:downside/formula/refs/1 | None | downside_2027q2_fitout |
| /operating_model/cells/downside_2027q2_revenue:downside/formula/refs/2 | None | downside_2027q2_recoveries |
| /operating_model/cells/downside_2027q2_revenue:downside/formula/refs/3 | None | downside_2027q2_hosting |
| /operating_model/cells/downside_2027q2_revenue:downside/formula/refs/4 | None | downside_2027q2_cloud |
| /operating_model/cells/downside_2027q2_revenue:downside/id | None | downside_2027q2_revenue |
| /operating_model/cells/downside_2027q2_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_revenue:downside/label | None | Consolidated revenue |
| /operating_model/cells/downside_2027q2_revenue:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_revenue:downside/value | None | 298.44464000000005 |
| /operating_model/cells/downside_2027q2_site_cash:downside/basis | None | Includes all consolidated businesses. |
| /operating_model/cells/downside_2027q2_site_cash:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_site_cash:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q2_site_cash:downside/formula/refs/0 | None | downside_2027q2_rent_cash |
| /operating_model/cells/downside_2027q2_site_cash:downside/formula/refs/1 | None | downside_2027q2_fitout_cash |
| /operating_model/cells/downside_2027q2_site_cash:downside/formula/refs/2 | None | downside_2027q2_recovery_cash |
| /operating_model/cells/downside_2027q2_site_cash:downside/formula/refs/3 | None | downside_2027q2_hosting_cash |
| /operating_model/cells/downside_2027q2_site_cash:downside/formula/refs/4 | None | downside_2027q2_cloud_cash |
| /operating_model/cells/downside_2027q2_site_cash:downside/id | None | downside_2027q2_site_cash |
| /operating_model/cells/downside_2027q2_site_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_site_cash:downside/label | None | Combined business cash contribution |
| /operating_model/cells/downside_2027q2_site_cash:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_site_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_site_cash:downside/value | None | 73.14849000000001 |
| /operating_model/cells/downside_2027q3_base_rent:downside/basis | None | Desk rent mix/commencement sensitivity, not repricing signed leases. |
| /operating_model/cells/downside_2027q3_base_rent:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_base_rent:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q3_base_rent:downside/formula/refs/0 | None | downside_2027q3_rent_at_reference |
| /operating_model/cells/downside_2027q3_base_rent:downside/formula/refs/1 | None | downside_2027q3_rent_realization |
| /operating_model/cells/downside_2027q3_base_rent:downside/id | None | downside_2027q3_base_rent |
| /operating_model/cells/downside_2027q3_base_rent:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_base_rent:downside/label | None | HPC base rent |
| /operating_model/cells/downside_2027q3_base_rent:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_base_rent:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_base_rent:downside/value | None | 115.101 |
| /operating_model/cells/downside_2027q3_capex:downside/basis | None | Desk construction spending; delay case includes higher build costs. Not company guidance. |
| /operating_model/cells/downside_2027q3_capex:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_capex:downside/id | None | downside_2027q3_capex |
| /operating_model/cells/downside_2027q3_capex:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_capex:downside/label | None | Construction and asset purchases |
| /operating_model/cells/downside_2027q3_capex:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_capex:downside/value | None | 1450.0 |
| /operating_model/cells/downside_2027q3_cash_after_capex:downside/basis | None | Before financing proceeds, principal, acquisitions and restricted reserve transfers. |
| /operating_model/cells/downside_2027q3_cash_after_capex:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_cash_after_capex:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q3_cash_after_capex:downside/formula/refs/0 | None | downside_2027q3_cash_before_capex |
| /operating_model/cells/downside_2027q3_cash_after_capex:downside/formula/refs/1 | None | downside_2027q3_capex |
| /operating_model/cells/downside_2027q3_cash_after_capex:downside/id | None | downside_2027q3_cash_after_capex |
| /operating_model/cells/downside_2027q3_cash_after_capex:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_cash_after_capex:downside/label | None | Cash after capex proxy |
| /operating_model/cells/downside_2027q3_cash_after_capex:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_cash_after_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_cash_after_capex:downside/value | None | -1525.93079 |
| /operating_model/cells/downside_2027q3_cash_before_capex:downside/basis | None | Analytical cash proxy; not consolidated GAAP CFO. |
| /operating_model/cells/downside_2027q3_cash_before_capex:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_cash_before_capex:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q3_cash_before_capex:downside/formula/refs/0 | None | downside_2027q3_site_cash |
| /operating_model/cells/downside_2027q3_cash_before_capex:downside/formula/refs/1 | None | downside_2027q3_cash_uses |
| /operating_model/cells/downside_2027q3_cash_before_capex:downside/id | None | downside_2027q3_cash_before_capex |
| /operating_model/cells/downside_2027q3_cash_before_capex:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_cash_before_capex:downside/label | None | Cash before capex proxy |
| /operating_model/cells/downside_2027q3_cash_before_capex:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_cash_before_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_cash_before_capex:downside/value | None | -75.93079 |
| /operating_model/cells/downside_2027q3_cash_uses:downside/basis | None | Excludes noncash preferred accrual and financing principal. |
| /operating_model/cells/downside_2027q3_cash_uses:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_cash_uses:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q3_cash_uses:downside/formula/refs/0 | None | quarter_coupon |
| /operating_model/cells/downside_2027q3_cash_uses:downside/formula/refs/1 | None | downside_2027q3_corp |
| /operating_model/cells/downside_2027q3_cash_uses:downside/formula/refs/2 | None | downside_2027q3_other |
| /operating_model/cells/downside_2027q3_cash_uses:downside/id | None | downside_2027q3_cash_uses |
| /operating_model/cells/downside_2027q3_cash_uses:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_cash_uses:downside/label | None | Corporate, coupon and other cash uses |
| /operating_model/cells/downside_2027q3_cash_uses:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_cash_uses:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_cash_uses:downside/value | None | 178.54375 |
| /operating_model/cells/downside_2027q3_cloud:downside/basis | None | Still consolidated; no assumption of a full GAAP deconsolidation. |
| /operating_model/cells/downside_2027q3_cloud:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_cloud:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q3_cloud:downside/formula/refs/0 | None | q4_cloud |
| /operating_model/cells/downside_2027q3_cloud:downside/formula/refs/1 | None | downside_2027q3_cloud_factor |
| /operating_model/cells/downside_2027q3_cloud:downside/id | None | downside_2027q3_cloud |
| /operating_model/cells/downside_2027q3_cloud:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_cloud:downside/label | None | Consolidated ChronoScale revenue |
| /operating_model/cells/downside_2027q3_cloud:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_cloud:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_cloud:downside/value | None | 16.188480000000002 |
| /operating_model/cells/downside_2027q3_cloud_cash:downside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/downside_2027q3_cloud_cash:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_cloud_cash:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q3_cloud_cash:downside/formula/refs/0 | None | downside_2027q3_cloud |
| /operating_model/cells/downside_2027q3_cloud_cash:downside/formula/refs/1 | None | downside_2027q3_cloud_margin |
| /operating_model/cells/downside_2027q3_cloud_cash:downside/id | None | downside_2027q3_cloud_cash |
| /operating_model/cells/downside_2027q3_cloud_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_cloud_cash:downside/label | None | Cash contribution: cloud |
| /operating_model/cells/downside_2027q3_cloud_cash:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_cloud_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_cloud_cash:downside/value | None | -4.0471200000000005 |
| /operating_model/cells/downside_2027q3_cloud_factor:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q3_cloud_factor:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_cloud_factor:downside/id | None | downside_2027q3_cloud_factor |
| /operating_model/cells/downside_2027q3_cloud_factor:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_cloud_factor:downside/label | None | Cloud revenue versus Q4 |
| /operating_model/cells/downside_2027q3_cloud_factor:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_cloud_factor:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q3_cloud_factor:downside/value | None | 0.8800000000000001 |
| /operating_model/cells/downside_2027q3_cloud_margin:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q3_cloud_margin:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_cloud_margin:downside/id | None | downside_2027q3_cloud_margin |
| /operating_model/cells/downside_2027q3_cloud_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_cloud_margin:downside/label | None | Cash contribution margin: cloud |
| /operating_model/cells/downside_2027q3_cloud_margin:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_cloud_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q3_cloud_margin:downside/value | None | -0.25 |
| /operating_model/cells/downside_2027q3_corp:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q3_corp:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_corp:downside/id | None | downside_2027q3_corp |
| /operating_model/cells/downside_2027q3_corp:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_corp:downside/label | None | Corporate cash overhead |
| /operating_model/cells/downside_2027q3_corp:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_corp:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_corp:downside/value | None | 35.0 |
| /operating_model/cells/downside_2027q3_fitout:downside/basis | None | Low-margin nonrecurring installation work; not recurring rent. |
| /operating_model/cells/downside_2027q3_fitout:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_fitout:downside/id | None | downside_2027q3_fitout |
| /operating_model/cells/downside_2027q3_fitout:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_fitout:downside/label | None | Tenant fit-out revenue |
| /operating_model/cells/downside_2027q3_fitout:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_fitout:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_fitout:downside/value | None | 160.0 |
| /operating_model/cells/downside_2027q3_fitout_cash:downside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/downside_2027q3_fitout_cash:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_fitout_cash:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q3_fitout_cash:downside/formula/refs/0 | None | downside_2027q3_fitout |
| /operating_model/cells/downside_2027q3_fitout_cash:downside/formula/refs/1 | None | downside_2027q3_fitout_margin |
| /operating_model/cells/downside_2027q3_fitout_cash:downside/id | None | downside_2027q3_fitout_cash |
| /operating_model/cells/downside_2027q3_fitout_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_fitout_cash:downside/label | None | Cash contribution: fitout |
| /operating_model/cells/downside_2027q3_fitout_cash:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_fitout_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_fitout_cash:downside/value | None | 3.2 |
| /operating_model/cells/downside_2027q3_fitout_margin:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q3_fitout_margin:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_fitout_margin:downside/id | None | downside_2027q3_fitout_margin |
| /operating_model/cells/downside_2027q3_fitout_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_fitout_margin:downside/label | None | Cash contribution margin: fitout |
| /operating_model/cells/downside_2027q3_fitout_margin:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_fitout_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q3_fitout_margin:downside/value | None | 0.02 |
| /operating_model/cells/downside_2027q3_hosting:downside/basis | None | Hosting services, not owned Bitcoin production. |
| /operating_model/cells/downside_2027q3_hosting:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_hosting:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q3_hosting:downside/formula/refs/0 | None | q4_hosting |
| /operating_model/cells/downside_2027q3_hosting:downside/formula/refs/1 | None | downside_2027q3_hosting_factor |
| /operating_model/cells/downside_2027q3_hosting:downside/id | None | downside_2027q3_hosting |
| /operating_model/cells/downside_2027q3_hosting:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_hosting:downside/label | None | Mining hosting revenue |
| /operating_model/cells/downside_2027q3_hosting:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_hosting:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_hosting:downside/value | None | 31.705 |
| /operating_model/cells/downside_2027q3_hosting_cash:downside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/downside_2027q3_hosting_cash:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_hosting_cash:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q3_hosting_cash:downside/formula/refs/0 | None | downside_2027q3_hosting |
| /operating_model/cells/downside_2027q3_hosting_cash:downside/formula/refs/1 | None | downside_2027q3_hosting_margin |
| /operating_model/cells/downside_2027q3_hosting_cash:downside/id | None | downside_2027q3_hosting_cash |
| /operating_model/cells/downside_2027q3_hosting_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_hosting_cash:downside/label | None | Cash contribution: hosting |
| /operating_model/cells/downside_2027q3_hosting_cash:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_hosting_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_hosting_cash:downside/value | None | 7.92625 |
| /operating_model/cells/downside_2027q3_hosting_factor:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q3_hosting_factor:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_hosting_factor:downside/id | None | downside_2027q3_hosting_factor |
| /operating_model/cells/downside_2027q3_hosting_factor:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_hosting_factor:downside/label | None | Hosting revenue versus Q4 |
| /operating_model/cells/downside_2027q3_hosting_factor:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_hosting_factor:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q3_hosting_factor:downside/value | None | 0.85 |
| /operating_model/cells/downside_2027q3_hosting_margin:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q3_hosting_margin:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_hosting_margin:downside/id | None | downside_2027q3_hosting_margin |
| /operating_model/cells/downside_2027q3_hosting_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_hosting_margin:downside/label | None | Cash contribution margin: hosting |
| /operating_model/cells/downside_2027q3_hosting_margin:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_hosting_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q3_hosting_margin:downside/value | None | 0.25 |
| /operating_model/cells/downside_2027q3_mw:downside/basis | None | Desk delivery/acceptance schedule, not quarter-end capacity. Delta Forge 2 contributes only near H1 calendar 2028. |
| /operating_model/cells/downside_2027q3_mw:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_mw:downside/id | None | downside_2027q3_mw |
| /operating_model/cells/downside_2027q3_mw:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_mw:downside/label | None | Average revenue-producing critical IT MW |
| /operating_model/cells/downside_2027q3_mw:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_mw:downside/unit | None | MW |
| /operating_model/cells/downside_2027q3_mw:downside/value | None | 290.0 |
| /operating_model/cells/downside_2027q3_mw_ratio:downside/basis | None | Normalizes critical IT capacity without treating utility power as IT load. |
| /operating_model/cells/downside_2027q3_mw_ratio:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_mw_ratio:downside/formula/op | None | divide |
| /operating_model/cells/downside_2027q3_mw_ratio:downside/formula/refs/0 | None | downside_2027q3_mw |
| /operating_model/cells/downside_2027q3_mw_ratio:downside/formula/refs/1 | None | q4_rent_mw |
| /operating_model/cells/downside_2027q3_mw_ratio:downside/id | None | downside_2027q3_mw_ratio |
| /operating_model/cells/downside_2027q3_mw_ratio:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_mw_ratio:downside/label | None | Capacity / 100 MW reference |
| /operating_model/cells/downside_2027q3_mw_ratio:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_mw_ratio:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q3_mw_ratio:downside/value | None | 2.9 |
| /operating_model/cells/downside_2027q3_other:downside/basis | None | Net working capital, small-loan interest, taxes and interest income allowance. Lease principal excluded. |
| /operating_model/cells/downside_2027q3_other:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_other:downside/id | None | downside_2027q3_other |
| /operating_model/cells/downside_2027q3_other:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_other:downside/label | None | Other net cash uses |
| /operating_model/cells/downside_2027q3_other:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_other:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_other:downside/value | None | 22.0 |
| /operating_model/cells/downside_2027q3_preferred_accrual:downside/basis | None | Simple quarterly accrual; noncash PIK assumption, no compounding or redemption waterfall. |
| /operating_model/cells/downside_2027q3_preferred_accrual:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_preferred_accrual:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q3_preferred_accrual:downside/formula/refs/0 | None | preferred_annual |
| /operating_model/cells/downside_2027q3_preferred_accrual:downside/formula/refs/1 | None | quarter |
| /operating_model/cells/downside_2027q3_preferred_accrual:downside/id | None | downside_2027q3_preferred_accrual |
| /operating_model/cells/downside_2027q3_preferred_accrual:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_preferred_accrual:downside/label | None | Preferred economic accrual |
| /operating_model/cells/downside_2027q3_preferred_accrual:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_preferred_accrual:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_preferred_accrual:downside/value | None | 58.171875 |
| /operating_model/cells/downside_2027q3_recoveries:downside/basis | None | Pass-through operating recoveries modeled separately. |
| /operating_model/cells/downside_2027q3_recoveries:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_recoveries:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q3_recoveries:downside/formula/refs/0 | None | downside_2027q3_base_rent |
| /operating_model/cells/downside_2027q3_recoveries:downside/formula/refs/1 | None | downside_2027q3_recovery_ratio |
| /operating_model/cells/downside_2027q3_recoveries:downside/id | None | downside_2027q3_recoveries |
| /operating_model/cells/downside_2027q3_recoveries:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_recoveries:downside/label | None | Tenant recoveries |
| /operating_model/cells/downside_2027q3_recoveries:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_recoveries:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_recoveries:downside/value | None | 17.26515 |
| /operating_model/cells/downside_2027q3_recovery_cash:downside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/downside_2027q3_recovery_cash:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_recovery_cash:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q3_recovery_cash:downside/formula/refs/0 | None | downside_2027q3_recoveries |
| /operating_model/cells/downside_2027q3_recovery_cash:downside/formula/refs/1 | None | downside_2027q3_recovery_margin |
| /operating_model/cells/downside_2027q3_recovery_cash:downside/id | None | downside_2027q3_recovery_cash |
| /operating_model/cells/downside_2027q3_recovery_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_recovery_cash:downside/label | None | Cash contribution: recovery |
| /operating_model/cells/downside_2027q3_recovery_cash:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_recovery_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_recovery_cash:downside/value | None | 0.0 |
| /operating_model/cells/downside_2027q3_recovery_margin:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q3_recovery_margin:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_recovery_margin:downside/id | None | downside_2027q3_recovery_margin |
| /operating_model/cells/downside_2027q3_recovery_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_recovery_margin:downside/label | None | Cash contribution margin: recovery |
| /operating_model/cells/downside_2027q3_recovery_margin:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_recovery_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q3_recovery_margin:downside/value | None | 0.0 |
| /operating_model/cells/downside_2027q3_recovery_ratio:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q3_recovery_ratio:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_recovery_ratio:downside/id | None | downside_2027q3_recovery_ratio |
| /operating_model/cells/downside_2027q3_recovery_ratio:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_recovery_ratio:downside/label | None | Recoveries / base rent |
| /operating_model/cells/downside_2027q3_recovery_ratio:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_recovery_ratio:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q3_recovery_ratio:downside/value | None | 0.15 |
| /operating_model/cells/downside_2027q3_rent_at_reference:downside/basis | None | Reported Q4 rent per 100 MW times average active capacity. |
| /operating_model/cells/downside_2027q3_rent_at_reference:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_rent_at_reference:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q3_rent_at_reference:downside/formula/refs/0 | None | downside_2027q3_mw_ratio |
| /operating_model/cells/downside_2027q3_rent_at_reference:downside/formula/refs/1 | None | q4_rent |
| /operating_model/cells/downside_2027q3_rent_at_reference:downside/id | None | downside_2027q3_rent_at_reference |
| /operating_model/cells/downside_2027q3_rent_at_reference:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_rent_at_reference:downside/label | None | Rent at Q4 reference economics |
| /operating_model/cells/downside_2027q3_rent_at_reference:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_rent_at_reference:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_rent_at_reference:downside/value | None | 127.89 |
| /operating_model/cells/downside_2027q3_rent_cash:downside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/downside_2027q3_rent_cash:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_rent_cash:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q3_rent_cash:downside/formula/refs/0 | None | downside_2027q3_base_rent |
| /operating_model/cells/downside_2027q3_rent_cash:downside/formula/refs/1 | None | downside_2027q3_rent_margin |
| /operating_model/cells/downside_2027q3_rent_cash:downside/id | None | downside_2027q3_rent_cash |
| /operating_model/cells/downside_2027q3_rent_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_rent_cash:downside/label | None | Cash contribution: rent |
| /operating_model/cells/downside_2027q3_rent_cash:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_rent_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_rent_cash:downside/value | None | 95.53383 |
| /operating_model/cells/downside_2027q3_rent_margin:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q3_rent_margin:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_rent_margin:downside/id | None | downside_2027q3_rent_margin |
| /operating_model/cells/downside_2027q3_rent_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_rent_margin:downside/label | None | Cash contribution margin: rent |
| /operating_model/cells/downside_2027q3_rent_margin:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_rent_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q3_rent_margin:downside/value | None | 0.83 |
| /operating_model/cells/downside_2027q3_rent_realization:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q3_rent_realization:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_rent_realization:downside/id | None | downside_2027q3_rent_realization |
| /operating_model/cells/downside_2027q3_rent_realization:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_rent_realization:downside/label | None | Rent realization versus reference |
| /operating_model/cells/downside_2027q3_rent_realization:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_rent_realization:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q3_rent_realization:downside/value | None | 0.9 |
| /operating_model/cells/downside_2027q3_revenue:downside/basis | None | Rent, fit-out, recoveries, hosting and cloud, without optional lease renewals. |
| /operating_model/cells/downside_2027q3_revenue:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_revenue:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q3_revenue:downside/formula/refs/0 | None | downside_2027q3_base_rent |
| /operating_model/cells/downside_2027q3_revenue:downside/formula/refs/1 | None | downside_2027q3_fitout |
| /operating_model/cells/downside_2027q3_revenue:downside/formula/refs/2 | None | downside_2027q3_recoveries |
| /operating_model/cells/downside_2027q3_revenue:downside/formula/refs/3 | None | downside_2027q3_hosting |
| /operating_model/cells/downside_2027q3_revenue:downside/formula/refs/4 | None | downside_2027q3_cloud |
| /operating_model/cells/downside_2027q3_revenue:downside/id | None | downside_2027q3_revenue |
| /operating_model/cells/downside_2027q3_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_revenue:downside/label | None | Consolidated revenue |
| /operating_model/cells/downside_2027q3_revenue:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_revenue:downside/value | None | 340.25963 |
| /operating_model/cells/downside_2027q3_site_cash:downside/basis | None | Includes all consolidated businesses. |
| /operating_model/cells/downside_2027q3_site_cash:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_site_cash:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q3_site_cash:downside/formula/refs/0 | None | downside_2027q3_rent_cash |
| /operating_model/cells/downside_2027q3_site_cash:downside/formula/refs/1 | None | downside_2027q3_fitout_cash |
| /operating_model/cells/downside_2027q3_site_cash:downside/formula/refs/2 | None | downside_2027q3_recovery_cash |
| /operating_model/cells/downside_2027q3_site_cash:downside/formula/refs/3 | None | downside_2027q3_hosting_cash |
| /operating_model/cells/downside_2027q3_site_cash:downside/formula/refs/4 | None | downside_2027q3_cloud_cash |
| /operating_model/cells/downside_2027q3_site_cash:downside/id | None | downside_2027q3_site_cash |
| /operating_model/cells/downside_2027q3_site_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_site_cash:downside/label | None | Combined business cash contribution |
| /operating_model/cells/downside_2027q3_site_cash:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_site_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_site_cash:downside/value | None | 102.61295999999999 |
| /operating_model/cells/downside_2027q4_base_rent:downside/basis | None | Desk rent mix/commencement sensitivity, not repricing signed leases. |
| /operating_model/cells/downside_2027q4_base_rent:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_base_rent:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q4_base_rent:downside/formula/refs/0 | None | downside_2027q4_rent_at_reference |
| /operating_model/cells/downside_2027q4_base_rent:downside/formula/refs/1 | None | downside_2027q4_rent_realization |
| /operating_model/cells/downside_2027q4_base_rent:downside/id | None | downside_2027q4_base_rent |
| /operating_model/cells/downside_2027q4_base_rent:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_base_rent:downside/label | None | HPC base rent |
| /operating_model/cells/downside_2027q4_base_rent:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_base_rent:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_base_rent:downside/value | None | 166.69800000000004 |
| /operating_model/cells/downside_2027q4_capex:downside/basis | None | Desk construction spending; delay case includes higher build costs. Not company guidance. |
| /operating_model/cells/downside_2027q4_capex:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_capex:downside/id | None | downside_2027q4_capex |
| /operating_model/cells/downside_2027q4_capex:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_capex:downside/label | None | Construction and asset purchases |
| /operating_model/cells/downside_2027q4_capex:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_capex:downside/value | None | 1500.0 |
| /operating_model/cells/downside_2027q4_cash_after_capex:downside/basis | None | Before financing proceeds, principal, acquisitions and restricted reserve transfers. |
| /operating_model/cells/downside_2027q4_cash_after_capex:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_cash_after_capex:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q4_cash_after_capex:downside/formula/refs/0 | None | downside_2027q4_cash_before_capex |
| /operating_model/cells/downside_2027q4_cash_after_capex:downside/formula/refs/1 | None | downside_2027q4_capex |
| /operating_model/cells/downside_2027q4_cash_after_capex:downside/id | None | downside_2027q4_cash_after_capex |
| /operating_model/cells/downside_2027q4_cash_after_capex:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_cash_after_capex:downside/label | None | Cash after capex proxy |
| /operating_model/cells/downside_2027q4_cash_after_capex:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_cash_after_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_cash_after_capex:downside/value | None | -1532.88924 |
| /operating_model/cells/downside_2027q4_cash_before_capex:downside/basis | None | Analytical cash proxy; not consolidated GAAP CFO. |
| /operating_model/cells/downside_2027q4_cash_before_capex:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_cash_before_capex:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q4_cash_before_capex:downside/formula/refs/0 | None | downside_2027q4_site_cash |
| /operating_model/cells/downside_2027q4_cash_before_capex:downside/formula/refs/1 | None | downside_2027q4_cash_uses |
| /operating_model/cells/downside_2027q4_cash_before_capex:downside/id | None | downside_2027q4_cash_before_capex |
| /operating_model/cells/downside_2027q4_cash_before_capex:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_cash_before_capex:downside/label | None | Cash before capex proxy |
| /operating_model/cells/downside_2027q4_cash_before_capex:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_cash_before_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_cash_before_capex:downside/value | None | -32.889239999999944 |
| /operating_model/cells/downside_2027q4_cash_uses:downside/basis | None | Excludes noncash preferred accrual and financing principal. |
| /operating_model/cells/downside_2027q4_cash_uses:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_cash_uses:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q4_cash_uses:downside/formula/refs/0 | None | quarter_coupon |
| /operating_model/cells/downside_2027q4_cash_uses:downside/formula/refs/1 | None | downside_2027q4_corp |
| /operating_model/cells/downside_2027q4_cash_uses:downside/formula/refs/2 | None | downside_2027q4_other |
| /operating_model/cells/downside_2027q4_cash_uses:downside/id | None | downside_2027q4_cash_uses |
| /operating_model/cells/downside_2027q4_cash_uses:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_cash_uses:downside/label | None | Corporate, coupon and other cash uses |
| /operating_model/cells/downside_2027q4_cash_uses:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_cash_uses:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_cash_uses:downside/value | None | 178.54375 |
| /operating_model/cells/downside_2027q4_cloud:downside/basis | None | Still consolidated; no assumption of a full GAAP deconsolidation. |
| /operating_model/cells/downside_2027q4_cloud:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_cloud:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q4_cloud:downside/formula/refs/0 | None | q4_cloud |
| /operating_model/cells/downside_2027q4_cloud:downside/formula/refs/1 | None | downside_2027q4_cloud_factor |
| /operating_model/cells/downside_2027q4_cloud:downside/id | None | downside_2027q4_cloud |
| /operating_model/cells/downside_2027q4_cloud:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_cloud:downside/label | None | Consolidated ChronoScale revenue |
| /operating_model/cells/downside_2027q4_cloud:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_cloud:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_cloud:downside/value | None | 16.924319999999998 |
| /operating_model/cells/downside_2027q4_cloud_cash:downside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/downside_2027q4_cloud_cash:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_cloud_cash:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q4_cloud_cash:downside/formula/refs/0 | None | downside_2027q4_cloud |
| /operating_model/cells/downside_2027q4_cloud_cash:downside/formula/refs/1 | None | downside_2027q4_cloud_margin |
| /operating_model/cells/downside_2027q4_cloud_cash:downside/id | None | downside_2027q4_cloud_cash |
| /operating_model/cells/downside_2027q4_cloud_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_cloud_cash:downside/label | None | Cash contribution: cloud |
| /operating_model/cells/downside_2027q4_cloud_cash:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_cloud_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_cloud_cash:downside/value | None | -4.2310799999999995 |
| /operating_model/cells/downside_2027q4_cloud_factor:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q4_cloud_factor:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_cloud_factor:downside/id | None | downside_2027q4_cloud_factor |
| /operating_model/cells/downside_2027q4_cloud_factor:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_cloud_factor:downside/label | None | Cloud revenue versus Q4 |
| /operating_model/cells/downside_2027q4_cloud_factor:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_cloud_factor:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q4_cloud_factor:downside/value | None | 0.9199999999999999 |
| /operating_model/cells/downside_2027q4_cloud_margin:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q4_cloud_margin:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_cloud_margin:downside/id | None | downside_2027q4_cloud_margin |
| /operating_model/cells/downside_2027q4_cloud_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_cloud_margin:downside/label | None | Cash contribution margin: cloud |
| /operating_model/cells/downside_2027q4_cloud_margin:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_cloud_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q4_cloud_margin:downside/value | None | -0.25 |
| /operating_model/cells/downside_2027q4_corp:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q4_corp:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_corp:downside/id | None | downside_2027q4_corp |
| /operating_model/cells/downside_2027q4_corp:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_corp:downside/label | None | Corporate cash overhead |
| /operating_model/cells/downside_2027q4_corp:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_corp:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_corp:downside/value | None | 35.0 |
| /operating_model/cells/downside_2027q4_fitout:downside/basis | None | Low-margin nonrecurring installation work; not recurring rent. |
| /operating_model/cells/downside_2027q4_fitout:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_fitout:downside/id | None | downside_2027q4_fitout |
| /operating_model/cells/downside_2027q4_fitout:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_fitout:downside/label | None | Tenant fit-out revenue |
| /operating_model/cells/downside_2027q4_fitout:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_fitout:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_fitout:downside/value | None | 180.0 |
| /operating_model/cells/downside_2027q4_fitout_cash:downside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/downside_2027q4_fitout_cash:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_fitout_cash:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q4_fitout_cash:downside/formula/refs/0 | None | downside_2027q4_fitout |
| /operating_model/cells/downside_2027q4_fitout_cash:downside/formula/refs/1 | None | downside_2027q4_fitout_margin |
| /operating_model/cells/downside_2027q4_fitout_cash:downside/id | None | downside_2027q4_fitout_cash |
| /operating_model/cells/downside_2027q4_fitout_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_fitout_cash:downside/label | None | Cash contribution: fitout |
| /operating_model/cells/downside_2027q4_fitout_cash:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_fitout_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_fitout_cash:downside/value | None | 3.6 |
| /operating_model/cells/downside_2027q4_fitout_margin:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q4_fitout_margin:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_fitout_margin:downside/id | None | downside_2027q4_fitout_margin |
| /operating_model/cells/downside_2027q4_fitout_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_fitout_margin:downside/label | None | Cash contribution margin: fitout |
| /operating_model/cells/downside_2027q4_fitout_margin:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_fitout_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q4_fitout_margin:downside/value | None | 0.02 |
| /operating_model/cells/downside_2027q4_hosting:downside/basis | None | Hosting services, not owned Bitcoin production. |
| /operating_model/cells/downside_2027q4_hosting:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_hosting:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q4_hosting:downside/formula/refs/0 | None | q4_hosting |
| /operating_model/cells/downside_2027q4_hosting:downside/formula/refs/1 | None | downside_2027q4_hosting_factor |
| /operating_model/cells/downside_2027q4_hosting:downside/id | None | downside_2027q4_hosting |
| /operating_model/cells/downside_2027q4_hosting:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_hosting:downside/label | None | Mining hosting revenue |
| /operating_model/cells/downside_2027q4_hosting:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_hosting:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_hosting:downside/value | None | 31.705 |
| /operating_model/cells/downside_2027q4_hosting_cash:downside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/downside_2027q4_hosting_cash:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_hosting_cash:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q4_hosting_cash:downside/formula/refs/0 | None | downside_2027q4_hosting |
| /operating_model/cells/downside_2027q4_hosting_cash:downside/formula/refs/1 | None | downside_2027q4_hosting_margin |
| /operating_model/cells/downside_2027q4_hosting_cash:downside/id | None | downside_2027q4_hosting_cash |
| /operating_model/cells/downside_2027q4_hosting_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_hosting_cash:downside/label | None | Cash contribution: hosting |
| /operating_model/cells/downside_2027q4_hosting_cash:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_hosting_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_hosting_cash:downside/value | None | 7.92625 |
| /operating_model/cells/downside_2027q4_hosting_factor:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q4_hosting_factor:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_hosting_factor:downside/id | None | downside_2027q4_hosting_factor |
| /operating_model/cells/downside_2027q4_hosting_factor:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_hosting_factor:downside/label | None | Hosting revenue versus Q4 |
| /operating_model/cells/downside_2027q4_hosting_factor:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_hosting_factor:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q4_hosting_factor:downside/value | None | 0.85 |
| /operating_model/cells/downside_2027q4_hosting_margin:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q4_hosting_margin:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_hosting_margin:downside/id | None | downside_2027q4_hosting_margin |
| /operating_model/cells/downside_2027q4_hosting_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_hosting_margin:downside/label | None | Cash contribution margin: hosting |
| /operating_model/cells/downside_2027q4_hosting_margin:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_hosting_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q4_hosting_margin:downside/value | None | 0.25 |
| /operating_model/cells/downside_2027q4_mw:downside/basis | None | Desk delivery/acceptance schedule, not quarter-end capacity. Delta Forge 2 contributes only near H1 calendar 2028. |
| /operating_model/cells/downside_2027q4_mw:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_mw:downside/id | None | downside_2027q4_mw |
| /operating_model/cells/downside_2027q4_mw:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_mw:downside/label | None | Average revenue-producing critical IT MW |
| /operating_model/cells/downside_2027q4_mw:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_mw:downside/unit | None | MW |
| /operating_model/cells/downside_2027q4_mw:downside/value | None | 420.0 |
| /operating_model/cells/downside_2027q4_mw_ratio:downside/basis | None | Normalizes critical IT capacity without treating utility power as IT load. |
| /operating_model/cells/downside_2027q4_mw_ratio:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_mw_ratio:downside/formula/op | None | divide |
| /operating_model/cells/downside_2027q4_mw_ratio:downside/formula/refs/0 | None | downside_2027q4_mw |
| /operating_model/cells/downside_2027q4_mw_ratio:downside/formula/refs/1 | None | q4_rent_mw |
| /operating_model/cells/downside_2027q4_mw_ratio:downside/id | None | downside_2027q4_mw_ratio |
| /operating_model/cells/downside_2027q4_mw_ratio:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_mw_ratio:downside/label | None | Capacity / 100 MW reference |
| /operating_model/cells/downside_2027q4_mw_ratio:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_mw_ratio:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q4_mw_ratio:downside/value | None | 4.2 |
| /operating_model/cells/downside_2027q4_other:downside/basis | None | Net working capital, small-loan interest, taxes and interest income allowance. Lease principal excluded. |
| /operating_model/cells/downside_2027q4_other:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_other:downside/id | None | downside_2027q4_other |
| /operating_model/cells/downside_2027q4_other:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_other:downside/label | None | Other net cash uses |
| /operating_model/cells/downside_2027q4_other:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_other:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_other:downside/value | None | 22.0 |
| /operating_model/cells/downside_2027q4_preferred_accrual:downside/basis | None | Simple quarterly accrual; noncash PIK assumption, no compounding or redemption waterfall. |
| /operating_model/cells/downside_2027q4_preferred_accrual:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_preferred_accrual:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q4_preferred_accrual:downside/formula/refs/0 | None | preferred_annual |
| /operating_model/cells/downside_2027q4_preferred_accrual:downside/formula/refs/1 | None | quarter |
| /operating_model/cells/downside_2027q4_preferred_accrual:downside/id | None | downside_2027q4_preferred_accrual |
| /operating_model/cells/downside_2027q4_preferred_accrual:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_preferred_accrual:downside/label | None | Preferred economic accrual |
| /operating_model/cells/downside_2027q4_preferred_accrual:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_preferred_accrual:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_preferred_accrual:downside/value | None | 58.171875 |
| /operating_model/cells/downside_2027q4_recoveries:downside/basis | None | Pass-through operating recoveries modeled separately. |
| /operating_model/cells/downside_2027q4_recoveries:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_recoveries:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q4_recoveries:downside/formula/refs/0 | None | downside_2027q4_base_rent |
| /operating_model/cells/downside_2027q4_recoveries:downside/formula/refs/1 | None | downside_2027q4_recovery_ratio |
| /operating_model/cells/downside_2027q4_recoveries:downside/id | None | downside_2027q4_recoveries |
| /operating_model/cells/downside_2027q4_recoveries:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_recoveries:downside/label | None | Tenant recoveries |
| /operating_model/cells/downside_2027q4_recoveries:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_recoveries:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_recoveries:downside/value | None | 25.004700000000003 |
| /operating_model/cells/downside_2027q4_recovery_cash:downside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/downside_2027q4_recovery_cash:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_recovery_cash:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q4_recovery_cash:downside/formula/refs/0 | None | downside_2027q4_recoveries |
| /operating_model/cells/downside_2027q4_recovery_cash:downside/formula/refs/1 | None | downside_2027q4_recovery_margin |
| /operating_model/cells/downside_2027q4_recovery_cash:downside/id | None | downside_2027q4_recovery_cash |
| /operating_model/cells/downside_2027q4_recovery_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_recovery_cash:downside/label | None | Cash contribution: recovery |
| /operating_model/cells/downside_2027q4_recovery_cash:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_recovery_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_recovery_cash:downside/value | None | 0.0 |
| /operating_model/cells/downside_2027q4_recovery_margin:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q4_recovery_margin:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_recovery_margin:downside/id | None | downside_2027q4_recovery_margin |
| /operating_model/cells/downside_2027q4_recovery_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_recovery_margin:downside/label | None | Cash contribution margin: recovery |
| /operating_model/cells/downside_2027q4_recovery_margin:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_recovery_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q4_recovery_margin:downside/value | None | 0.0 |
| /operating_model/cells/downside_2027q4_recovery_ratio:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q4_recovery_ratio:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_recovery_ratio:downside/id | None | downside_2027q4_recovery_ratio |
| /operating_model/cells/downside_2027q4_recovery_ratio:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_recovery_ratio:downside/label | None | Recoveries / base rent |
| /operating_model/cells/downside_2027q4_recovery_ratio:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_recovery_ratio:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q4_recovery_ratio:downside/value | None | 0.15 |
| /operating_model/cells/downside_2027q4_rent_at_reference:downside/basis | None | Reported Q4 rent per 100 MW times average active capacity. |
| /operating_model/cells/downside_2027q4_rent_at_reference:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_rent_at_reference:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q4_rent_at_reference:downside/formula/refs/0 | None | downside_2027q4_mw_ratio |
| /operating_model/cells/downside_2027q4_rent_at_reference:downside/formula/refs/1 | None | q4_rent |
| /operating_model/cells/downside_2027q4_rent_at_reference:downside/id | None | downside_2027q4_rent_at_reference |
| /operating_model/cells/downside_2027q4_rent_at_reference:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_rent_at_reference:downside/label | None | Rent at Q4 reference economics |
| /operating_model/cells/downside_2027q4_rent_at_reference:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_rent_at_reference:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_rent_at_reference:downside/value | None | 185.22000000000003 |
| /operating_model/cells/downside_2027q4_rent_cash:downside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/downside_2027q4_rent_cash:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_rent_cash:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q4_rent_cash:downside/formula/refs/0 | None | downside_2027q4_base_rent |
| /operating_model/cells/downside_2027q4_rent_cash:downside/formula/refs/1 | None | downside_2027q4_rent_margin |
| /operating_model/cells/downside_2027q4_rent_cash:downside/id | None | downside_2027q4_rent_cash |
| /operating_model/cells/downside_2027q4_rent_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_rent_cash:downside/label | None | Cash contribution: rent |
| /operating_model/cells/downside_2027q4_rent_cash:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_rent_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_rent_cash:downside/value | None | 138.35934000000003 |
| /operating_model/cells/downside_2027q4_rent_margin:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q4_rent_margin:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_rent_margin:downside/id | None | downside_2027q4_rent_margin |
| /operating_model/cells/downside_2027q4_rent_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_rent_margin:downside/label | None | Cash contribution margin: rent |
| /operating_model/cells/downside_2027q4_rent_margin:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_rent_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q4_rent_margin:downside/value | None | 0.83 |
| /operating_model/cells/downside_2027q4_rent_realization:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2027q4_rent_realization:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_rent_realization:downside/id | None | downside_2027q4_rent_realization |
| /operating_model/cells/downside_2027q4_rent_realization:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_rent_realization:downside/label | None | Rent realization versus reference |
| /operating_model/cells/downside_2027q4_rent_realization:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_rent_realization:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q4_rent_realization:downside/value | None | 0.9 |
| /operating_model/cells/downside_2027q4_revenue:downside/basis | None | Rent, fit-out, recoveries, hosting and cloud, without optional lease renewals. |
| /operating_model/cells/downside_2027q4_revenue:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_revenue:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q4_revenue:downside/formula/refs/0 | None | downside_2027q4_base_rent |
| /operating_model/cells/downside_2027q4_revenue:downside/formula/refs/1 | None | downside_2027q4_fitout |
| /operating_model/cells/downside_2027q4_revenue:downside/formula/refs/2 | None | downside_2027q4_recoveries |
| /operating_model/cells/downside_2027q4_revenue:downside/formula/refs/3 | None | downside_2027q4_hosting |
| /operating_model/cells/downside_2027q4_revenue:downside/formula/refs/4 | None | downside_2027q4_cloud |
| /operating_model/cells/downside_2027q4_revenue:downside/id | None | downside_2027q4_revenue |
| /operating_model/cells/downside_2027q4_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_revenue:downside/label | None | Consolidated revenue |
| /operating_model/cells/downside_2027q4_revenue:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_revenue:downside/value | None | 420.33202000000006 |
| /operating_model/cells/downside_2027q4_site_cash:downside/basis | None | Includes all consolidated businesses. |
| /operating_model/cells/downside_2027q4_site_cash:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_site_cash:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q4_site_cash:downside/formula/refs/0 | None | downside_2027q4_rent_cash |
| /operating_model/cells/downside_2027q4_site_cash:downside/formula/refs/1 | None | downside_2027q4_fitout_cash |
| /operating_model/cells/downside_2027q4_site_cash:downside/formula/refs/2 | None | downside_2027q4_recovery_cash |
| /operating_model/cells/downside_2027q4_site_cash:downside/formula/refs/3 | None | downside_2027q4_hosting_cash |
| /operating_model/cells/downside_2027q4_site_cash:downside/formula/refs/4 | None | downside_2027q4_cloud_cash |
| /operating_model/cells/downside_2027q4_site_cash:downside/id | None | downside_2027q4_site_cash |
| /operating_model/cells/downside_2027q4_site_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_site_cash:downside/label | None | Combined business cash contribution |
| /operating_model/cells/downside_2027q4_site_cash:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_site_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_site_cash:downside/value | None | 145.65451000000004 |
| /operating_model/cells/downside_2028q1_base_rent:downside/basis | None | Desk rent mix/commencement sensitivity, not repricing signed leases. |
| /operating_model/cells/downside_2028q1_base_rent:downside/case | None | downside |
| /operating_model/cells/downside_2028q1_base_rent:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2028q1_base_rent:downside/formula/refs/0 | None | downside_2028q1_rent_at_reference |
| /operating_model/cells/downside_2028q1_base_rent:downside/formula/refs/1 | None | downside_2028q1_rent_realization |
| /operating_model/cells/downside_2028q1_base_rent:downside/id | None | downside_2028q1_base_rent |
| /operating_model/cells/downside_2028q1_base_rent:downside/kind | None | derived |
| /operating_model/cells/downside_2028q1_base_rent:downside/label | None | HPC base rent |
| /operating_model/cells/downside_2028q1_base_rent:downside/period | None | 2028Q1 |
| /operating_model/cells/downside_2028q1_base_rent:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q1_base_rent:downside/value | None | 206.38800000000003 |
| /operating_model/cells/downside_2028q1_capex:downside/basis | None | Desk construction spending; delay case includes higher build costs. Not company guidance. |
| /operating_model/cells/downside_2028q1_capex:downside/case | None | downside |
| /operating_model/cells/downside_2028q1_capex:downside/id | None | downside_2028q1_capex |
| /operating_model/cells/downside_2028q1_capex:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q1_capex:downside/label | None | Construction and asset purchases |
| /operating_model/cells/downside_2028q1_capex:downside/period | None | 2028Q1 |
| /operating_model/cells/downside_2028q1_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q1_capex:downside/value | None | 1550.0 |
| /operating_model/cells/downside_2028q1_cash_after_capex:downside/basis | None | Before financing proceeds, principal, acquisitions and restricted reserve transfers. |
| /operating_model/cells/downside_2028q1_cash_after_capex:downside/case | None | downside |
| /operating_model/cells/downside_2028q1_cash_after_capex:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2028q1_cash_after_capex:downside/formula/refs/0 | None | downside_2028q1_cash_before_capex |
| /operating_model/cells/downside_2028q1_cash_after_capex:downside/formula/refs/1 | None | downside_2028q1_capex |
| /operating_model/cells/downside_2028q1_cash_after_capex:downside/id | None | downside_2028q1_cash_after_capex |
| /operating_model/cells/downside_2028q1_cash_after_capex:downside/kind | None | derived |
| /operating_model/cells/downside_2028q1_cash_after_capex:downside/label | None | Cash after capex proxy |
| /operating_model/cells/downside_2028q1_cash_after_capex:downside/period | None | 2028Q1 |
| /operating_model/cells/downside_2028q1_cash_after_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q1_cash_after_capex:downside/value | None | -1549.7305 |
| /operating_model/cells/downside_2028q1_cash_before_capex:downside/basis | None | Analytical cash proxy; not consolidated GAAP CFO. |
| /operating_model/cells/downside_2028q1_cash_before_capex:downside/case | None | downside |
| /operating_model/cells/downside_2028q1_cash_before_capex:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2028q1_cash_before_capex:downside/formula/refs/0 | None | downside_2028q1_site_cash |
| /operating_model/cells/downside_2028q1_cash_before_capex:downside/formula/refs/1 | None | downside_2028q1_cash_uses |
| /operating_model/cells/downside_2028q1_cash_before_capex:downside/id | None | downside_2028q1_cash_before_capex |
| /operating_model/cells/downside_2028q1_cash_before_capex:downside/kind | None | derived |
| /operating_model/cells/downside_2028q1_cash_before_capex:downside/label | None | Cash before capex proxy |
| /operating_model/cells/downside_2028q1_cash_before_capex:downside/period | None | 2028Q1 |
| /operating_model/cells/downside_2028q1_cash_before_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q1_cash_before_capex:downside/value | None | 0.2695000000000505 |
| /operating_model/cells/downside_2028q1_cash_uses:downside/basis | None | Excludes noncash preferred accrual and financing principal. |
| /operating_model/cells/downside_2028q1_cash_uses:downside/case | None | downside |
| /operating_model/cells/downside_2028q1_cash_uses:downside/formula/op | None | sum |
| /operating_model/cells/downside_2028q1_cash_uses:downside/formula/refs/0 | None | quarter_coupon |
| /operating_model/cells/downside_2028q1_cash_uses:downside/formula/refs/1 | None | downside_2028q1_corp |
| /operating_model/cells/downside_2028q1_cash_uses:downside/formula/refs/2 | None | downside_2028q1_other |
| /operating_model/cells/downside_2028q1_cash_uses:downside/id | None | downside_2028q1_cash_uses |
| /operating_model/cells/downside_2028q1_cash_uses:downside/kind | None | derived |
| /operating_model/cells/downside_2028q1_cash_uses:downside/label | None | Corporate, coupon and other cash uses |
| /operating_model/cells/downside_2028q1_cash_uses:downside/period | None | 2028Q1 |
| /operating_model/cells/downside_2028q1_cash_uses:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q1_cash_uses:downside/value | None | 178.54375 |
| /operating_model/cells/downside_2028q1_cloud:downside/basis | None | Still consolidated; no assumption of a full GAAP deconsolidation. |
| /operating_model/cells/downside_2028q1_cloud:downside/case | None | downside |
| /operating_model/cells/downside_2028q1_cloud:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2028q1_cloud:downside/formula/refs/0 | None | q4_cloud |
| /operating_model/cells/downside_2028q1_cloud:downside/formula/refs/1 | None | downside_2028q1_cloud_factor |
| /operating_model/cells/downside_2028q1_cloud:downside/id | None | downside_2028q1_cloud |
| /operating_model/cells/downside_2028q1_cloud:downside/kind | None | derived |
| /operating_model/cells/downside_2028q1_cloud:downside/label | None | Consolidated ChronoScale revenue |
| /operating_model/cells/downside_2028q1_cloud:downside/period | None | 2028Q1 |
| /operating_model/cells/downside_2028q1_cloud:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q1_cloud:downside/value | None | 17.66016 |
| /operating_model/cells/downside_2028q1_cloud_cash:downside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/downside_2028q1_cloud_cash:downside/case | None | downside |
| /operating_model/cells/downside_2028q1_cloud_cash:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2028q1_cloud_cash:downside/formula/refs/0 | None | downside_2028q1_cloud |
| /operating_model/cells/downside_2028q1_cloud_cash:downside/formula/refs/1 | None | downside_2028q1_cloud_margin |
| /operating_model/cells/downside_2028q1_cloud_cash:downside/id | None | downside_2028q1_cloud_cash |
| /operating_model/cells/downside_2028q1_cloud_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2028q1_cloud_cash:downside/label | None | Cash contribution: cloud |
| /operating_model/cells/downside_2028q1_cloud_cash:downside/period | None | 2028Q1 |
| /operating_model/cells/downside_2028q1_cloud_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q1_cloud_cash:downside/value | None | -4.41504 |
| /operating_model/cells/downside_2028q1_cloud_factor:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2028q1_cloud_factor:downside/case | None | downside |
| /operating_model/cells/downside_2028q1_cloud_factor:downside/id | None | downside_2028q1_cloud_factor |
| /operating_model/cells/downside_2028q1_cloud_factor:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q1_cloud_factor:downside/label | None | Cloud revenue versus Q4 |
| /operating_model/cells/downside_2028q1_cloud_factor:downside/period | None | 2028Q1 |
| /operating_model/cells/downside_2028q1_cloud_factor:downside/unit | None | ratio |
| /operating_model/cells/downside_2028q1_cloud_factor:downside/value | None | 0.96 |
| /operating_model/cells/downside_2028q1_cloud_margin:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2028q1_cloud_margin:downside/case | None | downside |
| /operating_model/cells/downside_2028q1_cloud_margin:downside/id | None | downside_2028q1_cloud_margin |
| /operating_model/cells/downside_2028q1_cloud_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q1_cloud_margin:downside/label | None | Cash contribution margin: cloud |
| /operating_model/cells/downside_2028q1_cloud_margin:downside/period | None | 2028Q1 |
| /operating_model/cells/downside_2028q1_cloud_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2028q1_cloud_margin:downside/value | None | -0.25 |
| /operating_model/cells/downside_2028q1_corp:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2028q1_corp:downside/case | None | downside |
| /operating_model/cells/downside_2028q1_corp:downside/id | None | downside_2028q1_corp |
| /operating_model/cells/downside_2028q1_corp:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q1_corp:downside/label | None | Corporate cash overhead |
| /operating_model/cells/downside_2028q1_corp:downside/period | None | 2028Q1 |
| /operating_model/cells/downside_2028q1_corp:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q1_corp:downside/value | None | 35.0 |
| /operating_model/cells/downside_2028q1_fitout:downside/basis | None | Low-margin nonrecurring installation work; not recurring rent. |
| /operating_model/cells/downside_2028q1_fitout:downside/case | None | downside |
| /operating_model/cells/downside_2028q1_fitout:downside/id | None | downside_2028q1_fitout |
| /operating_model/cells/downside_2028q1_fitout:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q1_fitout:downside/label | None | Tenant fit-out revenue |
| /operating_model/cells/downside_2028q1_fitout:downside/period | None | 2028Q1 |
| /operating_model/cells/downside_2028q1_fitout:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q1_fitout:downside/value | None | 200.0 |
| /operating_model/cells/downside_2028q1_fitout_cash:downside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/downside_2028q1_fitout_cash:downside/case | None | downside |
| /operating_model/cells/downside_2028q1_fitout_cash:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2028q1_fitout_cash:downside/formula/refs/0 | None | downside_2028q1_fitout |
| /operating_model/cells/downside_2028q1_fitout_cash:downside/formula/refs/1 | None | downside_2028q1_fitout_margin |
| /operating_model/cells/downside_2028q1_fitout_cash:downside/id | None | downside_2028q1_fitout_cash |
| /operating_model/cells/downside_2028q1_fitout_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2028q1_fitout_cash:downside/label | None | Cash contribution: fitout |
| /operating_model/cells/downside_2028q1_fitout_cash:downside/period | None | 2028Q1 |
| /operating_model/cells/downside_2028q1_fitout_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q1_fitout_cash:downside/value | None | 4.0 |
| /operating_model/cells/downside_2028q1_fitout_margin:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2028q1_fitout_margin:downside/case | None | downside |
| /operating_model/cells/downside_2028q1_fitout_margin:downside/id | None | downside_2028q1_fitout_margin |
| /operating_model/cells/downside_2028q1_fitout_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q1_fitout_margin:downside/label | None | Cash contribution margin: fitout |
| /operating_model/cells/downside_2028q1_fitout_margin:downside/period | None | 2028Q1 |
| /operating_model/cells/downside_2028q1_fitout_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2028q1_fitout_margin:downside/value | None | 0.02 |
| /operating_model/cells/downside_2028q1_hosting:downside/basis | None | Hosting services, not owned Bitcoin production. |
| /operating_model/cells/downside_2028q1_hosting:downside/case | None | downside |
| /operating_model/cells/downside_2028q1_hosting:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2028q1_hosting:downside/formula/refs/0 | None | q4_hosting |
| /operating_model/cells/downside_2028q1_hosting:downside/formula/refs/1 | None | downside_2028q1_hosting_factor |
| /operating_model/cells/downside_2028q1_hosting:downside/id | None | downside_2028q1_hosting |
| /operating_model/cells/downside_2028q1_hosting:downside/kind | None | derived |
| /operating_model/cells/downside_2028q1_hosting:downside/label | None | Mining hosting revenue |
| /operating_model/cells/downside_2028q1_hosting:downside/period | None | 2028Q1 |
| /operating_model/cells/downside_2028q1_hosting:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q1_hosting:downside/value | None | 31.705 |
| /operating_model/cells/downside_2028q1_hosting_cash:downside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/downside_2028q1_hosting_cash:downside/case | None | downside |
| /operating_model/cells/downside_2028q1_hosting_cash:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2028q1_hosting_cash:downside/formula/refs/0 | None | downside_2028q1_hosting |
| /operating_model/cells/downside_2028q1_hosting_cash:downside/formula/refs/1 | None | downside_2028q1_hosting_margin |
| /operating_model/cells/downside_2028q1_hosting_cash:downside/id | None | downside_2028q1_hosting_cash |
| /operating_model/cells/downside_2028q1_hosting_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2028q1_hosting_cash:downside/label | None | Cash contribution: hosting |
| /operating_model/cells/downside_2028q1_hosting_cash:downside/period | None | 2028Q1 |
| /operating_model/cells/downside_2028q1_hosting_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q1_hosting_cash:downside/value | None | 7.92625 |
| /operating_model/cells/downside_2028q1_hosting_factor:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2028q1_hosting_factor:downside/case | None | downside |
| /operating_model/cells/downside_2028q1_hosting_factor:downside/id | None | downside_2028q1_hosting_factor |
| /operating_model/cells/downside_2028q1_hosting_factor:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q1_hosting_factor:downside/label | None | Hosting revenue versus Q4 |
| /operating_model/cells/downside_2028q1_hosting_factor:downside/period | None | 2028Q1 |
| /operating_model/cells/downside_2028q1_hosting_factor:downside/unit | None | ratio |
| /operating_model/cells/downside_2028q1_hosting_factor:downside/value | None | 0.85 |
| /operating_model/cells/downside_2028q1_hosting_margin:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2028q1_hosting_margin:downside/case | None | downside |
| /operating_model/cells/downside_2028q1_hosting_margin:downside/id | None | downside_2028q1_hosting_margin |
| /operating_model/cells/downside_2028q1_hosting_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q1_hosting_margin:downside/label | None | Cash contribution margin: hosting |
| /operating_model/cells/downside_2028q1_hosting_margin:downside/period | None | 2028Q1 |
| /operating_model/cells/downside_2028q1_hosting_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2028q1_hosting_margin:downside/value | None | 0.25 |
| /operating_model/cells/downside_2028q1_mw:downside/basis | None | Desk delivery/acceptance schedule, not quarter-end capacity. Delta Forge 2 contributes only near H1 calendar 2028. |
| /operating_model/cells/downside_2028q1_mw:downside/case | None | downside |
| /operating_model/cells/downside_2028q1_mw:downside/id | None | downside_2028q1_mw |
| /operating_model/cells/downside_2028q1_mw:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q1_mw:downside/label | None | Average revenue-producing critical IT MW |
| /operating_model/cells/downside_2028q1_mw:downside/period | None | 2028Q1 |
| /operating_model/cells/downside_2028q1_mw:downside/unit | None | MW |
| /operating_model/cells/downside_2028q1_mw:downside/value | None | 520.0 |
| /operating_model/cells/downside_2028q1_mw_ratio:downside/basis | None | Normalizes critical IT capacity without treating utility power as IT load. |
| /operating_model/cells/downside_2028q1_mw_ratio:downside/case | None | downside |
| /operating_model/cells/downside_2028q1_mw_ratio:downside/formula/op | None | divide |
| /operating_model/cells/downside_2028q1_mw_ratio:downside/formula/refs/0 | None | downside_2028q1_mw |
| /operating_model/cells/downside_2028q1_mw_ratio:downside/formula/refs/1 | None | q4_rent_mw |
| /operating_model/cells/downside_2028q1_mw_ratio:downside/id | None | downside_2028q1_mw_ratio |
| /operating_model/cells/downside_2028q1_mw_ratio:downside/kind | None | derived |
| /operating_model/cells/downside_2028q1_mw_ratio:downside/label | None | Capacity / 100 MW reference |
| /operating_model/cells/downside_2028q1_mw_ratio:downside/period | None | 2028Q1 |
| /operating_model/cells/downside_2028q1_mw_ratio:downside/unit | None | ratio |
| /operating_model/cells/downside_2028q1_mw_ratio:downside/value | None | 5.2 |
| /operating_model/cells/downside_2028q1_other:downside/basis | None | Net working capital, small-loan interest, taxes and interest income allowance. Lease principal excluded. |
| /operating_model/cells/downside_2028q1_other:downside/case | None | downside |
| /operating_model/cells/downside_2028q1_other:downside/id | None | downside_2028q1_other |
| /operating_model/cells/downside_2028q1_other:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q1_other:downside/label | None | Other net cash uses |
| /operating_model/cells/downside_2028q1_other:downside/period | None | 2028Q1 |
| /operating_model/cells/downside_2028q1_other:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q1_other:downside/value | None | 22.0 |
| /operating_model/cells/downside_2028q1_preferred_accrual:downside/basis | None | Simple quarterly accrual; noncash PIK assumption, no compounding or redemption waterfall. |
| /operating_model/cells/downside_2028q1_preferred_accrual:downside/case | None | downside |
| /operating_model/cells/downside_2028q1_preferred_accrual:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2028q1_preferred_accrual:downside/formula/refs/0 | None | preferred_annual |
| /operating_model/cells/downside_2028q1_preferred_accrual:downside/formula/refs/1 | None | quarter |
| /operating_model/cells/downside_2028q1_preferred_accrual:downside/id | None | downside_2028q1_preferred_accrual |
| /operating_model/cells/downside_2028q1_preferred_accrual:downside/kind | None | derived |
| /operating_model/cells/downside_2028q1_preferred_accrual:downside/label | None | Preferred economic accrual |
| /operating_model/cells/downside_2028q1_preferred_accrual:downside/period | None | 2028Q1 |
| /operating_model/cells/downside_2028q1_preferred_accrual:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q1_preferred_accrual:downside/value | None | 58.171875 |
| /operating_model/cells/downside_2028q1_recoveries:downside/basis | None | Pass-through operating recoveries modeled separately. |
| /operating_model/cells/downside_2028q1_recoveries:downside/case | None | downside |
| /operating_model/cells/downside_2028q1_recoveries:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2028q1_recoveries:downside/formula/refs/0 | None | downside_2028q1_base_rent |
| /operating_model/cells/downside_2028q1_recoveries:downside/formula/refs/1 | None | downside_2028q1_recovery_ratio |
| /operating_model/cells/downside_2028q1_recoveries:downside/id | None | downside_2028q1_recoveries |
| /operating_model/cells/downside_2028q1_recoveries:downside/kind | None | derived |
| /operating_model/cells/downside_2028q1_recoveries:downside/label | None | Tenant recoveries |
| /operating_model/cells/downside_2028q1_recoveries:downside/period | None | 2028Q1 |
| /operating_model/cells/downside_2028q1_recoveries:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q1_recoveries:downside/value | None | 30.958200000000005 |
| /operating_model/cells/downside_2028q1_recovery_cash:downside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/downside_2028q1_recovery_cash:downside/case | None | downside |
| /operating_model/cells/downside_2028q1_recovery_cash:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2028q1_recovery_cash:downside/formula/refs/0 | None | downside_2028q1_recoveries |
| /operating_model/cells/downside_2028q1_recovery_cash:downside/formula/refs/1 | None | downside_2028q1_recovery_margin |
| /operating_model/cells/downside_2028q1_recovery_cash:downside/id | None | downside_2028q1_recovery_cash |
| /operating_model/cells/downside_2028q1_recovery_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2028q1_recovery_cash:downside/label | None | Cash contribution: recovery |
| /operating_model/cells/downside_2028q1_recovery_cash:downside/period | None | 2028Q1 |
| /operating_model/cells/downside_2028q1_recovery_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q1_recovery_cash:downside/value | None | 0.0 |
| /operating_model/cells/downside_2028q1_recovery_margin:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2028q1_recovery_margin:downside/case | None | downside |
| /operating_model/cells/downside_2028q1_recovery_margin:downside/id | None | downside_2028q1_recovery_margin |
| /operating_model/cells/downside_2028q1_recovery_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q1_recovery_margin:downside/label | None | Cash contribution margin: recovery |
| /operating_model/cells/downside_2028q1_recovery_margin:downside/period | None | 2028Q1 |
| /operating_model/cells/downside_2028q1_recovery_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2028q1_recovery_margin:downside/value | None | 0.0 |
| /operating_model/cells/downside_2028q1_recovery_ratio:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2028q1_recovery_ratio:downside/case | None | downside |
| /operating_model/cells/downside_2028q1_recovery_ratio:downside/id | None | downside_2028q1_recovery_ratio |
| /operating_model/cells/downside_2028q1_recovery_ratio:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q1_recovery_ratio:downside/label | None | Recoveries / base rent |
| /operating_model/cells/downside_2028q1_recovery_ratio:downside/period | None | 2028Q1 |
| /operating_model/cells/downside_2028q1_recovery_ratio:downside/unit | None | ratio |
| /operating_model/cells/downside_2028q1_recovery_ratio:downside/value | None | 0.15 |
| /operating_model/cells/downside_2028q1_rent_at_reference:downside/basis | None | Reported Q4 rent per 100 MW times average active capacity. |
| /operating_model/cells/downside_2028q1_rent_at_reference:downside/case | None | downside |
| /operating_model/cells/downside_2028q1_rent_at_reference:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2028q1_rent_at_reference:downside/formula/refs/0 | None | downside_2028q1_mw_ratio |
| /operating_model/cells/downside_2028q1_rent_at_reference:downside/formula/refs/1 | None | q4_rent |
| /operating_model/cells/downside_2028q1_rent_at_reference:downside/id | None | downside_2028q1_rent_at_reference |
| /operating_model/cells/downside_2028q1_rent_at_reference:downside/kind | None | derived |
| /operating_model/cells/downside_2028q1_rent_at_reference:downside/label | None | Rent at Q4 reference economics |
| /operating_model/cells/downside_2028q1_rent_at_reference:downside/period | None | 2028Q1 |
| /operating_model/cells/downside_2028q1_rent_at_reference:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q1_rent_at_reference:downside/value | None | 229.32000000000002 |
| /operating_model/cells/downside_2028q1_rent_cash:downside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/downside_2028q1_rent_cash:downside/case | None | downside |
| /operating_model/cells/downside_2028q1_rent_cash:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2028q1_rent_cash:downside/formula/refs/0 | None | downside_2028q1_base_rent |
| /operating_model/cells/downside_2028q1_rent_cash:downside/formula/refs/1 | None | downside_2028q1_rent_margin |
| /operating_model/cells/downside_2028q1_rent_cash:downside/id | None | downside_2028q1_rent_cash |
| /operating_model/cells/downside_2028q1_rent_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2028q1_rent_cash:downside/label | None | Cash contribution: rent |
| /operating_model/cells/downside_2028q1_rent_cash:downside/period | None | 2028Q1 |
| /operating_model/cells/downside_2028q1_rent_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q1_rent_cash:downside/value | None | 171.30204000000003 |
| /operating_model/cells/downside_2028q1_rent_margin:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2028q1_rent_margin:downside/case | None | downside |
| /operating_model/cells/downside_2028q1_rent_margin:downside/id | None | downside_2028q1_rent_margin |
| /operating_model/cells/downside_2028q1_rent_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q1_rent_margin:downside/label | None | Cash contribution margin: rent |
| /operating_model/cells/downside_2028q1_rent_margin:downside/period | None | 2028Q1 |
| /operating_model/cells/downside_2028q1_rent_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2028q1_rent_margin:downside/value | None | 0.83 |
| /operating_model/cells/downside_2028q1_rent_realization:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2028q1_rent_realization:downside/case | None | downside |
| /operating_model/cells/downside_2028q1_rent_realization:downside/id | None | downside_2028q1_rent_realization |
| /operating_model/cells/downside_2028q1_rent_realization:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q1_rent_realization:downside/label | None | Rent realization versus reference |
| /operating_model/cells/downside_2028q1_rent_realization:downside/period | None | 2028Q1 |
| /operating_model/cells/downside_2028q1_rent_realization:downside/unit | None | ratio |
| /operating_model/cells/downside_2028q1_rent_realization:downside/value | None | 0.9 |
| /operating_model/cells/downside_2028q1_revenue:downside/basis | None | Rent, fit-out, recoveries, hosting and cloud, without optional lease renewals. |
| /operating_model/cells/downside_2028q1_revenue:downside/case | None | downside |
| /operating_model/cells/downside_2028q1_revenue:downside/formula/op | None | sum |
| /operating_model/cells/downside_2028q1_revenue:downside/formula/refs/0 | None | downside_2028q1_base_rent |
| /operating_model/cells/downside_2028q1_revenue:downside/formula/refs/1 | None | downside_2028q1_fitout |
| /operating_model/cells/downside_2028q1_revenue:downside/formula/refs/2 | None | downside_2028q1_recoveries |
| /operating_model/cells/downside_2028q1_revenue:downside/formula/refs/3 | None | downside_2028q1_hosting |
| /operating_model/cells/downside_2028q1_revenue:downside/formula/refs/4 | None | downside_2028q1_cloud |
| /operating_model/cells/downside_2028q1_revenue:downside/id | None | downside_2028q1_revenue |
| /operating_model/cells/downside_2028q1_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_2028q1_revenue:downside/label | None | Consolidated revenue |
| /operating_model/cells/downside_2028q1_revenue:downside/period | None | 2028Q1 |
| /operating_model/cells/downside_2028q1_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q1_revenue:downside/value | None | 486.71136000000007 |
| /operating_model/cells/downside_2028q1_site_cash:downside/basis | None | Includes all consolidated businesses. |
| /operating_model/cells/downside_2028q1_site_cash:downside/case | None | downside |
| /operating_model/cells/downside_2028q1_site_cash:downside/formula/op | None | sum |
| /operating_model/cells/downside_2028q1_site_cash:downside/formula/refs/0 | None | downside_2028q1_rent_cash |
| /operating_model/cells/downside_2028q1_site_cash:downside/formula/refs/1 | None | downside_2028q1_fitout_cash |
| /operating_model/cells/downside_2028q1_site_cash:downside/formula/refs/2 | None | downside_2028q1_recovery_cash |
| /operating_model/cells/downside_2028q1_site_cash:downside/formula/refs/3 | None | downside_2028q1_hosting_cash |
| /operating_model/cells/downside_2028q1_site_cash:downside/formula/refs/4 | None | downside_2028q1_cloud_cash |
| /operating_model/cells/downside_2028q1_site_cash:downside/id | None | downside_2028q1_site_cash |
| /operating_model/cells/downside_2028q1_site_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2028q1_site_cash:downside/label | None | Combined business cash contribution |
| /operating_model/cells/downside_2028q1_site_cash:downside/period | None | 2028Q1 |
| /operating_model/cells/downside_2028q1_site_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q1_site_cash:downside/value | None | 178.81325000000004 |
| /operating_model/cells/downside_2028q2_base_rent:downside/basis | None | Desk rent mix/commencement sensitivity, not repricing signed leases. |
| /operating_model/cells/downside_2028q2_base_rent:downside/case | None | downside |
| /operating_model/cells/downside_2028q2_base_rent:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2028q2_base_rent:downside/formula/refs/0 | None | downside_2028q2_rent_at_reference |
| /operating_model/cells/downside_2028q2_base_rent:downside/formula/refs/1 | None | downside_2028q2_rent_realization |
| /operating_model/cells/downside_2028q2_base_rent:downside/id | None | downside_2028q2_base_rent |
| /operating_model/cells/downside_2028q2_base_rent:downside/kind | None | derived |
| /operating_model/cells/downside_2028q2_base_rent:downside/label | None | HPC base rent |
| /operating_model/cells/downside_2028q2_base_rent:downside/period | None | 2028Q2 |
| /operating_model/cells/downside_2028q2_base_rent:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q2_base_rent:downside/value | None | 257.985 |
| /operating_model/cells/downside_2028q2_capex:downside/basis | None | Desk construction spending; delay case includes higher build costs. Not company guidance. |
| /operating_model/cells/downside_2028q2_capex:downside/case | None | downside |
| /operating_model/cells/downside_2028q2_capex:downside/id | None | downside_2028q2_capex |
| /operating_model/cells/downside_2028q2_capex:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q2_capex:downside/label | None | Construction and asset purchases |
| /operating_model/cells/downside_2028q2_capex:downside/period | None | 2028Q2 |
| /operating_model/cells/downside_2028q2_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q2_capex:downside/value | None | 1700.0 |
| /operating_model/cells/downside_2028q2_cash_after_capex:downside/basis | None | Before financing proceeds, principal, acquisitions and restricted reserve transfers. |
| /operating_model/cells/downside_2028q2_cash_after_capex:downside/case | None | downside |
| /operating_model/cells/downside_2028q2_cash_after_capex:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2028q2_cash_after_capex:downside/formula/refs/0 | None | downside_2028q2_cash_before_capex |
| /operating_model/cells/downside_2028q2_cash_after_capex:downside/formula/refs/1 | None | downside_2028q2_capex |
| /operating_model/cells/downside_2028q2_cash_after_capex:downside/id | None | downside_2028q2_cash_after_capex |
| /operating_model/cells/downside_2028q2_cash_after_capex:downside/kind | None | derived |
| /operating_model/cells/downside_2028q2_cash_after_capex:downside/label | None | Cash after capex proxy |
| /operating_model/cells/downside_2028q2_cash_after_capex:downside/period | None | 2028Q2 |
| /operating_model/cells/downside_2028q2_cash_after_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q2_cash_after_capex:downside/value | None | -1656.88895 |
| /operating_model/cells/downside_2028q2_cash_before_capex:downside/basis | None | Analytical cash proxy; not consolidated GAAP CFO. |
| /operating_model/cells/downside_2028q2_cash_before_capex:downside/case | None | downside |
| /operating_model/cells/downside_2028q2_cash_before_capex:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2028q2_cash_before_capex:downside/formula/refs/0 | None | downside_2028q2_site_cash |
| /operating_model/cells/downside_2028q2_cash_before_capex:downside/formula/refs/1 | None | downside_2028q2_cash_uses |
| /operating_model/cells/downside_2028q2_cash_before_capex:downside/id | None | downside_2028q2_cash_before_capex |
| /operating_model/cells/downside_2028q2_cash_before_capex:downside/kind | None | derived |
| /operating_model/cells/downside_2028q2_cash_before_capex:downside/label | None | Cash before capex proxy |
| /operating_model/cells/downside_2028q2_cash_before_capex:downside/period | None | 2028Q2 |
| /operating_model/cells/downside_2028q2_cash_before_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q2_cash_before_capex:downside/value | None | 43.111050000000034 |
| /operating_model/cells/downside_2028q2_cash_uses:downside/basis | None | Excludes noncash preferred accrual and financing principal. |
| /operating_model/cells/downside_2028q2_cash_uses:downside/case | None | downside |
| /operating_model/cells/downside_2028q2_cash_uses:downside/formula/op | None | sum |
| /operating_model/cells/downside_2028q2_cash_uses:downside/formula/refs/0 | None | quarter_coupon |
| /operating_model/cells/downside_2028q2_cash_uses:downside/formula/refs/1 | None | downside_2028q2_corp |
| /operating_model/cells/downside_2028q2_cash_uses:downside/formula/refs/2 | None | downside_2028q2_other |
| /operating_model/cells/downside_2028q2_cash_uses:downside/id | None | downside_2028q2_cash_uses |
| /operating_model/cells/downside_2028q2_cash_uses:downside/kind | None | derived |
| /operating_model/cells/downside_2028q2_cash_uses:downside/label | None | Corporate, coupon and other cash uses |
| /operating_model/cells/downside_2028q2_cash_uses:downside/period | None | 2028Q2 |
| /operating_model/cells/downside_2028q2_cash_uses:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q2_cash_uses:downside/value | None | 178.54375 |
| /operating_model/cells/downside_2028q2_cloud:downside/basis | None | Still consolidated; no assumption of a full GAAP deconsolidation. |
| /operating_model/cells/downside_2028q2_cloud:downside/case | None | downside |
| /operating_model/cells/downside_2028q2_cloud:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2028q2_cloud:downside/formula/refs/0 | None | q4_cloud |
| /operating_model/cells/downside_2028q2_cloud:downside/formula/refs/1 | None | downside_2028q2_cloud_factor |
| /operating_model/cells/downside_2028q2_cloud:downside/id | None | downside_2028q2_cloud |
| /operating_model/cells/downside_2028q2_cloud:downside/kind | None | derived |
| /operating_model/cells/downside_2028q2_cloud:downside/label | None | Consolidated ChronoScale revenue |
| /operating_model/cells/downside_2028q2_cloud:downside/period | None | 2028Q2 |
| /operating_model/cells/downside_2028q2_cloud:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q2_cloud:downside/value | None | 18.396 |
| /operating_model/cells/downside_2028q2_cloud_cash:downside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/downside_2028q2_cloud_cash:downside/case | None | downside |
| /operating_model/cells/downside_2028q2_cloud_cash:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2028q2_cloud_cash:downside/formula/refs/0 | None | downside_2028q2_cloud |
| /operating_model/cells/downside_2028q2_cloud_cash:downside/formula/refs/1 | None | downside_2028q2_cloud_margin |
| /operating_model/cells/downside_2028q2_cloud_cash:downside/id | None | downside_2028q2_cloud_cash |
| /operating_model/cells/downside_2028q2_cloud_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2028q2_cloud_cash:downside/label | None | Cash contribution: cloud |
| /operating_model/cells/downside_2028q2_cloud_cash:downside/period | None | 2028Q2 |
| /operating_model/cells/downside_2028q2_cloud_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q2_cloud_cash:downside/value | None | -4.599 |
| /operating_model/cells/downside_2028q2_cloud_factor:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2028q2_cloud_factor:downside/case | None | downside |
| /operating_model/cells/downside_2028q2_cloud_factor:downside/id | None | downside_2028q2_cloud_factor |
| /operating_model/cells/downside_2028q2_cloud_factor:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q2_cloud_factor:downside/label | None | Cloud revenue versus Q4 |
| /operating_model/cells/downside_2028q2_cloud_factor:downside/period | None | 2028Q2 |
| /operating_model/cells/downside_2028q2_cloud_factor:downside/unit | None | ratio |
| /operating_model/cells/downside_2028q2_cloud_factor:downside/value | None | 1.0 |
| /operating_model/cells/downside_2028q2_cloud_margin:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2028q2_cloud_margin:downside/case | None | downside |
| /operating_model/cells/downside_2028q2_cloud_margin:downside/id | None | downside_2028q2_cloud_margin |
| /operating_model/cells/downside_2028q2_cloud_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q2_cloud_margin:downside/label | None | Cash contribution margin: cloud |
| /operating_model/cells/downside_2028q2_cloud_margin:downside/period | None | 2028Q2 |
| /operating_model/cells/downside_2028q2_cloud_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2028q2_cloud_margin:downside/value | None | -0.25 |
| /operating_model/cells/downside_2028q2_corp:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2028q2_corp:downside/case | None | downside |
| /operating_model/cells/downside_2028q2_corp:downside/id | None | downside_2028q2_corp |
| /operating_model/cells/downside_2028q2_corp:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q2_corp:downside/label | None | Corporate cash overhead |
| /operating_model/cells/downside_2028q2_corp:downside/period | None | 2028Q2 |
| /operating_model/cells/downside_2028q2_corp:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q2_corp:downside/value | None | 35.0 |
| /operating_model/cells/downside_2028q2_fitout:downside/basis | None | Low-margin nonrecurring installation work; not recurring rent. |
| /operating_model/cells/downside_2028q2_fitout:downside/case | None | downside |
| /operating_model/cells/downside_2028q2_fitout:downside/id | None | downside_2028q2_fitout |
| /operating_model/cells/downside_2028q2_fitout:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q2_fitout:downside/label | None | Tenant fit-out revenue |
| /operating_model/cells/downside_2028q2_fitout:downside/period | None | 2028Q2 |
| /operating_model/cells/downside_2028q2_fitout:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q2_fitout:downside/value | None | 210.0 |
| /operating_model/cells/downside_2028q2_fitout_cash:downside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/downside_2028q2_fitout_cash:downside/case | None | downside |
| /operating_model/cells/downside_2028q2_fitout_cash:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2028q2_fitout_cash:downside/formula/refs/0 | None | downside_2028q2_fitout |
| /operating_model/cells/downside_2028q2_fitout_cash:downside/formula/refs/1 | None | downside_2028q2_fitout_margin |
| /operating_model/cells/downside_2028q2_fitout_cash:downside/id | None | downside_2028q2_fitout_cash |
| /operating_model/cells/downside_2028q2_fitout_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2028q2_fitout_cash:downside/label | None | Cash contribution: fitout |
| /operating_model/cells/downside_2028q2_fitout_cash:downside/period | None | 2028Q2 |
| /operating_model/cells/downside_2028q2_fitout_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q2_fitout_cash:downside/value | None | 4.2 |
| /operating_model/cells/downside_2028q2_fitout_margin:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2028q2_fitout_margin:downside/case | None | downside |
| /operating_model/cells/downside_2028q2_fitout_margin:downside/id | None | downside_2028q2_fitout_margin |
| /operating_model/cells/downside_2028q2_fitout_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q2_fitout_margin:downside/label | None | Cash contribution margin: fitout |
| /operating_model/cells/downside_2028q2_fitout_margin:downside/period | None | 2028Q2 |
| /operating_model/cells/downside_2028q2_fitout_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2028q2_fitout_margin:downside/value | None | 0.02 |
| /operating_model/cells/downside_2028q2_hosting:downside/basis | None | Hosting services, not owned Bitcoin production. |
| /operating_model/cells/downside_2028q2_hosting:downside/case | None | downside |
| /operating_model/cells/downside_2028q2_hosting:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2028q2_hosting:downside/formula/refs/0 | None | q4_hosting |
| /operating_model/cells/downside_2028q2_hosting:downside/formula/refs/1 | None | downside_2028q2_hosting_factor |
| /operating_model/cells/downside_2028q2_hosting:downside/id | None | downside_2028q2_hosting |
| /operating_model/cells/downside_2028q2_hosting:downside/kind | None | derived |
| /operating_model/cells/downside_2028q2_hosting:downside/label | None | Mining hosting revenue |
| /operating_model/cells/downside_2028q2_hosting:downside/period | None | 2028Q2 |
| /operating_model/cells/downside_2028q2_hosting:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q2_hosting:downside/value | None | 31.705 |
| /operating_model/cells/downside_2028q2_hosting_cash:downside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/downside_2028q2_hosting_cash:downside/case | None | downside |
| /operating_model/cells/downside_2028q2_hosting_cash:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2028q2_hosting_cash:downside/formula/refs/0 | None | downside_2028q2_hosting |
| /operating_model/cells/downside_2028q2_hosting_cash:downside/formula/refs/1 | None | downside_2028q2_hosting_margin |
| /operating_model/cells/downside_2028q2_hosting_cash:downside/id | None | downside_2028q2_hosting_cash |
| /operating_model/cells/downside_2028q2_hosting_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2028q2_hosting_cash:downside/label | None | Cash contribution: hosting |
| /operating_model/cells/downside_2028q2_hosting_cash:downside/period | None | 2028Q2 |
| /operating_model/cells/downside_2028q2_hosting_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q2_hosting_cash:downside/value | None | 7.92625 |
| /operating_model/cells/downside_2028q2_hosting_factor:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2028q2_hosting_factor:downside/case | None | downside |
| /operating_model/cells/downside_2028q2_hosting_factor:downside/id | None | downside_2028q2_hosting_factor |
| /operating_model/cells/downside_2028q2_hosting_factor:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q2_hosting_factor:downside/label | None | Hosting revenue versus Q4 |
| /operating_model/cells/downside_2028q2_hosting_factor:downside/period | None | 2028Q2 |
| /operating_model/cells/downside_2028q2_hosting_factor:downside/unit | None | ratio |
| /operating_model/cells/downside_2028q2_hosting_factor:downside/value | None | 0.85 |
| /operating_model/cells/downside_2028q2_hosting_margin:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2028q2_hosting_margin:downside/case | None | downside |
| /operating_model/cells/downside_2028q2_hosting_margin:downside/id | None | downside_2028q2_hosting_margin |
| /operating_model/cells/downside_2028q2_hosting_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q2_hosting_margin:downside/label | None | Cash contribution margin: hosting |
| /operating_model/cells/downside_2028q2_hosting_margin:downside/period | None | 2028Q2 |
| /operating_model/cells/downside_2028q2_hosting_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2028q2_hosting_margin:downside/value | None | 0.25 |
| /operating_model/cells/downside_2028q2_mw:downside/basis | None | Desk delivery/acceptance schedule, not quarter-end capacity. Delta Forge 2 contributes only near H1 calendar 2028. |
| /operating_model/cells/downside_2028q2_mw:downside/case | None | downside |
| /operating_model/cells/downside_2028q2_mw:downside/id | None | downside_2028q2_mw |
| /operating_model/cells/downside_2028q2_mw:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q2_mw:downside/label | None | Average revenue-producing critical IT MW |
| /operating_model/cells/downside_2028q2_mw:downside/period | None | 2028Q2 |
| /operating_model/cells/downside_2028q2_mw:downside/unit | None | MW |
| /operating_model/cells/downside_2028q2_mw:downside/value | None | 650.0 |
| /operating_model/cells/downside_2028q2_mw_ratio:downside/basis | None | Normalizes critical IT capacity without treating utility power as IT load. |
| /operating_model/cells/downside_2028q2_mw_ratio:downside/case | None | downside |
| /operating_model/cells/downside_2028q2_mw_ratio:downside/formula/op | None | divide |
| /operating_model/cells/downside_2028q2_mw_ratio:downside/formula/refs/0 | None | downside_2028q2_mw |
| /operating_model/cells/downside_2028q2_mw_ratio:downside/formula/refs/1 | None | q4_rent_mw |
| /operating_model/cells/downside_2028q2_mw_ratio:downside/id | None | downside_2028q2_mw_ratio |
| /operating_model/cells/downside_2028q2_mw_ratio:downside/kind | None | derived |
| /operating_model/cells/downside_2028q2_mw_ratio:downside/label | None | Capacity / 100 MW reference |
| /operating_model/cells/downside_2028q2_mw_ratio:downside/period | None | 2028Q2 |
| /operating_model/cells/downside_2028q2_mw_ratio:downside/unit | None | ratio |
| /operating_model/cells/downside_2028q2_mw_ratio:downside/value | None | 6.5 |
| /operating_model/cells/downside_2028q2_other:downside/basis | None | Net working capital, small-loan interest, taxes and interest income allowance. Lease principal excluded. |
| /operating_model/cells/downside_2028q2_other:downside/case | None | downside |
| /operating_model/cells/downside_2028q2_other:downside/id | None | downside_2028q2_other |
| /operating_model/cells/downside_2028q2_other:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q2_other:downside/label | None | Other net cash uses |
| /operating_model/cells/downside_2028q2_other:downside/period | None | 2028Q2 |
| /operating_model/cells/downside_2028q2_other:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q2_other:downside/value | None | 22.0 |
| /operating_model/cells/downside_2028q2_preferred_accrual:downside/basis | None | Simple quarterly accrual; noncash PIK assumption, no compounding or redemption waterfall. |
| /operating_model/cells/downside_2028q2_preferred_accrual:downside/case | None | downside |
| /operating_model/cells/downside_2028q2_preferred_accrual:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2028q2_preferred_accrual:downside/formula/refs/0 | None | preferred_annual |
| /operating_model/cells/downside_2028q2_preferred_accrual:downside/formula/refs/1 | None | quarter |
| /operating_model/cells/downside_2028q2_preferred_accrual:downside/id | None | downside_2028q2_preferred_accrual |
| /operating_model/cells/downside_2028q2_preferred_accrual:downside/kind | None | derived |
| /operating_model/cells/downside_2028q2_preferred_accrual:downside/label | None | Preferred economic accrual |
| /operating_model/cells/downside_2028q2_preferred_accrual:downside/period | None | 2028Q2 |
| /operating_model/cells/downside_2028q2_preferred_accrual:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q2_preferred_accrual:downside/value | None | 58.171875 |
| /operating_model/cells/downside_2028q2_recoveries:downside/basis | None | Pass-through operating recoveries modeled separately. |
| /operating_model/cells/downside_2028q2_recoveries:downside/case | None | downside |
| /operating_model/cells/downside_2028q2_recoveries:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2028q2_recoveries:downside/formula/refs/0 | None | downside_2028q2_base_rent |
| /operating_model/cells/downside_2028q2_recoveries:downside/formula/refs/1 | None | downside_2028q2_recovery_ratio |
| /operating_model/cells/downside_2028q2_recoveries:downside/id | None | downside_2028q2_recoveries |
| /operating_model/cells/downside_2028q2_recoveries:downside/kind | None | derived |
| /operating_model/cells/downside_2028q2_recoveries:downside/label | None | Tenant recoveries |
| /operating_model/cells/downside_2028q2_recoveries:downside/period | None | 2028Q2 |
| /operating_model/cells/downside_2028q2_recoveries:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q2_recoveries:downside/value | None | 38.69775 |
| /operating_model/cells/downside_2028q2_recovery_cash:downside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/downside_2028q2_recovery_cash:downside/case | None | downside |
| /operating_model/cells/downside_2028q2_recovery_cash:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2028q2_recovery_cash:downside/formula/refs/0 | None | downside_2028q2_recoveries |
| /operating_model/cells/downside_2028q2_recovery_cash:downside/formula/refs/1 | None | downside_2028q2_recovery_margin |
| /operating_model/cells/downside_2028q2_recovery_cash:downside/id | None | downside_2028q2_recovery_cash |
| /operating_model/cells/downside_2028q2_recovery_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2028q2_recovery_cash:downside/label | None | Cash contribution: recovery |
| /operating_model/cells/downside_2028q2_recovery_cash:downside/period | None | 2028Q2 |
| /operating_model/cells/downside_2028q2_recovery_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q2_recovery_cash:downside/value | None | 0.0 |
| /operating_model/cells/downside_2028q2_recovery_margin:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2028q2_recovery_margin:downside/case | None | downside |
| /operating_model/cells/downside_2028q2_recovery_margin:downside/id | None | downside_2028q2_recovery_margin |
| /operating_model/cells/downside_2028q2_recovery_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q2_recovery_margin:downside/label | None | Cash contribution margin: recovery |
| /operating_model/cells/downside_2028q2_recovery_margin:downside/period | None | 2028Q2 |
| /operating_model/cells/downside_2028q2_recovery_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2028q2_recovery_margin:downside/value | None | 0.0 |
| /operating_model/cells/downside_2028q2_recovery_ratio:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2028q2_recovery_ratio:downside/case | None | downside |
| /operating_model/cells/downside_2028q2_recovery_ratio:downside/id | None | downside_2028q2_recovery_ratio |
| /operating_model/cells/downside_2028q2_recovery_ratio:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q2_recovery_ratio:downside/label | None | Recoveries / base rent |
| /operating_model/cells/downside_2028q2_recovery_ratio:downside/period | None | 2028Q2 |
| /operating_model/cells/downside_2028q2_recovery_ratio:downside/unit | None | ratio |
| /operating_model/cells/downside_2028q2_recovery_ratio:downside/value | None | 0.15 |
| /operating_model/cells/downside_2028q2_rent_at_reference:downside/basis | None | Reported Q4 rent per 100 MW times average active capacity. |
| /operating_model/cells/downside_2028q2_rent_at_reference:downside/case | None | downside |
| /operating_model/cells/downside_2028q2_rent_at_reference:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2028q2_rent_at_reference:downside/formula/refs/0 | None | downside_2028q2_mw_ratio |
| /operating_model/cells/downside_2028q2_rent_at_reference:downside/formula/refs/1 | None | q4_rent |
| /operating_model/cells/downside_2028q2_rent_at_reference:downside/id | None | downside_2028q2_rent_at_reference |
| /operating_model/cells/downside_2028q2_rent_at_reference:downside/kind | None | derived |
| /operating_model/cells/downside_2028q2_rent_at_reference:downside/label | None | Rent at Q4 reference economics |
| /operating_model/cells/downside_2028q2_rent_at_reference:downside/period | None | 2028Q2 |
| /operating_model/cells/downside_2028q2_rent_at_reference:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q2_rent_at_reference:downside/value | None | 286.65000000000003 |
| /operating_model/cells/downside_2028q2_rent_cash:downside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/downside_2028q2_rent_cash:downside/case | None | downside |
| /operating_model/cells/downside_2028q2_rent_cash:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2028q2_rent_cash:downside/formula/refs/0 | None | downside_2028q2_base_rent |
| /operating_model/cells/downside_2028q2_rent_cash:downside/formula/refs/1 | None | downside_2028q2_rent_margin |
| /operating_model/cells/downside_2028q2_rent_cash:downside/id | None | downside_2028q2_rent_cash |
| /operating_model/cells/downside_2028q2_rent_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2028q2_rent_cash:downside/label | None | Cash contribution: rent |
| /operating_model/cells/downside_2028q2_rent_cash:downside/period | None | 2028Q2 |
| /operating_model/cells/downside_2028q2_rent_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q2_rent_cash:downside/value | None | 214.12755 |
| /operating_model/cells/downside_2028q2_rent_margin:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2028q2_rent_margin:downside/case | None | downside |
| /operating_model/cells/downside_2028q2_rent_margin:downside/id | None | downside_2028q2_rent_margin |
| /operating_model/cells/downside_2028q2_rent_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q2_rent_margin:downside/label | None | Cash contribution margin: rent |
| /operating_model/cells/downside_2028q2_rent_margin:downside/period | None | 2028Q2 |
| /operating_model/cells/downside_2028q2_rent_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2028q2_rent_margin:downside/value | None | 0.83 |
| /operating_model/cells/downside_2028q2_rent_realization:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2028q2_rent_realization:downside/case | None | downside |
| /operating_model/cells/downside_2028q2_rent_realization:downside/id | None | downside_2028q2_rent_realization |
| /operating_model/cells/downside_2028q2_rent_realization:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q2_rent_realization:downside/label | None | Rent realization versus reference |
| /operating_model/cells/downside_2028q2_rent_realization:downside/period | None | 2028Q2 |
| /operating_model/cells/downside_2028q2_rent_realization:downside/unit | None | ratio |
| /operating_model/cells/downside_2028q2_rent_realization:downside/value | None | 0.9 |
| /operating_model/cells/downside_2028q2_revenue:downside/basis | None | Rent, fit-out, recoveries, hosting and cloud, without optional lease renewals. |
| /operating_model/cells/downside_2028q2_revenue:downside/case | None | downside |
| /operating_model/cells/downside_2028q2_revenue:downside/formula/op | None | sum |
| /operating_model/cells/downside_2028q2_revenue:downside/formula/refs/0 | None | downside_2028q2_base_rent |
| /operating_model/cells/downside_2028q2_revenue:downside/formula/refs/1 | None | downside_2028q2_fitout |
| /operating_model/cells/downside_2028q2_revenue:downside/formula/refs/2 | None | downside_2028q2_recoveries |
| /operating_model/cells/downside_2028q2_revenue:downside/formula/refs/3 | None | downside_2028q2_hosting |
| /operating_model/cells/downside_2028q2_revenue:downside/formula/refs/4 | None | downside_2028q2_cloud |
| /operating_model/cells/downside_2028q2_revenue:downside/id | None | downside_2028q2_revenue |
| /operating_model/cells/downside_2028q2_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_2028q2_revenue:downside/label | None | Consolidated revenue |
| /operating_model/cells/downside_2028q2_revenue:downside/period | None | 2028Q2 |
| /operating_model/cells/downside_2028q2_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q2_revenue:downside/value | None | 556.7837499999999 |
| /operating_model/cells/downside_2028q2_site_cash:downside/basis | None | Includes all consolidated businesses. |
| /operating_model/cells/downside_2028q2_site_cash:downside/case | None | downside |
| /operating_model/cells/downside_2028q2_site_cash:downside/formula/op | None | sum |
| /operating_model/cells/downside_2028q2_site_cash:downside/formula/refs/0 | None | downside_2028q2_rent_cash |
| /operating_model/cells/downside_2028q2_site_cash:downside/formula/refs/1 | None | downside_2028q2_fitout_cash |
| /operating_model/cells/downside_2028q2_site_cash:downside/formula/refs/2 | None | downside_2028q2_recovery_cash |
| /operating_model/cells/downside_2028q2_site_cash:downside/formula/refs/3 | None | downside_2028q2_hosting_cash |
| /operating_model/cells/downside_2028q2_site_cash:downside/formula/refs/4 | None | downside_2028q2_cloud_cash |
| /operating_model/cells/downside_2028q2_site_cash:downside/id | None | downside_2028q2_site_cash |
| /operating_model/cells/downside_2028q2_site_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2028q2_site_cash:downside/label | None | Combined business cash contribution |
| /operating_model/cells/downside_2028q2_site_cash:downside/period | None | 2028Q2 |
| /operating_model/cells/downside_2028q2_site_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q2_site_cash:downside/value | None | 221.65480000000002 |
| /operating_model/cells/downside_2028q3_base_rent:downside/basis | None | Desk rent mix/commencement sensitivity, not repricing signed leases. |
| /operating_model/cells/downside_2028q3_base_rent:downside/case | None | downside |
| /operating_model/cells/downside_2028q3_base_rent:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2028q3_base_rent:downside/formula/refs/0 | None | downside_2028q3_rent_at_reference |
| /operating_model/cells/downside_2028q3_base_rent:downside/formula/refs/1 | None | downside_2028q3_rent_realization |
| /operating_model/cells/downside_2028q3_base_rent:downside/id | None | downside_2028q3_base_rent |
| /operating_model/cells/downside_2028q3_base_rent:downside/kind | None | derived |
| /operating_model/cells/downside_2028q3_base_rent:downside/label | None | HPC base rent |
| /operating_model/cells/downside_2028q3_base_rent:downside/period | None | 2028Q3 |
| /operating_model/cells/downside_2028q3_base_rent:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q3_base_rent:downside/value | None | 317.52000000000004 |
| /operating_model/cells/downside_2028q3_capex:downside/basis | None | Desk construction spending; delay case includes higher build costs. Not company guidance. |
| /operating_model/cells/downside_2028q3_capex:downside/case | None | downside |
| /operating_model/cells/downside_2028q3_capex:downside/id | None | downside_2028q3_capex |
| /operating_model/cells/downside_2028q3_capex:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q3_capex:downside/label | None | Construction and asset purchases |
| /operating_model/cells/downside_2028q3_capex:downside/period | None | 2028Q3 |
| /operating_model/cells/downside_2028q3_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q3_capex:downside/value | None | 1700.0 |
| /operating_model/cells/downside_2028q3_cash_after_capex:downside/basis | None | Before financing proceeds, principal, acquisitions and restricted reserve transfers. |
| /operating_model/cells/downside_2028q3_cash_after_capex:downside/case | None | downside |
| /operating_model/cells/downside_2028q3_cash_after_capex:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2028q3_cash_after_capex:downside/formula/refs/0 | None | downside_2028q3_cash_before_capex |
| /operating_model/cells/downside_2028q3_cash_after_capex:downside/formula/refs/1 | None | downside_2028q3_capex |
| /operating_model/cells/downside_2028q3_cash_after_capex:downside/id | None | downside_2028q3_cash_after_capex |
| /operating_model/cells/downside_2028q3_cash_after_capex:downside/kind | None | derived |
| /operating_model/cells/downside_2028q3_cash_after_capex:downside/label | None | Cash after capex proxy |
| /operating_model/cells/downside_2028q3_cash_after_capex:downside/period | None | 2028Q3 |
| /operating_model/cells/downside_2028q3_cash_after_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q3_cash_after_capex:downside/value | None | -1608.25886 |
| /operating_model/cells/downside_2028q3_cash_before_capex:downside/basis | None | Analytical cash proxy; not consolidated GAAP CFO. |
| /operating_model/cells/downside_2028q3_cash_before_capex:downside/case | None | downside |
| /operating_model/cells/downside_2028q3_cash_before_capex:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2028q3_cash_before_capex:downside/formula/refs/0 | None | downside_2028q3_site_cash |
| /operating_model/cells/downside_2028q3_cash_before_capex:downside/formula/refs/1 | None | downside_2028q3_cash_uses |
| /operating_model/cells/downside_2028q3_cash_before_capex:downside/id | None | downside_2028q3_cash_before_capex |
| /operating_model/cells/downside_2028q3_cash_before_capex:downside/kind | None | derived |
| /operating_model/cells/downside_2028q3_cash_before_capex:downside/label | None | Cash before capex proxy |
| /operating_model/cells/downside_2028q3_cash_before_capex:downside/period | None | 2028Q3 |
| /operating_model/cells/downside_2028q3_cash_before_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q3_cash_before_capex:downside/value | None | 91.74114000000003 |
| /operating_model/cells/downside_2028q3_cash_uses:downside/basis | None | Excludes noncash preferred accrual and financing principal. |
| /operating_model/cells/downside_2028q3_cash_uses:downside/case | None | downside |
| /operating_model/cells/downside_2028q3_cash_uses:downside/formula/op | None | sum |
| /operating_model/cells/downside_2028q3_cash_uses:downside/formula/refs/0 | None | quarter_coupon |
| /operating_model/cells/downside_2028q3_cash_uses:downside/formula/refs/1 | None | downside_2028q3_corp |
| /operating_model/cells/downside_2028q3_cash_uses:downside/formula/refs/2 | None | downside_2028q3_other |
| /operating_model/cells/downside_2028q3_cash_uses:downside/id | None | downside_2028q3_cash_uses |
| /operating_model/cells/downside_2028q3_cash_uses:downside/kind | None | derived |
| /operating_model/cells/downside_2028q3_cash_uses:downside/label | None | Corporate, coupon and other cash uses |
| /operating_model/cells/downside_2028q3_cash_uses:downside/period | None | 2028Q3 |
| /operating_model/cells/downside_2028q3_cash_uses:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q3_cash_uses:downside/value | None | 178.54375 |
| /operating_model/cells/downside_2028q3_cloud:downside/basis | None | Still consolidated; no assumption of a full GAAP deconsolidation. |
| /operating_model/cells/downside_2028q3_cloud:downside/case | None | downside |
| /operating_model/cells/downside_2028q3_cloud:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2028q3_cloud:downside/formula/refs/0 | None | q4_cloud |
| /operating_model/cells/downside_2028q3_cloud:downside/formula/refs/1 | None | downside_2028q3_cloud_factor |
| /operating_model/cells/downside_2028q3_cloud:downside/id | None | downside_2028q3_cloud |
| /operating_model/cells/downside_2028q3_cloud:downside/kind | None | derived |
| /operating_model/cells/downside_2028q3_cloud:downside/label | None | Consolidated ChronoScale revenue |
| /operating_model/cells/downside_2028q3_cloud:downside/period | None | 2028Q3 |
| /operating_model/cells/downside_2028q3_cloud:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q3_cloud:downside/value | None | 19.13184 |
| /operating_model/cells/downside_2028q3_cloud_cash:downside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/downside_2028q3_cloud_cash:downside/case | None | downside |
| /operating_model/cells/downside_2028q3_cloud_cash:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2028q3_cloud_cash:downside/formula/refs/0 | None | downside_2028q3_cloud |
| /operating_model/cells/downside_2028q3_cloud_cash:downside/formula/refs/1 | None | downside_2028q3_cloud_margin |
| /operating_model/cells/downside_2028q3_cloud_cash:downside/id | None | downside_2028q3_cloud_cash |
| /operating_model/cells/downside_2028q3_cloud_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2028q3_cloud_cash:downside/label | None | Cash contribution: cloud |
| /operating_model/cells/downside_2028q3_cloud_cash:downside/period | None | 2028Q3 |
| /operating_model/cells/downside_2028q3_cloud_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q3_cloud_cash:downside/value | None | -4.78296 |
| /operating_model/cells/downside_2028q3_cloud_factor:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2028q3_cloud_factor:downside/case | None | downside |
| /operating_model/cells/downside_2028q3_cloud_factor:downside/id | None | downside_2028q3_cloud_factor |
| /operating_model/cells/downside_2028q3_cloud_factor:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q3_cloud_factor:downside/label | None | Cloud revenue versus Q4 |
| /operating_model/cells/downside_2028q3_cloud_factor:downside/period | None | 2028Q3 |
| /operating_model/cells/downside_2028q3_cloud_factor:downside/unit | None | ratio |
| /operating_model/cells/downside_2028q3_cloud_factor:downside/value | None | 1.04 |
| /operating_model/cells/downside_2028q3_cloud_margin:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2028q3_cloud_margin:downside/case | None | downside |
| /operating_model/cells/downside_2028q3_cloud_margin:downside/id | None | downside_2028q3_cloud_margin |
| /operating_model/cells/downside_2028q3_cloud_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q3_cloud_margin:downside/label | None | Cash contribution margin: cloud |
| /operating_model/cells/downside_2028q3_cloud_margin:downside/period | None | 2028Q3 |
| /operating_model/cells/downside_2028q3_cloud_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2028q3_cloud_margin:downside/value | None | -0.25 |
| /operating_model/cells/downside_2028q3_corp:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2028q3_corp:downside/case | None | downside |
| /operating_model/cells/downside_2028q3_corp:downside/id | None | downside_2028q3_corp |
| /operating_model/cells/downside_2028q3_corp:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q3_corp:downside/label | None | Corporate cash overhead |
| /operating_model/cells/downside_2028q3_corp:downside/period | None | 2028Q3 |
| /operating_model/cells/downside_2028q3_corp:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q3_corp:downside/value | None | 35.0 |
| /operating_model/cells/downside_2028q3_fitout:downside/basis | None | Low-margin nonrecurring installation work; not recurring rent. |
| /operating_model/cells/downside_2028q3_fitout:downside/case | None | downside |
| /operating_model/cells/downside_2028q3_fitout:downside/id | None | downside_2028q3_fitout |
| /operating_model/cells/downside_2028q3_fitout:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q3_fitout:downside/label | None | Tenant fit-out revenue |
| /operating_model/cells/downside_2028q3_fitout:downside/period | None | 2028Q3 |
| /operating_model/cells/downside_2028q3_fitout:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q3_fitout:downside/value | None | 180.0 |
| /operating_model/cells/downside_2028q3_fitout_cash:downside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/downside_2028q3_fitout_cash:downside/case | None | downside |
| /operating_model/cells/downside_2028q3_fitout_cash:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2028q3_fitout_cash:downside/formula/refs/0 | None | downside_2028q3_fitout |
| /operating_model/cells/downside_2028q3_fitout_cash:downside/formula/refs/1 | None | downside_2028q3_fitout_margin |
| /operating_model/cells/downside_2028q3_fitout_cash:downside/id | None | downside_2028q3_fitout_cash |
| /operating_model/cells/downside_2028q3_fitout_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2028q3_fitout_cash:downside/label | None | Cash contribution: fitout |
| /operating_model/cells/downside_2028q3_fitout_cash:downside/period | None | 2028Q3 |
| /operating_model/cells/downside_2028q3_fitout_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q3_fitout_cash:downside/value | None | 3.6 |
| /operating_model/cells/downside_2028q3_fitout_margin:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2028q3_fitout_margin:downside/case | None | downside |
| /operating_model/cells/downside_2028q3_fitout_margin:downside/id | None | downside_2028q3_fitout_margin |
| /operating_model/cells/downside_2028q3_fitout_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q3_fitout_margin:downside/label | None | Cash contribution margin: fitout |
| /operating_model/cells/downside_2028q3_fitout_margin:downside/period | None | 2028Q3 |
| /operating_model/cells/downside_2028q3_fitout_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2028q3_fitout_margin:downside/value | None | 0.02 |
| /operating_model/cells/downside_2028q3_hosting:downside/basis | None | Hosting services, not owned Bitcoin production. |
| /operating_model/cells/downside_2028q3_hosting:downside/case | None | downside |
| /operating_model/cells/downside_2028q3_hosting:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2028q3_hosting:downside/formula/refs/0 | None | q4_hosting |
| /operating_model/cells/downside_2028q3_hosting:downside/formula/refs/1 | None | downside_2028q3_hosting_factor |
| /operating_model/cells/downside_2028q3_hosting:downside/id | None | downside_2028q3_hosting |
| /operating_model/cells/downside_2028q3_hosting:downside/kind | None | derived |
| /operating_model/cells/downside_2028q3_hosting:downside/label | None | Mining hosting revenue |
| /operating_model/cells/downside_2028q3_hosting:downside/period | None | 2028Q3 |
| /operating_model/cells/downside_2028q3_hosting:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q3_hosting:downside/value | None | 31.705 |
| /operating_model/cells/downside_2028q3_hosting_cash:downside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/downside_2028q3_hosting_cash:downside/case | None | downside |
| /operating_model/cells/downside_2028q3_hosting_cash:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2028q3_hosting_cash:downside/formula/refs/0 | None | downside_2028q3_hosting |
| /operating_model/cells/downside_2028q3_hosting_cash:downside/formula/refs/1 | None | downside_2028q3_hosting_margin |
| /operating_model/cells/downside_2028q3_hosting_cash:downside/id | None | downside_2028q3_hosting_cash |
| /operating_model/cells/downside_2028q3_hosting_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2028q3_hosting_cash:downside/label | None | Cash contribution: hosting |
| /operating_model/cells/downside_2028q3_hosting_cash:downside/period | None | 2028Q3 |
| /operating_model/cells/downside_2028q3_hosting_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q3_hosting_cash:downside/value | None | 7.92625 |
| /operating_model/cells/downside_2028q3_hosting_factor:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2028q3_hosting_factor:downside/case | None | downside |
| /operating_model/cells/downside_2028q3_hosting_factor:downside/id | None | downside_2028q3_hosting_factor |
| /operating_model/cells/downside_2028q3_hosting_factor:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q3_hosting_factor:downside/label | None | Hosting revenue versus Q4 |
| /operating_model/cells/downside_2028q3_hosting_factor:downside/period | None | 2028Q3 |
| /operating_model/cells/downside_2028q3_hosting_factor:downside/unit | None | ratio |
| /operating_model/cells/downside_2028q3_hosting_factor:downside/value | None | 0.85 |
| /operating_model/cells/downside_2028q3_hosting_margin:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2028q3_hosting_margin:downside/case | None | downside |
| /operating_model/cells/downside_2028q3_hosting_margin:downside/id | None | downside_2028q3_hosting_margin |
| /operating_model/cells/downside_2028q3_hosting_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q3_hosting_margin:downside/label | None | Cash contribution margin: hosting |
| /operating_model/cells/downside_2028q3_hosting_margin:downside/period | None | 2028Q3 |
| /operating_model/cells/downside_2028q3_hosting_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2028q3_hosting_margin:downside/value | None | 0.25 |
| /operating_model/cells/downside_2028q3_mw:downside/basis | None | Desk delivery/acceptance schedule, not quarter-end capacity. Delta Forge 2 contributes only near H1 calendar 2028. |
| /operating_model/cells/downside_2028q3_mw:downside/case | None | downside |
| /operating_model/cells/downside_2028q3_mw:downside/id | None | downside_2028q3_mw |
| /operating_model/cells/downside_2028q3_mw:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q3_mw:downside/label | None | Average revenue-producing critical IT MW |
| /operating_model/cells/downside_2028q3_mw:downside/period | None | 2028Q3 |
| /operating_model/cells/downside_2028q3_mw:downside/unit | None | MW |
| /operating_model/cells/downside_2028q3_mw:downside/value | None | 800.0 |
| /operating_model/cells/downside_2028q3_mw_ratio:downside/basis | None | Normalizes critical IT capacity without treating utility power as IT load. |
| /operating_model/cells/downside_2028q3_mw_ratio:downside/case | None | downside |
| /operating_model/cells/downside_2028q3_mw_ratio:downside/formula/op | None | divide |
| /operating_model/cells/downside_2028q3_mw_ratio:downside/formula/refs/0 | None | downside_2028q3_mw |
| /operating_model/cells/downside_2028q3_mw_ratio:downside/formula/refs/1 | None | q4_rent_mw |
| /operating_model/cells/downside_2028q3_mw_ratio:downside/id | None | downside_2028q3_mw_ratio |
| /operating_model/cells/downside_2028q3_mw_ratio:downside/kind | None | derived |
| /operating_model/cells/downside_2028q3_mw_ratio:downside/label | None | Capacity / 100 MW reference |
| /operating_model/cells/downside_2028q3_mw_ratio:downside/period | None | 2028Q3 |
| /operating_model/cells/downside_2028q3_mw_ratio:downside/unit | None | ratio |
| /operating_model/cells/downside_2028q3_mw_ratio:downside/value | None | 8.0 |
| /operating_model/cells/downside_2028q3_other:downside/basis | None | Net working capital, small-loan interest, taxes and interest income allowance. Lease principal excluded. |
| /operating_model/cells/downside_2028q3_other:downside/case | None | downside |
| /operating_model/cells/downside_2028q3_other:downside/id | None | downside_2028q3_other |
| /operating_model/cells/downside_2028q3_other:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q3_other:downside/label | None | Other net cash uses |
| /operating_model/cells/downside_2028q3_other:downside/period | None | 2028Q3 |
| /operating_model/cells/downside_2028q3_other:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q3_other:downside/value | None | 22.0 |
| /operating_model/cells/downside_2028q3_preferred_accrual:downside/basis | None | Simple quarterly accrual; noncash PIK assumption, no compounding or redemption waterfall. |
| /operating_model/cells/downside_2028q3_preferred_accrual:downside/case | None | downside |
| /operating_model/cells/downside_2028q3_preferred_accrual:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2028q3_preferred_accrual:downside/formula/refs/0 | None | preferred_annual |
| /operating_model/cells/downside_2028q3_preferred_accrual:downside/formula/refs/1 | None | quarter |
| /operating_model/cells/downside_2028q3_preferred_accrual:downside/id | None | downside_2028q3_preferred_accrual |
| /operating_model/cells/downside_2028q3_preferred_accrual:downside/kind | None | derived |
| /operating_model/cells/downside_2028q3_preferred_accrual:downside/label | None | Preferred economic accrual |
| /operating_model/cells/downside_2028q3_preferred_accrual:downside/period | None | 2028Q3 |
| /operating_model/cells/downside_2028q3_preferred_accrual:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q3_preferred_accrual:downside/value | None | 58.171875 |
| /operating_model/cells/downside_2028q3_recoveries:downside/basis | None | Pass-through operating recoveries modeled separately. |
| /operating_model/cells/downside_2028q3_recoveries:downside/case | None | downside |
| /operating_model/cells/downside_2028q3_recoveries:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2028q3_recoveries:downside/formula/refs/0 | None | downside_2028q3_base_rent |
| /operating_model/cells/downside_2028q3_recoveries:downside/formula/refs/1 | None | downside_2028q3_recovery_ratio |
| /operating_model/cells/downside_2028q3_recoveries:downside/id | None | downside_2028q3_recoveries |
| /operating_model/cells/downside_2028q3_recoveries:downside/kind | None | derived |
| /operating_model/cells/downside_2028q3_recoveries:downside/label | None | Tenant recoveries |
| /operating_model/cells/downside_2028q3_recoveries:downside/period | None | 2028Q3 |
| /operating_model/cells/downside_2028q3_recoveries:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q3_recoveries:downside/value | None | 47.62800000000001 |
| /operating_model/cells/downside_2028q3_recovery_cash:downside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/downside_2028q3_recovery_cash:downside/case | None | downside |
| /operating_model/cells/downside_2028q3_recovery_cash:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2028q3_recovery_cash:downside/formula/refs/0 | None | downside_2028q3_recoveries |
| /operating_model/cells/downside_2028q3_recovery_cash:downside/formula/refs/1 | None | downside_2028q3_recovery_margin |
| /operating_model/cells/downside_2028q3_recovery_cash:downside/id | None | downside_2028q3_recovery_cash |
| /operating_model/cells/downside_2028q3_recovery_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2028q3_recovery_cash:downside/label | None | Cash contribution: recovery |
| /operating_model/cells/downside_2028q3_recovery_cash:downside/period | None | 2028Q3 |
| /operating_model/cells/downside_2028q3_recovery_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q3_recovery_cash:downside/value | None | 0.0 |
| /operating_model/cells/downside_2028q3_recovery_margin:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2028q3_recovery_margin:downside/case | None | downside |
| /operating_model/cells/downside_2028q3_recovery_margin:downside/id | None | downside_2028q3_recovery_margin |
| /operating_model/cells/downside_2028q3_recovery_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q3_recovery_margin:downside/label | None | Cash contribution margin: recovery |
| /operating_model/cells/downside_2028q3_recovery_margin:downside/period | None | 2028Q3 |
| /operating_model/cells/downside_2028q3_recovery_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2028q3_recovery_margin:downside/value | None | 0.0 |
| /operating_model/cells/downside_2028q3_recovery_ratio:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2028q3_recovery_ratio:downside/case | None | downside |
| /operating_model/cells/downside_2028q3_recovery_ratio:downside/id | None | downside_2028q3_recovery_ratio |
| /operating_model/cells/downside_2028q3_recovery_ratio:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q3_recovery_ratio:downside/label | None | Recoveries / base rent |
| /operating_model/cells/downside_2028q3_recovery_ratio:downside/period | None | 2028Q3 |
| /operating_model/cells/downside_2028q3_recovery_ratio:downside/unit | None | ratio |
| /operating_model/cells/downside_2028q3_recovery_ratio:downside/value | None | 0.15 |
| /operating_model/cells/downside_2028q3_rent_at_reference:downside/basis | None | Reported Q4 rent per 100 MW times average active capacity. |
| /operating_model/cells/downside_2028q3_rent_at_reference:downside/case | None | downside |
| /operating_model/cells/downside_2028q3_rent_at_reference:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2028q3_rent_at_reference:downside/formula/refs/0 | None | downside_2028q3_mw_ratio |
| /operating_model/cells/downside_2028q3_rent_at_reference:downside/formula/refs/1 | None | q4_rent |
| /operating_model/cells/downside_2028q3_rent_at_reference:downside/id | None | downside_2028q3_rent_at_reference |
| /operating_model/cells/downside_2028q3_rent_at_reference:downside/kind | None | derived |
| /operating_model/cells/downside_2028q3_rent_at_reference:downside/label | None | Rent at Q4 reference economics |
| /operating_model/cells/downside_2028q3_rent_at_reference:downside/period | None | 2028Q3 |
| /operating_model/cells/downside_2028q3_rent_at_reference:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q3_rent_at_reference:downside/value | None | 352.8 |
| /operating_model/cells/downside_2028q3_rent_cash:downside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/downside_2028q3_rent_cash:downside/case | None | downside |
| /operating_model/cells/downside_2028q3_rent_cash:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2028q3_rent_cash:downside/formula/refs/0 | None | downside_2028q3_base_rent |
| /operating_model/cells/downside_2028q3_rent_cash:downside/formula/refs/1 | None | downside_2028q3_rent_margin |
| /operating_model/cells/downside_2028q3_rent_cash:downside/id | None | downside_2028q3_rent_cash |
| /operating_model/cells/downside_2028q3_rent_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2028q3_rent_cash:downside/label | None | Cash contribution: rent |
| /operating_model/cells/downside_2028q3_rent_cash:downside/period | None | 2028Q3 |
| /operating_model/cells/downside_2028q3_rent_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q3_rent_cash:downside/value | None | 263.5416 |
| /operating_model/cells/downside_2028q3_rent_margin:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2028q3_rent_margin:downside/case | None | downside |
| /operating_model/cells/downside_2028q3_rent_margin:downside/id | None | downside_2028q3_rent_margin |
| /operating_model/cells/downside_2028q3_rent_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q3_rent_margin:downside/label | None | Cash contribution margin: rent |
| /operating_model/cells/downside_2028q3_rent_margin:downside/period | None | 2028Q3 |
| /operating_model/cells/downside_2028q3_rent_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2028q3_rent_margin:downside/value | None | 0.83 |
| /operating_model/cells/downside_2028q3_rent_realization:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2028q3_rent_realization:downside/case | None | downside |
| /operating_model/cells/downside_2028q3_rent_realization:downside/id | None | downside_2028q3_rent_realization |
| /operating_model/cells/downside_2028q3_rent_realization:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q3_rent_realization:downside/label | None | Rent realization versus reference |
| /operating_model/cells/downside_2028q3_rent_realization:downside/period | None | 2028Q3 |
| /operating_model/cells/downside_2028q3_rent_realization:downside/unit | None | ratio |
| /operating_model/cells/downside_2028q3_rent_realization:downside/value | None | 0.9 |
| /operating_model/cells/downside_2028q3_revenue:downside/basis | None | Rent, fit-out, recoveries, hosting and cloud, without optional lease renewals. |
| /operating_model/cells/downside_2028q3_revenue:downside/case | None | downside |
| /operating_model/cells/downside_2028q3_revenue:downside/formula/op | None | sum |
| /operating_model/cells/downside_2028q3_revenue:downside/formula/refs/0 | None | downside_2028q3_base_rent |
| /operating_model/cells/downside_2028q3_revenue:downside/formula/refs/1 | None | downside_2028q3_fitout |
| /operating_model/cells/downside_2028q3_revenue:downside/formula/refs/2 | None | downside_2028q3_recoveries |
| /operating_model/cells/downside_2028q3_revenue:downside/formula/refs/3 | None | downside_2028q3_hosting |
| /operating_model/cells/downside_2028q3_revenue:downside/formula/refs/4 | None | downside_2028q3_cloud |
| /operating_model/cells/downside_2028q3_revenue:downside/id | None | downside_2028q3_revenue |
| /operating_model/cells/downside_2028q3_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_2028q3_revenue:downside/label | None | Consolidated revenue |
| /operating_model/cells/downside_2028q3_revenue:downside/period | None | 2028Q3 |
| /operating_model/cells/downside_2028q3_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q3_revenue:downside/value | None | 595.9848400000001 |
| /operating_model/cells/downside_2028q3_site_cash:downside/basis | None | Includes all consolidated businesses. |
| /operating_model/cells/downside_2028q3_site_cash:downside/case | None | downside |
| /operating_model/cells/downside_2028q3_site_cash:downside/formula/op | None | sum |
| /operating_model/cells/downside_2028q3_site_cash:downside/formula/refs/0 | None | downside_2028q3_rent_cash |
| /operating_model/cells/downside_2028q3_site_cash:downside/formula/refs/1 | None | downside_2028q3_fitout_cash |
| /operating_model/cells/downside_2028q3_site_cash:downside/formula/refs/2 | None | downside_2028q3_recovery_cash |
| /operating_model/cells/downside_2028q3_site_cash:downside/formula/refs/3 | None | downside_2028q3_hosting_cash |
| /operating_model/cells/downside_2028q3_site_cash:downside/formula/refs/4 | None | downside_2028q3_cloud_cash |
| /operating_model/cells/downside_2028q3_site_cash:downside/id | None | downside_2028q3_site_cash |
| /operating_model/cells/downside_2028q3_site_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2028q3_site_cash:downside/label | None | Combined business cash contribution |
| /operating_model/cells/downside_2028q3_site_cash:downside/period | None | 2028Q3 |
| /operating_model/cells/downside_2028q3_site_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q3_site_cash:downside/value | None | 270.28489 |
| /operating_model/cells/downside_2028q4_base_rent:downside/basis | None | Desk rent mix/commencement sensitivity, not repricing signed leases. |
| /operating_model/cells/downside_2028q4_base_rent:downside/case | None | downside |
| /operating_model/cells/downside_2028q4_base_rent:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2028q4_base_rent:downside/formula/refs/0 | None | downside_2028q4_rent_at_reference |
| /operating_model/cells/downside_2028q4_base_rent:downside/formula/refs/1 | None | downside_2028q4_rent_realization |
| /operating_model/cells/downside_2028q4_base_rent:downside/id | None | downside_2028q4_base_rent |
| /operating_model/cells/downside_2028q4_base_rent:downside/kind | None | derived |
| /operating_model/cells/downside_2028q4_base_rent:downside/label | None | HPC base rent |
| /operating_model/cells/downside_2028q4_base_rent:downside/period | None | 2028Q4 |
| /operating_model/cells/downside_2028q4_base_rent:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q4_base_rent:downside/value | None | 377.055 |
| /operating_model/cells/downside_2028q4_capex:downside/basis | None | Desk construction spending; delay case includes higher build costs. Not company guidance. |
| /operating_model/cells/downside_2028q4_capex:downside/case | None | downside |
| /operating_model/cells/downside_2028q4_capex:downside/id | None | downside_2028q4_capex |
| /operating_model/cells/downside_2028q4_capex:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q4_capex:downside/label | None | Construction and asset purchases |
| /operating_model/cells/downside_2028q4_capex:downside/period | None | 2028Q4 |
| /operating_model/cells/downside_2028q4_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q4_capex:downside/value | None | 1600.0 |
| /operating_model/cells/downside_2028q4_cash_after_capex:downside/basis | None | Before financing proceeds, principal, acquisitions and restricted reserve transfers. |
| /operating_model/cells/downside_2028q4_cash_after_capex:downside/case | None | downside |
| /operating_model/cells/downside_2028q4_cash_after_capex:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2028q4_cash_after_capex:downside/formula/refs/0 | None | downside_2028q4_cash_before_capex |
| /operating_model/cells/downside_2028q4_cash_after_capex:downside/formula/refs/1 | None | downside_2028q4_capex |
| /operating_model/cells/downside_2028q4_cash_after_capex:downside/id | None | downside_2028q4_cash_after_capex |
| /operating_model/cells/downside_2028q4_cash_after_capex:downside/kind | None | derived |
| /operating_model/cells/downside_2028q4_cash_after_capex:downside/label | None | Cash after capex proxy |
| /operating_model/cells/downside_2028q4_cash_after_capex:downside/period | None | 2028Q4 |
| /operating_model/cells/downside_2028q4_cash_after_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q4_cash_after_capex:downside/value | None | -1459.62877 |
| /operating_model/cells/downside_2028q4_cash_before_capex:downside/basis | None | Analytical cash proxy; not consolidated GAAP CFO. |
| /operating_model/cells/downside_2028q4_cash_before_capex:downside/case | None | downside |
| /operating_model/cells/downside_2028q4_cash_before_capex:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2028q4_cash_before_capex:downside/formula/refs/0 | None | downside_2028q4_site_cash |
| /operating_model/cells/downside_2028q4_cash_before_capex:downside/formula/refs/1 | None | downside_2028q4_cash_uses |
| /operating_model/cells/downside_2028q4_cash_before_capex:downside/id | None | downside_2028q4_cash_before_capex |
| /operating_model/cells/downside_2028q4_cash_before_capex:downside/kind | None | derived |
| /operating_model/cells/downside_2028q4_cash_before_capex:downside/label | None | Cash before capex proxy |
| /operating_model/cells/downside_2028q4_cash_before_capex:downside/period | None | 2028Q4 |
| /operating_model/cells/downside_2028q4_cash_before_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q4_cash_before_capex:downside/value | None | 140.37122999999997 |
| /operating_model/cells/downside_2028q4_cash_uses:downside/basis | None | Excludes noncash preferred accrual and financing principal. |
| /operating_model/cells/downside_2028q4_cash_uses:downside/case | None | downside |
| /operating_model/cells/downside_2028q4_cash_uses:downside/formula/op | None | sum |
| /operating_model/cells/downside_2028q4_cash_uses:downside/formula/refs/0 | None | quarter_coupon |
| /operating_model/cells/downside_2028q4_cash_uses:downside/formula/refs/1 | None | downside_2028q4_corp |
| /operating_model/cells/downside_2028q4_cash_uses:downside/formula/refs/2 | None | downside_2028q4_other |
| /operating_model/cells/downside_2028q4_cash_uses:downside/id | None | downside_2028q4_cash_uses |
| /operating_model/cells/downside_2028q4_cash_uses:downside/kind | None | derived |
| /operating_model/cells/downside_2028q4_cash_uses:downside/label | None | Corporate, coupon and other cash uses |
| /operating_model/cells/downside_2028q4_cash_uses:downside/period | None | 2028Q4 |
| /operating_model/cells/downside_2028q4_cash_uses:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q4_cash_uses:downside/value | None | 178.54375 |
| /operating_model/cells/downside_2028q4_cloud:downside/basis | None | Still consolidated; no assumption of a full GAAP deconsolidation. |
| /operating_model/cells/downside_2028q4_cloud:downside/case | None | downside |
| /operating_model/cells/downside_2028q4_cloud:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2028q4_cloud:downside/formula/refs/0 | None | q4_cloud |
| /operating_model/cells/downside_2028q4_cloud:downside/formula/refs/1 | None | downside_2028q4_cloud_factor |
| /operating_model/cells/downside_2028q4_cloud:downside/id | None | downside_2028q4_cloud |
| /operating_model/cells/downside_2028q4_cloud:downside/kind | None | derived |
| /operating_model/cells/downside_2028q4_cloud:downside/label | None | Consolidated ChronoScale revenue |
| /operating_model/cells/downside_2028q4_cloud:downside/period | None | 2028Q4 |
| /operating_model/cells/downside_2028q4_cloud:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q4_cloud:downside/value | None | 19.867680000000004 |
| /operating_model/cells/downside_2028q4_cloud_cash:downside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/downside_2028q4_cloud_cash:downside/case | None | downside |
| /operating_model/cells/downside_2028q4_cloud_cash:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2028q4_cloud_cash:downside/formula/refs/0 | None | downside_2028q4_cloud |
| /operating_model/cells/downside_2028q4_cloud_cash:downside/formula/refs/1 | None | downside_2028q4_cloud_margin |
| /operating_model/cells/downside_2028q4_cloud_cash:downside/id | None | downside_2028q4_cloud_cash |
| /operating_model/cells/downside_2028q4_cloud_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2028q4_cloud_cash:downside/label | None | Cash contribution: cloud |
| /operating_model/cells/downside_2028q4_cloud_cash:downside/period | None | 2028Q4 |
| /operating_model/cells/downside_2028q4_cloud_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q4_cloud_cash:downside/value | None | -4.966920000000001 |
| /operating_model/cells/downside_2028q4_cloud_factor:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2028q4_cloud_factor:downside/case | None | downside |
| /operating_model/cells/downside_2028q4_cloud_factor:downside/id | None | downside_2028q4_cloud_factor |
| /operating_model/cells/downside_2028q4_cloud_factor:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q4_cloud_factor:downside/label | None | Cloud revenue versus Q4 |
| /operating_model/cells/downside_2028q4_cloud_factor:downside/period | None | 2028Q4 |
| /operating_model/cells/downside_2028q4_cloud_factor:downside/unit | None | ratio |
| /operating_model/cells/downside_2028q4_cloud_factor:downside/value | None | 1.08 |
| /operating_model/cells/downside_2028q4_cloud_margin:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2028q4_cloud_margin:downside/case | None | downside |
| /operating_model/cells/downside_2028q4_cloud_margin:downside/id | None | downside_2028q4_cloud_margin |
| /operating_model/cells/downside_2028q4_cloud_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q4_cloud_margin:downside/label | None | Cash contribution margin: cloud |
| /operating_model/cells/downside_2028q4_cloud_margin:downside/period | None | 2028Q4 |
| /operating_model/cells/downside_2028q4_cloud_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2028q4_cloud_margin:downside/value | None | -0.25 |
| /operating_model/cells/downside_2028q4_corp:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2028q4_corp:downside/case | None | downside |
| /operating_model/cells/downside_2028q4_corp:downside/id | None | downside_2028q4_corp |
| /operating_model/cells/downside_2028q4_corp:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q4_corp:downside/label | None | Corporate cash overhead |
| /operating_model/cells/downside_2028q4_corp:downside/period | None | 2028Q4 |
| /operating_model/cells/downside_2028q4_corp:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q4_corp:downside/value | None | 35.0 |
| /operating_model/cells/downside_2028q4_fitout:downside/basis | None | Low-margin nonrecurring installation work; not recurring rent. |
| /operating_model/cells/downside_2028q4_fitout:downside/case | None | downside |
| /operating_model/cells/downside_2028q4_fitout:downside/id | None | downside_2028q4_fitout |
| /operating_model/cells/downside_2028q4_fitout:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q4_fitout:downside/label | None | Tenant fit-out revenue |
| /operating_model/cells/downside_2028q4_fitout:downside/period | None | 2028Q4 |
| /operating_model/cells/downside_2028q4_fitout:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q4_fitout:downside/value | None | 150.0 |
| /operating_model/cells/downside_2028q4_fitout_cash:downside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/downside_2028q4_fitout_cash:downside/case | None | downside |
| /operating_model/cells/downside_2028q4_fitout_cash:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2028q4_fitout_cash:downside/formula/refs/0 | None | downside_2028q4_fitout |
| /operating_model/cells/downside_2028q4_fitout_cash:downside/formula/refs/1 | None | downside_2028q4_fitout_margin |
| /operating_model/cells/downside_2028q4_fitout_cash:downside/id | None | downside_2028q4_fitout_cash |
| /operating_model/cells/downside_2028q4_fitout_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2028q4_fitout_cash:downside/label | None | Cash contribution: fitout |
| /operating_model/cells/downside_2028q4_fitout_cash:downside/period | None | 2028Q4 |
| /operating_model/cells/downside_2028q4_fitout_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q4_fitout_cash:downside/value | None | 3.0 |
| /operating_model/cells/downside_2028q4_fitout_margin:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2028q4_fitout_margin:downside/case | None | downside |
| /operating_model/cells/downside_2028q4_fitout_margin:downside/id | None | downside_2028q4_fitout_margin |
| /operating_model/cells/downside_2028q4_fitout_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q4_fitout_margin:downside/label | None | Cash contribution margin: fitout |
| /operating_model/cells/downside_2028q4_fitout_margin:downside/period | None | 2028Q4 |
| /operating_model/cells/downside_2028q4_fitout_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2028q4_fitout_margin:downside/value | None | 0.02 |
| /operating_model/cells/downside_2028q4_hosting:downside/basis | None | Hosting services, not owned Bitcoin production. |
| /operating_model/cells/downside_2028q4_hosting:downside/case | None | downside |
| /operating_model/cells/downside_2028q4_hosting:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2028q4_hosting:downside/formula/refs/0 | None | q4_hosting |
| /operating_model/cells/downside_2028q4_hosting:downside/formula/refs/1 | None | downside_2028q4_hosting_factor |
| /operating_model/cells/downside_2028q4_hosting:downside/id | None | downside_2028q4_hosting |
| /operating_model/cells/downside_2028q4_hosting:downside/kind | None | derived |
| /operating_model/cells/downside_2028q4_hosting:downside/label | None | Mining hosting revenue |
| /operating_model/cells/downside_2028q4_hosting:downside/period | None | 2028Q4 |
| /operating_model/cells/downside_2028q4_hosting:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q4_hosting:downside/value | None | 31.705 |
| /operating_model/cells/downside_2028q4_hosting_cash:downside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/downside_2028q4_hosting_cash:downside/case | None | downside |
| /operating_model/cells/downside_2028q4_hosting_cash:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2028q4_hosting_cash:downside/formula/refs/0 | None | downside_2028q4_hosting |
| /operating_model/cells/downside_2028q4_hosting_cash:downside/formula/refs/1 | None | downside_2028q4_hosting_margin |
| /operating_model/cells/downside_2028q4_hosting_cash:downside/id | None | downside_2028q4_hosting_cash |
| /operating_model/cells/downside_2028q4_hosting_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2028q4_hosting_cash:downside/label | None | Cash contribution: hosting |
| /operating_model/cells/downside_2028q4_hosting_cash:downside/period | None | 2028Q4 |
| /operating_model/cells/downside_2028q4_hosting_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q4_hosting_cash:downside/value | None | 7.92625 |
| /operating_model/cells/downside_2028q4_hosting_factor:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2028q4_hosting_factor:downside/case | None | downside |
| /operating_model/cells/downside_2028q4_hosting_factor:downside/id | None | downside_2028q4_hosting_factor |
| /operating_model/cells/downside_2028q4_hosting_factor:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q4_hosting_factor:downside/label | None | Hosting revenue versus Q4 |
| /operating_model/cells/downside_2028q4_hosting_factor:downside/period | None | 2028Q4 |
| /operating_model/cells/downside_2028q4_hosting_factor:downside/unit | None | ratio |
| /operating_model/cells/downside_2028q4_hosting_factor:downside/value | None | 0.85 |
| /operating_model/cells/downside_2028q4_hosting_margin:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2028q4_hosting_margin:downside/case | None | downside |
| /operating_model/cells/downside_2028q4_hosting_margin:downside/id | None | downside_2028q4_hosting_margin |
| /operating_model/cells/downside_2028q4_hosting_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q4_hosting_margin:downside/label | None | Cash contribution margin: hosting |
| /operating_model/cells/downside_2028q4_hosting_margin:downside/period | None | 2028Q4 |
| /operating_model/cells/downside_2028q4_hosting_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2028q4_hosting_margin:downside/value | None | 0.25 |
| /operating_model/cells/downside_2028q4_mw:downside/basis | None | Desk delivery/acceptance schedule, not quarter-end capacity. Delta Forge 2 contributes only near H1 calendar 2028. |
| /operating_model/cells/downside_2028q4_mw:downside/case | None | downside |
| /operating_model/cells/downside_2028q4_mw:downside/id | None | downside_2028q4_mw |
| /operating_model/cells/downside_2028q4_mw:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q4_mw:downside/label | None | Average revenue-producing critical IT MW |
| /operating_model/cells/downside_2028q4_mw:downside/period | None | 2028Q4 |
| /operating_model/cells/downside_2028q4_mw:downside/unit | None | MW |
| /operating_model/cells/downside_2028q4_mw:downside/value | None | 950.0 |
| /operating_model/cells/downside_2028q4_mw_ratio:downside/basis | None | Normalizes critical IT capacity without treating utility power as IT load. |
| /operating_model/cells/downside_2028q4_mw_ratio:downside/case | None | downside |
| /operating_model/cells/downside_2028q4_mw_ratio:downside/formula/op | None | divide |
| /operating_model/cells/downside_2028q4_mw_ratio:downside/formula/refs/0 | None | downside_2028q4_mw |
| /operating_model/cells/downside_2028q4_mw_ratio:downside/formula/refs/1 | None | q4_rent_mw |
| /operating_model/cells/downside_2028q4_mw_ratio:downside/id | None | downside_2028q4_mw_ratio |
| /operating_model/cells/downside_2028q4_mw_ratio:downside/kind | None | derived |
| /operating_model/cells/downside_2028q4_mw_ratio:downside/label | None | Capacity / 100 MW reference |
| /operating_model/cells/downside_2028q4_mw_ratio:downside/period | None | 2028Q4 |
| /operating_model/cells/downside_2028q4_mw_ratio:downside/unit | None | ratio |
| /operating_model/cells/downside_2028q4_mw_ratio:downside/value | None | 9.5 |
| /operating_model/cells/downside_2028q4_other:downside/basis | None | Net working capital, small-loan interest, taxes and interest income allowance. Lease principal excluded. |
| /operating_model/cells/downside_2028q4_other:downside/case | None | downside |
| /operating_model/cells/downside_2028q4_other:downside/id | None | downside_2028q4_other |
| /operating_model/cells/downside_2028q4_other:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q4_other:downside/label | None | Other net cash uses |
| /operating_model/cells/downside_2028q4_other:downside/period | None | 2028Q4 |
| /operating_model/cells/downside_2028q4_other:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q4_other:downside/value | None | 22.0 |
| /operating_model/cells/downside_2028q4_preferred_accrual:downside/basis | None | Simple quarterly accrual; noncash PIK assumption, no compounding or redemption waterfall. |
| /operating_model/cells/downside_2028q4_preferred_accrual:downside/case | None | downside |
| /operating_model/cells/downside_2028q4_preferred_accrual:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2028q4_preferred_accrual:downside/formula/refs/0 | None | preferred_annual |
| /operating_model/cells/downside_2028q4_preferred_accrual:downside/formula/refs/1 | None | quarter |
| /operating_model/cells/downside_2028q4_preferred_accrual:downside/id | None | downside_2028q4_preferred_accrual |
| /operating_model/cells/downside_2028q4_preferred_accrual:downside/kind | None | derived |
| /operating_model/cells/downside_2028q4_preferred_accrual:downside/label | None | Preferred economic accrual |
| /operating_model/cells/downside_2028q4_preferred_accrual:downside/period | None | 2028Q4 |
| /operating_model/cells/downside_2028q4_preferred_accrual:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q4_preferred_accrual:downside/value | None | 58.171875 |
| /operating_model/cells/downside_2028q4_recoveries:downside/basis | None | Pass-through operating recoveries modeled separately. |
| /operating_model/cells/downside_2028q4_recoveries:downside/case | None | downside |
| /operating_model/cells/downside_2028q4_recoveries:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2028q4_recoveries:downside/formula/refs/0 | None | downside_2028q4_base_rent |
| /operating_model/cells/downside_2028q4_recoveries:downside/formula/refs/1 | None | downside_2028q4_recovery_ratio |
| /operating_model/cells/downside_2028q4_recoveries:downside/id | None | downside_2028q4_recoveries |
| /operating_model/cells/downside_2028q4_recoveries:downside/kind | None | derived |
| /operating_model/cells/downside_2028q4_recoveries:downside/label | None | Tenant recoveries |
| /operating_model/cells/downside_2028q4_recoveries:downside/period | None | 2028Q4 |
| /operating_model/cells/downside_2028q4_recoveries:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q4_recoveries:downside/value | None | 56.55825 |
| /operating_model/cells/downside_2028q4_recovery_cash:downside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/downside_2028q4_recovery_cash:downside/case | None | downside |
| /operating_model/cells/downside_2028q4_recovery_cash:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2028q4_recovery_cash:downside/formula/refs/0 | None | downside_2028q4_recoveries |
| /operating_model/cells/downside_2028q4_recovery_cash:downside/formula/refs/1 | None | downside_2028q4_recovery_margin |
| /operating_model/cells/downside_2028q4_recovery_cash:downside/id | None | downside_2028q4_recovery_cash |
| /operating_model/cells/downside_2028q4_recovery_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2028q4_recovery_cash:downside/label | None | Cash contribution: recovery |
| /operating_model/cells/downside_2028q4_recovery_cash:downside/period | None | 2028Q4 |
| /operating_model/cells/downside_2028q4_recovery_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q4_recovery_cash:downside/value | None | 0.0 |
| /operating_model/cells/downside_2028q4_recovery_margin:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2028q4_recovery_margin:downside/case | None | downside |
| /operating_model/cells/downside_2028q4_recovery_margin:downside/id | None | downside_2028q4_recovery_margin |
| /operating_model/cells/downside_2028q4_recovery_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q4_recovery_margin:downside/label | None | Cash contribution margin: recovery |
| /operating_model/cells/downside_2028q4_recovery_margin:downside/period | None | 2028Q4 |
| /operating_model/cells/downside_2028q4_recovery_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2028q4_recovery_margin:downside/value | None | 0.0 |
| /operating_model/cells/downside_2028q4_recovery_ratio:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2028q4_recovery_ratio:downside/case | None | downside |
| /operating_model/cells/downside_2028q4_recovery_ratio:downside/id | None | downside_2028q4_recovery_ratio |
| /operating_model/cells/downside_2028q4_recovery_ratio:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q4_recovery_ratio:downside/label | None | Recoveries / base rent |
| /operating_model/cells/downside_2028q4_recovery_ratio:downside/period | None | 2028Q4 |
| /operating_model/cells/downside_2028q4_recovery_ratio:downside/unit | None | ratio |
| /operating_model/cells/downside_2028q4_recovery_ratio:downside/value | None | 0.15 |
| /operating_model/cells/downside_2028q4_rent_at_reference:downside/basis | None | Reported Q4 rent per 100 MW times average active capacity. |
| /operating_model/cells/downside_2028q4_rent_at_reference:downside/case | None | downside |
| /operating_model/cells/downside_2028q4_rent_at_reference:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2028q4_rent_at_reference:downside/formula/refs/0 | None | downside_2028q4_mw_ratio |
| /operating_model/cells/downside_2028q4_rent_at_reference:downside/formula/refs/1 | None | q4_rent |
| /operating_model/cells/downside_2028q4_rent_at_reference:downside/id | None | downside_2028q4_rent_at_reference |
| /operating_model/cells/downside_2028q4_rent_at_reference:downside/kind | None | derived |
| /operating_model/cells/downside_2028q4_rent_at_reference:downside/label | None | Rent at Q4 reference economics |
| /operating_model/cells/downside_2028q4_rent_at_reference:downside/period | None | 2028Q4 |
| /operating_model/cells/downside_2028q4_rent_at_reference:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q4_rent_at_reference:downside/value | None | 418.95 |
| /operating_model/cells/downside_2028q4_rent_cash:downside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/downside_2028q4_rent_cash:downside/case | None | downside |
| /operating_model/cells/downside_2028q4_rent_cash:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2028q4_rent_cash:downside/formula/refs/0 | None | downside_2028q4_base_rent |
| /operating_model/cells/downside_2028q4_rent_cash:downside/formula/refs/1 | None | downside_2028q4_rent_margin |
| /operating_model/cells/downside_2028q4_rent_cash:downside/id | None | downside_2028q4_rent_cash |
| /operating_model/cells/downside_2028q4_rent_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2028q4_rent_cash:downside/label | None | Cash contribution: rent |
| /operating_model/cells/downside_2028q4_rent_cash:downside/period | None | 2028Q4 |
| /operating_model/cells/downside_2028q4_rent_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q4_rent_cash:downside/value | None | 312.95565 |
| /operating_model/cells/downside_2028q4_rent_margin:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2028q4_rent_margin:downside/case | None | downside |
| /operating_model/cells/downside_2028q4_rent_margin:downside/id | None | downside_2028q4_rent_margin |
| /operating_model/cells/downside_2028q4_rent_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q4_rent_margin:downside/label | None | Cash contribution margin: rent |
| /operating_model/cells/downside_2028q4_rent_margin:downside/period | None | 2028Q4 |
| /operating_model/cells/downside_2028q4_rent_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2028q4_rent_margin:downside/value | None | 0.83 |
| /operating_model/cells/downside_2028q4_rent_realization:downside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/downside_2028q4_rent_realization:downside/case | None | downside |
| /operating_model/cells/downside_2028q4_rent_realization:downside/id | None | downside_2028q4_rent_realization |
| /operating_model/cells/downside_2028q4_rent_realization:downside/kind | None | assumption |
| /operating_model/cells/downside_2028q4_rent_realization:downside/label | None | Rent realization versus reference |
| /operating_model/cells/downside_2028q4_rent_realization:downside/period | None | 2028Q4 |
| /operating_model/cells/downside_2028q4_rent_realization:downside/unit | None | ratio |
| /operating_model/cells/downside_2028q4_rent_realization:downside/value | None | 0.9 |
| /operating_model/cells/downside_2028q4_revenue:downside/basis | None | Rent, fit-out, recoveries, hosting and cloud, without optional lease renewals. |
| /operating_model/cells/downside_2028q4_revenue:downside/case | None | downside |
| /operating_model/cells/downside_2028q4_revenue:downside/formula/op | None | sum |
| /operating_model/cells/downside_2028q4_revenue:downside/formula/refs/0 | None | downside_2028q4_base_rent |
| /operating_model/cells/downside_2028q4_revenue:downside/formula/refs/1 | None | downside_2028q4_fitout |
| /operating_model/cells/downside_2028q4_revenue:downside/formula/refs/2 | None | downside_2028q4_recoveries |
| /operating_model/cells/downside_2028q4_revenue:downside/formula/refs/3 | None | downside_2028q4_hosting |
| /operating_model/cells/downside_2028q4_revenue:downside/formula/refs/4 | None | downside_2028q4_cloud |
| /operating_model/cells/downside_2028q4_revenue:downside/id | None | downside_2028q4_revenue |
| /operating_model/cells/downside_2028q4_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_2028q4_revenue:downside/label | None | Consolidated revenue |
| /operating_model/cells/downside_2028q4_revenue:downside/period | None | 2028Q4 |
| /operating_model/cells/downside_2028q4_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q4_revenue:downside/value | None | 635.1859300000001 |
| /operating_model/cells/downside_2028q4_site_cash:downside/basis | None | Includes all consolidated businesses. |
| /operating_model/cells/downside_2028q4_site_cash:downside/case | None | downside |
| /operating_model/cells/downside_2028q4_site_cash:downside/formula/op | None | sum |
| /operating_model/cells/downside_2028q4_site_cash:downside/formula/refs/0 | None | downside_2028q4_rent_cash |
| /operating_model/cells/downside_2028q4_site_cash:downside/formula/refs/1 | None | downside_2028q4_fitout_cash |
| /operating_model/cells/downside_2028q4_site_cash:downside/formula/refs/2 | None | downside_2028q4_recovery_cash |
| /operating_model/cells/downside_2028q4_site_cash:downside/formula/refs/3 | None | downside_2028q4_hosting_cash |
| /operating_model/cells/downside_2028q4_site_cash:downside/formula/refs/4 | None | downside_2028q4_cloud_cash |
| /operating_model/cells/downside_2028q4_site_cash:downside/id | None | downside_2028q4_site_cash |
| /operating_model/cells/downside_2028q4_site_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2028q4_site_cash:downside/label | None | Combined business cash contribution |
| /operating_model/cells/downside_2028q4_site_cash:downside/period | None | 2028Q4 |
| /operating_model/cells/downside_2028q4_site_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2028q4_site_cash:downside/value | None | 318.91497999999996 |
| /operating_model/cells/downside_fy2027_base_rent:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2027_base_rent:downside/case | None | downside |
| /operating_model/cells/downside_fy2027_base_rent:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2027_base_rent:downside/formula/refs/0 | None | downside_2027q1_base_rent |
| /operating_model/cells/downside_fy2027_base_rent:downside/formula/refs/1 | None | downside_2027q2_base_rent |
| /operating_model/cells/downside_fy2027_base_rent:downside/formula/refs/2 | None | downside_2027q3_base_rent |
| /operating_model/cells/downside_fy2027_base_rent:downside/formula/refs/3 | None | downside_2027q4_base_rent |
| /operating_model/cells/downside_fy2027_base_rent:downside/id | None | downside_fy2027_base_rent |
| /operating_model/cells/downside_fy2027_base_rent:downside/kind | None | derived |
| /operating_model/cells/downside_fy2027_base_rent:downside/label | None | HPC base rent ($M) |
| /operating_model/cells/downside_fy2027_base_rent:downside/period | None | FY2027 |
| /operating_model/cells/downside_fy2027_base_rent:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2027_base_rent:downside/value | None | 414.76050000000004 |
| /operating_model/cells/downside_fy2027_capex:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2027_capex:downside/case | None | downside |
| /operating_model/cells/downside_fy2027_capex:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2027_capex:downside/formula/refs/0 | None | downside_2027q1_capex |
| /operating_model/cells/downside_fy2027_capex:downside/formula/refs/1 | None | downside_2027q2_capex |
| /operating_model/cells/downside_fy2027_capex:downside/formula/refs/2 | None | downside_2027q3_capex |
| /operating_model/cells/downside_fy2027_capex:downside/formula/refs/3 | None | downside_2027q4_capex |
| /operating_model/cells/downside_fy2027_capex:downside/id | None | downside_fy2027_capex |
| /operating_model/cells/downside_fy2027_capex:downside/kind | None | derived |
| /operating_model/cells/downside_fy2027_capex:downside/label | None | Cash construction capex ($M) |
| /operating_model/cells/downside_fy2027_capex:downside/period | None | FY2027 |
| /operating_model/cells/downside_fy2027_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2027_capex:downside/value | None | 5150.0 |
| /operating_model/cells/downside_fy2027_cash_after_capex:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2027_cash_after_capex:downside/case | None | downside |
| /operating_model/cells/downside_fy2027_cash_after_capex:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2027_cash_after_capex:downside/formula/refs/0 | None | downside_2027q1_cash_after_capex |
| /operating_model/cells/downside_fy2027_cash_after_capex:downside/formula/refs/1 | None | downside_2027q2_cash_after_capex |
| /operating_model/cells/downside_fy2027_cash_after_capex:downside/formula/refs/2 | None | downside_2027q3_cash_after_capex |
| /operating_model/cells/downside_fy2027_cash_after_capex:downside/formula/refs/3 | None | downside_2027q4_cash_after_capex |
| /operating_model/cells/downside_fy2027_cash_after_capex:downside/id | None | downside_fy2027_cash_after_capex |
| /operating_model/cells/downside_fy2027_cash_after_capex:downside/kind | None | derived |
| /operating_model/cells/downside_fy2027_cash_after_capex:downside/label | None | Cash after capex proxy ($M) |
| /operating_model/cells/downside_fy2027_cash_after_capex:downside/period | None | FY2027 |
| /operating_model/cells/downside_fy2027_cash_after_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2027_cash_after_capex:downside/value | None | -5491.639345 |
| /operating_model/cells/downside_fy2027_cash_before_capex:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2027_cash_before_capex:downside/case | None | downside |
| /operating_model/cells/downside_fy2027_cash_before_capex:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2027_cash_before_capex:downside/formula/refs/0 | None | downside_2027q1_cash_before_capex |
| /operating_model/cells/downside_fy2027_cash_before_capex:downside/formula/refs/1 | None | downside_2027q2_cash_before_capex |
| /operating_model/cells/downside_fy2027_cash_before_capex:downside/formula/refs/2 | None | downside_2027q3_cash_before_capex |
| /operating_model/cells/downside_fy2027_cash_before_capex:downside/formula/refs/3 | None | downside_2027q4_cash_before_capex |
| /operating_model/cells/downside_fy2027_cash_before_capex:downside/id | None | downside_fy2027_cash_before_capex |
| /operating_model/cells/downside_fy2027_cash_before_capex:downside/kind | None | derived |
| /operating_model/cells/downside_fy2027_cash_before_capex:downside/label | None | Cash before capex proxy ($M) |
| /operating_model/cells/downside_fy2027_cash_before_capex:downside/period | None | FY2027 |
| /operating_model/cells/downside_fy2027_cash_before_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2027_cash_before_capex:downside/value | None | -341.63934499999993 |
| /operating_model/cells/downside_fy2027_fitout:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2027_fitout:downside/case | None | downside |
| /operating_model/cells/downside_fy2027_fitout:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2027_fitout:downside/formula/refs/0 | None | downside_2027q1_fitout |
| /operating_model/cells/downside_fy2027_fitout:downside/formula/refs/1 | None | downside_2027q2_fitout |
| /operating_model/cells/downside_fy2027_fitout:downside/formula/refs/2 | None | downside_2027q3_fitout |
| /operating_model/cells/downside_fy2027_fitout:downside/formula/refs/3 | None | downside_2027q4_fitout |
| /operating_model/cells/downside_fy2027_fitout:downside/id | None | downside_fy2027_fitout |
| /operating_model/cells/downside_fy2027_fitout:downside/kind | None | derived |
| /operating_model/cells/downside_fy2027_fitout:downside/label | None | Tenant fit-out revenue ($M) |
| /operating_model/cells/downside_fy2027_fitout:downside/period | None | FY2027 |
| /operating_model/cells/downside_fy2027_fitout:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2027_fitout:downside/value | None | 620.0 |
| /operating_model/cells/downside_fy2027_preferred_accrual:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2027_preferred_accrual:downside/case | None | downside |
| /operating_model/cells/downside_fy2027_preferred_accrual:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2027_preferred_accrual:downside/formula/refs/0 | None | downside_2027q1_preferred_accrual |
| /operating_model/cells/downside_fy2027_preferred_accrual:downside/formula/refs/1 | None | downside_2027q2_preferred_accrual |
| /operating_model/cells/downside_fy2027_preferred_accrual:downside/formula/refs/2 | None | downside_2027q3_preferred_accrual |
| /operating_model/cells/downside_fy2027_preferred_accrual:downside/formula/refs/3 | None | downside_2027q4_preferred_accrual |
| /operating_model/cells/downside_fy2027_preferred_accrual:downside/id | None | downside_fy2027_preferred_accrual |
| /operating_model/cells/downside_fy2027_preferred_accrual:downside/kind | None | derived |
| /operating_model/cells/downside_fy2027_preferred_accrual:downside/label | None | Preferred economic accrual ($M) |
| /operating_model/cells/downside_fy2027_preferred_accrual:downside/period | None | FY2027 |
| /operating_model/cells/downside_fy2027_preferred_accrual:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2027_preferred_accrual:downside/value | None | 232.6875 |
| /operating_model/cells/downside_fy2027_revenue:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2027_revenue:downside/case | None | downside |
| /operating_model/cells/downside_fy2027_revenue:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2027_revenue:downside/formula/refs/0 | None | downside_2027q1_revenue |
| /operating_model/cells/downside_fy2027_revenue:downside/formula/refs/1 | None | downside_2027q2_revenue |
| /operating_model/cells/downside_fy2027_revenue:downside/formula/refs/2 | None | downside_2027q3_revenue |
| /operating_model/cells/downside_fy2027_revenue:downside/formula/refs/3 | None | downside_2027q4_revenue |
| /operating_model/cells/downside_fy2027_revenue:downside/id | None | downside_fy2027_revenue |
| /operating_model/cells/downside_fy2027_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_fy2027_revenue:downside/label | None | Consolidated revenue ($M) |
| /operating_model/cells/downside_fy2027_revenue:downside/period | None | FY2027 |
| /operating_model/cells/downside_fy2027_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2027_revenue:downside/value | None | 1287.0768150000001 |
| /operating_model/cells/downside_fy2028_base_rent:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2028_base_rent:downside/case | None | downside |
| /operating_model/cells/downside_fy2028_base_rent:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2028_base_rent:downside/formula/refs/0 | None | downside_2028q1_base_rent |
| /operating_model/cells/downside_fy2028_base_rent:downside/formula/refs/1 | None | downside_2028q2_base_rent |
| /operating_model/cells/downside_fy2028_base_rent:downside/formula/refs/2 | None | downside_2028q3_base_rent |
| /operating_model/cells/downside_fy2028_base_rent:downside/formula/refs/3 | None | downside_2028q4_base_rent |
| /operating_model/cells/downside_fy2028_base_rent:downside/id | None | downside_fy2028_base_rent |
| /operating_model/cells/downside_fy2028_base_rent:downside/kind | None | derived |
| /operating_model/cells/downside_fy2028_base_rent:downside/label | None | HPC base rent ($M) |
| /operating_model/cells/downside_fy2028_base_rent:downside/period | None | FY2028 |
| /operating_model/cells/downside_fy2028_base_rent:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2028_base_rent:downside/value | None | 1158.948 |
| /operating_model/cells/downside_fy2028_capex:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2028_capex:downside/case | None | downside |
| /operating_model/cells/downside_fy2028_capex:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2028_capex:downside/formula/refs/0 | None | downside_2028q1_capex |
| /operating_model/cells/downside_fy2028_capex:downside/formula/refs/1 | None | downside_2028q2_capex |
| /operating_model/cells/downside_fy2028_capex:downside/formula/refs/2 | None | downside_2028q3_capex |
| /operating_model/cells/downside_fy2028_capex:downside/formula/refs/3 | None | downside_2028q4_capex |
| /operating_model/cells/downside_fy2028_capex:downside/id | None | downside_fy2028_capex |
| /operating_model/cells/downside_fy2028_capex:downside/kind | None | derived |
| /operating_model/cells/downside_fy2028_capex:downside/label | None | Cash construction capex ($M) |
| /operating_model/cells/downside_fy2028_capex:downside/period | None | FY2028 |
| /operating_model/cells/downside_fy2028_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2028_capex:downside/value | None | 6550.0 |
| /operating_model/cells/downside_fy2028_cash_after_capex:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2028_cash_after_capex:downside/case | None | downside |
| /operating_model/cells/downside_fy2028_cash_after_capex:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2028_cash_after_capex:downside/formula/refs/0 | None | downside_2028q1_cash_after_capex |
| /operating_model/cells/downside_fy2028_cash_after_capex:downside/formula/refs/1 | None | downside_2028q2_cash_after_capex |
| /operating_model/cells/downside_fy2028_cash_after_capex:downside/formula/refs/2 | None | downside_2028q3_cash_after_capex |
| /operating_model/cells/downside_fy2028_cash_after_capex:downside/formula/refs/3 | None | downside_2028q4_cash_after_capex |
| /operating_model/cells/downside_fy2028_cash_after_capex:downside/id | None | downside_fy2028_cash_after_capex |
| /operating_model/cells/downside_fy2028_cash_after_capex:downside/kind | None | derived |
| /operating_model/cells/downside_fy2028_cash_after_capex:downside/label | None | Cash after capex proxy ($M) |
| /operating_model/cells/downside_fy2028_cash_after_capex:downside/period | None | FY2028 |
| /operating_model/cells/downside_fy2028_cash_after_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2028_cash_after_capex:downside/value | None | -6274.50708 |
| /operating_model/cells/downside_fy2028_cash_before_capex:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2028_cash_before_capex:downside/case | None | downside |
| /operating_model/cells/downside_fy2028_cash_before_capex:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2028_cash_before_capex:downside/formula/refs/0 | None | downside_2028q1_cash_before_capex |
| /operating_model/cells/downside_fy2028_cash_before_capex:downside/formula/refs/1 | None | downside_2028q2_cash_before_capex |
| /operating_model/cells/downside_fy2028_cash_before_capex:downside/formula/refs/2 | None | downside_2028q3_cash_before_capex |
| /operating_model/cells/downside_fy2028_cash_before_capex:downside/formula/refs/3 | None | downside_2028q4_cash_before_capex |
| /operating_model/cells/downside_fy2028_cash_before_capex:downside/id | None | downside_fy2028_cash_before_capex |
| /operating_model/cells/downside_fy2028_cash_before_capex:downside/kind | None | derived |
| /operating_model/cells/downside_fy2028_cash_before_capex:downside/label | None | Cash before capex proxy ($M) |
| /operating_model/cells/downside_fy2028_cash_before_capex:downside/period | None | FY2028 |
| /operating_model/cells/downside_fy2028_cash_before_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2028_cash_before_capex:downside/value | None | 275.4929200000001 |
| /operating_model/cells/downside_fy2028_fitout:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2028_fitout:downside/case | None | downside |
| /operating_model/cells/downside_fy2028_fitout:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2028_fitout:downside/formula/refs/0 | None | downside_2028q1_fitout |
| /operating_model/cells/downside_fy2028_fitout:downside/formula/refs/1 | None | downside_2028q2_fitout |
| /operating_model/cells/downside_fy2028_fitout:downside/formula/refs/2 | None | downside_2028q3_fitout |
| /operating_model/cells/downside_fy2028_fitout:downside/formula/refs/3 | None | downside_2028q4_fitout |
| /operating_model/cells/downside_fy2028_fitout:downside/id | None | downside_fy2028_fitout |
| /operating_model/cells/downside_fy2028_fitout:downside/kind | None | derived |
| /operating_model/cells/downside_fy2028_fitout:downside/label | None | Tenant fit-out revenue ($M) |
| /operating_model/cells/downside_fy2028_fitout:downside/period | None | FY2028 |
| /operating_model/cells/downside_fy2028_fitout:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2028_fitout:downside/value | None | 740.0 |
| /operating_model/cells/downside_fy2028_preferred_accrual:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2028_preferred_accrual:downside/case | None | downside |
| /operating_model/cells/downside_fy2028_preferred_accrual:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2028_preferred_accrual:downside/formula/refs/0 | None | downside_2028q1_preferred_accrual |
| /operating_model/cells/downside_fy2028_preferred_accrual:downside/formula/refs/1 | None | downside_2028q2_preferred_accrual |
| /operating_model/cells/downside_fy2028_preferred_accrual:downside/formula/refs/2 | None | downside_2028q3_preferred_accrual |
| /operating_model/cells/downside_fy2028_preferred_accrual:downside/formula/refs/3 | None | downside_2028q4_preferred_accrual |
| /operating_model/cells/downside_fy2028_preferred_accrual:downside/id | None | downside_fy2028_preferred_accrual |
| /operating_model/cells/downside_fy2028_preferred_accrual:downside/kind | None | derived |
| /operating_model/cells/downside_fy2028_preferred_accrual:downside/label | None | Preferred economic accrual ($M) |
| /operating_model/cells/downside_fy2028_preferred_accrual:downside/period | None | FY2028 |
| /operating_model/cells/downside_fy2028_preferred_accrual:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2028_preferred_accrual:downside/value | None | 232.6875 |
| /operating_model/cells/downside_fy2028_revenue:downside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/downside_fy2028_revenue:downside/case | None | downside |
| /operating_model/cells/downside_fy2028_revenue:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2028_revenue:downside/formula/refs/0 | None | downside_2028q1_revenue |
| /operating_model/cells/downside_fy2028_revenue:downside/formula/refs/1 | None | downside_2028q2_revenue |
| /operating_model/cells/downside_fy2028_revenue:downside/formula/refs/2 | None | downside_2028q3_revenue |
| /operating_model/cells/downside_fy2028_revenue:downside/formula/refs/3 | None | downside_2028q4_revenue |
| /operating_model/cells/downside_fy2028_revenue:downside/id | None | downside_fy2028_revenue |
| /operating_model/cells/downside_fy2028_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_fy2028_revenue:downside/label | None | Consolidated revenue ($M) |
| /operating_model/cells/downside_fy2028_revenue:downside/period | None | FY2028 |
| /operating_model/cells/downside_fy2028_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2028_revenue:downside/value | None | 2274.6658800000005 |
| /operating_model/cells/fy26_capex:shared/basis | None | Reported consolidated or segment amount; rent, fit-out and hosting amounts are rounded company disclosures. |
| /operating_model/cells/fy26_capex:shared/case | None | shared |
| /operating_model/cells/fy26_capex:shared/id | None | fy26_capex |
| /operating_model/cells/fy26_capex:shared/kind | None | reported |
| /operating_model/cells/fy26_capex:shared/label | None | FY2026 PP&E and other asset purchases |
| /operating_model/cells/fy26_capex:shared/period | None | FY2026 |
| /operating_model/cells/fy26_capex:shared/source_date | None | 2026-07-27 |
| /operating_model/cells/fy26_capex:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1144879/000114487926000044/apldq426earningsreleaseasf.htm |
| /operating_model/cells/fy26_capex:shared/unit | None | USD_millions |
| /operating_model/cells/fy26_capex:shared/value | None | 2865.765 |
| /operating_model/cells/fy26_cash_after_capex:shared/basis | None | Excludes acquisitions and financing cash flows. |
| /operating_model/cells/fy26_cash_after_capex:shared/case | None | shared |
| /operating_model/cells/fy26_cash_after_capex:shared/formula/op | None | subtract |
| /operating_model/cells/fy26_cash_after_capex:shared/formula/refs/0 | None | fy26_cfo |
| /operating_model/cells/fy26_cash_after_capex:shared/formula/refs/1 | None | fy26_capex |
| /operating_model/cells/fy26_cash_after_capex:shared/id | None | fy26_cash_after_capex |
| /operating_model/cells/fy26_cash_after_capex:shared/kind | None | derived |
| /operating_model/cells/fy26_cash_after_capex:shared/label | None | FY2026 CFO less asset purchases |
| /operating_model/cells/fy26_cash_after_capex:shared/period | None | FY2026 |
| /operating_model/cells/fy26_cash_after_capex:shared/unit | None | USD_millions |
| /operating_model/cells/fy26_cash_after_capex:shared/value | None | -2776.08 |
| /operating_model/cells/fy26_cfo:shared/basis | None | Reported consolidated or segment amount; rent, fit-out and hosting amounts are rounded company disclosures. |
| /operating_model/cells/fy26_cfo:shared/case | None | shared |
| /operating_model/cells/fy26_cfo:shared/id | None | fy26_cfo |
| /operating_model/cells/fy26_cfo:shared/kind | None | reported |
| /operating_model/cells/fy26_cfo:shared/label | None | FY2026 GAAP CFO |
| /operating_model/cells/fy26_cfo:shared/period | None | FY2026 |
| /operating_model/cells/fy26_cfo:shared/source_date | None | 2026-07-27 |
| /operating_model/cells/fy26_cfo:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1144879/000114487926000044/apldq426earningsreleaseasf.htm |
| /operating_model/cells/fy26_cfo:shared/unit | None | USD_millions |
| /operating_model/cells/fy26_cfo:shared/value | None | 89.685 |
| /operating_model/cells/june_notes_coupon:shared/basis | None | Stated principal times annual rate. |
| /operating_model/cells/june_notes_coupon:shared/case | None | shared |
| /operating_model/cells/june_notes_coupon:shared/formula/op | None | multiply |
| /operating_model/cells/june_notes_coupon:shared/formula/refs/0 | None | june_notes_principal |
| /operating_model/cells/june_notes_coupon:shared/formula/refs/1 | None | june_notes_rate |
| /operating_model/cells/june_notes_coupon:shared/id | None | june_notes_coupon |
| /operating_model/cells/june_notes_coupon:shared/kind | None | derived |
| /operating_model/cells/june_notes_coupon:shared/label | None | june_notes annual coupon expense |
| /operating_model/cells/june_notes_coupon:shared/period | None | Annual |
| /operating_model/cells/june_notes_coupon:shared/unit | None | USD_millions |
| /operating_model/cells/june_notes_coupon:shared/value | None | 111.30000000000001 |
| /operating_model/cells/june_notes_principal:shared/basis | None | Major debt instruments following June issuance; the repaid $300M bridge is excluded. Smaller loans and finance leases are additional obligations. |
| /operating_model/cells/june_notes_principal:shared/case | None | shared |
| /operating_model/cells/june_notes_principal:shared/id | None | june_notes_principal |
| /operating_model/cells/june_notes_principal:shared/kind | None | reported |
| /operating_model/cells/june_notes_principal:shared/label | None | june_notes principal |
| /operating_model/cells/june_notes_principal:shared/period | None | Post-June debt |
| /operating_model/cells/june_notes_principal:shared/source_date | None | 2026-07-29 |
| /operating_model/cells/june_notes_principal:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1144879/000114487926000048/apld-20260531.htm |
| /operating_model/cells/june_notes_principal:shared/unit | None | USD_millions |
| /operating_model/cells/june_notes_principal:shared/value | None | 1590.0 |
| /operating_model/cells/june_notes_rate:shared/basis | None | Contractual coupon, excluding financing fees. |
| /operating_model/cells/june_notes_rate:shared/case | None | shared |
| /operating_model/cells/june_notes_rate:shared/id | None | june_notes_rate |
| /operating_model/cells/june_notes_rate:shared/kind | None | reported |
| /operating_model/cells/june_notes_rate:shared/label | None | june_notes annual coupon |
| /operating_model/cells/june_notes_rate:shared/period | None | Annual |
| /operating_model/cells/june_notes_rate:shared/source_date | None | 2026-07-29 |
| /operating_model/cells/june_notes_rate:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1144879/000114487926000048/apld-20260531.htm |
| /operating_model/cells/june_notes_rate:shared/unit | None | ratio |
| /operating_model/cells/june_notes_rate:shared/value | None | 0.07 |
| /operating_model/cells/major_principal:shared/basis | None | Four major instruments; not total consolidated obligations. |
| /operating_model/cells/major_principal:shared/case | None | shared |
| /operating_model/cells/major_principal:shared/formula/op | None | sum |
| /operating_model/cells/major_principal:shared/formula/refs/0 | None | pf1_principal |
| /operating_model/cells/major_principal:shared/formula/refs/1 | None | pf2_principal |
| /operating_model/cells/major_principal:shared/formula/refs/2 | None | convert_principal |
| /operating_model/cells/major_principal:shared/formula/refs/3 | None | june_notes_principal |
| /operating_model/cells/major_principal:shared/id | None | major_principal |
| /operating_model/cells/major_principal:shared/kind | None | derived |
| /operating_model/cells/major_principal:shared/label | None | Major debt principal |
| /operating_model/cells/major_principal:shared/period | None | Post-June debt |
| /operating_model/cells/major_principal:shared/unit | None | USD_millions |
| /operating_model/cells/major_principal:shared/value | None | 6540.0 |
| /operating_model/cells/pf1_coupon:shared/basis | None | Stated principal times annual rate. |
| /operating_model/cells/pf1_coupon:shared/case | None | shared |
| /operating_model/cells/pf1_coupon:shared/formula/op | None | multiply |
| /operating_model/cells/pf1_coupon:shared/formula/refs/0 | None | pf1_principal |
| /operating_model/cells/pf1_coupon:shared/formula/refs/1 | None | pf1_rate |
| /operating_model/cells/pf1_coupon:shared/id | None | pf1_coupon |
| /operating_model/cells/pf1_coupon:shared/kind | None | derived |
| /operating_model/cells/pf1_coupon:shared/label | None | pf1 annual coupon expense |
| /operating_model/cells/pf1_coupon:shared/period | None | Annual |
| /operating_model/cells/pf1_coupon:shared/unit | None | USD_millions |
| /operating_model/cells/pf1_coupon:shared/value | None | 217.375 |
| /operating_model/cells/pf1_principal:shared/basis | None | Major debt instruments following June issuance; the repaid $300M bridge is excluded. Smaller loans and finance leases are additional obligations. |
| /operating_model/cells/pf1_principal:shared/case | None | shared |
| /operating_model/cells/pf1_principal:shared/id | None | pf1_principal |
| /operating_model/cells/pf1_principal:shared/kind | None | reported |
| /operating_model/cells/pf1_principal:shared/label | None | pf1 principal |
| /operating_model/cells/pf1_principal:shared/period | None | Post-June debt |
| /operating_model/cells/pf1_principal:shared/source_date | None | 2026-07-29 |
| /operating_model/cells/pf1_principal:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1144879/000114487926000048/apld-20260531.htm |
| /operating_model/cells/pf1_principal:shared/unit | None | USD_millions |
| /operating_model/cells/pf1_principal:shared/value | None | 2350.0 |
| /operating_model/cells/pf1_rate:shared/basis | None | Contractual coupon, excluding financing fees. |
| /operating_model/cells/pf1_rate:shared/case | None | shared |
| /operating_model/cells/pf1_rate:shared/id | None | pf1_rate |
| /operating_model/cells/pf1_rate:shared/kind | None | reported |
| /operating_model/cells/pf1_rate:shared/label | None | pf1 annual coupon |
| /operating_model/cells/pf1_rate:shared/period | None | Annual |
| /operating_model/cells/pf1_rate:shared/source_date | None | 2026-07-29 |
| /operating_model/cells/pf1_rate:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1144879/000114487926000048/apld-20260531.htm |
| /operating_model/cells/pf1_rate:shared/unit | None | ratio |
| /operating_model/cells/pf1_rate:shared/value | None | 0.0925 |
| /operating_model/cells/pf2_coupon:shared/basis | None | Stated principal times annual rate. |
| /operating_model/cells/pf2_coupon:shared/case | None | shared |
| /operating_model/cells/pf2_coupon:shared/formula/op | None | multiply |
| /operating_model/cells/pf2_coupon:shared/formula/refs/0 | None | pf2_principal |
| /operating_model/cells/pf2_coupon:shared/formula/refs/1 | None | pf2_rate |
| /operating_model/cells/pf2_coupon:shared/id | None | pf2_coupon |
| /operating_model/cells/pf2_coupon:shared/kind | None | derived |
| /operating_model/cells/pf2_coupon:shared/label | None | pf2 annual coupon expense |
| /operating_model/cells/pf2_coupon:shared/period | None | Annual |
| /operating_model/cells/pf2_coupon:shared/unit | None | USD_millions |
| /operating_model/cells/pf2_coupon:shared/value | None | 145.125 |
| /operating_model/cells/pf2_principal:shared/basis | None | Major debt instruments following June issuance; the repaid $300M bridge is excluded. Smaller loans and finance leases are additional obligations. |
| /operating_model/cells/pf2_principal:shared/case | None | shared |
| /operating_model/cells/pf2_principal:shared/id | None | pf2_principal |
| /operating_model/cells/pf2_principal:shared/kind | None | reported |
| /operating_model/cells/pf2_principal:shared/label | None | pf2 principal |
| /operating_model/cells/pf2_principal:shared/period | None | Post-June debt |
| /operating_model/cells/pf2_principal:shared/source_date | None | 2026-07-29 |
| /operating_model/cells/pf2_principal:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1144879/000114487926000048/apld-20260531.htm |
| /operating_model/cells/pf2_principal:shared/unit | None | USD_millions |
| /operating_model/cells/pf2_principal:shared/value | None | 2150.0 |
| /operating_model/cells/pf2_rate:shared/basis | None | Contractual coupon, excluding financing fees. |
| /operating_model/cells/pf2_rate:shared/case | None | shared |
| /operating_model/cells/pf2_rate:shared/id | None | pf2_rate |
| /operating_model/cells/pf2_rate:shared/kind | None | reported |
| /operating_model/cells/pf2_rate:shared/label | None | pf2 annual coupon |
| /operating_model/cells/pf2_rate:shared/period | None | Annual |
| /operating_model/cells/pf2_rate:shared/source_date | None | 2026-07-29 |
| /operating_model/cells/pf2_rate:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1144879/000114487926000048/apld-20260531.htm |
| /operating_model/cells/pf2_rate:shared/unit | None | ratio |
| /operating_model/cells/pf2_rate:shared/value | None | 0.0675 |
| /operating_model/cells/preferred_annual:shared/basis | None | Simple initial capital times rate; not the redemption value or a cash payment forecast. |
| /operating_model/cells/preferred_annual:shared/case | None | shared |
| /operating_model/cells/preferred_annual:shared/formula/op | None | multiply |
| /operating_model/cells/preferred_annual:shared/formula/refs/0 | None | preferred_capital |
| /operating_model/cells/preferred_annual:shared/formula/refs/1 | None | preferred_rate |
| /operating_model/cells/preferred_annual:shared/id | None | preferred_annual |
| /operating_model/cells/preferred_annual:shared/kind | None | derived |
| /operating_model/cells/preferred_annual:shared/label | None | Initial preferred annual economic accrual |
| /operating_model/cells/preferred_annual:shared/period | None | Annual |
| /operating_model/cells/preferred_annual:shared/unit | None | USD_millions |
| /operating_model/cells/preferred_annual:shared/value | None | 232.6875 |
| /operating_model/cells/preferred_capital:shared/basis | None | Reported consolidated amount, converted from thousands to millions. |
| /operating_model/cells/preferred_capital:shared/case | None | shared |
| /operating_model/cells/preferred_capital:shared/id | None | preferred_capital |
| /operating_model/cells/preferred_capital:shared/kind | None | reported |
| /operating_model/cells/preferred_capital:shared/label | None | Macquarie preferred capital contributions |
| /operating_model/cells/preferred_capital:shared/period | None | 2026-05-31 |
| /operating_model/cells/preferred_capital:shared/source_date | None | 2026-07-29 |
| /operating_model/cells/preferred_capital:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1144879/000114487926000048/apld-20260531.htm |
| /operating_model/cells/preferred_capital:shared/unit | None | USD_millions |
| /operating_model/cells/preferred_capital:shared/value | None | 1825.0 |
| /operating_model/cells/preferred_carrying:shared/basis | None | Reported consolidated amount, converted from thousands to millions. |
| /operating_model/cells/preferred_carrying:shared/case | None | shared |
| /operating_model/cells/preferred_carrying:shared/id | None | preferred_carrying |
| /operating_model/cells/preferred_carrying:shared/kind | None | reported |
| /operating_model/cells/preferred_carrying:shared/label | None | Redeemable NCI carrying value |
| /operating_model/cells/preferred_carrying:shared/period | None | 2026-05-31 |
| /operating_model/cells/preferred_carrying:shared/source_date | None | 2026-07-29 |
| /operating_model/cells/preferred_carrying:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1144879/000114487926000048/apld-20260531.htm |
| /operating_model/cells/preferred_carrying:shared/unit | None | USD_millions |
| /operating_model/cells/preferred_carrying:shared/value | None | 1956.303 |
| /operating_model/cells/preferred_quarter:shared/basis | None | Separate economic claim; assume PIK within the disclosed election period, not cash CFO. |
| /operating_model/cells/preferred_quarter:shared/case | None | shared |
| /operating_model/cells/preferred_quarter:shared/formula/op | None | multiply |
| /operating_model/cells/preferred_quarter:shared/formula/refs/0 | None | preferred_annual |
| /operating_model/cells/preferred_quarter:shared/formula/refs/1 | None | quarter |
| /operating_model/cells/preferred_quarter:shared/id | None | preferred_quarter |
| /operating_model/cells/preferred_quarter:shared/kind | None | derived |
| /operating_model/cells/preferred_quarter:shared/label | None | Initial preferred quarterly accrual |
| /operating_model/cells/preferred_quarter:shared/period | None | Forecast |
| /operating_model/cells/preferred_quarter:shared/unit | None | USD_millions |
| /operating_model/cells/preferred_quarter:shared/value | None | 58.171875 |
| /operating_model/cells/preferred_rate:shared/basis | None | 12.75% compounded semiannually; this simple baseline excludes compounding. |
| /operating_model/cells/preferred_rate:shared/case | None | shared |
| /operating_model/cells/preferred_rate:shared/id | None | preferred_rate |
| /operating_model/cells/preferred_rate:shared/kind | None | reported |
| /operating_model/cells/preferred_rate:shared/label | None | Macquarie preferred annual return |
| /operating_model/cells/preferred_rate:shared/period | None | Annual |
| /operating_model/cells/preferred_rate:shared/source_date | None | 2026-07-29 |
| /operating_model/cells/preferred_rate:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1144879/000114487926000048/apld-20260531.htm |
| /operating_model/cells/preferred_rate:shared/unit | None | ratio |
| /operating_model/cells/preferred_rate:shared/value | None | 0.1275 |
| /operating_model/cells/q4_cloud:shared/basis | None | Reported consolidated or segment amount; rent, fit-out and hosting amounts are rounded company disclosures. |
| /operating_model/cells/q4_cloud:shared/case | None | shared |
| /operating_model/cells/q4_cloud:shared/id | None | q4_cloud |
| /operating_model/cells/q4_cloud:shared/kind | None | reported |
| /operating_model/cells/q4_cloud:shared/label | None | Q4 consolidated ChronoScale revenue |
| /operating_model/cells/q4_cloud:shared/period | None | 2026Q4 |
| /operating_model/cells/q4_cloud:shared/source_date | None | 2026-07-27 |
| /operating_model/cells/q4_cloud:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1144879/000114487926000044/apldq426earningsreleaseasf.htm |
| /operating_model/cells/q4_cloud:shared/unit | None | USD_millions |
| /operating_model/cells/q4_cloud:shared/value | None | 18.396 |
| /operating_model/cells/q4_fitout:shared/basis | None | Reported consolidated or segment amount; rent, fit-out and hosting amounts are rounded company disclosures. |
| /operating_model/cells/q4_fitout:shared/case | None | shared |
| /operating_model/cells/q4_fitout:shared/id | None | q4_fitout |
| /operating_model/cells/q4_fitout:shared/kind | None | reported |
| /operating_model/cells/q4_fitout:shared/label | None | Q4 tenant fit-out revenue |
| /operating_model/cells/q4_fitout:shared/period | None | 2026Q4 |
| /operating_model/cells/q4_fitout:shared/source_date | None | 2026-07-27 |
| /operating_model/cells/q4_fitout:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1144879/000114487926000044/apldq426earningsreleaseasf.htm |
| /operating_model/cells/q4_fitout:shared/unit | None | USD_millions |
| /operating_model/cells/q4_fitout:shared/value | None | 152.4 |
| /operating_model/cells/q4_fitout_cost:shared/basis | None | Reported consolidated or segment amount; rent, fit-out and hosting amounts are rounded company disclosures. |
| /operating_model/cells/q4_fitout_cost:shared/case | None | shared |
| /operating_model/cells/q4_fitout_cost:shared/id | None | q4_fitout_cost |
| /operating_model/cells/q4_fitout_cost:shared/kind | None | reported |
| /operating_model/cells/q4_fitout_cost:shared/label | None | Q4 tenant fit-out cost |
| /operating_model/cells/q4_fitout_cost:shared/period | None | 2026Q4 |
| /operating_model/cells/q4_fitout_cost:shared/source_date | None | 2026-07-27 |
| /operating_model/cells/q4_fitout_cost:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1144879/000114487926000044/apldq426earningsreleaseasf.htm |
| /operating_model/cells/q4_fitout_cost:shared/unit | None | USD_millions |
| /operating_model/cells/q4_fitout_cost:shared/value | None | 145.6 |
| /operating_model/cells/q4_hosting:shared/basis | None | Reported consolidated or segment amount; rent, fit-out and hosting amounts are rounded company disclosures. |
| /operating_model/cells/q4_hosting:shared/case | None | shared |
| /operating_model/cells/q4_hosting:shared/id | None | q4_hosting |
| /operating_model/cells/q4_hosting:shared/kind | None | reported |
| /operating_model/cells/q4_hosting:shared/label | None | Q4 mining hosting revenue |
| /operating_model/cells/q4_hosting:shared/period | None | 2026Q4 |
| /operating_model/cells/q4_hosting:shared/source_date | None | 2026-07-27 |
| /operating_model/cells/q4_hosting:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1144879/000114487926000044/apldq426earningsreleaseasf.htm |
| /operating_model/cells/q4_hosting:shared/unit | None | USD_millions |
| /operating_model/cells/q4_hosting:shared/value | None | 37.3 |
| /operating_model/cells/q4_rent:shared/basis | None | Reported consolidated or segment amount; rent, fit-out and hosting amounts are rounded company disclosures. |
| /operating_model/cells/q4_rent:shared/case | None | shared |
| /operating_model/cells/q4_rent:shared/id | None | q4_rent |
| /operating_model/cells/q4_rent:shared/kind | None | reported |
| /operating_model/cells/q4_rent:shared/label | None | Q4 HPC base rent |
| /operating_model/cells/q4_rent:shared/period | None | 2026Q4 |
| /operating_model/cells/q4_rent:shared/source_date | None | 2026-07-27 |
| /operating_model/cells/q4_rent:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1144879/000114487926000044/apldq426earningsreleaseasf.htm |
| /operating_model/cells/q4_rent:shared/unit | None | USD_millions |
| /operating_model/cells/q4_rent:shared/value | None | 44.1 |
| /operating_model/cells/q4_rent_mw:shared/basis | None | First 100 MW building operating during Q4; baseline assumes full-quarter rent. |
| /operating_model/cells/q4_rent_mw:shared/case | None | shared |
| /operating_model/cells/q4_rent_mw:shared/id | None | q4_rent_mw |
| /operating_model/cells/q4_rent_mw:shared/kind | None | reported |
| /operating_model/cells/q4_rent_mw:shared/label | None | Q4 rent-producing IT MW reference |
| /operating_model/cells/q4_rent_mw:shared/period | None | 2026Q4 |
| /operating_model/cells/q4_rent_mw:shared/source_date | None | 2026-07-27 |
| /operating_model/cells/q4_rent_mw:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1144879/000114487926000044/apldq426earningsreleaseasf.htm |
| /operating_model/cells/q4_rent_mw:shared/unit | None | MW |
| /operating_model/cells/q4_rent_mw:shared/value | None | 100.0 |
| /operating_model/cells/q4_revenue:shared/basis | None | Reported consolidated or segment amount; rent, fit-out and hosting amounts are rounded company disclosures. |
| /operating_model/cells/q4_revenue:shared/case | None | shared |
| /operating_model/cells/q4_revenue:shared/id | None | q4_revenue |
| /operating_model/cells/q4_revenue:shared/kind | None | reported |
| /operating_model/cells/q4_revenue:shared/label | None | Q4 consolidated revenue |
| /operating_model/cells/q4_revenue:shared/period | None | 2026Q4 |
| /operating_model/cells/q4_revenue:shared/source_date | None | 2026-07-27 |
| /operating_model/cells/q4_revenue:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1144879/000114487926000044/apldq426earningsreleaseasf.htm |
| /operating_model/cells/q4_revenue:shared/unit | None | USD_millions |
| /operating_model/cells/q4_revenue:shared/value | None | 258.748 |
| /operating_model/cells/quarter:shared/basis | None | Arithmetic time allocation. |
| /operating_model/cells/quarter:shared/case | None | shared |
| /operating_model/cells/quarter:shared/id | None | quarter |
| /operating_model/cells/quarter:shared/kind | None | assumption |
| /operating_model/cells/quarter:shared/label | None | Quarter of annual amount |
| /operating_model/cells/quarter:shared/period | None | Model |
| /operating_model/cells/quarter:shared/unit | None | ratio |
| /operating_model/cells/quarter:shared/value | None | 0.25 |
| /operating_model/cells/quarter_coupon:shared/basis | None | Even quarterly coupon accrual; actual payments are uneven. |
| /operating_model/cells/quarter_coupon:shared/case | None | shared |
| /operating_model/cells/quarter_coupon:shared/formula/op | None | multiply |
| /operating_model/cells/quarter_coupon:shared/formula/refs/0 | None | annual_coupon |
| /operating_model/cells/quarter_coupon:shared/formula/refs/1 | None | quarter |
| /operating_model/cells/quarter_coupon:shared/id | None | quarter_coupon |
| /operating_model/cells/quarter_coupon:shared/kind | None | derived |
| /operating_model/cells/quarter_coupon:shared/label | None | Major debt quarterly coupon accrual |
| /operating_model/cells/quarter_coupon:shared/period | None | Forecast |
| /operating_model/cells/quarter_coupon:shared/unit | None | USD_millions |
| /operating_model/cells/quarter_coupon:shared/value | None | 121.54375 |
| /operating_model/cells/restricted_cash:shared/basis | None | Current and other restricted cash; unavailable for unrestricted use. |
| /operating_model/cells/restricted_cash:shared/case | None | shared |
| /operating_model/cells/restricted_cash:shared/formula/op | None | sum |
| /operating_model/cells/restricted_cash:shared/formula/refs/0 | None | restricted_current |
| /operating_model/cells/restricted_cash:shared/formula/refs/1 | None | restricted_other |
| /operating_model/cells/restricted_cash:shared/id | None | restricted_cash |
| /operating_model/cells/restricted_cash:shared/kind | None | derived |
| /operating_model/cells/restricted_cash:shared/label | None | Total restricted cash |
| /operating_model/cells/restricted_cash:shared/period | None | 2026-05-31 |
| /operating_model/cells/restricted_cash:shared/unit | None | USD_millions |
| /operating_model/cells/restricted_cash:shared/value | None | 2561.442 |
| /operating_model/cells/restricted_current:shared/basis | None | Reported consolidated amount, converted from thousands to millions. |
| /operating_model/cells/restricted_current:shared/case | None | shared |
| /operating_model/cells/restricted_current:shared/id | None | restricted_current |
| /operating_model/cells/restricted_current:shared/kind | None | reported |
| /operating_model/cells/restricted_current:shared/label | None | May current restricted cash |
| /operating_model/cells/restricted_current:shared/period | None | 2026-05-31 |
| /operating_model/cells/restricted_current:shared/source_date | None | 2026-07-29 |
| /operating_model/cells/restricted_current:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1144879/000114487926000048/apld-20260531.htm |
| /operating_model/cells/restricted_current:shared/unit | None | USD_millions |
| /operating_model/cells/restricted_current:shared/value | None | 2381.027 |
| /operating_model/cells/restricted_other:shared/basis | None | Reported consolidated amount, converted from thousands to millions. |
| /operating_model/cells/restricted_other:shared/case | None | shared |
| /operating_model/cells/restricted_other:shared/id | None | restricted_other |
| /operating_model/cells/restricted_other:shared/kind | None | reported |
| /operating_model/cells/restricted_other:shared/label | None | May other restricted cash |
| /operating_model/cells/restricted_other:shared/period | None | 2026-05-31 |
| /operating_model/cells/restricted_other:shared/source_date | None | 2026-07-29 |
| /operating_model/cells/restricted_other:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1144879/000114487926000048/apld-20260531.htm |
| /operating_model/cells/restricted_other:shared/unit | None | USD_millions |
| /operating_model/cells/restricted_other:shared/value | None | 180.415 |
| /operating_model/cells/upside_2027q1_base_rent:upside/basis | None | Desk rent mix/commencement sensitivity, not repricing signed leases. |
| /operating_model/cells/upside_2027q1_base_rent:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_base_rent:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q1_base_rent:upside/formula/refs/0 | None | upside_2027q1_rent_at_reference |
| /operating_model/cells/upside_2027q1_base_rent:upside/formula/refs/1 | None | upside_2027q1_rent_realization |
| /operating_model/cells/upside_2027q1_base_rent:upside/id | None | upside_2027q1_base_rent |
| /operating_model/cells/upside_2027q1_base_rent:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_base_rent:upside/label | None | HPC base rent |
| /operating_model/cells/upside_2027q1_base_rent:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_base_rent:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_base_rent:upside/value | None | 74.08800000000001 |
| /operating_model/cells/upside_2027q1_capex:upside/basis | None | Desk construction spending; delay case includes higher build costs. Not company guidance. |
| /operating_model/cells/upside_2027q1_capex:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_capex:upside/id | None | upside_2027q1_capex |
| /operating_model/cells/upside_2027q1_capex:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_capex:upside/label | None | Construction and asset purchases |
| /operating_model/cells/upside_2027q1_capex:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_capex:upside/value | None | 850.0 |
| /operating_model/cells/upside_2027q1_cash_after_capex:upside/basis | None | Before financing proceeds, principal, acquisitions and restricted reserve transfers. |
| /operating_model/cells/upside_2027q1_cash_after_capex:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_cash_after_capex:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q1_cash_after_capex:upside/formula/refs/0 | None | upside_2027q1_cash_before_capex |
| /operating_model/cells/upside_2027q1_cash_after_capex:upside/formula/refs/1 | None | upside_2027q1_capex |
| /operating_model/cells/upside_2027q1_cash_after_capex:upside/id | None | upside_2027q1_cash_after_capex |
| /operating_model/cells/upside_2027q1_cash_after_capex:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_cash_after_capex:upside/label | None | Cash after capex proxy |
| /operating_model/cells/upside_2027q1_cash_after_capex:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_cash_after_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_cash_after_capex:upside/value | None | -914.02991 |
| /operating_model/cells/upside_2027q1_cash_before_capex:upside/basis | None | Analytical cash proxy; not consolidated GAAP CFO. |
| /operating_model/cells/upside_2027q1_cash_before_capex:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_cash_before_capex:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q1_cash_before_capex:upside/formula/refs/0 | None | upside_2027q1_site_cash |
| /operating_model/cells/upside_2027q1_cash_before_capex:upside/formula/refs/1 | None | upside_2027q1_cash_uses |
| /operating_model/cells/upside_2027q1_cash_before_capex:upside/id | None | upside_2027q1_cash_before_capex |
| /operating_model/cells/upside_2027q1_cash_before_capex:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_cash_before_capex:upside/label | None | Cash before capex proxy |
| /operating_model/cells/upside_2027q1_cash_before_capex:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_cash_before_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_cash_before_capex:upside/value | None | -64.02990999999997 |
| /operating_model/cells/upside_2027q1_cash_uses:upside/basis | None | Excludes noncash preferred accrual and financing principal. |
| /operating_model/cells/upside_2027q1_cash_uses:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_cash_uses:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q1_cash_uses:upside/formula/refs/0 | None | quarter_coupon |
| /operating_model/cells/upside_2027q1_cash_uses:upside/formula/refs/1 | None | upside_2027q1_corp |
| /operating_model/cells/upside_2027q1_cash_uses:upside/formula/refs/2 | None | upside_2027q1_other |
| /operating_model/cells/upside_2027q1_cash_uses:upside/id | None | upside_2027q1_cash_uses |
| /operating_model/cells/upside_2027q1_cash_uses:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_cash_uses:upside/label | None | Corporate, coupon and other cash uses |
| /operating_model/cells/upside_2027q1_cash_uses:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_cash_uses:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_cash_uses:upside/value | None | 159.54375 |
| /operating_model/cells/upside_2027q1_cloud:upside/basis | None | Still consolidated; no assumption of a full GAAP deconsolidation. |
| /operating_model/cells/upside_2027q1_cloud:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_cloud:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q1_cloud:upside/formula/refs/0 | None | q4_cloud |
| /operating_model/cells/upside_2027q1_cloud:upside/formula/refs/1 | None | upside_2027q1_cloud_factor |
| /operating_model/cells/upside_2027q1_cloud:upside/id | None | upside_2027q1_cloud |
| /operating_model/cells/upside_2027q1_cloud:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_cloud:upside/label | None | Consolidated ChronoScale revenue |
| /operating_model/cells/upside_2027q1_cloud:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_cloud:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_cloud:upside/value | None | 22.0752 |
| /operating_model/cells/upside_2027q1_cloud_cash:upside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/upside_2027q1_cloud_cash:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_cloud_cash:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q1_cloud_cash:upside/formula/refs/0 | None | upside_2027q1_cloud |
| /operating_model/cells/upside_2027q1_cloud_cash:upside/formula/refs/1 | None | upside_2027q1_cloud_margin |
| /operating_model/cells/upside_2027q1_cloud_cash:upside/id | None | upside_2027q1_cloud_cash |
| /operating_model/cells/upside_2027q1_cloud_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_cloud_cash:upside/label | None | Cash contribution: cloud |
| /operating_model/cells/upside_2027q1_cloud_cash:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_cloud_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_cloud_cash:upside/value | None | 0.0 |
| /operating_model/cells/upside_2027q1_cloud_factor:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q1_cloud_factor:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_cloud_factor:upside/id | None | upside_2027q1_cloud_factor |
| /operating_model/cells/upside_2027q1_cloud_factor:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_cloud_factor:upside/label | None | Cloud revenue versus Q4 |
| /operating_model/cells/upside_2027q1_cloud_factor:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_cloud_factor:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q1_cloud_factor:upside/value | None | 1.2 |
| /operating_model/cells/upside_2027q1_cloud_margin:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q1_cloud_margin:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_cloud_margin:upside/id | None | upside_2027q1_cloud_margin |
| /operating_model/cells/upside_2027q1_cloud_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_cloud_margin:upside/label | None | Cash contribution margin: cloud |
| /operating_model/cells/upside_2027q1_cloud_margin:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_cloud_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q1_cloud_margin:upside/value | None | 0.0 |
| /operating_model/cells/upside_2027q1_corp:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q1_corp:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_corp:upside/id | None | upside_2027q1_corp |
| /operating_model/cells/upside_2027q1_corp:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_corp:upside/label | None | Corporate cash overhead |
| /operating_model/cells/upside_2027q1_corp:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_corp:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_corp:upside/value | None | 28.0 |
| /operating_model/cells/upside_2027q1_fitout:upside/basis | None | Low-margin nonrecurring installation work; not recurring rent. |
| /operating_model/cells/upside_2027q1_fitout:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_fitout:upside/id | None | upside_2027q1_fitout |
| /operating_model/cells/upside_2027q1_fitout:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_fitout:upside/label | None | Tenant fit-out revenue |
| /operating_model/cells/upside_2027q1_fitout:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_fitout:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_fitout:upside/value | None | 170.0 |
| /operating_model/cells/upside_2027q1_fitout_cash:upside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/upside_2027q1_fitout_cash:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_fitout_cash:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q1_fitout_cash:upside/formula/refs/0 | None | upside_2027q1_fitout |
| /operating_model/cells/upside_2027q1_fitout_cash:upside/formula/refs/1 | None | upside_2027q1_fitout_margin |
| /operating_model/cells/upside_2027q1_fitout_cash:upside/id | None | upside_2027q1_fitout_cash |
| /operating_model/cells/upside_2027q1_fitout_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_fitout_cash:upside/label | None | Cash contribution: fitout |
| /operating_model/cells/upside_2027q1_fitout_cash:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_fitout_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_fitout_cash:upside/value | None | 10.2 |
| /operating_model/cells/upside_2027q1_fitout_margin:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q1_fitout_margin:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_fitout_margin:upside/id | None | upside_2027q1_fitout_margin |
| /operating_model/cells/upside_2027q1_fitout_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_fitout_margin:upside/label | None | Cash contribution margin: fitout |
| /operating_model/cells/upside_2027q1_fitout_margin:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_fitout_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q1_fitout_margin:upside/value | None | 0.06 |
| /operating_model/cells/upside_2027q1_hosting:upside/basis | None | Hosting services, not owned Bitcoin production. |
| /operating_model/cells/upside_2027q1_hosting:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_hosting:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q1_hosting:upside/formula/refs/0 | None | q4_hosting |
| /operating_model/cells/upside_2027q1_hosting:upside/formula/refs/1 | None | upside_2027q1_hosting_factor |
| /operating_model/cells/upside_2027q1_hosting:upside/id | None | upside_2027q1_hosting |
| /operating_model/cells/upside_2027q1_hosting:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_hosting:upside/label | None | Mining hosting revenue |
| /operating_model/cells/upside_2027q1_hosting:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_hosting:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_hosting:upside/value | None | 41.03 |
| /operating_model/cells/upside_2027q1_hosting_cash:upside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/upside_2027q1_hosting_cash:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_hosting_cash:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q1_hosting_cash:upside/formula/refs/0 | None | upside_2027q1_hosting |
| /operating_model/cells/upside_2027q1_hosting_cash:upside/formula/refs/1 | None | upside_2027q1_hosting_margin |
| /operating_model/cells/upside_2027q1_hosting_cash:upside/id | None | upside_2027q1_hosting_cash |
| /operating_model/cells/upside_2027q1_hosting_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_hosting_cash:upside/label | None | Cash contribution: hosting |
| /operating_model/cells/upside_2027q1_hosting_cash:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_hosting_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_hosting_cash:upside/value | None | 16.412000000000003 |
| /operating_model/cells/upside_2027q1_hosting_factor:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q1_hosting_factor:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_hosting_factor:upside/id | None | upside_2027q1_hosting_factor |
| /operating_model/cells/upside_2027q1_hosting_factor:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_hosting_factor:upside/label | None | Hosting revenue versus Q4 |
| /operating_model/cells/upside_2027q1_hosting_factor:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_hosting_factor:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q1_hosting_factor:upside/value | None | 1.1 |
| /operating_model/cells/upside_2027q1_hosting_margin:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q1_hosting_margin:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_hosting_margin:upside/id | None | upside_2027q1_hosting_margin |
| /operating_model/cells/upside_2027q1_hosting_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_hosting_margin:upside/label | None | Cash contribution margin: hosting |
| /operating_model/cells/upside_2027q1_hosting_margin:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_hosting_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q1_hosting_margin:upside/value | None | 0.4 |
| /operating_model/cells/upside_2027q1_mw:upside/basis | None | Desk delivery/acceptance schedule, not quarter-end capacity. Delta Forge 2 contributes only near H1 calendar 2028. |
| /operating_model/cells/upside_2027q1_mw:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_mw:upside/id | None | upside_2027q1_mw |
| /operating_model/cells/upside_2027q1_mw:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_mw:upside/label | None | Average revenue-producing critical IT MW |
| /operating_model/cells/upside_2027q1_mw:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_mw:upside/unit | None | MW |
| /operating_model/cells/upside_2027q1_mw:upside/value | None | 160.0 |
| /operating_model/cells/upside_2027q1_mw_ratio:upside/basis | None | Normalizes critical IT capacity without treating utility power as IT load. |
| /operating_model/cells/upside_2027q1_mw_ratio:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_mw_ratio:upside/formula/op | None | divide |
| /operating_model/cells/upside_2027q1_mw_ratio:upside/formula/refs/0 | None | upside_2027q1_mw |
| /operating_model/cells/upside_2027q1_mw_ratio:upside/formula/refs/1 | None | q4_rent_mw |
| /operating_model/cells/upside_2027q1_mw_ratio:upside/id | None | upside_2027q1_mw_ratio |
| /operating_model/cells/upside_2027q1_mw_ratio:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_mw_ratio:upside/label | None | Capacity / 100 MW reference |
| /operating_model/cells/upside_2027q1_mw_ratio:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_mw_ratio:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q1_mw_ratio:upside/value | None | 1.6 |
| /operating_model/cells/upside_2027q1_other:upside/basis | None | Net working capital, small-loan interest, taxes and interest income allowance. Lease principal excluded. |
| /operating_model/cells/upside_2027q1_other:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_other:upside/id | None | upside_2027q1_other |
| /operating_model/cells/upside_2027q1_other:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_other:upside/label | None | Other net cash uses |
| /operating_model/cells/upside_2027q1_other:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_other:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_other:upside/value | None | 10.0 |
| /operating_model/cells/upside_2027q1_preferred_accrual:upside/basis | None | Simple quarterly accrual; noncash PIK assumption, no compounding or redemption waterfall. |
| /operating_model/cells/upside_2027q1_preferred_accrual:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_preferred_accrual:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q1_preferred_accrual:upside/formula/refs/0 | None | preferred_annual |
| /operating_model/cells/upside_2027q1_preferred_accrual:upside/formula/refs/1 | None | quarter |
| /operating_model/cells/upside_2027q1_preferred_accrual:upside/id | None | upside_2027q1_preferred_accrual |
| /operating_model/cells/upside_2027q1_preferred_accrual:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_preferred_accrual:upside/label | None | Preferred economic accrual |
| /operating_model/cells/upside_2027q1_preferred_accrual:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_preferred_accrual:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_preferred_accrual:upside/value | None | 58.171875 |
| /operating_model/cells/upside_2027q1_recoveries:upside/basis | None | Pass-through operating recoveries modeled separately. |
| /operating_model/cells/upside_2027q1_recoveries:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_recoveries:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q1_recoveries:upside/formula/refs/0 | None | upside_2027q1_base_rent |
| /operating_model/cells/upside_2027q1_recoveries:upside/formula/refs/1 | None | upside_2027q1_recovery_ratio |
| /operating_model/cells/upside_2027q1_recoveries:upside/id | None | upside_2027q1_recoveries |
| /operating_model/cells/upside_2027q1_recoveries:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_recoveries:upside/label | None | Tenant recoveries |
| /operating_model/cells/upside_2027q1_recoveries:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_recoveries:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_recoveries:upside/value | None | 11.1132 |
| /operating_model/cells/upside_2027q1_recovery_cash:upside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/upside_2027q1_recovery_cash:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_recovery_cash:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q1_recovery_cash:upside/formula/refs/0 | None | upside_2027q1_recoveries |
| /operating_model/cells/upside_2027q1_recovery_cash:upside/formula/refs/1 | None | upside_2027q1_recovery_margin |
| /operating_model/cells/upside_2027q1_recovery_cash:upside/id | None | upside_2027q1_recovery_cash |
| /operating_model/cells/upside_2027q1_recovery_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_recovery_cash:upside/label | None | Cash contribution: recovery |
| /operating_model/cells/upside_2027q1_recovery_cash:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_recovery_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_recovery_cash:upside/value | None | 0.0 |
| /operating_model/cells/upside_2027q1_recovery_margin:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q1_recovery_margin:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_recovery_margin:upside/id | None | upside_2027q1_recovery_margin |
| /operating_model/cells/upside_2027q1_recovery_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_recovery_margin:upside/label | None | Cash contribution margin: recovery |
| /operating_model/cells/upside_2027q1_recovery_margin:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_recovery_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q1_recovery_margin:upside/value | None | 0.0 |
| /operating_model/cells/upside_2027q1_recovery_ratio:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q1_recovery_ratio:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_recovery_ratio:upside/id | None | upside_2027q1_recovery_ratio |
| /operating_model/cells/upside_2027q1_recovery_ratio:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_recovery_ratio:upside/label | None | Recoveries / base rent |
| /operating_model/cells/upside_2027q1_recovery_ratio:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_recovery_ratio:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q1_recovery_ratio:upside/value | None | 0.15 |
| /operating_model/cells/upside_2027q1_rent_at_reference:upside/basis | None | Reported Q4 rent per 100 MW times average active capacity. |
| /operating_model/cells/upside_2027q1_rent_at_reference:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_rent_at_reference:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q1_rent_at_reference:upside/formula/refs/0 | None | upside_2027q1_mw_ratio |
| /operating_model/cells/upside_2027q1_rent_at_reference:upside/formula/refs/1 | None | q4_rent |
| /operating_model/cells/upside_2027q1_rent_at_reference:upside/id | None | upside_2027q1_rent_at_reference |
| /operating_model/cells/upside_2027q1_rent_at_reference:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_rent_at_reference:upside/label | None | Rent at Q4 reference economics |
| /operating_model/cells/upside_2027q1_rent_at_reference:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_rent_at_reference:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_rent_at_reference:upside/value | None | 70.56 |
| /operating_model/cells/upside_2027q1_rent_cash:upside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/upside_2027q1_rent_cash:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_rent_cash:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q1_rent_cash:upside/formula/refs/0 | None | upside_2027q1_base_rent |
| /operating_model/cells/upside_2027q1_rent_cash:upside/formula/refs/1 | None | upside_2027q1_rent_margin |
| /operating_model/cells/upside_2027q1_rent_cash:upside/id | None | upside_2027q1_rent_cash |
| /operating_model/cells/upside_2027q1_rent_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_rent_cash:upside/label | None | Cash contribution: rent |
| /operating_model/cells/upside_2027q1_rent_cash:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_rent_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_rent_cash:upside/value | None | 68.90184 |
| /operating_model/cells/upside_2027q1_rent_margin:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q1_rent_margin:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_rent_margin:upside/id | None | upside_2027q1_rent_margin |
| /operating_model/cells/upside_2027q1_rent_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_rent_margin:upside/label | None | Cash contribution margin: rent |
| /operating_model/cells/upside_2027q1_rent_margin:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_rent_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q1_rent_margin:upside/value | None | 0.93 |
| /operating_model/cells/upside_2027q1_rent_realization:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q1_rent_realization:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_rent_realization:upside/id | None | upside_2027q1_rent_realization |
| /operating_model/cells/upside_2027q1_rent_realization:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_rent_realization:upside/label | None | Rent realization versus reference |
| /operating_model/cells/upside_2027q1_rent_realization:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_rent_realization:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q1_rent_realization:upside/value | None | 1.05 |
| /operating_model/cells/upside_2027q1_revenue:upside/basis | None | Rent, fit-out, recoveries, hosting and cloud, without optional lease renewals. |
| /operating_model/cells/upside_2027q1_revenue:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_revenue:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q1_revenue:upside/formula/refs/0 | None | upside_2027q1_base_rent |
| /operating_model/cells/upside_2027q1_revenue:upside/formula/refs/1 | None | upside_2027q1_fitout |
| /operating_model/cells/upside_2027q1_revenue:upside/formula/refs/2 | None | upside_2027q1_recoveries |
| /operating_model/cells/upside_2027q1_revenue:upside/formula/refs/3 | None | upside_2027q1_hosting |
| /operating_model/cells/upside_2027q1_revenue:upside/formula/refs/4 | None | upside_2027q1_cloud |
| /operating_model/cells/upside_2027q1_revenue:upside/id | None | upside_2027q1_revenue |
| /operating_model/cells/upside_2027q1_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_revenue:upside/label | None | Consolidated revenue |
| /operating_model/cells/upside_2027q1_revenue:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_revenue:upside/value | None | 318.30640000000005 |
| /operating_model/cells/upside_2027q1_site_cash:upside/basis | None | Includes all consolidated businesses. |
| /operating_model/cells/upside_2027q1_site_cash:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_site_cash:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q1_site_cash:upside/formula/refs/0 | None | upside_2027q1_rent_cash |
| /operating_model/cells/upside_2027q1_site_cash:upside/formula/refs/1 | None | upside_2027q1_fitout_cash |
| /operating_model/cells/upside_2027q1_site_cash:upside/formula/refs/2 | None | upside_2027q1_recovery_cash |
| /operating_model/cells/upside_2027q1_site_cash:upside/formula/refs/3 | None | upside_2027q1_hosting_cash |
| /operating_model/cells/upside_2027q1_site_cash:upside/formula/refs/4 | None | upside_2027q1_cloud_cash |
| /operating_model/cells/upside_2027q1_site_cash:upside/id | None | upside_2027q1_site_cash |
| /operating_model/cells/upside_2027q1_site_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_site_cash:upside/label | None | Combined business cash contribution |
| /operating_model/cells/upside_2027q1_site_cash:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_site_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_site_cash:upside/value | None | 95.51384000000002 |
| /operating_model/cells/upside_2027q2_base_rent:upside/basis | None | Desk rent mix/commencement sensitivity, not repricing signed leases. |
| /operating_model/cells/upside_2027q2_base_rent:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_base_rent:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q2_base_rent:upside/formula/refs/0 | None | upside_2027q2_rent_at_reference |
| /operating_model/cells/upside_2027q2_base_rent:upside/formula/refs/1 | None | upside_2027q2_rent_realization |
| /operating_model/cells/upside_2027q2_base_rent:upside/id | None | upside_2027q2_base_rent |
| /operating_model/cells/upside_2027q2_base_rent:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_base_rent:upside/label | None | HPC base rent |
| /operating_model/cells/upside_2027q2_base_rent:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_base_rent:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_base_rent:upside/value | None | 138.91500000000002 |
| /operating_model/cells/upside_2027q2_capex:upside/basis | None | Desk construction spending; delay case includes higher build costs. Not company guidance. |
| /operating_model/cells/upside_2027q2_capex:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_capex:upside/id | None | upside_2027q2_capex |
| /operating_model/cells/upside_2027q2_capex:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_capex:upside/label | None | Construction and asset purchases |
| /operating_model/cells/upside_2027q2_capex:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_capex:upside/value | None | 1000.0 |
| /operating_model/cells/upside_2027q2_cash_after_capex:upside/basis | None | Before financing proceeds, principal, acquisitions and restricted reserve transfers. |
| /operating_model/cells/upside_2027q2_cash_after_capex:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_cash_after_capex:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q2_cash_after_capex:upside/formula/refs/0 | None | upside_2027q2_cash_before_capex |
| /operating_model/cells/upside_2027q2_cash_after_capex:upside/formula/refs/1 | None | upside_2027q2_capex |
| /operating_model/cells/upside_2027q2_cash_after_capex:upside/id | None | upside_2027q2_cash_after_capex |
| /operating_model/cells/upside_2027q2_cash_after_capex:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_cash_after_capex:upside/label | None | Cash after capex proxy |
| /operating_model/cells/upside_2027q2_cash_after_capex:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_cash_after_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_cash_after_capex:upside/value | None | -1001.3408 |
| /operating_model/cells/upside_2027q2_cash_before_capex:upside/basis | None | Analytical cash proxy; not consolidated GAAP CFO. |
| /operating_model/cells/upside_2027q2_cash_before_capex:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_cash_before_capex:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q2_cash_before_capex:upside/formula/refs/0 | None | upside_2027q2_site_cash |
| /operating_model/cells/upside_2027q2_cash_before_capex:upside/formula/refs/1 | None | upside_2027q2_cash_uses |
| /operating_model/cells/upside_2027q2_cash_before_capex:upside/id | None | upside_2027q2_cash_before_capex |
| /operating_model/cells/upside_2027q2_cash_before_capex:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_cash_before_capex:upside/label | None | Cash before capex proxy |
| /operating_model/cells/upside_2027q2_cash_before_capex:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_cash_before_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_cash_before_capex:upside/value | None | -1.3407999999999731 |
| /operating_model/cells/upside_2027q2_cash_uses:upside/basis | None | Excludes noncash preferred accrual and financing principal. |
| /operating_model/cells/upside_2027q2_cash_uses:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_cash_uses:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q2_cash_uses:upside/formula/refs/0 | None | quarter_coupon |
| /operating_model/cells/upside_2027q2_cash_uses:upside/formula/refs/1 | None | upside_2027q2_corp |
| /operating_model/cells/upside_2027q2_cash_uses:upside/formula/refs/2 | None | upside_2027q2_other |
| /operating_model/cells/upside_2027q2_cash_uses:upside/id | None | upside_2027q2_cash_uses |
| /operating_model/cells/upside_2027q2_cash_uses:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_cash_uses:upside/label | None | Corporate, coupon and other cash uses |
| /operating_model/cells/upside_2027q2_cash_uses:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_cash_uses:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_cash_uses:upside/value | None | 159.54375 |
| /operating_model/cells/upside_2027q2_cloud:upside/basis | None | Still consolidated; no assumption of a full GAAP deconsolidation. |
| /operating_model/cells/upside_2027q2_cloud:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_cloud:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q2_cloud:upside/formula/refs/0 | None | q4_cloud |
| /operating_model/cells/upside_2027q2_cloud:upside/formula/refs/1 | None | upside_2027q2_cloud_factor |
| /operating_model/cells/upside_2027q2_cloud:upside/id | None | upside_2027q2_cloud |
| /operating_model/cells/upside_2027q2_cloud:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_cloud:upside/label | None | Consolidated ChronoScale revenue |
| /operating_model/cells/upside_2027q2_cloud:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_cloud:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_cloud:upside/value | None | 23.17896 |
| /operating_model/cells/upside_2027q2_cloud_cash:upside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/upside_2027q2_cloud_cash:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_cloud_cash:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q2_cloud_cash:upside/formula/refs/0 | None | upside_2027q2_cloud |
| /operating_model/cells/upside_2027q2_cloud_cash:upside/formula/refs/1 | None | upside_2027q2_cloud_margin |
| /operating_model/cells/upside_2027q2_cloud_cash:upside/id | None | upside_2027q2_cloud_cash |
| /operating_model/cells/upside_2027q2_cloud_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_cloud_cash:upside/label | None | Cash contribution: cloud |
| /operating_model/cells/upside_2027q2_cloud_cash:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_cloud_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_cloud_cash:upside/value | None | 0.0 |
| /operating_model/cells/upside_2027q2_cloud_factor:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q2_cloud_factor:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_cloud_factor:upside/id | None | upside_2027q2_cloud_factor |
| /operating_model/cells/upside_2027q2_cloud_factor:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_cloud_factor:upside/label | None | Cloud revenue versus Q4 |
| /operating_model/cells/upside_2027q2_cloud_factor:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_cloud_factor:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q2_cloud_factor:upside/value | None | 1.26 |
| /operating_model/cells/upside_2027q2_cloud_margin:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q2_cloud_margin:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_cloud_margin:upside/id | None | upside_2027q2_cloud_margin |
| /operating_model/cells/upside_2027q2_cloud_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_cloud_margin:upside/label | None | Cash contribution margin: cloud |
| /operating_model/cells/upside_2027q2_cloud_margin:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_cloud_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q2_cloud_margin:upside/value | None | 0.0 |
| /operating_model/cells/upside_2027q2_corp:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q2_corp:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_corp:upside/id | None | upside_2027q2_corp |
| /operating_model/cells/upside_2027q2_corp:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_corp:upside/label | None | Corporate cash overhead |
| /operating_model/cells/upside_2027q2_corp:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_corp:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_corp:upside/value | None | 28.0 |
| /operating_model/cells/upside_2027q2_fitout:upside/basis | None | Low-margin nonrecurring installation work; not recurring rent. |
| /operating_model/cells/upside_2027q2_fitout:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_fitout:upside/id | None | upside_2027q2_fitout |
| /operating_model/cells/upside_2027q2_fitout:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_fitout:upside/label | None | Tenant fit-out revenue |
| /operating_model/cells/upside_2027q2_fitout:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_fitout:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_fitout:upside/value | None | 210.0 |
| /operating_model/cells/upside_2027q2_fitout_cash:upside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/upside_2027q2_fitout_cash:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_fitout_cash:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q2_fitout_cash:upside/formula/refs/0 | None | upside_2027q2_fitout |
| /operating_model/cells/upside_2027q2_fitout_cash:upside/formula/refs/1 | None | upside_2027q2_fitout_margin |
| /operating_model/cells/upside_2027q2_fitout_cash:upside/id | None | upside_2027q2_fitout_cash |
| /operating_model/cells/upside_2027q2_fitout_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_fitout_cash:upside/label | None | Cash contribution: fitout |
| /operating_model/cells/upside_2027q2_fitout_cash:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_fitout_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_fitout_cash:upside/value | None | 12.6 |
| /operating_model/cells/upside_2027q2_fitout_margin:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q2_fitout_margin:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_fitout_margin:upside/id | None | upside_2027q2_fitout_margin |
| /operating_model/cells/upside_2027q2_fitout_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_fitout_margin:upside/label | None | Cash contribution margin: fitout |
| /operating_model/cells/upside_2027q2_fitout_margin:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_fitout_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q2_fitout_margin:upside/value | None | 0.06 |
| /operating_model/cells/upside_2027q2_hosting:upside/basis | None | Hosting services, not owned Bitcoin production. |
| /operating_model/cells/upside_2027q2_hosting:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_hosting:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q2_hosting:upside/formula/refs/0 | None | q4_hosting |
| /operating_model/cells/upside_2027q2_hosting:upside/formula/refs/1 | None | upside_2027q2_hosting_factor |
| /operating_model/cells/upside_2027q2_hosting:upside/id | None | upside_2027q2_hosting |
| /operating_model/cells/upside_2027q2_hosting:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_hosting:upside/label | None | Mining hosting revenue |
| /operating_model/cells/upside_2027q2_hosting:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_hosting:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_hosting:upside/value | None | 41.03 |
| /operating_model/cells/upside_2027q2_hosting_cash:upside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/upside_2027q2_hosting_cash:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_hosting_cash:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q2_hosting_cash:upside/formula/refs/0 | None | upside_2027q2_hosting |
| /operating_model/cells/upside_2027q2_hosting_cash:upside/formula/refs/1 | None | upside_2027q2_hosting_margin |
| /operating_model/cells/upside_2027q2_hosting_cash:upside/id | None | upside_2027q2_hosting_cash |
| /operating_model/cells/upside_2027q2_hosting_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_hosting_cash:upside/label | None | Cash contribution: hosting |
| /operating_model/cells/upside_2027q2_hosting_cash:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_hosting_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_hosting_cash:upside/value | None | 16.412000000000003 |
| /operating_model/cells/upside_2027q2_hosting_factor:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q2_hosting_factor:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_hosting_factor:upside/id | None | upside_2027q2_hosting_factor |
| /operating_model/cells/upside_2027q2_hosting_factor:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_hosting_factor:upside/label | None | Hosting revenue versus Q4 |
| /operating_model/cells/upside_2027q2_hosting_factor:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_hosting_factor:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q2_hosting_factor:upside/value | None | 1.1 |
| /operating_model/cells/upside_2027q2_hosting_margin:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q2_hosting_margin:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_hosting_margin:upside/id | None | upside_2027q2_hosting_margin |
| /operating_model/cells/upside_2027q2_hosting_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_hosting_margin:upside/label | None | Cash contribution margin: hosting |
| /operating_model/cells/upside_2027q2_hosting_margin:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_hosting_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q2_hosting_margin:upside/value | None | 0.4 |
| /operating_model/cells/upside_2027q2_mw:upside/basis | None | Desk delivery/acceptance schedule, not quarter-end capacity. Delta Forge 2 contributes only near H1 calendar 2028. |
| /operating_model/cells/upside_2027q2_mw:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_mw:upside/id | None | upside_2027q2_mw |
| /operating_model/cells/upside_2027q2_mw:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_mw:upside/label | None | Average revenue-producing critical IT MW |
| /operating_model/cells/upside_2027q2_mw:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_mw:upside/unit | None | MW |
| /operating_model/cells/upside_2027q2_mw:upside/value | None | 300.0 |
| /operating_model/cells/upside_2027q2_mw_ratio:upside/basis | None | Normalizes critical IT capacity without treating utility power as IT load. |
| /operating_model/cells/upside_2027q2_mw_ratio:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_mw_ratio:upside/formula/op | None | divide |
| /operating_model/cells/upside_2027q2_mw_ratio:upside/formula/refs/0 | None | upside_2027q2_mw |
| /operating_model/cells/upside_2027q2_mw_ratio:upside/formula/refs/1 | None | q4_rent_mw |
| /operating_model/cells/upside_2027q2_mw_ratio:upside/id | None | upside_2027q2_mw_ratio |
| /operating_model/cells/upside_2027q2_mw_ratio:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_mw_ratio:upside/label | None | Capacity / 100 MW reference |
| /operating_model/cells/upside_2027q2_mw_ratio:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_mw_ratio:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q2_mw_ratio:upside/value | None | 3.0 |
| /operating_model/cells/upside_2027q2_other:upside/basis | None | Net working capital, small-loan interest, taxes and interest income allowance. Lease principal excluded. |
| /operating_model/cells/upside_2027q2_other:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_other:upside/id | None | upside_2027q2_other |
| /operating_model/cells/upside_2027q2_other:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_other:upside/label | None | Other net cash uses |
| /operating_model/cells/upside_2027q2_other:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_other:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_other:upside/value | None | 10.0 |
| /operating_model/cells/upside_2027q2_preferred_accrual:upside/basis | None | Simple quarterly accrual; noncash PIK assumption, no compounding or redemption waterfall. |
| /operating_model/cells/upside_2027q2_preferred_accrual:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_preferred_accrual:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q2_preferred_accrual:upside/formula/refs/0 | None | preferred_annual |
| /operating_model/cells/upside_2027q2_preferred_accrual:upside/formula/refs/1 | None | quarter |
| /operating_model/cells/upside_2027q2_preferred_accrual:upside/id | None | upside_2027q2_preferred_accrual |
| /operating_model/cells/upside_2027q2_preferred_accrual:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_preferred_accrual:upside/label | None | Preferred economic accrual |
| /operating_model/cells/upside_2027q2_preferred_accrual:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_preferred_accrual:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_preferred_accrual:upside/value | None | 58.171875 |
| /operating_model/cells/upside_2027q2_recoveries:upside/basis | None | Pass-through operating recoveries modeled separately. |
| /operating_model/cells/upside_2027q2_recoveries:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_recoveries:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q2_recoveries:upside/formula/refs/0 | None | upside_2027q2_base_rent |
| /operating_model/cells/upside_2027q2_recoveries:upside/formula/refs/1 | None | upside_2027q2_recovery_ratio |
| /operating_model/cells/upside_2027q2_recoveries:upside/id | None | upside_2027q2_recoveries |
| /operating_model/cells/upside_2027q2_recoveries:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_recoveries:upside/label | None | Tenant recoveries |
| /operating_model/cells/upside_2027q2_recoveries:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_recoveries:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_recoveries:upside/value | None | 20.83725 |
| /operating_model/cells/upside_2027q2_recovery_cash:upside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/upside_2027q2_recovery_cash:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_recovery_cash:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q2_recovery_cash:upside/formula/refs/0 | None | upside_2027q2_recoveries |
| /operating_model/cells/upside_2027q2_recovery_cash:upside/formula/refs/1 | None | upside_2027q2_recovery_margin |
| /operating_model/cells/upside_2027q2_recovery_cash:upside/id | None | upside_2027q2_recovery_cash |
| /operating_model/cells/upside_2027q2_recovery_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_recovery_cash:upside/label | None | Cash contribution: recovery |
| /operating_model/cells/upside_2027q2_recovery_cash:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_recovery_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_recovery_cash:upside/value | None | 0.0 |
| /operating_model/cells/upside_2027q2_recovery_margin:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q2_recovery_margin:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_recovery_margin:upside/id | None | upside_2027q2_recovery_margin |
| /operating_model/cells/upside_2027q2_recovery_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_recovery_margin:upside/label | None | Cash contribution margin: recovery |
| /operating_model/cells/upside_2027q2_recovery_margin:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_recovery_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q2_recovery_margin:upside/value | None | 0.0 |
| /operating_model/cells/upside_2027q2_recovery_ratio:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q2_recovery_ratio:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_recovery_ratio:upside/id | None | upside_2027q2_recovery_ratio |
| /operating_model/cells/upside_2027q2_recovery_ratio:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_recovery_ratio:upside/label | None | Recoveries / base rent |
| /operating_model/cells/upside_2027q2_recovery_ratio:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_recovery_ratio:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q2_recovery_ratio:upside/value | None | 0.15 |
| /operating_model/cells/upside_2027q2_rent_at_reference:upside/basis | None | Reported Q4 rent per 100 MW times average active capacity. |
| /operating_model/cells/upside_2027q2_rent_at_reference:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_rent_at_reference:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q2_rent_at_reference:upside/formula/refs/0 | None | upside_2027q2_mw_ratio |
| /operating_model/cells/upside_2027q2_rent_at_reference:upside/formula/refs/1 | None | q4_rent |
| /operating_model/cells/upside_2027q2_rent_at_reference:upside/id | None | upside_2027q2_rent_at_reference |
| /operating_model/cells/upside_2027q2_rent_at_reference:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_rent_at_reference:upside/label | None | Rent at Q4 reference economics |
| /operating_model/cells/upside_2027q2_rent_at_reference:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_rent_at_reference:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_rent_at_reference:upside/value | None | 132.3 |
| /operating_model/cells/upside_2027q2_rent_cash:upside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/upside_2027q2_rent_cash:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_rent_cash:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q2_rent_cash:upside/formula/refs/0 | None | upside_2027q2_base_rent |
| /operating_model/cells/upside_2027q2_rent_cash:upside/formula/refs/1 | None | upside_2027q2_rent_margin |
| /operating_model/cells/upside_2027q2_rent_cash:upside/id | None | upside_2027q2_rent_cash |
| /operating_model/cells/upside_2027q2_rent_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_rent_cash:upside/label | None | Cash contribution: rent |
| /operating_model/cells/upside_2027q2_rent_cash:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_rent_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_rent_cash:upside/value | None | 129.19095000000002 |
| /operating_model/cells/upside_2027q2_rent_margin:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q2_rent_margin:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_rent_margin:upside/id | None | upside_2027q2_rent_margin |
| /operating_model/cells/upside_2027q2_rent_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_rent_margin:upside/label | None | Cash contribution margin: rent |
| /operating_model/cells/upside_2027q2_rent_margin:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_rent_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q2_rent_margin:upside/value | None | 0.93 |
| /operating_model/cells/upside_2027q2_rent_realization:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q2_rent_realization:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_rent_realization:upside/id | None | upside_2027q2_rent_realization |
| /operating_model/cells/upside_2027q2_rent_realization:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_rent_realization:upside/label | None | Rent realization versus reference |
| /operating_model/cells/upside_2027q2_rent_realization:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_rent_realization:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q2_rent_realization:upside/value | None | 1.05 |
| /operating_model/cells/upside_2027q2_revenue:upside/basis | None | Rent, fit-out, recoveries, hosting and cloud, without optional lease renewals. |
| /operating_model/cells/upside_2027q2_revenue:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_revenue:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q2_revenue:upside/formula/refs/0 | None | upside_2027q2_base_rent |
| /operating_model/cells/upside_2027q2_revenue:upside/formula/refs/1 | None | upside_2027q2_fitout |
| /operating_model/cells/upside_2027q2_revenue:upside/formula/refs/2 | None | upside_2027q2_recoveries |
| /operating_model/cells/upside_2027q2_revenue:upside/formula/refs/3 | None | upside_2027q2_hosting |
| /operating_model/cells/upside_2027q2_revenue:upside/formula/refs/4 | None | upside_2027q2_cloud |
| /operating_model/cells/upside_2027q2_revenue:upside/id | None | upside_2027q2_revenue |
| /operating_model/cells/upside_2027q2_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_revenue:upside/label | None | Consolidated revenue |
| /operating_model/cells/upside_2027q2_revenue:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_revenue:upside/value | None | 433.96121 |
| /operating_model/cells/upside_2027q2_site_cash:upside/basis | None | Includes all consolidated businesses. |
| /operating_model/cells/upside_2027q2_site_cash:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_site_cash:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q2_site_cash:upside/formula/refs/0 | None | upside_2027q2_rent_cash |
| /operating_model/cells/upside_2027q2_site_cash:upside/formula/refs/1 | None | upside_2027q2_fitout_cash |
| /operating_model/cells/upside_2027q2_site_cash:upside/formula/refs/2 | None | upside_2027q2_recovery_cash |
| /operating_model/cells/upside_2027q2_site_cash:upside/formula/refs/3 | None | upside_2027q2_hosting_cash |
| /operating_model/cells/upside_2027q2_site_cash:upside/formula/refs/4 | None | upside_2027q2_cloud_cash |
| /operating_model/cells/upside_2027q2_site_cash:upside/id | None | upside_2027q2_site_cash |
| /operating_model/cells/upside_2027q2_site_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_site_cash:upside/label | None | Combined business cash contribution |
| /operating_model/cells/upside_2027q2_site_cash:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_site_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_site_cash:upside/value | None | 158.20295000000002 |
| /operating_model/cells/upside_2027q3_base_rent:upside/basis | None | Desk rent mix/commencement sensitivity, not repricing signed leases. |
| /operating_model/cells/upside_2027q3_base_rent:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_base_rent:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q3_base_rent:upside/formula/refs/0 | None | upside_2027q3_rent_at_reference |
| /operating_model/cells/upside_2027q3_base_rent:upside/formula/refs/1 | None | upside_2027q3_rent_realization |
| /operating_model/cells/upside_2027q3_base_rent:upside/id | None | upside_2027q3_base_rent |
| /operating_model/cells/upside_2027q3_base_rent:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_base_rent:upside/label | None | HPC base rent |
| /operating_model/cells/upside_2027q3_base_rent:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_base_rent:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_base_rent:upside/value | None | 217.63350000000003 |
| /operating_model/cells/upside_2027q3_capex:upside/basis | None | Desk construction spending; delay case includes higher build costs. Not company guidance. |
| /operating_model/cells/upside_2027q3_capex:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_capex:upside/id | None | upside_2027q3_capex |
| /operating_model/cells/upside_2027q3_capex:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_capex:upside/label | None | Construction and asset purchases |
| /operating_model/cells/upside_2027q3_capex:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_capex:upside/value | None | 1200.0 |
| /operating_model/cells/upside_2027q3_cash_after_capex:upside/basis | None | Before financing proceeds, principal, acquisitions and restricted reserve transfers. |
| /operating_model/cells/upside_2027q3_cash_after_capex:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_cash_after_capex:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q3_cash_after_capex:upside/formula/refs/0 | None | upside_2027q3_cash_before_capex |
| /operating_model/cells/upside_2027q3_cash_after_capex:upside/formula/refs/1 | None | upside_2027q3_capex |
| /operating_model/cells/upside_2027q3_cash_after_capex:upside/id | None | upside_2027q3_cash_after_capex |
| /operating_model/cells/upside_2027q3_cash_after_capex:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_cash_after_capex:upside/label | None | Cash after capex proxy |
| /operating_model/cells/upside_2027q3_cash_after_capex:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_cash_after_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_cash_after_capex:upside/value | None | -1126.3325949999999 |
| /operating_model/cells/upside_2027q3_cash_before_capex:upside/basis | None | Analytical cash proxy; not consolidated GAAP CFO. |
| /operating_model/cells/upside_2027q3_cash_before_capex:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_cash_before_capex:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q3_cash_before_capex:upside/formula/refs/0 | None | upside_2027q3_site_cash |
| /operating_model/cells/upside_2027q3_cash_before_capex:upside/formula/refs/1 | None | upside_2027q3_cash_uses |
| /operating_model/cells/upside_2027q3_cash_before_capex:upside/id | None | upside_2027q3_cash_before_capex |
| /operating_model/cells/upside_2027q3_cash_before_capex:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_cash_before_capex:upside/label | None | Cash before capex proxy |
| /operating_model/cells/upside_2027q3_cash_before_capex:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_cash_before_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_cash_before_capex:upside/value | None | 73.66740500000006 |
| /operating_model/cells/upside_2027q3_cash_uses:upside/basis | None | Excludes noncash preferred accrual and financing principal. |
| /operating_model/cells/upside_2027q3_cash_uses:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_cash_uses:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q3_cash_uses:upside/formula/refs/0 | None | quarter_coupon |
| /operating_model/cells/upside_2027q3_cash_uses:upside/formula/refs/1 | None | upside_2027q3_corp |
| /operating_model/cells/upside_2027q3_cash_uses:upside/formula/refs/2 | None | upside_2027q3_other |
| /operating_model/cells/upside_2027q3_cash_uses:upside/id | None | upside_2027q3_cash_uses |
| /operating_model/cells/upside_2027q3_cash_uses:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_cash_uses:upside/label | None | Corporate, coupon and other cash uses |
| /operating_model/cells/upside_2027q3_cash_uses:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_cash_uses:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_cash_uses:upside/value | None | 159.54375 |
| /operating_model/cells/upside_2027q3_cloud:upside/basis | None | Still consolidated; no assumption of a full GAAP deconsolidation. |
| /operating_model/cells/upside_2027q3_cloud:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_cloud:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q3_cloud:upside/formula/refs/0 | None | q4_cloud |
| /operating_model/cells/upside_2027q3_cloud:upside/formula/refs/1 | None | upside_2027q3_cloud_factor |
| /operating_model/cells/upside_2027q3_cloud:upside/id | None | upside_2027q3_cloud |
| /operating_model/cells/upside_2027q3_cloud:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_cloud:upside/label | None | Consolidated ChronoScale revenue |
| /operating_model/cells/upside_2027q3_cloud:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_cloud:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_cloud:upside/value | None | 24.28272 |
| /operating_model/cells/upside_2027q3_cloud_cash:upside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/upside_2027q3_cloud_cash:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_cloud_cash:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q3_cloud_cash:upside/formula/refs/0 | None | upside_2027q3_cloud |
| /operating_model/cells/upside_2027q3_cloud_cash:upside/formula/refs/1 | None | upside_2027q3_cloud_margin |
| /operating_model/cells/upside_2027q3_cloud_cash:upside/id | None | upside_2027q3_cloud_cash |
| /operating_model/cells/upside_2027q3_cloud_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_cloud_cash:upside/label | None | Cash contribution: cloud |
| /operating_model/cells/upside_2027q3_cloud_cash:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_cloud_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_cloud_cash:upside/value | None | 0.0 |
| /operating_model/cells/upside_2027q3_cloud_factor:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q3_cloud_factor:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_cloud_factor:upside/id | None | upside_2027q3_cloud_factor |
| /operating_model/cells/upside_2027q3_cloud_factor:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_cloud_factor:upside/label | None | Cloud revenue versus Q4 |
| /operating_model/cells/upside_2027q3_cloud_factor:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_cloud_factor:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q3_cloud_factor:upside/value | None | 1.32 |
| /operating_model/cells/upside_2027q3_cloud_margin:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q3_cloud_margin:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_cloud_margin:upside/id | None | upside_2027q3_cloud_margin |
| /operating_model/cells/upside_2027q3_cloud_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_cloud_margin:upside/label | None | Cash contribution margin: cloud |
| /operating_model/cells/upside_2027q3_cloud_margin:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_cloud_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q3_cloud_margin:upside/value | None | 0.0 |
| /operating_model/cells/upside_2027q3_corp:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q3_corp:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_corp:upside/id | None | upside_2027q3_corp |
| /operating_model/cells/upside_2027q3_corp:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_corp:upside/label | None | Corporate cash overhead |
| /operating_model/cells/upside_2027q3_corp:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_corp:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_corp:upside/value | None | 28.0 |
| /operating_model/cells/upside_2027q3_fitout:upside/basis | None | Low-margin nonrecurring installation work; not recurring rent. |
| /operating_model/cells/upside_2027q3_fitout:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_fitout:upside/id | None | upside_2027q3_fitout |
| /operating_model/cells/upside_2027q3_fitout:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_fitout:upside/label | None | Tenant fit-out revenue |
| /operating_model/cells/upside_2027q3_fitout:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_fitout:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_fitout:upside/value | None | 240.0 |
| /operating_model/cells/upside_2027q3_fitout_cash:upside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/upside_2027q3_fitout_cash:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_fitout_cash:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q3_fitout_cash:upside/formula/refs/0 | None | upside_2027q3_fitout |
| /operating_model/cells/upside_2027q3_fitout_cash:upside/formula/refs/1 | None | upside_2027q3_fitout_margin |
| /operating_model/cells/upside_2027q3_fitout_cash:upside/id | None | upside_2027q3_fitout_cash |
| /operating_model/cells/upside_2027q3_fitout_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_fitout_cash:upside/label | None | Cash contribution: fitout |
| /operating_model/cells/upside_2027q3_fitout_cash:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_fitout_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_fitout_cash:upside/value | None | 14.399999999999999 |
| /operating_model/cells/upside_2027q3_fitout_margin:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q3_fitout_margin:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_fitout_margin:upside/id | None | upside_2027q3_fitout_margin |
| /operating_model/cells/upside_2027q3_fitout_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_fitout_margin:upside/label | None | Cash contribution margin: fitout |
| /operating_model/cells/upside_2027q3_fitout_margin:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_fitout_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q3_fitout_margin:upside/value | None | 0.06 |
| /operating_model/cells/upside_2027q3_hosting:upside/basis | None | Hosting services, not owned Bitcoin production. |
| /operating_model/cells/upside_2027q3_hosting:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_hosting:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q3_hosting:upside/formula/refs/0 | None | q4_hosting |
| /operating_model/cells/upside_2027q3_hosting:upside/formula/refs/1 | None | upside_2027q3_hosting_factor |
| /operating_model/cells/upside_2027q3_hosting:upside/id | None | upside_2027q3_hosting |
| /operating_model/cells/upside_2027q3_hosting:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_hosting:upside/label | None | Mining hosting revenue |
| /operating_model/cells/upside_2027q3_hosting:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_hosting:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_hosting:upside/value | None | 41.03 |
| /operating_model/cells/upside_2027q3_hosting_cash:upside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/upside_2027q3_hosting_cash:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_hosting_cash:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q3_hosting_cash:upside/formula/refs/0 | None | upside_2027q3_hosting |
| /operating_model/cells/upside_2027q3_hosting_cash:upside/formula/refs/1 | None | upside_2027q3_hosting_margin |
| /operating_model/cells/upside_2027q3_hosting_cash:upside/id | None | upside_2027q3_hosting_cash |
| /operating_model/cells/upside_2027q3_hosting_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_hosting_cash:upside/label | None | Cash contribution: hosting |
| /operating_model/cells/upside_2027q3_hosting_cash:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_hosting_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_hosting_cash:upside/value | None | 16.412000000000003 |
| /operating_model/cells/upside_2027q3_hosting_factor:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q3_hosting_factor:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_hosting_factor:upside/id | None | upside_2027q3_hosting_factor |
| /operating_model/cells/upside_2027q3_hosting_factor:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_hosting_factor:upside/label | None | Hosting revenue versus Q4 |
| /operating_model/cells/upside_2027q3_hosting_factor:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_hosting_factor:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q3_hosting_factor:upside/value | None | 1.1 |
| /operating_model/cells/upside_2027q3_hosting_margin:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q3_hosting_margin:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_hosting_margin:upside/id | None | upside_2027q3_hosting_margin |
| /operating_model/cells/upside_2027q3_hosting_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_hosting_margin:upside/label | None | Cash contribution margin: hosting |
| /operating_model/cells/upside_2027q3_hosting_margin:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_hosting_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q3_hosting_margin:upside/value | None | 0.4 |
| /operating_model/cells/upside_2027q3_mw:upside/basis | None | Desk delivery/acceptance schedule, not quarter-end capacity. Delta Forge 2 contributes only near H1 calendar 2028. |
| /operating_model/cells/upside_2027q3_mw:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_mw:upside/id | None | upside_2027q3_mw |
| /operating_model/cells/upside_2027q3_mw:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_mw:upside/label | None | Average revenue-producing critical IT MW |
| /operating_model/cells/upside_2027q3_mw:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_mw:upside/unit | None | MW |
| /operating_model/cells/upside_2027q3_mw:upside/value | None | 470.0 |
| /operating_model/cells/upside_2027q3_mw_ratio:upside/basis | None | Normalizes critical IT capacity without treating utility power as IT load. |
| /operating_model/cells/upside_2027q3_mw_ratio:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_mw_ratio:upside/formula/op | None | divide |
| /operating_model/cells/upside_2027q3_mw_ratio:upside/formula/refs/0 | None | upside_2027q3_mw |
| /operating_model/cells/upside_2027q3_mw_ratio:upside/formula/refs/1 | None | q4_rent_mw |
| /operating_model/cells/upside_2027q3_mw_ratio:upside/id | None | upside_2027q3_mw_ratio |
| /operating_model/cells/upside_2027q3_mw_ratio:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_mw_ratio:upside/label | None | Capacity / 100 MW reference |
| /operating_model/cells/upside_2027q3_mw_ratio:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_mw_ratio:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q3_mw_ratio:upside/value | None | 4.7 |
| /operating_model/cells/upside_2027q3_other:upside/basis | None | Net working capital, small-loan interest, taxes and interest income allowance. Lease principal excluded. |
| /operating_model/cells/upside_2027q3_other:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_other:upside/id | None | upside_2027q3_other |
| /operating_model/cells/upside_2027q3_other:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_other:upside/label | None | Other net cash uses |
| /operating_model/cells/upside_2027q3_other:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_other:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_other:upside/value | None | 10.0 |
| /operating_model/cells/upside_2027q3_preferred_accrual:upside/basis | None | Simple quarterly accrual; noncash PIK assumption, no compounding or redemption waterfall. |
| /operating_model/cells/upside_2027q3_preferred_accrual:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_preferred_accrual:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q3_preferred_accrual:upside/formula/refs/0 | None | preferred_annual |
| /operating_model/cells/upside_2027q3_preferred_accrual:upside/formula/refs/1 | None | quarter |
| /operating_model/cells/upside_2027q3_preferred_accrual:upside/id | None | upside_2027q3_preferred_accrual |
| /operating_model/cells/upside_2027q3_preferred_accrual:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_preferred_accrual:upside/label | None | Preferred economic accrual |
| /operating_model/cells/upside_2027q3_preferred_accrual:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_preferred_accrual:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_preferred_accrual:upside/value | None | 58.171875 |
| /operating_model/cells/upside_2027q3_recoveries:upside/basis | None | Pass-through operating recoveries modeled separately. |
| /operating_model/cells/upside_2027q3_recoveries:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_recoveries:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q3_recoveries:upside/formula/refs/0 | None | upside_2027q3_base_rent |
| /operating_model/cells/upside_2027q3_recoveries:upside/formula/refs/1 | None | upside_2027q3_recovery_ratio |
| /operating_model/cells/upside_2027q3_recoveries:upside/id | None | upside_2027q3_recoveries |
| /operating_model/cells/upside_2027q3_recoveries:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_recoveries:upside/label | None | Tenant recoveries |
| /operating_model/cells/upside_2027q3_recoveries:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_recoveries:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_recoveries:upside/value | None | 32.645025000000004 |
| /operating_model/cells/upside_2027q3_recovery_cash:upside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/upside_2027q3_recovery_cash:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_recovery_cash:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q3_recovery_cash:upside/formula/refs/0 | None | upside_2027q3_recoveries |
| /operating_model/cells/upside_2027q3_recovery_cash:upside/formula/refs/1 | None | upside_2027q3_recovery_margin |
| /operating_model/cells/upside_2027q3_recovery_cash:upside/id | None | upside_2027q3_recovery_cash |
| /operating_model/cells/upside_2027q3_recovery_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_recovery_cash:upside/label | None | Cash contribution: recovery |
| /operating_model/cells/upside_2027q3_recovery_cash:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_recovery_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_recovery_cash:upside/value | None | 0.0 |
| /operating_model/cells/upside_2027q3_recovery_margin:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q3_recovery_margin:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_recovery_margin:upside/id | None | upside_2027q3_recovery_margin |
| /operating_model/cells/upside_2027q3_recovery_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_recovery_margin:upside/label | None | Cash contribution margin: recovery |
| /operating_model/cells/upside_2027q3_recovery_margin:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_recovery_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q3_recovery_margin:upside/value | None | 0.0 |
| /operating_model/cells/upside_2027q3_recovery_ratio:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q3_recovery_ratio:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_recovery_ratio:upside/id | None | upside_2027q3_recovery_ratio |
| /operating_model/cells/upside_2027q3_recovery_ratio:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_recovery_ratio:upside/label | None | Recoveries / base rent |
| /operating_model/cells/upside_2027q3_recovery_ratio:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_recovery_ratio:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q3_recovery_ratio:upside/value | None | 0.15 |
| /operating_model/cells/upside_2027q3_rent_at_reference:upside/basis | None | Reported Q4 rent per 100 MW times average active capacity. |
| /operating_model/cells/upside_2027q3_rent_at_reference:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_rent_at_reference:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q3_rent_at_reference:upside/formula/refs/0 | None | upside_2027q3_mw_ratio |
| /operating_model/cells/upside_2027q3_rent_at_reference:upside/formula/refs/1 | None | q4_rent |
| /operating_model/cells/upside_2027q3_rent_at_reference:upside/id | None | upside_2027q3_rent_at_reference |
| /operating_model/cells/upside_2027q3_rent_at_reference:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_rent_at_reference:upside/label | None | Rent at Q4 reference economics |
| /operating_model/cells/upside_2027q3_rent_at_reference:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_rent_at_reference:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_rent_at_reference:upside/value | None | 207.27 |
| /operating_model/cells/upside_2027q3_rent_cash:upside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/upside_2027q3_rent_cash:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_rent_cash:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q3_rent_cash:upside/formula/refs/0 | None | upside_2027q3_base_rent |
| /operating_model/cells/upside_2027q3_rent_cash:upside/formula/refs/1 | None | upside_2027q3_rent_margin |
| /operating_model/cells/upside_2027q3_rent_cash:upside/id | None | upside_2027q3_rent_cash |
| /operating_model/cells/upside_2027q3_rent_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_rent_cash:upside/label | None | Cash contribution: rent |
| /operating_model/cells/upside_2027q3_rent_cash:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_rent_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_rent_cash:upside/value | None | 202.39915500000004 |
| /operating_model/cells/upside_2027q3_rent_margin:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q3_rent_margin:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_rent_margin:upside/id | None | upside_2027q3_rent_margin |
| /operating_model/cells/upside_2027q3_rent_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_rent_margin:upside/label | None | Cash contribution margin: rent |
| /operating_model/cells/upside_2027q3_rent_margin:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_rent_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q3_rent_margin:upside/value | None | 0.93 |
| /operating_model/cells/upside_2027q3_rent_realization:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q3_rent_realization:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_rent_realization:upside/id | None | upside_2027q3_rent_realization |
| /operating_model/cells/upside_2027q3_rent_realization:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_rent_realization:upside/label | None | Rent realization versus reference |
| /operating_model/cells/upside_2027q3_rent_realization:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_rent_realization:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q3_rent_realization:upside/value | None | 1.05 |
| /operating_model/cells/upside_2027q3_revenue:upside/basis | None | Rent, fit-out, recoveries, hosting and cloud, without optional lease renewals. |
| /operating_model/cells/upside_2027q3_revenue:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_revenue:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q3_revenue:upside/formula/refs/0 | None | upside_2027q3_base_rent |
| /operating_model/cells/upside_2027q3_revenue:upside/formula/refs/1 | None | upside_2027q3_fitout |
| /operating_model/cells/upside_2027q3_revenue:upside/formula/refs/2 | None | upside_2027q3_recoveries |
| /operating_model/cells/upside_2027q3_revenue:upside/formula/refs/3 | None | upside_2027q3_hosting |
| /operating_model/cells/upside_2027q3_revenue:upside/formula/refs/4 | None | upside_2027q3_cloud |
| /operating_model/cells/upside_2027q3_revenue:upside/id | None | upside_2027q3_revenue |
| /operating_model/cells/upside_2027q3_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_revenue:upside/label | None | Consolidated revenue |
| /operating_model/cells/upside_2027q3_revenue:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_revenue:upside/value | None | 555.5912450000001 |
| /operating_model/cells/upside_2027q3_site_cash:upside/basis | None | Includes all consolidated businesses. |
| /operating_model/cells/upside_2027q3_site_cash:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_site_cash:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q3_site_cash:upside/formula/refs/0 | None | upside_2027q3_rent_cash |
| /operating_model/cells/upside_2027q3_site_cash:upside/formula/refs/1 | None | upside_2027q3_fitout_cash |
| /operating_model/cells/upside_2027q3_site_cash:upside/formula/refs/2 | None | upside_2027q3_recovery_cash |
| /operating_model/cells/upside_2027q3_site_cash:upside/formula/refs/3 | None | upside_2027q3_hosting_cash |
| /operating_model/cells/upside_2027q3_site_cash:upside/formula/refs/4 | None | upside_2027q3_cloud_cash |
| /operating_model/cells/upside_2027q3_site_cash:upside/id | None | upside_2027q3_site_cash |
| /operating_model/cells/upside_2027q3_site_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_site_cash:upside/label | None | Combined business cash contribution |
| /operating_model/cells/upside_2027q3_site_cash:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_site_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_site_cash:upside/value | None | 233.21115500000005 |
| /operating_model/cells/upside_2027q4_base_rent:upside/basis | None | Desk rent mix/commencement sensitivity, not repricing signed leases. |
| /operating_model/cells/upside_2027q4_base_rent:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_base_rent:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q4_base_rent:upside/formula/refs/0 | None | upside_2027q4_rent_at_reference |
| /operating_model/cells/upside_2027q4_base_rent:upside/formula/refs/1 | None | upside_2027q4_rent_realization |
| /operating_model/cells/upside_2027q4_base_rent:upside/id | None | upside_2027q4_base_rent |
| /operating_model/cells/upside_2027q4_base_rent:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_base_rent:upside/label | None | HPC base rent |
| /operating_model/cells/upside_2027q4_base_rent:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_base_rent:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_base_rent:upside/value | None | 273.1995 |
| /operating_model/cells/upside_2027q4_capex:upside/basis | None | Desk construction spending; delay case includes higher build costs. Not company guidance. |
| /operating_model/cells/upside_2027q4_capex:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_capex:upside/id | None | upside_2027q4_capex |
| /operating_model/cells/upside_2027q4_capex:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_capex:upside/label | None | Construction and asset purchases |
| /operating_model/cells/upside_2027q4_capex:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_capex:upside/value | None | 1300.0 |
| /operating_model/cells/upside_2027q4_cash_after_capex:upside/basis | None | Before financing proceeds, principal, acquisitions and restricted reserve transfers. |
| /operating_model/cells/upside_2027q4_cash_after_capex:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_cash_after_capex:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q4_cash_after_capex:upside/formula/refs/0 | None | upside_2027q4_cash_before_capex |
| /operating_model/cells/upside_2027q4_cash_after_capex:upside/formula/refs/1 | None | upside_2027q4_capex |
| /operating_model/cells/upside_2027q4_cash_after_capex:upside/id | None | upside_2027q4_cash_after_capex |
| /operating_model/cells/upside_2027q4_cash_after_capex:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_cash_after_capex:upside/label | None | Cash after capex proxy |
| /operating_model/cells/upside_2027q4_cash_after_capex:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_cash_after_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_cash_after_capex:upside/value | None | -1172.2562149999999 |
| /operating_model/cells/upside_2027q4_cash_before_capex:upside/basis | None | Analytical cash proxy; not consolidated GAAP CFO. |
| /operating_model/cells/upside_2027q4_cash_before_capex:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_cash_before_capex:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q4_cash_before_capex:upside/formula/refs/0 | None | upside_2027q4_site_cash |
| /operating_model/cells/upside_2027q4_cash_before_capex:upside/formula/refs/1 | None | upside_2027q4_cash_uses |
| /operating_model/cells/upside_2027q4_cash_before_capex:upside/id | None | upside_2027q4_cash_before_capex |
| /operating_model/cells/upside_2027q4_cash_before_capex:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_cash_before_capex:upside/label | None | Cash before capex proxy |
| /operating_model/cells/upside_2027q4_cash_before_capex:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_cash_before_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_cash_before_capex:upside/value | None | 127.743785 |
| /operating_model/cells/upside_2027q4_cash_uses:upside/basis | None | Excludes noncash preferred accrual and financing principal. |
| /operating_model/cells/upside_2027q4_cash_uses:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_cash_uses:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q4_cash_uses:upside/formula/refs/0 | None | quarter_coupon |
| /operating_model/cells/upside_2027q4_cash_uses:upside/formula/refs/1 | None | upside_2027q4_corp |
| /operating_model/cells/upside_2027q4_cash_uses:upside/formula/refs/2 | None | upside_2027q4_other |
| /operating_model/cells/upside_2027q4_cash_uses:upside/id | None | upside_2027q4_cash_uses |
| /operating_model/cells/upside_2027q4_cash_uses:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_cash_uses:upside/label | None | Corporate, coupon and other cash uses |
| /operating_model/cells/upside_2027q4_cash_uses:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_cash_uses:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_cash_uses:upside/value | None | 159.54375 |
| /operating_model/cells/upside_2027q4_cloud:upside/basis | None | Still consolidated; no assumption of a full GAAP deconsolidation. |
| /operating_model/cells/upside_2027q4_cloud:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_cloud:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q4_cloud:upside/formula/refs/0 | None | q4_cloud |
| /operating_model/cells/upside_2027q4_cloud:upside/formula/refs/1 | None | upside_2027q4_cloud_factor |
| /operating_model/cells/upside_2027q4_cloud:upside/id | None | upside_2027q4_cloud |
| /operating_model/cells/upside_2027q4_cloud:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_cloud:upside/label | None | Consolidated ChronoScale revenue |
| /operating_model/cells/upside_2027q4_cloud:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_cloud:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_cloud:upside/value | None | 25.38648 |
| /operating_model/cells/upside_2027q4_cloud_cash:upside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/upside_2027q4_cloud_cash:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_cloud_cash:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q4_cloud_cash:upside/formula/refs/0 | None | upside_2027q4_cloud |
| /operating_model/cells/upside_2027q4_cloud_cash:upside/formula/refs/1 | None | upside_2027q4_cloud_margin |
| /operating_model/cells/upside_2027q4_cloud_cash:upside/id | None | upside_2027q4_cloud_cash |
| /operating_model/cells/upside_2027q4_cloud_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_cloud_cash:upside/label | None | Cash contribution: cloud |
| /operating_model/cells/upside_2027q4_cloud_cash:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_cloud_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_cloud_cash:upside/value | None | 0.0 |
| /operating_model/cells/upside_2027q4_cloud_factor:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q4_cloud_factor:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_cloud_factor:upside/id | None | upside_2027q4_cloud_factor |
| /operating_model/cells/upside_2027q4_cloud_factor:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_cloud_factor:upside/label | None | Cloud revenue versus Q4 |
| /operating_model/cells/upside_2027q4_cloud_factor:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_cloud_factor:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q4_cloud_factor:upside/value | None | 1.38 |
| /operating_model/cells/upside_2027q4_cloud_margin:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q4_cloud_margin:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_cloud_margin:upside/id | None | upside_2027q4_cloud_margin |
| /operating_model/cells/upside_2027q4_cloud_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_cloud_margin:upside/label | None | Cash contribution margin: cloud |
| /operating_model/cells/upside_2027q4_cloud_margin:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_cloud_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q4_cloud_margin:upside/value | None | 0.0 |
| /operating_model/cells/upside_2027q4_corp:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q4_corp:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_corp:upside/id | None | upside_2027q4_corp |
| /operating_model/cells/upside_2027q4_corp:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_corp:upside/label | None | Corporate cash overhead |
| /operating_model/cells/upside_2027q4_corp:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_corp:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_corp:upside/value | None | 28.0 |
| /operating_model/cells/upside_2027q4_fitout:upside/basis | None | Low-margin nonrecurring installation work; not recurring rent. |
| /operating_model/cells/upside_2027q4_fitout:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_fitout:upside/id | None | upside_2027q4_fitout |
| /operating_model/cells/upside_2027q4_fitout:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_fitout:upside/label | None | Tenant fit-out revenue |
| /operating_model/cells/upside_2027q4_fitout:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_fitout:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_fitout:upside/value | None | 280.0 |
| /operating_model/cells/upside_2027q4_fitout_cash:upside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/upside_2027q4_fitout_cash:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_fitout_cash:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q4_fitout_cash:upside/formula/refs/0 | None | upside_2027q4_fitout |
| /operating_model/cells/upside_2027q4_fitout_cash:upside/formula/refs/1 | None | upside_2027q4_fitout_margin |
| /operating_model/cells/upside_2027q4_fitout_cash:upside/id | None | upside_2027q4_fitout_cash |
| /operating_model/cells/upside_2027q4_fitout_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_fitout_cash:upside/label | None | Cash contribution: fitout |
| /operating_model/cells/upside_2027q4_fitout_cash:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_fitout_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_fitout_cash:upside/value | None | 16.8 |
| /operating_model/cells/upside_2027q4_fitout_margin:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q4_fitout_margin:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_fitout_margin:upside/id | None | upside_2027q4_fitout_margin |
| /operating_model/cells/upside_2027q4_fitout_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_fitout_margin:upside/label | None | Cash contribution margin: fitout |
| /operating_model/cells/upside_2027q4_fitout_margin:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_fitout_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q4_fitout_margin:upside/value | None | 0.06 |
| /operating_model/cells/upside_2027q4_hosting:upside/basis | None | Hosting services, not owned Bitcoin production. |
| /operating_model/cells/upside_2027q4_hosting:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_hosting:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q4_hosting:upside/formula/refs/0 | None | q4_hosting |
| /operating_model/cells/upside_2027q4_hosting:upside/formula/refs/1 | None | upside_2027q4_hosting_factor |
| /operating_model/cells/upside_2027q4_hosting:upside/id | None | upside_2027q4_hosting |
| /operating_model/cells/upside_2027q4_hosting:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_hosting:upside/label | None | Mining hosting revenue |
| /operating_model/cells/upside_2027q4_hosting:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_hosting:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_hosting:upside/value | None | 41.03 |
| /operating_model/cells/upside_2027q4_hosting_cash:upside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/upside_2027q4_hosting_cash:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_hosting_cash:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q4_hosting_cash:upside/formula/refs/0 | None | upside_2027q4_hosting |
| /operating_model/cells/upside_2027q4_hosting_cash:upside/formula/refs/1 | None | upside_2027q4_hosting_margin |
| /operating_model/cells/upside_2027q4_hosting_cash:upside/id | None | upside_2027q4_hosting_cash |
| /operating_model/cells/upside_2027q4_hosting_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_hosting_cash:upside/label | None | Cash contribution: hosting |
| /operating_model/cells/upside_2027q4_hosting_cash:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_hosting_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_hosting_cash:upside/value | None | 16.412000000000003 |
| /operating_model/cells/upside_2027q4_hosting_factor:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q4_hosting_factor:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_hosting_factor:upside/id | None | upside_2027q4_hosting_factor |
| /operating_model/cells/upside_2027q4_hosting_factor:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_hosting_factor:upside/label | None | Hosting revenue versus Q4 |
| /operating_model/cells/upside_2027q4_hosting_factor:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_hosting_factor:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q4_hosting_factor:upside/value | None | 1.1 |
| /operating_model/cells/upside_2027q4_hosting_margin:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q4_hosting_margin:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_hosting_margin:upside/id | None | upside_2027q4_hosting_margin |
| /operating_model/cells/upside_2027q4_hosting_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_hosting_margin:upside/label | None | Cash contribution margin: hosting |
| /operating_model/cells/upside_2027q4_hosting_margin:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_hosting_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q4_hosting_margin:upside/value | None | 0.4 |
| /operating_model/cells/upside_2027q4_mw:upside/basis | None | Desk delivery/acceptance schedule, not quarter-end capacity. Delta Forge 2 contributes only near H1 calendar 2028. |
| /operating_model/cells/upside_2027q4_mw:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_mw:upside/id | None | upside_2027q4_mw |
| /operating_model/cells/upside_2027q4_mw:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_mw:upside/label | None | Average revenue-producing critical IT MW |
| /operating_model/cells/upside_2027q4_mw:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_mw:upside/unit | None | MW |
| /operating_model/cells/upside_2027q4_mw:upside/value | None | 590.0 |
| /operating_model/cells/upside_2027q4_mw_ratio:upside/basis | None | Normalizes critical IT capacity without treating utility power as IT load. |
| /operating_model/cells/upside_2027q4_mw_ratio:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_mw_ratio:upside/formula/op | None | divide |
| /operating_model/cells/upside_2027q4_mw_ratio:upside/formula/refs/0 | None | upside_2027q4_mw |
| /operating_model/cells/upside_2027q4_mw_ratio:upside/formula/refs/1 | None | q4_rent_mw |
| /operating_model/cells/upside_2027q4_mw_ratio:upside/id | None | upside_2027q4_mw_ratio |
| /operating_model/cells/upside_2027q4_mw_ratio:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_mw_ratio:upside/label | None | Capacity / 100 MW reference |
| /operating_model/cells/upside_2027q4_mw_ratio:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_mw_ratio:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q4_mw_ratio:upside/value | None | 5.9 |
| /operating_model/cells/upside_2027q4_other:upside/basis | None | Net working capital, small-loan interest, taxes and interest income allowance. Lease principal excluded. |
| /operating_model/cells/upside_2027q4_other:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_other:upside/id | None | upside_2027q4_other |
| /operating_model/cells/upside_2027q4_other:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_other:upside/label | None | Other net cash uses |
| /operating_model/cells/upside_2027q4_other:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_other:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_other:upside/value | None | 10.0 |
| /operating_model/cells/upside_2027q4_preferred_accrual:upside/basis | None | Simple quarterly accrual; noncash PIK assumption, no compounding or redemption waterfall. |
| /operating_model/cells/upside_2027q4_preferred_accrual:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_preferred_accrual:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q4_preferred_accrual:upside/formula/refs/0 | None | preferred_annual |
| /operating_model/cells/upside_2027q4_preferred_accrual:upside/formula/refs/1 | None | quarter |
| /operating_model/cells/upside_2027q4_preferred_accrual:upside/id | None | upside_2027q4_preferred_accrual |
| /operating_model/cells/upside_2027q4_preferred_accrual:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_preferred_accrual:upside/label | None | Preferred economic accrual |
| /operating_model/cells/upside_2027q4_preferred_accrual:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_preferred_accrual:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_preferred_accrual:upside/value | None | 58.171875 |
| /operating_model/cells/upside_2027q4_recoveries:upside/basis | None | Pass-through operating recoveries modeled separately. |
| /operating_model/cells/upside_2027q4_recoveries:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_recoveries:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q4_recoveries:upside/formula/refs/0 | None | upside_2027q4_base_rent |
| /operating_model/cells/upside_2027q4_recoveries:upside/formula/refs/1 | None | upside_2027q4_recovery_ratio |
| /operating_model/cells/upside_2027q4_recoveries:upside/id | None | upside_2027q4_recoveries |
| /operating_model/cells/upside_2027q4_recoveries:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_recoveries:upside/label | None | Tenant recoveries |
| /operating_model/cells/upside_2027q4_recoveries:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_recoveries:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_recoveries:upside/value | None | 40.979925 |
| /operating_model/cells/upside_2027q4_recovery_cash:upside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/upside_2027q4_recovery_cash:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_recovery_cash:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q4_recovery_cash:upside/formula/refs/0 | None | upside_2027q4_recoveries |
| /operating_model/cells/upside_2027q4_recovery_cash:upside/formula/refs/1 | None | upside_2027q4_recovery_margin |
| /operating_model/cells/upside_2027q4_recovery_cash:upside/id | None | upside_2027q4_recovery_cash |
| /operating_model/cells/upside_2027q4_recovery_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_recovery_cash:upside/label | None | Cash contribution: recovery |
| /operating_model/cells/upside_2027q4_recovery_cash:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_recovery_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_recovery_cash:upside/value | None | 0.0 |
| /operating_model/cells/upside_2027q4_recovery_margin:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q4_recovery_margin:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_recovery_margin:upside/id | None | upside_2027q4_recovery_margin |
| /operating_model/cells/upside_2027q4_recovery_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_recovery_margin:upside/label | None | Cash contribution margin: recovery |
| /operating_model/cells/upside_2027q4_recovery_margin:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_recovery_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q4_recovery_margin:upside/value | None | 0.0 |
| /operating_model/cells/upside_2027q4_recovery_ratio:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q4_recovery_ratio:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_recovery_ratio:upside/id | None | upside_2027q4_recovery_ratio |
| /operating_model/cells/upside_2027q4_recovery_ratio:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_recovery_ratio:upside/label | None | Recoveries / base rent |
| /operating_model/cells/upside_2027q4_recovery_ratio:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_recovery_ratio:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q4_recovery_ratio:upside/value | None | 0.15 |
| /operating_model/cells/upside_2027q4_rent_at_reference:upside/basis | None | Reported Q4 rent per 100 MW times average active capacity. |
| /operating_model/cells/upside_2027q4_rent_at_reference:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_rent_at_reference:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q4_rent_at_reference:upside/formula/refs/0 | None | upside_2027q4_mw_ratio |
| /operating_model/cells/upside_2027q4_rent_at_reference:upside/formula/refs/1 | None | q4_rent |
| /operating_model/cells/upside_2027q4_rent_at_reference:upside/id | None | upside_2027q4_rent_at_reference |
| /operating_model/cells/upside_2027q4_rent_at_reference:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_rent_at_reference:upside/label | None | Rent at Q4 reference economics |
| /operating_model/cells/upside_2027q4_rent_at_reference:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_rent_at_reference:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_rent_at_reference:upside/value | None | 260.19 |
| /operating_model/cells/upside_2027q4_rent_cash:upside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/upside_2027q4_rent_cash:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_rent_cash:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q4_rent_cash:upside/formula/refs/0 | None | upside_2027q4_base_rent |
| /operating_model/cells/upside_2027q4_rent_cash:upside/formula/refs/1 | None | upside_2027q4_rent_margin |
| /operating_model/cells/upside_2027q4_rent_cash:upside/id | None | upside_2027q4_rent_cash |
| /operating_model/cells/upside_2027q4_rent_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_rent_cash:upside/label | None | Cash contribution: rent |
| /operating_model/cells/upside_2027q4_rent_cash:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_rent_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_rent_cash:upside/value | None | 254.075535 |
| /operating_model/cells/upside_2027q4_rent_margin:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q4_rent_margin:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_rent_margin:upside/id | None | upside_2027q4_rent_margin |
| /operating_model/cells/upside_2027q4_rent_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_rent_margin:upside/label | None | Cash contribution margin: rent |
| /operating_model/cells/upside_2027q4_rent_margin:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_rent_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q4_rent_margin:upside/value | None | 0.93 |
| /operating_model/cells/upside_2027q4_rent_realization:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2027q4_rent_realization:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_rent_realization:upside/id | None | upside_2027q4_rent_realization |
| /operating_model/cells/upside_2027q4_rent_realization:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_rent_realization:upside/label | None | Rent realization versus reference |
| /operating_model/cells/upside_2027q4_rent_realization:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_rent_realization:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q4_rent_realization:upside/value | None | 1.05 |
| /operating_model/cells/upside_2027q4_revenue:upside/basis | None | Rent, fit-out, recoveries, hosting and cloud, without optional lease renewals. |
| /operating_model/cells/upside_2027q4_revenue:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_revenue:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q4_revenue:upside/formula/refs/0 | None | upside_2027q4_base_rent |
| /operating_model/cells/upside_2027q4_revenue:upside/formula/refs/1 | None | upside_2027q4_fitout |
| /operating_model/cells/upside_2027q4_revenue:upside/formula/refs/2 | None | upside_2027q4_recoveries |
| /operating_model/cells/upside_2027q4_revenue:upside/formula/refs/3 | None | upside_2027q4_hosting |
| /operating_model/cells/upside_2027q4_revenue:upside/formula/refs/4 | None | upside_2027q4_cloud |
| /operating_model/cells/upside_2027q4_revenue:upside/id | None | upside_2027q4_revenue |
| /operating_model/cells/upside_2027q4_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_revenue:upside/label | None | Consolidated revenue |
| /operating_model/cells/upside_2027q4_revenue:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_revenue:upside/value | None | 660.5959049999999 |
| /operating_model/cells/upside_2027q4_site_cash:upside/basis | None | Includes all consolidated businesses. |
| /operating_model/cells/upside_2027q4_site_cash:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_site_cash:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q4_site_cash:upside/formula/refs/0 | None | upside_2027q4_rent_cash |
| /operating_model/cells/upside_2027q4_site_cash:upside/formula/refs/1 | None | upside_2027q4_fitout_cash |
| /operating_model/cells/upside_2027q4_site_cash:upside/formula/refs/2 | None | upside_2027q4_recovery_cash |
| /operating_model/cells/upside_2027q4_site_cash:upside/formula/refs/3 | None | upside_2027q4_hosting_cash |
| /operating_model/cells/upside_2027q4_site_cash:upside/formula/refs/4 | None | upside_2027q4_cloud_cash |
| /operating_model/cells/upside_2027q4_site_cash:upside/id | None | upside_2027q4_site_cash |
| /operating_model/cells/upside_2027q4_site_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_site_cash:upside/label | None | Combined business cash contribution |
| /operating_model/cells/upside_2027q4_site_cash:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_site_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_site_cash:upside/value | None | 287.287535 |
| /operating_model/cells/upside_2028q1_base_rent:upside/basis | None | Desk rent mix/commencement sensitivity, not repricing signed leases. |
| /operating_model/cells/upside_2028q1_base_rent:upside/case | None | upside |
| /operating_model/cells/upside_2028q1_base_rent:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2028q1_base_rent:upside/formula/refs/0 | None | upside_2028q1_rent_at_reference |
| /operating_model/cells/upside_2028q1_base_rent:upside/formula/refs/1 | None | upside_2028q1_rent_realization |
| /operating_model/cells/upside_2028q1_base_rent:upside/id | None | upside_2028q1_base_rent |
| /operating_model/cells/upside_2028q1_base_rent:upside/kind | None | derived |
| /operating_model/cells/upside_2028q1_base_rent:upside/label | None | HPC base rent |
| /operating_model/cells/upside_2028q1_base_rent:upside/period | None | 2028Q1 |
| /operating_model/cells/upside_2028q1_base_rent:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q1_base_rent:upside/value | None | 347.2875 |
| /operating_model/cells/upside_2028q1_capex:upside/basis | None | Desk construction spending; delay case includes higher build costs. Not company guidance. |
| /operating_model/cells/upside_2028q1_capex:upside/case | None | upside |
| /operating_model/cells/upside_2028q1_capex:upside/id | None | upside_2028q1_capex |
| /operating_model/cells/upside_2028q1_capex:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q1_capex:upside/label | None | Construction and asset purchases |
| /operating_model/cells/upside_2028q1_capex:upside/period | None | 2028Q1 |
| /operating_model/cells/upside_2028q1_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q1_capex:upside/value | None | 1350.0 |
| /operating_model/cells/upside_2028q1_cash_after_capex:upside/basis | None | Before financing proceeds, principal, acquisitions and restricted reserve transfers. |
| /operating_model/cells/upside_2028q1_cash_after_capex:upside/case | None | upside |
| /operating_model/cells/upside_2028q1_cash_after_capex:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2028q1_cash_after_capex:upside/formula/refs/0 | None | upside_2028q1_cash_before_capex |
| /operating_model/cells/upside_2028q1_cash_after_capex:upside/formula/refs/1 | None | upside_2028q1_capex |
| /operating_model/cells/upside_2028q1_cash_after_capex:upside/id | None | upside_2028q1_cash_after_capex |
| /operating_model/cells/upside_2028q1_cash_after_capex:upside/kind | None | derived |
| /operating_model/cells/upside_2028q1_cash_after_capex:upside/label | None | Cash after capex proxy |
| /operating_model/cells/upside_2028q1_cash_after_capex:upside/period | None | 2028Q1 |
| /operating_model/cells/upside_2028q1_cash_after_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q1_cash_after_capex:upside/value | None | -1152.154375 |
| /operating_model/cells/upside_2028q1_cash_before_capex:upside/basis | None | Analytical cash proxy; not consolidated GAAP CFO. |
| /operating_model/cells/upside_2028q1_cash_before_capex:upside/case | None | upside |
| /operating_model/cells/upside_2028q1_cash_before_capex:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2028q1_cash_before_capex:upside/formula/refs/0 | None | upside_2028q1_site_cash |
| /operating_model/cells/upside_2028q1_cash_before_capex:upside/formula/refs/1 | None | upside_2028q1_cash_uses |
| /operating_model/cells/upside_2028q1_cash_before_capex:upside/id | None | upside_2028q1_cash_before_capex |
| /operating_model/cells/upside_2028q1_cash_before_capex:upside/kind | None | derived |
| /operating_model/cells/upside_2028q1_cash_before_capex:upside/label | None | Cash before capex proxy |
| /operating_model/cells/upside_2028q1_cash_before_capex:upside/period | None | 2028Q1 |
| /operating_model/cells/upside_2028q1_cash_before_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q1_cash_before_capex:upside/value | None | 197.84562500000004 |
| /operating_model/cells/upside_2028q1_cash_uses:upside/basis | None | Excludes noncash preferred accrual and financing principal. |
| /operating_model/cells/upside_2028q1_cash_uses:upside/case | None | upside |
| /operating_model/cells/upside_2028q1_cash_uses:upside/formula/op | None | sum |
| /operating_model/cells/upside_2028q1_cash_uses:upside/formula/refs/0 | None | quarter_coupon |
| /operating_model/cells/upside_2028q1_cash_uses:upside/formula/refs/1 | None | upside_2028q1_corp |
| /operating_model/cells/upside_2028q1_cash_uses:upside/formula/refs/2 | None | upside_2028q1_other |
| /operating_model/cells/upside_2028q1_cash_uses:upside/id | None | upside_2028q1_cash_uses |
| /operating_model/cells/upside_2028q1_cash_uses:upside/kind | None | derived |
| /operating_model/cells/upside_2028q1_cash_uses:upside/label | None | Corporate, coupon and other cash uses |
| /operating_model/cells/upside_2028q1_cash_uses:upside/period | None | 2028Q1 |
| /operating_model/cells/upside_2028q1_cash_uses:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q1_cash_uses:upside/value | None | 159.54375 |
| /operating_model/cells/upside_2028q1_cloud:upside/basis | None | Still consolidated; no assumption of a full GAAP deconsolidation. |
| /operating_model/cells/upside_2028q1_cloud:upside/case | None | upside |
| /operating_model/cells/upside_2028q1_cloud:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2028q1_cloud:upside/formula/refs/0 | None | q4_cloud |
| /operating_model/cells/upside_2028q1_cloud:upside/formula/refs/1 | None | upside_2028q1_cloud_factor |
| /operating_model/cells/upside_2028q1_cloud:upside/id | None | upside_2028q1_cloud |
| /operating_model/cells/upside_2028q1_cloud:upside/kind | None | derived |
| /operating_model/cells/upside_2028q1_cloud:upside/label | None | Consolidated ChronoScale revenue |
| /operating_model/cells/upside_2028q1_cloud:upside/period | None | 2028Q1 |
| /operating_model/cells/upside_2028q1_cloud:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q1_cloud:upside/value | None | 26.49024 |
| /operating_model/cells/upside_2028q1_cloud_cash:upside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/upside_2028q1_cloud_cash:upside/case | None | upside |
| /operating_model/cells/upside_2028q1_cloud_cash:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2028q1_cloud_cash:upside/formula/refs/0 | None | upside_2028q1_cloud |
| /operating_model/cells/upside_2028q1_cloud_cash:upside/formula/refs/1 | None | upside_2028q1_cloud_margin |
| /operating_model/cells/upside_2028q1_cloud_cash:upside/id | None | upside_2028q1_cloud_cash |
| /operating_model/cells/upside_2028q1_cloud_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2028q1_cloud_cash:upside/label | None | Cash contribution: cloud |
| /operating_model/cells/upside_2028q1_cloud_cash:upside/period | None | 2028Q1 |
| /operating_model/cells/upside_2028q1_cloud_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q1_cloud_cash:upside/value | None | 0.0 |
| /operating_model/cells/upside_2028q1_cloud_factor:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2028q1_cloud_factor:upside/case | None | upside |
| /operating_model/cells/upside_2028q1_cloud_factor:upside/id | None | upside_2028q1_cloud_factor |
| /operating_model/cells/upside_2028q1_cloud_factor:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q1_cloud_factor:upside/label | None | Cloud revenue versus Q4 |
| /operating_model/cells/upside_2028q1_cloud_factor:upside/period | None | 2028Q1 |
| /operating_model/cells/upside_2028q1_cloud_factor:upside/unit | None | ratio |
| /operating_model/cells/upside_2028q1_cloud_factor:upside/value | None | 1.44 |
| /operating_model/cells/upside_2028q1_cloud_margin:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2028q1_cloud_margin:upside/case | None | upside |
| /operating_model/cells/upside_2028q1_cloud_margin:upside/id | None | upside_2028q1_cloud_margin |
| /operating_model/cells/upside_2028q1_cloud_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q1_cloud_margin:upside/label | None | Cash contribution margin: cloud |
| /operating_model/cells/upside_2028q1_cloud_margin:upside/period | None | 2028Q1 |
| /operating_model/cells/upside_2028q1_cloud_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2028q1_cloud_margin:upside/value | None | 0.0 |
| /operating_model/cells/upside_2028q1_corp:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2028q1_corp:upside/case | None | upside |
| /operating_model/cells/upside_2028q1_corp:upside/id | None | upside_2028q1_corp |
| /operating_model/cells/upside_2028q1_corp:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q1_corp:upside/label | None | Corporate cash overhead |
| /operating_model/cells/upside_2028q1_corp:upside/period | None | 2028Q1 |
| /operating_model/cells/upside_2028q1_corp:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q1_corp:upside/value | None | 28.0 |
| /operating_model/cells/upside_2028q1_fitout:upside/basis | None | Low-margin nonrecurring installation work; not recurring rent. |
| /operating_model/cells/upside_2028q1_fitout:upside/case | None | upside |
| /operating_model/cells/upside_2028q1_fitout:upside/id | None | upside_2028q1_fitout |
| /operating_model/cells/upside_2028q1_fitout:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q1_fitout:upside/label | None | Tenant fit-out revenue |
| /operating_model/cells/upside_2028q1_fitout:upside/period | None | 2028Q1 |
| /operating_model/cells/upside_2028q1_fitout:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q1_fitout:upside/value | None | 300.0 |
| /operating_model/cells/upside_2028q1_fitout_cash:upside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/upside_2028q1_fitout_cash:upside/case | None | upside |
| /operating_model/cells/upside_2028q1_fitout_cash:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2028q1_fitout_cash:upside/formula/refs/0 | None | upside_2028q1_fitout |
| /operating_model/cells/upside_2028q1_fitout_cash:upside/formula/refs/1 | None | upside_2028q1_fitout_margin |
| /operating_model/cells/upside_2028q1_fitout_cash:upside/id | None | upside_2028q1_fitout_cash |
| /operating_model/cells/upside_2028q1_fitout_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2028q1_fitout_cash:upside/label | None | Cash contribution: fitout |
| /operating_model/cells/upside_2028q1_fitout_cash:upside/period | None | 2028Q1 |
| /operating_model/cells/upside_2028q1_fitout_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q1_fitout_cash:upside/value | None | 18.0 |
| /operating_model/cells/upside_2028q1_fitout_margin:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2028q1_fitout_margin:upside/case | None | upside |
| /operating_model/cells/upside_2028q1_fitout_margin:upside/id | None | upside_2028q1_fitout_margin |
| /operating_model/cells/upside_2028q1_fitout_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q1_fitout_margin:upside/label | None | Cash contribution margin: fitout |
| /operating_model/cells/upside_2028q1_fitout_margin:upside/period | None | 2028Q1 |
| /operating_model/cells/upside_2028q1_fitout_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2028q1_fitout_margin:upside/value | None | 0.06 |
| /operating_model/cells/upside_2028q1_hosting:upside/basis | None | Hosting services, not owned Bitcoin production. |
| /operating_model/cells/upside_2028q1_hosting:upside/case | None | upside |
| /operating_model/cells/upside_2028q1_hosting:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2028q1_hosting:upside/formula/refs/0 | None | q4_hosting |
| /operating_model/cells/upside_2028q1_hosting:upside/formula/refs/1 | None | upside_2028q1_hosting_factor |
| /operating_model/cells/upside_2028q1_hosting:upside/id | None | upside_2028q1_hosting |
| /operating_model/cells/upside_2028q1_hosting:upside/kind | None | derived |
| /operating_model/cells/upside_2028q1_hosting:upside/label | None | Mining hosting revenue |
| /operating_model/cells/upside_2028q1_hosting:upside/period | None | 2028Q1 |
| /operating_model/cells/upside_2028q1_hosting:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q1_hosting:upside/value | None | 41.03 |
| /operating_model/cells/upside_2028q1_hosting_cash:upside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/upside_2028q1_hosting_cash:upside/case | None | upside |
| /operating_model/cells/upside_2028q1_hosting_cash:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2028q1_hosting_cash:upside/formula/refs/0 | None | upside_2028q1_hosting |
| /operating_model/cells/upside_2028q1_hosting_cash:upside/formula/refs/1 | None | upside_2028q1_hosting_margin |
| /operating_model/cells/upside_2028q1_hosting_cash:upside/id | None | upside_2028q1_hosting_cash |
| /operating_model/cells/upside_2028q1_hosting_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2028q1_hosting_cash:upside/label | None | Cash contribution: hosting |
| /operating_model/cells/upside_2028q1_hosting_cash:upside/period | None | 2028Q1 |
| /operating_model/cells/upside_2028q1_hosting_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q1_hosting_cash:upside/value | None | 16.412000000000003 |
| /operating_model/cells/upside_2028q1_hosting_factor:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2028q1_hosting_factor:upside/case | None | upside |
| /operating_model/cells/upside_2028q1_hosting_factor:upside/id | None | upside_2028q1_hosting_factor |
| /operating_model/cells/upside_2028q1_hosting_factor:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q1_hosting_factor:upside/label | None | Hosting revenue versus Q4 |
| /operating_model/cells/upside_2028q1_hosting_factor:upside/period | None | 2028Q1 |
| /operating_model/cells/upside_2028q1_hosting_factor:upside/unit | None | ratio |
| /operating_model/cells/upside_2028q1_hosting_factor:upside/value | None | 1.1 |
| /operating_model/cells/upside_2028q1_hosting_margin:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2028q1_hosting_margin:upside/case | None | upside |
| /operating_model/cells/upside_2028q1_hosting_margin:upside/id | None | upside_2028q1_hosting_margin |
| /operating_model/cells/upside_2028q1_hosting_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q1_hosting_margin:upside/label | None | Cash contribution margin: hosting |
| /operating_model/cells/upside_2028q1_hosting_margin:upside/period | None | 2028Q1 |
| /operating_model/cells/upside_2028q1_hosting_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2028q1_hosting_margin:upside/value | None | 0.4 |
| /operating_model/cells/upside_2028q1_mw:upside/basis | None | Desk delivery/acceptance schedule, not quarter-end capacity. Delta Forge 2 contributes only near H1 calendar 2028. |
| /operating_model/cells/upside_2028q1_mw:upside/case | None | upside |
| /operating_model/cells/upside_2028q1_mw:upside/id | None | upside_2028q1_mw |
| /operating_model/cells/upside_2028q1_mw:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q1_mw:upside/label | None | Average revenue-producing critical IT MW |
| /operating_model/cells/upside_2028q1_mw:upside/period | None | 2028Q1 |
| /operating_model/cells/upside_2028q1_mw:upside/unit | None | MW |
| /operating_model/cells/upside_2028q1_mw:upside/value | None | 750.0 |
| /operating_model/cells/upside_2028q1_mw_ratio:upside/basis | None | Normalizes critical IT capacity without treating utility power as IT load. |
| /operating_model/cells/upside_2028q1_mw_ratio:upside/case | None | upside |
| /operating_model/cells/upside_2028q1_mw_ratio:upside/formula/op | None | divide |
| /operating_model/cells/upside_2028q1_mw_ratio:upside/formula/refs/0 | None | upside_2028q1_mw |
| /operating_model/cells/upside_2028q1_mw_ratio:upside/formula/refs/1 | None | q4_rent_mw |
| /operating_model/cells/upside_2028q1_mw_ratio:upside/id | None | upside_2028q1_mw_ratio |
| /operating_model/cells/upside_2028q1_mw_ratio:upside/kind | None | derived |
| /operating_model/cells/upside_2028q1_mw_ratio:upside/label | None | Capacity / 100 MW reference |
| /operating_model/cells/upside_2028q1_mw_ratio:upside/period | None | 2028Q1 |
| /operating_model/cells/upside_2028q1_mw_ratio:upside/unit | None | ratio |
| /operating_model/cells/upside_2028q1_mw_ratio:upside/value | None | 7.5 |
| /operating_model/cells/upside_2028q1_other:upside/basis | None | Net working capital, small-loan interest, taxes and interest income allowance. Lease principal excluded. |
| /operating_model/cells/upside_2028q1_other:upside/case | None | upside |
| /operating_model/cells/upside_2028q1_other:upside/id | None | upside_2028q1_other |
| /operating_model/cells/upside_2028q1_other:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q1_other:upside/label | None | Other net cash uses |
| /operating_model/cells/upside_2028q1_other:upside/period | None | 2028Q1 |
| /operating_model/cells/upside_2028q1_other:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q1_other:upside/value | None | 10.0 |
| /operating_model/cells/upside_2028q1_preferred_accrual:upside/basis | None | Simple quarterly accrual; noncash PIK assumption, no compounding or redemption waterfall. |
| /operating_model/cells/upside_2028q1_preferred_accrual:upside/case | None | upside |
| /operating_model/cells/upside_2028q1_preferred_accrual:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2028q1_preferred_accrual:upside/formula/refs/0 | None | preferred_annual |
| /operating_model/cells/upside_2028q1_preferred_accrual:upside/formula/refs/1 | None | quarter |
| /operating_model/cells/upside_2028q1_preferred_accrual:upside/id | None | upside_2028q1_preferred_accrual |
| /operating_model/cells/upside_2028q1_preferred_accrual:upside/kind | None | derived |
| /operating_model/cells/upside_2028q1_preferred_accrual:upside/label | None | Preferred economic accrual |
| /operating_model/cells/upside_2028q1_preferred_accrual:upside/period | None | 2028Q1 |
| /operating_model/cells/upside_2028q1_preferred_accrual:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q1_preferred_accrual:upside/value | None | 58.171875 |
| /operating_model/cells/upside_2028q1_recoveries:upside/basis | None | Pass-through operating recoveries modeled separately. |
| /operating_model/cells/upside_2028q1_recoveries:upside/case | None | upside |
| /operating_model/cells/upside_2028q1_recoveries:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2028q1_recoveries:upside/formula/refs/0 | None | upside_2028q1_base_rent |
| /operating_model/cells/upside_2028q1_recoveries:upside/formula/refs/1 | None | upside_2028q1_recovery_ratio |
| /operating_model/cells/upside_2028q1_recoveries:upside/id | None | upside_2028q1_recoveries |
| /operating_model/cells/upside_2028q1_recoveries:upside/kind | None | derived |
| /operating_model/cells/upside_2028q1_recoveries:upside/label | None | Tenant recoveries |
| /operating_model/cells/upside_2028q1_recoveries:upside/period | None | 2028Q1 |
| /operating_model/cells/upside_2028q1_recoveries:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q1_recoveries:upside/value | None | 52.093125 |
| /operating_model/cells/upside_2028q1_recovery_cash:upside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/upside_2028q1_recovery_cash:upside/case | None | upside |
| /operating_model/cells/upside_2028q1_recovery_cash:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2028q1_recovery_cash:upside/formula/refs/0 | None | upside_2028q1_recoveries |
| /operating_model/cells/upside_2028q1_recovery_cash:upside/formula/refs/1 | None | upside_2028q1_recovery_margin |
| /operating_model/cells/upside_2028q1_recovery_cash:upside/id | None | upside_2028q1_recovery_cash |
| /operating_model/cells/upside_2028q1_recovery_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2028q1_recovery_cash:upside/label | None | Cash contribution: recovery |
| /operating_model/cells/upside_2028q1_recovery_cash:upside/period | None | 2028Q1 |
| /operating_model/cells/upside_2028q1_recovery_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q1_recovery_cash:upside/value | None | 0.0 |
| /operating_model/cells/upside_2028q1_recovery_margin:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2028q1_recovery_margin:upside/case | None | upside |
| /operating_model/cells/upside_2028q1_recovery_margin:upside/id | None | upside_2028q1_recovery_margin |
| /operating_model/cells/upside_2028q1_recovery_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q1_recovery_margin:upside/label | None | Cash contribution margin: recovery |
| /operating_model/cells/upside_2028q1_recovery_margin:upside/period | None | 2028Q1 |
| /operating_model/cells/upside_2028q1_recovery_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2028q1_recovery_margin:upside/value | None | 0.0 |
| /operating_model/cells/upside_2028q1_recovery_ratio:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2028q1_recovery_ratio:upside/case | None | upside |
| /operating_model/cells/upside_2028q1_recovery_ratio:upside/id | None | upside_2028q1_recovery_ratio |
| /operating_model/cells/upside_2028q1_recovery_ratio:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q1_recovery_ratio:upside/label | None | Recoveries / base rent |
| /operating_model/cells/upside_2028q1_recovery_ratio:upside/period | None | 2028Q1 |
| /operating_model/cells/upside_2028q1_recovery_ratio:upside/unit | None | ratio |
| /operating_model/cells/upside_2028q1_recovery_ratio:upside/value | None | 0.15 |
| /operating_model/cells/upside_2028q1_rent_at_reference:upside/basis | None | Reported Q4 rent per 100 MW times average active capacity. |
| /operating_model/cells/upside_2028q1_rent_at_reference:upside/case | None | upside |
| /operating_model/cells/upside_2028q1_rent_at_reference:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2028q1_rent_at_reference:upside/formula/refs/0 | None | upside_2028q1_mw_ratio |
| /operating_model/cells/upside_2028q1_rent_at_reference:upside/formula/refs/1 | None | q4_rent |
| /operating_model/cells/upside_2028q1_rent_at_reference:upside/id | None | upside_2028q1_rent_at_reference |
| /operating_model/cells/upside_2028q1_rent_at_reference:upside/kind | None | derived |
| /operating_model/cells/upside_2028q1_rent_at_reference:upside/label | None | Rent at Q4 reference economics |
| /operating_model/cells/upside_2028q1_rent_at_reference:upside/period | None | 2028Q1 |
| /operating_model/cells/upside_2028q1_rent_at_reference:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q1_rent_at_reference:upside/value | None | 330.75 |
| /operating_model/cells/upside_2028q1_rent_cash:upside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/upside_2028q1_rent_cash:upside/case | None | upside |
| /operating_model/cells/upside_2028q1_rent_cash:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2028q1_rent_cash:upside/formula/refs/0 | None | upside_2028q1_base_rent |
| /operating_model/cells/upside_2028q1_rent_cash:upside/formula/refs/1 | None | upside_2028q1_rent_margin |
| /operating_model/cells/upside_2028q1_rent_cash:upside/id | None | upside_2028q1_rent_cash |
| /operating_model/cells/upside_2028q1_rent_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2028q1_rent_cash:upside/label | None | Cash contribution: rent |
| /operating_model/cells/upside_2028q1_rent_cash:upside/period | None | 2028Q1 |
| /operating_model/cells/upside_2028q1_rent_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q1_rent_cash:upside/value | None | 322.97737500000005 |
| /operating_model/cells/upside_2028q1_rent_margin:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2028q1_rent_margin:upside/case | None | upside |
| /operating_model/cells/upside_2028q1_rent_margin:upside/id | None | upside_2028q1_rent_margin |
| /operating_model/cells/upside_2028q1_rent_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q1_rent_margin:upside/label | None | Cash contribution margin: rent |
| /operating_model/cells/upside_2028q1_rent_margin:upside/period | None | 2028Q1 |
| /operating_model/cells/upside_2028q1_rent_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2028q1_rent_margin:upside/value | None | 0.93 |
| /operating_model/cells/upside_2028q1_rent_realization:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2028q1_rent_realization:upside/case | None | upside |
| /operating_model/cells/upside_2028q1_rent_realization:upside/id | None | upside_2028q1_rent_realization |
| /operating_model/cells/upside_2028q1_rent_realization:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q1_rent_realization:upside/label | None | Rent realization versus reference |
| /operating_model/cells/upside_2028q1_rent_realization:upside/period | None | 2028Q1 |
| /operating_model/cells/upside_2028q1_rent_realization:upside/unit | None | ratio |
| /operating_model/cells/upside_2028q1_rent_realization:upside/value | None | 1.05 |
| /operating_model/cells/upside_2028q1_revenue:upside/basis | None | Rent, fit-out, recoveries, hosting and cloud, without optional lease renewals. |
| /operating_model/cells/upside_2028q1_revenue:upside/case | None | upside |
| /operating_model/cells/upside_2028q1_revenue:upside/formula/op | None | sum |
| /operating_model/cells/upside_2028q1_revenue:upside/formula/refs/0 | None | upside_2028q1_base_rent |
| /operating_model/cells/upside_2028q1_revenue:upside/formula/refs/1 | None | upside_2028q1_fitout |
| /operating_model/cells/upside_2028q1_revenue:upside/formula/refs/2 | None | upside_2028q1_recoveries |
| /operating_model/cells/upside_2028q1_revenue:upside/formula/refs/3 | None | upside_2028q1_hosting |
| /operating_model/cells/upside_2028q1_revenue:upside/formula/refs/4 | None | upside_2028q1_cloud |
| /operating_model/cells/upside_2028q1_revenue:upside/id | None | upside_2028q1_revenue |
| /operating_model/cells/upside_2028q1_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_2028q1_revenue:upside/label | None | Consolidated revenue |
| /operating_model/cells/upside_2028q1_revenue:upside/period | None | 2028Q1 |
| /operating_model/cells/upside_2028q1_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q1_revenue:upside/value | None | 766.900865 |
| /operating_model/cells/upside_2028q1_site_cash:upside/basis | None | Includes all consolidated businesses. |
| /operating_model/cells/upside_2028q1_site_cash:upside/case | None | upside |
| /operating_model/cells/upside_2028q1_site_cash:upside/formula/op | None | sum |
| /operating_model/cells/upside_2028q1_site_cash:upside/formula/refs/0 | None | upside_2028q1_rent_cash |
| /operating_model/cells/upside_2028q1_site_cash:upside/formula/refs/1 | None | upside_2028q1_fitout_cash |
| /operating_model/cells/upside_2028q1_site_cash:upside/formula/refs/2 | None | upside_2028q1_recovery_cash |
| /operating_model/cells/upside_2028q1_site_cash:upside/formula/refs/3 | None | upside_2028q1_hosting_cash |
| /operating_model/cells/upside_2028q1_site_cash:upside/formula/refs/4 | None | upside_2028q1_cloud_cash |
| /operating_model/cells/upside_2028q1_site_cash:upside/id | None | upside_2028q1_site_cash |
| /operating_model/cells/upside_2028q1_site_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2028q1_site_cash:upside/label | None | Combined business cash contribution |
| /operating_model/cells/upside_2028q1_site_cash:upside/period | None | 2028Q1 |
| /operating_model/cells/upside_2028q1_site_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q1_site_cash:upside/value | None | 357.38937500000003 |
| /operating_model/cells/upside_2028q2_base_rent:upside/basis | None | Desk rent mix/commencement sensitivity, not repricing signed leases. |
| /operating_model/cells/upside_2028q2_base_rent:upside/case | None | upside |
| /operating_model/cells/upside_2028q2_base_rent:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2028q2_base_rent:upside/formula/refs/0 | None | upside_2028q2_rent_at_reference |
| /operating_model/cells/upside_2028q2_base_rent:upside/formula/refs/1 | None | upside_2028q2_rent_realization |
| /operating_model/cells/upside_2028q2_base_rent:upside/id | None | upside_2028q2_base_rent |
| /operating_model/cells/upside_2028q2_base_rent:upside/kind | None | derived |
| /operating_model/cells/upside_2028q2_base_rent:upside/label | None | HPC base rent |
| /operating_model/cells/upside_2028q2_base_rent:upside/period | None | 2028Q2 |
| /operating_model/cells/upside_2028q2_base_rent:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q2_base_rent:upside/value | None | 463.05 |
| /operating_model/cells/upside_2028q2_capex:upside/basis | None | Desk construction spending; delay case includes higher build costs. Not company guidance. |
| /operating_model/cells/upside_2028q2_capex:upside/case | None | upside |
| /operating_model/cells/upside_2028q2_capex:upside/id | None | upside_2028q2_capex |
| /operating_model/cells/upside_2028q2_capex:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q2_capex:upside/label | None | Construction and asset purchases |
| /operating_model/cells/upside_2028q2_capex:upside/period | None | 2028Q2 |
| /operating_model/cells/upside_2028q2_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q2_capex:upside/value | None | 1400.0 |
| /operating_model/cells/upside_2028q2_cash_after_capex:upside/basis | None | Before financing proceeds, principal, acquisitions and restricted reserve transfers. |
| /operating_model/cells/upside_2028q2_cash_after_capex:upside/case | None | upside |
| /operating_model/cells/upside_2028q2_cash_after_capex:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2028q2_cash_after_capex:upside/formula/refs/0 | None | upside_2028q2_cash_before_capex |
| /operating_model/cells/upside_2028q2_cash_after_capex:upside/formula/refs/1 | None | upside_2028q2_capex |
| /operating_model/cells/upside_2028q2_cash_after_capex:upside/id | None | upside_2028q2_cash_after_capex |
| /operating_model/cells/upside_2028q2_cash_after_capex:upside/kind | None | derived |
| /operating_model/cells/upside_2028q2_cash_after_capex:upside/label | None | Cash after capex proxy |
| /operating_model/cells/upside_2028q2_cash_after_capex:upside/period | None | 2028Q2 |
| /operating_model/cells/upside_2028q2_cash_after_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q2_cash_after_capex:upside/value | None | -1094.49525 |
| /operating_model/cells/upside_2028q2_cash_before_capex:upside/basis | None | Analytical cash proxy; not consolidated GAAP CFO. |
| /operating_model/cells/upside_2028q2_cash_before_capex:upside/case | None | upside |
| /operating_model/cells/upside_2028q2_cash_before_capex:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2028q2_cash_before_capex:upside/formula/refs/0 | None | upside_2028q2_site_cash |
| /operating_model/cells/upside_2028q2_cash_before_capex:upside/formula/refs/1 | None | upside_2028q2_cash_uses |
| /operating_model/cells/upside_2028q2_cash_before_capex:upside/id | None | upside_2028q2_cash_before_capex |
| /operating_model/cells/upside_2028q2_cash_before_capex:upside/kind | None | derived |
| /operating_model/cells/upside_2028q2_cash_before_capex:upside/label | None | Cash before capex proxy |
| /operating_model/cells/upside_2028q2_cash_before_capex:upside/period | None | 2028Q2 |
| /operating_model/cells/upside_2028q2_cash_before_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q2_cash_before_capex:upside/value | None | 305.50475 |
| /operating_model/cells/upside_2028q2_cash_uses:upside/basis | None | Excludes noncash preferred accrual and financing principal. |
| /operating_model/cells/upside_2028q2_cash_uses:upside/case | None | upside |
| /operating_model/cells/upside_2028q2_cash_uses:upside/formula/op | None | sum |
| /operating_model/cells/upside_2028q2_cash_uses:upside/formula/refs/0 | None | quarter_coupon |
| /operating_model/cells/upside_2028q2_cash_uses:upside/formula/refs/1 | None | upside_2028q2_corp |
| /operating_model/cells/upside_2028q2_cash_uses:upside/formula/refs/2 | None | upside_2028q2_other |
| /operating_model/cells/upside_2028q2_cash_uses:upside/id | None | upside_2028q2_cash_uses |
| /operating_model/cells/upside_2028q2_cash_uses:upside/kind | None | derived |
| /operating_model/cells/upside_2028q2_cash_uses:upside/label | None | Corporate, coupon and other cash uses |
| /operating_model/cells/upside_2028q2_cash_uses:upside/period | None | 2028Q2 |
| /operating_model/cells/upside_2028q2_cash_uses:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q2_cash_uses:upside/value | None | 159.54375 |
| /operating_model/cells/upside_2028q2_cloud:upside/basis | None | Still consolidated; no assumption of a full GAAP deconsolidation. |
| /operating_model/cells/upside_2028q2_cloud:upside/case | None | upside |
| /operating_model/cells/upside_2028q2_cloud:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2028q2_cloud:upside/formula/refs/0 | None | q4_cloud |
| /operating_model/cells/upside_2028q2_cloud:upside/formula/refs/1 | None | upside_2028q2_cloud_factor |
| /operating_model/cells/upside_2028q2_cloud:upside/id | None | upside_2028q2_cloud |
| /operating_model/cells/upside_2028q2_cloud:upside/kind | None | derived |
| /operating_model/cells/upside_2028q2_cloud:upside/label | None | Consolidated ChronoScale revenue |
| /operating_model/cells/upside_2028q2_cloud:upside/period | None | 2028Q2 |
| /operating_model/cells/upside_2028q2_cloud:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q2_cloud:upside/value | None | 27.594 |
| /operating_model/cells/upside_2028q2_cloud_cash:upside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/upside_2028q2_cloud_cash:upside/case | None | upside |
| /operating_model/cells/upside_2028q2_cloud_cash:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2028q2_cloud_cash:upside/formula/refs/0 | None | upside_2028q2_cloud |
| /operating_model/cells/upside_2028q2_cloud_cash:upside/formula/refs/1 | None | upside_2028q2_cloud_margin |
| /operating_model/cells/upside_2028q2_cloud_cash:upside/id | None | upside_2028q2_cloud_cash |
| /operating_model/cells/upside_2028q2_cloud_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2028q2_cloud_cash:upside/label | None | Cash contribution: cloud |
| /operating_model/cells/upside_2028q2_cloud_cash:upside/period | None | 2028Q2 |
| /operating_model/cells/upside_2028q2_cloud_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q2_cloud_cash:upside/value | None | 0.0 |
| /operating_model/cells/upside_2028q2_cloud_factor:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2028q2_cloud_factor:upside/case | None | upside |
| /operating_model/cells/upside_2028q2_cloud_factor:upside/id | None | upside_2028q2_cloud_factor |
| /operating_model/cells/upside_2028q2_cloud_factor:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q2_cloud_factor:upside/label | None | Cloud revenue versus Q4 |
| /operating_model/cells/upside_2028q2_cloud_factor:upside/period | None | 2028Q2 |
| /operating_model/cells/upside_2028q2_cloud_factor:upside/unit | None | ratio |
| /operating_model/cells/upside_2028q2_cloud_factor:upside/value | None | 1.5 |
| /operating_model/cells/upside_2028q2_cloud_margin:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2028q2_cloud_margin:upside/case | None | upside |
| /operating_model/cells/upside_2028q2_cloud_margin:upside/id | None | upside_2028q2_cloud_margin |
| /operating_model/cells/upside_2028q2_cloud_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q2_cloud_margin:upside/label | None | Cash contribution margin: cloud |
| /operating_model/cells/upside_2028q2_cloud_margin:upside/period | None | 2028Q2 |
| /operating_model/cells/upside_2028q2_cloud_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2028q2_cloud_margin:upside/value | None | 0.0 |
| /operating_model/cells/upside_2028q2_corp:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2028q2_corp:upside/case | None | upside |
| /operating_model/cells/upside_2028q2_corp:upside/id | None | upside_2028q2_corp |
| /operating_model/cells/upside_2028q2_corp:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q2_corp:upside/label | None | Corporate cash overhead |
| /operating_model/cells/upside_2028q2_corp:upside/period | None | 2028Q2 |
| /operating_model/cells/upside_2028q2_corp:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q2_corp:upside/value | None | 28.0 |
| /operating_model/cells/upside_2028q2_fitout:upside/basis | None | Low-margin nonrecurring installation work; not recurring rent. |
| /operating_model/cells/upside_2028q2_fitout:upside/case | None | upside |
| /operating_model/cells/upside_2028q2_fitout:upside/id | None | upside_2028q2_fitout |
| /operating_model/cells/upside_2028q2_fitout:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q2_fitout:upside/label | None | Tenant fit-out revenue |
| /operating_model/cells/upside_2028q2_fitout:upside/period | None | 2028Q2 |
| /operating_model/cells/upside_2028q2_fitout:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q2_fitout:upside/value | None | 300.0 |
| /operating_model/cells/upside_2028q2_fitout_cash:upside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/upside_2028q2_fitout_cash:upside/case | None | upside |
| /operating_model/cells/upside_2028q2_fitout_cash:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2028q2_fitout_cash:upside/formula/refs/0 | None | upside_2028q2_fitout |
| /operating_model/cells/upside_2028q2_fitout_cash:upside/formula/refs/1 | None | upside_2028q2_fitout_margin |
| /operating_model/cells/upside_2028q2_fitout_cash:upside/id | None | upside_2028q2_fitout_cash |
| /operating_model/cells/upside_2028q2_fitout_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2028q2_fitout_cash:upside/label | None | Cash contribution: fitout |
| /operating_model/cells/upside_2028q2_fitout_cash:upside/period | None | 2028Q2 |
| /operating_model/cells/upside_2028q2_fitout_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q2_fitout_cash:upside/value | None | 18.0 |
| /operating_model/cells/upside_2028q2_fitout_margin:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2028q2_fitout_margin:upside/case | None | upside |
| /operating_model/cells/upside_2028q2_fitout_margin:upside/id | None | upside_2028q2_fitout_margin |
| /operating_model/cells/upside_2028q2_fitout_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q2_fitout_margin:upside/label | None | Cash contribution margin: fitout |
| /operating_model/cells/upside_2028q2_fitout_margin:upside/period | None | 2028Q2 |
| /operating_model/cells/upside_2028q2_fitout_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2028q2_fitout_margin:upside/value | None | 0.06 |
| /operating_model/cells/upside_2028q2_hosting:upside/basis | None | Hosting services, not owned Bitcoin production. |
| /operating_model/cells/upside_2028q2_hosting:upside/case | None | upside |
| /operating_model/cells/upside_2028q2_hosting:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2028q2_hosting:upside/formula/refs/0 | None | q4_hosting |
| /operating_model/cells/upside_2028q2_hosting:upside/formula/refs/1 | None | upside_2028q2_hosting_factor |
| /operating_model/cells/upside_2028q2_hosting:upside/id | None | upside_2028q2_hosting |
| /operating_model/cells/upside_2028q2_hosting:upside/kind | None | derived |
| /operating_model/cells/upside_2028q2_hosting:upside/label | None | Mining hosting revenue |
| /operating_model/cells/upside_2028q2_hosting:upside/period | None | 2028Q2 |
| /operating_model/cells/upside_2028q2_hosting:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q2_hosting:upside/value | None | 41.03 |
| /operating_model/cells/upside_2028q2_hosting_cash:upside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/upside_2028q2_hosting_cash:upside/case | None | upside |
| /operating_model/cells/upside_2028q2_hosting_cash:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2028q2_hosting_cash:upside/formula/refs/0 | None | upside_2028q2_hosting |
| /operating_model/cells/upside_2028q2_hosting_cash:upside/formula/refs/1 | None | upside_2028q2_hosting_margin |
| /operating_model/cells/upside_2028q2_hosting_cash:upside/id | None | upside_2028q2_hosting_cash |
| /operating_model/cells/upside_2028q2_hosting_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2028q2_hosting_cash:upside/label | None | Cash contribution: hosting |
| /operating_model/cells/upside_2028q2_hosting_cash:upside/period | None | 2028Q2 |
| /operating_model/cells/upside_2028q2_hosting_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q2_hosting_cash:upside/value | None | 16.412000000000003 |
| /operating_model/cells/upside_2028q2_hosting_factor:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2028q2_hosting_factor:upside/case | None | upside |
| /operating_model/cells/upside_2028q2_hosting_factor:upside/id | None | upside_2028q2_hosting_factor |
| /operating_model/cells/upside_2028q2_hosting_factor:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q2_hosting_factor:upside/label | None | Hosting revenue versus Q4 |
| /operating_model/cells/upside_2028q2_hosting_factor:upside/period | None | 2028Q2 |
| /operating_model/cells/upside_2028q2_hosting_factor:upside/unit | None | ratio |
| /operating_model/cells/upside_2028q2_hosting_factor:upside/value | None | 1.1 |
| /operating_model/cells/upside_2028q2_hosting_margin:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2028q2_hosting_margin:upside/case | None | upside |
| /operating_model/cells/upside_2028q2_hosting_margin:upside/id | None | upside_2028q2_hosting_margin |
| /operating_model/cells/upside_2028q2_hosting_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q2_hosting_margin:upside/label | None | Cash contribution margin: hosting |
| /operating_model/cells/upside_2028q2_hosting_margin:upside/period | None | 2028Q2 |
| /operating_model/cells/upside_2028q2_hosting_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2028q2_hosting_margin:upside/value | None | 0.4 |
| /operating_model/cells/upside_2028q2_mw:upside/basis | None | Desk delivery/acceptance schedule, not quarter-end capacity. Delta Forge 2 contributes only near H1 calendar 2028. |
| /operating_model/cells/upside_2028q2_mw:upside/case | None | upside |
| /operating_model/cells/upside_2028q2_mw:upside/id | None | upside_2028q2_mw |
| /operating_model/cells/upside_2028q2_mw:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q2_mw:upside/label | None | Average revenue-producing critical IT MW |
| /operating_model/cells/upside_2028q2_mw:upside/period | None | 2028Q2 |
| /operating_model/cells/upside_2028q2_mw:upside/unit | None | MW |
| /operating_model/cells/upside_2028q2_mw:upside/value | None | 1000.0 |
| /operating_model/cells/upside_2028q2_mw_ratio:upside/basis | None | Normalizes critical IT capacity without treating utility power as IT load. |
| /operating_model/cells/upside_2028q2_mw_ratio:upside/case | None | upside |
| /operating_model/cells/upside_2028q2_mw_ratio:upside/formula/op | None | divide |
| /operating_model/cells/upside_2028q2_mw_ratio:upside/formula/refs/0 | None | upside_2028q2_mw |
| /operating_model/cells/upside_2028q2_mw_ratio:upside/formula/refs/1 | None | q4_rent_mw |
| /operating_model/cells/upside_2028q2_mw_ratio:upside/id | None | upside_2028q2_mw_ratio |
| /operating_model/cells/upside_2028q2_mw_ratio:upside/kind | None | derived |
| /operating_model/cells/upside_2028q2_mw_ratio:upside/label | None | Capacity / 100 MW reference |
| /operating_model/cells/upside_2028q2_mw_ratio:upside/period | None | 2028Q2 |
| /operating_model/cells/upside_2028q2_mw_ratio:upside/unit | None | ratio |
| /operating_model/cells/upside_2028q2_mw_ratio:upside/value | None | 10.0 |
| /operating_model/cells/upside_2028q2_other:upside/basis | None | Net working capital, small-loan interest, taxes and interest income allowance. Lease principal excluded. |
| /operating_model/cells/upside_2028q2_other:upside/case | None | upside |
| /operating_model/cells/upside_2028q2_other:upside/id | None | upside_2028q2_other |
| /operating_model/cells/upside_2028q2_other:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q2_other:upside/label | None | Other net cash uses |
| /operating_model/cells/upside_2028q2_other:upside/period | None | 2028Q2 |
| /operating_model/cells/upside_2028q2_other:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q2_other:upside/value | None | 10.0 |
| /operating_model/cells/upside_2028q2_preferred_accrual:upside/basis | None | Simple quarterly accrual; noncash PIK assumption, no compounding or redemption waterfall. |
| /operating_model/cells/upside_2028q2_preferred_accrual:upside/case | None | upside |
| /operating_model/cells/upside_2028q2_preferred_accrual:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2028q2_preferred_accrual:upside/formula/refs/0 | None | preferred_annual |
| /operating_model/cells/upside_2028q2_preferred_accrual:upside/formula/refs/1 | None | quarter |
| /operating_model/cells/upside_2028q2_preferred_accrual:upside/id | None | upside_2028q2_preferred_accrual |
| /operating_model/cells/upside_2028q2_preferred_accrual:upside/kind | None | derived |
| /operating_model/cells/upside_2028q2_preferred_accrual:upside/label | None | Preferred economic accrual |
| /operating_model/cells/upside_2028q2_preferred_accrual:upside/period | None | 2028Q2 |
| /operating_model/cells/upside_2028q2_preferred_accrual:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q2_preferred_accrual:upside/value | None | 58.171875 |
| /operating_model/cells/upside_2028q2_recoveries:upside/basis | None | Pass-through operating recoveries modeled separately. |
| /operating_model/cells/upside_2028q2_recoveries:upside/case | None | upside |
| /operating_model/cells/upside_2028q2_recoveries:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2028q2_recoveries:upside/formula/refs/0 | None | upside_2028q2_base_rent |
| /operating_model/cells/upside_2028q2_recoveries:upside/formula/refs/1 | None | upside_2028q2_recovery_ratio |
| /operating_model/cells/upside_2028q2_recoveries:upside/id | None | upside_2028q2_recoveries |
| /operating_model/cells/upside_2028q2_recoveries:upside/kind | None | derived |
| /operating_model/cells/upside_2028q2_recoveries:upside/label | None | Tenant recoveries |
| /operating_model/cells/upside_2028q2_recoveries:upside/period | None | 2028Q2 |
| /operating_model/cells/upside_2028q2_recoveries:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q2_recoveries:upside/value | None | 69.4575 |
| /operating_model/cells/upside_2028q2_recovery_cash:upside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/upside_2028q2_recovery_cash:upside/case | None | upside |
| /operating_model/cells/upside_2028q2_recovery_cash:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2028q2_recovery_cash:upside/formula/refs/0 | None | upside_2028q2_recoveries |
| /operating_model/cells/upside_2028q2_recovery_cash:upside/formula/refs/1 | None | upside_2028q2_recovery_margin |
| /operating_model/cells/upside_2028q2_recovery_cash:upside/id | None | upside_2028q2_recovery_cash |
| /operating_model/cells/upside_2028q2_recovery_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2028q2_recovery_cash:upside/label | None | Cash contribution: recovery |
| /operating_model/cells/upside_2028q2_recovery_cash:upside/period | None | 2028Q2 |
| /operating_model/cells/upside_2028q2_recovery_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q2_recovery_cash:upside/value | None | 0.0 |
| /operating_model/cells/upside_2028q2_recovery_margin:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2028q2_recovery_margin:upside/case | None | upside |
| /operating_model/cells/upside_2028q2_recovery_margin:upside/id | None | upside_2028q2_recovery_margin |
| /operating_model/cells/upside_2028q2_recovery_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q2_recovery_margin:upside/label | None | Cash contribution margin: recovery |
| /operating_model/cells/upside_2028q2_recovery_margin:upside/period | None | 2028Q2 |
| /operating_model/cells/upside_2028q2_recovery_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2028q2_recovery_margin:upside/value | None | 0.0 |
| /operating_model/cells/upside_2028q2_recovery_ratio:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2028q2_recovery_ratio:upside/case | None | upside |
| /operating_model/cells/upside_2028q2_recovery_ratio:upside/id | None | upside_2028q2_recovery_ratio |
| /operating_model/cells/upside_2028q2_recovery_ratio:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q2_recovery_ratio:upside/label | None | Recoveries / base rent |
| /operating_model/cells/upside_2028q2_recovery_ratio:upside/period | None | 2028Q2 |
| /operating_model/cells/upside_2028q2_recovery_ratio:upside/unit | None | ratio |
| /operating_model/cells/upside_2028q2_recovery_ratio:upside/value | None | 0.15 |
| /operating_model/cells/upside_2028q2_rent_at_reference:upside/basis | None | Reported Q4 rent per 100 MW times average active capacity. |
| /operating_model/cells/upside_2028q2_rent_at_reference:upside/case | None | upside |
| /operating_model/cells/upside_2028q2_rent_at_reference:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2028q2_rent_at_reference:upside/formula/refs/0 | None | upside_2028q2_mw_ratio |
| /operating_model/cells/upside_2028q2_rent_at_reference:upside/formula/refs/1 | None | q4_rent |
| /operating_model/cells/upside_2028q2_rent_at_reference:upside/id | None | upside_2028q2_rent_at_reference |
| /operating_model/cells/upside_2028q2_rent_at_reference:upside/kind | None | derived |
| /operating_model/cells/upside_2028q2_rent_at_reference:upside/label | None | Rent at Q4 reference economics |
| /operating_model/cells/upside_2028q2_rent_at_reference:upside/period | None | 2028Q2 |
| /operating_model/cells/upside_2028q2_rent_at_reference:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q2_rent_at_reference:upside/value | None | 441.0 |
| /operating_model/cells/upside_2028q2_rent_cash:upside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/upside_2028q2_rent_cash:upside/case | None | upside |
| /operating_model/cells/upside_2028q2_rent_cash:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2028q2_rent_cash:upside/formula/refs/0 | None | upside_2028q2_base_rent |
| /operating_model/cells/upside_2028q2_rent_cash:upside/formula/refs/1 | None | upside_2028q2_rent_margin |
| /operating_model/cells/upside_2028q2_rent_cash:upside/id | None | upside_2028q2_rent_cash |
| /operating_model/cells/upside_2028q2_rent_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2028q2_rent_cash:upside/label | None | Cash contribution: rent |
| /operating_model/cells/upside_2028q2_rent_cash:upside/period | None | 2028Q2 |
| /operating_model/cells/upside_2028q2_rent_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q2_rent_cash:upside/value | None | 430.6365 |
| /operating_model/cells/upside_2028q2_rent_margin:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2028q2_rent_margin:upside/case | None | upside |
| /operating_model/cells/upside_2028q2_rent_margin:upside/id | None | upside_2028q2_rent_margin |
| /operating_model/cells/upside_2028q2_rent_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q2_rent_margin:upside/label | None | Cash contribution margin: rent |
| /operating_model/cells/upside_2028q2_rent_margin:upside/period | None | 2028Q2 |
| /operating_model/cells/upside_2028q2_rent_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2028q2_rent_margin:upside/value | None | 0.93 |
| /operating_model/cells/upside_2028q2_rent_realization:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2028q2_rent_realization:upside/case | None | upside |
| /operating_model/cells/upside_2028q2_rent_realization:upside/id | None | upside_2028q2_rent_realization |
| /operating_model/cells/upside_2028q2_rent_realization:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q2_rent_realization:upside/label | None | Rent realization versus reference |
| /operating_model/cells/upside_2028q2_rent_realization:upside/period | None | 2028Q2 |
| /operating_model/cells/upside_2028q2_rent_realization:upside/unit | None | ratio |
| /operating_model/cells/upside_2028q2_rent_realization:upside/value | None | 1.05 |
| /operating_model/cells/upside_2028q2_revenue:upside/basis | None | Rent, fit-out, recoveries, hosting and cloud, without optional lease renewals. |
| /operating_model/cells/upside_2028q2_revenue:upside/case | None | upside |
| /operating_model/cells/upside_2028q2_revenue:upside/formula/op | None | sum |
| /operating_model/cells/upside_2028q2_revenue:upside/formula/refs/0 | None | upside_2028q2_base_rent |
| /operating_model/cells/upside_2028q2_revenue:upside/formula/refs/1 | None | upside_2028q2_fitout |
| /operating_model/cells/upside_2028q2_revenue:upside/formula/refs/2 | None | upside_2028q2_recoveries |
| /operating_model/cells/upside_2028q2_revenue:upside/formula/refs/3 | None | upside_2028q2_hosting |
| /operating_model/cells/upside_2028q2_revenue:upside/formula/refs/4 | None | upside_2028q2_cloud |
| /operating_model/cells/upside_2028q2_revenue:upside/id | None | upside_2028q2_revenue |
| /operating_model/cells/upside_2028q2_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_2028q2_revenue:upside/label | None | Consolidated revenue |
| /operating_model/cells/upside_2028q2_revenue:upside/period | None | 2028Q2 |
| /operating_model/cells/upside_2028q2_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q2_revenue:upside/value | None | 901.1315 |
| /operating_model/cells/upside_2028q2_site_cash:upside/basis | None | Includes all consolidated businesses. |
| /operating_model/cells/upside_2028q2_site_cash:upside/case | None | upside |
| /operating_model/cells/upside_2028q2_site_cash:upside/formula/op | None | sum |
| /operating_model/cells/upside_2028q2_site_cash:upside/formula/refs/0 | None | upside_2028q2_rent_cash |
| /operating_model/cells/upside_2028q2_site_cash:upside/formula/refs/1 | None | upside_2028q2_fitout_cash |
| /operating_model/cells/upside_2028q2_site_cash:upside/formula/refs/2 | None | upside_2028q2_recovery_cash |
| /operating_model/cells/upside_2028q2_site_cash:upside/formula/refs/3 | None | upside_2028q2_hosting_cash |
| /operating_model/cells/upside_2028q2_site_cash:upside/formula/refs/4 | None | upside_2028q2_cloud_cash |
| /operating_model/cells/upside_2028q2_site_cash:upside/id | None | upside_2028q2_site_cash |
| /operating_model/cells/upside_2028q2_site_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2028q2_site_cash:upside/label | None | Combined business cash contribution |
| /operating_model/cells/upside_2028q2_site_cash:upside/period | None | 2028Q2 |
| /operating_model/cells/upside_2028q2_site_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q2_site_cash:upside/value | None | 465.0485 |
| /operating_model/cells/upside_2028q3_base_rent:upside/basis | None | Desk rent mix/commencement sensitivity, not repricing signed leases. |
| /operating_model/cells/upside_2028q3_base_rent:upside/case | None | upside |
| /operating_model/cells/upside_2028q3_base_rent:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2028q3_base_rent:upside/formula/refs/0 | None | upside_2028q3_rent_at_reference |
| /operating_model/cells/upside_2028q3_base_rent:upside/formula/refs/1 | None | upside_2028q3_rent_realization |
| /operating_model/cells/upside_2028q3_base_rent:upside/id | None | upside_2028q3_base_rent |
| /operating_model/cells/upside_2028q3_base_rent:upside/kind | None | derived |
| /operating_model/cells/upside_2028q3_base_rent:upside/label | None | HPC base rent |
| /operating_model/cells/upside_2028q3_base_rent:upside/period | None | 2028Q3 |
| /operating_model/cells/upside_2028q3_base_rent:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q3_base_rent:upside/value | None | 546.399 |
| /operating_model/cells/upside_2028q3_capex:upside/basis | None | Desk construction spending; delay case includes higher build costs. Not company guidance. |
| /operating_model/cells/upside_2028q3_capex:upside/case | None | upside |
| /operating_model/cells/upside_2028q3_capex:upside/id | None | upside_2028q3_capex |
| /operating_model/cells/upside_2028q3_capex:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q3_capex:upside/label | None | Construction and asset purchases |
| /operating_model/cells/upside_2028q3_capex:upside/period | None | 2028Q3 |
| /operating_model/cells/upside_2028q3_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q3_capex:upside/value | None | 1400.0 |
| /operating_model/cells/upside_2028q3_cash_after_capex:upside/basis | None | Before financing proceeds, principal, acquisitions and restricted reserve transfers. |
| /operating_model/cells/upside_2028q3_cash_after_capex:upside/case | None | upside |
| /operating_model/cells/upside_2028q3_cash_after_capex:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2028q3_cash_after_capex:upside/formula/refs/0 | None | upside_2028q3_cash_before_capex |
| /operating_model/cells/upside_2028q3_cash_after_capex:upside/formula/refs/1 | None | upside_2028q3_capex |
| /operating_model/cells/upside_2028q3_cash_after_capex:upside/id | None | upside_2028q3_cash_after_capex |
| /operating_model/cells/upside_2028q3_cash_after_capex:upside/kind | None | derived |
| /operating_model/cells/upside_2028q3_cash_after_capex:upside/label | None | Cash after capex proxy |
| /operating_model/cells/upside_2028q3_cash_after_capex:upside/period | None | 2028Q3 |
| /operating_model/cells/upside_2028q3_cash_after_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q3_cash_after_capex:upside/value | None | -1018.1806799999999 |
| /operating_model/cells/upside_2028q3_cash_before_capex:upside/basis | None | Analytical cash proxy; not consolidated GAAP CFO. |
| /operating_model/cells/upside_2028q3_cash_before_capex:upside/case | None | upside |
| /operating_model/cells/upside_2028q3_cash_before_capex:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2028q3_cash_before_capex:upside/formula/refs/0 | None | upside_2028q3_site_cash |
| /operating_model/cells/upside_2028q3_cash_before_capex:upside/formula/refs/1 | None | upside_2028q3_cash_uses |
| /operating_model/cells/upside_2028q3_cash_before_capex:upside/id | None | upside_2028q3_cash_before_capex |
| /operating_model/cells/upside_2028q3_cash_before_capex:upside/kind | None | derived |
| /operating_model/cells/upside_2028q3_cash_before_capex:upside/label | None | Cash before capex proxy |
| /operating_model/cells/upside_2028q3_cash_before_capex:upside/period | None | 2028Q3 |
| /operating_model/cells/upside_2028q3_cash_before_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q3_cash_before_capex:upside/value | None | 381.81932 |
| /operating_model/cells/upside_2028q3_cash_uses:upside/basis | None | Excludes noncash preferred accrual and financing principal. |
| /operating_model/cells/upside_2028q3_cash_uses:upside/case | None | upside |
| /operating_model/cells/upside_2028q3_cash_uses:upside/formula/op | None | sum |
| /operating_model/cells/upside_2028q3_cash_uses:upside/formula/refs/0 | None | quarter_coupon |
| /operating_model/cells/upside_2028q3_cash_uses:upside/formula/refs/1 | None | upside_2028q3_corp |
| /operating_model/cells/upside_2028q3_cash_uses:upside/formula/refs/2 | None | upside_2028q3_other |
| /operating_model/cells/upside_2028q3_cash_uses:upside/id | None | upside_2028q3_cash_uses |
| /operating_model/cells/upside_2028q3_cash_uses:upside/kind | None | derived |
| /operating_model/cells/upside_2028q3_cash_uses:upside/label | None | Corporate, coupon and other cash uses |
| /operating_model/cells/upside_2028q3_cash_uses:upside/period | None | 2028Q3 |
| /operating_model/cells/upside_2028q3_cash_uses:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q3_cash_uses:upside/value | None | 159.54375 |
| /operating_model/cells/upside_2028q3_cloud:upside/basis | None | Still consolidated; no assumption of a full GAAP deconsolidation. |
| /operating_model/cells/upside_2028q3_cloud:upside/case | None | upside |
| /operating_model/cells/upside_2028q3_cloud:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2028q3_cloud:upside/formula/refs/0 | None | q4_cloud |
| /operating_model/cells/upside_2028q3_cloud:upside/formula/refs/1 | None | upside_2028q3_cloud_factor |
| /operating_model/cells/upside_2028q3_cloud:upside/id | None | upside_2028q3_cloud |
| /operating_model/cells/upside_2028q3_cloud:upside/kind | None | derived |
| /operating_model/cells/upside_2028q3_cloud:upside/label | None | Consolidated ChronoScale revenue |
| /operating_model/cells/upside_2028q3_cloud:upside/period | None | 2028Q3 |
| /operating_model/cells/upside_2028q3_cloud:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q3_cloud:upside/value | None | 28.697760000000002 |
| /operating_model/cells/upside_2028q3_cloud_cash:upside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/upside_2028q3_cloud_cash:upside/case | None | upside |
| /operating_model/cells/upside_2028q3_cloud_cash:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2028q3_cloud_cash:upside/formula/refs/0 | None | upside_2028q3_cloud |
| /operating_model/cells/upside_2028q3_cloud_cash:upside/formula/refs/1 | None | upside_2028q3_cloud_margin |
| /operating_model/cells/upside_2028q3_cloud_cash:upside/id | None | upside_2028q3_cloud_cash |
| /operating_model/cells/upside_2028q3_cloud_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2028q3_cloud_cash:upside/label | None | Cash contribution: cloud |
| /operating_model/cells/upside_2028q3_cloud_cash:upside/period | None | 2028Q3 |
| /operating_model/cells/upside_2028q3_cloud_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q3_cloud_cash:upside/value | None | 0.0 |
| /operating_model/cells/upside_2028q3_cloud_factor:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2028q3_cloud_factor:upside/case | None | upside |
| /operating_model/cells/upside_2028q3_cloud_factor:upside/id | None | upside_2028q3_cloud_factor |
| /operating_model/cells/upside_2028q3_cloud_factor:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q3_cloud_factor:upside/label | None | Cloud revenue versus Q4 |
| /operating_model/cells/upside_2028q3_cloud_factor:upside/period | None | 2028Q3 |
| /operating_model/cells/upside_2028q3_cloud_factor:upside/unit | None | ratio |
| /operating_model/cells/upside_2028q3_cloud_factor:upside/value | None | 1.56 |
| /operating_model/cells/upside_2028q3_cloud_margin:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2028q3_cloud_margin:upside/case | None | upside |
| /operating_model/cells/upside_2028q3_cloud_margin:upside/id | None | upside_2028q3_cloud_margin |
| /operating_model/cells/upside_2028q3_cloud_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q3_cloud_margin:upside/label | None | Cash contribution margin: cloud |
| /operating_model/cells/upside_2028q3_cloud_margin:upside/period | None | 2028Q3 |
| /operating_model/cells/upside_2028q3_cloud_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2028q3_cloud_margin:upside/value | None | 0.0 |
| /operating_model/cells/upside_2028q3_corp:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2028q3_corp:upside/case | None | upside |
| /operating_model/cells/upside_2028q3_corp:upside/id | None | upside_2028q3_corp |
| /operating_model/cells/upside_2028q3_corp:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q3_corp:upside/label | None | Corporate cash overhead |
| /operating_model/cells/upside_2028q3_corp:upside/period | None | 2028Q3 |
| /operating_model/cells/upside_2028q3_corp:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q3_corp:upside/value | None | 28.0 |
| /operating_model/cells/upside_2028q3_fitout:upside/basis | None | Low-margin nonrecurring installation work; not recurring rent. |
| /operating_model/cells/upside_2028q3_fitout:upside/case | None | upside |
| /operating_model/cells/upside_2028q3_fitout:upside/id | None | upside_2028q3_fitout |
| /operating_model/cells/upside_2028q3_fitout:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q3_fitout:upside/label | None | Tenant fit-out revenue |
| /operating_model/cells/upside_2028q3_fitout:upside/period | None | 2028Q3 |
| /operating_model/cells/upside_2028q3_fitout:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q3_fitout:upside/value | None | 280.0 |
| /operating_model/cells/upside_2028q3_fitout_cash:upside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/upside_2028q3_fitout_cash:upside/case | None | upside |
| /operating_model/cells/upside_2028q3_fitout_cash:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2028q3_fitout_cash:upside/formula/refs/0 | None | upside_2028q3_fitout |
| /operating_model/cells/upside_2028q3_fitout_cash:upside/formula/refs/1 | None | upside_2028q3_fitout_margin |
| /operating_model/cells/upside_2028q3_fitout_cash:upside/id | None | upside_2028q3_fitout_cash |
| /operating_model/cells/upside_2028q3_fitout_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2028q3_fitout_cash:upside/label | None | Cash contribution: fitout |
| /operating_model/cells/upside_2028q3_fitout_cash:upside/period | None | 2028Q3 |
| /operating_model/cells/upside_2028q3_fitout_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q3_fitout_cash:upside/value | None | 16.8 |
| /operating_model/cells/upside_2028q3_fitout_margin:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2028q3_fitout_margin:upside/case | None | upside |
| /operating_model/cells/upside_2028q3_fitout_margin:upside/id | None | upside_2028q3_fitout_margin |
| /operating_model/cells/upside_2028q3_fitout_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q3_fitout_margin:upside/label | None | Cash contribution margin: fitout |
| /operating_model/cells/upside_2028q3_fitout_margin:upside/period | None | 2028Q3 |
| /operating_model/cells/upside_2028q3_fitout_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2028q3_fitout_margin:upside/value | None | 0.06 |
| /operating_model/cells/upside_2028q3_hosting:upside/basis | None | Hosting services, not owned Bitcoin production. |
| /operating_model/cells/upside_2028q3_hosting:upside/case | None | upside |
| /operating_model/cells/upside_2028q3_hosting:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2028q3_hosting:upside/formula/refs/0 | None | q4_hosting |
| /operating_model/cells/upside_2028q3_hosting:upside/formula/refs/1 | None | upside_2028q3_hosting_factor |
| /operating_model/cells/upside_2028q3_hosting:upside/id | None | upside_2028q3_hosting |
| /operating_model/cells/upside_2028q3_hosting:upside/kind | None | derived |
| /operating_model/cells/upside_2028q3_hosting:upside/label | None | Mining hosting revenue |
| /operating_model/cells/upside_2028q3_hosting:upside/period | None | 2028Q3 |
| /operating_model/cells/upside_2028q3_hosting:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q3_hosting:upside/value | None | 41.03 |
| /operating_model/cells/upside_2028q3_hosting_cash:upside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/upside_2028q3_hosting_cash:upside/case | None | upside |
| /operating_model/cells/upside_2028q3_hosting_cash:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2028q3_hosting_cash:upside/formula/refs/0 | None | upside_2028q3_hosting |
| /operating_model/cells/upside_2028q3_hosting_cash:upside/formula/refs/1 | None | upside_2028q3_hosting_margin |
| /operating_model/cells/upside_2028q3_hosting_cash:upside/id | None | upside_2028q3_hosting_cash |
| /operating_model/cells/upside_2028q3_hosting_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2028q3_hosting_cash:upside/label | None | Cash contribution: hosting |
| /operating_model/cells/upside_2028q3_hosting_cash:upside/period | None | 2028Q3 |
| /operating_model/cells/upside_2028q3_hosting_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q3_hosting_cash:upside/value | None | 16.412000000000003 |
| /operating_model/cells/upside_2028q3_hosting_factor:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2028q3_hosting_factor:upside/case | None | upside |
| /operating_model/cells/upside_2028q3_hosting_factor:upside/id | None | upside_2028q3_hosting_factor |
| /operating_model/cells/upside_2028q3_hosting_factor:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q3_hosting_factor:upside/label | None | Hosting revenue versus Q4 |
| /operating_model/cells/upside_2028q3_hosting_factor:upside/period | None | 2028Q3 |
| /operating_model/cells/upside_2028q3_hosting_factor:upside/unit | None | ratio |
| /operating_model/cells/upside_2028q3_hosting_factor:upside/value | None | 1.1 |
| /operating_model/cells/upside_2028q3_hosting_margin:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2028q3_hosting_margin:upside/case | None | upside |
| /operating_model/cells/upside_2028q3_hosting_margin:upside/id | None | upside_2028q3_hosting_margin |
| /operating_model/cells/upside_2028q3_hosting_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q3_hosting_margin:upside/label | None | Cash contribution margin: hosting |
| /operating_model/cells/upside_2028q3_hosting_margin:upside/period | None | 2028Q3 |
| /operating_model/cells/upside_2028q3_hosting_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2028q3_hosting_margin:upside/value | None | 0.4 |
| /operating_model/cells/upside_2028q3_mw:upside/basis | None | Desk delivery/acceptance schedule, not quarter-end capacity. Delta Forge 2 contributes only near H1 calendar 2028. |
| /operating_model/cells/upside_2028q3_mw:upside/case | None | upside |
| /operating_model/cells/upside_2028q3_mw:upside/id | None | upside_2028q3_mw |
| /operating_model/cells/upside_2028q3_mw:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q3_mw:upside/label | None | Average revenue-producing critical IT MW |
| /operating_model/cells/upside_2028q3_mw:upside/period | None | 2028Q3 |
| /operating_model/cells/upside_2028q3_mw:upside/unit | None | MW |
| /operating_model/cells/upside_2028q3_mw:upside/value | None | 1180.0 |
| /operating_model/cells/upside_2028q3_mw_ratio:upside/basis | None | Normalizes critical IT capacity without treating utility power as IT load. |
| /operating_model/cells/upside_2028q3_mw_ratio:upside/case | None | upside |
| /operating_model/cells/upside_2028q3_mw_ratio:upside/formula/op | None | divide |
| /operating_model/cells/upside_2028q3_mw_ratio:upside/formula/refs/0 | None | upside_2028q3_mw |
| /operating_model/cells/upside_2028q3_mw_ratio:upside/formula/refs/1 | None | q4_rent_mw |
| /operating_model/cells/upside_2028q3_mw_ratio:upside/id | None | upside_2028q3_mw_ratio |
| /operating_model/cells/upside_2028q3_mw_ratio:upside/kind | None | derived |
| /operating_model/cells/upside_2028q3_mw_ratio:upside/label | None | Capacity / 100 MW reference |
| /operating_model/cells/upside_2028q3_mw_ratio:upside/period | None | 2028Q3 |
| /operating_model/cells/upside_2028q3_mw_ratio:upside/unit | None | ratio |
| /operating_model/cells/upside_2028q3_mw_ratio:upside/value | None | 11.8 |
| /operating_model/cells/upside_2028q3_other:upside/basis | None | Net working capital, small-loan interest, taxes and interest income allowance. Lease principal excluded. |
| /operating_model/cells/upside_2028q3_other:upside/case | None | upside |
| /operating_model/cells/upside_2028q3_other:upside/id | None | upside_2028q3_other |
| /operating_model/cells/upside_2028q3_other:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q3_other:upside/label | None | Other net cash uses |
| /operating_model/cells/upside_2028q3_other:upside/period | None | 2028Q3 |
| /operating_model/cells/upside_2028q3_other:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q3_other:upside/value | None | 10.0 |
| /operating_model/cells/upside_2028q3_preferred_accrual:upside/basis | None | Simple quarterly accrual; noncash PIK assumption, no compounding or redemption waterfall. |
| /operating_model/cells/upside_2028q3_preferred_accrual:upside/case | None | upside |
| /operating_model/cells/upside_2028q3_preferred_accrual:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2028q3_preferred_accrual:upside/formula/refs/0 | None | preferred_annual |
| /operating_model/cells/upside_2028q3_preferred_accrual:upside/formula/refs/1 | None | quarter |
| /operating_model/cells/upside_2028q3_preferred_accrual:upside/id | None | upside_2028q3_preferred_accrual |
| /operating_model/cells/upside_2028q3_preferred_accrual:upside/kind | None | derived |
| /operating_model/cells/upside_2028q3_preferred_accrual:upside/label | None | Preferred economic accrual |
| /operating_model/cells/upside_2028q3_preferred_accrual:upside/period | None | 2028Q3 |
| /operating_model/cells/upside_2028q3_preferred_accrual:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q3_preferred_accrual:upside/value | None | 58.171875 |
| /operating_model/cells/upside_2028q3_recoveries:upside/basis | None | Pass-through operating recoveries modeled separately. |
| /operating_model/cells/upside_2028q3_recoveries:upside/case | None | upside |
| /operating_model/cells/upside_2028q3_recoveries:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2028q3_recoveries:upside/formula/refs/0 | None | upside_2028q3_base_rent |
| /operating_model/cells/upside_2028q3_recoveries:upside/formula/refs/1 | None | upside_2028q3_recovery_ratio |
| /operating_model/cells/upside_2028q3_recoveries:upside/id | None | upside_2028q3_recoveries |
| /operating_model/cells/upside_2028q3_recoveries:upside/kind | None | derived |
| /operating_model/cells/upside_2028q3_recoveries:upside/label | None | Tenant recoveries |
| /operating_model/cells/upside_2028q3_recoveries:upside/period | None | 2028Q3 |
| /operating_model/cells/upside_2028q3_recoveries:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q3_recoveries:upside/value | None | 81.95985 |
| /operating_model/cells/upside_2028q3_recovery_cash:upside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/upside_2028q3_recovery_cash:upside/case | None | upside |
| /operating_model/cells/upside_2028q3_recovery_cash:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2028q3_recovery_cash:upside/formula/refs/0 | None | upside_2028q3_recoveries |
| /operating_model/cells/upside_2028q3_recovery_cash:upside/formula/refs/1 | None | upside_2028q3_recovery_margin |
| /operating_model/cells/upside_2028q3_recovery_cash:upside/id | None | upside_2028q3_recovery_cash |
| /operating_model/cells/upside_2028q3_recovery_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2028q3_recovery_cash:upside/label | None | Cash contribution: recovery |
| /operating_model/cells/upside_2028q3_recovery_cash:upside/period | None | 2028Q3 |
| /operating_model/cells/upside_2028q3_recovery_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q3_recovery_cash:upside/value | None | 0.0 |
| /operating_model/cells/upside_2028q3_recovery_margin:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2028q3_recovery_margin:upside/case | None | upside |
| /operating_model/cells/upside_2028q3_recovery_margin:upside/id | None | upside_2028q3_recovery_margin |
| /operating_model/cells/upside_2028q3_recovery_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q3_recovery_margin:upside/label | None | Cash contribution margin: recovery |
| /operating_model/cells/upside_2028q3_recovery_margin:upside/period | None | 2028Q3 |
| /operating_model/cells/upside_2028q3_recovery_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2028q3_recovery_margin:upside/value | None | 0.0 |
| /operating_model/cells/upside_2028q3_recovery_ratio:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2028q3_recovery_ratio:upside/case | None | upside |
| /operating_model/cells/upside_2028q3_recovery_ratio:upside/id | None | upside_2028q3_recovery_ratio |
| /operating_model/cells/upside_2028q3_recovery_ratio:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q3_recovery_ratio:upside/label | None | Recoveries / base rent |
| /operating_model/cells/upside_2028q3_recovery_ratio:upside/period | None | 2028Q3 |
| /operating_model/cells/upside_2028q3_recovery_ratio:upside/unit | None | ratio |
| /operating_model/cells/upside_2028q3_recovery_ratio:upside/value | None | 0.15 |
| /operating_model/cells/upside_2028q3_rent_at_reference:upside/basis | None | Reported Q4 rent per 100 MW times average active capacity. |
| /operating_model/cells/upside_2028q3_rent_at_reference:upside/case | None | upside |
| /operating_model/cells/upside_2028q3_rent_at_reference:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2028q3_rent_at_reference:upside/formula/refs/0 | None | upside_2028q3_mw_ratio |
| /operating_model/cells/upside_2028q3_rent_at_reference:upside/formula/refs/1 | None | q4_rent |
| /operating_model/cells/upside_2028q3_rent_at_reference:upside/id | None | upside_2028q3_rent_at_reference |
| /operating_model/cells/upside_2028q3_rent_at_reference:upside/kind | None | derived |
| /operating_model/cells/upside_2028q3_rent_at_reference:upside/label | None | Rent at Q4 reference economics |
| /operating_model/cells/upside_2028q3_rent_at_reference:upside/period | None | 2028Q3 |
| /operating_model/cells/upside_2028q3_rent_at_reference:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q3_rent_at_reference:upside/value | None | 520.38 |
| /operating_model/cells/upside_2028q3_rent_cash:upside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/upside_2028q3_rent_cash:upside/case | None | upside |
| /operating_model/cells/upside_2028q3_rent_cash:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2028q3_rent_cash:upside/formula/refs/0 | None | upside_2028q3_base_rent |
| /operating_model/cells/upside_2028q3_rent_cash:upside/formula/refs/1 | None | upside_2028q3_rent_margin |
| /operating_model/cells/upside_2028q3_rent_cash:upside/id | None | upside_2028q3_rent_cash |
| /operating_model/cells/upside_2028q3_rent_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2028q3_rent_cash:upside/label | None | Cash contribution: rent |
| /operating_model/cells/upside_2028q3_rent_cash:upside/period | None | 2028Q3 |
| /operating_model/cells/upside_2028q3_rent_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q3_rent_cash:upside/value | None | 508.15107 |
| /operating_model/cells/upside_2028q3_rent_margin:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2028q3_rent_margin:upside/case | None | upside |
| /operating_model/cells/upside_2028q3_rent_margin:upside/id | None | upside_2028q3_rent_margin |
| /operating_model/cells/upside_2028q3_rent_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q3_rent_margin:upside/label | None | Cash contribution margin: rent |
| /operating_model/cells/upside_2028q3_rent_margin:upside/period | None | 2028Q3 |
| /operating_model/cells/upside_2028q3_rent_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2028q3_rent_margin:upside/value | None | 0.93 |
| /operating_model/cells/upside_2028q3_rent_realization:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2028q3_rent_realization:upside/case | None | upside |
| /operating_model/cells/upside_2028q3_rent_realization:upside/id | None | upside_2028q3_rent_realization |
| /operating_model/cells/upside_2028q3_rent_realization:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q3_rent_realization:upside/label | None | Rent realization versus reference |
| /operating_model/cells/upside_2028q3_rent_realization:upside/period | None | 2028Q3 |
| /operating_model/cells/upside_2028q3_rent_realization:upside/unit | None | ratio |
| /operating_model/cells/upside_2028q3_rent_realization:upside/value | None | 1.05 |
| /operating_model/cells/upside_2028q3_revenue:upside/basis | None | Rent, fit-out, recoveries, hosting and cloud, without optional lease renewals. |
| /operating_model/cells/upside_2028q3_revenue:upside/case | None | upside |
| /operating_model/cells/upside_2028q3_revenue:upside/formula/op | None | sum |
| /operating_model/cells/upside_2028q3_revenue:upside/formula/refs/0 | None | upside_2028q3_base_rent |
| /operating_model/cells/upside_2028q3_revenue:upside/formula/refs/1 | None | upside_2028q3_fitout |
| /operating_model/cells/upside_2028q3_revenue:upside/formula/refs/2 | None | upside_2028q3_recoveries |
| /operating_model/cells/upside_2028q3_revenue:upside/formula/refs/3 | None | upside_2028q3_hosting |
| /operating_model/cells/upside_2028q3_revenue:upside/formula/refs/4 | None | upside_2028q3_cloud |
| /operating_model/cells/upside_2028q3_revenue:upside/id | None | upside_2028q3_revenue |
| /operating_model/cells/upside_2028q3_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_2028q3_revenue:upside/label | None | Consolidated revenue |
| /operating_model/cells/upside_2028q3_revenue:upside/period | None | 2028Q3 |
| /operating_model/cells/upside_2028q3_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q3_revenue:upside/value | None | 978.08661 |
| /operating_model/cells/upside_2028q3_site_cash:upside/basis | None | Includes all consolidated businesses. |
| /operating_model/cells/upside_2028q3_site_cash:upside/case | None | upside |
| /operating_model/cells/upside_2028q3_site_cash:upside/formula/op | None | sum |
| /operating_model/cells/upside_2028q3_site_cash:upside/formula/refs/0 | None | upside_2028q3_rent_cash |
| /operating_model/cells/upside_2028q3_site_cash:upside/formula/refs/1 | None | upside_2028q3_fitout_cash |
| /operating_model/cells/upside_2028q3_site_cash:upside/formula/refs/2 | None | upside_2028q3_recovery_cash |
| /operating_model/cells/upside_2028q3_site_cash:upside/formula/refs/3 | None | upside_2028q3_hosting_cash |
| /operating_model/cells/upside_2028q3_site_cash:upside/formula/refs/4 | None | upside_2028q3_cloud_cash |
| /operating_model/cells/upside_2028q3_site_cash:upside/id | None | upside_2028q3_site_cash |
| /operating_model/cells/upside_2028q3_site_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2028q3_site_cash:upside/label | None | Combined business cash contribution |
| /operating_model/cells/upside_2028q3_site_cash:upside/period | None | 2028Q3 |
| /operating_model/cells/upside_2028q3_site_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q3_site_cash:upside/value | None | 541.36307 |
| /operating_model/cells/upside_2028q4_base_rent:upside/basis | None | Desk rent mix/commencement sensitivity, not repricing signed leases. |
| /operating_model/cells/upside_2028q4_base_rent:upside/case | None | upside |
| /operating_model/cells/upside_2028q4_base_rent:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2028q4_base_rent:upside/formula/refs/0 | None | upside_2028q4_rent_at_reference |
| /operating_model/cells/upside_2028q4_base_rent:upside/formula/refs/1 | None | upside_2028q4_rent_realization |
| /operating_model/cells/upside_2028q4_base_rent:upside/id | None | upside_2028q4_base_rent |
| /operating_model/cells/upside_2028q4_base_rent:upside/kind | None | derived |
| /operating_model/cells/upside_2028q4_base_rent:upside/label | None | HPC base rent |
| /operating_model/cells/upside_2028q4_base_rent:upside/period | None | 2028Q4 |
| /operating_model/cells/upside_2028q4_base_rent:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q4_base_rent:upside/value | None | 601.9650000000001 |
| /operating_model/cells/upside_2028q4_capex:upside/basis | None | Desk construction spending; delay case includes higher build costs. Not company guidance. |
| /operating_model/cells/upside_2028q4_capex:upside/case | None | upside |
| /operating_model/cells/upside_2028q4_capex:upside/id | None | upside_2028q4_capex |
| /operating_model/cells/upside_2028q4_capex:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q4_capex:upside/label | None | Construction and asset purchases |
| /operating_model/cells/upside_2028q4_capex:upside/period | None | 2028Q4 |
| /operating_model/cells/upside_2028q4_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q4_capex:upside/value | None | 1300.0 |
| /operating_model/cells/upside_2028q4_cash_after_capex:upside/basis | None | Before financing proceeds, principal, acquisitions and restricted reserve transfers. |
| /operating_model/cells/upside_2028q4_cash_after_capex:upside/case | None | upside |
| /operating_model/cells/upside_2028q4_cash_after_capex:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2028q4_cash_after_capex:upside/formula/refs/0 | None | upside_2028q4_cash_before_capex |
| /operating_model/cells/upside_2028q4_cash_after_capex:upside/formula/refs/1 | None | upside_2028q4_capex |
| /operating_model/cells/upside_2028q4_cash_after_capex:upside/id | None | upside_2028q4_cash_after_capex |
| /operating_model/cells/upside_2028q4_cash_after_capex:upside/kind | None | derived |
| /operating_model/cells/upside_2028q4_cash_after_capex:upside/label | None | Cash after capex proxy |
| /operating_model/cells/upside_2028q4_cash_after_capex:upside/period | None | 2028Q4 |
| /operating_model/cells/upside_2028q4_cash_after_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q4_cash_after_capex:upside/value | None | -868.9042999999999 |
| /operating_model/cells/upside_2028q4_cash_before_capex:upside/basis | None | Analytical cash proxy; not consolidated GAAP CFO. |
| /operating_model/cells/upside_2028q4_cash_before_capex:upside/case | None | upside |
| /operating_model/cells/upside_2028q4_cash_before_capex:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2028q4_cash_before_capex:upside/formula/refs/0 | None | upside_2028q4_site_cash |
| /operating_model/cells/upside_2028q4_cash_before_capex:upside/formula/refs/1 | None | upside_2028q4_cash_uses |
| /operating_model/cells/upside_2028q4_cash_before_capex:upside/id | None | upside_2028q4_cash_before_capex |
| /operating_model/cells/upside_2028q4_cash_before_capex:upside/kind | None | derived |
| /operating_model/cells/upside_2028q4_cash_before_capex:upside/label | None | Cash before capex proxy |
| /operating_model/cells/upside_2028q4_cash_before_capex:upside/period | None | 2028Q4 |
| /operating_model/cells/upside_2028q4_cash_before_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q4_cash_before_capex:upside/value | None | 431.09570000000014 |
| /operating_model/cells/upside_2028q4_cash_uses:upside/basis | None | Excludes noncash preferred accrual and financing principal. |
| /operating_model/cells/upside_2028q4_cash_uses:upside/case | None | upside |
| /operating_model/cells/upside_2028q4_cash_uses:upside/formula/op | None | sum |
| /operating_model/cells/upside_2028q4_cash_uses:upside/formula/refs/0 | None | quarter_coupon |
| /operating_model/cells/upside_2028q4_cash_uses:upside/formula/refs/1 | None | upside_2028q4_corp |
| /operating_model/cells/upside_2028q4_cash_uses:upside/formula/refs/2 | None | upside_2028q4_other |
| /operating_model/cells/upside_2028q4_cash_uses:upside/id | None | upside_2028q4_cash_uses |
| /operating_model/cells/upside_2028q4_cash_uses:upside/kind | None | derived |
| /operating_model/cells/upside_2028q4_cash_uses:upside/label | None | Corporate, coupon and other cash uses |
| /operating_model/cells/upside_2028q4_cash_uses:upside/period | None | 2028Q4 |
| /operating_model/cells/upside_2028q4_cash_uses:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q4_cash_uses:upside/value | None | 159.54375 |
| /operating_model/cells/upside_2028q4_cloud:upside/basis | None | Still consolidated; no assumption of a full GAAP deconsolidation. |
| /operating_model/cells/upside_2028q4_cloud:upside/case | None | upside |
| /operating_model/cells/upside_2028q4_cloud:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2028q4_cloud:upside/formula/refs/0 | None | q4_cloud |
| /operating_model/cells/upside_2028q4_cloud:upside/formula/refs/1 | None | upside_2028q4_cloud_factor |
| /operating_model/cells/upside_2028q4_cloud:upside/id | None | upside_2028q4_cloud |
| /operating_model/cells/upside_2028q4_cloud:upside/kind | None | derived |
| /operating_model/cells/upside_2028q4_cloud:upside/label | None | Consolidated ChronoScale revenue |
| /operating_model/cells/upside_2028q4_cloud:upside/period | None | 2028Q4 |
| /operating_model/cells/upside_2028q4_cloud:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q4_cloud:upside/value | None | 29.801520000000004 |
| /operating_model/cells/upside_2028q4_cloud_cash:upside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/upside_2028q4_cloud_cash:upside/case | None | upside |
| /operating_model/cells/upside_2028q4_cloud_cash:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2028q4_cloud_cash:upside/formula/refs/0 | None | upside_2028q4_cloud |
| /operating_model/cells/upside_2028q4_cloud_cash:upside/formula/refs/1 | None | upside_2028q4_cloud_margin |
| /operating_model/cells/upside_2028q4_cloud_cash:upside/id | None | upside_2028q4_cloud_cash |
| /operating_model/cells/upside_2028q4_cloud_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2028q4_cloud_cash:upside/label | None | Cash contribution: cloud |
| /operating_model/cells/upside_2028q4_cloud_cash:upside/period | None | 2028Q4 |
| /operating_model/cells/upside_2028q4_cloud_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q4_cloud_cash:upside/value | None | 0.0 |
| /operating_model/cells/upside_2028q4_cloud_factor:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2028q4_cloud_factor:upside/case | None | upside |
| /operating_model/cells/upside_2028q4_cloud_factor:upside/id | None | upside_2028q4_cloud_factor |
| /operating_model/cells/upside_2028q4_cloud_factor:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q4_cloud_factor:upside/label | None | Cloud revenue versus Q4 |
| /operating_model/cells/upside_2028q4_cloud_factor:upside/period | None | 2028Q4 |
| /operating_model/cells/upside_2028q4_cloud_factor:upside/unit | None | ratio |
| /operating_model/cells/upside_2028q4_cloud_factor:upside/value | None | 1.62 |
| /operating_model/cells/upside_2028q4_cloud_margin:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2028q4_cloud_margin:upside/case | None | upside |
| /operating_model/cells/upside_2028q4_cloud_margin:upside/id | None | upside_2028q4_cloud_margin |
| /operating_model/cells/upside_2028q4_cloud_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q4_cloud_margin:upside/label | None | Cash contribution margin: cloud |
| /operating_model/cells/upside_2028q4_cloud_margin:upside/period | None | 2028Q4 |
| /operating_model/cells/upside_2028q4_cloud_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2028q4_cloud_margin:upside/value | None | 0.0 |
| /operating_model/cells/upside_2028q4_corp:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2028q4_corp:upside/case | None | upside |
| /operating_model/cells/upside_2028q4_corp:upside/id | None | upside_2028q4_corp |
| /operating_model/cells/upside_2028q4_corp:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q4_corp:upside/label | None | Corporate cash overhead |
| /operating_model/cells/upside_2028q4_corp:upside/period | None | 2028Q4 |
| /operating_model/cells/upside_2028q4_corp:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q4_corp:upside/value | None | 28.0 |
| /operating_model/cells/upside_2028q4_fitout:upside/basis | None | Low-margin nonrecurring installation work; not recurring rent. |
| /operating_model/cells/upside_2028q4_fitout:upside/case | None | upside |
| /operating_model/cells/upside_2028q4_fitout:upside/id | None | upside_2028q4_fitout |
| /operating_model/cells/upside_2028q4_fitout:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q4_fitout:upside/label | None | Tenant fit-out revenue |
| /operating_model/cells/upside_2028q4_fitout:upside/period | None | 2028Q4 |
| /operating_model/cells/upside_2028q4_fitout:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q4_fitout:upside/value | None | 240.0 |
| /operating_model/cells/upside_2028q4_fitout_cash:upside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/upside_2028q4_fitout_cash:upside/case | None | upside |
| /operating_model/cells/upside_2028q4_fitout_cash:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2028q4_fitout_cash:upside/formula/refs/0 | None | upside_2028q4_fitout |
| /operating_model/cells/upside_2028q4_fitout_cash:upside/formula/refs/1 | None | upside_2028q4_fitout_margin |
| /operating_model/cells/upside_2028q4_fitout_cash:upside/id | None | upside_2028q4_fitout_cash |
| /operating_model/cells/upside_2028q4_fitout_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2028q4_fitout_cash:upside/label | None | Cash contribution: fitout |
| /operating_model/cells/upside_2028q4_fitout_cash:upside/period | None | 2028Q4 |
| /operating_model/cells/upside_2028q4_fitout_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q4_fitout_cash:upside/value | None | 14.399999999999999 |
| /operating_model/cells/upside_2028q4_fitout_margin:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2028q4_fitout_margin:upside/case | None | upside |
| /operating_model/cells/upside_2028q4_fitout_margin:upside/id | None | upside_2028q4_fitout_margin |
| /operating_model/cells/upside_2028q4_fitout_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q4_fitout_margin:upside/label | None | Cash contribution margin: fitout |
| /operating_model/cells/upside_2028q4_fitout_margin:upside/period | None | 2028Q4 |
| /operating_model/cells/upside_2028q4_fitout_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2028q4_fitout_margin:upside/value | None | 0.06 |
| /operating_model/cells/upside_2028q4_hosting:upside/basis | None | Hosting services, not owned Bitcoin production. |
| /operating_model/cells/upside_2028q4_hosting:upside/case | None | upside |
| /operating_model/cells/upside_2028q4_hosting:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2028q4_hosting:upside/formula/refs/0 | None | q4_hosting |
| /operating_model/cells/upside_2028q4_hosting:upside/formula/refs/1 | None | upside_2028q4_hosting_factor |
| /operating_model/cells/upside_2028q4_hosting:upside/id | None | upside_2028q4_hosting |
| /operating_model/cells/upside_2028q4_hosting:upside/kind | None | derived |
| /operating_model/cells/upside_2028q4_hosting:upside/label | None | Mining hosting revenue |
| /operating_model/cells/upside_2028q4_hosting:upside/period | None | 2028Q4 |
| /operating_model/cells/upside_2028q4_hosting:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q4_hosting:upside/value | None | 41.03 |
| /operating_model/cells/upside_2028q4_hosting_cash:upside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/upside_2028q4_hosting_cash:upside/case | None | upside |
| /operating_model/cells/upside_2028q4_hosting_cash:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2028q4_hosting_cash:upside/formula/refs/0 | None | upside_2028q4_hosting |
| /operating_model/cells/upside_2028q4_hosting_cash:upside/formula/refs/1 | None | upside_2028q4_hosting_margin |
| /operating_model/cells/upside_2028q4_hosting_cash:upside/id | None | upside_2028q4_hosting_cash |
| /operating_model/cells/upside_2028q4_hosting_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2028q4_hosting_cash:upside/label | None | Cash contribution: hosting |
| /operating_model/cells/upside_2028q4_hosting_cash:upside/period | None | 2028Q4 |
| /operating_model/cells/upside_2028q4_hosting_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q4_hosting_cash:upside/value | None | 16.412000000000003 |
| /operating_model/cells/upside_2028q4_hosting_factor:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2028q4_hosting_factor:upside/case | None | upside |
| /operating_model/cells/upside_2028q4_hosting_factor:upside/id | None | upside_2028q4_hosting_factor |
| /operating_model/cells/upside_2028q4_hosting_factor:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q4_hosting_factor:upside/label | None | Hosting revenue versus Q4 |
| /operating_model/cells/upside_2028q4_hosting_factor:upside/period | None | 2028Q4 |
| /operating_model/cells/upside_2028q4_hosting_factor:upside/unit | None | ratio |
| /operating_model/cells/upside_2028q4_hosting_factor:upside/value | None | 1.1 |
| /operating_model/cells/upside_2028q4_hosting_margin:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2028q4_hosting_margin:upside/case | None | upside |
| /operating_model/cells/upside_2028q4_hosting_margin:upside/id | None | upside_2028q4_hosting_margin |
| /operating_model/cells/upside_2028q4_hosting_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q4_hosting_margin:upside/label | None | Cash contribution margin: hosting |
| /operating_model/cells/upside_2028q4_hosting_margin:upside/period | None | 2028Q4 |
| /operating_model/cells/upside_2028q4_hosting_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2028q4_hosting_margin:upside/value | None | 0.4 |
| /operating_model/cells/upside_2028q4_mw:upside/basis | None | Desk delivery/acceptance schedule, not quarter-end capacity. Delta Forge 2 contributes only near H1 calendar 2028. |
| /operating_model/cells/upside_2028q4_mw:upside/case | None | upside |
| /operating_model/cells/upside_2028q4_mw:upside/id | None | upside_2028q4_mw |
| /operating_model/cells/upside_2028q4_mw:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q4_mw:upside/label | None | Average revenue-producing critical IT MW |
| /operating_model/cells/upside_2028q4_mw:upside/period | None | 2028Q4 |
| /operating_model/cells/upside_2028q4_mw:upside/unit | None | MW |
| /operating_model/cells/upside_2028q4_mw:upside/value | None | 1300.0 |
| /operating_model/cells/upside_2028q4_mw_ratio:upside/basis | None | Normalizes critical IT capacity without treating utility power as IT load. |
| /operating_model/cells/upside_2028q4_mw_ratio:upside/case | None | upside |
| /operating_model/cells/upside_2028q4_mw_ratio:upside/formula/op | None | divide |
| /operating_model/cells/upside_2028q4_mw_ratio:upside/formula/refs/0 | None | upside_2028q4_mw |
| /operating_model/cells/upside_2028q4_mw_ratio:upside/formula/refs/1 | None | q4_rent_mw |
| /operating_model/cells/upside_2028q4_mw_ratio:upside/id | None | upside_2028q4_mw_ratio |
| /operating_model/cells/upside_2028q4_mw_ratio:upside/kind | None | derived |
| /operating_model/cells/upside_2028q4_mw_ratio:upside/label | None | Capacity / 100 MW reference |
| /operating_model/cells/upside_2028q4_mw_ratio:upside/period | None | 2028Q4 |
| /operating_model/cells/upside_2028q4_mw_ratio:upside/unit | None | ratio |
| /operating_model/cells/upside_2028q4_mw_ratio:upside/value | None | 13.0 |
| /operating_model/cells/upside_2028q4_other:upside/basis | None | Net working capital, small-loan interest, taxes and interest income allowance. Lease principal excluded. |
| /operating_model/cells/upside_2028q4_other:upside/case | None | upside |
| /operating_model/cells/upside_2028q4_other:upside/id | None | upside_2028q4_other |
| /operating_model/cells/upside_2028q4_other:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q4_other:upside/label | None | Other net cash uses |
| /operating_model/cells/upside_2028q4_other:upside/period | None | 2028Q4 |
| /operating_model/cells/upside_2028q4_other:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q4_other:upside/value | None | 10.0 |
| /operating_model/cells/upside_2028q4_preferred_accrual:upside/basis | None | Simple quarterly accrual; noncash PIK assumption, no compounding or redemption waterfall. |
| /operating_model/cells/upside_2028q4_preferred_accrual:upside/case | None | upside |
| /operating_model/cells/upside_2028q4_preferred_accrual:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2028q4_preferred_accrual:upside/formula/refs/0 | None | preferred_annual |
| /operating_model/cells/upside_2028q4_preferred_accrual:upside/formula/refs/1 | None | quarter |
| /operating_model/cells/upside_2028q4_preferred_accrual:upside/id | None | upside_2028q4_preferred_accrual |
| /operating_model/cells/upside_2028q4_preferred_accrual:upside/kind | None | derived |
| /operating_model/cells/upside_2028q4_preferred_accrual:upside/label | None | Preferred economic accrual |
| /operating_model/cells/upside_2028q4_preferred_accrual:upside/period | None | 2028Q4 |
| /operating_model/cells/upside_2028q4_preferred_accrual:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q4_preferred_accrual:upside/value | None | 58.171875 |
| /operating_model/cells/upside_2028q4_recoveries:upside/basis | None | Pass-through operating recoveries modeled separately. |
| /operating_model/cells/upside_2028q4_recoveries:upside/case | None | upside |
| /operating_model/cells/upside_2028q4_recoveries:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2028q4_recoveries:upside/formula/refs/0 | None | upside_2028q4_base_rent |
| /operating_model/cells/upside_2028q4_recoveries:upside/formula/refs/1 | None | upside_2028q4_recovery_ratio |
| /operating_model/cells/upside_2028q4_recoveries:upside/id | None | upside_2028q4_recoveries |
| /operating_model/cells/upside_2028q4_recoveries:upside/kind | None | derived |
| /operating_model/cells/upside_2028q4_recoveries:upside/label | None | Tenant recoveries |
| /operating_model/cells/upside_2028q4_recoveries:upside/period | None | 2028Q4 |
| /operating_model/cells/upside_2028q4_recoveries:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q4_recoveries:upside/value | None | 90.29475000000002 |
| /operating_model/cells/upside_2028q4_recovery_cash:upside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/upside_2028q4_recovery_cash:upside/case | None | upside |
| /operating_model/cells/upside_2028q4_recovery_cash:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2028q4_recovery_cash:upside/formula/refs/0 | None | upside_2028q4_recoveries |
| /operating_model/cells/upside_2028q4_recovery_cash:upside/formula/refs/1 | None | upside_2028q4_recovery_margin |
| /operating_model/cells/upside_2028q4_recovery_cash:upside/id | None | upside_2028q4_recovery_cash |
| /operating_model/cells/upside_2028q4_recovery_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2028q4_recovery_cash:upside/label | None | Cash contribution: recovery |
| /operating_model/cells/upside_2028q4_recovery_cash:upside/period | None | 2028Q4 |
| /operating_model/cells/upside_2028q4_recovery_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q4_recovery_cash:upside/value | None | 0.0 |
| /operating_model/cells/upside_2028q4_recovery_margin:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2028q4_recovery_margin:upside/case | None | upside |
| /operating_model/cells/upside_2028q4_recovery_margin:upside/id | None | upside_2028q4_recovery_margin |
| /operating_model/cells/upside_2028q4_recovery_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q4_recovery_margin:upside/label | None | Cash contribution margin: recovery |
| /operating_model/cells/upside_2028q4_recovery_margin:upside/period | None | 2028Q4 |
| /operating_model/cells/upside_2028q4_recovery_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2028q4_recovery_margin:upside/value | None | 0.0 |
| /operating_model/cells/upside_2028q4_recovery_ratio:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2028q4_recovery_ratio:upside/case | None | upside |
| /operating_model/cells/upside_2028q4_recovery_ratio:upside/id | None | upside_2028q4_recovery_ratio |
| /operating_model/cells/upside_2028q4_recovery_ratio:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q4_recovery_ratio:upside/label | None | Recoveries / base rent |
| /operating_model/cells/upside_2028q4_recovery_ratio:upside/period | None | 2028Q4 |
| /operating_model/cells/upside_2028q4_recovery_ratio:upside/unit | None | ratio |
| /operating_model/cells/upside_2028q4_recovery_ratio:upside/value | None | 0.15 |
| /operating_model/cells/upside_2028q4_rent_at_reference:upside/basis | None | Reported Q4 rent per 100 MW times average active capacity. |
| /operating_model/cells/upside_2028q4_rent_at_reference:upside/case | None | upside |
| /operating_model/cells/upside_2028q4_rent_at_reference:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2028q4_rent_at_reference:upside/formula/refs/0 | None | upside_2028q4_mw_ratio |
| /operating_model/cells/upside_2028q4_rent_at_reference:upside/formula/refs/1 | None | q4_rent |
| /operating_model/cells/upside_2028q4_rent_at_reference:upside/id | None | upside_2028q4_rent_at_reference |
| /operating_model/cells/upside_2028q4_rent_at_reference:upside/kind | None | derived |
| /operating_model/cells/upside_2028q4_rent_at_reference:upside/label | None | Rent at Q4 reference economics |
| /operating_model/cells/upside_2028q4_rent_at_reference:upside/period | None | 2028Q4 |
| /operating_model/cells/upside_2028q4_rent_at_reference:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q4_rent_at_reference:upside/value | None | 573.3000000000001 |
| /operating_model/cells/upside_2028q4_rent_cash:upside/basis | None | Desk cash contribution before corporate costs and financing; not GAAP gross profit. |
| /operating_model/cells/upside_2028q4_rent_cash:upside/case | None | upside |
| /operating_model/cells/upside_2028q4_rent_cash:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2028q4_rent_cash:upside/formula/refs/0 | None | upside_2028q4_base_rent |
| /operating_model/cells/upside_2028q4_rent_cash:upside/formula/refs/1 | None | upside_2028q4_rent_margin |
| /operating_model/cells/upside_2028q4_rent_cash:upside/id | None | upside_2028q4_rent_cash |
| /operating_model/cells/upside_2028q4_rent_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2028q4_rent_cash:upside/label | None | Cash contribution: rent |
| /operating_model/cells/upside_2028q4_rent_cash:upside/period | None | 2028Q4 |
| /operating_model/cells/upside_2028q4_rent_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q4_rent_cash:upside/value | None | 559.8274500000001 |
| /operating_model/cells/upside_2028q4_rent_margin:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2028q4_rent_margin:upside/case | None | upside |
| /operating_model/cells/upside_2028q4_rent_margin:upside/id | None | upside_2028q4_rent_margin |
| /operating_model/cells/upside_2028q4_rent_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q4_rent_margin:upside/label | None | Cash contribution margin: rent |
| /operating_model/cells/upside_2028q4_rent_margin:upside/period | None | 2028Q4 |
| /operating_model/cells/upside_2028q4_rent_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2028q4_rent_margin:upside/value | None | 0.93 |
| /operating_model/cells/upside_2028q4_rent_realization:upside/basis | None | Desk assumption; not company guidance. |
| /operating_model/cells/upside_2028q4_rent_realization:upside/case | None | upside |
| /operating_model/cells/upside_2028q4_rent_realization:upside/id | None | upside_2028q4_rent_realization |
| /operating_model/cells/upside_2028q4_rent_realization:upside/kind | None | assumption |
| /operating_model/cells/upside_2028q4_rent_realization:upside/label | None | Rent realization versus reference |
| /operating_model/cells/upside_2028q4_rent_realization:upside/period | None | 2028Q4 |
| /operating_model/cells/upside_2028q4_rent_realization:upside/unit | None | ratio |
| /operating_model/cells/upside_2028q4_rent_realization:upside/value | None | 1.05 |
| /operating_model/cells/upside_2028q4_revenue:upside/basis | None | Rent, fit-out, recoveries, hosting and cloud, without optional lease renewals. |
| /operating_model/cells/upside_2028q4_revenue:upside/case | None | upside |
| /operating_model/cells/upside_2028q4_revenue:upside/formula/op | None | sum |
| /operating_model/cells/upside_2028q4_revenue:upside/formula/refs/0 | None | upside_2028q4_base_rent |
| /operating_model/cells/upside_2028q4_revenue:upside/formula/refs/1 | None | upside_2028q4_fitout |
| /operating_model/cells/upside_2028q4_revenue:upside/formula/refs/2 | None | upside_2028q4_recoveries |
| /operating_model/cells/upside_2028q4_revenue:upside/formula/refs/3 | None | upside_2028q4_hosting |
| /operating_model/cells/upside_2028q4_revenue:upside/formula/refs/4 | None | upside_2028q4_cloud |
| /operating_model/cells/upside_2028q4_revenue:upside/id | None | upside_2028q4_revenue |
| /operating_model/cells/upside_2028q4_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_2028q4_revenue:upside/label | None | Consolidated revenue |
| /operating_model/cells/upside_2028q4_revenue:upside/period | None | 2028Q4 |
| /operating_model/cells/upside_2028q4_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q4_revenue:upside/value | None | 1003.0912700000001 |
| /operating_model/cells/upside_2028q4_site_cash:upside/basis | None | Includes all consolidated businesses. |
| /operating_model/cells/upside_2028q4_site_cash:upside/case | None | upside |
| /operating_model/cells/upside_2028q4_site_cash:upside/formula/op | None | sum |
| /operating_model/cells/upside_2028q4_site_cash:upside/formula/refs/0 | None | upside_2028q4_rent_cash |
| /operating_model/cells/upside_2028q4_site_cash:upside/formula/refs/1 | None | upside_2028q4_fitout_cash |
| /operating_model/cells/upside_2028q4_site_cash:upside/formula/refs/2 | None | upside_2028q4_recovery_cash |
| /operating_model/cells/upside_2028q4_site_cash:upside/formula/refs/3 | None | upside_2028q4_hosting_cash |
| /operating_model/cells/upside_2028q4_site_cash:upside/formula/refs/4 | None | upside_2028q4_cloud_cash |
| /operating_model/cells/upside_2028q4_site_cash:upside/id | None | upside_2028q4_site_cash |
| /operating_model/cells/upside_2028q4_site_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2028q4_site_cash:upside/label | None | Combined business cash contribution |
| /operating_model/cells/upside_2028q4_site_cash:upside/period | None | 2028Q4 |
| /operating_model/cells/upside_2028q4_site_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2028q4_site_cash:upside/value | None | 590.6394500000001 |
| /operating_model/cells/upside_fy2027_base_rent:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2027_base_rent:upside/case | None | upside |
| /operating_model/cells/upside_fy2027_base_rent:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2027_base_rent:upside/formula/refs/0 | None | upside_2027q1_base_rent |
| /operating_model/cells/upside_fy2027_base_rent:upside/formula/refs/1 | None | upside_2027q2_base_rent |
| /operating_model/cells/upside_fy2027_base_rent:upside/formula/refs/2 | None | upside_2027q3_base_rent |
| /operating_model/cells/upside_fy2027_base_rent:upside/formula/refs/3 | None | upside_2027q4_base_rent |
| /operating_model/cells/upside_fy2027_base_rent:upside/id | None | upside_fy2027_base_rent |
| /operating_model/cells/upside_fy2027_base_rent:upside/kind | None | derived |
| /operating_model/cells/upside_fy2027_base_rent:upside/label | None | HPC base rent ($M) |
| /operating_model/cells/upside_fy2027_base_rent:upside/period | None | FY2027 |
| /operating_model/cells/upside_fy2027_base_rent:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2027_base_rent:upside/value | None | 703.836 |
| /operating_model/cells/upside_fy2027_capex:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2027_capex:upside/case | None | upside |
| /operating_model/cells/upside_fy2027_capex:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2027_capex:upside/formula/refs/0 | None | upside_2027q1_capex |
| /operating_model/cells/upside_fy2027_capex:upside/formula/refs/1 | None | upside_2027q2_capex |
| /operating_model/cells/upside_fy2027_capex:upside/formula/refs/2 | None | upside_2027q3_capex |
| /operating_model/cells/upside_fy2027_capex:upside/formula/refs/3 | None | upside_2027q4_capex |
| /operating_model/cells/upside_fy2027_capex:upside/id | None | upside_fy2027_capex |
| /operating_model/cells/upside_fy2027_capex:upside/kind | None | derived |
| /operating_model/cells/upside_fy2027_capex:upside/label | None | Cash construction capex ($M) |
| /operating_model/cells/upside_fy2027_capex:upside/period | None | FY2027 |
| /operating_model/cells/upside_fy2027_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2027_capex:upside/value | None | 4350.0 |
| /operating_model/cells/upside_fy2027_cash_after_capex:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2027_cash_after_capex:upside/case | None | upside |
| /operating_model/cells/upside_fy2027_cash_after_capex:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2027_cash_after_capex:upside/formula/refs/0 | None | upside_2027q1_cash_after_capex |
| /operating_model/cells/upside_fy2027_cash_after_capex:upside/formula/refs/1 | None | upside_2027q2_cash_after_capex |
| /operating_model/cells/upside_fy2027_cash_after_capex:upside/formula/refs/2 | None | upside_2027q3_cash_after_capex |
| /operating_model/cells/upside_fy2027_cash_after_capex:upside/formula/refs/3 | None | upside_2027q4_cash_after_capex |
| /operating_model/cells/upside_fy2027_cash_after_capex:upside/id | None | upside_fy2027_cash_after_capex |
| /operating_model/cells/upside_fy2027_cash_after_capex:upside/kind | None | derived |
| /operating_model/cells/upside_fy2027_cash_after_capex:upside/label | None | Cash after capex proxy ($M) |
| /operating_model/cells/upside_fy2027_cash_after_capex:upside/period | None | FY2027 |
| /operating_model/cells/upside_fy2027_cash_after_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2027_cash_after_capex:upside/value | None | -4213.95952 |
| /operating_model/cells/upside_fy2027_cash_before_capex:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2027_cash_before_capex:upside/case | None | upside |
| /operating_model/cells/upside_fy2027_cash_before_capex:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2027_cash_before_capex:upside/formula/refs/0 | None | upside_2027q1_cash_before_capex |
| /operating_model/cells/upside_fy2027_cash_before_capex:upside/formula/refs/1 | None | upside_2027q2_cash_before_capex |
| /operating_model/cells/upside_fy2027_cash_before_capex:upside/formula/refs/2 | None | upside_2027q3_cash_before_capex |
| /operating_model/cells/upside_fy2027_cash_before_capex:upside/formula/refs/3 | None | upside_2027q4_cash_before_capex |
| /operating_model/cells/upside_fy2027_cash_before_capex:upside/id | None | upside_fy2027_cash_before_capex |
| /operating_model/cells/upside_fy2027_cash_before_capex:upside/kind | None | derived |
| /operating_model/cells/upside_fy2027_cash_before_capex:upside/label | None | Cash before capex proxy ($M) |
| /operating_model/cells/upside_fy2027_cash_before_capex:upside/period | None | FY2027 |
| /operating_model/cells/upside_fy2027_cash_before_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2027_cash_before_capex:upside/value | None | 136.04048000000012 |
| /operating_model/cells/upside_fy2027_fitout:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2027_fitout:upside/case | None | upside |
| /operating_model/cells/upside_fy2027_fitout:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2027_fitout:upside/formula/refs/0 | None | upside_2027q1_fitout |
| /operating_model/cells/upside_fy2027_fitout:upside/formula/refs/1 | None | upside_2027q2_fitout |
| /operating_model/cells/upside_fy2027_fitout:upside/formula/refs/2 | None | upside_2027q3_fitout |
| /operating_model/cells/upside_fy2027_fitout:upside/formula/refs/3 | None | upside_2027q4_fitout |
| /operating_model/cells/upside_fy2027_fitout:upside/id | None | upside_fy2027_fitout |
| /operating_model/cells/upside_fy2027_fitout:upside/kind | None | derived |
| /operating_model/cells/upside_fy2027_fitout:upside/label | None | Tenant fit-out revenue ($M) |
| /operating_model/cells/upside_fy2027_fitout:upside/period | None | FY2027 |
| /operating_model/cells/upside_fy2027_fitout:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2027_fitout:upside/value | None | 900.0 |
| /operating_model/cells/upside_fy2027_preferred_accrual:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2027_preferred_accrual:upside/case | None | upside |
| /operating_model/cells/upside_fy2027_preferred_accrual:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2027_preferred_accrual:upside/formula/refs/0 | None | upside_2027q1_preferred_accrual |
| /operating_model/cells/upside_fy2027_preferred_accrual:upside/formula/refs/1 | None | upside_2027q2_preferred_accrual |
| /operating_model/cells/upside_fy2027_preferred_accrual:upside/formula/refs/2 | None | upside_2027q3_preferred_accrual |
| /operating_model/cells/upside_fy2027_preferred_accrual:upside/formula/refs/3 | None | upside_2027q4_preferred_accrual |
| /operating_model/cells/upside_fy2027_preferred_accrual:upside/id | None | upside_fy2027_preferred_accrual |
| /operating_model/cells/upside_fy2027_preferred_accrual:upside/kind | None | derived |
| /operating_model/cells/upside_fy2027_preferred_accrual:upside/label | None | Preferred economic accrual ($M) |
| /operating_model/cells/upside_fy2027_preferred_accrual:upside/period | None | FY2027 |
| /operating_model/cells/upside_fy2027_preferred_accrual:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2027_preferred_accrual:upside/value | None | 232.6875 |
| /operating_model/cells/upside_fy2027_revenue:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2027_revenue:upside/case | None | upside |
| /operating_model/cells/upside_fy2027_revenue:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2027_revenue:upside/formula/refs/0 | None | upside_2027q1_revenue |
| /operating_model/cells/upside_fy2027_revenue:upside/formula/refs/1 | None | upside_2027q2_revenue |
| /operating_model/cells/upside_fy2027_revenue:upside/formula/refs/2 | None | upside_2027q3_revenue |
| /operating_model/cells/upside_fy2027_revenue:upside/formula/refs/3 | None | upside_2027q4_revenue |
| /operating_model/cells/upside_fy2027_revenue:upside/id | None | upside_fy2027_revenue |
| /operating_model/cells/upside_fy2027_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_fy2027_revenue:upside/label | None | Consolidated revenue ($M) |
| /operating_model/cells/upside_fy2027_revenue:upside/period | None | FY2027 |
| /operating_model/cells/upside_fy2027_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2027_revenue:upside/value | None | 1968.45476 |
| /operating_model/cells/upside_fy2028_base_rent:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2028_base_rent:upside/case | None | upside |
| /operating_model/cells/upside_fy2028_base_rent:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2028_base_rent:upside/formula/refs/0 | None | upside_2028q1_base_rent |
| /operating_model/cells/upside_fy2028_base_rent:upside/formula/refs/1 | None | upside_2028q2_base_rent |
| /operating_model/cells/upside_fy2028_base_rent:upside/formula/refs/2 | None | upside_2028q3_base_rent |
| /operating_model/cells/upside_fy2028_base_rent:upside/formula/refs/3 | None | upside_2028q4_base_rent |
| /operating_model/cells/upside_fy2028_base_rent:upside/id | None | upside_fy2028_base_rent |
| /operating_model/cells/upside_fy2028_base_rent:upside/kind | None | derived |
| /operating_model/cells/upside_fy2028_base_rent:upside/label | None | HPC base rent ($M) |
| /operating_model/cells/upside_fy2028_base_rent:upside/period | None | FY2028 |
| /operating_model/cells/upside_fy2028_base_rent:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2028_base_rent:upside/value | None | 1958.7015000000001 |
| /operating_model/cells/upside_fy2028_capex:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2028_capex:upside/case | None | upside |
| /operating_model/cells/upside_fy2028_capex:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2028_capex:upside/formula/refs/0 | None | upside_2028q1_capex |
| /operating_model/cells/upside_fy2028_capex:upside/formula/refs/1 | None | upside_2028q2_capex |
| /operating_model/cells/upside_fy2028_capex:upside/formula/refs/2 | None | upside_2028q3_capex |
| /operating_model/cells/upside_fy2028_capex:upside/formula/refs/3 | None | upside_2028q4_capex |
| /operating_model/cells/upside_fy2028_capex:upside/id | None | upside_fy2028_capex |
| /operating_model/cells/upside_fy2028_capex:upside/kind | None | derived |
| /operating_model/cells/upside_fy2028_capex:upside/label | None | Cash construction capex ($M) |
| /operating_model/cells/upside_fy2028_capex:upside/period | None | FY2028 |
| /operating_model/cells/upside_fy2028_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2028_capex:upside/value | None | 5450.0 |
| /operating_model/cells/upside_fy2028_cash_after_capex:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2028_cash_after_capex:upside/case | None | upside |
| /operating_model/cells/upside_fy2028_cash_after_capex:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2028_cash_after_capex:upside/formula/refs/0 | None | upside_2028q1_cash_after_capex |
| /operating_model/cells/upside_fy2028_cash_after_capex:upside/formula/refs/1 | None | upside_2028q2_cash_after_capex |
| /operating_model/cells/upside_fy2028_cash_after_capex:upside/formula/refs/2 | None | upside_2028q3_cash_after_capex |
| /operating_model/cells/upside_fy2028_cash_after_capex:upside/formula/refs/3 | None | upside_2028q4_cash_after_capex |
| /operating_model/cells/upside_fy2028_cash_after_capex:upside/id | None | upside_fy2028_cash_after_capex |
| /operating_model/cells/upside_fy2028_cash_after_capex:upside/kind | None | derived |
| /operating_model/cells/upside_fy2028_cash_after_capex:upside/label | None | Cash after capex proxy ($M) |
| /operating_model/cells/upside_fy2028_cash_after_capex:upside/period | None | FY2028 |
| /operating_model/cells/upside_fy2028_cash_after_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2028_cash_after_capex:upside/value | None | -4133.734605 |
| /operating_model/cells/upside_fy2028_cash_before_capex:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2028_cash_before_capex:upside/case | None | upside |
| /operating_model/cells/upside_fy2028_cash_before_capex:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2028_cash_before_capex:upside/formula/refs/0 | None | upside_2028q1_cash_before_capex |
| /operating_model/cells/upside_fy2028_cash_before_capex:upside/formula/refs/1 | None | upside_2028q2_cash_before_capex |
| /operating_model/cells/upside_fy2028_cash_before_capex:upside/formula/refs/2 | None | upside_2028q3_cash_before_capex |
| /operating_model/cells/upside_fy2028_cash_before_capex:upside/formula/refs/3 | None | upside_2028q4_cash_before_capex |
| /operating_model/cells/upside_fy2028_cash_before_capex:upside/id | None | upside_fy2028_cash_before_capex |
| /operating_model/cells/upside_fy2028_cash_before_capex:upside/kind | None | derived |
| /operating_model/cells/upside_fy2028_cash_before_capex:upside/label | None | Cash before capex proxy ($M) |
| /operating_model/cells/upside_fy2028_cash_before_capex:upside/period | None | FY2028 |
| /operating_model/cells/upside_fy2028_cash_before_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2028_cash_before_capex:upside/value | None | 1316.2653950000001 |
| /operating_model/cells/upside_fy2028_fitout:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2028_fitout:upside/case | None | upside |
| /operating_model/cells/upside_fy2028_fitout:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2028_fitout:upside/formula/refs/0 | None | upside_2028q1_fitout |
| /operating_model/cells/upside_fy2028_fitout:upside/formula/refs/1 | None | upside_2028q2_fitout |
| /operating_model/cells/upside_fy2028_fitout:upside/formula/refs/2 | None | upside_2028q3_fitout |
| /operating_model/cells/upside_fy2028_fitout:upside/formula/refs/3 | None | upside_2028q4_fitout |
| /operating_model/cells/upside_fy2028_fitout:upside/id | None | upside_fy2028_fitout |
| /operating_model/cells/upside_fy2028_fitout:upside/kind | None | derived |
| /operating_model/cells/upside_fy2028_fitout:upside/label | None | Tenant fit-out revenue ($M) |
| /operating_model/cells/upside_fy2028_fitout:upside/period | None | FY2028 |
| /operating_model/cells/upside_fy2028_fitout:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2028_fitout:upside/value | None | 1120.0 |
| /operating_model/cells/upside_fy2028_preferred_accrual:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2028_preferred_accrual:upside/case | None | upside |
| /operating_model/cells/upside_fy2028_preferred_accrual:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2028_preferred_accrual:upside/formula/refs/0 | None | upside_2028q1_preferred_accrual |
| /operating_model/cells/upside_fy2028_preferred_accrual:upside/formula/refs/1 | None | upside_2028q2_preferred_accrual |
| /operating_model/cells/upside_fy2028_preferred_accrual:upside/formula/refs/2 | None | upside_2028q3_preferred_accrual |
| /operating_model/cells/upside_fy2028_preferred_accrual:upside/formula/refs/3 | None | upside_2028q4_preferred_accrual |
| /operating_model/cells/upside_fy2028_preferred_accrual:upside/id | None | upside_fy2028_preferred_accrual |
| /operating_model/cells/upside_fy2028_preferred_accrual:upside/kind | None | derived |
| /operating_model/cells/upside_fy2028_preferred_accrual:upside/label | None | Preferred economic accrual ($M) |
| /operating_model/cells/upside_fy2028_preferred_accrual:upside/period | None | FY2028 |
| /operating_model/cells/upside_fy2028_preferred_accrual:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2028_preferred_accrual:upside/value | None | 232.6875 |
| /operating_model/cells/upside_fy2028_revenue:upside/basis | None | Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. |
| /operating_model/cells/upside_fy2028_revenue:upside/case | None | upside |
| /operating_model/cells/upside_fy2028_revenue:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2028_revenue:upside/formula/refs/0 | None | upside_2028q1_revenue |
| /operating_model/cells/upside_fy2028_revenue:upside/formula/refs/1 | None | upside_2028q2_revenue |
| /operating_model/cells/upside_fy2028_revenue:upside/formula/refs/2 | None | upside_2028q3_revenue |
| /operating_model/cells/upside_fy2028_revenue:upside/formula/refs/3 | None | upside_2028q4_revenue |
| /operating_model/cells/upside_fy2028_revenue:upside/id | None | upside_fy2028_revenue |
| /operating_model/cells/upside_fy2028_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_fy2028_revenue:upside/label | None | Consolidated revenue ($M) |
| /operating_model/cells/upside_fy2028_revenue:upside/period | None | FY2028 |
| /operating_model/cells/upside_fy2028_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2028_revenue:upside/value | None | 3649.210245 |
| /operating_model/highlights/0 | None | cash |
| /operating_model/highlights/1 | None | restricted_cash |
| /operating_model/highlights/2 | None | contracted_mw |
| /operating_model/highlights/3 | None | delivered_mw |
| /operating_model/highlights/4 | None | major_principal |
| /operating_model/highlights/5 | None | annual_coupon |
| /operating_model/highlights/6 | None | preferred_annual |
| /operating_model/highlights/7 | None | fy26_cash_after_capex |
| /operating_model/limitations/0 | None | Cash measures are analytical proxies, not GAAP CFO, EBITDA, distributable cash or a parent equity valuation. No complete project financing waterfall, debt maturities or dilution forecast is provided. |
| /operating_model/limitations/1 | None | The 1,410 MW contracted portfolio includes projects signed after May 31. Contracted, quarter-end delivered and average rent-producing MW are different. Unsigned pipeline and optional renewals earn no modeled revenue. |
| /operating_model/limitations/2 | None | ChronoScale remains consolidated at about 96% ownership after its May separation; adjusted company metrics excluding it do not equal consolidated revenue. |
| /operating_model/limitations/3 | None | The preferred accrual uses the initial $1,825M capital contributions and 12.75% rate. Actual compounding, additional capital, minimum redemption multiples and common-unit participation can increase the claim. PIK is not free capital. |
| /operating_model/limitations/4 | None | Cash capex includes modeled construction and other asset purchases. Proxies exclude acquisitions, financing proceeds, principal repayment, lease principal and restricted-reserve transfers; a negative result is a funding need, not a forecast cash balance. |
| /operating_model/limitations/5 | None | FY2027 Q1 ended August 31 but was unreported at review. Historical cloud reclassification limits quarter comparability; directly reported Q4 operating loss corrects the incompatible annual-minus-interim feed calculation. |
| /operating_model/method | None | Drive rent from average revenue-producing critical IT MW and the reported Q4 rent per 100 MW baseline. Separately model low-margin tenant fit-out revenue, reimbursements, mining hosting and consolidated ChronoScale revenue. Deduct site cash costs, corporate costs and contractual coupons from cash contributions, then construction capex. Show the Macquarie preferred economic accrual separately from cash spending. FY2027-28 are desk scenarios, not company guidance. |
| /operating_model/metrics/base_rent | None | HPC base rent ($M) |
| /operating_model/metrics/capex | None | Cash construction capex ($M) |
| /operating_model/metrics/cash_after_capex | None | Cash after capex proxy ($M) |
| /operating_model/metrics/cash_before_capex | None | Cash before capex proxy ($M) |
| /operating_model/metrics/fitout | None | Tenant fit-out revenue ($M) |
| /operating_model/metrics/preferred_accrual | None | Preferred economic accrual ($M) |
| /operating_model/metrics/revenue | None | Consolidated revenue ($M) |
| /operating_model/outputs/2027Q1:base/case | None | base |
| /operating_model/outputs/2027Q1:base/frequency | None | quarter |
| /operating_model/outputs/2027Q1:base/metrics/base_rent | None | base_2027q1_base_rent |
| /operating_model/outputs/2027Q1:base/metrics/capex | None | base_2027q1_capex |
| /operating_model/outputs/2027Q1:base/metrics/cash_after_capex | None | base_2027q1_cash_after_capex |
| /operating_model/outputs/2027Q1:base/metrics/cash_before_capex | None | base_2027q1_cash_before_capex |
| /operating_model/outputs/2027Q1:base/metrics/fitout | None | base_2027q1_fitout |
| /operating_model/outputs/2027Q1:base/metrics/preferred_accrual | None | base_2027q1_preferred_accrual |
| /operating_model/outputs/2027Q1:base/metrics/revenue | None | base_2027q1_revenue |
| /operating_model/outputs/2027Q1:base/period | None | 2027Q1 |
| /operating_model/outputs/2027Q1:base/period_end | None | 2026-08-31 |
| /operating_model/outputs/2027Q1:base/values/base_rent | None | 66.15 |
| /operating_model/outputs/2027Q1:base/values/capex | None | 900.0 |
| /operating_model/outputs/2027Q1:base/values/cash_after_capex | None | -989.96315 |
| /operating_model/outputs/2027Q1:base/values/cash_before_capex | None | -89.96315 |
| /operating_model/outputs/2027Q1:base/values/fitout | None | 150.0 |
| /operating_model/outputs/2027Q1:base/values/preferred_accrual | None | 58.171875 |
| /operating_model/outputs/2027Q1:base/values/revenue | None | 281.7685 |
| /operating_model/outputs/2027Q1:downside/case | None | downside |
| /operating_model/outputs/2027Q1:downside/frequency | None | quarter |
| /operating_model/outputs/2027Q1:downside/metrics/base_rent | None | downside_2027q1_base_rent |
| /operating_model/outputs/2027Q1:downside/metrics/capex | None | downside_2027q1_capex |
| /operating_model/outputs/2027Q1:downside/metrics/cash_after_capex | None | downside_2027q1_cash_after_capex |
| /operating_model/outputs/2027Q1:downside/metrics/cash_before_capex | None | downside_2027q1_cash_before_capex |
| /operating_model/outputs/2027Q1:downside/metrics/fitout | None | downside_2027q1_fitout |
| /operating_model/outputs/2027Q1:downside/metrics/preferred_accrual | None | downside_2027q1_preferred_accrual |
| /operating_model/outputs/2027Q1:downside/metrics/revenue | None | downside_2027q1_revenue |
| /operating_model/outputs/2027Q1:downside/period | None | 2027Q1 |
| /operating_model/outputs/2027Q1:downside/period_end | None | 2026-08-31 |
| /operating_model/outputs/2027Q1:downside/values/base_rent | None | 53.581500000000005 |
| /operating_model/outputs/2027Q1:downside/values/capex | None | 1000.0 |
| /operating_model/outputs/2027Q1:downside/values/cash_after_capex | None | -1127.424055 |
| /operating_model/outputs/2027Q1:downside/values/cash_before_capex | None | -127.42405499999998 |
| /operating_model/outputs/2027Q1:downside/values/fitout | None | 120.0 |
| /operating_model/outputs/2027Q1:downside/values/preferred_accrual | None | 58.171875 |
| /operating_model/outputs/2027Q1:downside/values/revenue | None | 228.04052500000003 |
| /operating_model/outputs/2027Q1:upside/case | None | upside |
| /operating_model/outputs/2027Q1:upside/frequency | None | quarter |
| /operating_model/outputs/2027Q1:upside/metrics/base_rent | None | upside_2027q1_base_rent |
| /operating_model/outputs/2027Q1:upside/metrics/capex | None | upside_2027q1_capex |
| /operating_model/outputs/2027Q1:upside/metrics/cash_after_capex | None | upside_2027q1_cash_after_capex |
| /operating_model/outputs/2027Q1:upside/metrics/cash_before_capex | None | upside_2027q1_cash_before_capex |
| /operating_model/outputs/2027Q1:upside/metrics/fitout | None | upside_2027q1_fitout |
| /operating_model/outputs/2027Q1:upside/metrics/preferred_accrual | None | upside_2027q1_preferred_accrual |
| /operating_model/outputs/2027Q1:upside/metrics/revenue | None | upside_2027q1_revenue |
| /operating_model/outputs/2027Q1:upside/period | None | 2027Q1 |
| /operating_model/outputs/2027Q1:upside/period_end | None | 2026-08-31 |
| /operating_model/outputs/2027Q1:upside/values/base_rent | None | 74.08800000000001 |
| /operating_model/outputs/2027Q1:upside/values/capex | None | 850.0 |
| /operating_model/outputs/2027Q1:upside/values/cash_after_capex | None | -914.02991 |
| /operating_model/outputs/2027Q1:upside/values/cash_before_capex | None | -64.02990999999997 |
| /operating_model/outputs/2027Q1:upside/values/fitout | None | 170.0 |
| /operating_model/outputs/2027Q1:upside/values/preferred_accrual | None | 58.171875 |
| /operating_model/outputs/2027Q1:upside/values/revenue | None | 318.30640000000005 |
| /operating_model/outputs/2027Q2:base/case | None | base |
| /operating_model/outputs/2027Q2:base/frequency | None | quarter |
| /operating_model/outputs/2027Q2:base/metrics/base_rent | None | base_2027q2_base_rent |
| /operating_model/outputs/2027Q2:base/metrics/capex | None | base_2027q2_capex |
| /operating_model/outputs/2027Q2:base/metrics/cash_after_capex | None | base_2027q2_cash_after_capex |
| /operating_model/outputs/2027Q2:base/metrics/cash_before_capex | None | base_2027q2_cash_before_capex |
| /operating_model/outputs/2027Q2:base/metrics/fitout | None | base_2027q2_fitout |
| /operating_model/outputs/2027Q2:base/metrics/preferred_accrual | None | base_2027q2_preferred_accrual |
| /operating_model/outputs/2027Q2:base/metrics/revenue | None | base_2027q2_revenue |
| /operating_model/outputs/2027Q2:base/period | None | 2027Q2 |
| /operating_model/outputs/2027Q2:base/period_end | None | 2026-11-30 |
| /operating_model/outputs/2027Q2:base/values/base_rent | None | 110.25 |
| /operating_model/outputs/2027Q2:base/values/capex | None | 1100.0 |
| /operating_model/outputs/2027Q2:base/values/cash_after_capex | None | -1149.06112 |
| /operating_model/outputs/2027Q2:base/values/cash_before_capex | None | -49.06111999999999 |
| /operating_model/outputs/2027Q2:base/values/fitout | None | 180.0 |
| /operating_model/outputs/2027Q2:base/values/preferred_accrual | None | 58.171875 |
| /operating_model/outputs/2027Q2:base/values/revenue | None | 363.40330000000006 |
| /operating_model/outputs/2027Q2:downside/case | None | downside |
| /operating_model/outputs/2027Q2:downside/frequency | None | quarter |
| /operating_model/outputs/2027Q2:downside/metrics/base_rent | None | downside_2027q2_base_rent |
| /operating_model/outputs/2027Q2:downside/metrics/capex | None | downside_2027q2_capex |
| /operating_model/outputs/2027Q2:downside/metrics/cash_after_capex | None | downside_2027q2_cash_after_capex |
| /operating_model/outputs/2027Q2:downside/metrics/cash_before_capex | None | downside_2027q2_cash_before_capex |
| /operating_model/outputs/2027Q2:downside/metrics/fitout | None | downside_2027q2_fitout |
| /operating_model/outputs/2027Q2:downside/metrics/preferred_accrual | None | downside_2027q2_preferred_accrual |
| /operating_model/outputs/2027Q2:downside/metrics/revenue | None | downside_2027q2_revenue |
| /operating_model/outputs/2027Q2:downside/period | None | 2027Q2 |
| /operating_model/outputs/2027Q2:downside/period_end | None | 2026-11-30 |
| /operating_model/outputs/2027Q2:downside/values/base_rent | None | 79.38000000000001 |
| /operating_model/outputs/2027Q2:downside/values/capex | None | 1200.0 |
| /operating_model/outputs/2027Q2:downside/values/cash_after_capex | None | -1305.39526 |
| /operating_model/outputs/2027Q2:downside/values/cash_before_capex | None | -105.39525999999998 |
| /operating_model/outputs/2027Q2:downside/values/fitout | None | 160.0 |
| /operating_model/outputs/2027Q2:downside/values/preferred_accrual | None | 58.171875 |
| /operating_model/outputs/2027Q2:downside/values/revenue | None | 298.44464000000005 |
| /operating_model/outputs/2027Q2:upside/case | None | upside |
| /operating_model/outputs/2027Q2:upside/frequency | None | quarter |
| /operating_model/outputs/2027Q2:upside/metrics/base_rent | None | upside_2027q2_base_rent |
| /operating_model/outputs/2027Q2:upside/metrics/capex | None | upside_2027q2_capex |
| /operating_model/outputs/2027Q2:upside/metrics/cash_after_capex | None | upside_2027q2_cash_after_capex |
| /operating_model/outputs/2027Q2:upside/metrics/cash_before_capex | None | upside_2027q2_cash_before_capex |
| /operating_model/outputs/2027Q2:upside/metrics/fitout | None | upside_2027q2_fitout |
| /operating_model/outputs/2027Q2:upside/metrics/preferred_accrual | None | upside_2027q2_preferred_accrual |
| /operating_model/outputs/2027Q2:upside/metrics/revenue | None | upside_2027q2_revenue |
| /operating_model/outputs/2027Q2:upside/period | None | 2027Q2 |
| /operating_model/outputs/2027Q2:upside/period_end | None | 2026-11-30 |
| /operating_model/outputs/2027Q2:upside/values/base_rent | None | 138.91500000000002 |
| /operating_model/outputs/2027Q2:upside/values/capex | None | 1000.0 |
| /operating_model/outputs/2027Q2:upside/values/cash_after_capex | None | -1001.3408 |
| /operating_model/outputs/2027Q2:upside/values/cash_before_capex | None | -1.3407999999999731 |
| /operating_model/outputs/2027Q2:upside/values/fitout | None | 210.0 |
| /operating_model/outputs/2027Q2:upside/values/preferred_accrual | None | 58.171875 |
| /operating_model/outputs/2027Q2:upside/values/revenue | None | 433.96121 |
| /operating_model/outputs/2027Q3:base/case | None | base |
| /operating_model/outputs/2027Q3:base/frequency | None | quarter |
| /operating_model/outputs/2027Q3:base/metrics/base_rent | None | base_2027q3_base_rent |
| /operating_model/outputs/2027Q3:base/metrics/capex | None | base_2027q3_capex |
| /operating_model/outputs/2027Q3:base/metrics/cash_after_capex | None | base_2027q3_cash_after_capex |
| /operating_model/outputs/2027Q3:base/metrics/cash_before_capex | None | base_2027q3_cash_before_capex |
| /operating_model/outputs/2027Q3:base/metrics/fitout | None | base_2027q3_fitout |
| /operating_model/outputs/2027Q3:base/metrics/preferred_accrual | None | base_2027q3_preferred_accrual |
| /operating_model/outputs/2027Q3:base/metrics/revenue | None | base_2027q3_revenue |
| /operating_model/outputs/2027Q3:base/period | None | 2027Q3 |
| /operating_model/outputs/2027Q3:base/period_end | None | 2027-02-28 |
| /operating_model/outputs/2027Q3:base/values/base_rent | None | 176.4 |
| /operating_model/outputs/2027Q3:base/values/capex | None | 1250.0 |
| /operating_model/outputs/2027Q3:base/values/cash_after_capex | None | -1238.76409 |
| /operating_model/outputs/2027Q3:base/values/cash_before_capex | None | 11.235910000000047 |
| /operating_model/outputs/2027Q3:base/values/fitout | None | 200.0 |
| /operating_model/outputs/2027Q3:base/values/preferred_accrual | None | 58.171875 |
| /operating_model/outputs/2027Q3:base/values/revenue | None | 460.39559999999994 |
| /operating_model/outputs/2027Q3:downside/case | None | downside |
| /operating_model/outputs/2027Q3:downside/frequency | None | quarter |
| /operating_model/outputs/2027Q3:downside/metrics/base_rent | None | downside_2027q3_base_rent |
| /operating_model/outputs/2027Q3:downside/metrics/capex | None | downside_2027q3_capex |
| /operating_model/outputs/2027Q3:downside/metrics/cash_after_capex | None | downside_2027q3_cash_after_capex |
| /operating_model/outputs/2027Q3:downside/metrics/cash_before_capex | None | downside_2027q3_cash_before_capex |
| /operating_model/outputs/2027Q3:downside/metrics/fitout | None | downside_2027q3_fitout |
| /operating_model/outputs/2027Q3:downside/metrics/preferred_accrual | None | downside_2027q3_preferred_accrual |
| /operating_model/outputs/2027Q3:downside/metrics/revenue | None | downside_2027q3_revenue |
| /operating_model/outputs/2027Q3:downside/period | None | 2027Q3 |
| /operating_model/outputs/2027Q3:downside/period_end | None | 2027-02-28 |
| /operating_model/outputs/2027Q3:downside/values/base_rent | None | 115.101 |
| /operating_model/outputs/2027Q3:downside/values/capex | None | 1450.0 |
| /operating_model/outputs/2027Q3:downside/values/cash_after_capex | None | -1525.93079 |
| /operating_model/outputs/2027Q3:downside/values/cash_before_capex | None | -75.93079 |
| /operating_model/outputs/2027Q3:downside/values/fitout | None | 160.0 |
| /operating_model/outputs/2027Q3:downside/values/preferred_accrual | None | 58.171875 |
| /operating_model/outputs/2027Q3:downside/values/revenue | None | 340.25963 |
| /operating_model/outputs/2027Q3:upside/case | None | upside |
| /operating_model/outputs/2027Q3:upside/frequency | None | quarter |
| /operating_model/outputs/2027Q3:upside/metrics/base_rent | None | upside_2027q3_base_rent |
| /operating_model/outputs/2027Q3:upside/metrics/capex | None | upside_2027q3_capex |
| /operating_model/outputs/2027Q3:upside/metrics/cash_after_capex | None | upside_2027q3_cash_after_capex |
| /operating_model/outputs/2027Q3:upside/metrics/cash_before_capex | None | upside_2027q3_cash_before_capex |
| /operating_model/outputs/2027Q3:upside/metrics/fitout | None | upside_2027q3_fitout |
| /operating_model/outputs/2027Q3:upside/metrics/preferred_accrual | None | upside_2027q3_preferred_accrual |
| /operating_model/outputs/2027Q3:upside/metrics/revenue | None | upside_2027q3_revenue |
| /operating_model/outputs/2027Q3:upside/period | None | 2027Q3 |
| /operating_model/outputs/2027Q3:upside/period_end | None | 2027-02-28 |
| /operating_model/outputs/2027Q3:upside/values/base_rent | None | 217.63350000000003 |
| /operating_model/outputs/2027Q3:upside/values/capex | None | 1200.0 |
| /operating_model/outputs/2027Q3:upside/values/cash_after_capex | None | -1126.3325949999999 |
| /operating_model/outputs/2027Q3:upside/values/cash_before_capex | None | 73.66740500000006 |
| /operating_model/outputs/2027Q3:upside/values/fitout | None | 240.0 |
| /operating_model/outputs/2027Q3:upside/values/preferred_accrual | None | 58.171875 |
| /operating_model/outputs/2027Q3:upside/values/revenue | None | 555.5912450000001 |
| /operating_model/outputs/2027Q4:base/case | None | base |
| /operating_model/outputs/2027Q4:base/frequency | None | quarter |
| /operating_model/outputs/2027Q4:base/metrics/base_rent | None | base_2027q4_base_rent |
| /operating_model/outputs/2027Q4:base/metrics/capex | None | base_2027q4_capex |
| /operating_model/outputs/2027Q4:base/metrics/cash_after_capex | None | base_2027q4_cash_after_capex |
| /operating_model/outputs/2027Q4:base/metrics/cash_before_capex | None | base_2027q4_cash_before_capex |
| /operating_model/outputs/2027Q4:base/metrics/fitout | None | base_2027q4_fitout |
| /operating_model/outputs/2027Q4:base/metrics/preferred_accrual | None | base_2027q4_preferred_accrual |
| /operating_model/outputs/2027Q4:base/metrics/revenue | None | base_2027q4_revenue |
| /operating_model/outputs/2027Q4:base/period | None | 2027Q4 |
| /operating_model/outputs/2027Q4:base/period_end | None | 2027-05-31 |
| /operating_model/outputs/2027Q4:base/values/base_rent | None | 242.55 |
| /operating_model/outputs/2027Q4:base/values/capex | None | 1350.0 |
| /operating_model/outputs/2027Q4:base/values/cash_after_capex | None | -1277.11706 |
| /operating_model/outputs/2027Q4:base/values/cash_before_capex | None | 72.88294000000005 |
| /operating_model/outputs/2027Q4:base/values/fitout | None | 250.0 |
| /operating_model/outputs/2027Q4:base/values/preferred_accrual | None | 58.171875 |
| /operating_model/outputs/2027Q4:base/values/revenue | None | 587.3879 |
| /operating_model/outputs/2027Q4:downside/case | None | downside |
| /operating_model/outputs/2027Q4:downside/frequency | None | quarter |
| /operating_model/outputs/2027Q4:downside/metrics/base_rent | None | downside_2027q4_base_rent |
| /operating_model/outputs/2027Q4:downside/metrics/capex | None | downside_2027q4_capex |
| /operating_model/outputs/2027Q4:downside/metrics/cash_after_capex | None | downside_2027q4_cash_after_capex |
| /operating_model/outputs/2027Q4:downside/metrics/cash_before_capex | None | downside_2027q4_cash_before_capex |
| /operating_model/outputs/2027Q4:downside/metrics/fitout | None | downside_2027q4_fitout |
| /operating_model/outputs/2027Q4:downside/metrics/preferred_accrual | None | downside_2027q4_preferred_accrual |
| /operating_model/outputs/2027Q4:downside/metrics/revenue | None | downside_2027q4_revenue |
| /operating_model/outputs/2027Q4:downside/period | None | 2027Q4 |
| /operating_model/outputs/2027Q4:downside/period_end | None | 2027-05-31 |
| /operating_model/outputs/2027Q4:downside/values/base_rent | None | 166.69800000000004 |
| /operating_model/outputs/2027Q4:downside/values/capex | None | 1500.0 |
| /operating_model/outputs/2027Q4:downside/values/cash_after_capex | None | -1532.88924 |
| /operating_model/outputs/2027Q4:downside/values/cash_before_capex | None | -32.889239999999944 |
| /operating_model/outputs/2027Q4:downside/values/fitout | None | 180.0 |
| /operating_model/outputs/2027Q4:downside/values/preferred_accrual | None | 58.171875 |
| /operating_model/outputs/2027Q4:downside/values/revenue | None | 420.33202000000006 |
| /operating_model/outputs/2027Q4:upside/case | None | upside |
| /operating_model/outputs/2027Q4:upside/frequency | None | quarter |
| /operating_model/outputs/2027Q4:upside/metrics/base_rent | None | upside_2027q4_base_rent |
| /operating_model/outputs/2027Q4:upside/metrics/capex | None | upside_2027q4_capex |
| /operating_model/outputs/2027Q4:upside/metrics/cash_after_capex | None | upside_2027q4_cash_after_capex |
| /operating_model/outputs/2027Q4:upside/metrics/cash_before_capex | None | upside_2027q4_cash_before_capex |
| /operating_model/outputs/2027Q4:upside/metrics/fitout | None | upside_2027q4_fitout |
| /operating_model/outputs/2027Q4:upside/metrics/preferred_accrual | None | upside_2027q4_preferred_accrual |
| /operating_model/outputs/2027Q4:upside/metrics/revenue | None | upside_2027q4_revenue |
| /operating_model/outputs/2027Q4:upside/period | None | 2027Q4 |
| /operating_model/outputs/2027Q4:upside/period_end | None | 2027-05-31 |
| /operating_model/outputs/2027Q4:upside/values/base_rent | None | 273.1995 |
| /operating_model/outputs/2027Q4:upside/values/capex | None | 1300.0 |
| /operating_model/outputs/2027Q4:upside/values/cash_after_capex | None | -1172.2562149999999 |
| /operating_model/outputs/2027Q4:upside/values/cash_before_capex | None | 127.743785 |
| /operating_model/outputs/2027Q4:upside/values/fitout | None | 280.0 |
| /operating_model/outputs/2027Q4:upside/values/preferred_accrual | None | 58.171875 |
| /operating_model/outputs/2027Q4:upside/values/revenue | None | 660.5959049999999 |
| /operating_model/outputs/FY2027:base/case | None | base |
| /operating_model/outputs/FY2027:base/frequency | None | year |
| /operating_model/outputs/FY2027:base/metrics/base_rent | None | base_fy2027_base_rent |
| /operating_model/outputs/FY2027:base/metrics/capex | None | base_fy2027_capex |
| /operating_model/outputs/FY2027:base/metrics/cash_after_capex | None | base_fy2027_cash_after_capex |
| /operating_model/outputs/FY2027:base/metrics/cash_before_capex | None | base_fy2027_cash_before_capex |
| /operating_model/outputs/FY2027:base/metrics/fitout | None | base_fy2027_fitout |
| /operating_model/outputs/FY2027:base/metrics/preferred_accrual | None | base_fy2027_preferred_accrual |
| /operating_model/outputs/FY2027:base/metrics/revenue | None | base_fy2027_revenue |
| /operating_model/outputs/FY2027:base/period | None | FY2027 |
| /operating_model/outputs/FY2027:base/period_end | None | 2027-05-31 |
| /operating_model/outputs/FY2027:base/values/base_rent | None | 595.35 |
| /operating_model/outputs/FY2027:base/values/capex | None | 4600.0 |
| /operating_model/outputs/FY2027:base/values/cash_after_capex | None | -4654.905419999999 |
| /operating_model/outputs/FY2027:base/values/cash_before_capex | None | -54.90541999999991 |
| /operating_model/outputs/FY2027:base/values/fitout | None | 780.0 |
| /operating_model/outputs/FY2027:base/values/preferred_accrual | None | 232.6875 |
| /operating_model/outputs/FY2027:base/values/revenue | None | 1692.9552999999999 |
| /operating_model/outputs/FY2027:downside/case | None | downside |
| /operating_model/outputs/FY2027:downside/frequency | None | year |
| /operating_model/outputs/FY2027:downside/metrics/base_rent | None | downside_fy2027_base_rent |
| /operating_model/outputs/FY2027:downside/metrics/capex | None | downside_fy2027_capex |
| /operating_model/outputs/FY2027:downside/metrics/cash_after_capex | None | downside_fy2027_cash_after_capex |
| /operating_model/outputs/FY2027:downside/metrics/cash_before_capex | None | downside_fy2027_cash_before_capex |
| /operating_model/outputs/FY2027:downside/metrics/fitout | None | downside_fy2027_fitout |
| /operating_model/outputs/FY2027:downside/metrics/preferred_accrual | None | downside_fy2027_preferred_accrual |
| /operating_model/outputs/FY2027:downside/metrics/revenue | None | downside_fy2027_revenue |
| /operating_model/outputs/FY2027:downside/period | None | FY2027 |
| /operating_model/outputs/FY2027:downside/period_end | None | 2027-05-31 |
| /operating_model/outputs/FY2027:downside/values/base_rent | None | 414.76050000000004 |
| /operating_model/outputs/FY2027:downside/values/capex | None | 5150.0 |
| /operating_model/outputs/FY2027:downside/values/cash_after_capex | None | -5491.639345 |
| /operating_model/outputs/FY2027:downside/values/cash_before_capex | None | -341.63934499999993 |
| /operating_model/outputs/FY2027:downside/values/fitout | None | 620.0 |
| /operating_model/outputs/FY2027:downside/values/preferred_accrual | None | 232.6875 |
| /operating_model/outputs/FY2027:downside/values/revenue | None | 1287.0768150000001 |
| /operating_model/outputs/FY2027:upside/case | None | upside |
| /operating_model/outputs/FY2027:upside/frequency | None | year |
| /operating_model/outputs/FY2027:upside/metrics/base_rent | None | upside_fy2027_base_rent |
| /operating_model/outputs/FY2027:upside/metrics/capex | None | upside_fy2027_capex |
| /operating_model/outputs/FY2027:upside/metrics/cash_after_capex | None | upside_fy2027_cash_after_capex |
| /operating_model/outputs/FY2027:upside/metrics/cash_before_capex | None | upside_fy2027_cash_before_capex |
| /operating_model/outputs/FY2027:upside/metrics/fitout | None | upside_fy2027_fitout |
| /operating_model/outputs/FY2027:upside/metrics/preferred_accrual | None | upside_fy2027_preferred_accrual |
| /operating_model/outputs/FY2027:upside/metrics/revenue | None | upside_fy2027_revenue |
| /operating_model/outputs/FY2027:upside/period | None | FY2027 |
| /operating_model/outputs/FY2027:upside/period_end | None | 2027-05-31 |
| /operating_model/outputs/FY2027:upside/values/base_rent | None | 703.836 |
| /operating_model/outputs/FY2027:upside/values/capex | None | 4350.0 |
| /operating_model/outputs/FY2027:upside/values/cash_after_capex | None | -4213.95952 |
| /operating_model/outputs/FY2027:upside/values/cash_before_capex | None | 136.04048000000012 |
| /operating_model/outputs/FY2027:upside/values/fitout | None | 900.0 |
| /operating_model/outputs/FY2027:upside/values/preferred_accrual | None | 232.6875 |
| /operating_model/outputs/FY2027:upside/values/revenue | None | 1968.45476 |
| /operating_model/outputs/FY2028:base/case | None | base |
| /operating_model/outputs/FY2028:base/frequency | None | year |
| /operating_model/outputs/FY2028:base/metrics/base_rent | None | base_fy2028_base_rent |
| /operating_model/outputs/FY2028:base/metrics/capex | None | base_fy2028_capex |
| /operating_model/outputs/FY2028:base/metrics/cash_after_capex | None | base_fy2028_cash_after_capex |
| /operating_model/outputs/FY2028:base/metrics/cash_before_capex | None | base_fy2028_cash_before_capex |
| /operating_model/outputs/FY2028:base/metrics/fitout | None | base_fy2028_fitout |
| /operating_model/outputs/FY2028:base/metrics/preferred_accrual | None | base_fy2028_preferred_accrual |
| /operating_model/outputs/FY2028:base/metrics/revenue | None | base_fy2028_revenue |
| /operating_model/outputs/FY2028:base/period | None | FY2028 |
| /operating_model/outputs/FY2028:base/period_end | None | 2028-05-31 |
| /operating_model/outputs/FY2028:base/values/base_rent | None | 1631.7 |
| /operating_model/outputs/FY2028:base/values/capex | None | 5800.0 |
| /operating_model/outputs/FY2028:base/values/cash_after_capex | None | -4914.49794 |
| /operating_model/outputs/FY2028:base/values/cash_before_capex | None | 885.50206 |
| /operating_model/outputs/FY2028:base/values/fitout | None | 1000.0 |
| /operating_model/outputs/FY2028:base/values/preferred_accrual | None | 232.6875 |
| /operating_model/outputs/FY2028:base/values/revenue | None | 3119.4745999999996 |
| /operating_model/outputs/FY2028:downside/case | None | downside |
| /operating_model/outputs/FY2028:downside/frequency | None | year |
| /operating_model/outputs/FY2028:downside/metrics/base_rent | None | downside_fy2028_base_rent |
| /operating_model/outputs/FY2028:downside/metrics/capex | None | downside_fy2028_capex |
| /operating_model/outputs/FY2028:downside/metrics/cash_after_capex | None | downside_fy2028_cash_after_capex |
| /operating_model/outputs/FY2028:downside/metrics/cash_before_capex | None | downside_fy2028_cash_before_capex |
| /operating_model/outputs/FY2028:downside/metrics/fitout | None | downside_fy2028_fitout |
| /operating_model/outputs/FY2028:downside/metrics/preferred_accrual | None | downside_fy2028_preferred_accrual |
| /operating_model/outputs/FY2028:downside/metrics/revenue | None | downside_fy2028_revenue |
| /operating_model/outputs/FY2028:downside/period | None | FY2028 |
| /operating_model/outputs/FY2028:downside/period_end | None | 2028-05-31 |
| /operating_model/outputs/FY2028:downside/values/base_rent | None | 1158.948 |
| /operating_model/outputs/FY2028:downside/values/capex | None | 6550.0 |
| /operating_model/outputs/FY2028:downside/values/cash_after_capex | None | -6274.50708 |
| /operating_model/outputs/FY2028:downside/values/cash_before_capex | None | 275.4929200000001 |
| /operating_model/outputs/FY2028:downside/values/fitout | None | 740.0 |
| /operating_model/outputs/FY2028:downside/values/preferred_accrual | None | 232.6875 |
| /operating_model/outputs/FY2028:downside/values/revenue | None | 2274.6658800000005 |
| /operating_model/outputs/FY2028:upside/case | None | upside |
| /operating_model/outputs/FY2028:upside/frequency | None | year |
| /operating_model/outputs/FY2028:upside/metrics/base_rent | None | upside_fy2028_base_rent |
| /operating_model/outputs/FY2028:upside/metrics/capex | None | upside_fy2028_capex |
| /operating_model/outputs/FY2028:upside/metrics/cash_after_capex | None | upside_fy2028_cash_after_capex |
| /operating_model/outputs/FY2028:upside/metrics/cash_before_capex | None | upside_fy2028_cash_before_capex |
| /operating_model/outputs/FY2028:upside/metrics/fitout | None | upside_fy2028_fitout |
| /operating_model/outputs/FY2028:upside/metrics/preferred_accrual | None | upside_fy2028_preferred_accrual |
| /operating_model/outputs/FY2028:upside/metrics/revenue | None | upside_fy2028_revenue |
| /operating_model/outputs/FY2028:upside/period | None | FY2028 |
| /operating_model/outputs/FY2028:upside/period_end | None | 2028-05-31 |
| /operating_model/outputs/FY2028:upside/values/base_rent | None | 1958.7015000000001 |
| /operating_model/outputs/FY2028:upside/values/capex | None | 5450.0 |
| /operating_model/outputs/FY2028:upside/values/cash_after_capex | None | -4133.734605 |
| /operating_model/outputs/FY2028:upside/values/cash_before_capex | None | 1316.2653950000001 |
| /operating_model/outputs/FY2028:upside/values/fitout | None | 1120.0 |
| /operating_model/outputs/FY2028:upside/values/preferred_accrual | None | 232.6875 |
| /operating_model/outputs/FY2028:upside/values/revenue | None | 3649.210245 |
| /operating_model/reviewed_at | None | 2026-09-19 |
| /operating_model/schema_version | None | operating_model.v1 |
| /operating_model/title | None | Delivered rent, fit-out work and financing claims |
| /research/change_note | None | First sourced operating scenarios. Separates recurring rent from tenant work, retains consolidated cloud revenue and adds a bounded correction to directly reported Q4 operating loss. |
| /research/checkpoints/0/date_status | None | estimated |
| /research/checkpoints/0/event | None | Next quarterly results |
| /research/checkpoints/0/timing | None | FY2027 Q1 ended August 31; release date unconfirmed |
| /research/checkpoints/0/watch | None | Reconcile delivered MW, base rent and fit-out cash costs. |
| /research/checkpoints/1/date_status | None | estimated |
| /research/checkpoints/1/event | None | Polaris Forge 2 delivery |
| /research/checkpoints/1/timing | None | Initial delivery H2 2026; full delivery early 2027 company targets |
| /research/checkpoints/1/watch | None | Confirm acceptance and rent commencement rather than announced capacity. |
| /research/checkpoints/2/date_status | None | estimated |
| /research/checkpoints/2/event | None | Calendar 2027 campuses |
| /research/checkpoints/2/timing | None | Company initial-delivery targets for PF3 and Delta Forge 1 |
| /research/checkpoints/2/watch | None | Compare capex, restricted reserves and financing with the contracted schedule. |
| /research/countercase | None | Demand and signed leases may be strong while common equity cash remains distant. Delivery delays retain financing costs, more preferred capital can subordinate the common claim, and impressive total revenue may reflect fit-out timing rather than recurring rent. |
| /research/economics | None | FY2026 CFO was $89.7M against $2,865.8M of PP&E and other asset purchases. Of $4,153.4M cash and restricted cash, only $1,592.0M was unrestricted. The major post-June debt instruments carry approximately $486.2M annual coupons before smaller loans and lease obligations. Macquarie contributed $1,825M and earns a 12.75% preferred return with compounding and a minimum redemption multiple; paying that return in kind preserves near-term cash but increases the senior claim. Tenant fit-out work produced a small spread, while base rent is the recurring engine. ChronoScale is separately public but remains consolidated. The model uses actual rent per 100 MW as a transparent reference and exposes delivery, economics, overhead, capex and preferred accrual independently. |
| /research/limitations/0 | None | Cash measures are analytical proxies, not GAAP CFO, EBITDA, distributable cash or a parent equity valuation. No complete project financing waterfall, debt maturities or dilution forecast is provided. |
| /research/limitations/1 | None | The 1,410 MW contracted portfolio includes projects signed after May 31. Contracted, quarter-end delivered and average rent-producing MW are different. Unsigned pipeline and optional renewals earn no modeled revenue. |
| /research/limitations/2 | None | ChronoScale remains consolidated at about 96% ownership after its May separation; adjusted company metrics excluding it do not equal consolidated revenue. |
| /research/limitations/3 | None | The preferred accrual uses the initial $1,825M capital contributions and 12.75% rate. Actual compounding, additional capital, minimum redemption multiples and common-unit participation can increase the claim. PIK is not free capital. |
| /research/limitations/4 | None | Cash capex includes modeled construction and other asset purchases. Proxies exclude acquisitions, financing proceeds, principal repayment, lease principal and restricted-reserve transfers; a negative result is a funding need, not a forecast cash balance. |
| /research/limitations/5 | None | FY2027 Q1 ended August 31 but was unreported at review. Historical cloud reclassification limits quarter comparability; directly reported Q4 operating loss corrects the incompatible annual-minus-interim feed calculation. |
| /research/question | None | Does rent growth outpace construction spending and senior capital claims? |
| /research/reviewed_at | None | 2026-09-19 |
| /research/risks/0 | None | Construction and tenant acceptance can delay rent. |
| /research/risks/1 | None | Restricted project balances are not freely available parent cash. |
| /research/risks/2 | None | Debt coupons, lease obligations and preferred claims precede common equity. |
| /research/risks/3 | None | Fit-out work is low-margin and can reverse as a revenue mix benefit. |
| /research/risks/4 | None | ChronoScale cash losses and future consolidation changes affect comparability. |
| /research/risks/5 | None | Additional funding can dilute shareholders or raise senior capital claims. |
| /research/title | None | Turning signed capacity into cash after financing |
| /sources/0/retrieved | None | 2026-09-19 |
| /sources/0/title | None | July 27 fiscal 2026 results: rent, fit-out and capacity |
| /sources/0/url | None | https://www.sec.gov/Archives/edgar/data/1144879/000114487926000044/apldq426earningsreleaseasf.htm |
| /sources/1/retrieved | None | 2026-09-19 |
| /sources/1/title | None | July 29 Form 10-K: consolidation, financing and preferred capital |
| /sources/1/url | None | https://www.sec.gov/Archives/edgar/data/1144879/000114487926000048/apld-20260531.htm |
| /thesis/scenario_ranges | None | Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands. |
| /thesis/view | The signed lease portfolio supports a large rent ramp, but the underwriting hinges on delivered capacity and cash retained after construction and financing. Q4 revenue of $258.7M included $152.4M of fit-out work and only $44.1M of base rent. At July review, 1,410 MW was contracted while 175 MW had been delivered after June. The model separates those stages and keeps ChronoScale in consolidated revenue. More rent can coexist with a substantial financing requirement. | |
| /thesis/what_changes_it | Compare accepted IT MW, base rent, fit-out margin and construction cash spending with each quarterly case. Watch restricted cash, new debt and preferred capital separately; financing proceeds are not operating performance. |