What changed: r2 to r3
First sourced review and operating scenarios as of September 19, 2026. Uses August results and contract/coupon disclosures. Pipeline options remain outside modeled revenue.
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 | Unless the context otherwise requires, references in this Annual Report to the “Company,” “Cipher,” “Cipher Digital,” “we,” “us” or “our” refers to Cipher Digital Inc. and its consolidated subsidiaries, unless otherwise indicated. Business Overview We are dedicated to developing and operating industrial-scale data centers engineered for next-generation computing at the highest standards of innovation, precision, and excellence. Over the past several years, we have intentionally evolved from a pure-play bitcoin miner into a vertically integrated data center development and operations platform focused on energy-intensive compute infrastructure. Our vertical integration spans critical stages of the data center value chain, including land and power origination and interconnection, site development, data center design and construction, oversight and ongoing facility operations. Fundamentally, we bring together construction, engineering, operations, power, real estate and technology expertise to deliver high quality, purpose-built data centers that meet tenants’ needs. Our in-house teams source and control industrial-scale sites with. | Cipher Digital is converting a Bitcoin-mining platform into a developer and owner of HPC data centers. Long leases can produce recurring property income, but revenue starts only after tenant delivery and acceptance. Mining remains a smaller source of cash while construction, project debt and restricted reserves dominate the funding picture. |
| /business/drivers/0 | While bitcoin mining has been an important component of our business model in prior years, our strategy increasingly emphasizes the development of. | Contracted capacity delivered and accepted on time |
| /business/drivers/1 | Revenue Structure Bitcoin Mining Business Through the end of 2025, our revenue has been derived from mining bitcoin. | Property NOI retained after overhead and financing |
| /business/drivers/2 | In addition, the Company’s ability to partner with large, creditworthy counterparties, including hyperscale and investment-grade customers, has enhanced the. | Construction spending, restricted cash and debt service |
| /estimates/basis | not yet estimated | Desk base scenario from the operating model; not consensus. |
| /estimates/rows/2026Q3/as_of | None | 2026-09-19 |
| /estimates/rows/2026Q3/basis | None | Desk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance. |
| /estimates/rows/2026Q3/class | None | estimate |
| /estimates/rows/2026Q3/period | None | 2026Q3 |
| /estimates/rows/2026Q3/revenue | None | 33459222.222222224 |
| /estimates/rows/2026Q4/as_of | None | 2026-09-19 |
| /estimates/rows/2026Q4/basis | None | Desk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance. |
| /estimates/rows/2026Q4/class | None | estimate |
| /estimates/rows/2026Q4/period | None | 2026Q4 |
| /estimates/rows/2026Q4/revenue | None | 123992555.55555557 |
| /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 | 153172927.77777776 |
| /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 | 197664411.1111111 |
| /meta/as_of | 2026-09-18 | 2026-09-19 |
| /meta/business_authored | False | True |
| /meta/extract_accession | 0001819989-26-000009 | None |
| /meta/extract_filed | 2026-02-24 | None |
| /meta/extract_form | 10-K | None |
| /meta/extract_source | filing | authored |
| /meta/extract_url | https://www.sec.gov/Archives/edgar/data/1819989/000181998926000009/cifr-20251231.htm | None |
| /meta/research_reviewed_at | None | 2026-09-19 |
| /meta/research_stage | None | operating_scenarios |
| /meta/revision | 2 | 3 |
| /meta/skeleton | True | False |
| /operating_model/cells/annual_coupon:shared/basis | None | Static June debt principal times stated rates; economic accrual, not 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 | barber_coupon |
| /operating_model/cells/annual_coupon:shared/formula/refs/1 | None | black_pearl_coupon |
| /operating_model/cells/annual_coupon:shared/formula/refs/2 | None | stingray_coupon |
| /operating_model/cells/annual_coupon:shared/formula/refs/3 | None | convert_2029_coupon |
| /operating_model/cells/annual_coupon:shared/formula/refs/4 | None | convert_2031_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 | Annual contractual coupon run rate |
| /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 | 297.595 |
| /operating_model/cells/barber_coupon:shared/basis | None | Principal times stated coupon. |
| /operating_model/cells/barber_coupon:shared/case | None | shared |
| /operating_model/cells/barber_coupon:shared/formula/op | None | multiply |
| /operating_model/cells/barber_coupon:shared/formula/refs/0 | None | barber_principal |
| /operating_model/cells/barber_coupon:shared/formula/refs/1 | None | barber_coupon_rate |
| /operating_model/cells/barber_coupon:shared/id | None | barber_coupon |
| /operating_model/cells/barber_coupon:shared/kind | None | derived |
| /operating_model/cells/barber_coupon:shared/label | None | barber annual coupon |
| /operating_model/cells/barber_coupon:shared/period | None | Annual |
| /operating_model/cells/barber_coupon:shared/unit | None | USD_millions |
| /operating_model/cells/barber_coupon:shared/value | None | 123.47625 |
| /operating_model/cells/barber_coupon_rate:shared/basis | None | Contractual coupon; excludes financing fees and principal. |
| /operating_model/cells/barber_coupon_rate:shared/case | None | shared |
| /operating_model/cells/barber_coupon_rate:shared/id | None | barber_coupon_rate |
| /operating_model/cells/barber_coupon_rate:shared/kind | None | reported |
| /operating_model/cells/barber_coupon_rate:shared/label | None | barber coupon rate |
| /operating_model/cells/barber_coupon_rate:shared/period | None | Annual |
| /operating_model/cells/barber_coupon_rate:shared/source_date | None | 2026-08-04 |
| /operating_model/cells/barber_coupon_rate:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1819989/000181998926000041/cifr-20260630.htm |
| /operating_model/cells/barber_coupon_rate:shared/unit | None | ratio |
| /operating_model/cells/barber_coupon_rate:shared/value | None | 0.07125 |
| /operating_model/cells/barber_principal:shared/basis | None | Debt table principal, not balance-sheet carrying value. |
| /operating_model/cells/barber_principal:shared/case | None | shared |
| /operating_model/cells/barber_principal:shared/id | None | barber_principal |
| /operating_model/cells/barber_principal:shared/kind | None | reported |
| /operating_model/cells/barber_principal:shared/label | None | barber debt principal |
| /operating_model/cells/barber_principal:shared/period | None | 2026Q2 |
| /operating_model/cells/barber_principal:shared/source_date | None | 2026-08-04 |
| /operating_model/cells/barber_principal:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1819989/000181998926000041/cifr-20260630.htm |
| /operating_model/cells/barber_principal:shared/unit | None | USD_millions |
| /operating_model/cells/barber_principal:shared/value | None | 1733.0 |
| /operating_model/cells/base_2026_delivery:base/basis | None | Desk sensitivity to delivery and ramp timing versus company contracted NOI schedule; not added capacity. |
| /operating_model/cells/base_2026_delivery:base/case | None | base |
| /operating_model/cells/base_2026_delivery:base/id | None | base_2026_delivery |
| /operating_model/cells/base_2026_delivery:base/kind | None | assumption |
| /operating_model/cells/base_2026_delivery:base/label | None | Contracted NOI realization factor |
| /operating_model/cells/base_2026_delivery:base/period | None | FY2026 |
| /operating_model/cells/base_2026_delivery:base/unit | None | ratio |
| /operating_model/cells/base_2026_delivery:base/value | None | 1.0 |
| /operating_model/cells/base_2026_noi:base/basis | None | Company reference times desk realization factor. |
| /operating_model/cells/base_2026_noi:base/case | None | base |
| /operating_model/cells/base_2026_noi:base/formula/op | None | multiply |
| /operating_model/cells/base_2026_noi:base/formula/refs/0 | None | noi_schedule_2026 |
| /operating_model/cells/base_2026_noi:base/formula/refs/1 | None | base_2026_delivery |
| /operating_model/cells/base_2026_noi:base/id | None | base_2026_noi |
| /operating_model/cells/base_2026_noi:base/kind | None | derived |
| /operating_model/cells/base_2026_noi:base/label | None | Annual scenario HPC NOI |
| /operating_model/cells/base_2026_noi:base/period | None | FY2026 |
| /operating_model/cells/base_2026_noi:base/unit | None | USD_millions |
| /operating_model/cells/base_2026_noi:base/value | None | 97.0 |
| /operating_model/cells/base_2026q3_capex:base/basis | None | Desk remaining project-spend timing; not company guidance. Downside includes delay/overrun costs. |
| /operating_model/cells/base_2026q3_capex:base/case | None | base |
| /operating_model/cells/base_2026q3_capex:base/id | None | base_2026q3_capex |
| /operating_model/cells/base_2026q3_capex:base/kind | None | assumption |
| /operating_model/cells/base_2026q3_capex:base/label | None | Cash construction capex |
| /operating_model/cells/base_2026q3_capex:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_capex:base/value | None | 600.0 |
| /operating_model/cells/base_2026q3_cash_after_capex:base/basis | None | Pre-financing, before debt principal, acquisitions and project reserve movements. |
| /operating_model/cells/base_2026q3_cash_after_capex:base/case | None | base |
| /operating_model/cells/base_2026q3_cash_after_capex:base/formula/op | None | subtract |
| /operating_model/cells/base_2026q3_cash_after_capex:base/formula/refs/0 | None | base_2026q3_cash_before_capex |
| /operating_model/cells/base_2026q3_cash_after_capex:base/formula/refs/1 | None | base_2026q3_capex |
| /operating_model/cells/base_2026q3_cash_after_capex:base/id | None | base_2026q3_cash_after_capex |
| /operating_model/cells/base_2026q3_cash_after_capex:base/kind | None | derived |
| /operating_model/cells/base_2026q3_cash_after_capex:base/label | None | Cash after capex proxy |
| /operating_model/cells/base_2026q3_cash_after_capex:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_cash_after_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_cash_after_capex:base/value | None | -692.4295 |
| /operating_model/cells/base_2026q3_cash_before_capex:base/basis | None | Analytical cash economics including mining monetization; not GAAP CFO. |
| /operating_model/cells/base_2026q3_cash_before_capex:base/case | None | base |
| /operating_model/cells/base_2026q3_cash_before_capex:base/formula/op | None | subtract |
| /operating_model/cells/base_2026q3_cash_before_capex:base/formula/refs/0 | None | base_2026q3_property_cash |
| /operating_model/cells/base_2026q3_cash_before_capex:base/formula/refs/1 | None | base_2026q3_cash_uses |
| /operating_model/cells/base_2026q3_cash_before_capex:base/id | None | base_2026q3_cash_before_capex |
| /operating_model/cells/base_2026q3_cash_before_capex:base/kind | None | derived |
| /operating_model/cells/base_2026q3_cash_before_capex:base/label | None | Cash before capex proxy |
| /operating_model/cells/base_2026q3_cash_before_capex:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_cash_before_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_cash_before_capex:base/value | None | -92.4295 |
| /operating_model/cells/base_2026q3_cash_uses:base/basis | None | Debt principal, restricted reserves and new financing excluded. |
| /operating_model/cells/base_2026q3_cash_uses:base/case | None | base |
| /operating_model/cells/base_2026q3_cash_uses:base/formula/op | None | sum |
| /operating_model/cells/base_2026q3_cash_uses:base/formula/refs/0 | None | base_2026q3_corp |
| /operating_model/cells/base_2026q3_cash_uses:base/formula/refs/1 | None | quarter_coupon |
| /operating_model/cells/base_2026q3_cash_uses:base/formula/refs/2 | None | base_2026q3_other |
| /operating_model/cells/base_2026q3_cash_uses:base/id | None | base_2026q3_cash_uses |
| /operating_model/cells/base_2026q3_cash_uses:base/kind | None | derived |
| /operating_model/cells/base_2026q3_cash_uses:base/label | None | Corporate, coupon and other cash uses |
| /operating_model/cells/base_2026q3_cash_uses:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_cash_uses:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_cash_uses:base/value | None | 106.39875 |
| /operating_model/cells/base_2026q3_corp:base/basis | None | Desk recurring cash overhead; excludes noncash stock compensation and valuation changes. |
| /operating_model/cells/base_2026q3_corp:base/case | None | base |
| /operating_model/cells/base_2026q3_corp:base/id | None | base_2026q3_corp |
| /operating_model/cells/base_2026q3_corp:base/kind | None | assumption |
| /operating_model/cells/base_2026q3_corp:base/label | None | Cash corporate overhead |
| /operating_model/cells/base_2026q3_corp:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_corp:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_corp:base/value | None | 25.0 |
| /operating_model/cells/base_2026q3_hpc_noi:base/basis | None | Annual NOI scenario times quarterly allocation. |
| /operating_model/cells/base_2026q3_hpc_noi:base/case | None | base |
| /operating_model/cells/base_2026q3_hpc_noi:base/formula/op | None | multiply |
| /operating_model/cells/base_2026q3_hpc_noi:base/formula/refs/0 | None | base_2026_noi |
| /operating_model/cells/base_2026q3_hpc_noi:base/formula/refs/1 | None | base_2026q3_noi_weight |
| /operating_model/cells/base_2026q3_hpc_noi:base/id | None | base_2026q3_hpc_noi |
| /operating_model/cells/base_2026q3_hpc_noi:base/kind | None | derived |
| /operating_model/cells/base_2026q3_hpc_noi:base/label | None | HPC property NOI |
| /operating_model/cells/base_2026q3_hpc_noi:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_hpc_noi:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_hpc_noi:base/value | None | 7.76 |
| /operating_model/cells/base_2026q3_hpc_revenue:base/basis | None | NOI divided by assumed property margin; gross-revenue proxy. |
| /operating_model/cells/base_2026q3_hpc_revenue:base/case | None | base |
| /operating_model/cells/base_2026q3_hpc_revenue:base/formula/op | None | divide |
| /operating_model/cells/base_2026q3_hpc_revenue:base/formula/refs/0 | None | base_2026q3_hpc_noi |
| /operating_model/cells/base_2026q3_hpc_revenue:base/formula/refs/1 | None | base_2026q3_property_margin |
| /operating_model/cells/base_2026q3_hpc_revenue:base/id | None | base_2026q3_hpc_revenue |
| /operating_model/cells/base_2026q3_hpc_revenue:base/kind | None | derived |
| /operating_model/cells/base_2026q3_hpc_revenue:base/label | None | Implied HPC revenue |
| /operating_model/cells/base_2026q3_hpc_revenue:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_hpc_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_hpc_revenue:base/value | None | 8.622222222222222 |
| /operating_model/cells/base_2026q3_mining:base/basis | None | Reported Q2 revenue times desk mining factor. |
| /operating_model/cells/base_2026q3_mining:base/case | None | base |
| /operating_model/cells/base_2026q3_mining:base/formula/op | None | multiply |
| /operating_model/cells/base_2026q3_mining:base/formula/refs/0 | None | h1_q2_mining |
| /operating_model/cells/base_2026q3_mining:base/formula/refs/1 | None | base_2026q3_mining_factor |
| /operating_model/cells/base_2026q3_mining:base/id | None | base_2026q3_mining |
| /operating_model/cells/base_2026q3_mining:base/kind | None | derived |
| /operating_model/cells/base_2026q3_mining:base/label | None | Mining revenue |
| /operating_model/cells/base_2026q3_mining:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_mining:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_mining:base/value | None | 24.837 |
| /operating_model/cells/base_2026q3_mining_cash:base/basis | None | Modeled mining cash economics assuming production monetized in the quarter. |
| /operating_model/cells/base_2026q3_mining_cash:base/case | None | base |
| /operating_model/cells/base_2026q3_mining_cash:base/formula/op | None | multiply |
| /operating_model/cells/base_2026q3_mining_cash:base/formula/refs/0 | None | base_2026q3_mining |
| /operating_model/cells/base_2026q3_mining_cash:base/formula/refs/1 | None | base_2026q3_mining_margin |
| /operating_model/cells/base_2026q3_mining_cash:base/id | None | base_2026q3_mining_cash |
| /operating_model/cells/base_2026q3_mining_cash:base/kind | None | derived |
| /operating_model/cells/base_2026q3_mining_cash:base/label | None | Mining cash contribution |
| /operating_model/cells/base_2026q3_mining_cash:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_mining_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_mining_cash:base/value | None | 6.20925 |
| /operating_model/cells/base_2026q3_mining_factor:base/basis | None | Desk Bitcoin price, hashprice and remaining mining-capacity sensitivity; no unsigned HPC reuse. |
| /operating_model/cells/base_2026q3_mining_factor:base/case | None | base |
| /operating_model/cells/base_2026q3_mining_factor:base/id | None | base_2026q3_mining_factor |
| /operating_model/cells/base_2026q3_mining_factor:base/kind | None | assumption |
| /operating_model/cells/base_2026q3_mining_factor:base/label | None | Mining revenue / Q2 baseline |
| /operating_model/cells/base_2026q3_mining_factor:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_mining_factor:base/unit | None | ratio |
| /operating_model/cells/base_2026q3_mining_factor:base/value | None | 1.0 |
| /operating_model/cells/base_2026q3_mining_margin:base/basis | None | Desk cash margin before corporate overhead and financing; not GAAP segment profit. |
| /operating_model/cells/base_2026q3_mining_margin:base/case | None | base |
| /operating_model/cells/base_2026q3_mining_margin:base/id | None | base_2026q3_mining_margin |
| /operating_model/cells/base_2026q3_mining_margin:base/kind | None | assumption |
| /operating_model/cells/base_2026q3_mining_margin:base/label | None | Mining cash contribution margin |
| /operating_model/cells/base_2026q3_mining_margin:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_mining_margin:base/unit | None | ratio |
| /operating_model/cells/base_2026q3_mining_margin:base/value | None | 0.25 |
| /operating_model/cells/base_2026q3_noi_weight:base/basis | None | Desk lease-commencement phasing; shares sum to one within each calendar year. |
| /operating_model/cells/base_2026q3_noi_weight:base/case | None | base |
| /operating_model/cells/base_2026q3_noi_weight:base/id | None | base_2026q3_noi_weight |
| /operating_model/cells/base_2026q3_noi_weight:base/kind | None | assumption |
| /operating_model/cells/base_2026q3_noi_weight:base/label | None | Share of annual HPC NOI |
| /operating_model/cells/base_2026q3_noi_weight:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_noi_weight:base/unit | None | ratio |
| /operating_model/cells/base_2026q3_noi_weight:base/value | None | 0.08 |
| /operating_model/cells/base_2026q3_other:base/basis | None | Desk net tax, working-capital and interest-income allowance; positive is a cash use. |
| /operating_model/cells/base_2026q3_other:base/case | None | base |
| /operating_model/cells/base_2026q3_other:base/id | None | base_2026q3_other |
| /operating_model/cells/base_2026q3_other:base/kind | None | assumption |
| /operating_model/cells/base_2026q3_other:base/label | None | Other net operating cash uses |
| /operating_model/cells/base_2026q3_other:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_other:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_other:base/value | None | 7.0 |
| /operating_model/cells/base_2026q3_property_cash:base/basis | None | Property cash contribution before corporate and financing costs. |
| /operating_model/cells/base_2026q3_property_cash:base/case | None | base |
| /operating_model/cells/base_2026q3_property_cash:base/formula/op | None | sum |
| /operating_model/cells/base_2026q3_property_cash:base/formula/refs/0 | None | base_2026q3_hpc_noi |
| /operating_model/cells/base_2026q3_property_cash:base/formula/refs/1 | None | base_2026q3_mining_cash |
| /operating_model/cells/base_2026q3_property_cash:base/id | None | base_2026q3_property_cash |
| /operating_model/cells/base_2026q3_property_cash:base/kind | None | derived |
| /operating_model/cells/base_2026q3_property_cash:base/label | None | HPC and mining cash contribution |
| /operating_model/cells/base_2026q3_property_cash:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_property_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_property_cash:base/value | None | 13.969249999999999 |
| /operating_model/cells/base_2026q3_property_margin:base/basis | None | Assumed property cash margin; not disclosed contract pricing or GAAP margin. |
| /operating_model/cells/base_2026q3_property_margin:base/case | None | base |
| /operating_model/cells/base_2026q3_property_margin:base/id | None | base_2026q3_property_margin |
| /operating_model/cells/base_2026q3_property_margin:base/kind | None | assumption |
| /operating_model/cells/base_2026q3_property_margin:base/label | None | NOI / HPC revenue assumption |
| /operating_model/cells/base_2026q3_property_margin:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_property_margin:base/unit | None | ratio |
| /operating_model/cells/base_2026q3_property_margin:base/value | None | 0.9 |
| /operating_model/cells/base_2026q3_revenue:base/basis | None | HPC revenue proxy plus mining revenue. |
| /operating_model/cells/base_2026q3_revenue:base/case | None | base |
| /operating_model/cells/base_2026q3_revenue:base/formula/op | None | sum |
| /operating_model/cells/base_2026q3_revenue:base/formula/refs/0 | None | base_2026q3_hpc_revenue |
| /operating_model/cells/base_2026q3_revenue:base/formula/refs/1 | None | base_2026q3_mining |
| /operating_model/cells/base_2026q3_revenue:base/id | None | base_2026q3_revenue |
| /operating_model/cells/base_2026q3_revenue:base/kind | None | derived |
| /operating_model/cells/base_2026q3_revenue:base/label | None | Total revenue |
| /operating_model/cells/base_2026q3_revenue:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_revenue:base/value | None | 33.45922222222222 |
| /operating_model/cells/base_2026q4_capex:base/basis | None | Desk remaining project-spend timing; not company guidance. Downside includes delay/overrun costs. |
| /operating_model/cells/base_2026q4_capex:base/case | None | base |
| /operating_model/cells/base_2026q4_capex:base/id | None | base_2026q4_capex |
| /operating_model/cells/base_2026q4_capex:base/kind | None | assumption |
| /operating_model/cells/base_2026q4_capex:base/label | None | Cash construction capex |
| /operating_model/cells/base_2026q4_capex:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_capex:base/value | None | 600.0 |
| /operating_model/cells/base_2026q4_cash_after_capex:base/basis | None | Pre-financing, before debt principal, acquisitions and project reserve movements. |
| /operating_model/cells/base_2026q4_cash_after_capex:base/case | None | base |
| /operating_model/cells/base_2026q4_cash_after_capex:base/formula/op | None | subtract |
| /operating_model/cells/base_2026q4_cash_after_capex:base/formula/refs/0 | None | base_2026q4_cash_before_capex |
| /operating_model/cells/base_2026q4_cash_after_capex:base/formula/refs/1 | None | base_2026q4_capex |
| /operating_model/cells/base_2026q4_cash_after_capex:base/id | None | base_2026q4_cash_after_capex |
| /operating_model/cells/base_2026q4_cash_after_capex:base/kind | None | derived |
| /operating_model/cells/base_2026q4_cash_after_capex:base/label | None | Cash after capex proxy |
| /operating_model/cells/base_2026q4_cash_after_capex:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_cash_after_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_cash_after_capex:base/value | None | -610.9495 |
| /operating_model/cells/base_2026q4_cash_before_capex:base/basis | None | Analytical cash economics including mining monetization; not GAAP CFO. |
| /operating_model/cells/base_2026q4_cash_before_capex:base/case | None | base |
| /operating_model/cells/base_2026q4_cash_before_capex:base/formula/op | None | subtract |
| /operating_model/cells/base_2026q4_cash_before_capex:base/formula/refs/0 | None | base_2026q4_property_cash |
| /operating_model/cells/base_2026q4_cash_before_capex:base/formula/refs/1 | None | base_2026q4_cash_uses |
| /operating_model/cells/base_2026q4_cash_before_capex:base/id | None | base_2026q4_cash_before_capex |
| /operating_model/cells/base_2026q4_cash_before_capex:base/kind | None | derived |
| /operating_model/cells/base_2026q4_cash_before_capex:base/label | None | Cash before capex proxy |
| /operating_model/cells/base_2026q4_cash_before_capex:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_cash_before_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_cash_before_capex:base/value | None | -10.9495 |
| /operating_model/cells/base_2026q4_cash_uses:base/basis | None | Debt principal, restricted reserves and new financing excluded. |
| /operating_model/cells/base_2026q4_cash_uses:base/case | None | base |
| /operating_model/cells/base_2026q4_cash_uses:base/formula/op | None | sum |
| /operating_model/cells/base_2026q4_cash_uses:base/formula/refs/0 | None | base_2026q4_corp |
| /operating_model/cells/base_2026q4_cash_uses:base/formula/refs/1 | None | quarter_coupon |
| /operating_model/cells/base_2026q4_cash_uses:base/formula/refs/2 | None | base_2026q4_other |
| /operating_model/cells/base_2026q4_cash_uses:base/id | None | base_2026q4_cash_uses |
| /operating_model/cells/base_2026q4_cash_uses:base/kind | None | derived |
| /operating_model/cells/base_2026q4_cash_uses:base/label | None | Corporate, coupon and other cash uses |
| /operating_model/cells/base_2026q4_cash_uses:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_cash_uses:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_cash_uses:base/value | None | 106.39875 |
| /operating_model/cells/base_2026q4_corp:base/basis | None | Desk recurring cash overhead; excludes noncash stock compensation and valuation changes. |
| /operating_model/cells/base_2026q4_corp:base/case | None | base |
| /operating_model/cells/base_2026q4_corp:base/id | None | base_2026q4_corp |
| /operating_model/cells/base_2026q4_corp:base/kind | None | assumption |
| /operating_model/cells/base_2026q4_corp:base/label | None | Cash corporate overhead |
| /operating_model/cells/base_2026q4_corp:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_corp:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_corp:base/value | None | 25.0 |
| /operating_model/cells/base_2026q4_hpc_noi:base/basis | None | Annual NOI scenario times quarterly allocation. |
| /operating_model/cells/base_2026q4_hpc_noi:base/case | None | base |
| /operating_model/cells/base_2026q4_hpc_noi:base/formula/op | None | multiply |
| /operating_model/cells/base_2026q4_hpc_noi:base/formula/refs/0 | None | base_2026_noi |
| /operating_model/cells/base_2026q4_hpc_noi:base/formula/refs/1 | None | base_2026q4_noi_weight |
| /operating_model/cells/base_2026q4_hpc_noi:base/id | None | base_2026q4_hpc_noi |
| /operating_model/cells/base_2026q4_hpc_noi:base/kind | None | derived |
| /operating_model/cells/base_2026q4_hpc_noi:base/label | None | HPC property NOI |
| /operating_model/cells/base_2026q4_hpc_noi:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_hpc_noi:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_hpc_noi:base/value | None | 89.24000000000001 |
| /operating_model/cells/base_2026q4_hpc_revenue:base/basis | None | NOI divided by assumed property margin; gross-revenue proxy. |
| /operating_model/cells/base_2026q4_hpc_revenue:base/case | None | base |
| /operating_model/cells/base_2026q4_hpc_revenue:base/formula/op | None | divide |
| /operating_model/cells/base_2026q4_hpc_revenue:base/formula/refs/0 | None | base_2026q4_hpc_noi |
| /operating_model/cells/base_2026q4_hpc_revenue:base/formula/refs/1 | None | base_2026q4_property_margin |
| /operating_model/cells/base_2026q4_hpc_revenue:base/id | None | base_2026q4_hpc_revenue |
| /operating_model/cells/base_2026q4_hpc_revenue:base/kind | None | derived |
| /operating_model/cells/base_2026q4_hpc_revenue:base/label | None | Implied HPC revenue |
| /operating_model/cells/base_2026q4_hpc_revenue:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_hpc_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_hpc_revenue:base/value | None | 99.15555555555557 |
| /operating_model/cells/base_2026q4_mining:base/basis | None | Reported Q2 revenue times desk mining factor. |
| /operating_model/cells/base_2026q4_mining:base/case | None | base |
| /operating_model/cells/base_2026q4_mining:base/formula/op | None | multiply |
| /operating_model/cells/base_2026q4_mining:base/formula/refs/0 | None | h1_q2_mining |
| /operating_model/cells/base_2026q4_mining:base/formula/refs/1 | None | base_2026q4_mining_factor |
| /operating_model/cells/base_2026q4_mining:base/id | None | base_2026q4_mining |
| /operating_model/cells/base_2026q4_mining:base/kind | None | derived |
| /operating_model/cells/base_2026q4_mining:base/label | None | Mining revenue |
| /operating_model/cells/base_2026q4_mining:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_mining:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_mining:base/value | None | 24.837 |
| /operating_model/cells/base_2026q4_mining_cash:base/basis | None | Modeled mining cash economics assuming production monetized in the quarter. |
| /operating_model/cells/base_2026q4_mining_cash:base/case | None | base |
| /operating_model/cells/base_2026q4_mining_cash:base/formula/op | None | multiply |
| /operating_model/cells/base_2026q4_mining_cash:base/formula/refs/0 | None | base_2026q4_mining |
| /operating_model/cells/base_2026q4_mining_cash:base/formula/refs/1 | None | base_2026q4_mining_margin |
| /operating_model/cells/base_2026q4_mining_cash:base/id | None | base_2026q4_mining_cash |
| /operating_model/cells/base_2026q4_mining_cash:base/kind | None | derived |
| /operating_model/cells/base_2026q4_mining_cash:base/label | None | Mining cash contribution |
| /operating_model/cells/base_2026q4_mining_cash:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_mining_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_mining_cash:base/value | None | 6.20925 |
| /operating_model/cells/base_2026q4_mining_factor:base/basis | None | Desk Bitcoin price, hashprice and remaining mining-capacity sensitivity; no unsigned HPC reuse. |
| /operating_model/cells/base_2026q4_mining_factor:base/case | None | base |
| /operating_model/cells/base_2026q4_mining_factor:base/id | None | base_2026q4_mining_factor |
| /operating_model/cells/base_2026q4_mining_factor:base/kind | None | assumption |
| /operating_model/cells/base_2026q4_mining_factor:base/label | None | Mining revenue / Q2 baseline |
| /operating_model/cells/base_2026q4_mining_factor:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_mining_factor:base/unit | None | ratio |
| /operating_model/cells/base_2026q4_mining_factor:base/value | None | 1.0 |
| /operating_model/cells/base_2026q4_mining_margin:base/basis | None | Desk cash margin before corporate overhead and financing; not GAAP segment profit. |
| /operating_model/cells/base_2026q4_mining_margin:base/case | None | base |
| /operating_model/cells/base_2026q4_mining_margin:base/id | None | base_2026q4_mining_margin |
| /operating_model/cells/base_2026q4_mining_margin:base/kind | None | assumption |
| /operating_model/cells/base_2026q4_mining_margin:base/label | None | Mining cash contribution margin |
| /operating_model/cells/base_2026q4_mining_margin:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_mining_margin:base/unit | None | ratio |
| /operating_model/cells/base_2026q4_mining_margin:base/value | None | 0.25 |
| /operating_model/cells/base_2026q4_noi_weight:base/basis | None | Desk lease-commencement phasing; shares sum to one within each calendar year. |
| /operating_model/cells/base_2026q4_noi_weight:base/case | None | base |
| /operating_model/cells/base_2026q4_noi_weight:base/id | None | base_2026q4_noi_weight |
| /operating_model/cells/base_2026q4_noi_weight:base/kind | None | assumption |
| /operating_model/cells/base_2026q4_noi_weight:base/label | None | Share of annual HPC NOI |
| /operating_model/cells/base_2026q4_noi_weight:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_noi_weight:base/unit | None | ratio |
| /operating_model/cells/base_2026q4_noi_weight:base/value | None | 0.92 |
| /operating_model/cells/base_2026q4_other:base/basis | None | Desk net tax, working-capital and interest-income allowance; positive is a cash use. |
| /operating_model/cells/base_2026q4_other:base/case | None | base |
| /operating_model/cells/base_2026q4_other:base/id | None | base_2026q4_other |
| /operating_model/cells/base_2026q4_other:base/kind | None | assumption |
| /operating_model/cells/base_2026q4_other:base/label | None | Other net operating cash uses |
| /operating_model/cells/base_2026q4_other:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_other:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_other:base/value | None | 7.0 |
| /operating_model/cells/base_2026q4_property_cash:base/basis | None | Property cash contribution before corporate and financing costs. |
| /operating_model/cells/base_2026q4_property_cash:base/case | None | base |
| /operating_model/cells/base_2026q4_property_cash:base/formula/op | None | sum |
| /operating_model/cells/base_2026q4_property_cash:base/formula/refs/0 | None | base_2026q4_hpc_noi |
| /operating_model/cells/base_2026q4_property_cash:base/formula/refs/1 | None | base_2026q4_mining_cash |
| /operating_model/cells/base_2026q4_property_cash:base/id | None | base_2026q4_property_cash |
| /operating_model/cells/base_2026q4_property_cash:base/kind | None | derived |
| /operating_model/cells/base_2026q4_property_cash:base/label | None | HPC and mining cash contribution |
| /operating_model/cells/base_2026q4_property_cash:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_property_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_property_cash:base/value | None | 95.44925 |
| /operating_model/cells/base_2026q4_property_margin:base/basis | None | Assumed property cash margin; not disclosed contract pricing or GAAP margin. |
| /operating_model/cells/base_2026q4_property_margin:base/case | None | base |
| /operating_model/cells/base_2026q4_property_margin:base/id | None | base_2026q4_property_margin |
| /operating_model/cells/base_2026q4_property_margin:base/kind | None | assumption |
| /operating_model/cells/base_2026q4_property_margin:base/label | None | NOI / HPC revenue assumption |
| /operating_model/cells/base_2026q4_property_margin:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_property_margin:base/unit | None | ratio |
| /operating_model/cells/base_2026q4_property_margin:base/value | None | 0.9 |
| /operating_model/cells/base_2026q4_revenue:base/basis | None | HPC revenue proxy plus mining revenue. |
| /operating_model/cells/base_2026q4_revenue:base/case | None | base |
| /operating_model/cells/base_2026q4_revenue:base/formula/op | None | sum |
| /operating_model/cells/base_2026q4_revenue:base/formula/refs/0 | None | base_2026q4_hpc_revenue |
| /operating_model/cells/base_2026q4_revenue:base/formula/refs/1 | None | base_2026q4_mining |
| /operating_model/cells/base_2026q4_revenue:base/id | None | base_2026q4_revenue |
| /operating_model/cells/base_2026q4_revenue:base/kind | None | derived |
| /operating_model/cells/base_2026q4_revenue:base/label | None | Total revenue |
| /operating_model/cells/base_2026q4_revenue:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_revenue:base/value | None | 123.99255555555557 |
| /operating_model/cells/base_2027_delivery:base/basis | None | Desk sensitivity to delivery and ramp timing versus company contracted NOI schedule; not added capacity. |
| /operating_model/cells/base_2027_delivery:base/case | None | base |
| /operating_model/cells/base_2027_delivery:base/id | None | base_2027_delivery |
| /operating_model/cells/base_2027_delivery:base/kind | None | assumption |
| /operating_model/cells/base_2027_delivery:base/label | None | Contracted NOI realization factor |
| /operating_model/cells/base_2027_delivery:base/period | None | FY2027 |
| /operating_model/cells/base_2027_delivery:base/unit | None | ratio |
| /operating_model/cells/base_2027_delivery:base/value | None | 1.0 |
| /operating_model/cells/base_2027_noi:base/basis | None | Company reference times desk realization factor. |
| /operating_model/cells/base_2027_noi:base/case | None | base |
| /operating_model/cells/base_2027_noi:base/formula/op | None | multiply |
| /operating_model/cells/base_2027_noi:base/formula/refs/0 | None | noi_schedule_2027 |
| /operating_model/cells/base_2027_noi:base/formula/refs/1 | None | base_2027_delivery |
| /operating_model/cells/base_2027_noi:base/id | None | base_2027_noi |
| /operating_model/cells/base_2027_noi:base/kind | None | derived |
| /operating_model/cells/base_2027_noi:base/label | None | Annual scenario HPC NOI |
| /operating_model/cells/base_2027_noi:base/period | None | FY2027 |
| /operating_model/cells/base_2027_noi:base/unit | None | USD_millions |
| /operating_model/cells/base_2027_noi:base/value | None | 686.0 |
| /operating_model/cells/base_2027q1_capex:base/basis | None | Desk remaining project-spend timing; not company guidance. Downside includes delay/overrun costs. |
| /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 | Cash construction capex |
| /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 | 350.0 |
| /operating_model/cells/base_2027q1_cash_after_capex:base/basis | None | Pre-financing, before debt principal, acquisitions and project reserve movements. |
| /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 | -333.87996250000003 |
| /operating_model/cells/base_2027q1_cash_before_capex:base/basis | None | Analytical cash economics including mining monetization; not 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_property_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 | 16.120037499999995 |
| /operating_model/cells/base_2027q1_cash_uses:base/basis | None | Debt principal, restricted reserves and new financing excluded. |
| /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 | base_2027q1_corp |
| /operating_model/cells/base_2027q1_cash_uses:base/formula/refs/1 | None | quarter_coupon |
| /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 | 106.39875 |
| /operating_model/cells/base_2027q1_corp:base/basis | None | Desk recurring cash overhead; excludes noncash stock compensation and valuation changes. |
| /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 | Cash corporate 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 | 25.0 |
| /operating_model/cells/base_2027q1_hpc_noi:base/basis | None | Annual NOI scenario times quarterly allocation. |
| /operating_model/cells/base_2027q1_hpc_noi:base/case | None | base |
| /operating_model/cells/base_2027q1_hpc_noi:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q1_hpc_noi:base/formula/refs/0 | None | base_2027_noi |
| /operating_model/cells/base_2027q1_hpc_noi:base/formula/refs/1 | None | base_2027q1_noi_weight |
| /operating_model/cells/base_2027q1_hpc_noi:base/id | None | base_2027q1_hpc_noi |
| /operating_model/cells/base_2027q1_hpc_noi:base/kind | None | derived |
| /operating_model/cells/base_2027q1_hpc_noi:base/label | None | HPC property NOI |
| /operating_model/cells/base_2027q1_hpc_noi:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_hpc_noi:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_hpc_noi:base/value | None | 116.62 |
| /operating_model/cells/base_2027q1_hpc_revenue:base/basis | None | NOI divided by assumed property margin; gross-revenue proxy. |
| /operating_model/cells/base_2027q1_hpc_revenue:base/case | None | base |
| /operating_model/cells/base_2027q1_hpc_revenue:base/formula/op | None | divide |
| /operating_model/cells/base_2027q1_hpc_revenue:base/formula/refs/0 | None | base_2027q1_hpc_noi |
| /operating_model/cells/base_2027q1_hpc_revenue:base/formula/refs/1 | None | base_2027q1_property_margin |
| /operating_model/cells/base_2027q1_hpc_revenue:base/id | None | base_2027q1_hpc_revenue |
| /operating_model/cells/base_2027q1_hpc_revenue:base/kind | None | derived |
| /operating_model/cells/base_2027q1_hpc_revenue:base/label | None | Implied HPC revenue |
| /operating_model/cells/base_2027q1_hpc_revenue:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_hpc_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_hpc_revenue:base/value | None | 129.57777777777778 |
| /operating_model/cells/base_2027q1_mining:base/basis | None | Reported Q2 revenue times desk mining factor. |
| /operating_model/cells/base_2027q1_mining:base/case | None | base |
| /operating_model/cells/base_2027q1_mining:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q1_mining:base/formula/refs/0 | None | h1_q2_mining |
| /operating_model/cells/base_2027q1_mining:base/formula/refs/1 | None | base_2027q1_mining_factor |
| /operating_model/cells/base_2027q1_mining:base/id | None | base_2027q1_mining |
| /operating_model/cells/base_2027q1_mining:base/kind | None | derived |
| /operating_model/cells/base_2027q1_mining:base/label | None | Mining revenue |
| /operating_model/cells/base_2027q1_mining:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_mining:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_mining:base/value | None | 23.59515 |
| /operating_model/cells/base_2027q1_mining_cash:base/basis | None | Modeled mining cash economics assuming production monetized in the quarter. |
| /operating_model/cells/base_2027q1_mining_cash:base/case | None | base |
| /operating_model/cells/base_2027q1_mining_cash:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q1_mining_cash:base/formula/refs/0 | None | base_2027q1_mining |
| /operating_model/cells/base_2027q1_mining_cash:base/formula/refs/1 | None | base_2027q1_mining_margin |
| /operating_model/cells/base_2027q1_mining_cash:base/id | None | base_2027q1_mining_cash |
| /operating_model/cells/base_2027q1_mining_cash:base/kind | None | derived |
| /operating_model/cells/base_2027q1_mining_cash:base/label | None | Mining cash contribution |
| /operating_model/cells/base_2027q1_mining_cash:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_mining_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_mining_cash:base/value | None | 5.8987875 |
| /operating_model/cells/base_2027q1_mining_factor:base/basis | None | Desk Bitcoin price, hashprice and remaining mining-capacity sensitivity; no unsigned HPC reuse. |
| /operating_model/cells/base_2027q1_mining_factor:base/case | None | base |
| /operating_model/cells/base_2027q1_mining_factor:base/id | None | base_2027q1_mining_factor |
| /operating_model/cells/base_2027q1_mining_factor:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_mining_factor:base/label | None | Mining revenue / Q2 baseline |
| /operating_model/cells/base_2027q1_mining_factor:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_mining_factor:base/unit | None | ratio |
| /operating_model/cells/base_2027q1_mining_factor:base/value | None | 0.95 |
| /operating_model/cells/base_2027q1_mining_margin:base/basis | None | Desk cash margin before corporate overhead and financing; not GAAP segment profit. |
| /operating_model/cells/base_2027q1_mining_margin:base/case | None | base |
| /operating_model/cells/base_2027q1_mining_margin:base/id | None | base_2027q1_mining_margin |
| /operating_model/cells/base_2027q1_mining_margin:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_mining_margin:base/label | None | Mining cash contribution margin |
| /operating_model/cells/base_2027q1_mining_margin:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_mining_margin:base/unit | None | ratio |
| /operating_model/cells/base_2027q1_mining_margin:base/value | None | 0.25 |
| /operating_model/cells/base_2027q1_noi_weight:base/basis | None | Desk lease-commencement phasing; shares sum to one within each calendar year. |
| /operating_model/cells/base_2027q1_noi_weight:base/case | None | base |
| /operating_model/cells/base_2027q1_noi_weight:base/id | None | base_2027q1_noi_weight |
| /operating_model/cells/base_2027q1_noi_weight:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_noi_weight:base/label | None | Share of annual HPC NOI |
| /operating_model/cells/base_2027q1_noi_weight:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_noi_weight:base/unit | None | ratio |
| /operating_model/cells/base_2027q1_noi_weight:base/value | None | 0.17 |
| /operating_model/cells/base_2027q1_other:base/basis | None | Desk net tax, working-capital and interest-income allowance; positive is a cash use. |
| /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 operating 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 | 7.0 |
| /operating_model/cells/base_2027q1_property_cash:base/basis | None | Property cash contribution before corporate and financing costs. |
| /operating_model/cells/base_2027q1_property_cash:base/case | None | base |
| /operating_model/cells/base_2027q1_property_cash:base/formula/op | None | sum |
| /operating_model/cells/base_2027q1_property_cash:base/formula/refs/0 | None | base_2027q1_hpc_noi |
| /operating_model/cells/base_2027q1_property_cash:base/formula/refs/1 | None | base_2027q1_mining_cash |
| /operating_model/cells/base_2027q1_property_cash:base/id | None | base_2027q1_property_cash |
| /operating_model/cells/base_2027q1_property_cash:base/kind | None | derived |
| /operating_model/cells/base_2027q1_property_cash:base/label | None | HPC and mining cash contribution |
| /operating_model/cells/base_2027q1_property_cash:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_property_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_property_cash:base/value | None | 122.5187875 |
| /operating_model/cells/base_2027q1_property_margin:base/basis | None | Assumed property cash margin; not disclosed contract pricing or GAAP margin. |
| /operating_model/cells/base_2027q1_property_margin:base/case | None | base |
| /operating_model/cells/base_2027q1_property_margin:base/id | None | base_2027q1_property_margin |
| /operating_model/cells/base_2027q1_property_margin:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_property_margin:base/label | None | NOI / HPC revenue assumption |
| /operating_model/cells/base_2027q1_property_margin:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_property_margin:base/unit | None | ratio |
| /operating_model/cells/base_2027q1_property_margin:base/value | None | 0.9 |
| /operating_model/cells/base_2027q1_revenue:base/basis | None | HPC revenue proxy plus mining revenue. |
| /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_hpc_revenue |
| /operating_model/cells/base_2027q1_revenue:base/formula/refs/1 | None | base_2027q1_mining |
| /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 | Total 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 | 153.17292777777777 |
| /operating_model/cells/base_2027q2_capex:base/basis | None | Desk remaining project-spend timing; not company guidance. Downside includes delay/overrun costs. |
| /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 | Cash construction capex |
| /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 | 300.0 |
| /operating_model/cells/base_2027q2_cash_after_capex:base/basis | None | Pre-financing, before debt principal, acquisitions and project reserve movements. |
| /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 | -243.030425 |
| /operating_model/cells/base_2027q2_cash_before_capex:base/basis | None | Analytical cash economics including mining monetization; not 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_property_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 | 56.96957499999999 |
| /operating_model/cells/base_2027q2_cash_uses:base/basis | None | Debt principal, restricted reserves and new financing excluded. |
| /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 | base_2027q2_corp |
| /operating_model/cells/base_2027q2_cash_uses:base/formula/refs/1 | None | quarter_coupon |
| /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 | 106.39875 |
| /operating_model/cells/base_2027q2_corp:base/basis | None | Desk recurring cash overhead; excludes noncash stock compensation and valuation changes. |
| /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 | Cash corporate 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 | 25.0 |
| /operating_model/cells/base_2027q2_hpc_noi:base/basis | None | Annual NOI scenario times quarterly allocation. |
| /operating_model/cells/base_2027q2_hpc_noi:base/case | None | base |
| /operating_model/cells/base_2027q2_hpc_noi:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q2_hpc_noi:base/formula/refs/0 | None | base_2027_noi |
| /operating_model/cells/base_2027q2_hpc_noi:base/formula/refs/1 | None | base_2027q2_noi_weight |
| /operating_model/cells/base_2027q2_hpc_noi:base/id | None | base_2027q2_hpc_noi |
| /operating_model/cells/base_2027q2_hpc_noi:base/kind | None | derived |
| /operating_model/cells/base_2027q2_hpc_noi:base/label | None | HPC property NOI |
| /operating_model/cells/base_2027q2_hpc_noi:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_hpc_noi:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_hpc_noi:base/value | None | 157.78 |
| /operating_model/cells/base_2027q2_hpc_revenue:base/basis | None | NOI divided by assumed property margin; gross-revenue proxy. |
| /operating_model/cells/base_2027q2_hpc_revenue:base/case | None | base |
| /operating_model/cells/base_2027q2_hpc_revenue:base/formula/op | None | divide |
| /operating_model/cells/base_2027q2_hpc_revenue:base/formula/refs/0 | None | base_2027q2_hpc_noi |
| /operating_model/cells/base_2027q2_hpc_revenue:base/formula/refs/1 | None | base_2027q2_property_margin |
| /operating_model/cells/base_2027q2_hpc_revenue:base/id | None | base_2027q2_hpc_revenue |
| /operating_model/cells/base_2027q2_hpc_revenue:base/kind | None | derived |
| /operating_model/cells/base_2027q2_hpc_revenue:base/label | None | Implied HPC revenue |
| /operating_model/cells/base_2027q2_hpc_revenue:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_hpc_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_hpc_revenue:base/value | None | 175.3111111111111 |
| /operating_model/cells/base_2027q2_mining:base/basis | None | Reported Q2 revenue times desk mining factor. |
| /operating_model/cells/base_2027q2_mining:base/case | None | base |
| /operating_model/cells/base_2027q2_mining:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q2_mining:base/formula/refs/0 | None | h1_q2_mining |
| /operating_model/cells/base_2027q2_mining:base/formula/refs/1 | None | base_2027q2_mining_factor |
| /operating_model/cells/base_2027q2_mining:base/id | None | base_2027q2_mining |
| /operating_model/cells/base_2027q2_mining:base/kind | None | derived |
| /operating_model/cells/base_2027q2_mining:base/label | None | Mining revenue |
| /operating_model/cells/base_2027q2_mining:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_mining:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_mining:base/value | None | 22.3533 |
| /operating_model/cells/base_2027q2_mining_cash:base/basis | None | Modeled mining cash economics assuming production monetized in the quarter. |
| /operating_model/cells/base_2027q2_mining_cash:base/case | None | base |
| /operating_model/cells/base_2027q2_mining_cash:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q2_mining_cash:base/formula/refs/0 | None | base_2027q2_mining |
| /operating_model/cells/base_2027q2_mining_cash:base/formula/refs/1 | None | base_2027q2_mining_margin |
| /operating_model/cells/base_2027q2_mining_cash:base/id | None | base_2027q2_mining_cash |
| /operating_model/cells/base_2027q2_mining_cash:base/kind | None | derived |
| /operating_model/cells/base_2027q2_mining_cash:base/label | None | Mining cash contribution |
| /operating_model/cells/base_2027q2_mining_cash:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_mining_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_mining_cash:base/value | None | 5.588325 |
| /operating_model/cells/base_2027q2_mining_factor:base/basis | None | Desk Bitcoin price, hashprice and remaining mining-capacity sensitivity; no unsigned HPC reuse. |
| /operating_model/cells/base_2027q2_mining_factor:base/case | None | base |
| /operating_model/cells/base_2027q2_mining_factor:base/id | None | base_2027q2_mining_factor |
| /operating_model/cells/base_2027q2_mining_factor:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_mining_factor:base/label | None | Mining revenue / Q2 baseline |
| /operating_model/cells/base_2027q2_mining_factor:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_mining_factor:base/unit | None | ratio |
| /operating_model/cells/base_2027q2_mining_factor:base/value | None | 0.9 |
| /operating_model/cells/base_2027q2_mining_margin:base/basis | None | Desk cash margin before corporate overhead and financing; not GAAP segment profit. |
| /operating_model/cells/base_2027q2_mining_margin:base/case | None | base |
| /operating_model/cells/base_2027q2_mining_margin:base/id | None | base_2027q2_mining_margin |
| /operating_model/cells/base_2027q2_mining_margin:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_mining_margin:base/label | None | Mining cash contribution margin |
| /operating_model/cells/base_2027q2_mining_margin:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_mining_margin:base/unit | None | ratio |
| /operating_model/cells/base_2027q2_mining_margin:base/value | None | 0.25 |
| /operating_model/cells/base_2027q2_noi_weight:base/basis | None | Desk lease-commencement phasing; shares sum to one within each calendar year. |
| /operating_model/cells/base_2027q2_noi_weight:base/case | None | base |
| /operating_model/cells/base_2027q2_noi_weight:base/id | None | base_2027q2_noi_weight |
| /operating_model/cells/base_2027q2_noi_weight:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_noi_weight:base/label | None | Share of annual HPC NOI |
| /operating_model/cells/base_2027q2_noi_weight:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_noi_weight:base/unit | None | ratio |
| /operating_model/cells/base_2027q2_noi_weight:base/value | None | 0.23 |
| /operating_model/cells/base_2027q2_other:base/basis | None | Desk net tax, working-capital and interest-income allowance; positive is a cash use. |
| /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 operating 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 | 7.0 |
| /operating_model/cells/base_2027q2_property_cash:base/basis | None | Property cash contribution before corporate and financing costs. |
| /operating_model/cells/base_2027q2_property_cash:base/case | None | base |
| /operating_model/cells/base_2027q2_property_cash:base/formula/op | None | sum |
| /operating_model/cells/base_2027q2_property_cash:base/formula/refs/0 | None | base_2027q2_hpc_noi |
| /operating_model/cells/base_2027q2_property_cash:base/formula/refs/1 | None | base_2027q2_mining_cash |
| /operating_model/cells/base_2027q2_property_cash:base/id | None | base_2027q2_property_cash |
| /operating_model/cells/base_2027q2_property_cash:base/kind | None | derived |
| /operating_model/cells/base_2027q2_property_cash:base/label | None | HPC and mining cash contribution |
| /operating_model/cells/base_2027q2_property_cash:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_property_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_property_cash:base/value | None | 163.368325 |
| /operating_model/cells/base_2027q2_property_margin:base/basis | None | Assumed property cash margin; not disclosed contract pricing or GAAP margin. |
| /operating_model/cells/base_2027q2_property_margin:base/case | None | base |
| /operating_model/cells/base_2027q2_property_margin:base/id | None | base_2027q2_property_margin |
| /operating_model/cells/base_2027q2_property_margin:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_property_margin:base/label | None | NOI / HPC revenue assumption |
| /operating_model/cells/base_2027q2_property_margin:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_property_margin:base/unit | None | ratio |
| /operating_model/cells/base_2027q2_property_margin:base/value | None | 0.9 |
| /operating_model/cells/base_2027q2_revenue:base/basis | None | HPC revenue proxy plus mining revenue. |
| /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_hpc_revenue |
| /operating_model/cells/base_2027q2_revenue:base/formula/refs/1 | None | base_2027q2_mining |
| /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 | Total 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 | 197.6644111111111 |
| /operating_model/cells/base_2027q3_capex:base/basis | None | Desk remaining project-spend timing; not company guidance. Downside includes delay/overrun costs. |
| /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 | Cash construction capex |
| /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 | 200.0 |
| /operating_model/cells/base_2027q3_cash_after_capex:base/basis | None | Pre-financing, before debt principal, acquisitions and project reserve movements. |
| /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 | -102.18088750000001 |
| /operating_model/cells/base_2027q3_cash_before_capex:base/basis | None | Analytical cash economics including mining monetization; not 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_property_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 | 97.81911249999999 |
| /operating_model/cells/base_2027q3_cash_uses:base/basis | None | Debt principal, restricted reserves and new financing excluded. |
| /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 | base_2027q3_corp |
| /operating_model/cells/base_2027q3_cash_uses:base/formula/refs/1 | None | quarter_coupon |
| /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 | 106.39875 |
| /operating_model/cells/base_2027q3_corp:base/basis | None | Desk recurring cash overhead; excludes noncash stock compensation and valuation changes. |
| /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 | Cash corporate 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 | 25.0 |
| /operating_model/cells/base_2027q3_hpc_noi:base/basis | None | Annual NOI scenario times quarterly allocation. |
| /operating_model/cells/base_2027q3_hpc_noi:base/case | None | base |
| /operating_model/cells/base_2027q3_hpc_noi:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q3_hpc_noi:base/formula/refs/0 | None | base_2027_noi |
| /operating_model/cells/base_2027q3_hpc_noi:base/formula/refs/1 | None | base_2027q3_noi_weight |
| /operating_model/cells/base_2027q3_hpc_noi:base/id | None | base_2027q3_hpc_noi |
| /operating_model/cells/base_2027q3_hpc_noi:base/kind | None | derived |
| /operating_model/cells/base_2027q3_hpc_noi:base/label | None | HPC property NOI |
| /operating_model/cells/base_2027q3_hpc_noi:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_hpc_noi:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_hpc_noi:base/value | None | 198.94 |
| /operating_model/cells/base_2027q3_hpc_revenue:base/basis | None | NOI divided by assumed property margin; gross-revenue proxy. |
| /operating_model/cells/base_2027q3_hpc_revenue:base/case | None | base |
| /operating_model/cells/base_2027q3_hpc_revenue:base/formula/op | None | divide |
| /operating_model/cells/base_2027q3_hpc_revenue:base/formula/refs/0 | None | base_2027q3_hpc_noi |
| /operating_model/cells/base_2027q3_hpc_revenue:base/formula/refs/1 | None | base_2027q3_property_margin |
| /operating_model/cells/base_2027q3_hpc_revenue:base/id | None | base_2027q3_hpc_revenue |
| /operating_model/cells/base_2027q3_hpc_revenue:base/kind | None | derived |
| /operating_model/cells/base_2027q3_hpc_revenue:base/label | None | Implied HPC revenue |
| /operating_model/cells/base_2027q3_hpc_revenue:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_hpc_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_hpc_revenue:base/value | None | 221.04444444444442 |
| /operating_model/cells/base_2027q3_mining:base/basis | None | Reported Q2 revenue times desk mining factor. |
| /operating_model/cells/base_2027q3_mining:base/case | None | base |
| /operating_model/cells/base_2027q3_mining:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q3_mining:base/formula/refs/0 | None | h1_q2_mining |
| /operating_model/cells/base_2027q3_mining:base/formula/refs/1 | None | base_2027q3_mining_factor |
| /operating_model/cells/base_2027q3_mining:base/id | None | base_2027q3_mining |
| /operating_model/cells/base_2027q3_mining:base/kind | None | derived |
| /operating_model/cells/base_2027q3_mining:base/label | None | Mining revenue |
| /operating_model/cells/base_2027q3_mining:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_mining:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_mining:base/value | None | 21.111449999999998 |
| /operating_model/cells/base_2027q3_mining_cash:base/basis | None | Modeled mining cash economics assuming production monetized in the quarter. |
| /operating_model/cells/base_2027q3_mining_cash:base/case | None | base |
| /operating_model/cells/base_2027q3_mining_cash:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q3_mining_cash:base/formula/refs/0 | None | base_2027q3_mining |
| /operating_model/cells/base_2027q3_mining_cash:base/formula/refs/1 | None | base_2027q3_mining_margin |
| /operating_model/cells/base_2027q3_mining_cash:base/id | None | base_2027q3_mining_cash |
| /operating_model/cells/base_2027q3_mining_cash:base/kind | None | derived |
| /operating_model/cells/base_2027q3_mining_cash:base/label | None | Mining cash contribution |
| /operating_model/cells/base_2027q3_mining_cash:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_mining_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_mining_cash:base/value | None | 5.2778624999999995 |
| /operating_model/cells/base_2027q3_mining_factor:base/basis | None | Desk Bitcoin price, hashprice and remaining mining-capacity sensitivity; no unsigned HPC reuse. |
| /operating_model/cells/base_2027q3_mining_factor:base/case | None | base |
| /operating_model/cells/base_2027q3_mining_factor:base/id | None | base_2027q3_mining_factor |
| /operating_model/cells/base_2027q3_mining_factor:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_mining_factor:base/label | None | Mining revenue / Q2 baseline |
| /operating_model/cells/base_2027q3_mining_factor:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_mining_factor:base/unit | None | ratio |
| /operating_model/cells/base_2027q3_mining_factor:base/value | None | 0.85 |
| /operating_model/cells/base_2027q3_mining_margin:base/basis | None | Desk cash margin before corporate overhead and financing; not GAAP segment profit. |
| /operating_model/cells/base_2027q3_mining_margin:base/case | None | base |
| /operating_model/cells/base_2027q3_mining_margin:base/id | None | base_2027q3_mining_margin |
| /operating_model/cells/base_2027q3_mining_margin:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_mining_margin:base/label | None | Mining cash contribution margin |
| /operating_model/cells/base_2027q3_mining_margin:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_mining_margin:base/unit | None | ratio |
| /operating_model/cells/base_2027q3_mining_margin:base/value | None | 0.25 |
| /operating_model/cells/base_2027q3_noi_weight:base/basis | None | Desk lease-commencement phasing; shares sum to one within each calendar year. |
| /operating_model/cells/base_2027q3_noi_weight:base/case | None | base |
| /operating_model/cells/base_2027q3_noi_weight:base/id | None | base_2027q3_noi_weight |
| /operating_model/cells/base_2027q3_noi_weight:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_noi_weight:base/label | None | Share of annual HPC NOI |
| /operating_model/cells/base_2027q3_noi_weight:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_noi_weight:base/unit | None | ratio |
| /operating_model/cells/base_2027q3_noi_weight:base/value | None | 0.29 |
| /operating_model/cells/base_2027q3_other:base/basis | None | Desk net tax, working-capital and interest-income allowance; positive is a cash use. |
| /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 operating 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 | 7.0 |
| /operating_model/cells/base_2027q3_property_cash:base/basis | None | Property cash contribution before corporate and financing costs. |
| /operating_model/cells/base_2027q3_property_cash:base/case | None | base |
| /operating_model/cells/base_2027q3_property_cash:base/formula/op | None | sum |
| /operating_model/cells/base_2027q3_property_cash:base/formula/refs/0 | None | base_2027q3_hpc_noi |
| /operating_model/cells/base_2027q3_property_cash:base/formula/refs/1 | None | base_2027q3_mining_cash |
| /operating_model/cells/base_2027q3_property_cash:base/id | None | base_2027q3_property_cash |
| /operating_model/cells/base_2027q3_property_cash:base/kind | None | derived |
| /operating_model/cells/base_2027q3_property_cash:base/label | None | HPC and mining cash contribution |
| /operating_model/cells/base_2027q3_property_cash:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_property_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_property_cash:base/value | None | 204.2178625 |
| /operating_model/cells/base_2027q3_property_margin:base/basis | None | Assumed property cash margin; not disclosed contract pricing or GAAP margin. |
| /operating_model/cells/base_2027q3_property_margin:base/case | None | base |
| /operating_model/cells/base_2027q3_property_margin:base/id | None | base_2027q3_property_margin |
| /operating_model/cells/base_2027q3_property_margin:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_property_margin:base/label | None | NOI / HPC revenue assumption |
| /operating_model/cells/base_2027q3_property_margin:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_property_margin:base/unit | None | ratio |
| /operating_model/cells/base_2027q3_property_margin:base/value | None | 0.9 |
| /operating_model/cells/base_2027q3_revenue:base/basis | None | HPC revenue proxy plus mining revenue. |
| /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_hpc_revenue |
| /operating_model/cells/base_2027q3_revenue:base/formula/refs/1 | None | base_2027q3_mining |
| /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 | Total 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 | 242.1558944444444 |
| /operating_model/cells/base_2027q4_capex:base/basis | None | Desk remaining project-spend timing; not company guidance. Downside includes delay/overrun costs. |
| /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 | Cash construction capex |
| /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 | 150.0 |
| /operating_model/cells/base_2027q4_cash_after_capex:base/basis | None | Pre-financing, before debt principal, acquisitions and project reserve movements. |
| /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 | -38.77135000000001 |
| /operating_model/cells/base_2027q4_cash_before_capex:base/basis | None | Analytical cash economics including mining monetization; not 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_property_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 | 111.22864999999999 |
| /operating_model/cells/base_2027q4_cash_uses:base/basis | None | Debt principal, restricted reserves and new financing excluded. |
| /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 | base_2027q4_corp |
| /operating_model/cells/base_2027q4_cash_uses:base/formula/refs/1 | None | quarter_coupon |
| /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 | 106.39875 |
| /operating_model/cells/base_2027q4_corp:base/basis | None | Desk recurring cash overhead; excludes noncash stock compensation and valuation changes. |
| /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 | Cash corporate 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 | 25.0 |
| /operating_model/cells/base_2027q4_hpc_noi:base/basis | None | Annual NOI scenario times quarterly allocation. |
| /operating_model/cells/base_2027q4_hpc_noi:base/case | None | base |
| /operating_model/cells/base_2027q4_hpc_noi:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q4_hpc_noi:base/formula/refs/0 | None | base_2027_noi |
| /operating_model/cells/base_2027q4_hpc_noi:base/formula/refs/1 | None | base_2027q4_noi_weight |
| /operating_model/cells/base_2027q4_hpc_noi:base/id | None | base_2027q4_hpc_noi |
| /operating_model/cells/base_2027q4_hpc_noi:base/kind | None | derived |
| /operating_model/cells/base_2027q4_hpc_noi:base/label | None | HPC property NOI |
| /operating_model/cells/base_2027q4_hpc_noi:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_hpc_noi:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_hpc_noi:base/value | None | 212.66 |
| /operating_model/cells/base_2027q4_hpc_revenue:base/basis | None | NOI divided by assumed property margin; gross-revenue proxy. |
| /operating_model/cells/base_2027q4_hpc_revenue:base/case | None | base |
| /operating_model/cells/base_2027q4_hpc_revenue:base/formula/op | None | divide |
| /operating_model/cells/base_2027q4_hpc_revenue:base/formula/refs/0 | None | base_2027q4_hpc_noi |
| /operating_model/cells/base_2027q4_hpc_revenue:base/formula/refs/1 | None | base_2027q4_property_margin |
| /operating_model/cells/base_2027q4_hpc_revenue:base/id | None | base_2027q4_hpc_revenue |
| /operating_model/cells/base_2027q4_hpc_revenue:base/kind | None | derived |
| /operating_model/cells/base_2027q4_hpc_revenue:base/label | None | Implied HPC revenue |
| /operating_model/cells/base_2027q4_hpc_revenue:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_hpc_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_hpc_revenue:base/value | None | 236.2888888888889 |
| /operating_model/cells/base_2027q4_mining:base/basis | None | Reported Q2 revenue times desk mining factor. |
| /operating_model/cells/base_2027q4_mining:base/case | None | base |
| /operating_model/cells/base_2027q4_mining:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q4_mining:base/formula/refs/0 | None | h1_q2_mining |
| /operating_model/cells/base_2027q4_mining:base/formula/refs/1 | None | base_2027q4_mining_factor |
| /operating_model/cells/base_2027q4_mining:base/id | None | base_2027q4_mining |
| /operating_model/cells/base_2027q4_mining:base/kind | None | derived |
| /operating_model/cells/base_2027q4_mining:base/label | None | Mining revenue |
| /operating_model/cells/base_2027q4_mining:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_mining:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_mining:base/value | None | 19.869600000000002 |
| /operating_model/cells/base_2027q4_mining_cash:base/basis | None | Modeled mining cash economics assuming production monetized in the quarter. |
| /operating_model/cells/base_2027q4_mining_cash:base/case | None | base |
| /operating_model/cells/base_2027q4_mining_cash:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q4_mining_cash:base/formula/refs/0 | None | base_2027q4_mining |
| /operating_model/cells/base_2027q4_mining_cash:base/formula/refs/1 | None | base_2027q4_mining_margin |
| /operating_model/cells/base_2027q4_mining_cash:base/id | None | base_2027q4_mining_cash |
| /operating_model/cells/base_2027q4_mining_cash:base/kind | None | derived |
| /operating_model/cells/base_2027q4_mining_cash:base/label | None | Mining cash contribution |
| /operating_model/cells/base_2027q4_mining_cash:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_mining_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_mining_cash:base/value | None | 4.9674000000000005 |
| /operating_model/cells/base_2027q4_mining_factor:base/basis | None | Desk Bitcoin price, hashprice and remaining mining-capacity sensitivity; no unsigned HPC reuse. |
| /operating_model/cells/base_2027q4_mining_factor:base/case | None | base |
| /operating_model/cells/base_2027q4_mining_factor:base/id | None | base_2027q4_mining_factor |
| /operating_model/cells/base_2027q4_mining_factor:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_mining_factor:base/label | None | Mining revenue / Q2 baseline |
| /operating_model/cells/base_2027q4_mining_factor:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_mining_factor:base/unit | None | ratio |
| /operating_model/cells/base_2027q4_mining_factor:base/value | None | 0.8 |
| /operating_model/cells/base_2027q4_mining_margin:base/basis | None | Desk cash margin before corporate overhead and financing; not GAAP segment profit. |
| /operating_model/cells/base_2027q4_mining_margin:base/case | None | base |
| /operating_model/cells/base_2027q4_mining_margin:base/id | None | base_2027q4_mining_margin |
| /operating_model/cells/base_2027q4_mining_margin:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_mining_margin:base/label | None | Mining cash contribution margin |
| /operating_model/cells/base_2027q4_mining_margin:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_mining_margin:base/unit | None | ratio |
| /operating_model/cells/base_2027q4_mining_margin:base/value | None | 0.25 |
| /operating_model/cells/base_2027q4_noi_weight:base/basis | None | Desk lease-commencement phasing; shares sum to one within each calendar year. |
| /operating_model/cells/base_2027q4_noi_weight:base/case | None | base |
| /operating_model/cells/base_2027q4_noi_weight:base/id | None | base_2027q4_noi_weight |
| /operating_model/cells/base_2027q4_noi_weight:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_noi_weight:base/label | None | Share of annual HPC NOI |
| /operating_model/cells/base_2027q4_noi_weight:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_noi_weight:base/unit | None | ratio |
| /operating_model/cells/base_2027q4_noi_weight:base/value | None | 0.31 |
| /operating_model/cells/base_2027q4_other:base/basis | None | Desk net tax, working-capital and interest-income allowance; positive is a cash use. |
| /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 operating 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 | 7.0 |
| /operating_model/cells/base_2027q4_property_cash:base/basis | None | Property cash contribution before corporate and financing costs. |
| /operating_model/cells/base_2027q4_property_cash:base/case | None | base |
| /operating_model/cells/base_2027q4_property_cash:base/formula/op | None | sum |
| /operating_model/cells/base_2027q4_property_cash:base/formula/refs/0 | None | base_2027q4_hpc_noi |
| /operating_model/cells/base_2027q4_property_cash:base/formula/refs/1 | None | base_2027q4_mining_cash |
| /operating_model/cells/base_2027q4_property_cash:base/id | None | base_2027q4_property_cash |
| /operating_model/cells/base_2027q4_property_cash:base/kind | None | derived |
| /operating_model/cells/base_2027q4_property_cash:base/label | None | HPC and mining cash contribution |
| /operating_model/cells/base_2027q4_property_cash:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_property_cash:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_property_cash:base/value | None | 217.6274 |
| /operating_model/cells/base_2027q4_property_margin:base/basis | None | Assumed property cash margin; not disclosed contract pricing or GAAP margin. |
| /operating_model/cells/base_2027q4_property_margin:base/case | None | base |
| /operating_model/cells/base_2027q4_property_margin:base/id | None | base_2027q4_property_margin |
| /operating_model/cells/base_2027q4_property_margin:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_property_margin:base/label | None | NOI / HPC revenue assumption |
| /operating_model/cells/base_2027q4_property_margin:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_property_margin:base/unit | None | ratio |
| /operating_model/cells/base_2027q4_property_margin:base/value | None | 0.9 |
| /operating_model/cells/base_2027q4_revenue:base/basis | None | HPC revenue proxy plus mining revenue. |
| /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_hpc_revenue |
| /operating_model/cells/base_2027q4_revenue:base/formula/refs/1 | None | base_2027q4_mining |
| /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 | Total 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 | 256.1584888888889 |
| /operating_model/cells/base_fy2026_capex:base/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /operating_model/cells/base_fy2026_capex:base/case | None | base |
| /operating_model/cells/base_fy2026_capex:base/formula/op | None | sum |
| /operating_model/cells/base_fy2026_capex:base/formula/refs/0 | None | h1_capex |
| /operating_model/cells/base_fy2026_capex:base/formula/refs/1 | None | base_2026q3_capex |
| /operating_model/cells/base_fy2026_capex:base/formula/refs/2 | None | base_2026q4_capex |
| /operating_model/cells/base_fy2026_capex:base/id | None | base_fy2026_capex |
| /operating_model/cells/base_fy2026_capex:base/kind | None | derived |
| /operating_model/cells/base_fy2026_capex:base/label | None | FY2026 Cash construction capex ($M) |
| /operating_model/cells/base_fy2026_capex:base/period | None | FY2026 |
| /operating_model/cells/base_fy2026_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2026_capex:base/value | None | 2164.261 |
| /operating_model/cells/base_fy2026_cash_after_capex:base/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /operating_model/cells/base_fy2026_cash_after_capex:base/case | None | base |
| /operating_model/cells/base_fy2026_cash_after_capex:base/formula/op | None | sum |
| /operating_model/cells/base_fy2026_cash_after_capex:base/formula/refs/0 | None | h1_cash_after_capex |
| /operating_model/cells/base_fy2026_cash_after_capex:base/formula/refs/1 | None | base_2026q3_cash_after_capex |
| /operating_model/cells/base_fy2026_cash_after_capex:base/formula/refs/2 | None | base_2026q4_cash_after_capex |
| /operating_model/cells/base_fy2026_cash_after_capex:base/id | None | base_fy2026_cash_after_capex |
| /operating_model/cells/base_fy2026_cash_after_capex:base/kind | None | derived |
| /operating_model/cells/base_fy2026_cash_after_capex:base/label | None | FY2026 Cash after capex proxy ($M) |
| /operating_model/cells/base_fy2026_cash_after_capex:base/period | None | FY2026 |
| /operating_model/cells/base_fy2026_cash_after_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2026_cash_after_capex:base/value | None | -2296.219 |
| /operating_model/cells/base_fy2026_cash_before_capex:base/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /operating_model/cells/base_fy2026_cash_before_capex:base/case | None | base |
| /operating_model/cells/base_fy2026_cash_before_capex:base/formula/op | None | sum |
| /operating_model/cells/base_fy2026_cash_before_capex:base/formula/refs/0 | None | h1_cash_before_capex |
| /operating_model/cells/base_fy2026_cash_before_capex:base/formula/refs/1 | None | base_2026q3_cash_before_capex |
| /operating_model/cells/base_fy2026_cash_before_capex:base/formula/refs/2 | None | base_2026q4_cash_before_capex |
| /operating_model/cells/base_fy2026_cash_before_capex:base/id | None | base_fy2026_cash_before_capex |
| /operating_model/cells/base_fy2026_cash_before_capex:base/kind | None | derived |
| /operating_model/cells/base_fy2026_cash_before_capex:base/label | None | FY2026 Cash before capex proxy ($M) |
| /operating_model/cells/base_fy2026_cash_before_capex:base/period | None | FY2026 |
| /operating_model/cells/base_fy2026_cash_before_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2026_cash_before_capex:base/value | None | -131.95800000000003 |
| /operating_model/cells/base_fy2026_hpc_noi:base/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /operating_model/cells/base_fy2026_hpc_noi:base/case | None | base |
| /operating_model/cells/base_fy2026_hpc_noi:base/formula/op | None | sum |
| /operating_model/cells/base_fy2026_hpc_noi:base/formula/refs/0 | None | h1_hpc_noi |
| /operating_model/cells/base_fy2026_hpc_noi:base/formula/refs/1 | None | base_2026q3_hpc_noi |
| /operating_model/cells/base_fy2026_hpc_noi:base/formula/refs/2 | None | base_2026q4_hpc_noi |
| /operating_model/cells/base_fy2026_hpc_noi:base/id | None | base_fy2026_hpc_noi |
| /operating_model/cells/base_fy2026_hpc_noi:base/kind | None | derived |
| /operating_model/cells/base_fy2026_hpc_noi:base/label | None | FY2026 HPC property NOI ($M) |
| /operating_model/cells/base_fy2026_hpc_noi:base/period | None | FY2026 |
| /operating_model/cells/base_fy2026_hpc_noi:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2026_hpc_noi:base/value | None | 97.00000000000001 |
| /operating_model/cells/base_fy2026_revenue:base/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /operating_model/cells/base_fy2026_revenue:base/case | None | base |
| /operating_model/cells/base_fy2026_revenue:base/formula/op | None | sum |
| /operating_model/cells/base_fy2026_revenue:base/formula/refs/0 | None | h1_revenue |
| /operating_model/cells/base_fy2026_revenue:base/formula/refs/1 | None | base_2026q3_revenue |
| /operating_model/cells/base_fy2026_revenue:base/formula/refs/2 | None | base_2026q4_revenue |
| /operating_model/cells/base_fy2026_revenue:base/id | None | base_fy2026_revenue |
| /operating_model/cells/base_fy2026_revenue:base/kind | None | derived |
| /operating_model/cells/base_fy2026_revenue:base/label | None | FY2026 Revenue ($M) |
| /operating_model/cells/base_fy2026_revenue:base/period | None | FY2026 |
| /operating_model/cells/base_fy2026_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2026_revenue:base/value | None | 217.1267777777778 |
| /operating_model/cells/base_fy2027_capex:base/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /operating_model/cells/base_fy2027_capex:base/case | None | base |
| /operating_model/cells/base_fy2027_capex:base/formula/op | None | sum |
| /operating_model/cells/base_fy2027_capex:base/formula/refs/0 | None | base_2027q1_capex |
| /operating_model/cells/base_fy2027_capex:base/formula/refs/1 | None | base_2027q2_capex |
| /operating_model/cells/base_fy2027_capex:base/formula/refs/2 | None | base_2027q3_capex |
| /operating_model/cells/base_fy2027_capex:base/formula/refs/3 | None | base_2027q4_capex |
| /operating_model/cells/base_fy2027_capex:base/id | None | base_fy2027_capex |
| /operating_model/cells/base_fy2027_capex:base/kind | None | derived |
| /operating_model/cells/base_fy2027_capex:base/label | None | FY2027 Cash construction capex ($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 | 1000.0 |
| /operating_model/cells/base_fy2027_cash_after_capex:base/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /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 | FY2027 Cash after capex proxy ($M) |
| /operating_model/cells/base_fy2027_cash_after_capex:base/period | None | FY2027 |
| /operating_model/cells/base_fy2027_cash_after_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2027_cash_after_capex:base/value | None | -717.8626250000001 |
| /operating_model/cells/base_fy2027_cash_before_capex:base/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /operating_model/cells/base_fy2027_cash_before_capex:base/case | None | base |
| /operating_model/cells/base_fy2027_cash_before_capex:base/formula/op | None | sum |
| /operating_model/cells/base_fy2027_cash_before_capex:base/formula/refs/0 | None | base_2027q1_cash_before_capex |
| /operating_model/cells/base_fy2027_cash_before_capex:base/formula/refs/1 | None | base_2027q2_cash_before_capex |
| /operating_model/cells/base_fy2027_cash_before_capex:base/formula/refs/2 | None | base_2027q3_cash_before_capex |
| /operating_model/cells/base_fy2027_cash_before_capex:base/formula/refs/3 | None | base_2027q4_cash_before_capex |
| /operating_model/cells/base_fy2027_cash_before_capex:base/id | None | base_fy2027_cash_before_capex |
| /operating_model/cells/base_fy2027_cash_before_capex:base/kind | None | derived |
| /operating_model/cells/base_fy2027_cash_before_capex:base/label | None | FY2027 Cash before capex proxy ($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 | 282.13737499999996 |
| /operating_model/cells/base_fy2027_hpc_noi:base/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /operating_model/cells/base_fy2027_hpc_noi:base/case | None | base |
| /operating_model/cells/base_fy2027_hpc_noi:base/formula/op | None | sum |
| /operating_model/cells/base_fy2027_hpc_noi:base/formula/refs/0 | None | base_2027q1_hpc_noi |
| /operating_model/cells/base_fy2027_hpc_noi:base/formula/refs/1 | None | base_2027q2_hpc_noi |
| /operating_model/cells/base_fy2027_hpc_noi:base/formula/refs/2 | None | base_2027q3_hpc_noi |
| /operating_model/cells/base_fy2027_hpc_noi:base/formula/refs/3 | None | base_2027q4_hpc_noi |
| /operating_model/cells/base_fy2027_hpc_noi:base/id | None | base_fy2027_hpc_noi |
| /operating_model/cells/base_fy2027_hpc_noi:base/kind | None | derived |
| /operating_model/cells/base_fy2027_hpc_noi:base/label | None | FY2027 HPC property NOI ($M) |
| /operating_model/cells/base_fy2027_hpc_noi:base/period | None | FY2027 |
| /operating_model/cells/base_fy2027_hpc_noi:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2027_hpc_noi:base/value | None | 686.0 |
| /operating_model/cells/base_fy2027_revenue:base/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /operating_model/cells/base_fy2027_revenue:base/case | None | base |
| /operating_model/cells/base_fy2027_revenue:base/formula/op | None | sum |
| /operating_model/cells/base_fy2027_revenue:base/formula/refs/0 | None | base_2027q1_revenue |
| /operating_model/cells/base_fy2027_revenue:base/formula/refs/1 | None | base_2027q2_revenue |
| /operating_model/cells/base_fy2027_revenue:base/formula/refs/2 | None | base_2027q3_revenue |
| /operating_model/cells/base_fy2027_revenue:base/formula/refs/3 | None | base_2027q4_revenue |
| /operating_model/cells/base_fy2027_revenue:base/id | None | base_fy2027_revenue |
| /operating_model/cells/base_fy2027_revenue:base/kind | None | derived |
| /operating_model/cells/base_fy2027_revenue:base/label | None | FY2027 Revenue ($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 | 849.1517222222222 |
| /operating_model/cells/black_pearl_coupon:shared/basis | None | Principal times stated coupon. |
| /operating_model/cells/black_pearl_coupon:shared/case | None | shared |
| /operating_model/cells/black_pearl_coupon:shared/formula/op | None | multiply |
| /operating_model/cells/black_pearl_coupon:shared/formula/refs/0 | None | black_pearl_principal |
| /operating_model/cells/black_pearl_coupon:shared/formula/refs/1 | None | black_pearl_coupon_rate |
| /operating_model/cells/black_pearl_coupon:shared/id | None | black_pearl_coupon |
| /operating_model/cells/black_pearl_coupon:shared/kind | None | derived |
| /operating_model/cells/black_pearl_coupon:shared/label | None | black pearl annual coupon |
| /operating_model/cells/black_pearl_coupon:shared/period | None | Annual |
| /operating_model/cells/black_pearl_coupon:shared/unit | None | USD_millions |
| /operating_model/cells/black_pearl_coupon:shared/value | None | 122.5 |
| /operating_model/cells/black_pearl_coupon_rate:shared/basis | None | Contractual coupon; excludes financing fees and principal. |
| /operating_model/cells/black_pearl_coupon_rate:shared/case | None | shared |
| /operating_model/cells/black_pearl_coupon_rate:shared/id | None | black_pearl_coupon_rate |
| /operating_model/cells/black_pearl_coupon_rate:shared/kind | None | reported |
| /operating_model/cells/black_pearl_coupon_rate:shared/label | None | black pearl coupon rate |
| /operating_model/cells/black_pearl_coupon_rate:shared/period | None | Annual |
| /operating_model/cells/black_pearl_coupon_rate:shared/source_date | None | 2026-08-04 |
| /operating_model/cells/black_pearl_coupon_rate:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1819989/000181998926000041/cifr-20260630.htm |
| /operating_model/cells/black_pearl_coupon_rate:shared/unit | None | ratio |
| /operating_model/cells/black_pearl_coupon_rate:shared/value | None | 0.06125 |
| /operating_model/cells/black_pearl_principal:shared/basis | None | Debt table principal, not balance-sheet carrying value. |
| /operating_model/cells/black_pearl_principal:shared/case | None | shared |
| /operating_model/cells/black_pearl_principal:shared/id | None | black_pearl_principal |
| /operating_model/cells/black_pearl_principal:shared/kind | None | reported |
| /operating_model/cells/black_pearl_principal:shared/label | None | black pearl debt principal |
| /operating_model/cells/black_pearl_principal:shared/period | None | 2026Q2 |
| /operating_model/cells/black_pearl_principal:shared/source_date | None | 2026-08-04 |
| /operating_model/cells/black_pearl_principal:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1819989/000181998926000041/cifr-20260630.htm |
| /operating_model/cells/black_pearl_principal:shared/unit | None | USD_millions |
| /operating_model/cells/black_pearl_principal:shared/value | None | 2000.0 |
| /operating_model/cells/convert_2029_coupon:shared/basis | None | Principal times stated coupon. |
| /operating_model/cells/convert_2029_coupon:shared/case | None | shared |
| /operating_model/cells/convert_2029_coupon:shared/formula/op | None | multiply |
| /operating_model/cells/convert_2029_coupon:shared/formula/refs/0 | None | convert_2029_principal |
| /operating_model/cells/convert_2029_coupon:shared/formula/refs/1 | None | convert_2029_coupon_rate |
| /operating_model/cells/convert_2029_coupon:shared/id | None | convert_2029_coupon |
| /operating_model/cells/convert_2029_coupon:shared/kind | None | derived |
| /operating_model/cells/convert_2029_coupon:shared/label | None | convert 2029 annual coupon |
| /operating_model/cells/convert_2029_coupon:shared/period | None | Annual |
| /operating_model/cells/convert_2029_coupon:shared/unit | None | USD_millions |
| /operating_model/cells/convert_2029_coupon:shared/value | None | 3.0187500000000003 |
| /operating_model/cells/convert_2029_coupon_rate:shared/basis | None | Contractual coupon; excludes financing fees and principal. |
| /operating_model/cells/convert_2029_coupon_rate:shared/case | None | shared |
| /operating_model/cells/convert_2029_coupon_rate:shared/id | None | convert_2029_coupon_rate |
| /operating_model/cells/convert_2029_coupon_rate:shared/kind | None | reported |
| /operating_model/cells/convert_2029_coupon_rate:shared/label | None | convert 2029 coupon rate |
| /operating_model/cells/convert_2029_coupon_rate:shared/period | None | Annual |
| /operating_model/cells/convert_2029_coupon_rate:shared/source_date | None | 2026-08-04 |
| /operating_model/cells/convert_2029_coupon_rate:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1819989/000181998926000041/cifr-20260630.htm |
| /operating_model/cells/convert_2029_coupon_rate:shared/unit | None | ratio |
| /operating_model/cells/convert_2029_coupon_rate:shared/value | None | 0.0175 |
| /operating_model/cells/convert_2029_principal:shared/basis | None | Debt table principal, not balance-sheet carrying value. |
| /operating_model/cells/convert_2029_principal:shared/case | None | shared |
| /operating_model/cells/convert_2029_principal:shared/id | None | convert_2029_principal |
| /operating_model/cells/convert_2029_principal:shared/kind | None | reported |
| /operating_model/cells/convert_2029_principal:shared/label | None | convert 2029 debt principal |
| /operating_model/cells/convert_2029_principal:shared/period | None | 2026Q2 |
| /operating_model/cells/convert_2029_principal:shared/source_date | None | 2026-08-04 |
| /operating_model/cells/convert_2029_principal:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1819989/000181998926000041/cifr-20260630.htm |
| /operating_model/cells/convert_2029_principal:shared/unit | None | USD_millions |
| /operating_model/cells/convert_2029_principal:shared/value | None | 172.5 |
| /operating_model/cells/convert_2031_coupon:shared/basis | None | Principal times stated coupon. |
| /operating_model/cells/convert_2031_coupon:shared/case | None | shared |
| /operating_model/cells/convert_2031_coupon:shared/formula/op | None | multiply |
| /operating_model/cells/convert_2031_coupon:shared/formula/refs/0 | None | convert_2031_principal |
| /operating_model/cells/convert_2031_coupon:shared/formula/refs/1 | None | convert_2031_coupon_rate |
| /operating_model/cells/convert_2031_coupon:shared/id | None | convert_2031_coupon |
| /operating_model/cells/convert_2031_coupon:shared/kind | None | derived |
| /operating_model/cells/convert_2031_coupon:shared/label | None | convert 2031 annual coupon |
| /operating_model/cells/convert_2031_coupon:shared/period | None | Annual |
| /operating_model/cells/convert_2031_coupon:shared/unit | None | USD_millions |
| /operating_model/cells/convert_2031_coupon:shared/value | None | 0.0 |
| /operating_model/cells/convert_2031_coupon_rate:shared/basis | None | Contractual coupon; excludes financing fees and principal. |
| /operating_model/cells/convert_2031_coupon_rate:shared/case | None | shared |
| /operating_model/cells/convert_2031_coupon_rate:shared/id | None | convert_2031_coupon_rate |
| /operating_model/cells/convert_2031_coupon_rate:shared/kind | None | reported |
| /operating_model/cells/convert_2031_coupon_rate:shared/label | None | convert 2031 coupon rate |
| /operating_model/cells/convert_2031_coupon_rate:shared/period | None | Annual |
| /operating_model/cells/convert_2031_coupon_rate:shared/source_date | None | 2026-08-04 |
| /operating_model/cells/convert_2031_coupon_rate:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1819989/000181998926000041/cifr-20260630.htm |
| /operating_model/cells/convert_2031_coupon_rate:shared/unit | None | ratio |
| /operating_model/cells/convert_2031_coupon_rate:shared/value | None | 0.0 |
| /operating_model/cells/convert_2031_principal:shared/basis | None | Debt table principal, not balance-sheet carrying value. |
| /operating_model/cells/convert_2031_principal:shared/case | None | shared |
| /operating_model/cells/convert_2031_principal:shared/id | None | convert_2031_principal |
| /operating_model/cells/convert_2031_principal:shared/kind | None | reported |
| /operating_model/cells/convert_2031_principal:shared/label | None | convert 2031 debt principal |
| /operating_model/cells/convert_2031_principal:shared/period | None | 2026Q2 |
| /operating_model/cells/convert_2031_principal:shared/source_date | None | 2026-08-04 |
| /operating_model/cells/convert_2031_principal:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1819989/000181998926000041/cifr-20260630.htm |
| /operating_model/cells/convert_2031_principal:shared/unit | None | USD_millions |
| /operating_model/cells/convert_2031_principal:shared/value | None | 1300.0 |
| /operating_model/cells/debt_principal:shared/basis | None | Five disclosed instruments; excludes undrawn revolver. |
| /operating_model/cells/debt_principal:shared/case | None | shared |
| /operating_model/cells/debt_principal:shared/formula/op | None | sum |
| /operating_model/cells/debt_principal:shared/formula/refs/0 | None | barber_principal |
| /operating_model/cells/debt_principal:shared/formula/refs/1 | None | black_pearl_principal |
| /operating_model/cells/debt_principal:shared/formula/refs/2 | None | stingray_principal |
| /operating_model/cells/debt_principal:shared/formula/refs/3 | None | convert_2029_principal |
| /operating_model/cells/debt_principal:shared/formula/refs/4 | None | convert_2031_principal |
| /operating_model/cells/debt_principal:shared/id | None | debt_principal |
| /operating_model/cells/debt_principal:shared/kind | None | derived |
| /operating_model/cells/debt_principal:shared/label | None | Total debt principal |
| /operating_model/cells/debt_principal:shared/period | None | 2026Q2 |
| /operating_model/cells/debt_principal:shared/unit | None | USD_millions |
| /operating_model/cells/debt_principal:shared/value | None | 6015.5 |
| /operating_model/cells/downside_2026_delivery:downside/basis | None | Desk sensitivity to delivery and ramp timing versus company contracted NOI schedule; not added capacity. |
| /operating_model/cells/downside_2026_delivery:downside/case | None | downside |
| /operating_model/cells/downside_2026_delivery:downside/id | None | downside_2026_delivery |
| /operating_model/cells/downside_2026_delivery:downside/kind | None | assumption |
| /operating_model/cells/downside_2026_delivery:downside/label | None | Contracted NOI realization factor |
| /operating_model/cells/downside_2026_delivery:downside/period | None | FY2026 |
| /operating_model/cells/downside_2026_delivery:downside/unit | None | ratio |
| /operating_model/cells/downside_2026_delivery:downside/value | None | 0.75 |
| /operating_model/cells/downside_2026_noi:downside/basis | None | Company reference times desk realization factor. |
| /operating_model/cells/downside_2026_noi:downside/case | None | downside |
| /operating_model/cells/downside_2026_noi:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2026_noi:downside/formula/refs/0 | None | noi_schedule_2026 |
| /operating_model/cells/downside_2026_noi:downside/formula/refs/1 | None | downside_2026_delivery |
| /operating_model/cells/downside_2026_noi:downside/id | None | downside_2026_noi |
| /operating_model/cells/downside_2026_noi:downside/kind | None | derived |
| /operating_model/cells/downside_2026_noi:downside/label | None | Annual scenario HPC NOI |
| /operating_model/cells/downside_2026_noi:downside/period | None | FY2026 |
| /operating_model/cells/downside_2026_noi:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026_noi:downside/value | None | 72.75 |
| /operating_model/cells/downside_2026q3_capex:downside/basis | None | Desk remaining project-spend timing; not company guidance. Downside includes delay/overrun costs. |
| /operating_model/cells/downside_2026q3_capex:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_capex:downside/id | None | downside_2026q3_capex |
| /operating_model/cells/downside_2026q3_capex:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q3_capex:downside/label | None | Cash construction capex |
| /operating_model/cells/downside_2026q3_capex:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_capex:downside/value | None | 650.0 |
| /operating_model/cells/downside_2026q3_cash_after_capex:downside/basis | None | Pre-financing, before debt principal, acquisitions and project reserve movements. |
| /operating_model/cells/downside_2026q3_cash_after_capex:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_cash_after_capex:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2026q3_cash_after_capex:downside/formula/refs/0 | None | downside_2026q3_cash_before_capex |
| /operating_model/cells/downside_2026q3_cash_after_capex:downside/formula/refs/1 | None | downside_2026q3_capex |
| /operating_model/cells/downside_2026q3_cash_after_capex:downside/id | None | downside_2026q3_cash_after_capex |
| /operating_model/cells/downside_2026q3_cash_after_capex:downside/kind | None | derived |
| /operating_model/cells/downside_2026q3_cash_after_capex:downside/label | None | Cash after capex proxy |
| /operating_model/cells/downside_2026q3_cash_after_capex:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_cash_after_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_cash_after_capex:downside/value | None | -760.22929 |
| /operating_model/cells/downside_2026q3_cash_before_capex:downside/basis | None | Analytical cash economics including mining monetization; not GAAP CFO. |
| /operating_model/cells/downside_2026q3_cash_before_capex:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_cash_before_capex:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2026q3_cash_before_capex:downside/formula/refs/0 | None | downside_2026q3_property_cash |
| /operating_model/cells/downside_2026q3_cash_before_capex:downside/formula/refs/1 | None | downside_2026q3_cash_uses |
| /operating_model/cells/downside_2026q3_cash_before_capex:downside/id | None | downside_2026q3_cash_before_capex |
| /operating_model/cells/downside_2026q3_cash_before_capex:downside/kind | None | derived |
| /operating_model/cells/downside_2026q3_cash_before_capex:downside/label | None | Cash before capex proxy |
| /operating_model/cells/downside_2026q3_cash_before_capex:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_cash_before_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_cash_before_capex:downside/value | None | -110.22929 |
| /operating_model/cells/downside_2026q3_cash_uses:downside/basis | None | Debt principal, restricted reserves and new financing excluded. |
| /operating_model/cells/downside_2026q3_cash_uses:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_cash_uses:downside/formula/op | None | sum |
| /operating_model/cells/downside_2026q3_cash_uses:downside/formula/refs/0 | None | downside_2026q3_corp |
| /operating_model/cells/downside_2026q3_cash_uses:downside/formula/refs/1 | None | quarter_coupon |
| /operating_model/cells/downside_2026q3_cash_uses:downside/formula/refs/2 | None | downside_2026q3_other |
| /operating_model/cells/downside_2026q3_cash_uses:downside/id | None | downside_2026q3_cash_uses |
| /operating_model/cells/downside_2026q3_cash_uses:downside/kind | None | derived |
| /operating_model/cells/downside_2026q3_cash_uses:downside/label | None | Corporate, coupon and other cash uses |
| /operating_model/cells/downside_2026q3_cash_uses:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_cash_uses:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_cash_uses:downside/value | None | 114.39875 |
| /operating_model/cells/downside_2026q3_corp:downside/basis | None | Desk recurring cash overhead; excludes noncash stock compensation and valuation changes. |
| /operating_model/cells/downside_2026q3_corp:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_corp:downside/id | None | downside_2026q3_corp |
| /operating_model/cells/downside_2026q3_corp:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q3_corp:downside/label | None | Cash corporate overhead |
| /operating_model/cells/downside_2026q3_corp:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_corp:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_corp:downside/value | None | 28.0 |
| /operating_model/cells/downside_2026q3_hpc_noi:downside/basis | None | Annual NOI scenario times quarterly allocation. |
| /operating_model/cells/downside_2026q3_hpc_noi:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_hpc_noi:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2026q3_hpc_noi:downside/formula/refs/0 | None | downside_2026_noi |
| /operating_model/cells/downside_2026q3_hpc_noi:downside/formula/refs/1 | None | downside_2026q3_noi_weight |
| /operating_model/cells/downside_2026q3_hpc_noi:downside/id | None | downside_2026q3_hpc_noi |
| /operating_model/cells/downside_2026q3_hpc_noi:downside/kind | None | derived |
| /operating_model/cells/downside_2026q3_hpc_noi:downside/label | None | HPC property NOI |
| /operating_model/cells/downside_2026q3_hpc_noi:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_hpc_noi:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_hpc_noi:downside/value | None | 2.1825 |
| /operating_model/cells/downside_2026q3_hpc_revenue:downside/basis | None | NOI divided by assumed property margin; gross-revenue proxy. |
| /operating_model/cells/downside_2026q3_hpc_revenue:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_hpc_revenue:downside/formula/op | None | divide |
| /operating_model/cells/downside_2026q3_hpc_revenue:downside/formula/refs/0 | None | downside_2026q3_hpc_noi |
| /operating_model/cells/downside_2026q3_hpc_revenue:downside/formula/refs/1 | None | downside_2026q3_property_margin |
| /operating_model/cells/downside_2026q3_hpc_revenue:downside/id | None | downside_2026q3_hpc_revenue |
| /operating_model/cells/downside_2026q3_hpc_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_2026q3_hpc_revenue:downside/label | None | Implied HPC revenue |
| /operating_model/cells/downside_2026q3_hpc_revenue:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_hpc_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_hpc_revenue:downside/value | None | 2.5676470588235296 |
| /operating_model/cells/downside_2026q3_mining:downside/basis | None | Reported Q2 revenue times desk mining factor. |
| /operating_model/cells/downside_2026q3_mining:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_mining:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2026q3_mining:downside/formula/refs/0 | None | h1_q2_mining |
| /operating_model/cells/downside_2026q3_mining:downside/formula/refs/1 | None | downside_2026q3_mining_factor |
| /operating_model/cells/downside_2026q3_mining:downside/id | None | downside_2026q3_mining |
| /operating_model/cells/downside_2026q3_mining:downside/kind | None | derived |
| /operating_model/cells/downside_2026q3_mining:downside/label | None | Mining revenue |
| /operating_model/cells/downside_2026q3_mining:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_mining:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_mining:downside/value | None | 19.869600000000002 |
| /operating_model/cells/downside_2026q3_mining_cash:downside/basis | None | Modeled mining cash economics assuming production monetized in the quarter. |
| /operating_model/cells/downside_2026q3_mining_cash:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_mining_cash:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2026q3_mining_cash:downside/formula/refs/0 | None | downside_2026q3_mining |
| /operating_model/cells/downside_2026q3_mining_cash:downside/formula/refs/1 | None | downside_2026q3_mining_margin |
| /operating_model/cells/downside_2026q3_mining_cash:downside/id | None | downside_2026q3_mining_cash |
| /operating_model/cells/downside_2026q3_mining_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2026q3_mining_cash:downside/label | None | Mining cash contribution |
| /operating_model/cells/downside_2026q3_mining_cash:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_mining_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_mining_cash:downside/value | None | 1.9869600000000003 |
| /operating_model/cells/downside_2026q3_mining_factor:downside/basis | None | Desk Bitcoin price, hashprice and remaining mining-capacity sensitivity; no unsigned HPC reuse. |
| /operating_model/cells/downside_2026q3_mining_factor:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_mining_factor:downside/id | None | downside_2026q3_mining_factor |
| /operating_model/cells/downside_2026q3_mining_factor:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q3_mining_factor:downside/label | None | Mining revenue / Q2 baseline |
| /operating_model/cells/downside_2026q3_mining_factor:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_mining_factor:downside/unit | None | ratio |
| /operating_model/cells/downside_2026q3_mining_factor:downside/value | None | 0.8 |
| /operating_model/cells/downside_2026q3_mining_margin:downside/basis | None | Desk cash margin before corporate overhead and financing; not GAAP segment profit. |
| /operating_model/cells/downside_2026q3_mining_margin:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_mining_margin:downside/id | None | downside_2026q3_mining_margin |
| /operating_model/cells/downside_2026q3_mining_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q3_mining_margin:downside/label | None | Mining cash contribution margin |
| /operating_model/cells/downside_2026q3_mining_margin:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_mining_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2026q3_mining_margin:downside/value | None | 0.1 |
| /operating_model/cells/downside_2026q3_noi_weight:downside/basis | None | Desk lease-commencement phasing; shares sum to one within each calendar year. |
| /operating_model/cells/downside_2026q3_noi_weight:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_noi_weight:downside/id | None | downside_2026q3_noi_weight |
| /operating_model/cells/downside_2026q3_noi_weight:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q3_noi_weight:downside/label | None | Share of annual HPC NOI |
| /operating_model/cells/downside_2026q3_noi_weight:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_noi_weight:downside/unit | None | ratio |
| /operating_model/cells/downside_2026q3_noi_weight:downside/value | None | 0.03 |
| /operating_model/cells/downside_2026q3_other:downside/basis | None | Desk net tax, working-capital and interest-income allowance; positive is a cash use. |
| /operating_model/cells/downside_2026q3_other:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_other:downside/id | None | downside_2026q3_other |
| /operating_model/cells/downside_2026q3_other:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q3_other:downside/label | None | Other net operating cash uses |
| /operating_model/cells/downside_2026q3_other:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_other:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_other:downside/value | None | 12.0 |
| /operating_model/cells/downside_2026q3_property_cash:downside/basis | None | Property cash contribution before corporate and financing costs. |
| /operating_model/cells/downside_2026q3_property_cash:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_property_cash:downside/formula/op | None | sum |
| /operating_model/cells/downside_2026q3_property_cash:downside/formula/refs/0 | None | downside_2026q3_hpc_noi |
| /operating_model/cells/downside_2026q3_property_cash:downside/formula/refs/1 | None | downside_2026q3_mining_cash |
| /operating_model/cells/downside_2026q3_property_cash:downside/id | None | downside_2026q3_property_cash |
| /operating_model/cells/downside_2026q3_property_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2026q3_property_cash:downside/label | None | HPC and mining cash contribution |
| /operating_model/cells/downside_2026q3_property_cash:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_property_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_property_cash:downside/value | None | 4.169460000000001 |
| /operating_model/cells/downside_2026q3_property_margin:downside/basis | None | Assumed property cash margin; not disclosed contract pricing or GAAP margin. |
| /operating_model/cells/downside_2026q3_property_margin:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_property_margin:downside/id | None | downside_2026q3_property_margin |
| /operating_model/cells/downside_2026q3_property_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q3_property_margin:downside/label | None | NOI / HPC revenue assumption |
| /operating_model/cells/downside_2026q3_property_margin:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_property_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2026q3_property_margin:downside/value | None | 0.85 |
| /operating_model/cells/downside_2026q3_revenue:downside/basis | None | HPC revenue proxy plus mining revenue. |
| /operating_model/cells/downside_2026q3_revenue:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_revenue:downside/formula/op | None | sum |
| /operating_model/cells/downside_2026q3_revenue:downside/formula/refs/0 | None | downside_2026q3_hpc_revenue |
| /operating_model/cells/downside_2026q3_revenue:downside/formula/refs/1 | None | downside_2026q3_mining |
| /operating_model/cells/downside_2026q3_revenue:downside/id | None | downside_2026q3_revenue |
| /operating_model/cells/downside_2026q3_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_2026q3_revenue:downside/label | None | Total revenue |
| /operating_model/cells/downside_2026q3_revenue:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_revenue:downside/value | None | 22.43724705882353 |
| /operating_model/cells/downside_2026q4_capex:downside/basis | None | Desk remaining project-spend timing; not company guidance. Downside includes delay/overrun costs. |
| /operating_model/cells/downside_2026q4_capex:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_capex:downside/id | None | downside_2026q4_capex |
| /operating_model/cells/downside_2026q4_capex:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q4_capex:downside/label | None | Cash construction capex |
| /operating_model/cells/downside_2026q4_capex:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_capex:downside/value | None | 650.0 |
| /operating_model/cells/downside_2026q4_cash_after_capex:downside/basis | None | Pre-financing, before debt principal, acquisitions and project reserve movements. |
| /operating_model/cells/downside_2026q4_cash_after_capex:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_cash_after_capex:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2026q4_cash_after_capex:downside/formula/refs/0 | None | downside_2026q4_cash_before_capex |
| /operating_model/cells/downside_2026q4_cash_after_capex:downside/formula/refs/1 | None | downside_2026q4_capex |
| /operating_model/cells/downside_2026q4_cash_after_capex:downside/id | None | downside_2026q4_cash_after_capex |
| /operating_model/cells/downside_2026q4_cash_after_capex:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_cash_after_capex:downside/label | None | Cash after capex proxy |
| /operating_model/cells/downside_2026q4_cash_after_capex:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_cash_after_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_cash_after_capex:downside/value | None | -692.09266 |
| /operating_model/cells/downside_2026q4_cash_before_capex:downside/basis | None | Analytical cash economics including mining monetization; not GAAP CFO. |
| /operating_model/cells/downside_2026q4_cash_before_capex:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_cash_before_capex:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2026q4_cash_before_capex:downside/formula/refs/0 | None | downside_2026q4_property_cash |
| /operating_model/cells/downside_2026q4_cash_before_capex:downside/formula/refs/1 | None | downside_2026q4_cash_uses |
| /operating_model/cells/downside_2026q4_cash_before_capex:downside/id | None | downside_2026q4_cash_before_capex |
| /operating_model/cells/downside_2026q4_cash_before_capex:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_cash_before_capex:downside/label | None | Cash before capex proxy |
| /operating_model/cells/downside_2026q4_cash_before_capex:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_cash_before_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_cash_before_capex:downside/value | None | -42.09266000000001 |
| /operating_model/cells/downside_2026q4_cash_uses:downside/basis | None | Debt principal, restricted reserves and new financing excluded. |
| /operating_model/cells/downside_2026q4_cash_uses:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_cash_uses:downside/formula/op | None | sum |
| /operating_model/cells/downside_2026q4_cash_uses:downside/formula/refs/0 | None | downside_2026q4_corp |
| /operating_model/cells/downside_2026q4_cash_uses:downside/formula/refs/1 | None | quarter_coupon |
| /operating_model/cells/downside_2026q4_cash_uses:downside/formula/refs/2 | None | downside_2026q4_other |
| /operating_model/cells/downside_2026q4_cash_uses:downside/id | None | downside_2026q4_cash_uses |
| /operating_model/cells/downside_2026q4_cash_uses:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_cash_uses:downside/label | None | Corporate, coupon and other cash uses |
| /operating_model/cells/downside_2026q4_cash_uses:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_cash_uses:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_cash_uses:downside/value | None | 114.39875 |
| /operating_model/cells/downside_2026q4_corp:downside/basis | None | Desk recurring cash overhead; excludes noncash stock compensation and valuation changes. |
| /operating_model/cells/downside_2026q4_corp:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_corp:downside/id | None | downside_2026q4_corp |
| /operating_model/cells/downside_2026q4_corp:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q4_corp:downside/label | None | Cash corporate overhead |
| /operating_model/cells/downside_2026q4_corp:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_corp:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_corp:downside/value | None | 28.0 |
| /operating_model/cells/downside_2026q4_hpc_noi:downside/basis | None | Annual NOI scenario times quarterly allocation. |
| /operating_model/cells/downside_2026q4_hpc_noi:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_hpc_noi:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2026q4_hpc_noi:downside/formula/refs/0 | None | downside_2026_noi |
| /operating_model/cells/downside_2026q4_hpc_noi:downside/formula/refs/1 | None | downside_2026q4_noi_weight |
| /operating_model/cells/downside_2026q4_hpc_noi:downside/id | None | downside_2026q4_hpc_noi |
| /operating_model/cells/downside_2026q4_hpc_noi:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_hpc_noi:downside/label | None | HPC property NOI |
| /operating_model/cells/downside_2026q4_hpc_noi:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_hpc_noi:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_hpc_noi:downside/value | None | 70.5675 |
| /operating_model/cells/downside_2026q4_hpc_revenue:downside/basis | None | NOI divided by assumed property margin; gross-revenue proxy. |
| /operating_model/cells/downside_2026q4_hpc_revenue:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_hpc_revenue:downside/formula/op | None | divide |
| /operating_model/cells/downside_2026q4_hpc_revenue:downside/formula/refs/0 | None | downside_2026q4_hpc_noi |
| /operating_model/cells/downside_2026q4_hpc_revenue:downside/formula/refs/1 | None | downside_2026q4_property_margin |
| /operating_model/cells/downside_2026q4_hpc_revenue:downside/id | None | downside_2026q4_hpc_revenue |
| /operating_model/cells/downside_2026q4_hpc_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_hpc_revenue:downside/label | None | Implied HPC revenue |
| /operating_model/cells/downside_2026q4_hpc_revenue:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_hpc_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_hpc_revenue:downside/value | None | 83.02058823529411 |
| /operating_model/cells/downside_2026q4_mining:downside/basis | None | Reported Q2 revenue times desk mining factor. |
| /operating_model/cells/downside_2026q4_mining:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_mining:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2026q4_mining:downside/formula/refs/0 | None | h1_q2_mining |
| /operating_model/cells/downside_2026q4_mining:downside/formula/refs/1 | None | downside_2026q4_mining_factor |
| /operating_model/cells/downside_2026q4_mining:downside/id | None | downside_2026q4_mining |
| /operating_model/cells/downside_2026q4_mining:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_mining:downside/label | None | Mining revenue |
| /operating_model/cells/downside_2026q4_mining:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_mining:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_mining:downside/value | None | 17.3859 |
| /operating_model/cells/downside_2026q4_mining_cash:downside/basis | None | Modeled mining cash economics assuming production monetized in the quarter. |
| /operating_model/cells/downside_2026q4_mining_cash:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_mining_cash:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2026q4_mining_cash:downside/formula/refs/0 | None | downside_2026q4_mining |
| /operating_model/cells/downside_2026q4_mining_cash:downside/formula/refs/1 | None | downside_2026q4_mining_margin |
| /operating_model/cells/downside_2026q4_mining_cash:downside/id | None | downside_2026q4_mining_cash |
| /operating_model/cells/downside_2026q4_mining_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_mining_cash:downside/label | None | Mining cash contribution |
| /operating_model/cells/downside_2026q4_mining_cash:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_mining_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_mining_cash:downside/value | None | 1.73859 |
| /operating_model/cells/downside_2026q4_mining_factor:downside/basis | None | Desk Bitcoin price, hashprice and remaining mining-capacity sensitivity; no unsigned HPC reuse. |
| /operating_model/cells/downside_2026q4_mining_factor:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_mining_factor:downside/id | None | downside_2026q4_mining_factor |
| /operating_model/cells/downside_2026q4_mining_factor:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q4_mining_factor:downside/label | None | Mining revenue / Q2 baseline |
| /operating_model/cells/downside_2026q4_mining_factor:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_mining_factor:downside/unit | None | ratio |
| /operating_model/cells/downside_2026q4_mining_factor:downside/value | None | 0.7 |
| /operating_model/cells/downside_2026q4_mining_margin:downside/basis | None | Desk cash margin before corporate overhead and financing; not GAAP segment profit. |
| /operating_model/cells/downside_2026q4_mining_margin:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_mining_margin:downside/id | None | downside_2026q4_mining_margin |
| /operating_model/cells/downside_2026q4_mining_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q4_mining_margin:downside/label | None | Mining cash contribution margin |
| /operating_model/cells/downside_2026q4_mining_margin:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_mining_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2026q4_mining_margin:downside/value | None | 0.1 |
| /operating_model/cells/downside_2026q4_noi_weight:downside/basis | None | Desk lease-commencement phasing; shares sum to one within each calendar year. |
| /operating_model/cells/downside_2026q4_noi_weight:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_noi_weight:downside/id | None | downside_2026q4_noi_weight |
| /operating_model/cells/downside_2026q4_noi_weight:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q4_noi_weight:downside/label | None | Share of annual HPC NOI |
| /operating_model/cells/downside_2026q4_noi_weight:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_noi_weight:downside/unit | None | ratio |
| /operating_model/cells/downside_2026q4_noi_weight:downside/value | None | 0.97 |
| /operating_model/cells/downside_2026q4_other:downside/basis | None | Desk net tax, working-capital and interest-income allowance; positive is a cash use. |
| /operating_model/cells/downside_2026q4_other:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_other:downside/id | None | downside_2026q4_other |
| /operating_model/cells/downside_2026q4_other:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q4_other:downside/label | None | Other net operating cash uses |
| /operating_model/cells/downside_2026q4_other:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_other:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_other:downside/value | None | 12.0 |
| /operating_model/cells/downside_2026q4_property_cash:downside/basis | None | Property cash contribution before corporate and financing costs. |
| /operating_model/cells/downside_2026q4_property_cash:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_property_cash:downside/formula/op | None | sum |
| /operating_model/cells/downside_2026q4_property_cash:downside/formula/refs/0 | None | downside_2026q4_hpc_noi |
| /operating_model/cells/downside_2026q4_property_cash:downside/formula/refs/1 | None | downside_2026q4_mining_cash |
| /operating_model/cells/downside_2026q4_property_cash:downside/id | None | downside_2026q4_property_cash |
| /operating_model/cells/downside_2026q4_property_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_property_cash:downside/label | None | HPC and mining cash contribution |
| /operating_model/cells/downside_2026q4_property_cash:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_property_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_property_cash:downside/value | None | 72.30609 |
| /operating_model/cells/downside_2026q4_property_margin:downside/basis | None | Assumed property cash margin; not disclosed contract pricing or GAAP margin. |
| /operating_model/cells/downside_2026q4_property_margin:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_property_margin:downside/id | None | downside_2026q4_property_margin |
| /operating_model/cells/downside_2026q4_property_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q4_property_margin:downside/label | None | NOI / HPC revenue assumption |
| /operating_model/cells/downside_2026q4_property_margin:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_property_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2026q4_property_margin:downside/value | None | 0.85 |
| /operating_model/cells/downside_2026q4_revenue:downside/basis | None | HPC revenue proxy plus mining revenue. |
| /operating_model/cells/downside_2026q4_revenue:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_revenue:downside/formula/op | None | sum |
| /operating_model/cells/downside_2026q4_revenue:downside/formula/refs/0 | None | downside_2026q4_hpc_revenue |
| /operating_model/cells/downside_2026q4_revenue:downside/formula/refs/1 | None | downside_2026q4_mining |
| /operating_model/cells/downside_2026q4_revenue:downside/id | None | downside_2026q4_revenue |
| /operating_model/cells/downside_2026q4_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_revenue:downside/label | None | Total revenue |
| /operating_model/cells/downside_2026q4_revenue:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_revenue:downside/value | None | 100.40648823529412 |
| /operating_model/cells/downside_2027_delivery:downside/basis | None | Desk sensitivity to delivery and ramp timing versus company contracted NOI schedule; not added capacity. |
| /operating_model/cells/downside_2027_delivery:downside/case | None | downside |
| /operating_model/cells/downside_2027_delivery:downside/id | None | downside_2027_delivery |
| /operating_model/cells/downside_2027_delivery:downside/kind | None | assumption |
| /operating_model/cells/downside_2027_delivery:downside/label | None | Contracted NOI realization factor |
| /operating_model/cells/downside_2027_delivery:downside/period | None | FY2027 |
| /operating_model/cells/downside_2027_delivery:downside/unit | None | ratio |
| /operating_model/cells/downside_2027_delivery:downside/value | None | 0.8 |
| /operating_model/cells/downside_2027_noi:downside/basis | None | Company reference times desk realization factor. |
| /operating_model/cells/downside_2027_noi:downside/case | None | downside |
| /operating_model/cells/downside_2027_noi:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027_noi:downside/formula/refs/0 | None | noi_schedule_2027 |
| /operating_model/cells/downside_2027_noi:downside/formula/refs/1 | None | downside_2027_delivery |
| /operating_model/cells/downside_2027_noi:downside/id | None | downside_2027_noi |
| /operating_model/cells/downside_2027_noi:downside/kind | None | derived |
| /operating_model/cells/downside_2027_noi:downside/label | None | Annual scenario HPC NOI |
| /operating_model/cells/downside_2027_noi:downside/period | None | FY2027 |
| /operating_model/cells/downside_2027_noi:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027_noi:downside/value | None | 548.8000000000001 |
| /operating_model/cells/downside_2027q1_capex:downside/basis | None | Desk remaining project-spend timing; not company guidance. Downside includes delay/overrun costs. |
| /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 | Cash construction capex |
| /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 | 400.0 |
| /operating_model/cells/downside_2027q1_cash_after_capex:downside/basis | None | Pre-financing, before debt principal, acquisitions and project reserve movements. |
| /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 | -446.928345 |
| /operating_model/cells/downside_2027q1_cash_before_capex:downside/basis | None | Analytical cash economics including mining monetization; not 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_property_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 | -46.92834499999999 |
| /operating_model/cells/downside_2027q1_cash_uses:downside/basis | None | Debt principal, restricted reserves and new financing excluded. |
| /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 | downside_2027q1_corp |
| /operating_model/cells/downside_2027q1_cash_uses:downside/formula/refs/1 | None | quarter_coupon |
| /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 | 114.39875 |
| /operating_model/cells/downside_2027q1_corp:downside/basis | None | Desk recurring cash overhead; excludes noncash stock compensation and valuation changes. |
| /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 | Cash corporate 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 | 28.0 |
| /operating_model/cells/downside_2027q1_hpc_noi:downside/basis | None | Annual NOI scenario times quarterly allocation. |
| /operating_model/cells/downside_2027q1_hpc_noi:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_hpc_noi:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q1_hpc_noi:downside/formula/refs/0 | None | downside_2027_noi |
| /operating_model/cells/downside_2027q1_hpc_noi:downside/formula/refs/1 | None | downside_2027q1_noi_weight |
| /operating_model/cells/downside_2027q1_hpc_noi:downside/id | None | downside_2027q1_hpc_noi |
| /operating_model/cells/downside_2027q1_hpc_noi:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_hpc_noi:downside/label | None | HPC property NOI |
| /operating_model/cells/downside_2027q1_hpc_noi:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_hpc_noi:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_hpc_noi:downside/value | None | 65.85600000000001 |
| /operating_model/cells/downside_2027q1_hpc_revenue:downside/basis | None | NOI divided by assumed property margin; gross-revenue proxy. |
| /operating_model/cells/downside_2027q1_hpc_revenue:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_hpc_revenue:downside/formula/op | None | divide |
| /operating_model/cells/downside_2027q1_hpc_revenue:downside/formula/refs/0 | None | downside_2027q1_hpc_noi |
| /operating_model/cells/downside_2027q1_hpc_revenue:downside/formula/refs/1 | None | downside_2027q1_property_margin |
| /operating_model/cells/downside_2027q1_hpc_revenue:downside/id | None | downside_2027q1_hpc_revenue |
| /operating_model/cells/downside_2027q1_hpc_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_hpc_revenue:downside/label | None | Implied HPC revenue |
| /operating_model/cells/downside_2027q1_hpc_revenue:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_hpc_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_hpc_revenue:downside/value | None | 77.47764705882354 |
| /operating_model/cells/downside_2027q1_mining:downside/basis | None | Reported Q2 revenue times desk mining factor. |
| /operating_model/cells/downside_2027q1_mining:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_mining:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q1_mining:downside/formula/refs/0 | None | h1_q2_mining |
| /operating_model/cells/downside_2027q1_mining:downside/formula/refs/1 | None | downside_2027q1_mining_factor |
| /operating_model/cells/downside_2027q1_mining:downside/id | None | downside_2027q1_mining |
| /operating_model/cells/downside_2027q1_mining:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_mining:downside/label | None | Mining revenue |
| /operating_model/cells/downside_2027q1_mining:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_mining:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_mining:downside/value | None | 16.14405 |
| /operating_model/cells/downside_2027q1_mining_cash:downside/basis | None | Modeled mining cash economics assuming production monetized in the quarter. |
| /operating_model/cells/downside_2027q1_mining_cash:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_mining_cash:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q1_mining_cash:downside/formula/refs/0 | None | downside_2027q1_mining |
| /operating_model/cells/downside_2027q1_mining_cash:downside/formula/refs/1 | None | downside_2027q1_mining_margin |
| /operating_model/cells/downside_2027q1_mining_cash:downside/id | None | downside_2027q1_mining_cash |
| /operating_model/cells/downside_2027q1_mining_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_mining_cash:downside/label | None | Mining cash contribution |
| /operating_model/cells/downside_2027q1_mining_cash:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_mining_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_mining_cash:downside/value | None | 1.614405 |
| /operating_model/cells/downside_2027q1_mining_factor:downside/basis | None | Desk Bitcoin price, hashprice and remaining mining-capacity sensitivity; no unsigned HPC reuse. |
| /operating_model/cells/downside_2027q1_mining_factor:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_mining_factor:downside/id | None | downside_2027q1_mining_factor |
| /operating_model/cells/downside_2027q1_mining_factor:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_mining_factor:downside/label | None | Mining revenue / Q2 baseline |
| /operating_model/cells/downside_2027q1_mining_factor:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_mining_factor:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q1_mining_factor:downside/value | None | 0.65 |
| /operating_model/cells/downside_2027q1_mining_margin:downside/basis | None | Desk cash margin before corporate overhead and financing; not GAAP segment profit. |
| /operating_model/cells/downside_2027q1_mining_margin:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_mining_margin:downside/id | None | downside_2027q1_mining_margin |
| /operating_model/cells/downside_2027q1_mining_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_mining_margin:downside/label | None | Mining cash contribution margin |
| /operating_model/cells/downside_2027q1_mining_margin:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_mining_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q1_mining_margin:downside/value | None | 0.1 |
| /operating_model/cells/downside_2027q1_noi_weight:downside/basis | None | Desk lease-commencement phasing; shares sum to one within each calendar year. |
| /operating_model/cells/downside_2027q1_noi_weight:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_noi_weight:downside/id | None | downside_2027q1_noi_weight |
| /operating_model/cells/downside_2027q1_noi_weight:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_noi_weight:downside/label | None | Share of annual HPC NOI |
| /operating_model/cells/downside_2027q1_noi_weight:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_noi_weight:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q1_noi_weight:downside/value | None | 0.12 |
| /operating_model/cells/downside_2027q1_other:downside/basis | None | Desk net tax, working-capital and interest-income allowance; positive is a cash use. |
| /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 operating 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 | 12.0 |
| /operating_model/cells/downside_2027q1_property_cash:downside/basis | None | Property cash contribution before corporate and financing costs. |
| /operating_model/cells/downside_2027q1_property_cash:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_property_cash:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q1_property_cash:downside/formula/refs/0 | None | downside_2027q1_hpc_noi |
| /operating_model/cells/downside_2027q1_property_cash:downside/formula/refs/1 | None | downside_2027q1_mining_cash |
| /operating_model/cells/downside_2027q1_property_cash:downside/id | None | downside_2027q1_property_cash |
| /operating_model/cells/downside_2027q1_property_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_property_cash:downside/label | None | HPC and mining cash contribution |
| /operating_model/cells/downside_2027q1_property_cash:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_property_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_property_cash:downside/value | None | 67.47040500000001 |
| /operating_model/cells/downside_2027q1_property_margin:downside/basis | None | Assumed property cash margin; not disclosed contract pricing or GAAP margin. |
| /operating_model/cells/downside_2027q1_property_margin:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_property_margin:downside/id | None | downside_2027q1_property_margin |
| /operating_model/cells/downside_2027q1_property_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_property_margin:downside/label | None | NOI / HPC revenue assumption |
| /operating_model/cells/downside_2027q1_property_margin:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_property_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q1_property_margin:downside/value | None | 0.85 |
| /operating_model/cells/downside_2027q1_revenue:downside/basis | None | HPC revenue proxy plus mining revenue. |
| /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_hpc_revenue |
| /operating_model/cells/downside_2027q1_revenue:downside/formula/refs/1 | None | downside_2027q1_mining |
| /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 | Total 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 | 93.62169705882354 |
| /operating_model/cells/downside_2027q2_capex:downside/basis | None | Desk remaining project-spend timing; not company guidance. Downside includes delay/overrun costs. |
| /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 | Cash construction capex |
| /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 | 350.0 |
| /operating_model/cells/downside_2027q2_cash_after_capex:downside/basis | None | Pre-financing, before debt principal, acquisitions and project reserve movements. |
| /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 | -342.17253 |
| /operating_model/cells/downside_2027q2_cash_before_capex:downside/basis | None | Analytical cash economics including mining monetization; not 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_property_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 | 7.827470000000005 |
| /operating_model/cells/downside_2027q2_cash_uses:downside/basis | None | Debt principal, restricted reserves and new financing excluded. |
| /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 | downside_2027q2_corp |
| /operating_model/cells/downside_2027q2_cash_uses:downside/formula/refs/1 | None | quarter_coupon |
| /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 | 114.39875 |
| /operating_model/cells/downside_2027q2_corp:downside/basis | None | Desk recurring cash overhead; excludes noncash stock compensation and valuation changes. |
| /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 | Cash corporate 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 | 28.0 |
| /operating_model/cells/downside_2027q2_hpc_noi:downside/basis | None | Annual NOI scenario times quarterly allocation. |
| /operating_model/cells/downside_2027q2_hpc_noi:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_hpc_noi:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q2_hpc_noi:downside/formula/refs/0 | None | downside_2027_noi |
| /operating_model/cells/downside_2027q2_hpc_noi:downside/formula/refs/1 | None | downside_2027q2_noi_weight |
| /operating_model/cells/downside_2027q2_hpc_noi:downside/id | None | downside_2027q2_hpc_noi |
| /operating_model/cells/downside_2027q2_hpc_noi:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_hpc_noi:downside/label | None | HPC property NOI |
| /operating_model/cells/downside_2027q2_hpc_noi:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_hpc_noi:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_hpc_noi:downside/value | None | 120.73600000000002 |
| /operating_model/cells/downside_2027q2_hpc_revenue:downside/basis | None | NOI divided by assumed property margin; gross-revenue proxy. |
| /operating_model/cells/downside_2027q2_hpc_revenue:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_hpc_revenue:downside/formula/op | None | divide |
| /operating_model/cells/downside_2027q2_hpc_revenue:downside/formula/refs/0 | None | downside_2027q2_hpc_noi |
| /operating_model/cells/downside_2027q2_hpc_revenue:downside/formula/refs/1 | None | downside_2027q2_property_margin |
| /operating_model/cells/downside_2027q2_hpc_revenue:downside/id | None | downside_2027q2_hpc_revenue |
| /operating_model/cells/downside_2027q2_hpc_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_hpc_revenue:downside/label | None | Implied HPC revenue |
| /operating_model/cells/downside_2027q2_hpc_revenue:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_hpc_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_hpc_revenue:downside/value | None | 142.0423529411765 |
| /operating_model/cells/downside_2027q2_mining:downside/basis | None | Reported Q2 revenue times desk mining factor. |
| /operating_model/cells/downside_2027q2_mining:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_mining:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q2_mining:downside/formula/refs/0 | None | h1_q2_mining |
| /operating_model/cells/downside_2027q2_mining:downside/formula/refs/1 | None | downside_2027q2_mining_factor |
| /operating_model/cells/downside_2027q2_mining:downside/id | None | downside_2027q2_mining |
| /operating_model/cells/downside_2027q2_mining:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_mining:downside/label | None | Mining revenue |
| /operating_model/cells/downside_2027q2_mining:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_mining:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_mining:downside/value | None | 14.902199999999999 |
| /operating_model/cells/downside_2027q2_mining_cash:downside/basis | None | Modeled mining cash economics assuming production monetized in the quarter. |
| /operating_model/cells/downside_2027q2_mining_cash:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_mining_cash:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q2_mining_cash:downside/formula/refs/0 | None | downside_2027q2_mining |
| /operating_model/cells/downside_2027q2_mining_cash:downside/formula/refs/1 | None | downside_2027q2_mining_margin |
| /operating_model/cells/downside_2027q2_mining_cash:downside/id | None | downside_2027q2_mining_cash |
| /operating_model/cells/downside_2027q2_mining_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_mining_cash:downside/label | None | Mining cash contribution |
| /operating_model/cells/downside_2027q2_mining_cash:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_mining_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_mining_cash:downside/value | None | 1.4902199999999999 |
| /operating_model/cells/downside_2027q2_mining_factor:downside/basis | None | Desk Bitcoin price, hashprice and remaining mining-capacity sensitivity; no unsigned HPC reuse. |
| /operating_model/cells/downside_2027q2_mining_factor:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_mining_factor:downside/id | None | downside_2027q2_mining_factor |
| /operating_model/cells/downside_2027q2_mining_factor:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_mining_factor:downside/label | None | Mining revenue / Q2 baseline |
| /operating_model/cells/downside_2027q2_mining_factor:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_mining_factor:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q2_mining_factor:downside/value | None | 0.6 |
| /operating_model/cells/downside_2027q2_mining_margin:downside/basis | None | Desk cash margin before corporate overhead and financing; not GAAP segment profit. |
| /operating_model/cells/downside_2027q2_mining_margin:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_mining_margin:downside/id | None | downside_2027q2_mining_margin |
| /operating_model/cells/downside_2027q2_mining_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_mining_margin:downside/label | None | Mining cash contribution margin |
| /operating_model/cells/downside_2027q2_mining_margin:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_mining_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q2_mining_margin:downside/value | None | 0.1 |
| /operating_model/cells/downside_2027q2_noi_weight:downside/basis | None | Desk lease-commencement phasing; shares sum to one within each calendar year. |
| /operating_model/cells/downside_2027q2_noi_weight:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_noi_weight:downside/id | None | downside_2027q2_noi_weight |
| /operating_model/cells/downside_2027q2_noi_weight:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_noi_weight:downside/label | None | Share of annual HPC NOI |
| /operating_model/cells/downside_2027q2_noi_weight:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_noi_weight:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q2_noi_weight:downside/value | None | 0.22 |
| /operating_model/cells/downside_2027q2_other:downside/basis | None | Desk net tax, working-capital and interest-income allowance; positive is a cash use. |
| /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 operating 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 | 12.0 |
| /operating_model/cells/downside_2027q2_property_cash:downside/basis | None | Property cash contribution before corporate and financing costs. |
| /operating_model/cells/downside_2027q2_property_cash:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_property_cash:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q2_property_cash:downside/formula/refs/0 | None | downside_2027q2_hpc_noi |
| /operating_model/cells/downside_2027q2_property_cash:downside/formula/refs/1 | None | downside_2027q2_mining_cash |
| /operating_model/cells/downside_2027q2_property_cash:downside/id | None | downside_2027q2_property_cash |
| /operating_model/cells/downside_2027q2_property_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_property_cash:downside/label | None | HPC and mining cash contribution |
| /operating_model/cells/downside_2027q2_property_cash:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_property_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_property_cash:downside/value | None | 122.22622000000001 |
| /operating_model/cells/downside_2027q2_property_margin:downside/basis | None | Assumed property cash margin; not disclosed contract pricing or GAAP margin. |
| /operating_model/cells/downside_2027q2_property_margin:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_property_margin:downside/id | None | downside_2027q2_property_margin |
| /operating_model/cells/downside_2027q2_property_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_property_margin:downside/label | None | NOI / HPC revenue assumption |
| /operating_model/cells/downside_2027q2_property_margin:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_property_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q2_property_margin:downside/value | None | 0.85 |
| /operating_model/cells/downside_2027q2_revenue:downside/basis | None | HPC revenue proxy plus mining revenue. |
| /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_hpc_revenue |
| /operating_model/cells/downside_2027q2_revenue:downside/formula/refs/1 | None | downside_2027q2_mining |
| /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 | Total 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 | 156.94455294117648 |
| /operating_model/cells/downside_2027q3_capex:downside/basis | None | Desk remaining project-spend timing; not company guidance. Downside includes delay/overrun costs. |
| /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 | Cash construction capex |
| /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 | 250.0 |
| /operating_model/cells/downside_2027q3_cash_after_capex:downside/basis | None | Pre-financing, before debt principal, acquisitions and project reserve movements. |
| /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 | -192.90471499999998 |
| /operating_model/cells/downside_2027q3_cash_before_capex:downside/basis | None | Analytical cash economics including mining monetization; not 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_property_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 | 57.09528500000002 |
| /operating_model/cells/downside_2027q3_cash_uses:downside/basis | None | Debt principal, restricted reserves and new financing excluded. |
| /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 | downside_2027q3_corp |
| /operating_model/cells/downside_2027q3_cash_uses:downside/formula/refs/1 | None | quarter_coupon |
| /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 | 114.39875 |
| /operating_model/cells/downside_2027q3_corp:downside/basis | None | Desk recurring cash overhead; excludes noncash stock compensation and valuation changes. |
| /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 | Cash corporate 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 | 28.0 |
| /operating_model/cells/downside_2027q3_hpc_noi:downside/basis | None | Annual NOI scenario times quarterly allocation. |
| /operating_model/cells/downside_2027q3_hpc_noi:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_hpc_noi:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q3_hpc_noi:downside/formula/refs/0 | None | downside_2027_noi |
| /operating_model/cells/downside_2027q3_hpc_noi:downside/formula/refs/1 | None | downside_2027q3_noi_weight |
| /operating_model/cells/downside_2027q3_hpc_noi:downside/id | None | downside_2027q3_hpc_noi |
| /operating_model/cells/downside_2027q3_hpc_noi:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_hpc_noi:downside/label | None | HPC property NOI |
| /operating_model/cells/downside_2027q3_hpc_noi:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_hpc_noi:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_hpc_noi:downside/value | None | 170.12800000000001 |
| /operating_model/cells/downside_2027q3_hpc_revenue:downside/basis | None | NOI divided by assumed property margin; gross-revenue proxy. |
| /operating_model/cells/downside_2027q3_hpc_revenue:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_hpc_revenue:downside/formula/op | None | divide |
| /operating_model/cells/downside_2027q3_hpc_revenue:downside/formula/refs/0 | None | downside_2027q3_hpc_noi |
| /operating_model/cells/downside_2027q3_hpc_revenue:downside/formula/refs/1 | None | downside_2027q3_property_margin |
| /operating_model/cells/downside_2027q3_hpc_revenue:downside/id | None | downside_2027q3_hpc_revenue |
| /operating_model/cells/downside_2027q3_hpc_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_hpc_revenue:downside/label | None | Implied HPC revenue |
| /operating_model/cells/downside_2027q3_hpc_revenue:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_hpc_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_hpc_revenue:downside/value | None | 200.15058823529415 |
| /operating_model/cells/downside_2027q3_mining:downside/basis | None | Reported Q2 revenue times desk mining factor. |
| /operating_model/cells/downside_2027q3_mining:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_mining:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q3_mining:downside/formula/refs/0 | None | h1_q2_mining |
| /operating_model/cells/downside_2027q3_mining:downside/formula/refs/1 | None | downside_2027q3_mining_factor |
| /operating_model/cells/downside_2027q3_mining:downside/id | None | downside_2027q3_mining |
| /operating_model/cells/downside_2027q3_mining:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_mining:downside/label | None | Mining revenue |
| /operating_model/cells/downside_2027q3_mining:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_mining:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_mining:downside/value | None | 13.660350000000001 |
| /operating_model/cells/downside_2027q3_mining_cash:downside/basis | None | Modeled mining cash economics assuming production monetized in the quarter. |
| /operating_model/cells/downside_2027q3_mining_cash:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_mining_cash:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q3_mining_cash:downside/formula/refs/0 | None | downside_2027q3_mining |
| /operating_model/cells/downside_2027q3_mining_cash:downside/formula/refs/1 | None | downside_2027q3_mining_margin |
| /operating_model/cells/downside_2027q3_mining_cash:downside/id | None | downside_2027q3_mining_cash |
| /operating_model/cells/downside_2027q3_mining_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_mining_cash:downside/label | None | Mining cash contribution |
| /operating_model/cells/downside_2027q3_mining_cash:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_mining_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_mining_cash:downside/value | None | 1.366035 |
| /operating_model/cells/downside_2027q3_mining_factor:downside/basis | None | Desk Bitcoin price, hashprice and remaining mining-capacity sensitivity; no unsigned HPC reuse. |
| /operating_model/cells/downside_2027q3_mining_factor:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_mining_factor:downside/id | None | downside_2027q3_mining_factor |
| /operating_model/cells/downside_2027q3_mining_factor:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_mining_factor:downside/label | None | Mining revenue / Q2 baseline |
| /operating_model/cells/downside_2027q3_mining_factor:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_mining_factor:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q3_mining_factor:downside/value | None | 0.55 |
| /operating_model/cells/downside_2027q3_mining_margin:downside/basis | None | Desk cash margin before corporate overhead and financing; not GAAP segment profit. |
| /operating_model/cells/downside_2027q3_mining_margin:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_mining_margin:downside/id | None | downside_2027q3_mining_margin |
| /operating_model/cells/downside_2027q3_mining_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_mining_margin:downside/label | None | Mining cash contribution margin |
| /operating_model/cells/downside_2027q3_mining_margin:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_mining_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q3_mining_margin:downside/value | None | 0.1 |
| /operating_model/cells/downside_2027q3_noi_weight:downside/basis | None | Desk lease-commencement phasing; shares sum to one within each calendar year. |
| /operating_model/cells/downside_2027q3_noi_weight:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_noi_weight:downside/id | None | downside_2027q3_noi_weight |
| /operating_model/cells/downside_2027q3_noi_weight:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_noi_weight:downside/label | None | Share of annual HPC NOI |
| /operating_model/cells/downside_2027q3_noi_weight:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_noi_weight:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q3_noi_weight:downside/value | None | 0.31 |
| /operating_model/cells/downside_2027q3_other:downside/basis | None | Desk net tax, working-capital and interest-income allowance; positive is a cash use. |
| /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 operating 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 | 12.0 |
| /operating_model/cells/downside_2027q3_property_cash:downside/basis | None | Property cash contribution before corporate and financing costs. |
| /operating_model/cells/downside_2027q3_property_cash:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_property_cash:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q3_property_cash:downside/formula/refs/0 | None | downside_2027q3_hpc_noi |
| /operating_model/cells/downside_2027q3_property_cash:downside/formula/refs/1 | None | downside_2027q3_mining_cash |
| /operating_model/cells/downside_2027q3_property_cash:downside/id | None | downside_2027q3_property_cash |
| /operating_model/cells/downside_2027q3_property_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_property_cash:downside/label | None | HPC and mining cash contribution |
| /operating_model/cells/downside_2027q3_property_cash:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_property_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_property_cash:downside/value | None | 171.49403500000003 |
| /operating_model/cells/downside_2027q3_property_margin:downside/basis | None | Assumed property cash margin; not disclosed contract pricing or GAAP margin. |
| /operating_model/cells/downside_2027q3_property_margin:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_property_margin:downside/id | None | downside_2027q3_property_margin |
| /operating_model/cells/downside_2027q3_property_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_property_margin:downside/label | None | NOI / HPC revenue assumption |
| /operating_model/cells/downside_2027q3_property_margin:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_property_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q3_property_margin:downside/value | None | 0.85 |
| /operating_model/cells/downside_2027q3_revenue:downside/basis | None | HPC revenue proxy plus mining revenue. |
| /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_hpc_revenue |
| /operating_model/cells/downside_2027q3_revenue:downside/formula/refs/1 | None | downside_2027q3_mining |
| /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 | Total 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 | 213.81093823529415 |
| /operating_model/cells/downside_2027q4_capex:downside/basis | None | Desk remaining project-spend timing; not company guidance. Downside includes delay/overrun costs. |
| /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 | Cash construction capex |
| /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 | 200.0 |
| /operating_model/cells/downside_2027q4_cash_after_capex:downside/basis | None | Pre-financing, before debt principal, acquisitions and project reserve movements. |
| /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 | -121.0769 |
| /operating_model/cells/downside_2027q4_cash_before_capex:downside/basis | None | Analytical cash economics including mining monetization; not 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_property_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 | 78.9231 |
| /operating_model/cells/downside_2027q4_cash_uses:downside/basis | None | Debt principal, restricted reserves and new financing excluded. |
| /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 | downside_2027q4_corp |
| /operating_model/cells/downside_2027q4_cash_uses:downside/formula/refs/1 | None | quarter_coupon |
| /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 | 114.39875 |
| /operating_model/cells/downside_2027q4_corp:downside/basis | None | Desk recurring cash overhead; excludes noncash stock compensation and valuation changes. |
| /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 | Cash corporate 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 | 28.0 |
| /operating_model/cells/downside_2027q4_hpc_noi:downside/basis | None | Annual NOI scenario times quarterly allocation. |
| /operating_model/cells/downside_2027q4_hpc_noi:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_hpc_noi:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q4_hpc_noi:downside/formula/refs/0 | None | downside_2027_noi |
| /operating_model/cells/downside_2027q4_hpc_noi:downside/formula/refs/1 | None | downside_2027q4_noi_weight |
| /operating_model/cells/downside_2027q4_hpc_noi:downside/id | None | downside_2027q4_hpc_noi |
| /operating_model/cells/downside_2027q4_hpc_noi:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_hpc_noi:downside/label | None | HPC property NOI |
| /operating_model/cells/downside_2027q4_hpc_noi:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_hpc_noi:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_hpc_noi:downside/value | None | 192.08 |
| /operating_model/cells/downside_2027q4_hpc_revenue:downside/basis | None | NOI divided by assumed property margin; gross-revenue proxy. |
| /operating_model/cells/downside_2027q4_hpc_revenue:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_hpc_revenue:downside/formula/op | None | divide |
| /operating_model/cells/downside_2027q4_hpc_revenue:downside/formula/refs/0 | None | downside_2027q4_hpc_noi |
| /operating_model/cells/downside_2027q4_hpc_revenue:downside/formula/refs/1 | None | downside_2027q4_property_margin |
| /operating_model/cells/downside_2027q4_hpc_revenue:downside/id | None | downside_2027q4_hpc_revenue |
| /operating_model/cells/downside_2027q4_hpc_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_hpc_revenue:downside/label | None | Implied HPC revenue |
| /operating_model/cells/downside_2027q4_hpc_revenue:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_hpc_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_hpc_revenue:downside/value | None | 225.97647058823532 |
| /operating_model/cells/downside_2027q4_mining:downside/basis | None | Reported Q2 revenue times desk mining factor. |
| /operating_model/cells/downside_2027q4_mining:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_mining:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q4_mining:downside/formula/refs/0 | None | h1_q2_mining |
| /operating_model/cells/downside_2027q4_mining:downside/formula/refs/1 | None | downside_2027q4_mining_factor |
| /operating_model/cells/downside_2027q4_mining:downside/id | None | downside_2027q4_mining |
| /operating_model/cells/downside_2027q4_mining:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_mining:downside/label | None | Mining revenue |
| /operating_model/cells/downside_2027q4_mining:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_mining:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_mining:downside/value | None | 12.4185 |
| /operating_model/cells/downside_2027q4_mining_cash:downside/basis | None | Modeled mining cash economics assuming production monetized in the quarter. |
| /operating_model/cells/downside_2027q4_mining_cash:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_mining_cash:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q4_mining_cash:downside/formula/refs/0 | None | downside_2027q4_mining |
| /operating_model/cells/downside_2027q4_mining_cash:downside/formula/refs/1 | None | downside_2027q4_mining_margin |
| /operating_model/cells/downside_2027q4_mining_cash:downside/id | None | downside_2027q4_mining_cash |
| /operating_model/cells/downside_2027q4_mining_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_mining_cash:downside/label | None | Mining cash contribution |
| /operating_model/cells/downside_2027q4_mining_cash:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_mining_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_mining_cash:downside/value | None | 1.2418500000000001 |
| /operating_model/cells/downside_2027q4_mining_factor:downside/basis | None | Desk Bitcoin price, hashprice and remaining mining-capacity sensitivity; no unsigned HPC reuse. |
| /operating_model/cells/downside_2027q4_mining_factor:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_mining_factor:downside/id | None | downside_2027q4_mining_factor |
| /operating_model/cells/downside_2027q4_mining_factor:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_mining_factor:downside/label | None | Mining revenue / Q2 baseline |
| /operating_model/cells/downside_2027q4_mining_factor:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_mining_factor:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q4_mining_factor:downside/value | None | 0.5 |
| /operating_model/cells/downside_2027q4_mining_margin:downside/basis | None | Desk cash margin before corporate overhead and financing; not GAAP segment profit. |
| /operating_model/cells/downside_2027q4_mining_margin:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_mining_margin:downside/id | None | downside_2027q4_mining_margin |
| /operating_model/cells/downside_2027q4_mining_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_mining_margin:downside/label | None | Mining cash contribution margin |
| /operating_model/cells/downside_2027q4_mining_margin:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_mining_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q4_mining_margin:downside/value | None | 0.1 |
| /operating_model/cells/downside_2027q4_noi_weight:downside/basis | None | Desk lease-commencement phasing; shares sum to one within each calendar year. |
| /operating_model/cells/downside_2027q4_noi_weight:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_noi_weight:downside/id | None | downside_2027q4_noi_weight |
| /operating_model/cells/downside_2027q4_noi_weight:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_noi_weight:downside/label | None | Share of annual HPC NOI |
| /operating_model/cells/downside_2027q4_noi_weight:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_noi_weight:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q4_noi_weight:downside/value | None | 0.35 |
| /operating_model/cells/downside_2027q4_other:downside/basis | None | Desk net tax, working-capital and interest-income allowance; positive is a cash use. |
| /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 operating 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 | 12.0 |
| /operating_model/cells/downside_2027q4_property_cash:downside/basis | None | Property cash contribution before corporate and financing costs. |
| /operating_model/cells/downside_2027q4_property_cash:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_property_cash:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q4_property_cash:downside/formula/refs/0 | None | downside_2027q4_hpc_noi |
| /operating_model/cells/downside_2027q4_property_cash:downside/formula/refs/1 | None | downside_2027q4_mining_cash |
| /operating_model/cells/downside_2027q4_property_cash:downside/id | None | downside_2027q4_property_cash |
| /operating_model/cells/downside_2027q4_property_cash:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_property_cash:downside/label | None | HPC and mining cash contribution |
| /operating_model/cells/downside_2027q4_property_cash:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_property_cash:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_property_cash:downside/value | None | 193.32185 |
| /operating_model/cells/downside_2027q4_property_margin:downside/basis | None | Assumed property cash margin; not disclosed contract pricing or GAAP margin. |
| /operating_model/cells/downside_2027q4_property_margin:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_property_margin:downside/id | None | downside_2027q4_property_margin |
| /operating_model/cells/downside_2027q4_property_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_property_margin:downside/label | None | NOI / HPC revenue assumption |
| /operating_model/cells/downside_2027q4_property_margin:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_property_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q4_property_margin:downside/value | None | 0.85 |
| /operating_model/cells/downside_2027q4_revenue:downside/basis | None | HPC revenue proxy plus mining revenue. |
| /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_hpc_revenue |
| /operating_model/cells/downside_2027q4_revenue:downside/formula/refs/1 | None | downside_2027q4_mining |
| /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 | Total 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 | 238.3949705882353 |
| /operating_model/cells/downside_fy2026_capex:downside/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /operating_model/cells/downside_fy2026_capex:downside/case | None | downside |
| /operating_model/cells/downside_fy2026_capex:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2026_capex:downside/formula/refs/0 | None | h1_capex |
| /operating_model/cells/downside_fy2026_capex:downside/formula/refs/1 | None | downside_2026q3_capex |
| /operating_model/cells/downside_fy2026_capex:downside/formula/refs/2 | None | downside_2026q4_capex |
| /operating_model/cells/downside_fy2026_capex:downside/id | None | downside_fy2026_capex |
| /operating_model/cells/downside_fy2026_capex:downside/kind | None | derived |
| /operating_model/cells/downside_fy2026_capex:downside/label | None | FY2026 Cash construction capex ($M) |
| /operating_model/cells/downside_fy2026_capex:downside/period | None | FY2026 |
| /operating_model/cells/downside_fy2026_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2026_capex:downside/value | None | 2264.261 |
| /operating_model/cells/downside_fy2026_cash_after_capex:downside/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /operating_model/cells/downside_fy2026_cash_after_capex:downside/case | None | downside |
| /operating_model/cells/downside_fy2026_cash_after_capex:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2026_cash_after_capex:downside/formula/refs/0 | None | h1_cash_after_capex |
| /operating_model/cells/downside_fy2026_cash_after_capex:downside/formula/refs/1 | None | downside_2026q3_cash_after_capex |
| /operating_model/cells/downside_fy2026_cash_after_capex:downside/formula/refs/2 | None | downside_2026q4_cash_after_capex |
| /operating_model/cells/downside_fy2026_cash_after_capex:downside/id | None | downside_fy2026_cash_after_capex |
| /operating_model/cells/downside_fy2026_cash_after_capex:downside/kind | None | derived |
| /operating_model/cells/downside_fy2026_cash_after_capex:downside/label | None | FY2026 Cash after capex proxy ($M) |
| /operating_model/cells/downside_fy2026_cash_after_capex:downside/period | None | FY2026 |
| /operating_model/cells/downside_fy2026_cash_after_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2026_cash_after_capex:downside/value | None | -2445.1619499999997 |
| /operating_model/cells/downside_fy2026_cash_before_capex:downside/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /operating_model/cells/downside_fy2026_cash_before_capex:downside/case | None | downside |
| /operating_model/cells/downside_fy2026_cash_before_capex:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2026_cash_before_capex:downside/formula/refs/0 | None | h1_cash_before_capex |
| /operating_model/cells/downside_fy2026_cash_before_capex:downside/formula/refs/1 | None | downside_2026q3_cash_before_capex |
| /operating_model/cells/downside_fy2026_cash_before_capex:downside/formula/refs/2 | None | downside_2026q4_cash_before_capex |
| /operating_model/cells/downside_fy2026_cash_before_capex:downside/id | None | downside_fy2026_cash_before_capex |
| /operating_model/cells/downside_fy2026_cash_before_capex:downside/kind | None | derived |
| /operating_model/cells/downside_fy2026_cash_before_capex:downside/label | None | FY2026 Cash before capex proxy ($M) |
| /operating_model/cells/downside_fy2026_cash_before_capex:downside/period | None | FY2026 |
| /operating_model/cells/downside_fy2026_cash_before_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2026_cash_before_capex:downside/value | None | -180.90095000000002 |
| /operating_model/cells/downside_fy2026_hpc_noi:downside/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /operating_model/cells/downside_fy2026_hpc_noi:downside/case | None | downside |
| /operating_model/cells/downside_fy2026_hpc_noi:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2026_hpc_noi:downside/formula/refs/0 | None | h1_hpc_noi |
| /operating_model/cells/downside_fy2026_hpc_noi:downside/formula/refs/1 | None | downside_2026q3_hpc_noi |
| /operating_model/cells/downside_fy2026_hpc_noi:downside/formula/refs/2 | None | downside_2026q4_hpc_noi |
| /operating_model/cells/downside_fy2026_hpc_noi:downside/id | None | downside_fy2026_hpc_noi |
| /operating_model/cells/downside_fy2026_hpc_noi:downside/kind | None | derived |
| /operating_model/cells/downside_fy2026_hpc_noi:downside/label | None | FY2026 HPC property NOI ($M) |
| /operating_model/cells/downside_fy2026_hpc_noi:downside/period | None | FY2026 |
| /operating_model/cells/downside_fy2026_hpc_noi:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2026_hpc_noi:downside/value | None | 72.75 |
| /operating_model/cells/downside_fy2026_revenue:downside/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /operating_model/cells/downside_fy2026_revenue:downside/case | None | downside |
| /operating_model/cells/downside_fy2026_revenue:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2026_revenue:downside/formula/refs/0 | None | h1_revenue |
| /operating_model/cells/downside_fy2026_revenue:downside/formula/refs/1 | None | downside_2026q3_revenue |
| /operating_model/cells/downside_fy2026_revenue:downside/formula/refs/2 | None | downside_2026q4_revenue |
| /operating_model/cells/downside_fy2026_revenue:downside/id | None | downside_fy2026_revenue |
| /operating_model/cells/downside_fy2026_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_fy2026_revenue:downside/label | None | FY2026 Revenue ($M) |
| /operating_model/cells/downside_fy2026_revenue:downside/period | None | FY2026 |
| /operating_model/cells/downside_fy2026_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2026_revenue:downside/value | None | 182.51873529411765 |
| /operating_model/cells/downside_fy2027_capex:downside/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /operating_model/cells/downside_fy2027_capex:downside/case | None | downside |
| /operating_model/cells/downside_fy2027_capex:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2027_capex:downside/formula/refs/0 | None | downside_2027q1_capex |
| /operating_model/cells/downside_fy2027_capex:downside/formula/refs/1 | None | downside_2027q2_capex |
| /operating_model/cells/downside_fy2027_capex:downside/formula/refs/2 | None | downside_2027q3_capex |
| /operating_model/cells/downside_fy2027_capex:downside/formula/refs/3 | None | downside_2027q4_capex |
| /operating_model/cells/downside_fy2027_capex:downside/id | None | downside_fy2027_capex |
| /operating_model/cells/downside_fy2027_capex:downside/kind | None | derived |
| /operating_model/cells/downside_fy2027_capex:downside/label | None | FY2027 Cash construction capex ($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 | 1200.0 |
| /operating_model/cells/downside_fy2027_cash_after_capex:downside/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /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 | FY2027 Cash after capex proxy ($M) |
| /operating_model/cells/downside_fy2027_cash_after_capex:downside/period | None | FY2027 |
| /operating_model/cells/downside_fy2027_cash_after_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2027_cash_after_capex:downside/value | None | -1103.08249 |
| /operating_model/cells/downside_fy2027_cash_before_capex:downside/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /operating_model/cells/downside_fy2027_cash_before_capex:downside/case | None | downside |
| /operating_model/cells/downside_fy2027_cash_before_capex:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2027_cash_before_capex:downside/formula/refs/0 | None | downside_2027q1_cash_before_capex |
| /operating_model/cells/downside_fy2027_cash_before_capex:downside/formula/refs/1 | None | downside_2027q2_cash_before_capex |
| /operating_model/cells/downside_fy2027_cash_before_capex:downside/formula/refs/2 | None | downside_2027q3_cash_before_capex |
| /operating_model/cells/downside_fy2027_cash_before_capex:downside/formula/refs/3 | None | downside_2027q4_cash_before_capex |
| /operating_model/cells/downside_fy2027_cash_before_capex:downside/id | None | downside_fy2027_cash_before_capex |
| /operating_model/cells/downside_fy2027_cash_before_capex:downside/kind | None | derived |
| /operating_model/cells/downside_fy2027_cash_before_capex:downside/label | None | FY2027 Cash before capex proxy ($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 | 96.91751000000004 |
| /operating_model/cells/downside_fy2027_hpc_noi:downside/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /operating_model/cells/downside_fy2027_hpc_noi:downside/case | None | downside |
| /operating_model/cells/downside_fy2027_hpc_noi:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2027_hpc_noi:downside/formula/refs/0 | None | downside_2027q1_hpc_noi |
| /operating_model/cells/downside_fy2027_hpc_noi:downside/formula/refs/1 | None | downside_2027q2_hpc_noi |
| /operating_model/cells/downside_fy2027_hpc_noi:downside/formula/refs/2 | None | downside_2027q3_hpc_noi |
| /operating_model/cells/downside_fy2027_hpc_noi:downside/formula/refs/3 | None | downside_2027q4_hpc_noi |
| /operating_model/cells/downside_fy2027_hpc_noi:downside/id | None | downside_fy2027_hpc_noi |
| /operating_model/cells/downside_fy2027_hpc_noi:downside/kind | None | derived |
| /operating_model/cells/downside_fy2027_hpc_noi:downside/label | None | FY2027 HPC property NOI ($M) |
| /operating_model/cells/downside_fy2027_hpc_noi:downside/period | None | FY2027 |
| /operating_model/cells/downside_fy2027_hpc_noi:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2027_hpc_noi:downside/value | None | 548.8000000000001 |
| /operating_model/cells/downside_fy2027_revenue:downside/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /operating_model/cells/downside_fy2027_revenue:downside/case | None | downside |
| /operating_model/cells/downside_fy2027_revenue:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2027_revenue:downside/formula/refs/0 | None | downside_2027q1_revenue |
| /operating_model/cells/downside_fy2027_revenue:downside/formula/refs/1 | None | downside_2027q2_revenue |
| /operating_model/cells/downside_fy2027_revenue:downside/formula/refs/2 | None | downside_2027q3_revenue |
| /operating_model/cells/downside_fy2027_revenue:downside/formula/refs/3 | None | downside_2027q4_revenue |
| /operating_model/cells/downside_fy2027_revenue:downside/id | None | downside_fy2027_revenue |
| /operating_model/cells/downside_fy2027_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_fy2027_revenue:downside/label | None | FY2027 Revenue ($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 | 702.7721588235295 |
| /operating_model/cells/h1_btc_sales:shared/basis | None | Reported consolidated amount, converted from thousands to millions. |
| /operating_model/cells/h1_btc_sales:shared/case | None | shared |
| /operating_model/cells/h1_btc_sales:shared/id | None | h1_btc_sales |
| /operating_model/cells/h1_btc_sales:shared/kind | None | reported |
| /operating_model/cells/h1_btc_sales:shared/label | None | H1 Bitcoin sale proceeds, investing |
| /operating_model/cells/h1_btc_sales:shared/period | None | H1 2026 |
| /operating_model/cells/h1_btc_sales:shared/source_date | None | 2026-08-04 |
| /operating_model/cells/h1_btc_sales:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1819989/000181998926000041/cifr-20260630.htm |
| /operating_model/cells/h1_btc_sales:shared/unit | None | USD_millions |
| /operating_model/cells/h1_btc_sales:shared/value | None | 123.428 |
| /operating_model/cells/h1_capex:shared/basis | None | Reported consolidated amount, converted from thousands to millions. |
| /operating_model/cells/h1_capex:shared/case | None | shared |
| /operating_model/cells/h1_capex:shared/id | None | h1_capex |
| /operating_model/cells/h1_capex:shared/kind | None | reported |
| /operating_model/cells/h1_capex:shared/label | None | H1 cash PP&E purchases |
| /operating_model/cells/h1_capex:shared/period | None | H1 2026 |
| /operating_model/cells/h1_capex:shared/source_date | None | 2026-08-04 |
| /operating_model/cells/h1_capex:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1819989/000181998926000041/cifr-20260630.htm |
| /operating_model/cells/h1_capex:shared/unit | None | USD_millions |
| /operating_model/cells/h1_capex:shared/value | None | 964.261 |
| /operating_model/cells/h1_cash:shared/basis | None | Reported consolidated amount, converted from thousands to millions. |
| /operating_model/cells/h1_cash:shared/case | None | shared |
| /operating_model/cells/h1_cash:shared/id | None | h1_cash |
| /operating_model/cells/h1_cash:shared/kind | None | reported |
| /operating_model/cells/h1_cash:shared/label | None | June unrestricted cash |
| /operating_model/cells/h1_cash:shared/period | None | 2026Q2 |
| /operating_model/cells/h1_cash:shared/source_date | None | 2026-08-04 |
| /operating_model/cells/h1_cash:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1819989/000181998926000041/cifr-20260630.htm |
| /operating_model/cells/h1_cash:shared/unit | None | USD_millions |
| /operating_model/cells/h1_cash:shared/value | None | 831.829 |
| /operating_model/cells/h1_cash_after_capex:shared/basis | None | Analytical cash bridge; Bitcoin sales are investing cash flow. |
| /operating_model/cells/h1_cash_after_capex:shared/case | None | shared |
| /operating_model/cells/h1_cash_after_capex:shared/formula/op | None | subtract |
| /operating_model/cells/h1_cash_after_capex:shared/formula/refs/0 | None | h1_cash_before_capex |
| /operating_model/cells/h1_cash_after_capex:shared/formula/refs/1 | None | h1_capex |
| /operating_model/cells/h1_cash_after_capex:shared/id | None | h1_cash_after_capex |
| /operating_model/cells/h1_cash_after_capex:shared/kind | None | derived |
| /operating_model/cells/h1_cash_after_capex:shared/label | None | H1 cash after PP&E including Bitcoin sales |
| /operating_model/cells/h1_cash_after_capex:shared/period | None | H1 2026 |
| /operating_model/cells/h1_cash_after_capex:shared/unit | None | USD_millions |
| /operating_model/cells/h1_cash_after_capex:shared/value | None | -992.8399999999999 |
| /operating_model/cells/h1_cash_before_capex:shared/basis | None | GAAP CFO plus separately classified Bitcoin-sale proceeds. |
| /operating_model/cells/h1_cash_before_capex:shared/case | None | shared |
| /operating_model/cells/h1_cash_before_capex:shared/formula/op | None | sum |
| /operating_model/cells/h1_cash_before_capex:shared/formula/refs/0 | None | h1_cfo |
| /operating_model/cells/h1_cash_before_capex:shared/formula/refs/1 | None | h1_btc_sales |
| /operating_model/cells/h1_cash_before_capex:shared/id | None | h1_cash_before_capex |
| /operating_model/cells/h1_cash_before_capex:shared/kind | None | derived |
| /operating_model/cells/h1_cash_before_capex:shared/label | None | H1 cash before PP&E including Bitcoin sales |
| /operating_model/cells/h1_cash_before_capex:shared/period | None | H1 2026 |
| /operating_model/cells/h1_cash_before_capex:shared/unit | None | USD_millions |
| /operating_model/cells/h1_cash_before_capex:shared/value | None | -28.579000000000008 |
| /operating_model/cells/h1_cfo:shared/basis | None | Reported consolidated amount, converted from thousands to millions. |
| /operating_model/cells/h1_cfo:shared/case | None | shared |
| /operating_model/cells/h1_cfo:shared/id | None | h1_cfo |
| /operating_model/cells/h1_cfo:shared/kind | None | reported |
| /operating_model/cells/h1_cfo:shared/label | None | H1 GAAP operating cash flow |
| /operating_model/cells/h1_cfo:shared/period | None | H1 2026 |
| /operating_model/cells/h1_cfo:shared/source_date | None | 2026-08-04 |
| /operating_model/cells/h1_cfo:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1819989/000181998926000041/cifr-20260630.htm |
| /operating_model/cells/h1_cfo:shared/unit | None | USD_millions |
| /operating_model/cells/h1_cfo:shared/value | None | -152.007 |
| /operating_model/cells/h1_hpc_noi:shared/basis | None | Desk inference of no HPC NOI before first HPC rent commencement in August; H1 reported revenue was mining. See August business update. |
| /operating_model/cells/h1_hpc_noi:shared/case | None | shared |
| /operating_model/cells/h1_hpc_noi:shared/id | None | h1_hpc_noi |
| /operating_model/cells/h1_hpc_noi:shared/kind | None | assumption |
| /operating_model/cells/h1_hpc_noi:shared/label | None | H1 HPC NOI before first lease commencement |
| /operating_model/cells/h1_hpc_noi:shared/period | None | H1 2026 |
| /operating_model/cells/h1_hpc_noi:shared/source_date | None | 2026-08-04 |
| /operating_model/cells/h1_hpc_noi:shared/source_url | None | https://investors.cipherdigital.com/news-releases/news-release-details/cipher-digital-provides-second-quarter-2026-business-update |
| /operating_model/cells/h1_hpc_noi:shared/unit | None | USD_millions |
| /operating_model/cells/h1_hpc_noi:shared/value | None | 0.0 |
| /operating_model/cells/h1_q2_mining:shared/basis | None | Reported consolidated amount, converted from thousands to millions. |
| /operating_model/cells/h1_q2_mining:shared/case | None | shared |
| /operating_model/cells/h1_q2_mining:shared/id | None | h1_q2_mining |
| /operating_model/cells/h1_q2_mining:shared/kind | None | reported |
| /operating_model/cells/h1_q2_mining:shared/label | None | Q2 mining revenue |
| /operating_model/cells/h1_q2_mining:shared/period | None | 2026Q2 |
| /operating_model/cells/h1_q2_mining:shared/source_date | None | 2026-08-04 |
| /operating_model/cells/h1_q2_mining:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1819989/000181998926000041/cifr-20260630.htm |
| /operating_model/cells/h1_q2_mining:shared/unit | None | USD_millions |
| /operating_model/cells/h1_q2_mining:shared/value | None | 24.837 |
| /operating_model/cells/h1_restricted_current:shared/basis | None | Reported consolidated amount, converted from thousands to millions. |
| /operating_model/cells/h1_restricted_current:shared/case | None | shared |
| /operating_model/cells/h1_restricted_current:shared/id | None | h1_restricted_current |
| /operating_model/cells/h1_restricted_current:shared/kind | None | reported |
| /operating_model/cells/h1_restricted_current:shared/label | None | June current restricted cash |
| /operating_model/cells/h1_restricted_current:shared/period | None | 2026Q2 |
| /operating_model/cells/h1_restricted_current:shared/source_date | None | 2026-08-04 |
| /operating_model/cells/h1_restricted_current:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1819989/000181998926000041/cifr-20260630.htm |
| /operating_model/cells/h1_restricted_current:shared/unit | None | USD_millions |
| /operating_model/cells/h1_restricted_current:shared/value | None | 3188.452 |
| /operating_model/cells/h1_restricted_noncurrent:shared/basis | None | Reported consolidated amount, converted from thousands to millions. |
| /operating_model/cells/h1_restricted_noncurrent:shared/case | None | shared |
| /operating_model/cells/h1_restricted_noncurrent:shared/id | None | h1_restricted_noncurrent |
| /operating_model/cells/h1_restricted_noncurrent:shared/kind | None | reported |
| /operating_model/cells/h1_restricted_noncurrent:shared/label | None | June noncurrent restricted cash |
| /operating_model/cells/h1_restricted_noncurrent:shared/period | None | 2026Q2 |
| /operating_model/cells/h1_restricted_noncurrent:shared/source_date | None | 2026-08-04 |
| /operating_model/cells/h1_restricted_noncurrent:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1819989/000181998926000041/cifr-20260630.htm |
| /operating_model/cells/h1_restricted_noncurrent:shared/unit | None | USD_millions |
| /operating_model/cells/h1_restricted_noncurrent:shared/value | None | 539.506 |
| /operating_model/cells/h1_revenue:shared/basis | None | Reported consolidated amount, converted from thousands to millions. |
| /operating_model/cells/h1_revenue:shared/case | None | shared |
| /operating_model/cells/h1_revenue:shared/id | None | h1_revenue |
| /operating_model/cells/h1_revenue:shared/kind | None | reported |
| /operating_model/cells/h1_revenue:shared/label | None | H1 revenue |
| /operating_model/cells/h1_revenue:shared/period | None | H1 2026 |
| /operating_model/cells/h1_revenue:shared/source_date | None | 2026-08-04 |
| /operating_model/cells/h1_revenue:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1819989/000181998926000041/cifr-20260630.htm |
| /operating_model/cells/h1_revenue:shared/unit | None | USD_millions |
| /operating_model/cells/h1_revenue:shared/value | None | 59.675 |
| /operating_model/cells/noi_schedule_2026:shared/basis | None | Company schedule on presentation slide 4; non-GAAP property NOI, not revenue or a guaranteed payment. |
| /operating_model/cells/noi_schedule_2026:shared/case | None | shared |
| /operating_model/cells/noi_schedule_2026:shared/id | None | noi_schedule_2026 |
| /operating_model/cells/noi_schedule_2026:shared/kind | None | management_guidance |
| /operating_model/cells/noi_schedule_2026:shared/label | None | Company contracted NOI schedule 2026 |
| /operating_model/cells/noi_schedule_2026:shared/period | None | FY2026 |
| /operating_model/cells/noi_schedule_2026:shared/source_date | None | 2026-08-04 |
| /operating_model/cells/noi_schedule_2026:shared/source_url | None | https://investors.cipherdigital.com/static-files/a95634e3-43c8-49b4-ba07-c317ea37355e |
| /operating_model/cells/noi_schedule_2026:shared/unit | None | USD_millions |
| /operating_model/cells/noi_schedule_2026:shared/value | None | 97.0 |
| /operating_model/cells/noi_schedule_2027:shared/basis | None | Company schedule on presentation slide 4; non-GAAP property NOI, not revenue or a guaranteed payment. |
| /operating_model/cells/noi_schedule_2027:shared/case | None | shared |
| /operating_model/cells/noi_schedule_2027:shared/id | None | noi_schedule_2027 |
| /operating_model/cells/noi_schedule_2027:shared/kind | None | management_guidance |
| /operating_model/cells/noi_schedule_2027:shared/label | None | Company contracted NOI schedule 2027 |
| /operating_model/cells/noi_schedule_2027:shared/period | None | FY2027 |
| /operating_model/cells/noi_schedule_2027:shared/source_date | None | 2026-08-04 |
| /operating_model/cells/noi_schedule_2027:shared/source_url | None | https://investors.cipherdigital.com/static-files/a95634e3-43c8-49b4-ba07-c317ea37355e |
| /operating_model/cells/noi_schedule_2027:shared/unit | None | USD_millions |
| /operating_model/cells/noi_schedule_2027:shared/value | None | 686.0 |
| /operating_model/cells/quarter:shared/basis | None | Arithmetic time conversion. |
| /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 | One quarter of a year |
| /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 burden; capex excludes debt principal. |
| /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 | 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 | 74.39875 |
| /operating_model/cells/restricted_cash:shared/basis | None | Current plus noncurrent restricted cash; not available corporate liquidity. |
| /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 | h1_restricted_current |
| /operating_model/cells/restricted_cash:shared/formula/refs/1 | None | h1_restricted_noncurrent |
| /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 | 2026Q2 |
| /operating_model/cells/restricted_cash:shared/unit | None | USD_millions |
| /operating_model/cells/restricted_cash:shared/value | None | 3727.958 |
| /operating_model/cells/stingray_coupon:shared/basis | None | Principal times stated coupon. |
| /operating_model/cells/stingray_coupon:shared/case | None | shared |
| /operating_model/cells/stingray_coupon:shared/formula/op | None | multiply |
| /operating_model/cells/stingray_coupon:shared/formula/refs/0 | None | stingray_principal |
| /operating_model/cells/stingray_coupon:shared/formula/refs/1 | None | stingray_coupon_rate |
| /operating_model/cells/stingray_coupon:shared/id | None | stingray_coupon |
| /operating_model/cells/stingray_coupon:shared/kind | None | derived |
| /operating_model/cells/stingray_coupon:shared/label | None | stingray annual coupon |
| /operating_model/cells/stingray_coupon:shared/period | None | Annual |
| /operating_model/cells/stingray_coupon:shared/unit | None | USD_millions |
| /operating_model/cells/stingray_coupon:shared/value | None | 48.6 |
| /operating_model/cells/stingray_coupon_rate:shared/basis | None | Contractual coupon; excludes financing fees and principal. |
| /operating_model/cells/stingray_coupon_rate:shared/case | None | shared |
| /operating_model/cells/stingray_coupon_rate:shared/id | None | stingray_coupon_rate |
| /operating_model/cells/stingray_coupon_rate:shared/kind | None | reported |
| /operating_model/cells/stingray_coupon_rate:shared/label | None | stingray coupon rate |
| /operating_model/cells/stingray_coupon_rate:shared/period | None | Annual |
| /operating_model/cells/stingray_coupon_rate:shared/source_date | None | 2026-08-04 |
| /operating_model/cells/stingray_coupon_rate:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1819989/000181998926000041/cifr-20260630.htm |
| /operating_model/cells/stingray_coupon_rate:shared/unit | None | ratio |
| /operating_model/cells/stingray_coupon_rate:shared/value | None | 0.06 |
| /operating_model/cells/stingray_principal:shared/basis | None | Debt table principal, not balance-sheet carrying value. |
| /operating_model/cells/stingray_principal:shared/case | None | shared |
| /operating_model/cells/stingray_principal:shared/id | None | stingray_principal |
| /operating_model/cells/stingray_principal:shared/kind | None | reported |
| /operating_model/cells/stingray_principal:shared/label | None | stingray debt principal |
| /operating_model/cells/stingray_principal:shared/period | None | 2026Q2 |
| /operating_model/cells/stingray_principal:shared/source_date | None | 2026-08-04 |
| /operating_model/cells/stingray_principal:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1819989/000181998926000041/cifr-20260630.htm |
| /operating_model/cells/stingray_principal:shared/unit | None | USD_millions |
| /operating_model/cells/stingray_principal:shared/value | None | 810.0 |
| /operating_model/cells/two:shared/basis | None | Arithmetic constant. |
| /operating_model/cells/two:shared/case | None | shared |
| /operating_model/cells/two:shared/id | None | two |
| /operating_model/cells/two:shared/kind | None | assumption |
| /operating_model/cells/two:shared/label | None | Average divisor |
| /operating_model/cells/two:shared/period | None | Model |
| /operating_model/cells/two:shared/unit | None | ratio |
| /operating_model/cells/two:shared/value | None | 2.0 |
| /operating_model/cells/upside_2026_delivery:upside/basis | None | Desk sensitivity to delivery and ramp timing versus company contracted NOI schedule; not added capacity. |
| /operating_model/cells/upside_2026_delivery:upside/case | None | upside |
| /operating_model/cells/upside_2026_delivery:upside/id | None | upside_2026_delivery |
| /operating_model/cells/upside_2026_delivery:upside/kind | None | assumption |
| /operating_model/cells/upside_2026_delivery:upside/label | None | Contracted NOI realization factor |
| /operating_model/cells/upside_2026_delivery:upside/period | None | FY2026 |
| /operating_model/cells/upside_2026_delivery:upside/unit | None | ratio |
| /operating_model/cells/upside_2026_delivery:upside/value | None | 1.05 |
| /operating_model/cells/upside_2026_noi:upside/basis | None | Company reference times desk realization factor. |
| /operating_model/cells/upside_2026_noi:upside/case | None | upside |
| /operating_model/cells/upside_2026_noi:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2026_noi:upside/formula/refs/0 | None | noi_schedule_2026 |
| /operating_model/cells/upside_2026_noi:upside/formula/refs/1 | None | upside_2026_delivery |
| /operating_model/cells/upside_2026_noi:upside/id | None | upside_2026_noi |
| /operating_model/cells/upside_2026_noi:upside/kind | None | derived |
| /operating_model/cells/upside_2026_noi:upside/label | None | Annual scenario HPC NOI |
| /operating_model/cells/upside_2026_noi:upside/period | None | FY2026 |
| /operating_model/cells/upside_2026_noi:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026_noi:upside/value | None | 101.85000000000001 |
| /operating_model/cells/upside_2026q3_capex:upside/basis | None | Desk remaining project-spend timing; not company guidance. Downside includes delay/overrun costs. |
| /operating_model/cells/upside_2026q3_capex:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_capex:upside/id | None | upside_2026q3_capex |
| /operating_model/cells/upside_2026q3_capex:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q3_capex:upside/label | None | Cash construction capex |
| /operating_model/cells/upside_2026q3_capex:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_capex:upside/value | None | 550.0 |
| /operating_model/cells/upside_2026q3_cash_after_capex:upside/basis | None | Pre-financing, before debt principal, acquisitions and project reserve movements. |
| /operating_model/cells/upside_2026q3_cash_after_capex:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_cash_after_capex:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2026q3_cash_after_capex:upside/formula/refs/0 | None | upside_2026q3_cash_before_capex |
| /operating_model/cells/upside_2026q3_cash_after_capex:upside/formula/refs/1 | None | upside_2026q3_capex |
| /operating_model/cells/upside_2026q3_cash_after_capex:upside/id | None | upside_2026q3_cash_after_capex |
| /operating_model/cells/upside_2026q3_cash_after_capex:upside/kind | None | derived |
| /operating_model/cells/upside_2026q3_cash_after_capex:upside/label | None | Cash after capex proxy |
| /operating_model/cells/upside_2026q3_cash_after_capex:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_cash_after_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_cash_after_capex:upside/value | None | -629.25499 |
| /operating_model/cells/upside_2026q3_cash_before_capex:upside/basis | None | Analytical cash economics including mining monetization; not GAAP CFO. |
| /operating_model/cells/upside_2026q3_cash_before_capex:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_cash_before_capex:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2026q3_cash_before_capex:upside/formula/refs/0 | None | upside_2026q3_property_cash |
| /operating_model/cells/upside_2026q3_cash_before_capex:upside/formula/refs/1 | None | upside_2026q3_cash_uses |
| /operating_model/cells/upside_2026q3_cash_before_capex:upside/id | None | upside_2026q3_cash_before_capex |
| /operating_model/cells/upside_2026q3_cash_before_capex:upside/kind | None | derived |
| /operating_model/cells/upside_2026q3_cash_before_capex:upside/label | None | Cash before capex proxy |
| /operating_model/cells/upside_2026q3_cash_before_capex:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_cash_before_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_cash_before_capex:upside/value | None | -79.25499 |
| /operating_model/cells/upside_2026q3_cash_uses:upside/basis | None | Debt principal, restricted reserves and new financing excluded. |
| /operating_model/cells/upside_2026q3_cash_uses:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_cash_uses:upside/formula/op | None | sum |
| /operating_model/cells/upside_2026q3_cash_uses:upside/formula/refs/0 | None | upside_2026q3_corp |
| /operating_model/cells/upside_2026q3_cash_uses:upside/formula/refs/1 | None | quarter_coupon |
| /operating_model/cells/upside_2026q3_cash_uses:upside/formula/refs/2 | None | upside_2026q3_other |
| /operating_model/cells/upside_2026q3_cash_uses:upside/id | None | upside_2026q3_cash_uses |
| /operating_model/cells/upside_2026q3_cash_uses:upside/kind | None | derived |
| /operating_model/cells/upside_2026q3_cash_uses:upside/label | None | Corporate, coupon and other cash uses |
| /operating_model/cells/upside_2026q3_cash_uses:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_cash_uses:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_cash_uses:upside/value | None | 103.39875 |
| /operating_model/cells/upside_2026q3_corp:upside/basis | None | Desk recurring cash overhead; excludes noncash stock compensation and valuation changes. |
| /operating_model/cells/upside_2026q3_corp:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_corp:upside/id | None | upside_2026q3_corp |
| /operating_model/cells/upside_2026q3_corp:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q3_corp:upside/label | None | Cash corporate overhead |
| /operating_model/cells/upside_2026q3_corp:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_corp:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_corp:upside/value | None | 24.0 |
| /operating_model/cells/upside_2026q3_hpc_noi:upside/basis | None | Annual NOI scenario times quarterly allocation. |
| /operating_model/cells/upside_2026q3_hpc_noi:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_hpc_noi:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2026q3_hpc_noi:upside/formula/refs/0 | None | upside_2026_noi |
| /operating_model/cells/upside_2026q3_hpc_noi:upside/formula/refs/1 | None | upside_2026q3_noi_weight |
| /operating_model/cells/upside_2026q3_hpc_noi:upside/id | None | upside_2026q3_hpc_noi |
| /operating_model/cells/upside_2026q3_hpc_noi:upside/kind | None | derived |
| /operating_model/cells/upside_2026q3_hpc_noi:upside/label | None | HPC property NOI |
| /operating_model/cells/upside_2026q3_hpc_noi:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_hpc_noi:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_hpc_noi:upside/value | None | 12.222000000000001 |
| /operating_model/cells/upside_2026q3_hpc_revenue:upside/basis | None | NOI divided by assumed property margin; gross-revenue proxy. |
| /operating_model/cells/upside_2026q3_hpc_revenue:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_hpc_revenue:upside/formula/op | None | divide |
| /operating_model/cells/upside_2026q3_hpc_revenue:upside/formula/refs/0 | None | upside_2026q3_hpc_noi |
| /operating_model/cells/upside_2026q3_hpc_revenue:upside/formula/refs/1 | None | upside_2026q3_property_margin |
| /operating_model/cells/upside_2026q3_hpc_revenue:upside/id | None | upside_2026q3_hpc_revenue |
| /operating_model/cells/upside_2026q3_hpc_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_2026q3_hpc_revenue:upside/label | None | Implied HPC revenue |
| /operating_model/cells/upside_2026q3_hpc_revenue:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_hpc_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_hpc_revenue:upside/value | None | 13.284782608695654 |
| /operating_model/cells/upside_2026q3_mining:upside/basis | None | Reported Q2 revenue times desk mining factor. |
| /operating_model/cells/upside_2026q3_mining:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_mining:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2026q3_mining:upside/formula/refs/0 | None | h1_q2_mining |
| /operating_model/cells/upside_2026q3_mining:upside/formula/refs/1 | None | upside_2026q3_mining_factor |
| /operating_model/cells/upside_2026q3_mining:upside/id | None | upside_2026q3_mining |
| /operating_model/cells/upside_2026q3_mining:upside/kind | None | derived |
| /operating_model/cells/upside_2026q3_mining:upside/label | None | Mining revenue |
| /operating_model/cells/upside_2026q3_mining:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_mining:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_mining:upside/value | None | 29.804399999999998 |
| /operating_model/cells/upside_2026q3_mining_cash:upside/basis | None | Modeled mining cash economics assuming production monetized in the quarter. |
| /operating_model/cells/upside_2026q3_mining_cash:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_mining_cash:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2026q3_mining_cash:upside/formula/refs/0 | None | upside_2026q3_mining |
| /operating_model/cells/upside_2026q3_mining_cash:upside/formula/refs/1 | None | upside_2026q3_mining_margin |
| /operating_model/cells/upside_2026q3_mining_cash:upside/id | None | upside_2026q3_mining_cash |
| /operating_model/cells/upside_2026q3_mining_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2026q3_mining_cash:upside/label | None | Mining cash contribution |
| /operating_model/cells/upside_2026q3_mining_cash:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_mining_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_mining_cash:upside/value | None | 11.921759999999999 |
| /operating_model/cells/upside_2026q3_mining_factor:upside/basis | None | Desk Bitcoin price, hashprice and remaining mining-capacity sensitivity; no unsigned HPC reuse. |
| /operating_model/cells/upside_2026q3_mining_factor:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_mining_factor:upside/id | None | upside_2026q3_mining_factor |
| /operating_model/cells/upside_2026q3_mining_factor:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q3_mining_factor:upside/label | None | Mining revenue / Q2 baseline |
| /operating_model/cells/upside_2026q3_mining_factor:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_mining_factor:upside/unit | None | ratio |
| /operating_model/cells/upside_2026q3_mining_factor:upside/value | None | 1.2 |
| /operating_model/cells/upside_2026q3_mining_margin:upside/basis | None | Desk cash margin before corporate overhead and financing; not GAAP segment profit. |
| /operating_model/cells/upside_2026q3_mining_margin:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_mining_margin:upside/id | None | upside_2026q3_mining_margin |
| /operating_model/cells/upside_2026q3_mining_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q3_mining_margin:upside/label | None | Mining cash contribution margin |
| /operating_model/cells/upside_2026q3_mining_margin:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_mining_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2026q3_mining_margin:upside/value | None | 0.4 |
| /operating_model/cells/upside_2026q3_noi_weight:upside/basis | None | Desk lease-commencement phasing; shares sum to one within each calendar year. |
| /operating_model/cells/upside_2026q3_noi_weight:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_noi_weight:upside/id | None | upside_2026q3_noi_weight |
| /operating_model/cells/upside_2026q3_noi_weight:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q3_noi_weight:upside/label | None | Share of annual HPC NOI |
| /operating_model/cells/upside_2026q3_noi_weight:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_noi_weight:upside/unit | None | ratio |
| /operating_model/cells/upside_2026q3_noi_weight:upside/value | None | 0.12 |
| /operating_model/cells/upside_2026q3_other:upside/basis | None | Desk net tax, working-capital and interest-income allowance; positive is a cash use. |
| /operating_model/cells/upside_2026q3_other:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_other:upside/id | None | upside_2026q3_other |
| /operating_model/cells/upside_2026q3_other:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q3_other:upside/label | None | Other net operating cash uses |
| /operating_model/cells/upside_2026q3_other:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_other:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_other:upside/value | None | 5.0 |
| /operating_model/cells/upside_2026q3_property_cash:upside/basis | None | Property cash contribution before corporate and financing costs. |
| /operating_model/cells/upside_2026q3_property_cash:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_property_cash:upside/formula/op | None | sum |
| /operating_model/cells/upside_2026q3_property_cash:upside/formula/refs/0 | None | upside_2026q3_hpc_noi |
| /operating_model/cells/upside_2026q3_property_cash:upside/formula/refs/1 | None | upside_2026q3_mining_cash |
| /operating_model/cells/upside_2026q3_property_cash:upside/id | None | upside_2026q3_property_cash |
| /operating_model/cells/upside_2026q3_property_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2026q3_property_cash:upside/label | None | HPC and mining cash contribution |
| /operating_model/cells/upside_2026q3_property_cash:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_property_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_property_cash:upside/value | None | 24.14376 |
| /operating_model/cells/upside_2026q3_property_margin:upside/basis | None | Assumed property cash margin; not disclosed contract pricing or GAAP margin. |
| /operating_model/cells/upside_2026q3_property_margin:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_property_margin:upside/id | None | upside_2026q3_property_margin |
| /operating_model/cells/upside_2026q3_property_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q3_property_margin:upside/label | None | NOI / HPC revenue assumption |
| /operating_model/cells/upside_2026q3_property_margin:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_property_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2026q3_property_margin:upside/value | None | 0.92 |
| /operating_model/cells/upside_2026q3_revenue:upside/basis | None | HPC revenue proxy plus mining revenue. |
| /operating_model/cells/upside_2026q3_revenue:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_revenue:upside/formula/op | None | sum |
| /operating_model/cells/upside_2026q3_revenue:upside/formula/refs/0 | None | upside_2026q3_hpc_revenue |
| /operating_model/cells/upside_2026q3_revenue:upside/formula/refs/1 | None | upside_2026q3_mining |
| /operating_model/cells/upside_2026q3_revenue:upside/id | None | upside_2026q3_revenue |
| /operating_model/cells/upside_2026q3_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_2026q3_revenue:upside/label | None | Total revenue |
| /operating_model/cells/upside_2026q3_revenue:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_revenue:upside/value | None | 43.08918260869565 |
| /operating_model/cells/upside_2026q4_capex:upside/basis | None | Desk remaining project-spend timing; not company guidance. Downside includes delay/overrun costs. |
| /operating_model/cells/upside_2026q4_capex:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_capex:upside/id | None | upside_2026q4_capex |
| /operating_model/cells/upside_2026q4_capex:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q4_capex:upside/label | None | Cash construction capex |
| /operating_model/cells/upside_2026q4_capex:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_capex:upside/value | None | 550.0 |
| /operating_model/cells/upside_2026q4_cash_after_capex:upside/basis | None | Pre-financing, before debt principal, acquisitions and project reserve movements. |
| /operating_model/cells/upside_2026q4_cash_after_capex:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_cash_after_capex:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2026q4_cash_after_capex:upside/formula/refs/0 | None | upside_2026q4_cash_before_capex |
| /operating_model/cells/upside_2026q4_cash_after_capex:upside/formula/refs/1 | None | upside_2026q4_capex |
| /operating_model/cells/upside_2026q4_cash_after_capex:upside/id | None | upside_2026q4_cash_after_capex |
| /operating_model/cells/upside_2026q4_cash_after_capex:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_cash_after_capex:upside/label | None | Cash after capex proxy |
| /operating_model/cells/upside_2026q4_cash_after_capex:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_cash_after_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_cash_after_capex:upside/value | None | -551.84899 |
| /operating_model/cells/upside_2026q4_cash_before_capex:upside/basis | None | Analytical cash economics including mining monetization; not GAAP CFO. |
| /operating_model/cells/upside_2026q4_cash_before_capex:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_cash_before_capex:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2026q4_cash_before_capex:upside/formula/refs/0 | None | upside_2026q4_property_cash |
| /operating_model/cells/upside_2026q4_cash_before_capex:upside/formula/refs/1 | None | upside_2026q4_cash_uses |
| /operating_model/cells/upside_2026q4_cash_before_capex:upside/id | None | upside_2026q4_cash_before_capex |
| /operating_model/cells/upside_2026q4_cash_before_capex:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_cash_before_capex:upside/label | None | Cash before capex proxy |
| /operating_model/cells/upside_2026q4_cash_before_capex:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_cash_before_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_cash_before_capex:upside/value | None | -1.8489899999999864 |
| /operating_model/cells/upside_2026q4_cash_uses:upside/basis | None | Debt principal, restricted reserves and new financing excluded. |
| /operating_model/cells/upside_2026q4_cash_uses:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_cash_uses:upside/formula/op | None | sum |
| /operating_model/cells/upside_2026q4_cash_uses:upside/formula/refs/0 | None | upside_2026q4_corp |
| /operating_model/cells/upside_2026q4_cash_uses:upside/formula/refs/1 | None | quarter_coupon |
| /operating_model/cells/upside_2026q4_cash_uses:upside/formula/refs/2 | None | upside_2026q4_other |
| /operating_model/cells/upside_2026q4_cash_uses:upside/id | None | upside_2026q4_cash_uses |
| /operating_model/cells/upside_2026q4_cash_uses:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_cash_uses:upside/label | None | Corporate, coupon and other cash uses |
| /operating_model/cells/upside_2026q4_cash_uses:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_cash_uses:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_cash_uses:upside/value | None | 103.39875 |
| /operating_model/cells/upside_2026q4_corp:upside/basis | None | Desk recurring cash overhead; excludes noncash stock compensation and valuation changes. |
| /operating_model/cells/upside_2026q4_corp:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_corp:upside/id | None | upside_2026q4_corp |
| /operating_model/cells/upside_2026q4_corp:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q4_corp:upside/label | None | Cash corporate overhead |
| /operating_model/cells/upside_2026q4_corp:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_corp:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_corp:upside/value | None | 24.0 |
| /operating_model/cells/upside_2026q4_hpc_noi:upside/basis | None | Annual NOI scenario times quarterly allocation. |
| /operating_model/cells/upside_2026q4_hpc_noi:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_hpc_noi:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2026q4_hpc_noi:upside/formula/refs/0 | None | upside_2026_noi |
| /operating_model/cells/upside_2026q4_hpc_noi:upside/formula/refs/1 | None | upside_2026q4_noi_weight |
| /operating_model/cells/upside_2026q4_hpc_noi:upside/id | None | upside_2026q4_hpc_noi |
| /operating_model/cells/upside_2026q4_hpc_noi:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_hpc_noi:upside/label | None | HPC property NOI |
| /operating_model/cells/upside_2026q4_hpc_noi:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_hpc_noi:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_hpc_noi:upside/value | None | 89.62800000000001 |
| /operating_model/cells/upside_2026q4_hpc_revenue:upside/basis | None | NOI divided by assumed property margin; gross-revenue proxy. |
| /operating_model/cells/upside_2026q4_hpc_revenue:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_hpc_revenue:upside/formula/op | None | divide |
| /operating_model/cells/upside_2026q4_hpc_revenue:upside/formula/refs/0 | None | upside_2026q4_hpc_noi |
| /operating_model/cells/upside_2026q4_hpc_revenue:upside/formula/refs/1 | None | upside_2026q4_property_margin |
| /operating_model/cells/upside_2026q4_hpc_revenue:upside/id | None | upside_2026q4_hpc_revenue |
| /operating_model/cells/upside_2026q4_hpc_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_hpc_revenue:upside/label | None | Implied HPC revenue |
| /operating_model/cells/upside_2026q4_hpc_revenue:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_hpc_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_hpc_revenue:upside/value | None | 97.42173913043479 |
| /operating_model/cells/upside_2026q4_mining:upside/basis | None | Reported Q2 revenue times desk mining factor. |
| /operating_model/cells/upside_2026q4_mining:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_mining:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2026q4_mining:upside/formula/refs/0 | None | h1_q2_mining |
| /operating_model/cells/upside_2026q4_mining:upside/formula/refs/1 | None | upside_2026q4_mining_factor |
| /operating_model/cells/upside_2026q4_mining:upside/id | None | upside_2026q4_mining |
| /operating_model/cells/upside_2026q4_mining:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_mining:upside/label | None | Mining revenue |
| /operating_model/cells/upside_2026q4_mining:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_mining:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_mining:upside/value | None | 29.804399999999998 |
| /operating_model/cells/upside_2026q4_mining_cash:upside/basis | None | Modeled mining cash economics assuming production monetized in the quarter. |
| /operating_model/cells/upside_2026q4_mining_cash:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_mining_cash:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2026q4_mining_cash:upside/formula/refs/0 | None | upside_2026q4_mining |
| /operating_model/cells/upside_2026q4_mining_cash:upside/formula/refs/1 | None | upside_2026q4_mining_margin |
| /operating_model/cells/upside_2026q4_mining_cash:upside/id | None | upside_2026q4_mining_cash |
| /operating_model/cells/upside_2026q4_mining_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_mining_cash:upside/label | None | Mining cash contribution |
| /operating_model/cells/upside_2026q4_mining_cash:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_mining_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_mining_cash:upside/value | None | 11.921759999999999 |
| /operating_model/cells/upside_2026q4_mining_factor:upside/basis | None | Desk Bitcoin price, hashprice and remaining mining-capacity sensitivity; no unsigned HPC reuse. |
| /operating_model/cells/upside_2026q4_mining_factor:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_mining_factor:upside/id | None | upside_2026q4_mining_factor |
| /operating_model/cells/upside_2026q4_mining_factor:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q4_mining_factor:upside/label | None | Mining revenue / Q2 baseline |
| /operating_model/cells/upside_2026q4_mining_factor:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_mining_factor:upside/unit | None | ratio |
| /operating_model/cells/upside_2026q4_mining_factor:upside/value | None | 1.2 |
| /operating_model/cells/upside_2026q4_mining_margin:upside/basis | None | Desk cash margin before corporate overhead and financing; not GAAP segment profit. |
| /operating_model/cells/upside_2026q4_mining_margin:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_mining_margin:upside/id | None | upside_2026q4_mining_margin |
| /operating_model/cells/upside_2026q4_mining_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q4_mining_margin:upside/label | None | Mining cash contribution margin |
| /operating_model/cells/upside_2026q4_mining_margin:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_mining_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2026q4_mining_margin:upside/value | None | 0.4 |
| /operating_model/cells/upside_2026q4_noi_weight:upside/basis | None | Desk lease-commencement phasing; shares sum to one within each calendar year. |
| /operating_model/cells/upside_2026q4_noi_weight:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_noi_weight:upside/id | None | upside_2026q4_noi_weight |
| /operating_model/cells/upside_2026q4_noi_weight:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q4_noi_weight:upside/label | None | Share of annual HPC NOI |
| /operating_model/cells/upside_2026q4_noi_weight:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_noi_weight:upside/unit | None | ratio |
| /operating_model/cells/upside_2026q4_noi_weight:upside/value | None | 0.88 |
| /operating_model/cells/upside_2026q4_other:upside/basis | None | Desk net tax, working-capital and interest-income allowance; positive is a cash use. |
| /operating_model/cells/upside_2026q4_other:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_other:upside/id | None | upside_2026q4_other |
| /operating_model/cells/upside_2026q4_other:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q4_other:upside/label | None | Other net operating cash uses |
| /operating_model/cells/upside_2026q4_other:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_other:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_other:upside/value | None | 5.0 |
| /operating_model/cells/upside_2026q4_property_cash:upside/basis | None | Property cash contribution before corporate and financing costs. |
| /operating_model/cells/upside_2026q4_property_cash:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_property_cash:upside/formula/op | None | sum |
| /operating_model/cells/upside_2026q4_property_cash:upside/formula/refs/0 | None | upside_2026q4_hpc_noi |
| /operating_model/cells/upside_2026q4_property_cash:upside/formula/refs/1 | None | upside_2026q4_mining_cash |
| /operating_model/cells/upside_2026q4_property_cash:upside/id | None | upside_2026q4_property_cash |
| /operating_model/cells/upside_2026q4_property_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_property_cash:upside/label | None | HPC and mining cash contribution |
| /operating_model/cells/upside_2026q4_property_cash:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_property_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_property_cash:upside/value | None | 101.54976000000002 |
| /operating_model/cells/upside_2026q4_property_margin:upside/basis | None | Assumed property cash margin; not disclosed contract pricing or GAAP margin. |
| /operating_model/cells/upside_2026q4_property_margin:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_property_margin:upside/id | None | upside_2026q4_property_margin |
| /operating_model/cells/upside_2026q4_property_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q4_property_margin:upside/label | None | NOI / HPC revenue assumption |
| /operating_model/cells/upside_2026q4_property_margin:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_property_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2026q4_property_margin:upside/value | None | 0.92 |
| /operating_model/cells/upside_2026q4_revenue:upside/basis | None | HPC revenue proxy plus mining revenue. |
| /operating_model/cells/upside_2026q4_revenue:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_revenue:upside/formula/op | None | sum |
| /operating_model/cells/upside_2026q4_revenue:upside/formula/refs/0 | None | upside_2026q4_hpc_revenue |
| /operating_model/cells/upside_2026q4_revenue:upside/formula/refs/1 | None | upside_2026q4_mining |
| /operating_model/cells/upside_2026q4_revenue:upside/id | None | upside_2026q4_revenue |
| /operating_model/cells/upside_2026q4_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_revenue:upside/label | None | Total revenue |
| /operating_model/cells/upside_2026q4_revenue:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_revenue:upside/value | None | 127.22613913043479 |
| /operating_model/cells/upside_2027_delivery:upside/basis | None | Desk sensitivity to delivery and ramp timing versus company contracted NOI schedule; not added capacity. |
| /operating_model/cells/upside_2027_delivery:upside/case | None | upside |
| /operating_model/cells/upside_2027_delivery:upside/id | None | upside_2027_delivery |
| /operating_model/cells/upside_2027_delivery:upside/kind | None | assumption |
| /operating_model/cells/upside_2027_delivery:upside/label | None | Contracted NOI realization factor |
| /operating_model/cells/upside_2027_delivery:upside/period | None | FY2027 |
| /operating_model/cells/upside_2027_delivery:upside/unit | None | ratio |
| /operating_model/cells/upside_2027_delivery:upside/value | None | 1.03 |
| /operating_model/cells/upside_2027_noi:upside/basis | None | Company reference times desk realization factor. |
| /operating_model/cells/upside_2027_noi:upside/case | None | upside |
| /operating_model/cells/upside_2027_noi:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027_noi:upside/formula/refs/0 | None | noi_schedule_2027 |
| /operating_model/cells/upside_2027_noi:upside/formula/refs/1 | None | upside_2027_delivery |
| /operating_model/cells/upside_2027_noi:upside/id | None | upside_2027_noi |
| /operating_model/cells/upside_2027_noi:upside/kind | None | derived |
| /operating_model/cells/upside_2027_noi:upside/label | None | Annual scenario HPC NOI |
| /operating_model/cells/upside_2027_noi:upside/period | None | FY2027 |
| /operating_model/cells/upside_2027_noi:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027_noi:upside/value | None | 706.58 |
| /operating_model/cells/upside_2027q1_capex:upside/basis | None | Desk remaining project-spend timing; not company guidance. Downside includes delay/overrun costs. |
| /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 | Cash construction capex |
| /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 | 300.0 |
| /operating_model/cells/upside_2027q1_cash_after_capex:upside/basis | None | Pre-financing, before debt principal, acquisitions and project reserve movements. |
| /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 | -250.65773000000002 |
| /operating_model/cells/upside_2027q1_cash_before_capex:upside/basis | None | Analytical cash economics including mining monetization; not 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_property_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 | 49.342269999999985 |
| /operating_model/cells/upside_2027q1_cash_uses:upside/basis | None | Debt principal, restricted reserves and new financing excluded. |
| /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 | upside_2027q1_corp |
| /operating_model/cells/upside_2027q1_cash_uses:upside/formula/refs/1 | None | quarter_coupon |
| /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 | 103.39875 |
| /operating_model/cells/upside_2027q1_corp:upside/basis | None | Desk recurring cash overhead; excludes noncash stock compensation and valuation changes. |
| /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 | Cash corporate 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 | 24.0 |
| /operating_model/cells/upside_2027q1_hpc_noi:upside/basis | None | Annual NOI scenario times quarterly allocation. |
| /operating_model/cells/upside_2027q1_hpc_noi:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_hpc_noi:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q1_hpc_noi:upside/formula/refs/0 | None | upside_2027_noi |
| /operating_model/cells/upside_2027q1_hpc_noi:upside/formula/refs/1 | None | upside_2027q1_noi_weight |
| /operating_model/cells/upside_2027q1_hpc_noi:upside/id | None | upside_2027q1_hpc_noi |
| /operating_model/cells/upside_2027q1_hpc_noi:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_hpc_noi:upside/label | None | HPC property NOI |
| /operating_model/cells/upside_2027q1_hpc_noi:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_hpc_noi:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_hpc_noi:upside/value | None | 141.316 |
| /operating_model/cells/upside_2027q1_hpc_revenue:upside/basis | None | NOI divided by assumed property margin; gross-revenue proxy. |
| /operating_model/cells/upside_2027q1_hpc_revenue:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_hpc_revenue:upside/formula/op | None | divide |
| /operating_model/cells/upside_2027q1_hpc_revenue:upside/formula/refs/0 | None | upside_2027q1_hpc_noi |
| /operating_model/cells/upside_2027q1_hpc_revenue:upside/formula/refs/1 | None | upside_2027q1_property_margin |
| /operating_model/cells/upside_2027q1_hpc_revenue:upside/id | None | upside_2027q1_hpc_revenue |
| /operating_model/cells/upside_2027q1_hpc_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_hpc_revenue:upside/label | None | Implied HPC revenue |
| /operating_model/cells/upside_2027q1_hpc_revenue:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_hpc_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_hpc_revenue:upside/value | None | 153.60434782608695 |
| /operating_model/cells/upside_2027q1_mining:upside/basis | None | Reported Q2 revenue times desk mining factor. |
| /operating_model/cells/upside_2027q1_mining:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_mining:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q1_mining:upside/formula/refs/0 | None | h1_q2_mining |
| /operating_model/cells/upside_2027q1_mining:upside/formula/refs/1 | None | upside_2027q1_mining_factor |
| /operating_model/cells/upside_2027q1_mining:upside/id | None | upside_2027q1_mining |
| /operating_model/cells/upside_2027q1_mining:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_mining:upside/label | None | Mining revenue |
| /operating_model/cells/upside_2027q1_mining:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_mining:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_mining:upside/value | None | 28.562549999999998 |
| /operating_model/cells/upside_2027q1_mining_cash:upside/basis | None | Modeled mining cash economics assuming production monetized in the quarter. |
| /operating_model/cells/upside_2027q1_mining_cash:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_mining_cash:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q1_mining_cash:upside/formula/refs/0 | None | upside_2027q1_mining |
| /operating_model/cells/upside_2027q1_mining_cash:upside/formula/refs/1 | None | upside_2027q1_mining_margin |
| /operating_model/cells/upside_2027q1_mining_cash:upside/id | None | upside_2027q1_mining_cash |
| /operating_model/cells/upside_2027q1_mining_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_mining_cash:upside/label | None | Mining cash contribution |
| /operating_model/cells/upside_2027q1_mining_cash:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_mining_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_mining_cash:upside/value | None | 11.42502 |
| /operating_model/cells/upside_2027q1_mining_factor:upside/basis | None | Desk Bitcoin price, hashprice and remaining mining-capacity sensitivity; no unsigned HPC reuse. |
| /operating_model/cells/upside_2027q1_mining_factor:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_mining_factor:upside/id | None | upside_2027q1_mining_factor |
| /operating_model/cells/upside_2027q1_mining_factor:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_mining_factor:upside/label | None | Mining revenue / Q2 baseline |
| /operating_model/cells/upside_2027q1_mining_factor:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_mining_factor:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q1_mining_factor:upside/value | None | 1.15 |
| /operating_model/cells/upside_2027q1_mining_margin:upside/basis | None | Desk cash margin before corporate overhead and financing; not GAAP segment profit. |
| /operating_model/cells/upside_2027q1_mining_margin:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_mining_margin:upside/id | None | upside_2027q1_mining_margin |
| /operating_model/cells/upside_2027q1_mining_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_mining_margin:upside/label | None | Mining cash contribution margin |
| /operating_model/cells/upside_2027q1_mining_margin:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_mining_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q1_mining_margin:upside/value | None | 0.4 |
| /operating_model/cells/upside_2027q1_noi_weight:upside/basis | None | Desk lease-commencement phasing; shares sum to one within each calendar year. |
| /operating_model/cells/upside_2027q1_noi_weight:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_noi_weight:upside/id | None | upside_2027q1_noi_weight |
| /operating_model/cells/upside_2027q1_noi_weight:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_noi_weight:upside/label | None | Share of annual HPC NOI |
| /operating_model/cells/upside_2027q1_noi_weight:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_noi_weight:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q1_noi_weight:upside/value | None | 0.2 |
| /operating_model/cells/upside_2027q1_other:upside/basis | None | Desk net tax, working-capital and interest-income allowance; positive is a cash use. |
| /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 operating 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 | 5.0 |
| /operating_model/cells/upside_2027q1_property_cash:upside/basis | None | Property cash contribution before corporate and financing costs. |
| /operating_model/cells/upside_2027q1_property_cash:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_property_cash:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q1_property_cash:upside/formula/refs/0 | None | upside_2027q1_hpc_noi |
| /operating_model/cells/upside_2027q1_property_cash:upside/formula/refs/1 | None | upside_2027q1_mining_cash |
| /operating_model/cells/upside_2027q1_property_cash:upside/id | None | upside_2027q1_property_cash |
| /operating_model/cells/upside_2027q1_property_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_property_cash:upside/label | None | HPC and mining cash contribution |
| /operating_model/cells/upside_2027q1_property_cash:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_property_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_property_cash:upside/value | None | 152.74102 |
| /operating_model/cells/upside_2027q1_property_margin:upside/basis | None | Assumed property cash margin; not disclosed contract pricing or GAAP margin. |
| /operating_model/cells/upside_2027q1_property_margin:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_property_margin:upside/id | None | upside_2027q1_property_margin |
| /operating_model/cells/upside_2027q1_property_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_property_margin:upside/label | None | NOI / HPC revenue assumption |
| /operating_model/cells/upside_2027q1_property_margin:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_property_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q1_property_margin:upside/value | None | 0.92 |
| /operating_model/cells/upside_2027q1_revenue:upside/basis | None | HPC revenue proxy plus mining revenue. |
| /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_hpc_revenue |
| /operating_model/cells/upside_2027q1_revenue:upside/formula/refs/1 | None | upside_2027q1_mining |
| /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 | Total 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 | 182.16689782608694 |
| /operating_model/cells/upside_2027q2_capex:upside/basis | None | Desk remaining project-spend timing; not company guidance. Downside includes delay/overrun costs. |
| /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 | Cash construction capex |
| /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 | 250.0 |
| /operating_model/cells/upside_2027q2_cash_after_capex:upside/basis | None | Pre-financing, before debt principal, acquisitions and project reserve movements. |
| /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 | -172.89127 |
| /operating_model/cells/upside_2027q2_cash_before_capex:upside/basis | None | Analytical cash economics including mining monetization; not 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_property_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 | 77.10873000000001 |
| /operating_model/cells/upside_2027q2_cash_uses:upside/basis | None | Debt principal, restricted reserves and new financing excluded. |
| /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 | upside_2027q2_corp |
| /operating_model/cells/upside_2027q2_cash_uses:upside/formula/refs/1 | None | quarter_coupon |
| /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 | 103.39875 |
| /operating_model/cells/upside_2027q2_corp:upside/basis | None | Desk recurring cash overhead; excludes noncash stock compensation and valuation changes. |
| /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 | Cash corporate 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 | 24.0 |
| /operating_model/cells/upside_2027q2_hpc_noi:upside/basis | None | Annual NOI scenario times quarterly allocation. |
| /operating_model/cells/upside_2027q2_hpc_noi:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_hpc_noi:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q2_hpc_noi:upside/formula/refs/0 | None | upside_2027_noi |
| /operating_model/cells/upside_2027q2_hpc_noi:upside/formula/refs/1 | None | upside_2027q2_noi_weight |
| /operating_model/cells/upside_2027q2_hpc_noi:upside/id | None | upside_2027q2_hpc_noi |
| /operating_model/cells/upside_2027q2_hpc_noi:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_hpc_noi:upside/label | None | HPC property NOI |
| /operating_model/cells/upside_2027q2_hpc_noi:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_hpc_noi:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_hpc_noi:upside/value | None | 169.57920000000001 |
| /operating_model/cells/upside_2027q2_hpc_revenue:upside/basis | None | NOI divided by assumed property margin; gross-revenue proxy. |
| /operating_model/cells/upside_2027q2_hpc_revenue:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_hpc_revenue:upside/formula/op | None | divide |
| /operating_model/cells/upside_2027q2_hpc_revenue:upside/formula/refs/0 | None | upside_2027q2_hpc_noi |
| /operating_model/cells/upside_2027q2_hpc_revenue:upside/formula/refs/1 | None | upside_2027q2_property_margin |
| /operating_model/cells/upside_2027q2_hpc_revenue:upside/id | None | upside_2027q2_hpc_revenue |
| /operating_model/cells/upside_2027q2_hpc_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_hpc_revenue:upside/label | None | Implied HPC revenue |
| /operating_model/cells/upside_2027q2_hpc_revenue:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_hpc_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_hpc_revenue:upside/value | None | 184.32521739130436 |
| /operating_model/cells/upside_2027q2_mining:upside/basis | None | Reported Q2 revenue times desk mining factor. |
| /operating_model/cells/upside_2027q2_mining:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_mining:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q2_mining:upside/formula/refs/0 | None | h1_q2_mining |
| /operating_model/cells/upside_2027q2_mining:upside/formula/refs/1 | None | upside_2027q2_mining_factor |
| /operating_model/cells/upside_2027q2_mining:upside/id | None | upside_2027q2_mining |
| /operating_model/cells/upside_2027q2_mining:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_mining:upside/label | None | Mining revenue |
| /operating_model/cells/upside_2027q2_mining:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_mining:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_mining:upside/value | None | 27.320700000000002 |
| /operating_model/cells/upside_2027q2_mining_cash:upside/basis | None | Modeled mining cash economics assuming production monetized in the quarter. |
| /operating_model/cells/upside_2027q2_mining_cash:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_mining_cash:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q2_mining_cash:upside/formula/refs/0 | None | upside_2027q2_mining |
| /operating_model/cells/upside_2027q2_mining_cash:upside/formula/refs/1 | None | upside_2027q2_mining_margin |
| /operating_model/cells/upside_2027q2_mining_cash:upside/id | None | upside_2027q2_mining_cash |
| /operating_model/cells/upside_2027q2_mining_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_mining_cash:upside/label | None | Mining cash contribution |
| /operating_model/cells/upside_2027q2_mining_cash:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_mining_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_mining_cash:upside/value | None | 10.92828 |
| /operating_model/cells/upside_2027q2_mining_factor:upside/basis | None | Desk Bitcoin price, hashprice and remaining mining-capacity sensitivity; no unsigned HPC reuse. |
| /operating_model/cells/upside_2027q2_mining_factor:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_mining_factor:upside/id | None | upside_2027q2_mining_factor |
| /operating_model/cells/upside_2027q2_mining_factor:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_mining_factor:upside/label | None | Mining revenue / Q2 baseline |
| /operating_model/cells/upside_2027q2_mining_factor:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_mining_factor:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q2_mining_factor:upside/value | None | 1.1 |
| /operating_model/cells/upside_2027q2_mining_margin:upside/basis | None | Desk cash margin before corporate overhead and financing; not GAAP segment profit. |
| /operating_model/cells/upside_2027q2_mining_margin:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_mining_margin:upside/id | None | upside_2027q2_mining_margin |
| /operating_model/cells/upside_2027q2_mining_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_mining_margin:upside/label | None | Mining cash contribution margin |
| /operating_model/cells/upside_2027q2_mining_margin:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_mining_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q2_mining_margin:upside/value | None | 0.4 |
| /operating_model/cells/upside_2027q2_noi_weight:upside/basis | None | Desk lease-commencement phasing; shares sum to one within each calendar year. |
| /operating_model/cells/upside_2027q2_noi_weight:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_noi_weight:upside/id | None | upside_2027q2_noi_weight |
| /operating_model/cells/upside_2027q2_noi_weight:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_noi_weight:upside/label | None | Share of annual HPC NOI |
| /operating_model/cells/upside_2027q2_noi_weight:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_noi_weight:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q2_noi_weight:upside/value | None | 0.24 |
| /operating_model/cells/upside_2027q2_other:upside/basis | None | Desk net tax, working-capital and interest-income allowance; positive is a cash use. |
| /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 operating 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 | 5.0 |
| /operating_model/cells/upside_2027q2_property_cash:upside/basis | None | Property cash contribution before corporate and financing costs. |
| /operating_model/cells/upside_2027q2_property_cash:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_property_cash:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q2_property_cash:upside/formula/refs/0 | None | upside_2027q2_hpc_noi |
| /operating_model/cells/upside_2027q2_property_cash:upside/formula/refs/1 | None | upside_2027q2_mining_cash |
| /operating_model/cells/upside_2027q2_property_cash:upside/id | None | upside_2027q2_property_cash |
| /operating_model/cells/upside_2027q2_property_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_property_cash:upside/label | None | HPC and mining cash contribution |
| /operating_model/cells/upside_2027q2_property_cash:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_property_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_property_cash:upside/value | None | 180.50748000000002 |
| /operating_model/cells/upside_2027q2_property_margin:upside/basis | None | Assumed property cash margin; not disclosed contract pricing or GAAP margin. |
| /operating_model/cells/upside_2027q2_property_margin:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_property_margin:upside/id | None | upside_2027q2_property_margin |
| /operating_model/cells/upside_2027q2_property_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_property_margin:upside/label | None | NOI / HPC revenue assumption |
| /operating_model/cells/upside_2027q2_property_margin:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_property_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q2_property_margin:upside/value | None | 0.92 |
| /operating_model/cells/upside_2027q2_revenue:upside/basis | None | HPC revenue proxy plus mining revenue. |
| /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_hpc_revenue |
| /operating_model/cells/upside_2027q2_revenue:upside/formula/refs/1 | None | upside_2027q2_mining |
| /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 | Total 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 | 211.64591739130435 |
| /operating_model/cells/upside_2027q3_capex:upside/basis | None | Desk remaining project-spend timing; not company guidance. Downside includes delay/overrun costs. |
| /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 | Cash construction capex |
| /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 | 150.0 |
| /operating_model/cells/upside_2027q3_cash_after_capex:upside/basis | None | Pre-financing, before debt principal, acquisitions and project reserve movements. |
| /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 | -45.12480999999997 |
| /operating_model/cells/upside_2027q3_cash_before_capex:upside/basis | None | Analytical cash economics including mining monetization; not 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_property_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 | 104.87519000000003 |
| /operating_model/cells/upside_2027q3_cash_uses:upside/basis | None | Debt principal, restricted reserves and new financing excluded. |
| /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 | upside_2027q3_corp |
| /operating_model/cells/upside_2027q3_cash_uses:upside/formula/refs/1 | None | quarter_coupon |
| /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 | 103.39875 |
| /operating_model/cells/upside_2027q3_corp:upside/basis | None | Desk recurring cash overhead; excludes noncash stock compensation and valuation changes. |
| /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 | Cash corporate 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 | 24.0 |
| /operating_model/cells/upside_2027q3_hpc_noi:upside/basis | None | Annual NOI scenario times quarterly allocation. |
| /operating_model/cells/upside_2027q3_hpc_noi:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_hpc_noi:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q3_hpc_noi:upside/formula/refs/0 | None | upside_2027_noi |
| /operating_model/cells/upside_2027q3_hpc_noi:upside/formula/refs/1 | None | upside_2027q3_noi_weight |
| /operating_model/cells/upside_2027q3_hpc_noi:upside/id | None | upside_2027q3_hpc_noi |
| /operating_model/cells/upside_2027q3_hpc_noi:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_hpc_noi:upside/label | None | HPC property NOI |
| /operating_model/cells/upside_2027q3_hpc_noi:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_hpc_noi:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_hpc_noi:upside/value | None | 197.84240000000003 |
| /operating_model/cells/upside_2027q3_hpc_revenue:upside/basis | None | NOI divided by assumed property margin; gross-revenue proxy. |
| /operating_model/cells/upside_2027q3_hpc_revenue:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_hpc_revenue:upside/formula/op | None | divide |
| /operating_model/cells/upside_2027q3_hpc_revenue:upside/formula/refs/0 | None | upside_2027q3_hpc_noi |
| /operating_model/cells/upside_2027q3_hpc_revenue:upside/formula/refs/1 | None | upside_2027q3_property_margin |
| /operating_model/cells/upside_2027q3_hpc_revenue:upside/id | None | upside_2027q3_hpc_revenue |
| /operating_model/cells/upside_2027q3_hpc_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_hpc_revenue:upside/label | None | Implied HPC revenue |
| /operating_model/cells/upside_2027q3_hpc_revenue:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_hpc_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_hpc_revenue:upside/value | None | 215.04608695652175 |
| /operating_model/cells/upside_2027q3_mining:upside/basis | None | Reported Q2 revenue times desk mining factor. |
| /operating_model/cells/upside_2027q3_mining:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_mining:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q3_mining:upside/formula/refs/0 | None | h1_q2_mining |
| /operating_model/cells/upside_2027q3_mining:upside/formula/refs/1 | None | upside_2027q3_mining_factor |
| /operating_model/cells/upside_2027q3_mining:upside/id | None | upside_2027q3_mining |
| /operating_model/cells/upside_2027q3_mining:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_mining:upside/label | None | Mining revenue |
| /operating_model/cells/upside_2027q3_mining:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_mining:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_mining:upside/value | None | 26.07885 |
| /operating_model/cells/upside_2027q3_mining_cash:upside/basis | None | Modeled mining cash economics assuming production monetized in the quarter. |
| /operating_model/cells/upside_2027q3_mining_cash:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_mining_cash:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q3_mining_cash:upside/formula/refs/0 | None | upside_2027q3_mining |
| /operating_model/cells/upside_2027q3_mining_cash:upside/formula/refs/1 | None | upside_2027q3_mining_margin |
| /operating_model/cells/upside_2027q3_mining_cash:upside/id | None | upside_2027q3_mining_cash |
| /operating_model/cells/upside_2027q3_mining_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_mining_cash:upside/label | None | Mining cash contribution |
| /operating_model/cells/upside_2027q3_mining_cash:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_mining_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_mining_cash:upside/value | None | 10.43154 |
| /operating_model/cells/upside_2027q3_mining_factor:upside/basis | None | Desk Bitcoin price, hashprice and remaining mining-capacity sensitivity; no unsigned HPC reuse. |
| /operating_model/cells/upside_2027q3_mining_factor:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_mining_factor:upside/id | None | upside_2027q3_mining_factor |
| /operating_model/cells/upside_2027q3_mining_factor:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_mining_factor:upside/label | None | Mining revenue / Q2 baseline |
| /operating_model/cells/upside_2027q3_mining_factor:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_mining_factor:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q3_mining_factor:upside/value | None | 1.05 |
| /operating_model/cells/upside_2027q3_mining_margin:upside/basis | None | Desk cash margin before corporate overhead and financing; not GAAP segment profit. |
| /operating_model/cells/upside_2027q3_mining_margin:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_mining_margin:upside/id | None | upside_2027q3_mining_margin |
| /operating_model/cells/upside_2027q3_mining_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_mining_margin:upside/label | None | Mining cash contribution margin |
| /operating_model/cells/upside_2027q3_mining_margin:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_mining_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q3_mining_margin:upside/value | None | 0.4 |
| /operating_model/cells/upside_2027q3_noi_weight:upside/basis | None | Desk lease-commencement phasing; shares sum to one within each calendar year. |
| /operating_model/cells/upside_2027q3_noi_weight:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_noi_weight:upside/id | None | upside_2027q3_noi_weight |
| /operating_model/cells/upside_2027q3_noi_weight:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_noi_weight:upside/label | None | Share of annual HPC NOI |
| /operating_model/cells/upside_2027q3_noi_weight:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_noi_weight:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q3_noi_weight:upside/value | None | 0.28 |
| /operating_model/cells/upside_2027q3_other:upside/basis | None | Desk net tax, working-capital and interest-income allowance; positive is a cash use. |
| /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 operating 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 | 5.0 |
| /operating_model/cells/upside_2027q3_property_cash:upside/basis | None | Property cash contribution before corporate and financing costs. |
| /operating_model/cells/upside_2027q3_property_cash:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_property_cash:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q3_property_cash:upside/formula/refs/0 | None | upside_2027q3_hpc_noi |
| /operating_model/cells/upside_2027q3_property_cash:upside/formula/refs/1 | None | upside_2027q3_mining_cash |
| /operating_model/cells/upside_2027q3_property_cash:upside/id | None | upside_2027q3_property_cash |
| /operating_model/cells/upside_2027q3_property_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_property_cash:upside/label | None | HPC and mining cash contribution |
| /operating_model/cells/upside_2027q3_property_cash:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_property_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_property_cash:upside/value | None | 208.27394000000004 |
| /operating_model/cells/upside_2027q3_property_margin:upside/basis | None | Assumed property cash margin; not disclosed contract pricing or GAAP margin. |
| /operating_model/cells/upside_2027q3_property_margin:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_property_margin:upside/id | None | upside_2027q3_property_margin |
| /operating_model/cells/upside_2027q3_property_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_property_margin:upside/label | None | NOI / HPC revenue assumption |
| /operating_model/cells/upside_2027q3_property_margin:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_property_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q3_property_margin:upside/value | None | 0.92 |
| /operating_model/cells/upside_2027q3_revenue:upside/basis | None | HPC revenue proxy plus mining revenue. |
| /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_hpc_revenue |
| /operating_model/cells/upside_2027q3_revenue:upside/formula/refs/1 | None | upside_2027q3_mining |
| /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 | Total 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 | 241.12493695652174 |
| /operating_model/cells/upside_2027q4_capex:upside/basis | None | Desk remaining project-spend timing; not company guidance. Downside includes delay/overrun costs. |
| /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 | Cash construction capex |
| /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 | 100.0 |
| /operating_model/cells/upside_2027q4_cash_after_capex:upside/basis | None | Pre-financing, before debt principal, acquisitions and project reserve movements. |
| /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 | 4.378450000000015 |
| /operating_model/cells/upside_2027q4_cash_before_capex:upside/basis | None | Analytical cash economics including mining monetization; not 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_property_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 | 104.37845000000002 |
| /operating_model/cells/upside_2027q4_cash_uses:upside/basis | None | Debt principal, restricted reserves and new financing excluded. |
| /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 | upside_2027q4_corp |
| /operating_model/cells/upside_2027q4_cash_uses:upside/formula/refs/1 | None | quarter_coupon |
| /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 | 103.39875 |
| /operating_model/cells/upside_2027q4_corp:upside/basis | None | Desk recurring cash overhead; excludes noncash stock compensation and valuation changes. |
| /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 | Cash corporate 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 | 24.0 |
| /operating_model/cells/upside_2027q4_hpc_noi:upside/basis | None | Annual NOI scenario times quarterly allocation. |
| /operating_model/cells/upside_2027q4_hpc_noi:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_hpc_noi:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q4_hpc_noi:upside/formula/refs/0 | None | upside_2027_noi |
| /operating_model/cells/upside_2027q4_hpc_noi:upside/formula/refs/1 | None | upside_2027q4_noi_weight |
| /operating_model/cells/upside_2027q4_hpc_noi:upside/id | None | upside_2027q4_hpc_noi |
| /operating_model/cells/upside_2027q4_hpc_noi:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_hpc_noi:upside/label | None | HPC property NOI |
| /operating_model/cells/upside_2027q4_hpc_noi:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_hpc_noi:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_hpc_noi:upside/value | None | 197.84240000000003 |
| /operating_model/cells/upside_2027q4_hpc_revenue:upside/basis | None | NOI divided by assumed property margin; gross-revenue proxy. |
| /operating_model/cells/upside_2027q4_hpc_revenue:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_hpc_revenue:upside/formula/op | None | divide |
| /operating_model/cells/upside_2027q4_hpc_revenue:upside/formula/refs/0 | None | upside_2027q4_hpc_noi |
| /operating_model/cells/upside_2027q4_hpc_revenue:upside/formula/refs/1 | None | upside_2027q4_property_margin |
| /operating_model/cells/upside_2027q4_hpc_revenue:upside/id | None | upside_2027q4_hpc_revenue |
| /operating_model/cells/upside_2027q4_hpc_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_hpc_revenue:upside/label | None | Implied HPC revenue |
| /operating_model/cells/upside_2027q4_hpc_revenue:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_hpc_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_hpc_revenue:upside/value | None | 215.04608695652175 |
| /operating_model/cells/upside_2027q4_mining:upside/basis | None | Reported Q2 revenue times desk mining factor. |
| /operating_model/cells/upside_2027q4_mining:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_mining:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q4_mining:upside/formula/refs/0 | None | h1_q2_mining |
| /operating_model/cells/upside_2027q4_mining:upside/formula/refs/1 | None | upside_2027q4_mining_factor |
| /operating_model/cells/upside_2027q4_mining:upside/id | None | upside_2027q4_mining |
| /operating_model/cells/upside_2027q4_mining:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_mining:upside/label | None | Mining revenue |
| /operating_model/cells/upside_2027q4_mining:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_mining:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_mining:upside/value | None | 24.837 |
| /operating_model/cells/upside_2027q4_mining_cash:upside/basis | None | Modeled mining cash economics assuming production monetized in the quarter. |
| /operating_model/cells/upside_2027q4_mining_cash:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_mining_cash:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q4_mining_cash:upside/formula/refs/0 | None | upside_2027q4_mining |
| /operating_model/cells/upside_2027q4_mining_cash:upside/formula/refs/1 | None | upside_2027q4_mining_margin |
| /operating_model/cells/upside_2027q4_mining_cash:upside/id | None | upside_2027q4_mining_cash |
| /operating_model/cells/upside_2027q4_mining_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_mining_cash:upside/label | None | Mining cash contribution |
| /operating_model/cells/upside_2027q4_mining_cash:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_mining_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_mining_cash:upside/value | None | 9.934800000000001 |
| /operating_model/cells/upside_2027q4_mining_factor:upside/basis | None | Desk Bitcoin price, hashprice and remaining mining-capacity sensitivity; no unsigned HPC reuse. |
| /operating_model/cells/upside_2027q4_mining_factor:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_mining_factor:upside/id | None | upside_2027q4_mining_factor |
| /operating_model/cells/upside_2027q4_mining_factor:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_mining_factor:upside/label | None | Mining revenue / Q2 baseline |
| /operating_model/cells/upside_2027q4_mining_factor:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_mining_factor:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q4_mining_factor:upside/value | None | 1.0 |
| /operating_model/cells/upside_2027q4_mining_margin:upside/basis | None | Desk cash margin before corporate overhead and financing; not GAAP segment profit. |
| /operating_model/cells/upside_2027q4_mining_margin:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_mining_margin:upside/id | None | upside_2027q4_mining_margin |
| /operating_model/cells/upside_2027q4_mining_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_mining_margin:upside/label | None | Mining cash contribution margin |
| /operating_model/cells/upside_2027q4_mining_margin:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_mining_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q4_mining_margin:upside/value | None | 0.4 |
| /operating_model/cells/upside_2027q4_noi_weight:upside/basis | None | Desk lease-commencement phasing; shares sum to one within each calendar year. |
| /operating_model/cells/upside_2027q4_noi_weight:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_noi_weight:upside/id | None | upside_2027q4_noi_weight |
| /operating_model/cells/upside_2027q4_noi_weight:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_noi_weight:upside/label | None | Share of annual HPC NOI |
| /operating_model/cells/upside_2027q4_noi_weight:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_noi_weight:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q4_noi_weight:upside/value | None | 0.28 |
| /operating_model/cells/upside_2027q4_other:upside/basis | None | Desk net tax, working-capital and interest-income allowance; positive is a cash use. |
| /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 operating 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 | 5.0 |
| /operating_model/cells/upside_2027q4_property_cash:upside/basis | None | Property cash contribution before corporate and financing costs. |
| /operating_model/cells/upside_2027q4_property_cash:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_property_cash:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q4_property_cash:upside/formula/refs/0 | None | upside_2027q4_hpc_noi |
| /operating_model/cells/upside_2027q4_property_cash:upside/formula/refs/1 | None | upside_2027q4_mining_cash |
| /operating_model/cells/upside_2027q4_property_cash:upside/id | None | upside_2027q4_property_cash |
| /operating_model/cells/upside_2027q4_property_cash:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_property_cash:upside/label | None | HPC and mining cash contribution |
| /operating_model/cells/upside_2027q4_property_cash:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_property_cash:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_property_cash:upside/value | None | 207.77720000000002 |
| /operating_model/cells/upside_2027q4_property_margin:upside/basis | None | Assumed property cash margin; not disclosed contract pricing or GAAP margin. |
| /operating_model/cells/upside_2027q4_property_margin:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_property_margin:upside/id | None | upside_2027q4_property_margin |
| /operating_model/cells/upside_2027q4_property_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_property_margin:upside/label | None | NOI / HPC revenue assumption |
| /operating_model/cells/upside_2027q4_property_margin:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_property_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q4_property_margin:upside/value | None | 0.92 |
| /operating_model/cells/upside_2027q4_revenue:upside/basis | None | HPC revenue proxy plus mining revenue. |
| /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_hpc_revenue |
| /operating_model/cells/upside_2027q4_revenue:upside/formula/refs/1 | None | upside_2027q4_mining |
| /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 | Total 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 | 239.88308695652174 |
| /operating_model/cells/upside_fy2026_capex:upside/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /operating_model/cells/upside_fy2026_capex:upside/case | None | upside |
| /operating_model/cells/upside_fy2026_capex:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2026_capex:upside/formula/refs/0 | None | h1_capex |
| /operating_model/cells/upside_fy2026_capex:upside/formula/refs/1 | None | upside_2026q3_capex |
| /operating_model/cells/upside_fy2026_capex:upside/formula/refs/2 | None | upside_2026q4_capex |
| /operating_model/cells/upside_fy2026_capex:upside/id | None | upside_fy2026_capex |
| /operating_model/cells/upside_fy2026_capex:upside/kind | None | derived |
| /operating_model/cells/upside_fy2026_capex:upside/label | None | FY2026 Cash construction capex ($M) |
| /operating_model/cells/upside_fy2026_capex:upside/period | None | FY2026 |
| /operating_model/cells/upside_fy2026_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2026_capex:upside/value | None | 2064.261 |
| /operating_model/cells/upside_fy2026_cash_after_capex:upside/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /operating_model/cells/upside_fy2026_cash_after_capex:upside/case | None | upside |
| /operating_model/cells/upside_fy2026_cash_after_capex:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2026_cash_after_capex:upside/formula/refs/0 | None | h1_cash_after_capex |
| /operating_model/cells/upside_fy2026_cash_after_capex:upside/formula/refs/1 | None | upside_2026q3_cash_after_capex |
| /operating_model/cells/upside_fy2026_cash_after_capex:upside/formula/refs/2 | None | upside_2026q4_cash_after_capex |
| /operating_model/cells/upside_fy2026_cash_after_capex:upside/id | None | upside_fy2026_cash_after_capex |
| /operating_model/cells/upside_fy2026_cash_after_capex:upside/kind | None | derived |
| /operating_model/cells/upside_fy2026_cash_after_capex:upside/label | None | FY2026 Cash after capex proxy ($M) |
| /operating_model/cells/upside_fy2026_cash_after_capex:upside/period | None | FY2026 |
| /operating_model/cells/upside_fy2026_cash_after_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2026_cash_after_capex:upside/value | None | -2173.94398 |
| /operating_model/cells/upside_fy2026_cash_before_capex:upside/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /operating_model/cells/upside_fy2026_cash_before_capex:upside/case | None | upside |
| /operating_model/cells/upside_fy2026_cash_before_capex:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2026_cash_before_capex:upside/formula/refs/0 | None | h1_cash_before_capex |
| /operating_model/cells/upside_fy2026_cash_before_capex:upside/formula/refs/1 | None | upside_2026q3_cash_before_capex |
| /operating_model/cells/upside_fy2026_cash_before_capex:upside/formula/refs/2 | None | upside_2026q4_cash_before_capex |
| /operating_model/cells/upside_fy2026_cash_before_capex:upside/id | None | upside_fy2026_cash_before_capex |
| /operating_model/cells/upside_fy2026_cash_before_capex:upside/kind | None | derived |
| /operating_model/cells/upside_fy2026_cash_before_capex:upside/label | None | FY2026 Cash before capex proxy ($M) |
| /operating_model/cells/upside_fy2026_cash_before_capex:upside/period | None | FY2026 |
| /operating_model/cells/upside_fy2026_cash_before_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2026_cash_before_capex:upside/value | None | -109.68298 |
| /operating_model/cells/upside_fy2026_hpc_noi:upside/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /operating_model/cells/upside_fy2026_hpc_noi:upside/case | None | upside |
| /operating_model/cells/upside_fy2026_hpc_noi:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2026_hpc_noi:upside/formula/refs/0 | None | h1_hpc_noi |
| /operating_model/cells/upside_fy2026_hpc_noi:upside/formula/refs/1 | None | upside_2026q3_hpc_noi |
| /operating_model/cells/upside_fy2026_hpc_noi:upside/formula/refs/2 | None | upside_2026q4_hpc_noi |
| /operating_model/cells/upside_fy2026_hpc_noi:upside/id | None | upside_fy2026_hpc_noi |
| /operating_model/cells/upside_fy2026_hpc_noi:upside/kind | None | derived |
| /operating_model/cells/upside_fy2026_hpc_noi:upside/label | None | FY2026 HPC property NOI ($M) |
| /operating_model/cells/upside_fy2026_hpc_noi:upside/period | None | FY2026 |
| /operating_model/cells/upside_fy2026_hpc_noi:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2026_hpc_noi:upside/value | None | 101.85000000000002 |
| /operating_model/cells/upside_fy2026_revenue:upside/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /operating_model/cells/upside_fy2026_revenue:upside/case | None | upside |
| /operating_model/cells/upside_fy2026_revenue:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2026_revenue:upside/formula/refs/0 | None | h1_revenue |
| /operating_model/cells/upside_fy2026_revenue:upside/formula/refs/1 | None | upside_2026q3_revenue |
| /operating_model/cells/upside_fy2026_revenue:upside/formula/refs/2 | None | upside_2026q4_revenue |
| /operating_model/cells/upside_fy2026_revenue:upside/id | None | upside_fy2026_revenue |
| /operating_model/cells/upside_fy2026_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_fy2026_revenue:upside/label | None | FY2026 Revenue ($M) |
| /operating_model/cells/upside_fy2026_revenue:upside/period | None | FY2026 |
| /operating_model/cells/upside_fy2026_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2026_revenue:upside/value | None | 229.99032173913042 |
| /operating_model/cells/upside_fy2027_capex:upside/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /operating_model/cells/upside_fy2027_capex:upside/case | None | upside |
| /operating_model/cells/upside_fy2027_capex:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2027_capex:upside/formula/refs/0 | None | upside_2027q1_capex |
| /operating_model/cells/upside_fy2027_capex:upside/formula/refs/1 | None | upside_2027q2_capex |
| /operating_model/cells/upside_fy2027_capex:upside/formula/refs/2 | None | upside_2027q3_capex |
| /operating_model/cells/upside_fy2027_capex:upside/formula/refs/3 | None | upside_2027q4_capex |
| /operating_model/cells/upside_fy2027_capex:upside/id | None | upside_fy2027_capex |
| /operating_model/cells/upside_fy2027_capex:upside/kind | None | derived |
| /operating_model/cells/upside_fy2027_capex:upside/label | None | FY2027 Cash construction capex ($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 | 800.0 |
| /operating_model/cells/upside_fy2027_cash_after_capex:upside/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /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 | FY2027 Cash after capex proxy ($M) |
| /operating_model/cells/upside_fy2027_cash_after_capex:upside/period | None | FY2027 |
| /operating_model/cells/upside_fy2027_cash_after_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2027_cash_after_capex:upside/value | None | -464.29535999999996 |
| /operating_model/cells/upside_fy2027_cash_before_capex:upside/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /operating_model/cells/upside_fy2027_cash_before_capex:upside/case | None | upside |
| /operating_model/cells/upside_fy2027_cash_before_capex:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2027_cash_before_capex:upside/formula/refs/0 | None | upside_2027q1_cash_before_capex |
| /operating_model/cells/upside_fy2027_cash_before_capex:upside/formula/refs/1 | None | upside_2027q2_cash_before_capex |
| /operating_model/cells/upside_fy2027_cash_before_capex:upside/formula/refs/2 | None | upside_2027q3_cash_before_capex |
| /operating_model/cells/upside_fy2027_cash_before_capex:upside/formula/refs/3 | None | upside_2027q4_cash_before_capex |
| /operating_model/cells/upside_fy2027_cash_before_capex:upside/id | None | upside_fy2027_cash_before_capex |
| /operating_model/cells/upside_fy2027_cash_before_capex:upside/kind | None | derived |
| /operating_model/cells/upside_fy2027_cash_before_capex:upside/label | None | FY2027 Cash before capex proxy ($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 | 335.70464000000004 |
| /operating_model/cells/upside_fy2027_hpc_noi:upside/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /operating_model/cells/upside_fy2027_hpc_noi:upside/case | None | upside |
| /operating_model/cells/upside_fy2027_hpc_noi:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2027_hpc_noi:upside/formula/refs/0 | None | upside_2027q1_hpc_noi |
| /operating_model/cells/upside_fy2027_hpc_noi:upside/formula/refs/1 | None | upside_2027q2_hpc_noi |
| /operating_model/cells/upside_fy2027_hpc_noi:upside/formula/refs/2 | None | upside_2027q3_hpc_noi |
| /operating_model/cells/upside_fy2027_hpc_noi:upside/formula/refs/3 | None | upside_2027q4_hpc_noi |
| /operating_model/cells/upside_fy2027_hpc_noi:upside/id | None | upside_fy2027_hpc_noi |
| /operating_model/cells/upside_fy2027_hpc_noi:upside/kind | None | derived |
| /operating_model/cells/upside_fy2027_hpc_noi:upside/label | None | FY2027 HPC property NOI ($M) |
| /operating_model/cells/upside_fy2027_hpc_noi:upside/period | None | FY2027 |
| /operating_model/cells/upside_fy2027_hpc_noi:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2027_hpc_noi:upside/value | None | 706.58 |
| /operating_model/cells/upside_fy2027_revenue:upside/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /operating_model/cells/upside_fy2027_revenue:upside/case | None | upside |
| /operating_model/cells/upside_fy2027_revenue:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2027_revenue:upside/formula/refs/0 | None | upside_2027q1_revenue |
| /operating_model/cells/upside_fy2027_revenue:upside/formula/refs/1 | None | upside_2027q2_revenue |
| /operating_model/cells/upside_fy2027_revenue:upside/formula/refs/2 | None | upside_2027q3_revenue |
| /operating_model/cells/upside_fy2027_revenue:upside/formula/refs/3 | None | upside_2027q4_revenue |
| /operating_model/cells/upside_fy2027_revenue:upside/id | None | upside_fy2027_revenue |
| /operating_model/cells/upside_fy2027_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_fy2027_revenue:upside/label | None | FY2027 Revenue ($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 | 874.8208391304348 |
| /operating_model/highlights/0 | None | h1_cash |
| /operating_model/highlights/1 | None | restricted_cash |
| /operating_model/highlights/2 | None | debt_principal |
| /operating_model/highlights/3 | None | annual_coupon |
| /operating_model/highlights/4 | None | noi_schedule_2026 |
| /operating_model/highlights/5 | None | noi_schedule_2027 |
| /operating_model/highlights/6 | None | h1_cash_after_capex |
| /operating_model/limitations/0 | None | An initial operating model, without a reconciled balance sheet, diluted EPS or equity valuation. |
| /operating_model/limitations/1 | None | HPC NOI is a company non-GAAP property measure. Converting NOI to revenue requires an assumed property margin; lease-accounting revenue, escalators and reimbursements are not reconstructed. |
| /operating_model/limitations/2 | None | Coupon expense is spread evenly for economic comparison. Actual payment dates, interest income, debt amortization, reserves and restricted-project cash waterfalls are not fully modeled. |
| /operating_model/limitations/3 | None | Cash after capex excludes acquisitions, asset-sale proceeds, new financing and principal repayments. It is not parent cash available to shareholders. |
| /operating_model/limitations/4 | None | Pipeline power, the Apollo option and unsigned Odessa HPC reuse generate no forecast rent. Historical SEC gross-profit and debt mappings are incomplete. |
| /operating_model/method | None | Use the company annual contracted HPC NOI schedule as the reference, then vary delivery, quarterly phasing and the NOI-to-revenue conversion. Add separately modeled Bitcoin revenue. Subtract cash overhead, contractual coupon accrual and other cash uses, then construction spending. Historical H1 cash includes Bitcoin-sale proceeds classified in investing activities. Cash metrics are analytical proxies, not GAAP cash flow or distributable cash. FY2026 combines reported H1 with two forecast quarters; FY2027 sums four desk quarters. |
| /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 ($M) |
| /operating_model/metrics/hpc_noi | None | HPC property NOI ($M) |
| /operating_model/metrics/revenue | None | Revenue ($M) |
| /operating_model/outputs/2026Q3:base/case | None | base |
| /operating_model/outputs/2026Q3:base/frequency | None | quarter |
| /operating_model/outputs/2026Q3:base/metrics/capex | None | base_2026q3_capex |
| /operating_model/outputs/2026Q3:base/metrics/cash_after_capex | None | base_2026q3_cash_after_capex |
| /operating_model/outputs/2026Q3:base/metrics/cash_before_capex | None | base_2026q3_cash_before_capex |
| /operating_model/outputs/2026Q3:base/metrics/hpc_noi | None | base_2026q3_hpc_noi |
| /operating_model/outputs/2026Q3:base/metrics/revenue | None | base_2026q3_revenue |
| /operating_model/outputs/2026Q3:base/period | None | 2026Q3 |
| /operating_model/outputs/2026Q3:base/period_end | None | 2026-09-30 |
| /operating_model/outputs/2026Q3:base/values/capex | None | 600.0 |
| /operating_model/outputs/2026Q3:base/values/cash_after_capex | None | -692.4295 |
| /operating_model/outputs/2026Q3:base/values/cash_before_capex | None | -92.4295 |
| /operating_model/outputs/2026Q3:base/values/hpc_noi | None | 7.76 |
| /operating_model/outputs/2026Q3:base/values/revenue | None | 33.45922222222222 |
| /operating_model/outputs/2026Q3:downside/case | None | downside |
| /operating_model/outputs/2026Q3:downside/frequency | None | quarter |
| /operating_model/outputs/2026Q3:downside/metrics/capex | None | downside_2026q3_capex |
| /operating_model/outputs/2026Q3:downside/metrics/cash_after_capex | None | downside_2026q3_cash_after_capex |
| /operating_model/outputs/2026Q3:downside/metrics/cash_before_capex | None | downside_2026q3_cash_before_capex |
| /operating_model/outputs/2026Q3:downside/metrics/hpc_noi | None | downside_2026q3_hpc_noi |
| /operating_model/outputs/2026Q3:downside/metrics/revenue | None | downside_2026q3_revenue |
| /operating_model/outputs/2026Q3:downside/period | None | 2026Q3 |
| /operating_model/outputs/2026Q3:downside/period_end | None | 2026-09-30 |
| /operating_model/outputs/2026Q3:downside/values/capex | None | 650.0 |
| /operating_model/outputs/2026Q3:downside/values/cash_after_capex | None | -760.22929 |
| /operating_model/outputs/2026Q3:downside/values/cash_before_capex | None | -110.22929 |
| /operating_model/outputs/2026Q3:downside/values/hpc_noi | None | 2.1825 |
| /operating_model/outputs/2026Q3:downside/values/revenue | None | 22.43724705882353 |
| /operating_model/outputs/2026Q3:upside/case | None | upside |
| /operating_model/outputs/2026Q3:upside/frequency | None | quarter |
| /operating_model/outputs/2026Q3:upside/metrics/capex | None | upside_2026q3_capex |
| /operating_model/outputs/2026Q3:upside/metrics/cash_after_capex | None | upside_2026q3_cash_after_capex |
| /operating_model/outputs/2026Q3:upside/metrics/cash_before_capex | None | upside_2026q3_cash_before_capex |
| /operating_model/outputs/2026Q3:upside/metrics/hpc_noi | None | upside_2026q3_hpc_noi |
| /operating_model/outputs/2026Q3:upside/metrics/revenue | None | upside_2026q3_revenue |
| /operating_model/outputs/2026Q3:upside/period | None | 2026Q3 |
| /operating_model/outputs/2026Q3:upside/period_end | None | 2026-09-30 |
| /operating_model/outputs/2026Q3:upside/values/capex | None | 550.0 |
| /operating_model/outputs/2026Q3:upside/values/cash_after_capex | None | -629.25499 |
| /operating_model/outputs/2026Q3:upside/values/cash_before_capex | None | -79.25499 |
| /operating_model/outputs/2026Q3:upside/values/hpc_noi | None | 12.222000000000001 |
| /operating_model/outputs/2026Q3:upside/values/revenue | None | 43.08918260869565 |
| /operating_model/outputs/2026Q4:base/case | None | base |
| /operating_model/outputs/2026Q4:base/frequency | None | quarter |
| /operating_model/outputs/2026Q4:base/metrics/capex | None | base_2026q4_capex |
| /operating_model/outputs/2026Q4:base/metrics/cash_after_capex | None | base_2026q4_cash_after_capex |
| /operating_model/outputs/2026Q4:base/metrics/cash_before_capex | None | base_2026q4_cash_before_capex |
| /operating_model/outputs/2026Q4:base/metrics/hpc_noi | None | base_2026q4_hpc_noi |
| /operating_model/outputs/2026Q4:base/metrics/revenue | None | base_2026q4_revenue |
| /operating_model/outputs/2026Q4:base/period | None | 2026Q4 |
| /operating_model/outputs/2026Q4:base/period_end | None | 2026-12-31 |
| /operating_model/outputs/2026Q4:base/values/capex | None | 600.0 |
| /operating_model/outputs/2026Q4:base/values/cash_after_capex | None | -610.9495 |
| /operating_model/outputs/2026Q4:base/values/cash_before_capex | None | -10.9495 |
| /operating_model/outputs/2026Q4:base/values/hpc_noi | None | 89.24000000000001 |
| /operating_model/outputs/2026Q4:base/values/revenue | None | 123.99255555555557 |
| /operating_model/outputs/2026Q4:downside/case | None | downside |
| /operating_model/outputs/2026Q4:downside/frequency | None | quarter |
| /operating_model/outputs/2026Q4:downside/metrics/capex | None | downside_2026q4_capex |
| /operating_model/outputs/2026Q4:downside/metrics/cash_after_capex | None | downside_2026q4_cash_after_capex |
| /operating_model/outputs/2026Q4:downside/metrics/cash_before_capex | None | downside_2026q4_cash_before_capex |
| /operating_model/outputs/2026Q4:downside/metrics/hpc_noi | None | downside_2026q4_hpc_noi |
| /operating_model/outputs/2026Q4:downside/metrics/revenue | None | downside_2026q4_revenue |
| /operating_model/outputs/2026Q4:downside/period | None | 2026Q4 |
| /operating_model/outputs/2026Q4:downside/period_end | None | 2026-12-31 |
| /operating_model/outputs/2026Q4:downside/values/capex | None | 650.0 |
| /operating_model/outputs/2026Q4:downside/values/cash_after_capex | None | -692.09266 |
| /operating_model/outputs/2026Q4:downside/values/cash_before_capex | None | -42.09266000000001 |
| /operating_model/outputs/2026Q4:downside/values/hpc_noi | None | 70.5675 |
| /operating_model/outputs/2026Q4:downside/values/revenue | None | 100.40648823529412 |
| /operating_model/outputs/2026Q4:upside/case | None | upside |
| /operating_model/outputs/2026Q4:upside/frequency | None | quarter |
| /operating_model/outputs/2026Q4:upside/metrics/capex | None | upside_2026q4_capex |
| /operating_model/outputs/2026Q4:upside/metrics/cash_after_capex | None | upside_2026q4_cash_after_capex |
| /operating_model/outputs/2026Q4:upside/metrics/cash_before_capex | None | upside_2026q4_cash_before_capex |
| /operating_model/outputs/2026Q4:upside/metrics/hpc_noi | None | upside_2026q4_hpc_noi |
| /operating_model/outputs/2026Q4:upside/metrics/revenue | None | upside_2026q4_revenue |
| /operating_model/outputs/2026Q4:upside/period | None | 2026Q4 |
| /operating_model/outputs/2026Q4:upside/period_end | None | 2026-12-31 |
| /operating_model/outputs/2026Q4:upside/values/capex | None | 550.0 |
| /operating_model/outputs/2026Q4:upside/values/cash_after_capex | None | -551.84899 |
| /operating_model/outputs/2026Q4:upside/values/cash_before_capex | None | -1.8489899999999864 |
| /operating_model/outputs/2026Q4:upside/values/hpc_noi | None | 89.62800000000001 |
| /operating_model/outputs/2026Q4:upside/values/revenue | None | 127.22613913043479 |
| /operating_model/outputs/2027Q1:base/case | None | base |
| /operating_model/outputs/2027Q1:base/frequency | None | quarter |
| /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/hpc_noi | None | base_2027q1_hpc_noi |
| /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 | 2027-03-31 |
| /operating_model/outputs/2027Q1:base/values/capex | None | 350.0 |
| /operating_model/outputs/2027Q1:base/values/cash_after_capex | None | -333.87996250000003 |
| /operating_model/outputs/2027Q1:base/values/cash_before_capex | None | 16.120037499999995 |
| /operating_model/outputs/2027Q1:base/values/hpc_noi | None | 116.62 |
| /operating_model/outputs/2027Q1:base/values/revenue | None | 153.17292777777777 |
| /operating_model/outputs/2027Q1:downside/case | None | downside |
| /operating_model/outputs/2027Q1:downside/frequency | None | quarter |
| /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/hpc_noi | None | downside_2027q1_hpc_noi |
| /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 | 2027-03-31 |
| /operating_model/outputs/2027Q1:downside/values/capex | None | 400.0 |
| /operating_model/outputs/2027Q1:downside/values/cash_after_capex | None | -446.928345 |
| /operating_model/outputs/2027Q1:downside/values/cash_before_capex | None | -46.92834499999999 |
| /operating_model/outputs/2027Q1:downside/values/hpc_noi | None | 65.85600000000001 |
| /operating_model/outputs/2027Q1:downside/values/revenue | None | 93.62169705882354 |
| /operating_model/outputs/2027Q1:upside/case | None | upside |
| /operating_model/outputs/2027Q1:upside/frequency | None | quarter |
| /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/hpc_noi | None | upside_2027q1_hpc_noi |
| /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 | 2027-03-31 |
| /operating_model/outputs/2027Q1:upside/values/capex | None | 300.0 |
| /operating_model/outputs/2027Q1:upside/values/cash_after_capex | None | -250.65773000000002 |
| /operating_model/outputs/2027Q1:upside/values/cash_before_capex | None | 49.342269999999985 |
| /operating_model/outputs/2027Q1:upside/values/hpc_noi | None | 141.316 |
| /operating_model/outputs/2027Q1:upside/values/revenue | None | 182.16689782608694 |
| /operating_model/outputs/2027Q2:base/case | None | base |
| /operating_model/outputs/2027Q2:base/frequency | None | quarter |
| /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/hpc_noi | None | base_2027q2_hpc_noi |
| /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 | 2027-06-30 |
| /operating_model/outputs/2027Q2:base/values/capex | None | 300.0 |
| /operating_model/outputs/2027Q2:base/values/cash_after_capex | None | -243.030425 |
| /operating_model/outputs/2027Q2:base/values/cash_before_capex | None | 56.96957499999999 |
| /operating_model/outputs/2027Q2:base/values/hpc_noi | None | 157.78 |
| /operating_model/outputs/2027Q2:base/values/revenue | None | 197.6644111111111 |
| /operating_model/outputs/2027Q2:downside/case | None | downside |
| /operating_model/outputs/2027Q2:downside/frequency | None | quarter |
| /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/hpc_noi | None | downside_2027q2_hpc_noi |
| /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 | 2027-06-30 |
| /operating_model/outputs/2027Q2:downside/values/capex | None | 350.0 |
| /operating_model/outputs/2027Q2:downside/values/cash_after_capex | None | -342.17253 |
| /operating_model/outputs/2027Q2:downside/values/cash_before_capex | None | 7.827470000000005 |
| /operating_model/outputs/2027Q2:downside/values/hpc_noi | None | 120.73600000000002 |
| /operating_model/outputs/2027Q2:downside/values/revenue | None | 156.94455294117648 |
| /operating_model/outputs/2027Q2:upside/case | None | upside |
| /operating_model/outputs/2027Q2:upside/frequency | None | quarter |
| /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/hpc_noi | None | upside_2027q2_hpc_noi |
| /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 | 2027-06-30 |
| /operating_model/outputs/2027Q2:upside/values/capex | None | 250.0 |
| /operating_model/outputs/2027Q2:upside/values/cash_after_capex | None | -172.89127 |
| /operating_model/outputs/2027Q2:upside/values/cash_before_capex | None | 77.10873000000001 |
| /operating_model/outputs/2027Q2:upside/values/hpc_noi | None | 169.57920000000001 |
| /operating_model/outputs/2027Q2:upside/values/revenue | None | 211.64591739130435 |
| /operating_model/outputs/FY2026:base/case | None | base |
| /operating_model/outputs/FY2026:base/frequency | None | year |
| /operating_model/outputs/FY2026:base/metrics/capex | None | base_fy2026_capex |
| /operating_model/outputs/FY2026:base/metrics/cash_after_capex | None | base_fy2026_cash_after_capex |
| /operating_model/outputs/FY2026:base/metrics/cash_before_capex | None | base_fy2026_cash_before_capex |
| /operating_model/outputs/FY2026:base/metrics/hpc_noi | None | base_fy2026_hpc_noi |
| /operating_model/outputs/FY2026:base/metrics/revenue | None | base_fy2026_revenue |
| /operating_model/outputs/FY2026:base/period | None | FY2026 |
| /operating_model/outputs/FY2026:base/period_end | None | 2026-12-31 |
| /operating_model/outputs/FY2026:base/values/capex | None | 2164.261 |
| /operating_model/outputs/FY2026:base/values/cash_after_capex | None | -2296.219 |
| /operating_model/outputs/FY2026:base/values/cash_before_capex | None | -131.95800000000003 |
| /operating_model/outputs/FY2026:base/values/hpc_noi | None | 97.00000000000001 |
| /operating_model/outputs/FY2026:base/values/revenue | None | 217.1267777777778 |
| /operating_model/outputs/FY2026:downside/case | None | downside |
| /operating_model/outputs/FY2026:downside/frequency | None | year |
| /operating_model/outputs/FY2026:downside/metrics/capex | None | downside_fy2026_capex |
| /operating_model/outputs/FY2026:downside/metrics/cash_after_capex | None | downside_fy2026_cash_after_capex |
| /operating_model/outputs/FY2026:downside/metrics/cash_before_capex | None | downside_fy2026_cash_before_capex |
| /operating_model/outputs/FY2026:downside/metrics/hpc_noi | None | downside_fy2026_hpc_noi |
| /operating_model/outputs/FY2026:downside/metrics/revenue | None | downside_fy2026_revenue |
| /operating_model/outputs/FY2026:downside/period | None | FY2026 |
| /operating_model/outputs/FY2026:downside/period_end | None | 2026-12-31 |
| /operating_model/outputs/FY2026:downside/values/capex | None | 2264.261 |
| /operating_model/outputs/FY2026:downside/values/cash_after_capex | None | -2445.1619499999997 |
| /operating_model/outputs/FY2026:downside/values/cash_before_capex | None | -180.90095000000002 |
| /operating_model/outputs/FY2026:downside/values/hpc_noi | None | 72.75 |
| /operating_model/outputs/FY2026:downside/values/revenue | None | 182.51873529411765 |
| /operating_model/outputs/FY2026:upside/case | None | upside |
| /operating_model/outputs/FY2026:upside/frequency | None | year |
| /operating_model/outputs/FY2026:upside/metrics/capex | None | upside_fy2026_capex |
| /operating_model/outputs/FY2026:upside/metrics/cash_after_capex | None | upside_fy2026_cash_after_capex |
| /operating_model/outputs/FY2026:upside/metrics/cash_before_capex | None | upside_fy2026_cash_before_capex |
| /operating_model/outputs/FY2026:upside/metrics/hpc_noi | None | upside_fy2026_hpc_noi |
| /operating_model/outputs/FY2026:upside/metrics/revenue | None | upside_fy2026_revenue |
| /operating_model/outputs/FY2026:upside/period | None | FY2026 |
| /operating_model/outputs/FY2026:upside/period_end | None | 2026-12-31 |
| /operating_model/outputs/FY2026:upside/values/capex | None | 2064.261 |
| /operating_model/outputs/FY2026:upside/values/cash_after_capex | None | -2173.94398 |
| /operating_model/outputs/FY2026:upside/values/cash_before_capex | None | -109.68298 |
| /operating_model/outputs/FY2026:upside/values/hpc_noi | None | 101.85000000000002 |
| /operating_model/outputs/FY2026:upside/values/revenue | None | 229.99032173913042 |
| /operating_model/outputs/FY2027:base/case | None | base |
| /operating_model/outputs/FY2027:base/frequency | None | year |
| /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/hpc_noi | None | base_fy2027_hpc_noi |
| /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 | 2027-12-31 |
| /operating_model/outputs/FY2027:base/values/capex | None | 1000.0 |
| /operating_model/outputs/FY2027:base/values/cash_after_capex | None | -717.8626250000001 |
| /operating_model/outputs/FY2027:base/values/cash_before_capex | None | 282.13737499999996 |
| /operating_model/outputs/FY2027:base/values/hpc_noi | None | 686.0 |
| /operating_model/outputs/FY2027:base/values/revenue | None | 849.1517222222222 |
| /operating_model/outputs/FY2027:downside/case | None | downside |
| /operating_model/outputs/FY2027:downside/frequency | None | year |
| /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/hpc_noi | None | downside_fy2027_hpc_noi |
| /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 | 2027-12-31 |
| /operating_model/outputs/FY2027:downside/values/capex | None | 1200.0 |
| /operating_model/outputs/FY2027:downside/values/cash_after_capex | None | -1103.08249 |
| /operating_model/outputs/FY2027:downside/values/cash_before_capex | None | 96.91751000000004 |
| /operating_model/outputs/FY2027:downside/values/hpc_noi | None | 548.8000000000001 |
| /operating_model/outputs/FY2027:downside/values/revenue | None | 702.7721588235295 |
| /operating_model/outputs/FY2027:upside/case | None | upside |
| /operating_model/outputs/FY2027:upside/frequency | None | year |
| /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/hpc_noi | None | upside_fy2027_hpc_noi |
| /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 | 2027-12-31 |
| /operating_model/outputs/FY2027:upside/values/capex | None | 800.0 |
| /operating_model/outputs/FY2027:upside/values/cash_after_capex | None | -464.29535999999996 |
| /operating_model/outputs/FY2027:upside/values/cash_before_capex | None | 335.70464000000004 |
| /operating_model/outputs/FY2027:upside/values/hpc_noi | None | 706.58 |
| /operating_model/outputs/FY2027:upside/values/revenue | None | 874.8208391304348 |
| /operating_model/reviewed_at | None | 2026-09-19 |
| /operating_model/schema_version | None | operating_model.v1 |
| /operating_model/title | None | Contracted rent, delivery timing and project cash |
| /research/change_note | None | First sourced review and operating scenarios as of September 19, 2026. Uses August results and contract/coupon disclosures. Pipeline options remain outside modeled revenue. |
| /research/checkpoints/0/date_status | None | estimated |
| /research/checkpoints/0/event | None | Barber Lake rent commencement |
| /research/checkpoints/0/timing | None | October 2026 company target |
| /research/checkpoints/0/watch | None | Confirm tenant acceptance, first billed rent and any remaining delivery obligations. |
| /research/checkpoints/1/date_status | None | estimated |
| /research/checkpoints/1/event | None | Stingray delivery |
| /research/checkpoints/1/timing | None | First half of 2027 company target |
| /research/checkpoints/1/watch | None | Track construction cash used and contracted delivery conditions. |
| /research/checkpoints/2/date_status | None | estimated |
| /research/checkpoints/2/event | None | Next quarterly cash reconciliation |
| /research/checkpoints/2/timing | None | Next results; date unconfirmed |
| /research/checkpoints/2/watch | None | Separate unrestricted cash, restricted balances, project capex and principal repayments. |
| /research/countercase | None | Contracted demand and tenant credit support reduce demand uncertainty but do not eliminate construction execution, payment conditions or parent financing risk. Power options and land can remain uneconomic if incremental funding costs or build costs exceed the eventual lease return. |
| /research/economics | None | The August update says Black Pearl began delivery and rent earlier than planned, while Barber Lake targets initial September delivery and October rent. The three contracted projects total 700 MW gross, not 700 MW already earning rent. The 10-Q reports $831.8M unrestricted cash and $3,728.0M restricted cash at June 30 against about $6,015.5M debt principal. H1 GAAP CFO was negative $152.0M; adding $123.4M of Bitcoin sales classified as investing still leaves negative $992.8M after $964.3M cash PP&E. Contracted NOI is therefore the starting point of the cash bridge. The model exposes delivery, property margin, mining, corporate cost, coupons and construction spending separately. |
| /research/limitations/0 | None | An initial operating model, without a reconciled balance sheet, diluted EPS or equity valuation. |
| /research/limitations/1 | None | HPC NOI is a company non-GAAP property measure. Converting NOI to revenue requires an assumed property margin; lease-accounting revenue, escalators and reimbursements are not reconstructed. |
| /research/limitations/2 | None | Coupon expense is spread evenly for economic comparison. Actual payment dates, interest income, debt amortization, reserves and restricted-project cash waterfalls are not fully modeled. |
| /research/limitations/3 | None | Cash after capex excludes acquisitions, asset-sale proceeds, new financing and principal repayments. It is not parent cash available to shareholders. |
| /research/limitations/4 | None | Pipeline power, the Apollo option and unsigned Odessa HPC reuse generate no forecast rent. Historical SEC gross-profit and debt mappings are incomplete. |
| /research/question | None | How much of the contracted property NOI survives construction spending and financing? |
| /research/reviewed_at | None | 2026-09-19 |
| /research/risks/0 | None | Delayed acceptance shifts rent while debt costs continue. |
| /research/risks/1 | None | Restricted project cash cannot be treated as free parent liquidity. |
| /research/risks/2 | None | Property NOI omits overhead, debt service and ongoing capital needs. |
| /research/risks/3 | None | Mining cash depends on Bitcoin prices, difficulty and power costs. |
| /research/risks/4 | None | Future projects can require new equity or debt; no dilution forecast is complete. |
| /research/title | None | From contracted HPC capacity to cash retained |
| /sources/0/retrieved | None | 2026-09-19 |
| /sources/0/title | None | August 4 Form 10-Q: cash, Bitcoin proceeds and debt |
| /sources/0/url | None | https://www.sec.gov/Archives/edgar/data/1819989/000181998926000041/cifr-20260630.htm |
| /sources/1/retrieved | None | 2026-09-19 |
| /sources/1/title | None | August 4 Q2 results and project delivery update |
| /sources/1/url | None | https://investors.cipherdigital.com/news-releases/news-release-details/cipher-digital-provides-second-quarter-2026-business-update |
| /sources/2/retrieved | None | 2026-09-19 |
| /sources/2/title | None | August 4 presentation: contracted NOI schedule and funding |
| /sources/2/url | None | https://investors.cipherdigital.com/static-files/a95634e3-43c8-49b4-ba07-c317ea37355e |
| /thesis/scenario_ranges | None | Named downside/base/upside operating assumptions; not probabilities, price targets or the short-horizon market-memory bands. |
| /thesis/view | The useful underwriting question is whether the existing contracted projects start rent on schedule and retain enough cash after financing. The company schedule rises from $97M HPC NOI in 2026 to $686M in 2027, but these are property economics, not parent free cash flow. A large restricted cash balance finances a large construction obligation. Successful delivery can change the earnings mix quickly; it does not automatically remove the need for disciplined financing. | |
| /thesis/what_changes_it | Track actual rent commencement, construction cash spending and the unrestricted-cash balance. Delay at Barber Lake or Stingray, weaker mining economics or capex overruns weaken the case; accepted capacity and NOI matching the schedule strengthen it. |