What changed: r3 to r4
First reviewed scenarios through September 19: August results, August 24 closed financing and September 8 partnership. Adds two sourced quarterly history rows because the generic SEC feed has no usable quarterly series. No contract announcement is counted as cash already earned.
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 | Nebius, a global AI cloud platform, delivers a unified full-stack AI cloud that spans the complete AI journey – from compute capacity to software and services that enable fast and efficient training and inference at scale. Founded around deep in-house technological expertise, Nebius offers a comprehensive and integrated suite of AI and ML cloud solutions, including both hardware and software built in-house. This combination of AI-optimized hardware and software enables us to deliver high-performance GPU compute clusters, storage, managed services, and advanced tools for AI model training and inference at enterprise-scale. Headquartered in Amsterdam and listed on Nasdaq, Nebius Group offers one of the few global, at scale, multi-tenant clouds purpose built for AI, with a significant presence in Europe, the U.S., and other geographies around the world. Nebius Group includes Nebius as well two distinct businesses that operate under separate brands: Avride, a leading developer of autonomous vehicles and. | Nebius operates an AI cloud that supplies GPU computing and related software to enterprises and AI developers. Revenue grows as funded hardware and data-center capacity become available and customers use or commit to that capacity. Large customer prepayments, debt and equity finance expansion; annualized revenue run rate describes the latest month, while reported revenue measures services earned during the period. |
| /business/drivers/0 | Nebius offers solutions for: ● IT operations, DevOps and Platform Engineering teams needing access to compute resources in order to set up and manage the. | Deployed compute and revenue earned during each quarter |
| /business/drivers/1 | We believe this results in greater maximization of compute performance and lower customer Total Cost of Ownership (TCO). | Group cash generation before customer prepayments |
| /business/drivers/2 | This global, multi-tenant architecture provides flexibility and ensures that customers can handle everything from small-scale experiments to large-scale. | Hardware spending, funding terms and per-share ownership |
| /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 | 851150000.0 |
| /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 | 1413650000.0 |
| /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 | 1976150000.0 |
| /estimates/rows/2027Q2/as_of | None | 2026-09-19 |
| /estimates/rows/2027Q2/basis | None | Desk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance. |
| /estimates/rows/2027Q2/class | None | estimate |
| /estimates/rows/2027Q2/period | None | 2027Q2 |
| /estimates/rows/2027Q2/revenue | None | 2369900000.0 |
| /meta/as_of | 2026-09-18 | 2026-09-19 |
| /meta/business_authored | False | True |
| /meta/extract_accession | 0001104659-26-052948 | None |
| /meta/extract_filed | 2026-04-30 | None |
| /meta/extract_form | 20-F | None |
| /meta/extract_source | filing | authored |
| /meta/extract_url | https://www.sec.gov/Archives/edgar/data/1513845/000110465926052948/nbis-20251231x20f.htm | None |
| /meta/research_reviewed_at | None | 2026-09-19 |
| /meta/research_stage | None | operating_scenarios |
| /meta/revision | 3 | 4 |
| /meta/skeleton | True | False |
| /model/quarters/2026-03-31/capex/provenance/accession | None | 0001104659-26-094844 |
| /model/quarters/2026-03-31/capex/provenance/class | None | derived |
| /model/quarters/2026-03-31/capex/provenance/concept | None | H1 PP&E/intangibles 8130.3M minus Q2 5657.4M |
| /model/quarters/2026-03-31/capex/provenance/filed | None | 2026-08-12 |
| /model/quarters/2026-03-31/capex/provenance/form | None | 6-K |
| /model/quarters/2026-03-31/capex/provenance/source_url | None | https://assets.nebius.com/assets/72a8c258-bbb7-4df7-ab9d-8698f6cb88fc/PR.pdf |
| /model/quarters/2026-03-31/capex/value | None | 2472900000.0 |
| /model/quarters/2026-03-31/cash/provenance/accession | None | 0001104659-26-094844 |
| /model/quarters/2026-03-31/cash/provenance/class | None | reported |
| /model/quarters/2026-03-31/cash/provenance/concept | None | Q2 cash reconciliation: beginning unrestricted cash |
| /model/quarters/2026-03-31/cash/provenance/filed | None | 2026-08-12 |
| /model/quarters/2026-03-31/cash/provenance/form | None | 6-K |
| /model/quarters/2026-03-31/cash/provenance/source_url | None | https://assets.nebius.com/assets/72a8c258-bbb7-4df7-ab9d-8698f6cb88fc/PR.pdf |
| /model/quarters/2026-03-31/cash/value | None | 9298200000.0 |
| /model/quarters/2026-03-31/cfo/provenance/accession | None | 0001104659-26-094844 |
| /model/quarters/2026-03-31/cfo/provenance/class | None | derived |
| /model/quarters/2026-03-31/cfo/provenance/concept | None | H1 continuing CFO 4504.1M minus Q2 2246.1M |
| /model/quarters/2026-03-31/cfo/provenance/filed | None | 2026-08-12 |
| /model/quarters/2026-03-31/cfo/provenance/form | None | 6-K |
| /model/quarters/2026-03-31/cfo/provenance/source_url | None | https://assets.nebius.com/assets/72a8c258-bbb7-4df7-ab9d-8698f6cb88fc/PR.pdf |
| /model/quarters/2026-03-31/cfo/value | None | 2258000000.0 |
| /model/quarters/2026-03-31/fcf/provenance/accession | None | 0001104659-26-094844 |
| /model/quarters/2026-03-31/fcf/provenance/class | None | derived |
| /model/quarters/2026-03-31/fcf/provenance/concept | None | CFO - capex; H1 continuing CFO 4504.1M minus Q2 2246.1M [https://assets.nebius.com/assets/72a8c258-bbb7-4df7-ab9d-8698f6cb88fc/PR.pdf; filed 2026-08-12] ; H1 PP&E/intangibles 8130.3M minus Q2 5657.4M [https://assets.nebius.com/assets/72a8c258-bbb7-4df7-ab9d-8698f6cb88fc/PR.pdf; filed 2026-08-12] |
| /model/quarters/2026-03-31/fcf/provenance/filed | None | 2026-08-12 |
| /model/quarters/2026-03-31/fcf/provenance/form | None | 6-K |
| /model/quarters/2026-03-31/fcf/provenance/source_url | None | https://assets.nebius.com/assets/72a8c258-bbb7-4df7-ab9d-8698f6cb88fc/PR.pdf |
| /model/quarters/2026-03-31/fcf/value | None | -214900000.0 |
| /model/quarters/2026-03-31/fiscal_label | None | 2026Q1 |
| /model/quarters/2026-03-31/net_income/provenance/accession | None | 0001104659-26-094844 |
| /model/quarters/2026-03-31/net_income/provenance/class | None | derived |
| /model/quarters/2026-03-31/net_income/provenance/concept | None | H1 net income 430.8M minus Q2 loss -190.4M |
| /model/quarters/2026-03-31/net_income/provenance/filed | None | 2026-08-12 |
| /model/quarters/2026-03-31/net_income/provenance/form | None | 6-K |
| /model/quarters/2026-03-31/net_income/provenance/source_url | None | https://assets.nebius.com/assets/72a8c258-bbb7-4df7-ab9d-8698f6cb88fc/PR.pdf |
| /model/quarters/2026-03-31/net_income/value | None | 621200000.0 |
| /model/quarters/2026-03-31/operating_income/provenance/accession | None | 0001104659-26-094844 |
| /model/quarters/2026-03-31/operating_income/provenance/class | None | derived |
| /model/quarters/2026-03-31/operating_income/provenance/concept | None | H1 operating loss -303.9M minus Q2 -175.9M |
| /model/quarters/2026-03-31/operating_income/provenance/filed | None | 2026-08-12 |
| /model/quarters/2026-03-31/operating_income/provenance/form | None | 6-K |
| /model/quarters/2026-03-31/operating_income/provenance/source_url | None | https://assets.nebius.com/assets/72a8c258-bbb7-4df7-ab9d-8698f6cb88fc/PR.pdf |
| /model/quarters/2026-03-31/operating_income/value | None | -128000000.0 |
| /model/quarters/2026-03-31/period_end | None | 2026-03-31 |
| /model/quarters/2026-03-31/revenue/provenance/accession | None | 0001104659-26-094844 |
| /model/quarters/2026-03-31/revenue/provenance/class | None | derived |
| /model/quarters/2026-03-31/revenue/provenance/concept | None | H1 revenue 981.3M minus Q2 582.3M |
| /model/quarters/2026-03-31/revenue/provenance/filed | None | 2026-08-12 |
| /model/quarters/2026-03-31/revenue/provenance/form | None | 6-K |
| /model/quarters/2026-03-31/revenue/provenance/source_url | None | https://assets.nebius.com/assets/72a8c258-bbb7-4df7-ab9d-8698f6cb88fc/PR.pdf |
| /model/quarters/2026-03-31/revenue/value | None | 399000000.0 |
| /model/quarters/2026-06-30/capex/provenance/accession | None | 0001104659-26-094844 |
| /model/quarters/2026-06-30/capex/provenance/class | None | reported |
| /model/quarters/2026-06-30/capex/provenance/concept | None | Q2 capex; capex includes PP&E and intangible assets |
| /model/quarters/2026-06-30/capex/provenance/filed | None | 2026-08-12 |
| /model/quarters/2026-06-30/capex/provenance/form | None | 6-K |
| /model/quarters/2026-06-30/capex/provenance/source_url | None | https://assets.nebius.com/assets/72a8c258-bbb7-4df7-ab9d-8698f6cb88fc/PR.pdf |
| /model/quarters/2026-06-30/capex/value | None | 5657400000.0 |
| /model/quarters/2026-06-30/cash/provenance/accession | None | 0001104659-26-094844 |
| /model/quarters/2026-06-30/cash/provenance/class | None | reported |
| /model/quarters/2026-06-30/cash/provenance/concept | None | Q2 cash |
| /model/quarters/2026-06-30/cash/provenance/filed | None | 2026-08-12 |
| /model/quarters/2026-06-30/cash/provenance/form | None | 6-K |
| /model/quarters/2026-06-30/cash/provenance/source_url | None | https://assets.nebius.com/assets/72a8c258-bbb7-4df7-ab9d-8698f6cb88fc/PR.pdf |
| /model/quarters/2026-06-30/cash/value | None | 8042100000.0 |
| /model/quarters/2026-06-30/cfo/provenance/accession | None | 0001104659-26-094844 |
| /model/quarters/2026-06-30/cfo/provenance/class | None | reported |
| /model/quarters/2026-06-30/cfo/provenance/concept | None | Q2 cfo |
| /model/quarters/2026-06-30/cfo/provenance/filed | None | 2026-08-12 |
| /model/quarters/2026-06-30/cfo/provenance/form | None | 6-K |
| /model/quarters/2026-06-30/cfo/provenance/source_url | None | https://assets.nebius.com/assets/72a8c258-bbb7-4df7-ab9d-8698f6cb88fc/PR.pdf |
| /model/quarters/2026-06-30/cfo/value | None | 2246100000.0 |
| /model/quarters/2026-06-30/debt_long_term/provenance/accession | None | 0001104659-26-094844 |
| /model/quarters/2026-06-30/debt_long_term/provenance/class | None | reported |
| /model/quarters/2026-06-30/debt_long_term/provenance/concept | None | Q2 debt_long_term |
| /model/quarters/2026-06-30/debt_long_term/provenance/filed | None | 2026-08-12 |
| /model/quarters/2026-06-30/debt_long_term/provenance/form | None | 6-K |
| /model/quarters/2026-06-30/debt_long_term/provenance/source_url | None | https://assets.nebius.com/assets/72a8c258-bbb7-4df7-ab9d-8698f6cb88fc/PR.pdf |
| /model/quarters/2026-06-30/debt_long_term/value | None | 8499000000.0 |
| /model/quarters/2026-06-30/eps_diluted/provenance/accession | None | 0001104659-26-094844 |
| /model/quarters/2026-06-30/eps_diluted/provenance/class | None | reported |
| /model/quarters/2026-06-30/eps_diluted/provenance/concept | None | Q2 diluted net loss per ordinary share |
| /model/quarters/2026-06-30/eps_diluted/provenance/filed | None | 2026-08-12 |
| /model/quarters/2026-06-30/eps_diluted/provenance/form | None | 6-K |
| /model/quarters/2026-06-30/eps_diluted/provenance/source_url | None | https://assets.nebius.com/assets/72a8c258-bbb7-4df7-ab9d-8698f6cb88fc/PR.pdf |
| /model/quarters/2026-06-30/eps_diluted/value | None | -0.68 |
| /model/quarters/2026-06-30/fcf/provenance/accession | None | 0001104659-26-094844 |
| /model/quarters/2026-06-30/fcf/provenance/class | None | derived |
| /model/quarters/2026-06-30/fcf/provenance/concept | None | CFO - capex; Q2 cfo [https://assets.nebius.com/assets/72a8c258-bbb7-4df7-ab9d-8698f6cb88fc/PR.pdf; filed 2026-08-12] ; Q2 capex; capex includes PP&E and intangible assets [https://assets.nebius.com/assets/72a8c258-bbb7-4df7-ab9d-8698f6cb88fc/PR.pdf; filed 2026-08-12] |
| /model/quarters/2026-06-30/fcf/provenance/filed | None | 2026-08-12 |
| /model/quarters/2026-06-30/fcf/provenance/form | None | 6-K |
| /model/quarters/2026-06-30/fcf/provenance/source_url | None | https://assets.nebius.com/assets/72a8c258-bbb7-4df7-ab9d-8698f6cb88fc/PR.pdf |
| /model/quarters/2026-06-30/fcf/value | None | -3411300000.0 |
| /model/quarters/2026-06-30/fiscal_label | None | 2026Q2 |
| /model/quarters/2026-06-30/net_income/provenance/accession | None | 0001104659-26-094844 |
| /model/quarters/2026-06-30/net_income/provenance/class | None | reported |
| /model/quarters/2026-06-30/net_income/provenance/concept | None | Q2 net_income |
| /model/quarters/2026-06-30/net_income/provenance/filed | None | 2026-08-12 |
| /model/quarters/2026-06-30/net_income/provenance/form | None | 6-K |
| /model/quarters/2026-06-30/net_income/provenance/source_url | None | https://assets.nebius.com/assets/72a8c258-bbb7-4df7-ab9d-8698f6cb88fc/PR.pdf |
| /model/quarters/2026-06-30/net_income/value | None | -190400000.0 |
| /model/quarters/2026-06-30/operating_income/provenance/accession | None | 0001104659-26-094844 |
| /model/quarters/2026-06-30/operating_income/provenance/class | None | reported |
| /model/quarters/2026-06-30/operating_income/provenance/concept | None | Q2 operating_income |
| /model/quarters/2026-06-30/operating_income/provenance/filed | None | 2026-08-12 |
| /model/quarters/2026-06-30/operating_income/provenance/form | None | 6-K |
| /model/quarters/2026-06-30/operating_income/provenance/source_url | None | https://assets.nebius.com/assets/72a8c258-bbb7-4df7-ab9d-8698f6cb88fc/PR.pdf |
| /model/quarters/2026-06-30/operating_income/value | None | -175900000.0 |
| /model/quarters/2026-06-30/period_end | None | 2026-06-30 |
| /model/quarters/2026-06-30/revenue/provenance/accession | None | 0001104659-26-094844 |
| /model/quarters/2026-06-30/revenue/provenance/class | None | reported |
| /model/quarters/2026-06-30/revenue/provenance/concept | None | Q2 revenue |
| /model/quarters/2026-06-30/revenue/provenance/filed | None | 2026-08-12 |
| /model/quarters/2026-06-30/revenue/provenance/form | None | 6-K |
| /model/quarters/2026-06-30/revenue/provenance/source_url | None | https://assets.nebius.com/assets/72a8c258-bbb7-4df7-ab9d-8698f6cb88fc/PR.pdf |
| /model/quarters/2026-06-30/revenue/value | None | 582300000.0 |
| /model/quarters/2026-06-30/shares_diluted/provenance/accession | None | 0001104659-26-094844 |
| /model/quarters/2026-06-30/shares_diluted/provenance/class | None | reported |
| /model/quarters/2026-06-30/shares_diluted/provenance/concept | None | Q2 weighted-average diluted ordinary shares |
| /model/quarters/2026-06-30/shares_diluted/provenance/filed | None | 2026-08-12 |
| /model/quarters/2026-06-30/shares_diluted/provenance/form | None | 6-K |
| /model/quarters/2026-06-30/shares_diluted/provenance/source_url | None | https://assets.nebius.com/assets/72a8c258-bbb7-4df7-ab9d-8698f6cb88fc/PR.pdf |
| /model/quarters/2026-06-30/shares_diluted/value | None | 280381615.0 |
| /model/source | https://data.sec.gov/api/xbrl/companyfacts/CIK0001513845.json | SEC companyfacts with reviewed filing supplement; see each value's provenance. |
| /operating_model/cells/aug_coupon_2030:shared/basis | None | Gross principal times stated rate. |
| /operating_model/cells/aug_coupon_2030:shared/case | None | shared |
| /operating_model/cells/aug_coupon_2030:shared/formula/op | None | multiply |
| /operating_model/cells/aug_coupon_2030:shared/formula/refs/0 | None | aug_note_2030 |
| /operating_model/cells/aug_coupon_2030:shared/formula/refs/1 | None | aug_rate_2030 |
| /operating_model/cells/aug_coupon_2030:shared/id | None | aug_coupon_2030 |
| /operating_model/cells/aug_coupon_2030:shared/kind | None | derived |
| /operating_model/cells/aug_coupon_2030:shared/label | None | August 2030 annual coupon |
| /operating_model/cells/aug_coupon_2030:shared/period | None | Annual |
| /operating_model/cells/aug_coupon_2030:shared/unit | None | USD_millions |
| /operating_model/cells/aug_coupon_2030:shared/value | None | 17.25 |
| /operating_model/cells/aug_coupon_2034:shared/basis | None | Gross principal times stated rate. |
| /operating_model/cells/aug_coupon_2034:shared/case | None | shared |
| /operating_model/cells/aug_coupon_2034:shared/formula/op | None | multiply |
| /operating_model/cells/aug_coupon_2034:shared/formula/refs/0 | None | aug_note_2034 |
| /operating_model/cells/aug_coupon_2034:shared/formula/refs/1 | None | aug_rate_2034 |
| /operating_model/cells/aug_coupon_2034:shared/id | None | aug_coupon_2034 |
| /operating_model/cells/aug_coupon_2034:shared/kind | None | derived |
| /operating_model/cells/aug_coupon_2034:shared/label | None | August 2034 annual coupon |
| /operating_model/cells/aug_coupon_2034:shared/period | None | Annual |
| /operating_model/cells/aug_coupon_2034:shared/unit | None | USD_millions |
| /operating_model/cells/aug_coupon_2034:shared/value | None | 103.5 |
| /operating_model/cells/aug_gross_proceeds:shared/basis | None | Before fees; do not add gross proceeds to June cash as a current-cash estimate. |
| /operating_model/cells/aug_gross_proceeds:shared/case | None | shared |
| /operating_model/cells/aug_gross_proceeds:shared/formula/op | None | sum |
| /operating_model/cells/aug_gross_proceeds:shared/formula/refs/0 | None | aug_note_2030 |
| /operating_model/cells/aug_gross_proceeds:shared/formula/refs/1 | None | aug_note_2034 |
| /operating_model/cells/aug_gross_proceeds:shared/id | None | aug_gross_proceeds |
| /operating_model/cells/aug_gross_proceeds:shared/kind | None | derived |
| /operating_model/cells/aug_gross_proceeds:shared/label | None | August convertible gross proceeds |
| /operating_model/cells/aug_gross_proceeds:shared/period | None | August financing |
| /operating_model/cells/aug_gross_proceeds:shared/unit | None | USD_millions |
| /operating_model/cells/aug_gross_proceeds:shared/value | None | 5750.0 |
| /operating_model/cells/aug_net_coupon_increase:shared/basis | None | New coupons less retired-note coupons; excludes issuance fees and further borrowings. |
| /operating_model/cells/aug_net_coupon_increase:shared/case | None | shared |
| /operating_model/cells/aug_net_coupon_increase:shared/formula/op | None | subtract |
| /operating_model/cells/aug_net_coupon_increase:shared/formula/refs/0 | None | aug_new_coupons |
| /operating_model/cells/aug_net_coupon_increase:shared/formula/refs/1 | None | exchange_old_coupons |
| /operating_model/cells/aug_net_coupon_increase:shared/id | None | aug_net_coupon_increase |
| /operating_model/cells/aug_net_coupon_increase:shared/kind | None | derived |
| /operating_model/cells/aug_net_coupon_increase:shared/label | None | Incremental annual coupon after exchange |
| /operating_model/cells/aug_net_coupon_increase:shared/period | None | Annual |
| /operating_model/cells/aug_net_coupon_increase:shared/unit | None | USD_millions |
| /operating_model/cells/aug_net_coupon_increase:shared/value | None | 100.75 |
| /operating_model/cells/aug_new_coupons:shared/basis | None | Before coupons removed in the simultaneous debt-for-shares exchange. |
| /operating_model/cells/aug_new_coupons:shared/case | None | shared |
| /operating_model/cells/aug_new_coupons:shared/formula/op | None | sum |
| /operating_model/cells/aug_new_coupons:shared/formula/refs/0 | None | aug_coupon_2030 |
| /operating_model/cells/aug_new_coupons:shared/formula/refs/1 | None | aug_coupon_2034 |
| /operating_model/cells/aug_new_coupons:shared/id | None | aug_new_coupons |
| /operating_model/cells/aug_new_coupons:shared/kind | None | derived |
| /operating_model/cells/aug_new_coupons:shared/label | None | New annual coupon burden |
| /operating_model/cells/aug_new_coupons:shared/period | None | Annual |
| /operating_model/cells/aug_new_coupons:shared/unit | None | USD_millions |
| /operating_model/cells/aug_new_coupons:shared/value | None | 120.75 |
| /operating_model/cells/aug_note_2030:shared/basis | None | 0.5% coupon; financing cash, not revenue. |
| /operating_model/cells/aug_note_2030:shared/case | None | shared |
| /operating_model/cells/aug_note_2030:shared/id | None | aug_note_2030 |
| /operating_model/cells/aug_note_2030:shared/kind | None | reported |
| /operating_model/cells/aug_note_2030:shared/label | None | August 2030 notes gross principal |
| /operating_model/cells/aug_note_2030:shared/period | None | August financing |
| /operating_model/cells/aug_note_2030:shared/source_date | None | 2026-08-24 |
| /operating_model/cells/aug_note_2030:shared/source_url | None | https://nebius.com/newsroom/nebius-group-announces-closing-of-private-offering-of-convertible-senior-notes-with-aggregate-gross-proceeds-of-approximately-5-75-billion |
| /operating_model/cells/aug_note_2030:shared/unit | None | USD_millions |
| /operating_model/cells/aug_note_2030:shared/value | None | 3450.0 |
| /operating_model/cells/aug_note_2034:shared/basis | None | 4.5% coupon; financing cash, not revenue. |
| /operating_model/cells/aug_note_2034:shared/case | None | shared |
| /operating_model/cells/aug_note_2034:shared/id | None | aug_note_2034 |
| /operating_model/cells/aug_note_2034:shared/kind | None | reported |
| /operating_model/cells/aug_note_2034:shared/label | None | August 2034 notes gross principal |
| /operating_model/cells/aug_note_2034:shared/period | None | August financing |
| /operating_model/cells/aug_note_2034:shared/source_date | None | 2026-08-24 |
| /operating_model/cells/aug_note_2034:shared/source_url | None | https://nebius.com/newsroom/nebius-group-announces-closing-of-private-offering-of-convertible-senior-notes-with-aggregate-gross-proceeds-of-approximately-5-75-billion |
| /operating_model/cells/aug_note_2034:shared/unit | None | USD_millions |
| /operating_model/cells/aug_note_2034:shared/value | None | 2300.0 |
| /operating_model/cells/aug_rate_2030:shared/basis | None | Disclosed contractual coupon. |
| /operating_model/cells/aug_rate_2030:shared/case | None | shared |
| /operating_model/cells/aug_rate_2030:shared/id | None | aug_rate_2030 |
| /operating_model/cells/aug_rate_2030:shared/kind | None | reported |
| /operating_model/cells/aug_rate_2030:shared/label | None | August 2030 coupon rate |
| /operating_model/cells/aug_rate_2030:shared/period | None | Annual |
| /operating_model/cells/aug_rate_2030:shared/source_date | None | 2026-08-24 |
| /operating_model/cells/aug_rate_2030:shared/source_url | None | https://nebius.com/newsroom/nebius-group-announces-closing-of-private-offering-of-convertible-senior-notes-with-aggregate-gross-proceeds-of-approximately-5-75-billion |
| /operating_model/cells/aug_rate_2030:shared/unit | None | ratio |
| /operating_model/cells/aug_rate_2030:shared/value | None | 0.005 |
| /operating_model/cells/aug_rate_2034:shared/basis | None | Disclosed contractual coupon. |
| /operating_model/cells/aug_rate_2034:shared/case | None | shared |
| /operating_model/cells/aug_rate_2034:shared/id | None | aug_rate_2034 |
| /operating_model/cells/aug_rate_2034:shared/kind | None | reported |
| /operating_model/cells/aug_rate_2034:shared/label | None | August 2034 coupon rate |
| /operating_model/cells/aug_rate_2034:shared/period | None | Annual |
| /operating_model/cells/aug_rate_2034:shared/source_date | None | 2026-08-24 |
| /operating_model/cells/aug_rate_2034:shared/source_url | None | https://nebius.com/newsroom/nebius-group-announces-closing-of-private-offering-of-convertible-senior-notes-with-aggregate-gross-proceeds-of-approximately-5-75-billion |
| /operating_model/cells/aug_rate_2034:shared/unit | None | ratio |
| /operating_model/cells/aug_rate_2034:shared/value | None | 0.045 |
| /operating_model/cells/base_2026q3_activation:base/basis | None | Desk haircut to the linear ARR average for back-loaded deployment and utilization. Not a guarantee that ARR translates evenly into earned revenue. |
| /operating_model/cells/base_2026q3_activation:base/case | None | base |
| /operating_model/cells/base_2026q3_activation:base/id | None | base_2026q3_activation |
| /operating_model/cells/base_2026q3_activation:base/kind | None | assumption |
| /operating_model/cells/base_2026q3_activation:base/label | None | Within-quarter revenue realization |
| /operating_model/cells/base_2026q3_activation:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_activation:base/unit | None | ratio |
| /operating_model/cells/base_2026q3_activation:base/value | None | 0.9 |
| /operating_model/cells/base_2026q3_adjusted_ebitda:base/basis | None | Revenue times group non-GAAP margin assumption. |
| /operating_model/cells/base_2026q3_adjusted_ebitda:base/case | None | base |
| /operating_model/cells/base_2026q3_adjusted_ebitda:base/formula/op | None | multiply |
| /operating_model/cells/base_2026q3_adjusted_ebitda:base/formula/refs/0 | None | base_2026q3_revenue |
| /operating_model/cells/base_2026q3_adjusted_ebitda:base/formula/refs/1 | None | base_2026q3_ebitda_margin |
| /operating_model/cells/base_2026q3_adjusted_ebitda:base/id | None | base_2026q3_adjusted_ebitda |
| /operating_model/cells/base_2026q3_adjusted_ebitda:base/kind | None | derived |
| /operating_model/cells/base_2026q3_adjusted_ebitda:base/label | None | Group adjusted EBITDA |
| /operating_model/cells/base_2026q3_adjusted_ebitda:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_adjusted_ebitda:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_adjusted_ebitda:base/value | None | 340.46000000000004 |
| /operating_model/cells/base_2026q3_ai_revenue:base/basis | None | Average ARR divided by four times quarterly realization. |
| /operating_model/cells/base_2026q3_ai_revenue:base/case | None | base |
| /operating_model/cells/base_2026q3_ai_revenue:base/formula/op | None | multiply |
| /operating_model/cells/base_2026q3_ai_revenue:base/formula/refs/0 | None | base_2026q3_average_arr |
| /operating_model/cells/base_2026q3_ai_revenue:base/formula/refs/1 | None | quarter |
| /operating_model/cells/base_2026q3_ai_revenue:base/formula/refs/2 | None | base_2026q3_activation |
| /operating_model/cells/base_2026q3_ai_revenue:base/id | None | base_2026q3_ai_revenue |
| /operating_model/cells/base_2026q3_ai_revenue:base/kind | None | derived |
| /operating_model/cells/base_2026q3_ai_revenue:base/label | None | AI cloud revenue |
| /operating_model/cells/base_2026q3_ai_revenue:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_ai_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_ai_revenue:base/value | None | 843.75 |
| /operating_model/cells/base_2026q3_arr_sum:base/basis | None | Intermediate for the average revenue run rate. |
| /operating_model/cells/base_2026q3_arr_sum:base/case | None | base |
| /operating_model/cells/base_2026q3_arr_sum:base/formula/op | None | sum |
| /operating_model/cells/base_2026q3_arr_sum:base/formula/refs/0 | None | q2_exit_arr |
| /operating_model/cells/base_2026q3_arr_sum:base/formula/refs/1 | None | base_2026q3_exit_arr |
| /operating_model/cells/base_2026q3_arr_sum:base/id | None | base_2026q3_arr_sum |
| /operating_model/cells/base_2026q3_arr_sum:base/kind | None | derived |
| /operating_model/cells/base_2026q3_arr_sum:base/label | None | Beginning plus ending ARR |
| /operating_model/cells/base_2026q3_arr_sum:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_arr_sum:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_arr_sum:base/value | None | 7500.0 |
| /operating_model/cells/base_2026q3_average_arr:base/basis | None | Simple mean; activation factor separately accounts for late-quarter delivery. |
| /operating_model/cells/base_2026q3_average_arr:base/case | None | base |
| /operating_model/cells/base_2026q3_average_arr:base/formula/op | None | divide |
| /operating_model/cells/base_2026q3_average_arr:base/formula/refs/0 | None | base_2026q3_arr_sum |
| /operating_model/cells/base_2026q3_average_arr:base/formula/refs/1 | None | two |
| /operating_model/cells/base_2026q3_average_arr:base/id | None | base_2026q3_average_arr |
| /operating_model/cells/base_2026q3_average_arr:base/kind | None | derived |
| /operating_model/cells/base_2026q3_average_arr:base/label | None | Average beginning/end ARR |
| /operating_model/cells/base_2026q3_average_arr:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_average_arr:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_average_arr:base/value | None | 3750.0 |
| /operating_model/cells/base_2026q3_capex:base/basis | None | Remaining annual cash capex times quarterly allocation. |
| /operating_model/cells/base_2026q3_capex:base/case | None | base |
| /operating_model/cells/base_2026q3_capex:base/formula/op | None | multiply |
| /operating_model/cells/base_2026q3_capex:base/formula/refs/0 | None | base_h2_capex |
| /operating_model/cells/base_2026q3_capex:base/formula/refs/1 | None | base_2026q3_capex_weight |
| /operating_model/cells/base_2026q3_capex:base/id | None | base_2026q3_capex |
| /operating_model/cells/base_2026q3_capex:base/kind | None | derived |
| /operating_model/cells/base_2026q3_capex:base/label | None | Cash PP&E and intangible purchases |
| /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 | 6897.456 |
| /operating_model/cells/base_2026q3_capex_weight:base/basis | None | Desk spending phasing; H2 weights sum to one. |
| /operating_model/cells/base_2026q3_capex_weight:base/case | None | base |
| /operating_model/cells/base_2026q3_capex_weight:base/id | None | base_2026q3_capex_weight |
| /operating_model/cells/base_2026q3_capex_weight:base/kind | None | assumption |
| /operating_model/cells/base_2026q3_capex_weight:base/label | None | Share of remaining H2 capex |
| /operating_model/cells/base_2026q3_capex_weight:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_capex_weight:base/unit | None | ratio |
| /operating_model/cells/base_2026q3_capex_weight:base/value | None | 0.48 |
| /operating_model/cells/base_2026q3_cash_uses:base/basis | None | Desk net interest, tax, non-deferred working-capital and other cash-use bridge from adjusted EBITDA. Includes financing burden once; not a detailed GAAP cash-flow reconciliation. |
| /operating_model/cells/base_2026q3_cash_uses:base/case | None | base |
| /operating_model/cells/base_2026q3_cash_uses:base/id | None | base_2026q3_cash_uses |
| /operating_model/cells/base_2026q3_cash_uses:base/kind | None | assumption |
| /operating_model/cells/base_2026q3_cash_uses:base/label | None | Cash bridge excluding customer funding |
| /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 | 325.0 |
| /operating_model/cells/base_2026q3_cfo:base/basis | None | Pre-customer-funding cash estimate plus the net deferred-revenue contribution. |
| /operating_model/cells/base_2026q3_cfo:base/case | None | base |
| /operating_model/cells/base_2026q3_cfo:base/formula/op | None | sum |
| /operating_model/cells/base_2026q3_cfo:base/formula/refs/0 | None | base_2026q3_cfo_before_customer_funding |
| /operating_model/cells/base_2026q3_cfo:base/formula/refs/1 | None | base_2026q3_customer_funding |
| /operating_model/cells/base_2026q3_cfo:base/id | None | base_2026q3_cfo |
| /operating_model/cells/base_2026q3_cfo:base/kind | None | derived |
| /operating_model/cells/base_2026q3_cfo:base/label | None | Operating cash flow estimate |
| /operating_model/cells/base_2026q3_cfo:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_cfo:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_cfo:base/value | None | 1515.46 |
| /operating_model/cells/base_2026q3_cfo_before_customer_funding:base/basis | None | Adjusted EBITDA less explicit cash-use bridge, before customer-funding changes. |
| /operating_model/cells/base_2026q3_cfo_before_customer_funding:base/case | None | base |
| /operating_model/cells/base_2026q3_cfo_before_customer_funding:base/formula/op | None | subtract |
| /operating_model/cells/base_2026q3_cfo_before_customer_funding:base/formula/refs/0 | None | base_2026q3_adjusted_ebitda |
| /operating_model/cells/base_2026q3_cfo_before_customer_funding:base/formula/refs/1 | None | base_2026q3_cash_uses |
| /operating_model/cells/base_2026q3_cfo_before_customer_funding:base/id | None | base_2026q3_cfo_before_customer_funding |
| /operating_model/cells/base_2026q3_cfo_before_customer_funding:base/kind | None | derived |
| /operating_model/cells/base_2026q3_cfo_before_customer_funding:base/label | None | CFO before net deferred-revenue funding |
| /operating_model/cells/base_2026q3_cfo_before_customer_funding:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_cfo_before_customer_funding:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_cfo_before_customer_funding:base/value | None | 15.460000000000036 |
| /operating_model/cells/base_2026q3_customer_funding:base/basis | None | Desk net cash-flow contribution AFTER revenue recognition; not gross receipts. FY2026 base totals $7.695B including H1, below the company gross-prepayment expectation above $9B. |
| /operating_model/cells/base_2026q3_customer_funding:base/case | None | base |
| /operating_model/cells/base_2026q3_customer_funding:base/id | None | base_2026q3_customer_funding |
| /operating_model/cells/base_2026q3_customer_funding:base/kind | None | assumption |
| /operating_model/cells/base_2026q3_customer_funding:base/label | None | Net deferred-revenue cash contribution |
| /operating_model/cells/base_2026q3_customer_funding:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_customer_funding:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_customer_funding:base/value | None | 1500.0 |
| /operating_model/cells/base_2026q3_ebitda_margin:base/basis | None | Desk group non-GAAP margin. Includes other-business drag; not the higher AI-segment margin and not GAAP operating margin. |
| /operating_model/cells/base_2026q3_ebitda_margin:base/case | None | base |
| /operating_model/cells/base_2026q3_ebitda_margin:base/id | None | base_2026q3_ebitda_margin |
| /operating_model/cells/base_2026q3_ebitda_margin:base/kind | None | assumption |
| /operating_model/cells/base_2026q3_ebitda_margin:base/label | None | Group adjusted EBITDA margin |
| /operating_model/cells/base_2026q3_ebitda_margin:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_ebitda_margin:base/unit | None | ratio |
| /operating_model/cells/base_2026q3_ebitda_margin:base/value | None | 0.4 |
| /operating_model/cells/base_2026q3_exit_arr:base/basis | None | Desk last-month revenue run rate times 12; 2027 values are not company guidance. Downside intentionally falls below the 2026 company range. |
| /operating_model/cells/base_2026q3_exit_arr:base/case | None | base |
| /operating_model/cells/base_2026q3_exit_arr:base/id | None | base_2026q3_exit_arr |
| /operating_model/cells/base_2026q3_exit_arr:base/kind | None | assumption |
| /operating_model/cells/base_2026q3_exit_arr:base/label | None | Quarter-end AI cloud ARR |
| /operating_model/cells/base_2026q3_exit_arr:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_exit_arr:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_exit_arr:base/value | None | 4500.0 |
| /operating_model/cells/base_2026q3_fcf:base/basis | None | Pre-financing cash after PP&E/intangibles; excludes acquisitions and debt principal. |
| /operating_model/cells/base_2026q3_fcf:base/case | None | base |
| /operating_model/cells/base_2026q3_fcf:base/formula/op | None | subtract |
| /operating_model/cells/base_2026q3_fcf:base/formula/refs/0 | None | base_2026q3_cfo |
| /operating_model/cells/base_2026q3_fcf:base/formula/refs/1 | None | base_2026q3_capex |
| /operating_model/cells/base_2026q3_fcf:base/id | None | base_2026q3_fcf |
| /operating_model/cells/base_2026q3_fcf:base/kind | None | derived |
| /operating_model/cells/base_2026q3_fcf:base/label | None | Operating cash flow less capex |
| /operating_model/cells/base_2026q3_fcf:base/period | None | 2026Q3 |
| /operating_model/cells/base_2026q3_fcf:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q3_fcf:base/value | None | -5381.996 |
| /operating_model/cells/base_2026q3_revenue:base/basis | None | Adds flat $7.4M quarterly other-business revenue; no separate partnership revenue uplift. |
| /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_ai_revenue |
| /operating_model/cells/base_2026q3_revenue:base/formula/refs/1 | None | h1_q2_other |
| /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 | Group 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 | 851.15 |
| /operating_model/cells/base_2026q4_activation:base/basis | None | Desk haircut to the linear ARR average for back-loaded deployment and utilization. Not a guarantee that ARR translates evenly into earned revenue. |
| /operating_model/cells/base_2026q4_activation:base/case | None | base |
| /operating_model/cells/base_2026q4_activation:base/id | None | base_2026q4_activation |
| /operating_model/cells/base_2026q4_activation:base/kind | None | assumption |
| /operating_model/cells/base_2026q4_activation:base/label | None | Within-quarter revenue realization |
| /operating_model/cells/base_2026q4_activation:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_activation:base/unit | None | ratio |
| /operating_model/cells/base_2026q4_activation:base/value | None | 0.9 |
| /operating_model/cells/base_2026q4_adjusted_ebitda:base/basis | None | Revenue times group non-GAAP margin assumption. |
| /operating_model/cells/base_2026q4_adjusted_ebitda:base/case | None | base |
| /operating_model/cells/base_2026q4_adjusted_ebitda:base/formula/op | None | multiply |
| /operating_model/cells/base_2026q4_adjusted_ebitda:base/formula/refs/0 | None | base_2026q4_revenue |
| /operating_model/cells/base_2026q4_adjusted_ebitda:base/formula/refs/1 | None | base_2026q4_ebitda_margin |
| /operating_model/cells/base_2026q4_adjusted_ebitda:base/id | None | base_2026q4_adjusted_ebitda |
| /operating_model/cells/base_2026q4_adjusted_ebitda:base/kind | None | derived |
| /operating_model/cells/base_2026q4_adjusted_ebitda:base/label | None | Group adjusted EBITDA |
| /operating_model/cells/base_2026q4_adjusted_ebitda:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_adjusted_ebitda:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_adjusted_ebitda:base/value | None | 565.46 |
| /operating_model/cells/base_2026q4_ai_revenue:base/basis | None | Average ARR divided by four times quarterly realization. |
| /operating_model/cells/base_2026q4_ai_revenue:base/case | None | base |
| /operating_model/cells/base_2026q4_ai_revenue:base/formula/op | None | multiply |
| /operating_model/cells/base_2026q4_ai_revenue:base/formula/refs/0 | None | base_2026q4_average_arr |
| /operating_model/cells/base_2026q4_ai_revenue:base/formula/refs/1 | None | quarter |
| /operating_model/cells/base_2026q4_ai_revenue:base/formula/refs/2 | None | base_2026q4_activation |
| /operating_model/cells/base_2026q4_ai_revenue:base/id | None | base_2026q4_ai_revenue |
| /operating_model/cells/base_2026q4_ai_revenue:base/kind | None | derived |
| /operating_model/cells/base_2026q4_ai_revenue:base/label | None | AI cloud revenue |
| /operating_model/cells/base_2026q4_ai_revenue:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_ai_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_ai_revenue:base/value | None | 1406.25 |
| /operating_model/cells/base_2026q4_arr_sum:base/basis | None | Intermediate for the average revenue run rate. |
| /operating_model/cells/base_2026q4_arr_sum:base/case | None | base |
| /operating_model/cells/base_2026q4_arr_sum:base/formula/op | None | sum |
| /operating_model/cells/base_2026q4_arr_sum:base/formula/refs/0 | None | base_2026q3_exit_arr |
| /operating_model/cells/base_2026q4_arr_sum:base/formula/refs/1 | None | base_2026q4_exit_arr |
| /operating_model/cells/base_2026q4_arr_sum:base/id | None | base_2026q4_arr_sum |
| /operating_model/cells/base_2026q4_arr_sum:base/kind | None | derived |
| /operating_model/cells/base_2026q4_arr_sum:base/label | None | Beginning plus ending ARR |
| /operating_model/cells/base_2026q4_arr_sum:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_arr_sum:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_arr_sum:base/value | None | 12500.0 |
| /operating_model/cells/base_2026q4_average_arr:base/basis | None | Simple mean; activation factor separately accounts for late-quarter delivery. |
| /operating_model/cells/base_2026q4_average_arr:base/case | None | base |
| /operating_model/cells/base_2026q4_average_arr:base/formula/op | None | divide |
| /operating_model/cells/base_2026q4_average_arr:base/formula/refs/0 | None | base_2026q4_arr_sum |
| /operating_model/cells/base_2026q4_average_arr:base/formula/refs/1 | None | two |
| /operating_model/cells/base_2026q4_average_arr:base/id | None | base_2026q4_average_arr |
| /operating_model/cells/base_2026q4_average_arr:base/kind | None | derived |
| /operating_model/cells/base_2026q4_average_arr:base/label | None | Average beginning/end ARR |
| /operating_model/cells/base_2026q4_average_arr:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_average_arr:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_average_arr:base/value | None | 6250.0 |
| /operating_model/cells/base_2026q4_capex:base/basis | None | Remaining annual cash capex times quarterly allocation. |
| /operating_model/cells/base_2026q4_capex:base/case | None | base |
| /operating_model/cells/base_2026q4_capex:base/formula/op | None | multiply |
| /operating_model/cells/base_2026q4_capex:base/formula/refs/0 | None | base_h2_capex |
| /operating_model/cells/base_2026q4_capex:base/formula/refs/1 | None | base_2026q4_capex_weight |
| /operating_model/cells/base_2026q4_capex:base/id | None | base_2026q4_capex |
| /operating_model/cells/base_2026q4_capex:base/kind | None | derived |
| /operating_model/cells/base_2026q4_capex:base/label | None | Cash PP&E and intangible purchases |
| /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 | 7472.244000000001 |
| /operating_model/cells/base_2026q4_capex_weight:base/basis | None | Desk spending phasing; H2 weights sum to one. |
| /operating_model/cells/base_2026q4_capex_weight:base/case | None | base |
| /operating_model/cells/base_2026q4_capex_weight:base/id | None | base_2026q4_capex_weight |
| /operating_model/cells/base_2026q4_capex_weight:base/kind | None | assumption |
| /operating_model/cells/base_2026q4_capex_weight:base/label | None | Share of remaining H2 capex |
| /operating_model/cells/base_2026q4_capex_weight:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_capex_weight:base/unit | None | ratio |
| /operating_model/cells/base_2026q4_capex_weight:base/value | None | 0.52 |
| /operating_model/cells/base_2026q4_cash_uses:base/basis | None | Desk net interest, tax, non-deferred working-capital and other cash-use bridge from adjusted EBITDA. Includes financing burden once; not a detailed GAAP cash-flow reconciliation. |
| /operating_model/cells/base_2026q4_cash_uses:base/case | None | base |
| /operating_model/cells/base_2026q4_cash_uses:base/id | None | base_2026q4_cash_uses |
| /operating_model/cells/base_2026q4_cash_uses:base/kind | None | assumption |
| /operating_model/cells/base_2026q4_cash_uses:base/label | None | Cash bridge excluding customer funding |
| /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 | 350.0 |
| /operating_model/cells/base_2026q4_cfo:base/basis | None | Pre-customer-funding cash estimate plus the net deferred-revenue contribution. |
| /operating_model/cells/base_2026q4_cfo:base/case | None | base |
| /operating_model/cells/base_2026q4_cfo:base/formula/op | None | sum |
| /operating_model/cells/base_2026q4_cfo:base/formula/refs/0 | None | base_2026q4_cfo_before_customer_funding |
| /operating_model/cells/base_2026q4_cfo:base/formula/refs/1 | None | base_2026q4_customer_funding |
| /operating_model/cells/base_2026q4_cfo:base/id | None | base_2026q4_cfo |
| /operating_model/cells/base_2026q4_cfo:base/kind | None | derived |
| /operating_model/cells/base_2026q4_cfo:base/label | None | Operating cash flow estimate |
| /operating_model/cells/base_2026q4_cfo:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_cfo:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_cfo:base/value | None | 2015.46 |
| /operating_model/cells/base_2026q4_cfo_before_customer_funding:base/basis | None | Adjusted EBITDA less explicit cash-use bridge, before customer-funding changes. |
| /operating_model/cells/base_2026q4_cfo_before_customer_funding:base/case | None | base |
| /operating_model/cells/base_2026q4_cfo_before_customer_funding:base/formula/op | None | subtract |
| /operating_model/cells/base_2026q4_cfo_before_customer_funding:base/formula/refs/0 | None | base_2026q4_adjusted_ebitda |
| /operating_model/cells/base_2026q4_cfo_before_customer_funding:base/formula/refs/1 | None | base_2026q4_cash_uses |
| /operating_model/cells/base_2026q4_cfo_before_customer_funding:base/id | None | base_2026q4_cfo_before_customer_funding |
| /operating_model/cells/base_2026q4_cfo_before_customer_funding:base/kind | None | derived |
| /operating_model/cells/base_2026q4_cfo_before_customer_funding:base/label | None | CFO before net deferred-revenue funding |
| /operating_model/cells/base_2026q4_cfo_before_customer_funding:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_cfo_before_customer_funding:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_cfo_before_customer_funding:base/value | None | 215.46000000000004 |
| /operating_model/cells/base_2026q4_customer_funding:base/basis | None | Desk net cash-flow contribution AFTER revenue recognition; not gross receipts. FY2026 base totals $7.695B including H1, below the company gross-prepayment expectation above $9B. |
| /operating_model/cells/base_2026q4_customer_funding:base/case | None | base |
| /operating_model/cells/base_2026q4_customer_funding:base/id | None | base_2026q4_customer_funding |
| /operating_model/cells/base_2026q4_customer_funding:base/kind | None | assumption |
| /operating_model/cells/base_2026q4_customer_funding:base/label | None | Net deferred-revenue cash contribution |
| /operating_model/cells/base_2026q4_customer_funding:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_customer_funding:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_customer_funding:base/value | None | 1800.0 |
| /operating_model/cells/base_2026q4_ebitda_margin:base/basis | None | Desk group non-GAAP margin. Includes other-business drag; not the higher AI-segment margin and not GAAP operating margin. |
| /operating_model/cells/base_2026q4_ebitda_margin:base/case | None | base |
| /operating_model/cells/base_2026q4_ebitda_margin:base/id | None | base_2026q4_ebitda_margin |
| /operating_model/cells/base_2026q4_ebitda_margin:base/kind | None | assumption |
| /operating_model/cells/base_2026q4_ebitda_margin:base/label | None | Group adjusted EBITDA margin |
| /operating_model/cells/base_2026q4_ebitda_margin:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_ebitda_margin:base/unit | None | ratio |
| /operating_model/cells/base_2026q4_ebitda_margin:base/value | None | 0.4 |
| /operating_model/cells/base_2026q4_exit_arr:base/basis | None | Desk last-month revenue run rate times 12; 2027 values are not company guidance. Downside intentionally falls below the 2026 company range. |
| /operating_model/cells/base_2026q4_exit_arr:base/case | None | base |
| /operating_model/cells/base_2026q4_exit_arr:base/id | None | base_2026q4_exit_arr |
| /operating_model/cells/base_2026q4_exit_arr:base/kind | None | assumption |
| /operating_model/cells/base_2026q4_exit_arr:base/label | None | Quarter-end AI cloud ARR |
| /operating_model/cells/base_2026q4_exit_arr:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_exit_arr:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_exit_arr:base/value | None | 8000.0 |
| /operating_model/cells/base_2026q4_fcf:base/basis | None | Pre-financing cash after PP&E/intangibles; excludes acquisitions and debt principal. |
| /operating_model/cells/base_2026q4_fcf:base/case | None | base |
| /operating_model/cells/base_2026q4_fcf:base/formula/op | None | subtract |
| /operating_model/cells/base_2026q4_fcf:base/formula/refs/0 | None | base_2026q4_cfo |
| /operating_model/cells/base_2026q4_fcf:base/formula/refs/1 | None | base_2026q4_capex |
| /operating_model/cells/base_2026q4_fcf:base/id | None | base_2026q4_fcf |
| /operating_model/cells/base_2026q4_fcf:base/kind | None | derived |
| /operating_model/cells/base_2026q4_fcf:base/label | None | Operating cash flow less capex |
| /operating_model/cells/base_2026q4_fcf:base/period | None | 2026Q4 |
| /operating_model/cells/base_2026q4_fcf:base/unit | None | USD_millions |
| /operating_model/cells/base_2026q4_fcf:base/value | None | -5456.784000000001 |
| /operating_model/cells/base_2026q4_revenue:base/basis | None | Adds flat $7.4M quarterly other-business revenue; no separate partnership revenue uplift. |
| /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_ai_revenue |
| /operating_model/cells/base_2026q4_revenue:base/formula/refs/1 | None | h1_q2_other |
| /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 | Group 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 | 1413.65 |
| /operating_model/cells/base_2027q1_activation:base/basis | None | Desk haircut to the linear ARR average for back-loaded deployment and utilization. Not a guarantee that ARR translates evenly into earned revenue. |
| /operating_model/cells/base_2027q1_activation:base/case | None | base |
| /operating_model/cells/base_2027q1_activation:base/id | None | base_2027q1_activation |
| /operating_model/cells/base_2027q1_activation:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_activation:base/label | None | Within-quarter revenue realization |
| /operating_model/cells/base_2027q1_activation:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_activation:base/unit | None | ratio |
| /operating_model/cells/base_2027q1_activation:base/value | None | 0.9 |
| /operating_model/cells/base_2027q1_adjusted_ebitda:base/basis | None | Revenue times group non-GAAP margin assumption. |
| /operating_model/cells/base_2027q1_adjusted_ebitda:base/case | None | base |
| /operating_model/cells/base_2027q1_adjusted_ebitda:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q1_adjusted_ebitda:base/formula/refs/0 | None | base_2027q1_revenue |
| /operating_model/cells/base_2027q1_adjusted_ebitda:base/formula/refs/1 | None | base_2027q1_ebitda_margin |
| /operating_model/cells/base_2027q1_adjusted_ebitda:base/id | None | base_2027q1_adjusted_ebitda |
| /operating_model/cells/base_2027q1_adjusted_ebitda:base/kind | None | derived |
| /operating_model/cells/base_2027q1_adjusted_ebitda:base/label | None | Group adjusted EBITDA |
| /operating_model/cells/base_2027q1_adjusted_ebitda:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_adjusted_ebitda:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_adjusted_ebitda:base/value | None | 829.9830000000001 |
| /operating_model/cells/base_2027q1_ai_revenue:base/basis | None | Average ARR divided by four times quarterly realization. |
| /operating_model/cells/base_2027q1_ai_revenue:base/case | None | base |
| /operating_model/cells/base_2027q1_ai_revenue:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q1_ai_revenue:base/formula/refs/0 | None | base_2027q1_average_arr |
| /operating_model/cells/base_2027q1_ai_revenue:base/formula/refs/1 | None | quarter |
| /operating_model/cells/base_2027q1_ai_revenue:base/formula/refs/2 | None | base_2027q1_activation |
| /operating_model/cells/base_2027q1_ai_revenue:base/id | None | base_2027q1_ai_revenue |
| /operating_model/cells/base_2027q1_ai_revenue:base/kind | None | derived |
| /operating_model/cells/base_2027q1_ai_revenue:base/label | None | AI cloud revenue |
| /operating_model/cells/base_2027q1_ai_revenue:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_ai_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_ai_revenue:base/value | None | 1968.75 |
| /operating_model/cells/base_2027q1_arr_sum:base/basis | None | Intermediate for the average revenue run rate. |
| /operating_model/cells/base_2027q1_arr_sum:base/case | None | base |
| /operating_model/cells/base_2027q1_arr_sum:base/formula/op | None | sum |
| /operating_model/cells/base_2027q1_arr_sum:base/formula/refs/0 | None | base_2026q4_exit_arr |
| /operating_model/cells/base_2027q1_arr_sum:base/formula/refs/1 | None | base_2027q1_exit_arr |
| /operating_model/cells/base_2027q1_arr_sum:base/id | None | base_2027q1_arr_sum |
| /operating_model/cells/base_2027q1_arr_sum:base/kind | None | derived |
| /operating_model/cells/base_2027q1_arr_sum:base/label | None | Beginning plus ending ARR |
| /operating_model/cells/base_2027q1_arr_sum:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_arr_sum:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_arr_sum:base/value | None | 17500.0 |
| /operating_model/cells/base_2027q1_average_arr:base/basis | None | Simple mean; activation factor separately accounts for late-quarter delivery. |
| /operating_model/cells/base_2027q1_average_arr:base/case | None | base |
| /operating_model/cells/base_2027q1_average_arr:base/formula/op | None | divide |
| /operating_model/cells/base_2027q1_average_arr:base/formula/refs/0 | None | base_2027q1_arr_sum |
| /operating_model/cells/base_2027q1_average_arr:base/formula/refs/1 | None | two |
| /operating_model/cells/base_2027q1_average_arr:base/id | None | base_2027q1_average_arr |
| /operating_model/cells/base_2027q1_average_arr:base/kind | None | derived |
| /operating_model/cells/base_2027q1_average_arr:base/label | None | Average beginning/end ARR |
| /operating_model/cells/base_2027q1_average_arr:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_average_arr:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_average_arr:base/value | None | 8750.0 |
| /operating_model/cells/base_2027q1_capex:base/basis | None | Desk 2027 construction, hardware and refresh spending; not company guidance or a full GPU-vintage schedule. |
| /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 PP&E and intangible purchases |
| /operating_model/cells/base_2027q1_capex:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_capex:base/value | None | 6500.0 |
| /operating_model/cells/base_2027q1_cash_uses:base/basis | None | Desk net interest, tax, non-deferred working-capital and other cash-use bridge from adjusted EBITDA. Includes financing burden once; not a detailed GAAP cash-flow reconciliation. |
| /operating_model/cells/base_2027q1_cash_uses:base/case | None | base |
| /operating_model/cells/base_2027q1_cash_uses:base/id | None | base_2027q1_cash_uses |
| /operating_model/cells/base_2027q1_cash_uses:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_cash_uses:base/label | None | Cash bridge excluding customer funding |
| /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 | 400.0 |
| /operating_model/cells/base_2027q1_cfo:base/basis | None | Pre-customer-funding cash estimate plus the net deferred-revenue contribution. |
| /operating_model/cells/base_2027q1_cfo:base/case | None | base |
| /operating_model/cells/base_2027q1_cfo:base/formula/op | None | sum |
| /operating_model/cells/base_2027q1_cfo:base/formula/refs/0 | None | base_2027q1_cfo_before_customer_funding |
| /operating_model/cells/base_2027q1_cfo:base/formula/refs/1 | None | base_2027q1_customer_funding |
| /operating_model/cells/base_2027q1_cfo:base/id | None | base_2027q1_cfo |
| /operating_model/cells/base_2027q1_cfo:base/kind | None | derived |
| /operating_model/cells/base_2027q1_cfo:base/label | None | Operating cash flow estimate |
| /operating_model/cells/base_2027q1_cfo:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_cfo:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_cfo:base/value | None | 1929.9830000000002 |
| /operating_model/cells/base_2027q1_cfo_before_customer_funding:base/basis | None | Adjusted EBITDA less explicit cash-use bridge, before customer-funding changes. |
| /operating_model/cells/base_2027q1_cfo_before_customer_funding:base/case | None | base |
| /operating_model/cells/base_2027q1_cfo_before_customer_funding:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q1_cfo_before_customer_funding:base/formula/refs/0 | None | base_2027q1_adjusted_ebitda |
| /operating_model/cells/base_2027q1_cfo_before_customer_funding:base/formula/refs/1 | None | base_2027q1_cash_uses |
| /operating_model/cells/base_2027q1_cfo_before_customer_funding:base/id | None | base_2027q1_cfo_before_customer_funding |
| /operating_model/cells/base_2027q1_cfo_before_customer_funding:base/kind | None | derived |
| /operating_model/cells/base_2027q1_cfo_before_customer_funding:base/label | None | CFO before net deferred-revenue funding |
| /operating_model/cells/base_2027q1_cfo_before_customer_funding:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_cfo_before_customer_funding:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_cfo_before_customer_funding:base/value | None | 429.98300000000006 |
| /operating_model/cells/base_2027q1_customer_funding:base/basis | None | Desk net cash-flow contribution AFTER revenue recognition; not gross receipts. FY2026 base totals $7.695B including H1, below the company gross-prepayment expectation above $9B. |
| /operating_model/cells/base_2027q1_customer_funding:base/case | None | base |
| /operating_model/cells/base_2027q1_customer_funding:base/id | None | base_2027q1_customer_funding |
| /operating_model/cells/base_2027q1_customer_funding:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_customer_funding:base/label | None | Net deferred-revenue cash contribution |
| /operating_model/cells/base_2027q1_customer_funding:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_customer_funding:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_customer_funding:base/value | None | 1500.0 |
| /operating_model/cells/base_2027q1_ebitda_margin:base/basis | None | Desk group non-GAAP margin. Includes other-business drag; not the higher AI-segment margin and not GAAP operating margin. |
| /operating_model/cells/base_2027q1_ebitda_margin:base/case | None | base |
| /operating_model/cells/base_2027q1_ebitda_margin:base/id | None | base_2027q1_ebitda_margin |
| /operating_model/cells/base_2027q1_ebitda_margin:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_ebitda_margin:base/label | None | Group adjusted EBITDA margin |
| /operating_model/cells/base_2027q1_ebitda_margin:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_ebitda_margin:base/unit | None | ratio |
| /operating_model/cells/base_2027q1_ebitda_margin:base/value | None | 0.42 |
| /operating_model/cells/base_2027q1_exit_arr:base/basis | None | Desk last-month revenue run rate times 12; 2027 values are not company guidance. Downside intentionally falls below the 2026 company range. |
| /operating_model/cells/base_2027q1_exit_arr:base/case | None | base |
| /operating_model/cells/base_2027q1_exit_arr:base/id | None | base_2027q1_exit_arr |
| /operating_model/cells/base_2027q1_exit_arr:base/kind | None | assumption |
| /operating_model/cells/base_2027q1_exit_arr:base/label | None | Quarter-end AI cloud ARR |
| /operating_model/cells/base_2027q1_exit_arr:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_exit_arr:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_exit_arr:base/value | None | 9500.0 |
| /operating_model/cells/base_2027q1_fcf:base/basis | None | Pre-financing cash after PP&E/intangibles; excludes acquisitions and debt principal. |
| /operating_model/cells/base_2027q1_fcf:base/case | None | base |
| /operating_model/cells/base_2027q1_fcf:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q1_fcf:base/formula/refs/0 | None | base_2027q1_cfo |
| /operating_model/cells/base_2027q1_fcf:base/formula/refs/1 | None | base_2027q1_capex |
| /operating_model/cells/base_2027q1_fcf:base/id | None | base_2027q1_fcf |
| /operating_model/cells/base_2027q1_fcf:base/kind | None | derived |
| /operating_model/cells/base_2027q1_fcf:base/label | None | Operating cash flow less capex |
| /operating_model/cells/base_2027q1_fcf:base/period | None | 2027Q1 |
| /operating_model/cells/base_2027q1_fcf:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q1_fcf:base/value | None | -4570.017 |
| /operating_model/cells/base_2027q1_revenue:base/basis | None | Adds flat $7.4M quarterly other-business revenue; no separate partnership revenue uplift. |
| /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_ai_revenue |
| /operating_model/cells/base_2027q1_revenue:base/formula/refs/1 | None | h1_q2_other |
| /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 | Group 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 | 1976.15 |
| /operating_model/cells/base_2027q2_activation:base/basis | None | Desk haircut to the linear ARR average for back-loaded deployment and utilization. Not a guarantee that ARR translates evenly into earned revenue. |
| /operating_model/cells/base_2027q2_activation:base/case | None | base |
| /operating_model/cells/base_2027q2_activation:base/id | None | base_2027q2_activation |
| /operating_model/cells/base_2027q2_activation:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_activation:base/label | None | Within-quarter revenue realization |
| /operating_model/cells/base_2027q2_activation:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_activation:base/unit | None | ratio |
| /operating_model/cells/base_2027q2_activation:base/value | None | 0.9 |
| /operating_model/cells/base_2027q2_adjusted_ebitda:base/basis | None | Revenue times group non-GAAP margin assumption. |
| /operating_model/cells/base_2027q2_adjusted_ebitda:base/case | None | base |
| /operating_model/cells/base_2027q2_adjusted_ebitda:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q2_adjusted_ebitda:base/formula/refs/0 | None | base_2027q2_revenue |
| /operating_model/cells/base_2027q2_adjusted_ebitda:base/formula/refs/1 | None | base_2027q2_ebitda_margin |
| /operating_model/cells/base_2027q2_adjusted_ebitda:base/id | None | base_2027q2_adjusted_ebitda |
| /operating_model/cells/base_2027q2_adjusted_ebitda:base/kind | None | derived |
| /operating_model/cells/base_2027q2_adjusted_ebitda:base/label | None | Group adjusted EBITDA |
| /operating_model/cells/base_2027q2_adjusted_ebitda:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_adjusted_ebitda:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_adjusted_ebitda:base/value | None | 995.358 |
| /operating_model/cells/base_2027q2_ai_revenue:base/basis | None | Average ARR divided by four times quarterly realization. |
| /operating_model/cells/base_2027q2_ai_revenue:base/case | None | base |
| /operating_model/cells/base_2027q2_ai_revenue:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q2_ai_revenue:base/formula/refs/0 | None | base_2027q2_average_arr |
| /operating_model/cells/base_2027q2_ai_revenue:base/formula/refs/1 | None | quarter |
| /operating_model/cells/base_2027q2_ai_revenue:base/formula/refs/2 | None | base_2027q2_activation |
| /operating_model/cells/base_2027q2_ai_revenue:base/id | None | base_2027q2_ai_revenue |
| /operating_model/cells/base_2027q2_ai_revenue:base/kind | None | derived |
| /operating_model/cells/base_2027q2_ai_revenue:base/label | None | AI cloud revenue |
| /operating_model/cells/base_2027q2_ai_revenue:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_ai_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_ai_revenue:base/value | None | 2362.5 |
| /operating_model/cells/base_2027q2_arr_sum:base/basis | None | Intermediate for the average revenue run rate. |
| /operating_model/cells/base_2027q2_arr_sum:base/case | None | base |
| /operating_model/cells/base_2027q2_arr_sum:base/formula/op | None | sum |
| /operating_model/cells/base_2027q2_arr_sum:base/formula/refs/0 | None | base_2027q1_exit_arr |
| /operating_model/cells/base_2027q2_arr_sum:base/formula/refs/1 | None | base_2027q2_exit_arr |
| /operating_model/cells/base_2027q2_arr_sum:base/id | None | base_2027q2_arr_sum |
| /operating_model/cells/base_2027q2_arr_sum:base/kind | None | derived |
| /operating_model/cells/base_2027q2_arr_sum:base/label | None | Beginning plus ending ARR |
| /operating_model/cells/base_2027q2_arr_sum:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_arr_sum:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_arr_sum:base/value | None | 21000.0 |
| /operating_model/cells/base_2027q2_average_arr:base/basis | None | Simple mean; activation factor separately accounts for late-quarter delivery. |
| /operating_model/cells/base_2027q2_average_arr:base/case | None | base |
| /operating_model/cells/base_2027q2_average_arr:base/formula/op | None | divide |
| /operating_model/cells/base_2027q2_average_arr:base/formula/refs/0 | None | base_2027q2_arr_sum |
| /operating_model/cells/base_2027q2_average_arr:base/formula/refs/1 | None | two |
| /operating_model/cells/base_2027q2_average_arr:base/id | None | base_2027q2_average_arr |
| /operating_model/cells/base_2027q2_average_arr:base/kind | None | derived |
| /operating_model/cells/base_2027q2_average_arr:base/label | None | Average beginning/end ARR |
| /operating_model/cells/base_2027q2_average_arr:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_average_arr:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_average_arr:base/value | None | 10500.0 |
| /operating_model/cells/base_2027q2_capex:base/basis | None | Desk 2027 construction, hardware and refresh spending; not company guidance or a full GPU-vintage schedule. |
| /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 PP&E and intangible purchases |
| /operating_model/cells/base_2027q2_capex:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_capex:base/value | None | 6500.0 |
| /operating_model/cells/base_2027q2_cash_uses:base/basis | None | Desk net interest, tax, non-deferred working-capital and other cash-use bridge from adjusted EBITDA. Includes financing burden once; not a detailed GAAP cash-flow reconciliation. |
| /operating_model/cells/base_2027q2_cash_uses:base/case | None | base |
| /operating_model/cells/base_2027q2_cash_uses:base/id | None | base_2027q2_cash_uses |
| /operating_model/cells/base_2027q2_cash_uses:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_cash_uses:base/label | None | Cash bridge excluding customer funding |
| /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 | 425.0 |
| /operating_model/cells/base_2027q2_cfo:base/basis | None | Pre-customer-funding cash estimate plus the net deferred-revenue contribution. |
| /operating_model/cells/base_2027q2_cfo:base/case | None | base |
| /operating_model/cells/base_2027q2_cfo:base/formula/op | None | sum |
| /operating_model/cells/base_2027q2_cfo:base/formula/refs/0 | None | base_2027q2_cfo_before_customer_funding |
| /operating_model/cells/base_2027q2_cfo:base/formula/refs/1 | None | base_2027q2_customer_funding |
| /operating_model/cells/base_2027q2_cfo:base/id | None | base_2027q2_cfo |
| /operating_model/cells/base_2027q2_cfo:base/kind | None | derived |
| /operating_model/cells/base_2027q2_cfo:base/label | None | Operating cash flow estimate |
| /operating_model/cells/base_2027q2_cfo:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_cfo:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_cfo:base/value | None | 2070.358 |
| /operating_model/cells/base_2027q2_cfo_before_customer_funding:base/basis | None | Adjusted EBITDA less explicit cash-use bridge, before customer-funding changes. |
| /operating_model/cells/base_2027q2_cfo_before_customer_funding:base/case | None | base |
| /operating_model/cells/base_2027q2_cfo_before_customer_funding:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q2_cfo_before_customer_funding:base/formula/refs/0 | None | base_2027q2_adjusted_ebitda |
| /operating_model/cells/base_2027q2_cfo_before_customer_funding:base/formula/refs/1 | None | base_2027q2_cash_uses |
| /operating_model/cells/base_2027q2_cfo_before_customer_funding:base/id | None | base_2027q2_cfo_before_customer_funding |
| /operating_model/cells/base_2027q2_cfo_before_customer_funding:base/kind | None | derived |
| /operating_model/cells/base_2027q2_cfo_before_customer_funding:base/label | None | CFO before net deferred-revenue funding |
| /operating_model/cells/base_2027q2_cfo_before_customer_funding:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_cfo_before_customer_funding:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_cfo_before_customer_funding:base/value | None | 570.358 |
| /operating_model/cells/base_2027q2_customer_funding:base/basis | None | Desk net cash-flow contribution AFTER revenue recognition; not gross receipts. FY2026 base totals $7.695B including H1, below the company gross-prepayment expectation above $9B. |
| /operating_model/cells/base_2027q2_customer_funding:base/case | None | base |
| /operating_model/cells/base_2027q2_customer_funding:base/id | None | base_2027q2_customer_funding |
| /operating_model/cells/base_2027q2_customer_funding:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_customer_funding:base/label | None | Net deferred-revenue cash contribution |
| /operating_model/cells/base_2027q2_customer_funding:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_customer_funding:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_customer_funding:base/value | None | 1500.0 |
| /operating_model/cells/base_2027q2_ebitda_margin:base/basis | None | Desk group non-GAAP margin. Includes other-business drag; not the higher AI-segment margin and not GAAP operating margin. |
| /operating_model/cells/base_2027q2_ebitda_margin:base/case | None | base |
| /operating_model/cells/base_2027q2_ebitda_margin:base/id | None | base_2027q2_ebitda_margin |
| /operating_model/cells/base_2027q2_ebitda_margin:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_ebitda_margin:base/label | None | Group adjusted EBITDA margin |
| /operating_model/cells/base_2027q2_ebitda_margin:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_ebitda_margin:base/unit | None | ratio |
| /operating_model/cells/base_2027q2_ebitda_margin:base/value | None | 0.42 |
| /operating_model/cells/base_2027q2_exit_arr:base/basis | None | Desk last-month revenue run rate times 12; 2027 values are not company guidance. Downside intentionally falls below the 2026 company range. |
| /operating_model/cells/base_2027q2_exit_arr:base/case | None | base |
| /operating_model/cells/base_2027q2_exit_arr:base/id | None | base_2027q2_exit_arr |
| /operating_model/cells/base_2027q2_exit_arr:base/kind | None | assumption |
| /operating_model/cells/base_2027q2_exit_arr:base/label | None | Quarter-end AI cloud ARR |
| /operating_model/cells/base_2027q2_exit_arr:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_exit_arr:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_exit_arr:base/value | None | 11500.0 |
| /operating_model/cells/base_2027q2_fcf:base/basis | None | Pre-financing cash after PP&E/intangibles; excludes acquisitions and debt principal. |
| /operating_model/cells/base_2027q2_fcf:base/case | None | base |
| /operating_model/cells/base_2027q2_fcf:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q2_fcf:base/formula/refs/0 | None | base_2027q2_cfo |
| /operating_model/cells/base_2027q2_fcf:base/formula/refs/1 | None | base_2027q2_capex |
| /operating_model/cells/base_2027q2_fcf:base/id | None | base_2027q2_fcf |
| /operating_model/cells/base_2027q2_fcf:base/kind | None | derived |
| /operating_model/cells/base_2027q2_fcf:base/label | None | Operating cash flow less capex |
| /operating_model/cells/base_2027q2_fcf:base/period | None | 2027Q2 |
| /operating_model/cells/base_2027q2_fcf:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q2_fcf:base/value | None | -4429.642 |
| /operating_model/cells/base_2027q2_revenue:base/basis | None | Adds flat $7.4M quarterly other-business revenue; no separate partnership revenue uplift. |
| /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_ai_revenue |
| /operating_model/cells/base_2027q2_revenue:base/formula/refs/1 | None | h1_q2_other |
| /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 | Group 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 | 2369.9 |
| /operating_model/cells/base_2027q3_activation:base/basis | None | Desk haircut to the linear ARR average for back-loaded deployment and utilization. Not a guarantee that ARR translates evenly into earned revenue. |
| /operating_model/cells/base_2027q3_activation:base/case | None | base |
| /operating_model/cells/base_2027q3_activation:base/id | None | base_2027q3_activation |
| /operating_model/cells/base_2027q3_activation:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_activation:base/label | None | Within-quarter revenue realization |
| /operating_model/cells/base_2027q3_activation:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_activation:base/unit | None | ratio |
| /operating_model/cells/base_2027q3_activation:base/value | None | 0.9 |
| /operating_model/cells/base_2027q3_adjusted_ebitda:base/basis | None | Revenue times group non-GAAP margin assumption. |
| /operating_model/cells/base_2027q3_adjusted_ebitda:base/case | None | base |
| /operating_model/cells/base_2027q3_adjusted_ebitda:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q3_adjusted_ebitda:base/formula/refs/0 | None | base_2027q3_revenue |
| /operating_model/cells/base_2027q3_adjusted_ebitda:base/formula/refs/1 | None | base_2027q3_ebitda_margin |
| /operating_model/cells/base_2027q3_adjusted_ebitda:base/id | None | base_2027q3_adjusted_ebitda |
| /operating_model/cells/base_2027q3_adjusted_ebitda:base/kind | None | derived |
| /operating_model/cells/base_2027q3_adjusted_ebitda:base/label | None | Group adjusted EBITDA |
| /operating_model/cells/base_2027q3_adjusted_ebitda:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_adjusted_ebitda:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_adjusted_ebitda:base/value | None | 1184.358 |
| /operating_model/cells/base_2027q3_ai_revenue:base/basis | None | Average ARR divided by four times quarterly realization. |
| /operating_model/cells/base_2027q3_ai_revenue:base/case | None | base |
| /operating_model/cells/base_2027q3_ai_revenue:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q3_ai_revenue:base/formula/refs/0 | None | base_2027q3_average_arr |
| /operating_model/cells/base_2027q3_ai_revenue:base/formula/refs/1 | None | quarter |
| /operating_model/cells/base_2027q3_ai_revenue:base/formula/refs/2 | None | base_2027q3_activation |
| /operating_model/cells/base_2027q3_ai_revenue:base/id | None | base_2027q3_ai_revenue |
| /operating_model/cells/base_2027q3_ai_revenue:base/kind | None | derived |
| /operating_model/cells/base_2027q3_ai_revenue:base/label | None | AI cloud revenue |
| /operating_model/cells/base_2027q3_ai_revenue:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_ai_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_ai_revenue:base/value | None | 2812.5 |
| /operating_model/cells/base_2027q3_arr_sum:base/basis | None | Intermediate for the average revenue run rate. |
| /operating_model/cells/base_2027q3_arr_sum:base/case | None | base |
| /operating_model/cells/base_2027q3_arr_sum:base/formula/op | None | sum |
| /operating_model/cells/base_2027q3_arr_sum:base/formula/refs/0 | None | base_2027q2_exit_arr |
| /operating_model/cells/base_2027q3_arr_sum:base/formula/refs/1 | None | base_2027q3_exit_arr |
| /operating_model/cells/base_2027q3_arr_sum:base/id | None | base_2027q3_arr_sum |
| /operating_model/cells/base_2027q3_arr_sum:base/kind | None | derived |
| /operating_model/cells/base_2027q3_arr_sum:base/label | None | Beginning plus ending ARR |
| /operating_model/cells/base_2027q3_arr_sum:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_arr_sum:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_arr_sum:base/value | None | 25000.0 |
| /operating_model/cells/base_2027q3_average_arr:base/basis | None | Simple mean; activation factor separately accounts for late-quarter delivery. |
| /operating_model/cells/base_2027q3_average_arr:base/case | None | base |
| /operating_model/cells/base_2027q3_average_arr:base/formula/op | None | divide |
| /operating_model/cells/base_2027q3_average_arr:base/formula/refs/0 | None | base_2027q3_arr_sum |
| /operating_model/cells/base_2027q3_average_arr:base/formula/refs/1 | None | two |
| /operating_model/cells/base_2027q3_average_arr:base/id | None | base_2027q3_average_arr |
| /operating_model/cells/base_2027q3_average_arr:base/kind | None | derived |
| /operating_model/cells/base_2027q3_average_arr:base/label | None | Average beginning/end ARR |
| /operating_model/cells/base_2027q3_average_arr:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_average_arr:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_average_arr:base/value | None | 12500.0 |
| /operating_model/cells/base_2027q3_capex:base/basis | None | Desk 2027 construction, hardware and refresh spending; not company guidance or a full GPU-vintage schedule. |
| /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 PP&E and intangible purchases |
| /operating_model/cells/base_2027q3_capex:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_capex:base/value | None | 6500.0 |
| /operating_model/cells/base_2027q3_cash_uses:base/basis | None | Desk net interest, tax, non-deferred working-capital and other cash-use bridge from adjusted EBITDA. Includes financing burden once; not a detailed GAAP cash-flow reconciliation. |
| /operating_model/cells/base_2027q3_cash_uses:base/case | None | base |
| /operating_model/cells/base_2027q3_cash_uses:base/id | None | base_2027q3_cash_uses |
| /operating_model/cells/base_2027q3_cash_uses:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_cash_uses:base/label | None | Cash bridge excluding customer funding |
| /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 | 450.0 |
| /operating_model/cells/base_2027q3_cfo:base/basis | None | Pre-customer-funding cash estimate plus the net deferred-revenue contribution. |
| /operating_model/cells/base_2027q3_cfo:base/case | None | base |
| /operating_model/cells/base_2027q3_cfo:base/formula/op | None | sum |
| /operating_model/cells/base_2027q3_cfo:base/formula/refs/0 | None | base_2027q3_cfo_before_customer_funding |
| /operating_model/cells/base_2027q3_cfo:base/formula/refs/1 | None | base_2027q3_customer_funding |
| /operating_model/cells/base_2027q3_cfo:base/id | None | base_2027q3_cfo |
| /operating_model/cells/base_2027q3_cfo:base/kind | None | derived |
| /operating_model/cells/base_2027q3_cfo:base/label | None | Operating cash flow estimate |
| /operating_model/cells/base_2027q3_cfo:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_cfo:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_cfo:base/value | None | 1934.358 |
| /operating_model/cells/base_2027q3_cfo_before_customer_funding:base/basis | None | Adjusted EBITDA less explicit cash-use bridge, before customer-funding changes. |
| /operating_model/cells/base_2027q3_cfo_before_customer_funding:base/case | None | base |
| /operating_model/cells/base_2027q3_cfo_before_customer_funding:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q3_cfo_before_customer_funding:base/formula/refs/0 | None | base_2027q3_adjusted_ebitda |
| /operating_model/cells/base_2027q3_cfo_before_customer_funding:base/formula/refs/1 | None | base_2027q3_cash_uses |
| /operating_model/cells/base_2027q3_cfo_before_customer_funding:base/id | None | base_2027q3_cfo_before_customer_funding |
| /operating_model/cells/base_2027q3_cfo_before_customer_funding:base/kind | None | derived |
| /operating_model/cells/base_2027q3_cfo_before_customer_funding:base/label | None | CFO before net deferred-revenue funding |
| /operating_model/cells/base_2027q3_cfo_before_customer_funding:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_cfo_before_customer_funding:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_cfo_before_customer_funding:base/value | None | 734.358 |
| /operating_model/cells/base_2027q3_customer_funding:base/basis | None | Desk net cash-flow contribution AFTER revenue recognition; not gross receipts. FY2026 base totals $7.695B including H1, below the company gross-prepayment expectation above $9B. |
| /operating_model/cells/base_2027q3_customer_funding:base/case | None | base |
| /operating_model/cells/base_2027q3_customer_funding:base/id | None | base_2027q3_customer_funding |
| /operating_model/cells/base_2027q3_customer_funding:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_customer_funding:base/label | None | Net deferred-revenue cash contribution |
| /operating_model/cells/base_2027q3_customer_funding:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_customer_funding:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_customer_funding:base/value | None | 1200.0 |
| /operating_model/cells/base_2027q3_ebitda_margin:base/basis | None | Desk group non-GAAP margin. Includes other-business drag; not the higher AI-segment margin and not GAAP operating margin. |
| /operating_model/cells/base_2027q3_ebitda_margin:base/case | None | base |
| /operating_model/cells/base_2027q3_ebitda_margin:base/id | None | base_2027q3_ebitda_margin |
| /operating_model/cells/base_2027q3_ebitda_margin:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_ebitda_margin:base/label | None | Group adjusted EBITDA margin |
| /operating_model/cells/base_2027q3_ebitda_margin:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_ebitda_margin:base/unit | None | ratio |
| /operating_model/cells/base_2027q3_ebitda_margin:base/value | None | 0.42 |
| /operating_model/cells/base_2027q3_exit_arr:base/basis | None | Desk last-month revenue run rate times 12; 2027 values are not company guidance. Downside intentionally falls below the 2026 company range. |
| /operating_model/cells/base_2027q3_exit_arr:base/case | None | base |
| /operating_model/cells/base_2027q3_exit_arr:base/id | None | base_2027q3_exit_arr |
| /operating_model/cells/base_2027q3_exit_arr:base/kind | None | assumption |
| /operating_model/cells/base_2027q3_exit_arr:base/label | None | Quarter-end AI cloud ARR |
| /operating_model/cells/base_2027q3_exit_arr:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_exit_arr:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_exit_arr:base/value | None | 13500.0 |
| /operating_model/cells/base_2027q3_fcf:base/basis | None | Pre-financing cash after PP&E/intangibles; excludes acquisitions and debt principal. |
| /operating_model/cells/base_2027q3_fcf:base/case | None | base |
| /operating_model/cells/base_2027q3_fcf:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q3_fcf:base/formula/refs/0 | None | base_2027q3_cfo |
| /operating_model/cells/base_2027q3_fcf:base/formula/refs/1 | None | base_2027q3_capex |
| /operating_model/cells/base_2027q3_fcf:base/id | None | base_2027q3_fcf |
| /operating_model/cells/base_2027q3_fcf:base/kind | None | derived |
| /operating_model/cells/base_2027q3_fcf:base/label | None | Operating cash flow less capex |
| /operating_model/cells/base_2027q3_fcf:base/period | None | 2027Q3 |
| /operating_model/cells/base_2027q3_fcf:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q3_fcf:base/value | None | -4565.642 |
| /operating_model/cells/base_2027q3_revenue:base/basis | None | Adds flat $7.4M quarterly other-business revenue; no separate partnership revenue uplift. |
| /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_ai_revenue |
| /operating_model/cells/base_2027q3_revenue:base/formula/refs/1 | None | h1_q2_other |
| /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 | Group 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 | 2819.9 |
| /operating_model/cells/base_2027q4_activation:base/basis | None | Desk haircut to the linear ARR average for back-loaded deployment and utilization. Not a guarantee that ARR translates evenly into earned revenue. |
| /operating_model/cells/base_2027q4_activation:base/case | None | base |
| /operating_model/cells/base_2027q4_activation:base/id | None | base_2027q4_activation |
| /operating_model/cells/base_2027q4_activation:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_activation:base/label | None | Within-quarter revenue realization |
| /operating_model/cells/base_2027q4_activation:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_activation:base/unit | None | ratio |
| /operating_model/cells/base_2027q4_activation:base/value | None | 0.9 |
| /operating_model/cells/base_2027q4_adjusted_ebitda:base/basis | None | Revenue times group non-GAAP margin assumption. |
| /operating_model/cells/base_2027q4_adjusted_ebitda:base/case | None | base |
| /operating_model/cells/base_2027q4_adjusted_ebitda:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q4_adjusted_ebitda:base/formula/refs/0 | None | base_2027q4_revenue |
| /operating_model/cells/base_2027q4_adjusted_ebitda:base/formula/refs/1 | None | base_2027q4_ebitda_margin |
| /operating_model/cells/base_2027q4_adjusted_ebitda:base/id | None | base_2027q4_adjusted_ebitda |
| /operating_model/cells/base_2027q4_adjusted_ebitda:base/kind | None | derived |
| /operating_model/cells/base_2027q4_adjusted_ebitda:base/label | None | Group adjusted EBITDA |
| /operating_model/cells/base_2027q4_adjusted_ebitda:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_adjusted_ebitda:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_adjusted_ebitda:base/value | None | 1373.358 |
| /operating_model/cells/base_2027q4_ai_revenue:base/basis | None | Average ARR divided by four times quarterly realization. |
| /operating_model/cells/base_2027q4_ai_revenue:base/case | None | base |
| /operating_model/cells/base_2027q4_ai_revenue:base/formula/op | None | multiply |
| /operating_model/cells/base_2027q4_ai_revenue:base/formula/refs/0 | None | base_2027q4_average_arr |
| /operating_model/cells/base_2027q4_ai_revenue:base/formula/refs/1 | None | quarter |
| /operating_model/cells/base_2027q4_ai_revenue:base/formula/refs/2 | None | base_2027q4_activation |
| /operating_model/cells/base_2027q4_ai_revenue:base/id | None | base_2027q4_ai_revenue |
| /operating_model/cells/base_2027q4_ai_revenue:base/kind | None | derived |
| /operating_model/cells/base_2027q4_ai_revenue:base/label | None | AI cloud revenue |
| /operating_model/cells/base_2027q4_ai_revenue:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_ai_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_ai_revenue:base/value | None | 3262.5 |
| /operating_model/cells/base_2027q4_arr_sum:base/basis | None | Intermediate for the average revenue run rate. |
| /operating_model/cells/base_2027q4_arr_sum:base/case | None | base |
| /operating_model/cells/base_2027q4_arr_sum:base/formula/op | None | sum |
| /operating_model/cells/base_2027q4_arr_sum:base/formula/refs/0 | None | base_2027q3_exit_arr |
| /operating_model/cells/base_2027q4_arr_sum:base/formula/refs/1 | None | base_2027q4_exit_arr |
| /operating_model/cells/base_2027q4_arr_sum:base/id | None | base_2027q4_arr_sum |
| /operating_model/cells/base_2027q4_arr_sum:base/kind | None | derived |
| /operating_model/cells/base_2027q4_arr_sum:base/label | None | Beginning plus ending ARR |
| /operating_model/cells/base_2027q4_arr_sum:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_arr_sum:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_arr_sum:base/value | None | 29000.0 |
| /operating_model/cells/base_2027q4_average_arr:base/basis | None | Simple mean; activation factor separately accounts for late-quarter delivery. |
| /operating_model/cells/base_2027q4_average_arr:base/case | None | base |
| /operating_model/cells/base_2027q4_average_arr:base/formula/op | None | divide |
| /operating_model/cells/base_2027q4_average_arr:base/formula/refs/0 | None | base_2027q4_arr_sum |
| /operating_model/cells/base_2027q4_average_arr:base/formula/refs/1 | None | two |
| /operating_model/cells/base_2027q4_average_arr:base/id | None | base_2027q4_average_arr |
| /operating_model/cells/base_2027q4_average_arr:base/kind | None | derived |
| /operating_model/cells/base_2027q4_average_arr:base/label | None | Average beginning/end ARR |
| /operating_model/cells/base_2027q4_average_arr:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_average_arr:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_average_arr:base/value | None | 14500.0 |
| /operating_model/cells/base_2027q4_capex:base/basis | None | Desk 2027 construction, hardware and refresh spending; not company guidance or a full GPU-vintage schedule. |
| /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 PP&E and intangible purchases |
| /operating_model/cells/base_2027q4_capex:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_capex:base/value | None | 6500.0 |
| /operating_model/cells/base_2027q4_cash_uses:base/basis | None | Desk net interest, tax, non-deferred working-capital and other cash-use bridge from adjusted EBITDA. Includes financing burden once; not a detailed GAAP cash-flow reconciliation. |
| /operating_model/cells/base_2027q4_cash_uses:base/case | None | base |
| /operating_model/cells/base_2027q4_cash_uses:base/id | None | base_2027q4_cash_uses |
| /operating_model/cells/base_2027q4_cash_uses:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_cash_uses:base/label | None | Cash bridge excluding customer funding |
| /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 | 475.0 |
| /operating_model/cells/base_2027q4_cfo:base/basis | None | Pre-customer-funding cash estimate plus the net deferred-revenue contribution. |
| /operating_model/cells/base_2027q4_cfo:base/case | None | base |
| /operating_model/cells/base_2027q4_cfo:base/formula/op | None | sum |
| /operating_model/cells/base_2027q4_cfo:base/formula/refs/0 | None | base_2027q4_cfo_before_customer_funding |
| /operating_model/cells/base_2027q4_cfo:base/formula/refs/1 | None | base_2027q4_customer_funding |
| /operating_model/cells/base_2027q4_cfo:base/id | None | base_2027q4_cfo |
| /operating_model/cells/base_2027q4_cfo:base/kind | None | derived |
| /operating_model/cells/base_2027q4_cfo:base/label | None | Operating cash flow estimate |
| /operating_model/cells/base_2027q4_cfo:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_cfo:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_cfo:base/value | None | 1898.358 |
| /operating_model/cells/base_2027q4_cfo_before_customer_funding:base/basis | None | Adjusted EBITDA less explicit cash-use bridge, before customer-funding changes. |
| /operating_model/cells/base_2027q4_cfo_before_customer_funding:base/case | None | base |
| /operating_model/cells/base_2027q4_cfo_before_customer_funding:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q4_cfo_before_customer_funding:base/formula/refs/0 | None | base_2027q4_adjusted_ebitda |
| /operating_model/cells/base_2027q4_cfo_before_customer_funding:base/formula/refs/1 | None | base_2027q4_cash_uses |
| /operating_model/cells/base_2027q4_cfo_before_customer_funding:base/id | None | base_2027q4_cfo_before_customer_funding |
| /operating_model/cells/base_2027q4_cfo_before_customer_funding:base/kind | None | derived |
| /operating_model/cells/base_2027q4_cfo_before_customer_funding:base/label | None | CFO before net deferred-revenue funding |
| /operating_model/cells/base_2027q4_cfo_before_customer_funding:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_cfo_before_customer_funding:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_cfo_before_customer_funding:base/value | None | 898.358 |
| /operating_model/cells/base_2027q4_customer_funding:base/basis | None | Desk net cash-flow contribution AFTER revenue recognition; not gross receipts. FY2026 base totals $7.695B including H1, below the company gross-prepayment expectation above $9B. |
| /operating_model/cells/base_2027q4_customer_funding:base/case | None | base |
| /operating_model/cells/base_2027q4_customer_funding:base/id | None | base_2027q4_customer_funding |
| /operating_model/cells/base_2027q4_customer_funding:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_customer_funding:base/label | None | Net deferred-revenue cash contribution |
| /operating_model/cells/base_2027q4_customer_funding:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_customer_funding:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_customer_funding:base/value | None | 1000.0 |
| /operating_model/cells/base_2027q4_ebitda_margin:base/basis | None | Desk group non-GAAP margin. Includes other-business drag; not the higher AI-segment margin and not GAAP operating margin. |
| /operating_model/cells/base_2027q4_ebitda_margin:base/case | None | base |
| /operating_model/cells/base_2027q4_ebitda_margin:base/id | None | base_2027q4_ebitda_margin |
| /operating_model/cells/base_2027q4_ebitda_margin:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_ebitda_margin:base/label | None | Group adjusted EBITDA margin |
| /operating_model/cells/base_2027q4_ebitda_margin:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_ebitda_margin:base/unit | None | ratio |
| /operating_model/cells/base_2027q4_ebitda_margin:base/value | None | 0.42 |
| /operating_model/cells/base_2027q4_exit_arr:base/basis | None | Desk last-month revenue run rate times 12; 2027 values are not company guidance. Downside intentionally falls below the 2026 company range. |
| /operating_model/cells/base_2027q4_exit_arr:base/case | None | base |
| /operating_model/cells/base_2027q4_exit_arr:base/id | None | base_2027q4_exit_arr |
| /operating_model/cells/base_2027q4_exit_arr:base/kind | None | assumption |
| /operating_model/cells/base_2027q4_exit_arr:base/label | None | Quarter-end AI cloud ARR |
| /operating_model/cells/base_2027q4_exit_arr:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_exit_arr:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_exit_arr:base/value | None | 15500.0 |
| /operating_model/cells/base_2027q4_fcf:base/basis | None | Pre-financing cash after PP&E/intangibles; excludes acquisitions and debt principal. |
| /operating_model/cells/base_2027q4_fcf:base/case | None | base |
| /operating_model/cells/base_2027q4_fcf:base/formula/op | None | subtract |
| /operating_model/cells/base_2027q4_fcf:base/formula/refs/0 | None | base_2027q4_cfo |
| /operating_model/cells/base_2027q4_fcf:base/formula/refs/1 | None | base_2027q4_capex |
| /operating_model/cells/base_2027q4_fcf:base/id | None | base_2027q4_fcf |
| /operating_model/cells/base_2027q4_fcf:base/kind | None | derived |
| /operating_model/cells/base_2027q4_fcf:base/label | None | Operating cash flow less capex |
| /operating_model/cells/base_2027q4_fcf:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_fcf:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_fcf:base/value | None | -4601.642 |
| /operating_model/cells/base_2027q4_revenue:base/basis | None | Adds flat $7.4M quarterly other-business revenue; no separate partnership revenue uplift. |
| /operating_model/cells/base_2027q4_revenue:base/case | None | base |
| /operating_model/cells/base_2027q4_revenue:base/formula/op | None | sum |
| /operating_model/cells/base_2027q4_revenue:base/formula/refs/0 | None | base_2027q4_ai_revenue |
| /operating_model/cells/base_2027q4_revenue:base/formula/refs/1 | None | h1_q2_other |
| /operating_model/cells/base_2027q4_revenue:base/id | None | base_2027q4_revenue |
| /operating_model/cells/base_2027q4_revenue:base/kind | None | derived |
| /operating_model/cells/base_2027q4_revenue:base/label | None | Group revenue |
| /operating_model/cells/base_2027q4_revenue:base/period | None | 2027Q4 |
| /operating_model/cells/base_2027q4_revenue:base/unit | None | USD_millions |
| /operating_model/cells/base_2027q4_revenue:base/value | None | 3269.9 |
| /operating_model/cells/base_fy2026_adjusted_ebitda:base/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /operating_model/cells/base_fy2026_adjusted_ebitda:base/case | None | base |
| /operating_model/cells/base_fy2026_adjusted_ebitda:base/formula/op | None | sum |
| /operating_model/cells/base_fy2026_adjusted_ebitda:base/formula/refs/0 | None | h1_adjusted_ebitda |
| /operating_model/cells/base_fy2026_adjusted_ebitda:base/formula/refs/1 | None | base_2026q3_adjusted_ebitda |
| /operating_model/cells/base_fy2026_adjusted_ebitda:base/formula/refs/2 | None | base_2026q4_adjusted_ebitda |
| /operating_model/cells/base_fy2026_adjusted_ebitda:base/id | None | base_fy2026_adjusted_ebitda |
| /operating_model/cells/base_fy2026_adjusted_ebitda:base/kind | None | derived |
| /operating_model/cells/base_fy2026_adjusted_ebitda:base/label | None | FY2026 Group adjusted EBITDA ($M) |
| /operating_model/cells/base_fy2026_adjusted_ebitda:base/period | None | FY2026 |
| /operating_model/cells/base_fy2026_adjusted_ebitda:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2026_adjusted_ebitda:base/value | None | 1271.6200000000001 |
| /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 PP&E and intangible capex ($M) |
| /operating_model/cells/base_fy2026_capex:base/period | None | FY2026 |
| /operating_model/cells/base_fy2026_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2026_capex:base/value | None | 22500.0 |
| /operating_model/cells/base_fy2026_cfo:base/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /operating_model/cells/base_fy2026_cfo:base/case | None | base |
| /operating_model/cells/base_fy2026_cfo:base/formula/op | None | sum |
| /operating_model/cells/base_fy2026_cfo:base/formula/refs/0 | None | h1_cfo |
| /operating_model/cells/base_fy2026_cfo:base/formula/refs/1 | None | base_2026q3_cfo |
| /operating_model/cells/base_fy2026_cfo:base/formula/refs/2 | None | base_2026q4_cfo |
| /operating_model/cells/base_fy2026_cfo:base/id | None | base_fy2026_cfo |
| /operating_model/cells/base_fy2026_cfo:base/kind | None | derived |
| /operating_model/cells/base_fy2026_cfo:base/label | None | FY2026 Operating cash flow estimate ($M) |
| /operating_model/cells/base_fy2026_cfo:base/period | None | FY2026 |
| /operating_model/cells/base_fy2026_cfo:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2026_cfo:base/value | None | 8035.02 |
| /operating_model/cells/base_fy2026_cfo_before_customer_funding: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_cfo_before_customer_funding:base/case | None | base |
| /operating_model/cells/base_fy2026_cfo_before_customer_funding:base/formula/op | None | sum |
| /operating_model/cells/base_fy2026_cfo_before_customer_funding:base/formula/refs/0 | None | h1_cfo_before_customer_funding |
| /operating_model/cells/base_fy2026_cfo_before_customer_funding:base/formula/refs/1 | None | base_2026q3_cfo_before_customer_funding |
| /operating_model/cells/base_fy2026_cfo_before_customer_funding:base/formula/refs/2 | None | base_2026q4_cfo_before_customer_funding |
| /operating_model/cells/base_fy2026_cfo_before_customer_funding:base/id | None | base_fy2026_cfo_before_customer_funding |
| /operating_model/cells/base_fy2026_cfo_before_customer_funding:base/kind | None | derived |
| /operating_model/cells/base_fy2026_cfo_before_customer_funding:base/label | None | FY2026 CFO before net deferred-revenue funding ($M) |
| /operating_model/cells/base_fy2026_cfo_before_customer_funding:base/period | None | FY2026 |
| /operating_model/cells/base_fy2026_cfo_before_customer_funding:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2026_cfo_before_customer_funding:base/value | None | 340.02000000000044 |
| /operating_model/cells/base_fy2026_customer_funding:base/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /operating_model/cells/base_fy2026_customer_funding:base/case | None | base |
| /operating_model/cells/base_fy2026_customer_funding:base/formula/op | None | sum |
| /operating_model/cells/base_fy2026_customer_funding:base/formula/refs/0 | None | h1_customer_funding |
| /operating_model/cells/base_fy2026_customer_funding:base/formula/refs/1 | None | base_2026q3_customer_funding |
| /operating_model/cells/base_fy2026_customer_funding:base/formula/refs/2 | None | base_2026q4_customer_funding |
| /operating_model/cells/base_fy2026_customer_funding:base/id | None | base_fy2026_customer_funding |
| /operating_model/cells/base_fy2026_customer_funding:base/kind | None | derived |
| /operating_model/cells/base_fy2026_customer_funding:base/label | None | FY2026 Net deferred-revenue funding ($M) |
| /operating_model/cells/base_fy2026_customer_funding:base/period | None | FY2026 |
| /operating_model/cells/base_fy2026_customer_funding:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2026_customer_funding:base/value | None | 7695.0 |
| /operating_model/cells/base_fy2026_fcf: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_fcf:base/case | None | base |
| /operating_model/cells/base_fy2026_fcf:base/formula/op | None | sum |
| /operating_model/cells/base_fy2026_fcf:base/formula/refs/0 | None | h1_fcf |
| /operating_model/cells/base_fy2026_fcf:base/formula/refs/1 | None | base_2026q3_fcf |
| /operating_model/cells/base_fy2026_fcf:base/formula/refs/2 | None | base_2026q4_fcf |
| /operating_model/cells/base_fy2026_fcf:base/id | None | base_fy2026_fcf |
| /operating_model/cells/base_fy2026_fcf:base/kind | None | derived |
| /operating_model/cells/base_fy2026_fcf:base/label | None | FY2026 Operating cash flow less capex ($M) |
| /operating_model/cells/base_fy2026_fcf:base/period | None | FY2026 |
| /operating_model/cells/base_fy2026_fcf:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2026_fcf:base/value | None | -14464.98 |
| /operating_model/cells/base_fy2026_revenue:base/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /operating_model/cells/base_fy2026_revenue:base/case | None | base |
| /operating_model/cells/base_fy2026_revenue:base/formula/op | None | sum |
| /operating_model/cells/base_fy2026_revenue:base/formula/refs/0 | None | h1_revenue |
| /operating_model/cells/base_fy2026_revenue:base/formula/refs/1 | None | base_2026q3_revenue |
| /operating_model/cells/base_fy2026_revenue:base/formula/refs/2 | None | base_2026q4_revenue |
| /operating_model/cells/base_fy2026_revenue:base/id | None | base_fy2026_revenue |
| /operating_model/cells/base_fy2026_revenue:base/kind | None | derived |
| /operating_model/cells/base_fy2026_revenue:base/label | None | FY2026 Revenue ($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 | 3246.1 |
| /operating_model/cells/base_fy2027_adjusted_ebitda: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_adjusted_ebitda:base/case | None | base |
| /operating_model/cells/base_fy2027_adjusted_ebitda:base/formula/op | None | sum |
| /operating_model/cells/base_fy2027_adjusted_ebitda:base/formula/refs/0 | None | base_2027q1_adjusted_ebitda |
| /operating_model/cells/base_fy2027_adjusted_ebitda:base/formula/refs/1 | None | base_2027q2_adjusted_ebitda |
| /operating_model/cells/base_fy2027_adjusted_ebitda:base/formula/refs/2 | None | base_2027q3_adjusted_ebitda |
| /operating_model/cells/base_fy2027_adjusted_ebitda:base/formula/refs/3 | None | base_2027q4_adjusted_ebitda |
| /operating_model/cells/base_fy2027_adjusted_ebitda:base/id | None | base_fy2027_adjusted_ebitda |
| /operating_model/cells/base_fy2027_adjusted_ebitda:base/kind | None | derived |
| /operating_model/cells/base_fy2027_adjusted_ebitda:base/label | None | FY2027 Group adjusted EBITDA ($M) |
| /operating_model/cells/base_fy2027_adjusted_ebitda:base/period | None | FY2027 |
| /operating_model/cells/base_fy2027_adjusted_ebitda:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2027_adjusted_ebitda:base/value | None | 4383.057 |
| /operating_model/cells/base_fy2027_capex:base/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /operating_model/cells/base_fy2027_capex:base/case | None | base |
| /operating_model/cells/base_fy2027_capex:base/formula/op | None | sum |
| /operating_model/cells/base_fy2027_capex:base/formula/refs/0 | None | base_2027q1_capex |
| /operating_model/cells/base_fy2027_capex:base/formula/refs/1 | None | base_2027q2_capex |
| /operating_model/cells/base_fy2027_capex:base/formula/refs/2 | None | base_2027q3_capex |
| /operating_model/cells/base_fy2027_capex:base/formula/refs/3 | None | base_2027q4_capex |
| /operating_model/cells/base_fy2027_capex:base/id | None | base_fy2027_capex |
| /operating_model/cells/base_fy2027_capex:base/kind | None | derived |
| /operating_model/cells/base_fy2027_capex:base/label | None | FY2027 Cash PP&E and intangible capex ($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 | 26000.0 |
| /operating_model/cells/base_fy2027_cfo: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_cfo:base/case | None | base |
| /operating_model/cells/base_fy2027_cfo:base/formula/op | None | sum |
| /operating_model/cells/base_fy2027_cfo:base/formula/refs/0 | None | base_2027q1_cfo |
| /operating_model/cells/base_fy2027_cfo:base/formula/refs/1 | None | base_2027q2_cfo |
| /operating_model/cells/base_fy2027_cfo:base/formula/refs/2 | None | base_2027q3_cfo |
| /operating_model/cells/base_fy2027_cfo:base/formula/refs/3 | None | base_2027q4_cfo |
| /operating_model/cells/base_fy2027_cfo:base/id | None | base_fy2027_cfo |
| /operating_model/cells/base_fy2027_cfo:base/kind | None | derived |
| /operating_model/cells/base_fy2027_cfo:base/label | None | FY2027 Operating cash flow estimate ($M) |
| /operating_model/cells/base_fy2027_cfo:base/period | None | FY2027 |
| /operating_model/cells/base_fy2027_cfo:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2027_cfo:base/value | None | 7833.057000000001 |
| /operating_model/cells/base_fy2027_cfo_before_customer_funding:base/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /operating_model/cells/base_fy2027_cfo_before_customer_funding:base/case | None | base |
| /operating_model/cells/base_fy2027_cfo_before_customer_funding:base/formula/op | None | sum |
| /operating_model/cells/base_fy2027_cfo_before_customer_funding:base/formula/refs/0 | None | base_2027q1_cfo_before_customer_funding |
| /operating_model/cells/base_fy2027_cfo_before_customer_funding:base/formula/refs/1 | None | base_2027q2_cfo_before_customer_funding |
| /operating_model/cells/base_fy2027_cfo_before_customer_funding:base/formula/refs/2 | None | base_2027q3_cfo_before_customer_funding |
| /operating_model/cells/base_fy2027_cfo_before_customer_funding:base/formula/refs/3 | None | base_2027q4_cfo_before_customer_funding |
| /operating_model/cells/base_fy2027_cfo_before_customer_funding:base/id | None | base_fy2027_cfo_before_customer_funding |
| /operating_model/cells/base_fy2027_cfo_before_customer_funding:base/kind | None | derived |
| /operating_model/cells/base_fy2027_cfo_before_customer_funding:base/label | None | FY2027 CFO before net deferred-revenue funding ($M) |
| /operating_model/cells/base_fy2027_cfo_before_customer_funding:base/period | None | FY2027 |
| /operating_model/cells/base_fy2027_cfo_before_customer_funding:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2027_cfo_before_customer_funding:base/value | None | 2633.057 |
| /operating_model/cells/base_fy2027_customer_funding: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_customer_funding:base/case | None | base |
| /operating_model/cells/base_fy2027_customer_funding:base/formula/op | None | sum |
| /operating_model/cells/base_fy2027_customer_funding:base/formula/refs/0 | None | base_2027q1_customer_funding |
| /operating_model/cells/base_fy2027_customer_funding:base/formula/refs/1 | None | base_2027q2_customer_funding |
| /operating_model/cells/base_fy2027_customer_funding:base/formula/refs/2 | None | base_2027q3_customer_funding |
| /operating_model/cells/base_fy2027_customer_funding:base/formula/refs/3 | None | base_2027q4_customer_funding |
| /operating_model/cells/base_fy2027_customer_funding:base/id | None | base_fy2027_customer_funding |
| /operating_model/cells/base_fy2027_customer_funding:base/kind | None | derived |
| /operating_model/cells/base_fy2027_customer_funding:base/label | None | FY2027 Net deferred-revenue funding ($M) |
| /operating_model/cells/base_fy2027_customer_funding:base/period | None | FY2027 |
| /operating_model/cells/base_fy2027_customer_funding:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2027_customer_funding:base/value | None | 5200.0 |
| /operating_model/cells/base_fy2027_fcf:base/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /operating_model/cells/base_fy2027_fcf:base/case | None | base |
| /operating_model/cells/base_fy2027_fcf:base/formula/op | None | sum |
| /operating_model/cells/base_fy2027_fcf:base/formula/refs/0 | None | base_2027q1_fcf |
| /operating_model/cells/base_fy2027_fcf:base/formula/refs/1 | None | base_2027q2_fcf |
| /operating_model/cells/base_fy2027_fcf:base/formula/refs/2 | None | base_2027q3_fcf |
| /operating_model/cells/base_fy2027_fcf:base/formula/refs/3 | None | base_2027q4_fcf |
| /operating_model/cells/base_fy2027_fcf:base/id | None | base_fy2027_fcf |
| /operating_model/cells/base_fy2027_fcf:base/kind | None | derived |
| /operating_model/cells/base_fy2027_fcf:base/label | None | FY2027 Operating cash flow less capex ($M) |
| /operating_model/cells/base_fy2027_fcf:base/period | None | FY2027 |
| /operating_model/cells/base_fy2027_fcf:base/unit | None | USD_millions |
| /operating_model/cells/base_fy2027_fcf:base/value | None | -18166.943 |
| /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 | 10435.85 |
| /operating_model/cells/base_fy26_capex_plan:base/basis | None | Desk total cash PP&E and intangible-spend scenario; not a sourced company guidance cell. Downside assumes greater spend despite delayed activation. |
| /operating_model/cells/base_fy26_capex_plan:base/case | None | base |
| /operating_model/cells/base_fy26_capex_plan:base/id | None | base_fy26_capex_plan |
| /operating_model/cells/base_fy26_capex_plan:base/kind | None | assumption |
| /operating_model/cells/base_fy26_capex_plan:base/label | None | FY2026 cash capex desk assumption |
| /operating_model/cells/base_fy26_capex_plan:base/period | None | FY2026 |
| /operating_model/cells/base_fy26_capex_plan:base/unit | None | USD_millions |
| /operating_model/cells/base_fy26_capex_plan:base/value | None | 22500.0 |
| /operating_model/cells/base_h2_capex:base/basis | None | Desk full-year spend less reported first-half purchases. |
| /operating_model/cells/base_h2_capex:base/case | None | base |
| /operating_model/cells/base_h2_capex:base/formula/op | None | subtract |
| /operating_model/cells/base_h2_capex:base/formula/refs/0 | None | base_fy26_capex_plan |
| /operating_model/cells/base_h2_capex:base/formula/refs/1 | None | h1_capex |
| /operating_model/cells/base_h2_capex:base/id | None | base_h2_capex |
| /operating_model/cells/base_h2_capex:base/kind | None | derived |
| /operating_model/cells/base_h2_capex:base/label | None | Remaining H2 cash capex |
| /operating_model/cells/base_h2_capex:base/period | None | H2 2026 |
| /operating_model/cells/base_h2_capex:base/unit | None | USD_millions |
| /operating_model/cells/base_h2_capex:base/value | None | 14369.7 |
| /operating_model/cells/downside_2026q3_activation:downside/basis | None | Desk haircut to the linear ARR average for back-loaded deployment and utilization. Not a guarantee that ARR translates evenly into earned revenue. |
| /operating_model/cells/downside_2026q3_activation:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_activation:downside/id | None | downside_2026q3_activation |
| /operating_model/cells/downside_2026q3_activation:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q3_activation:downside/label | None | Within-quarter revenue realization |
| /operating_model/cells/downside_2026q3_activation:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_activation:downside/unit | None | ratio |
| /operating_model/cells/downside_2026q3_activation:downside/value | None | 0.85 |
| /operating_model/cells/downside_2026q3_adjusted_ebitda:downside/basis | None | Revenue times group non-GAAP margin assumption. |
| /operating_model/cells/downside_2026q3_adjusted_ebitda:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_adjusted_ebitda:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2026q3_adjusted_ebitda:downside/formula/refs/0 | None | downside_2026q3_revenue |
| /operating_model/cells/downside_2026q3_adjusted_ebitda:downside/formula/refs/1 | None | downside_2026q3_ebitda_margin |
| /operating_model/cells/downside_2026q3_adjusted_ebitda:downside/id | None | downside_2026q3_adjusted_ebitda |
| /operating_model/cells/downside_2026q3_adjusted_ebitda:downside/kind | None | derived |
| /operating_model/cells/downside_2026q3_adjusted_ebitda:downside/label | None | Group adjusted EBITDA |
| /operating_model/cells/downside_2026q3_adjusted_ebitda:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_adjusted_ebitda:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_adjusted_ebitda:downside/value | None | 225.345 |
| /operating_model/cells/downside_2026q3_ai_revenue:downside/basis | None | Average ARR divided by four times quarterly realization. |
| /operating_model/cells/downside_2026q3_ai_revenue:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_ai_revenue:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2026q3_ai_revenue:downside/formula/refs/0 | None | downside_2026q3_average_arr |
| /operating_model/cells/downside_2026q3_ai_revenue:downside/formula/refs/1 | None | quarter |
| /operating_model/cells/downside_2026q3_ai_revenue:downside/formula/refs/2 | None | downside_2026q3_activation |
| /operating_model/cells/downside_2026q3_ai_revenue:downside/id | None | downside_2026q3_ai_revenue |
| /operating_model/cells/downside_2026q3_ai_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_2026q3_ai_revenue:downside/label | None | AI cloud revenue |
| /operating_model/cells/downside_2026q3_ai_revenue:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_ai_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_ai_revenue:downside/value | None | 743.75 |
| /operating_model/cells/downside_2026q3_arr_sum:downside/basis | None | Intermediate for the average revenue run rate. |
| /operating_model/cells/downside_2026q3_arr_sum:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_arr_sum:downside/formula/op | None | sum |
| /operating_model/cells/downside_2026q3_arr_sum:downside/formula/refs/0 | None | q2_exit_arr |
| /operating_model/cells/downside_2026q3_arr_sum:downside/formula/refs/1 | None | downside_2026q3_exit_arr |
| /operating_model/cells/downside_2026q3_arr_sum:downside/id | None | downside_2026q3_arr_sum |
| /operating_model/cells/downside_2026q3_arr_sum:downside/kind | None | derived |
| /operating_model/cells/downside_2026q3_arr_sum:downside/label | None | Beginning plus ending ARR |
| /operating_model/cells/downside_2026q3_arr_sum:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_arr_sum:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_arr_sum:downside/value | None | 7000.0 |
| /operating_model/cells/downside_2026q3_average_arr:downside/basis | None | Simple mean; activation factor separately accounts for late-quarter delivery. |
| /operating_model/cells/downside_2026q3_average_arr:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_average_arr:downside/formula/op | None | divide |
| /operating_model/cells/downside_2026q3_average_arr:downside/formula/refs/0 | None | downside_2026q3_arr_sum |
| /operating_model/cells/downside_2026q3_average_arr:downside/formula/refs/1 | None | two |
| /operating_model/cells/downside_2026q3_average_arr:downside/id | None | downside_2026q3_average_arr |
| /operating_model/cells/downside_2026q3_average_arr:downside/kind | None | derived |
| /operating_model/cells/downside_2026q3_average_arr:downside/label | None | Average beginning/end ARR |
| /operating_model/cells/downside_2026q3_average_arr:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_average_arr:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_average_arr:downside/value | None | 3500.0 |
| /operating_model/cells/downside_2026q3_capex:downside/basis | None | Remaining annual cash capex times quarterly allocation. |
| /operating_model/cells/downside_2026q3_capex:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_capex:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2026q3_capex:downside/formula/refs/0 | None | downside_h2_capex |
| /operating_model/cells/downside_2026q3_capex:downside/formula/refs/1 | None | downside_2026q3_capex_weight |
| /operating_model/cells/downside_2026q3_capex:downside/id | None | downside_2026q3_capex |
| /operating_model/cells/downside_2026q3_capex:downside/kind | None | derived |
| /operating_model/cells/downside_2026q3_capex:downside/label | None | Cash PP&E and intangible purchases |
| /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 | 8097.456 |
| /operating_model/cells/downside_2026q3_capex_weight:downside/basis | None | Desk spending phasing; H2 weights sum to one. |
| /operating_model/cells/downside_2026q3_capex_weight:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_capex_weight:downside/id | None | downside_2026q3_capex_weight |
| /operating_model/cells/downside_2026q3_capex_weight:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q3_capex_weight:downside/label | None | Share of remaining H2 capex |
| /operating_model/cells/downside_2026q3_capex_weight:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_capex_weight:downside/unit | None | ratio |
| /operating_model/cells/downside_2026q3_capex_weight:downside/value | None | 0.48 |
| /operating_model/cells/downside_2026q3_cash_uses:downside/basis | None | Desk net interest, tax, non-deferred working-capital and other cash-use bridge from adjusted EBITDA. Includes financing burden once; not a detailed GAAP cash-flow reconciliation. |
| /operating_model/cells/downside_2026q3_cash_uses:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_cash_uses:downside/id | None | downside_2026q3_cash_uses |
| /operating_model/cells/downside_2026q3_cash_uses:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q3_cash_uses:downside/label | None | Cash bridge excluding customer funding |
| /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 | 375.0 |
| /operating_model/cells/downside_2026q3_cfo:downside/basis | None | Pre-customer-funding cash estimate plus the net deferred-revenue contribution. |
| /operating_model/cells/downside_2026q3_cfo:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_cfo:downside/formula/op | None | sum |
| /operating_model/cells/downside_2026q3_cfo:downside/formula/refs/0 | None | downside_2026q3_cfo_before_customer_funding |
| /operating_model/cells/downside_2026q3_cfo:downside/formula/refs/1 | None | downside_2026q3_customer_funding |
| /operating_model/cells/downside_2026q3_cfo:downside/id | None | downside_2026q3_cfo |
| /operating_model/cells/downside_2026q3_cfo:downside/kind | None | derived |
| /operating_model/cells/downside_2026q3_cfo:downside/label | None | Operating cash flow estimate |
| /operating_model/cells/downside_2026q3_cfo:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_cfo:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_cfo:downside/value | None | 750.345 |
| /operating_model/cells/downside_2026q3_cfo_before_customer_funding:downside/basis | None | Adjusted EBITDA less explicit cash-use bridge, before customer-funding changes. |
| /operating_model/cells/downside_2026q3_cfo_before_customer_funding:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_cfo_before_customer_funding:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2026q3_cfo_before_customer_funding:downside/formula/refs/0 | None | downside_2026q3_adjusted_ebitda |
| /operating_model/cells/downside_2026q3_cfo_before_customer_funding:downside/formula/refs/1 | None | downside_2026q3_cash_uses |
| /operating_model/cells/downside_2026q3_cfo_before_customer_funding:downside/id | None | downside_2026q3_cfo_before_customer_funding |
| /operating_model/cells/downside_2026q3_cfo_before_customer_funding:downside/kind | None | derived |
| /operating_model/cells/downside_2026q3_cfo_before_customer_funding:downside/label | None | CFO before net deferred-revenue funding |
| /operating_model/cells/downside_2026q3_cfo_before_customer_funding:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_cfo_before_customer_funding:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_cfo_before_customer_funding:downside/value | None | -149.655 |
| /operating_model/cells/downside_2026q3_customer_funding:downside/basis | None | Desk net cash-flow contribution AFTER revenue recognition; not gross receipts. FY2026 base totals $7.695B including H1, below the company gross-prepayment expectation above $9B. |
| /operating_model/cells/downside_2026q3_customer_funding:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_customer_funding:downside/id | None | downside_2026q3_customer_funding |
| /operating_model/cells/downside_2026q3_customer_funding:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q3_customer_funding:downside/label | None | Net deferred-revenue cash contribution |
| /operating_model/cells/downside_2026q3_customer_funding:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_customer_funding:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_customer_funding:downside/value | None | 900.0 |
| /operating_model/cells/downside_2026q3_ebitda_margin:downside/basis | None | Desk group non-GAAP margin. Includes other-business drag; not the higher AI-segment margin and not GAAP operating margin. |
| /operating_model/cells/downside_2026q3_ebitda_margin:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_ebitda_margin:downside/id | None | downside_2026q3_ebitda_margin |
| /operating_model/cells/downside_2026q3_ebitda_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q3_ebitda_margin:downside/label | None | Group adjusted EBITDA margin |
| /operating_model/cells/downside_2026q3_ebitda_margin:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_ebitda_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2026q3_ebitda_margin:downside/value | None | 0.3 |
| /operating_model/cells/downside_2026q3_exit_arr:downside/basis | None | Desk last-month revenue run rate times 12; 2027 values are not company guidance. Downside intentionally falls below the 2026 company range. |
| /operating_model/cells/downside_2026q3_exit_arr:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_exit_arr:downside/id | None | downside_2026q3_exit_arr |
| /operating_model/cells/downside_2026q3_exit_arr:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q3_exit_arr:downside/label | None | Quarter-end AI cloud ARR |
| /operating_model/cells/downside_2026q3_exit_arr:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_exit_arr:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_exit_arr:downside/value | None | 4000.0 |
| /operating_model/cells/downside_2026q3_fcf:downside/basis | None | Pre-financing cash after PP&E/intangibles; excludes acquisitions and debt principal. |
| /operating_model/cells/downside_2026q3_fcf:downside/case | None | downside |
| /operating_model/cells/downside_2026q3_fcf:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2026q3_fcf:downside/formula/refs/0 | None | downside_2026q3_cfo |
| /operating_model/cells/downside_2026q3_fcf:downside/formula/refs/1 | None | downside_2026q3_capex |
| /operating_model/cells/downside_2026q3_fcf:downside/id | None | downside_2026q3_fcf |
| /operating_model/cells/downside_2026q3_fcf:downside/kind | None | derived |
| /operating_model/cells/downside_2026q3_fcf:downside/label | None | Operating cash flow less capex |
| /operating_model/cells/downside_2026q3_fcf:downside/period | None | 2026Q3 |
| /operating_model/cells/downside_2026q3_fcf:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q3_fcf:downside/value | None | -7347.111 |
| /operating_model/cells/downside_2026q3_revenue:downside/basis | None | Adds flat $7.4M quarterly other-business revenue; no separate partnership revenue uplift. |
| /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_ai_revenue |
| /operating_model/cells/downside_2026q3_revenue:downside/formula/refs/1 | None | h1_q2_other |
| /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 | Group 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 | 751.15 |
| /operating_model/cells/downside_2026q4_activation:downside/basis | None | Desk haircut to the linear ARR average for back-loaded deployment and utilization. Not a guarantee that ARR translates evenly into earned revenue. |
| /operating_model/cells/downside_2026q4_activation:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_activation:downside/id | None | downside_2026q4_activation |
| /operating_model/cells/downside_2026q4_activation:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q4_activation:downside/label | None | Within-quarter revenue realization |
| /operating_model/cells/downside_2026q4_activation:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_activation:downside/unit | None | ratio |
| /operating_model/cells/downside_2026q4_activation:downside/value | None | 0.85 |
| /operating_model/cells/downside_2026q4_adjusted_ebitda:downside/basis | None | Revenue times group non-GAAP margin assumption. |
| /operating_model/cells/downside_2026q4_adjusted_ebitda:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_adjusted_ebitda:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2026q4_adjusted_ebitda:downside/formula/refs/0 | None | downside_2026q4_revenue |
| /operating_model/cells/downside_2026q4_adjusted_ebitda:downside/formula/refs/1 | None | downside_2026q4_ebitda_margin |
| /operating_model/cells/downside_2026q4_adjusted_ebitda:downside/id | None | downside_2026q4_adjusted_ebitda |
| /operating_model/cells/downside_2026q4_adjusted_ebitda:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_adjusted_ebitda:downside/label | None | Group adjusted EBITDA |
| /operating_model/cells/downside_2026q4_adjusted_ebitda:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_adjusted_ebitda:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_adjusted_ebitda:downside/value | None | 336.9075 |
| /operating_model/cells/downside_2026q4_ai_revenue:downside/basis | None | Average ARR divided by four times quarterly realization. |
| /operating_model/cells/downside_2026q4_ai_revenue:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_ai_revenue:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2026q4_ai_revenue:downside/formula/refs/0 | None | downside_2026q4_average_arr |
| /operating_model/cells/downside_2026q4_ai_revenue:downside/formula/refs/1 | None | quarter |
| /operating_model/cells/downside_2026q4_ai_revenue:downside/formula/refs/2 | None | downside_2026q4_activation |
| /operating_model/cells/downside_2026q4_ai_revenue:downside/id | None | downside_2026q4_ai_revenue |
| /operating_model/cells/downside_2026q4_ai_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_ai_revenue:downside/label | None | AI cloud revenue |
| /operating_model/cells/downside_2026q4_ai_revenue:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_ai_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_ai_revenue:downside/value | None | 1115.625 |
| /operating_model/cells/downside_2026q4_arr_sum:downside/basis | None | Intermediate for the average revenue run rate. |
| /operating_model/cells/downside_2026q4_arr_sum:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_arr_sum:downside/formula/op | None | sum |
| /operating_model/cells/downside_2026q4_arr_sum:downside/formula/refs/0 | None | downside_2026q3_exit_arr |
| /operating_model/cells/downside_2026q4_arr_sum:downside/formula/refs/1 | None | downside_2026q4_exit_arr |
| /operating_model/cells/downside_2026q4_arr_sum:downside/id | None | downside_2026q4_arr_sum |
| /operating_model/cells/downside_2026q4_arr_sum:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_arr_sum:downside/label | None | Beginning plus ending ARR |
| /operating_model/cells/downside_2026q4_arr_sum:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_arr_sum:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_arr_sum:downside/value | None | 10500.0 |
| /operating_model/cells/downside_2026q4_average_arr:downside/basis | None | Simple mean; activation factor separately accounts for late-quarter delivery. |
| /operating_model/cells/downside_2026q4_average_arr:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_average_arr:downside/formula/op | None | divide |
| /operating_model/cells/downside_2026q4_average_arr:downside/formula/refs/0 | None | downside_2026q4_arr_sum |
| /operating_model/cells/downside_2026q4_average_arr:downside/formula/refs/1 | None | two |
| /operating_model/cells/downside_2026q4_average_arr:downside/id | None | downside_2026q4_average_arr |
| /operating_model/cells/downside_2026q4_average_arr:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_average_arr:downside/label | None | Average beginning/end ARR |
| /operating_model/cells/downside_2026q4_average_arr:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_average_arr:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_average_arr:downside/value | None | 5250.0 |
| /operating_model/cells/downside_2026q4_capex:downside/basis | None | Remaining annual cash capex times quarterly allocation. |
| /operating_model/cells/downside_2026q4_capex:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_capex:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2026q4_capex:downside/formula/refs/0 | None | downside_h2_capex |
| /operating_model/cells/downside_2026q4_capex:downside/formula/refs/1 | None | downside_2026q4_capex_weight |
| /operating_model/cells/downside_2026q4_capex:downside/id | None | downside_2026q4_capex |
| /operating_model/cells/downside_2026q4_capex:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_capex:downside/label | None | Cash PP&E and intangible purchases |
| /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 | 8772.244 |
| /operating_model/cells/downside_2026q4_capex_weight:downside/basis | None | Desk spending phasing; H2 weights sum to one. |
| /operating_model/cells/downside_2026q4_capex_weight:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_capex_weight:downside/id | None | downside_2026q4_capex_weight |
| /operating_model/cells/downside_2026q4_capex_weight:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q4_capex_weight:downside/label | None | Share of remaining H2 capex |
| /operating_model/cells/downside_2026q4_capex_weight:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_capex_weight:downside/unit | None | ratio |
| /operating_model/cells/downside_2026q4_capex_weight:downside/value | None | 0.52 |
| /operating_model/cells/downside_2026q4_cash_uses:downside/basis | None | Desk net interest, tax, non-deferred working-capital and other cash-use bridge from adjusted EBITDA. Includes financing burden once; not a detailed GAAP cash-flow reconciliation. |
| /operating_model/cells/downside_2026q4_cash_uses:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_cash_uses:downside/id | None | downside_2026q4_cash_uses |
| /operating_model/cells/downside_2026q4_cash_uses:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q4_cash_uses:downside/label | None | Cash bridge excluding customer funding |
| /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 | 400.0 |
| /operating_model/cells/downside_2026q4_cfo:downside/basis | None | Pre-customer-funding cash estimate plus the net deferred-revenue contribution. |
| /operating_model/cells/downside_2026q4_cfo:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_cfo:downside/formula/op | None | sum |
| /operating_model/cells/downside_2026q4_cfo:downside/formula/refs/0 | None | downside_2026q4_cfo_before_customer_funding |
| /operating_model/cells/downside_2026q4_cfo:downside/formula/refs/1 | None | downside_2026q4_customer_funding |
| /operating_model/cells/downside_2026q4_cfo:downside/id | None | downside_2026q4_cfo |
| /operating_model/cells/downside_2026q4_cfo:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_cfo:downside/label | None | Operating cash flow estimate |
| /operating_model/cells/downside_2026q4_cfo:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_cfo:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_cfo:downside/value | None | 1036.9075 |
| /operating_model/cells/downside_2026q4_cfo_before_customer_funding:downside/basis | None | Adjusted EBITDA less explicit cash-use bridge, before customer-funding changes. |
| /operating_model/cells/downside_2026q4_cfo_before_customer_funding:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_cfo_before_customer_funding:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2026q4_cfo_before_customer_funding:downside/formula/refs/0 | None | downside_2026q4_adjusted_ebitda |
| /operating_model/cells/downside_2026q4_cfo_before_customer_funding:downside/formula/refs/1 | None | downside_2026q4_cash_uses |
| /operating_model/cells/downside_2026q4_cfo_before_customer_funding:downside/id | None | downside_2026q4_cfo_before_customer_funding |
| /operating_model/cells/downside_2026q4_cfo_before_customer_funding:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_cfo_before_customer_funding:downside/label | None | CFO before net deferred-revenue funding |
| /operating_model/cells/downside_2026q4_cfo_before_customer_funding:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_cfo_before_customer_funding:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_cfo_before_customer_funding:downside/value | None | -63.09249999999997 |
| /operating_model/cells/downside_2026q4_customer_funding:downside/basis | None | Desk net cash-flow contribution AFTER revenue recognition; not gross receipts. FY2026 base totals $7.695B including H1, below the company gross-prepayment expectation above $9B. |
| /operating_model/cells/downside_2026q4_customer_funding:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_customer_funding:downside/id | None | downside_2026q4_customer_funding |
| /operating_model/cells/downside_2026q4_customer_funding:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q4_customer_funding:downside/label | None | Net deferred-revenue cash contribution |
| /operating_model/cells/downside_2026q4_customer_funding:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_customer_funding:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_customer_funding:downside/value | None | 1100.0 |
| /operating_model/cells/downside_2026q4_ebitda_margin:downside/basis | None | Desk group non-GAAP margin. Includes other-business drag; not the higher AI-segment margin and not GAAP operating margin. |
| /operating_model/cells/downside_2026q4_ebitda_margin:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_ebitda_margin:downside/id | None | downside_2026q4_ebitda_margin |
| /operating_model/cells/downside_2026q4_ebitda_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q4_ebitda_margin:downside/label | None | Group adjusted EBITDA margin |
| /operating_model/cells/downside_2026q4_ebitda_margin:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_ebitda_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2026q4_ebitda_margin:downside/value | None | 0.3 |
| /operating_model/cells/downside_2026q4_exit_arr:downside/basis | None | Desk last-month revenue run rate times 12; 2027 values are not company guidance. Downside intentionally falls below the 2026 company range. |
| /operating_model/cells/downside_2026q4_exit_arr:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_exit_arr:downside/id | None | downside_2026q4_exit_arr |
| /operating_model/cells/downside_2026q4_exit_arr:downside/kind | None | assumption |
| /operating_model/cells/downside_2026q4_exit_arr:downside/label | None | Quarter-end AI cloud ARR |
| /operating_model/cells/downside_2026q4_exit_arr:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_exit_arr:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_exit_arr:downside/value | None | 6500.0 |
| /operating_model/cells/downside_2026q4_fcf:downside/basis | None | Pre-financing cash after PP&E/intangibles; excludes acquisitions and debt principal. |
| /operating_model/cells/downside_2026q4_fcf:downside/case | None | downside |
| /operating_model/cells/downside_2026q4_fcf:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2026q4_fcf:downside/formula/refs/0 | None | downside_2026q4_cfo |
| /operating_model/cells/downside_2026q4_fcf:downside/formula/refs/1 | None | downside_2026q4_capex |
| /operating_model/cells/downside_2026q4_fcf:downside/id | None | downside_2026q4_fcf |
| /operating_model/cells/downside_2026q4_fcf:downside/kind | None | derived |
| /operating_model/cells/downside_2026q4_fcf:downside/label | None | Operating cash flow less capex |
| /operating_model/cells/downside_2026q4_fcf:downside/period | None | 2026Q4 |
| /operating_model/cells/downside_2026q4_fcf:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2026q4_fcf:downside/value | None | -7735.3365 |
| /operating_model/cells/downside_2026q4_revenue:downside/basis | None | Adds flat $7.4M quarterly other-business revenue; no separate partnership revenue uplift. |
| /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_ai_revenue |
| /operating_model/cells/downside_2026q4_revenue:downside/formula/refs/1 | None | h1_q2_other |
| /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 | Group 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 | 1123.025 |
| /operating_model/cells/downside_2027q1_activation:downside/basis | None | Desk haircut to the linear ARR average for back-loaded deployment and utilization. Not a guarantee that ARR translates evenly into earned revenue. |
| /operating_model/cells/downside_2027q1_activation:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_activation:downside/id | None | downside_2027q1_activation |
| /operating_model/cells/downside_2027q1_activation:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_activation:downside/label | None | Within-quarter revenue realization |
| /operating_model/cells/downside_2027q1_activation:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_activation:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q1_activation:downside/value | None | 0.85 |
| /operating_model/cells/downside_2027q1_adjusted_ebitda:downside/basis | None | Revenue times group non-GAAP margin assumption. |
| /operating_model/cells/downside_2027q1_adjusted_ebitda:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_adjusted_ebitda:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q1_adjusted_ebitda:downside/formula/refs/0 | None | downside_2027q1_revenue |
| /operating_model/cells/downside_2027q1_adjusted_ebitda:downside/formula/refs/1 | None | downside_2027q1_ebitda_margin |
| /operating_model/cells/downside_2027q1_adjusted_ebitda:downside/id | None | downside_2027q1_adjusted_ebitda |
| /operating_model/cells/downside_2027q1_adjusted_ebitda:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_adjusted_ebitda:downside/label | None | Group adjusted EBITDA |
| /operating_model/cells/downside_2027q1_adjusted_ebitda:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_adjusted_ebitda:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_adjusted_ebitda:downside/value | None | 478.36800000000005 |
| /operating_model/cells/downside_2027q1_ai_revenue:downside/basis | None | Average ARR divided by four times quarterly realization. |
| /operating_model/cells/downside_2027q1_ai_revenue:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_ai_revenue:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q1_ai_revenue:downside/formula/refs/0 | None | downside_2027q1_average_arr |
| /operating_model/cells/downside_2027q1_ai_revenue:downside/formula/refs/1 | None | quarter |
| /operating_model/cells/downside_2027q1_ai_revenue:downside/formula/refs/2 | None | downside_2027q1_activation |
| /operating_model/cells/downside_2027q1_ai_revenue:downside/id | None | downside_2027q1_ai_revenue |
| /operating_model/cells/downside_2027q1_ai_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_ai_revenue:downside/label | None | AI cloud revenue |
| /operating_model/cells/downside_2027q1_ai_revenue:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_ai_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_ai_revenue:downside/value | None | 1487.5 |
| /operating_model/cells/downside_2027q1_arr_sum:downside/basis | None | Intermediate for the average revenue run rate. |
| /operating_model/cells/downside_2027q1_arr_sum:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_arr_sum:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q1_arr_sum:downside/formula/refs/0 | None | downside_2026q4_exit_arr |
| /operating_model/cells/downside_2027q1_arr_sum:downside/formula/refs/1 | None | downside_2027q1_exit_arr |
| /operating_model/cells/downside_2027q1_arr_sum:downside/id | None | downside_2027q1_arr_sum |
| /operating_model/cells/downside_2027q1_arr_sum:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_arr_sum:downside/label | None | Beginning plus ending ARR |
| /operating_model/cells/downside_2027q1_arr_sum:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_arr_sum:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_arr_sum:downside/value | None | 14000.0 |
| /operating_model/cells/downside_2027q1_average_arr:downside/basis | None | Simple mean; activation factor separately accounts for late-quarter delivery. |
| /operating_model/cells/downside_2027q1_average_arr:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_average_arr:downside/formula/op | None | divide |
| /operating_model/cells/downside_2027q1_average_arr:downside/formula/refs/0 | None | downside_2027q1_arr_sum |
| /operating_model/cells/downside_2027q1_average_arr:downside/formula/refs/1 | None | two |
| /operating_model/cells/downside_2027q1_average_arr:downside/id | None | downside_2027q1_average_arr |
| /operating_model/cells/downside_2027q1_average_arr:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_average_arr:downside/label | None | Average beginning/end ARR |
| /operating_model/cells/downside_2027q1_average_arr:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_average_arr:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_average_arr:downside/value | None | 7000.0 |
| /operating_model/cells/downside_2027q1_capex:downside/basis | None | Desk 2027 construction, hardware and refresh spending; not company guidance or a full GPU-vintage schedule. |
| /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 PP&E and intangible purchases |
| /operating_model/cells/downside_2027q1_capex:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_capex:downside/value | None | 7000.0 |
| /operating_model/cells/downside_2027q1_cash_uses:downside/basis | None | Desk net interest, tax, non-deferred working-capital and other cash-use bridge from adjusted EBITDA. Includes financing burden once; not a detailed GAAP cash-flow reconciliation. |
| /operating_model/cells/downside_2027q1_cash_uses:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_cash_uses:downside/id | None | downside_2027q1_cash_uses |
| /operating_model/cells/downside_2027q1_cash_uses:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_cash_uses:downside/label | None | Cash bridge excluding customer funding |
| /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 | 450.0 |
| /operating_model/cells/downside_2027q1_cfo:downside/basis | None | Pre-customer-funding cash estimate plus the net deferred-revenue contribution. |
| /operating_model/cells/downside_2027q1_cfo:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_cfo:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q1_cfo:downside/formula/refs/0 | None | downside_2027q1_cfo_before_customer_funding |
| /operating_model/cells/downside_2027q1_cfo:downside/formula/refs/1 | None | downside_2027q1_customer_funding |
| /operating_model/cells/downside_2027q1_cfo:downside/id | None | downside_2027q1_cfo |
| /operating_model/cells/downside_2027q1_cfo:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_cfo:downside/label | None | Operating cash flow estimate |
| /operating_model/cells/downside_2027q1_cfo:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_cfo:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_cfo:downside/value | None | 628.368 |
| /operating_model/cells/downside_2027q1_cfo_before_customer_funding:downside/basis | None | Adjusted EBITDA less explicit cash-use bridge, before customer-funding changes. |
| /operating_model/cells/downside_2027q1_cfo_before_customer_funding:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_cfo_before_customer_funding:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q1_cfo_before_customer_funding:downside/formula/refs/0 | None | downside_2027q1_adjusted_ebitda |
| /operating_model/cells/downside_2027q1_cfo_before_customer_funding:downside/formula/refs/1 | None | downside_2027q1_cash_uses |
| /operating_model/cells/downside_2027q1_cfo_before_customer_funding:downside/id | None | downside_2027q1_cfo_before_customer_funding |
| /operating_model/cells/downside_2027q1_cfo_before_customer_funding:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_cfo_before_customer_funding:downside/label | None | CFO before net deferred-revenue funding |
| /operating_model/cells/downside_2027q1_cfo_before_customer_funding:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_cfo_before_customer_funding:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_cfo_before_customer_funding:downside/value | None | 28.368000000000052 |
| /operating_model/cells/downside_2027q1_customer_funding:downside/basis | None | Desk net cash-flow contribution AFTER revenue recognition; not gross receipts. FY2026 base totals $7.695B including H1, below the company gross-prepayment expectation above $9B. |
| /operating_model/cells/downside_2027q1_customer_funding:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_customer_funding:downside/id | None | downside_2027q1_customer_funding |
| /operating_model/cells/downside_2027q1_customer_funding:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_customer_funding:downside/label | None | Net deferred-revenue cash contribution |
| /operating_model/cells/downside_2027q1_customer_funding:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_customer_funding:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_customer_funding:downside/value | None | 600.0 |
| /operating_model/cells/downside_2027q1_ebitda_margin:downside/basis | None | Desk group non-GAAP margin. Includes other-business drag; not the higher AI-segment margin and not GAAP operating margin. |
| /operating_model/cells/downside_2027q1_ebitda_margin:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_ebitda_margin:downside/id | None | downside_2027q1_ebitda_margin |
| /operating_model/cells/downside_2027q1_ebitda_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_ebitda_margin:downside/label | None | Group adjusted EBITDA margin |
| /operating_model/cells/downside_2027q1_ebitda_margin:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_ebitda_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q1_ebitda_margin:downside/value | None | 0.32 |
| /operating_model/cells/downside_2027q1_exit_arr:downside/basis | None | Desk last-month revenue run rate times 12; 2027 values are not company guidance. Downside intentionally falls below the 2026 company range. |
| /operating_model/cells/downside_2027q1_exit_arr:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_exit_arr:downside/id | None | downside_2027q1_exit_arr |
| /operating_model/cells/downside_2027q1_exit_arr:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q1_exit_arr:downside/label | None | Quarter-end AI cloud ARR |
| /operating_model/cells/downside_2027q1_exit_arr:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_exit_arr:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_exit_arr:downside/value | None | 7500.0 |
| /operating_model/cells/downside_2027q1_fcf:downside/basis | None | Pre-financing cash after PP&E/intangibles; excludes acquisitions and debt principal. |
| /operating_model/cells/downside_2027q1_fcf:downside/case | None | downside |
| /operating_model/cells/downside_2027q1_fcf:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q1_fcf:downside/formula/refs/0 | None | downside_2027q1_cfo |
| /operating_model/cells/downside_2027q1_fcf:downside/formula/refs/1 | None | downside_2027q1_capex |
| /operating_model/cells/downside_2027q1_fcf:downside/id | None | downside_2027q1_fcf |
| /operating_model/cells/downside_2027q1_fcf:downside/kind | None | derived |
| /operating_model/cells/downside_2027q1_fcf:downside/label | None | Operating cash flow less capex |
| /operating_model/cells/downside_2027q1_fcf:downside/period | None | 2027Q1 |
| /operating_model/cells/downside_2027q1_fcf:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q1_fcf:downside/value | None | -6371.632 |
| /operating_model/cells/downside_2027q1_revenue:downside/basis | None | Adds flat $7.4M quarterly other-business revenue; no separate partnership revenue uplift. |
| /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_ai_revenue |
| /operating_model/cells/downside_2027q1_revenue:downside/formula/refs/1 | None | h1_q2_other |
| /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 | Group 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 | 1494.9 |
| /operating_model/cells/downside_2027q2_activation:downside/basis | None | Desk haircut to the linear ARR average for back-loaded deployment and utilization. Not a guarantee that ARR translates evenly into earned revenue. |
| /operating_model/cells/downside_2027q2_activation:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_activation:downside/id | None | downside_2027q2_activation |
| /operating_model/cells/downside_2027q2_activation:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_activation:downside/label | None | Within-quarter revenue realization |
| /operating_model/cells/downside_2027q2_activation:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_activation:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q2_activation:downside/value | None | 0.85 |
| /operating_model/cells/downside_2027q2_adjusted_ebitda:downside/basis | None | Revenue times group non-GAAP margin assumption. |
| /operating_model/cells/downside_2027q2_adjusted_ebitda:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_adjusted_ebitda:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q2_adjusted_ebitda:downside/formula/refs/0 | None | downside_2027q2_revenue |
| /operating_model/cells/downside_2027q2_adjusted_ebitda:downside/formula/refs/1 | None | downside_2027q2_ebitda_margin |
| /operating_model/cells/downside_2027q2_adjusted_ebitda:downside/id | None | downside_2027q2_adjusted_ebitda |
| /operating_model/cells/downside_2027q2_adjusted_ebitda:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_adjusted_ebitda:downside/label | None | Group adjusted EBITDA |
| /operating_model/cells/downside_2027q2_adjusted_ebitda:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_adjusted_ebitda:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_adjusted_ebitda:downside/value | None | 546.368 |
| /operating_model/cells/downside_2027q2_ai_revenue:downside/basis | None | Average ARR divided by four times quarterly realization. |
| /operating_model/cells/downside_2027q2_ai_revenue:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_ai_revenue:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q2_ai_revenue:downside/formula/refs/0 | None | downside_2027q2_average_arr |
| /operating_model/cells/downside_2027q2_ai_revenue:downside/formula/refs/1 | None | quarter |
| /operating_model/cells/downside_2027q2_ai_revenue:downside/formula/refs/2 | None | downside_2027q2_activation |
| /operating_model/cells/downside_2027q2_ai_revenue:downside/id | None | downside_2027q2_ai_revenue |
| /operating_model/cells/downside_2027q2_ai_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_ai_revenue:downside/label | None | AI cloud revenue |
| /operating_model/cells/downside_2027q2_ai_revenue:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_ai_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_ai_revenue:downside/value | None | 1700.0 |
| /operating_model/cells/downside_2027q2_arr_sum:downside/basis | None | Intermediate for the average revenue run rate. |
| /operating_model/cells/downside_2027q2_arr_sum:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_arr_sum:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q2_arr_sum:downside/formula/refs/0 | None | downside_2027q1_exit_arr |
| /operating_model/cells/downside_2027q2_arr_sum:downside/formula/refs/1 | None | downside_2027q2_exit_arr |
| /operating_model/cells/downside_2027q2_arr_sum:downside/id | None | downside_2027q2_arr_sum |
| /operating_model/cells/downside_2027q2_arr_sum:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_arr_sum:downside/label | None | Beginning plus ending ARR |
| /operating_model/cells/downside_2027q2_arr_sum:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_arr_sum:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_arr_sum:downside/value | None | 16000.0 |
| /operating_model/cells/downside_2027q2_average_arr:downside/basis | None | Simple mean; activation factor separately accounts for late-quarter delivery. |
| /operating_model/cells/downside_2027q2_average_arr:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_average_arr:downside/formula/op | None | divide |
| /operating_model/cells/downside_2027q2_average_arr:downside/formula/refs/0 | None | downside_2027q2_arr_sum |
| /operating_model/cells/downside_2027q2_average_arr:downside/formula/refs/1 | None | two |
| /operating_model/cells/downside_2027q2_average_arr:downside/id | None | downside_2027q2_average_arr |
| /operating_model/cells/downside_2027q2_average_arr:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_average_arr:downside/label | None | Average beginning/end ARR |
| /operating_model/cells/downside_2027q2_average_arr:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_average_arr:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_average_arr:downside/value | None | 8000.0 |
| /operating_model/cells/downside_2027q2_capex:downside/basis | None | Desk 2027 construction, hardware and refresh spending; not company guidance or a full GPU-vintage schedule. |
| /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 PP&E and intangible purchases |
| /operating_model/cells/downside_2027q2_capex:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_capex:downside/value | None | 7000.0 |
| /operating_model/cells/downside_2027q2_cash_uses:downside/basis | None | Desk net interest, tax, non-deferred working-capital and other cash-use bridge from adjusted EBITDA. Includes financing burden once; not a detailed GAAP cash-flow reconciliation. |
| /operating_model/cells/downside_2027q2_cash_uses:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_cash_uses:downside/id | None | downside_2027q2_cash_uses |
| /operating_model/cells/downside_2027q2_cash_uses:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_cash_uses:downside/label | None | Cash bridge excluding customer funding |
| /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 | 475.0 |
| /operating_model/cells/downside_2027q2_cfo:downside/basis | None | Pre-customer-funding cash estimate plus the net deferred-revenue contribution. |
| /operating_model/cells/downside_2027q2_cfo:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_cfo:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q2_cfo:downside/formula/refs/0 | None | downside_2027q2_cfo_before_customer_funding |
| /operating_model/cells/downside_2027q2_cfo:downside/formula/refs/1 | None | downside_2027q2_customer_funding |
| /operating_model/cells/downside_2027q2_cfo:downside/id | None | downside_2027q2_cfo |
| /operating_model/cells/downside_2027q2_cfo:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_cfo:downside/label | None | Operating cash flow estimate |
| /operating_model/cells/downside_2027q2_cfo:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_cfo:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_cfo:downside/value | None | 671.368 |
| /operating_model/cells/downside_2027q2_cfo_before_customer_funding:downside/basis | None | Adjusted EBITDA less explicit cash-use bridge, before customer-funding changes. |
| /operating_model/cells/downside_2027q2_cfo_before_customer_funding:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_cfo_before_customer_funding:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q2_cfo_before_customer_funding:downside/formula/refs/0 | None | downside_2027q2_adjusted_ebitda |
| /operating_model/cells/downside_2027q2_cfo_before_customer_funding:downside/formula/refs/1 | None | downside_2027q2_cash_uses |
| /operating_model/cells/downside_2027q2_cfo_before_customer_funding:downside/id | None | downside_2027q2_cfo_before_customer_funding |
| /operating_model/cells/downside_2027q2_cfo_before_customer_funding:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_cfo_before_customer_funding:downside/label | None | CFO before net deferred-revenue funding |
| /operating_model/cells/downside_2027q2_cfo_before_customer_funding:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_cfo_before_customer_funding:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_cfo_before_customer_funding:downside/value | None | 71.36800000000005 |
| /operating_model/cells/downside_2027q2_customer_funding:downside/basis | None | Desk net cash-flow contribution AFTER revenue recognition; not gross receipts. FY2026 base totals $7.695B including H1, below the company gross-prepayment expectation above $9B. |
| /operating_model/cells/downside_2027q2_customer_funding:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_customer_funding:downside/id | None | downside_2027q2_customer_funding |
| /operating_model/cells/downside_2027q2_customer_funding:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_customer_funding:downside/label | None | Net deferred-revenue cash contribution |
| /operating_model/cells/downside_2027q2_customer_funding:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_customer_funding:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_customer_funding:downside/value | None | 600.0 |
| /operating_model/cells/downside_2027q2_ebitda_margin:downside/basis | None | Desk group non-GAAP margin. Includes other-business drag; not the higher AI-segment margin and not GAAP operating margin. |
| /operating_model/cells/downside_2027q2_ebitda_margin:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_ebitda_margin:downside/id | None | downside_2027q2_ebitda_margin |
| /operating_model/cells/downside_2027q2_ebitda_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_ebitda_margin:downside/label | None | Group adjusted EBITDA margin |
| /operating_model/cells/downside_2027q2_ebitda_margin:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_ebitda_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q2_ebitda_margin:downside/value | None | 0.32 |
| /operating_model/cells/downside_2027q2_exit_arr:downside/basis | None | Desk last-month revenue run rate times 12; 2027 values are not company guidance. Downside intentionally falls below the 2026 company range. |
| /operating_model/cells/downside_2027q2_exit_arr:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_exit_arr:downside/id | None | downside_2027q2_exit_arr |
| /operating_model/cells/downside_2027q2_exit_arr:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q2_exit_arr:downside/label | None | Quarter-end AI cloud ARR |
| /operating_model/cells/downside_2027q2_exit_arr:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_exit_arr:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_exit_arr:downside/value | None | 8500.0 |
| /operating_model/cells/downside_2027q2_fcf:downside/basis | None | Pre-financing cash after PP&E/intangibles; excludes acquisitions and debt principal. |
| /operating_model/cells/downside_2027q2_fcf:downside/case | None | downside |
| /operating_model/cells/downside_2027q2_fcf:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q2_fcf:downside/formula/refs/0 | None | downside_2027q2_cfo |
| /operating_model/cells/downside_2027q2_fcf:downside/formula/refs/1 | None | downside_2027q2_capex |
| /operating_model/cells/downside_2027q2_fcf:downside/id | None | downside_2027q2_fcf |
| /operating_model/cells/downside_2027q2_fcf:downside/kind | None | derived |
| /operating_model/cells/downside_2027q2_fcf:downside/label | None | Operating cash flow less capex |
| /operating_model/cells/downside_2027q2_fcf:downside/period | None | 2027Q2 |
| /operating_model/cells/downside_2027q2_fcf:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q2_fcf:downside/value | None | -6328.632 |
| /operating_model/cells/downside_2027q2_revenue:downside/basis | None | Adds flat $7.4M quarterly other-business revenue; no separate partnership revenue uplift. |
| /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_ai_revenue |
| /operating_model/cells/downside_2027q2_revenue:downside/formula/refs/1 | None | h1_q2_other |
| /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 | Group 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 | 1707.4 |
| /operating_model/cells/downside_2027q3_activation:downside/basis | None | Desk haircut to the linear ARR average for back-loaded deployment and utilization. Not a guarantee that ARR translates evenly into earned revenue. |
| /operating_model/cells/downside_2027q3_activation:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_activation:downside/id | None | downside_2027q3_activation |
| /operating_model/cells/downside_2027q3_activation:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_activation:downside/label | None | Within-quarter revenue realization |
| /operating_model/cells/downside_2027q3_activation:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_activation:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q3_activation:downside/value | None | 0.85 |
| /operating_model/cells/downside_2027q3_adjusted_ebitda:downside/basis | None | Revenue times group non-GAAP margin assumption. |
| /operating_model/cells/downside_2027q3_adjusted_ebitda:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_adjusted_ebitda:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q3_adjusted_ebitda:downside/formula/refs/0 | None | downside_2027q3_revenue |
| /operating_model/cells/downside_2027q3_adjusted_ebitda:downside/formula/refs/1 | None | downside_2027q3_ebitda_margin |
| /operating_model/cells/downside_2027q3_adjusted_ebitda:downside/id | None | downside_2027q3_adjusted_ebitda |
| /operating_model/cells/downside_2027q3_adjusted_ebitda:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_adjusted_ebitda:downside/label | None | Group adjusted EBITDA |
| /operating_model/cells/downside_2027q3_adjusted_ebitda:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_adjusted_ebitda:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_adjusted_ebitda:downside/value | None | 597.368 |
| /operating_model/cells/downside_2027q3_ai_revenue:downside/basis | None | Average ARR divided by four times quarterly realization. |
| /operating_model/cells/downside_2027q3_ai_revenue:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_ai_revenue:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q3_ai_revenue:downside/formula/refs/0 | None | downside_2027q3_average_arr |
| /operating_model/cells/downside_2027q3_ai_revenue:downside/formula/refs/1 | None | quarter |
| /operating_model/cells/downside_2027q3_ai_revenue:downside/formula/refs/2 | None | downside_2027q3_activation |
| /operating_model/cells/downside_2027q3_ai_revenue:downside/id | None | downside_2027q3_ai_revenue |
| /operating_model/cells/downside_2027q3_ai_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_ai_revenue:downside/label | None | AI cloud revenue |
| /operating_model/cells/downside_2027q3_ai_revenue:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_ai_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_ai_revenue:downside/value | None | 1859.375 |
| /operating_model/cells/downside_2027q3_arr_sum:downside/basis | None | Intermediate for the average revenue run rate. |
| /operating_model/cells/downside_2027q3_arr_sum:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_arr_sum:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q3_arr_sum:downside/formula/refs/0 | None | downside_2027q2_exit_arr |
| /operating_model/cells/downside_2027q3_arr_sum:downside/formula/refs/1 | None | downside_2027q3_exit_arr |
| /operating_model/cells/downside_2027q3_arr_sum:downside/id | None | downside_2027q3_arr_sum |
| /operating_model/cells/downside_2027q3_arr_sum:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_arr_sum:downside/label | None | Beginning plus ending ARR |
| /operating_model/cells/downside_2027q3_arr_sum:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_arr_sum:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_arr_sum:downside/value | None | 17500.0 |
| /operating_model/cells/downside_2027q3_average_arr:downside/basis | None | Simple mean; activation factor separately accounts for late-quarter delivery. |
| /operating_model/cells/downside_2027q3_average_arr:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_average_arr:downside/formula/op | None | divide |
| /operating_model/cells/downside_2027q3_average_arr:downside/formula/refs/0 | None | downside_2027q3_arr_sum |
| /operating_model/cells/downside_2027q3_average_arr:downside/formula/refs/1 | None | two |
| /operating_model/cells/downside_2027q3_average_arr:downside/id | None | downside_2027q3_average_arr |
| /operating_model/cells/downside_2027q3_average_arr:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_average_arr:downside/label | None | Average beginning/end ARR |
| /operating_model/cells/downside_2027q3_average_arr:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_average_arr:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_average_arr:downside/value | None | 8750.0 |
| /operating_model/cells/downside_2027q3_capex:downside/basis | None | Desk 2027 construction, hardware and refresh spending; not company guidance or a full GPU-vintage schedule. |
| /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 PP&E and intangible purchases |
| /operating_model/cells/downside_2027q3_capex:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_capex:downside/value | None | 7000.0 |
| /operating_model/cells/downside_2027q3_cash_uses:downside/basis | None | Desk net interest, tax, non-deferred working-capital and other cash-use bridge from adjusted EBITDA. Includes financing burden once; not a detailed GAAP cash-flow reconciliation. |
| /operating_model/cells/downside_2027q3_cash_uses:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_cash_uses:downside/id | None | downside_2027q3_cash_uses |
| /operating_model/cells/downside_2027q3_cash_uses:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_cash_uses:downside/label | None | Cash bridge excluding customer funding |
| /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 | 500.0 |
| /operating_model/cells/downside_2027q3_cfo:downside/basis | None | Pre-customer-funding cash estimate plus the net deferred-revenue contribution. |
| /operating_model/cells/downside_2027q3_cfo:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_cfo:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q3_cfo:downside/formula/refs/0 | None | downside_2027q3_cfo_before_customer_funding |
| /operating_model/cells/downside_2027q3_cfo:downside/formula/refs/1 | None | downside_2027q3_customer_funding |
| /operating_model/cells/downside_2027q3_cfo:downside/id | None | downside_2027q3_cfo |
| /operating_model/cells/downside_2027q3_cfo:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_cfo:downside/label | None | Operating cash flow estimate |
| /operating_model/cells/downside_2027q3_cfo:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_cfo:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_cfo:downside/value | None | 597.368 |
| /operating_model/cells/downside_2027q3_cfo_before_customer_funding:downside/basis | None | Adjusted EBITDA less explicit cash-use bridge, before customer-funding changes. |
| /operating_model/cells/downside_2027q3_cfo_before_customer_funding:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_cfo_before_customer_funding:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q3_cfo_before_customer_funding:downside/formula/refs/0 | None | downside_2027q3_adjusted_ebitda |
| /operating_model/cells/downside_2027q3_cfo_before_customer_funding:downside/formula/refs/1 | None | downside_2027q3_cash_uses |
| /operating_model/cells/downside_2027q3_cfo_before_customer_funding:downside/id | None | downside_2027q3_cfo_before_customer_funding |
| /operating_model/cells/downside_2027q3_cfo_before_customer_funding:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_cfo_before_customer_funding:downside/label | None | CFO before net deferred-revenue funding |
| /operating_model/cells/downside_2027q3_cfo_before_customer_funding:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_cfo_before_customer_funding:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_cfo_before_customer_funding:downside/value | None | 97.36800000000005 |
| /operating_model/cells/downside_2027q3_customer_funding:downside/basis | None | Desk net cash-flow contribution AFTER revenue recognition; not gross receipts. FY2026 base totals $7.695B including H1, below the company gross-prepayment expectation above $9B. |
| /operating_model/cells/downside_2027q3_customer_funding:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_customer_funding:downside/id | None | downside_2027q3_customer_funding |
| /operating_model/cells/downside_2027q3_customer_funding:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_customer_funding:downside/label | None | Net deferred-revenue cash contribution |
| /operating_model/cells/downside_2027q3_customer_funding:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_customer_funding:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_customer_funding:downside/value | None | 500.0 |
| /operating_model/cells/downside_2027q3_ebitda_margin:downside/basis | None | Desk group non-GAAP margin. Includes other-business drag; not the higher AI-segment margin and not GAAP operating margin. |
| /operating_model/cells/downside_2027q3_ebitda_margin:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_ebitda_margin:downside/id | None | downside_2027q3_ebitda_margin |
| /operating_model/cells/downside_2027q3_ebitda_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_ebitda_margin:downside/label | None | Group adjusted EBITDA margin |
| /operating_model/cells/downside_2027q3_ebitda_margin:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_ebitda_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q3_ebitda_margin:downside/value | None | 0.32 |
| /operating_model/cells/downside_2027q3_exit_arr:downside/basis | None | Desk last-month revenue run rate times 12; 2027 values are not company guidance. Downside intentionally falls below the 2026 company range. |
| /operating_model/cells/downside_2027q3_exit_arr:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_exit_arr:downside/id | None | downside_2027q3_exit_arr |
| /operating_model/cells/downside_2027q3_exit_arr:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q3_exit_arr:downside/label | None | Quarter-end AI cloud ARR |
| /operating_model/cells/downside_2027q3_exit_arr:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_exit_arr:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_exit_arr:downside/value | None | 9000.0 |
| /operating_model/cells/downside_2027q3_fcf:downside/basis | None | Pre-financing cash after PP&E/intangibles; excludes acquisitions and debt principal. |
| /operating_model/cells/downside_2027q3_fcf:downside/case | None | downside |
| /operating_model/cells/downside_2027q3_fcf:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q3_fcf:downside/formula/refs/0 | None | downside_2027q3_cfo |
| /operating_model/cells/downside_2027q3_fcf:downside/formula/refs/1 | None | downside_2027q3_capex |
| /operating_model/cells/downside_2027q3_fcf:downside/id | None | downside_2027q3_fcf |
| /operating_model/cells/downside_2027q3_fcf:downside/kind | None | derived |
| /operating_model/cells/downside_2027q3_fcf:downside/label | None | Operating cash flow less capex |
| /operating_model/cells/downside_2027q3_fcf:downside/period | None | 2027Q3 |
| /operating_model/cells/downside_2027q3_fcf:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q3_fcf:downside/value | None | -6402.632 |
| /operating_model/cells/downside_2027q3_revenue:downside/basis | None | Adds flat $7.4M quarterly other-business revenue; no separate partnership revenue uplift. |
| /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_ai_revenue |
| /operating_model/cells/downside_2027q3_revenue:downside/formula/refs/1 | None | h1_q2_other |
| /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 | Group 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 | 1866.775 |
| /operating_model/cells/downside_2027q4_activation:downside/basis | None | Desk haircut to the linear ARR average for back-loaded deployment and utilization. Not a guarantee that ARR translates evenly into earned revenue. |
| /operating_model/cells/downside_2027q4_activation:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_activation:downside/id | None | downside_2027q4_activation |
| /operating_model/cells/downside_2027q4_activation:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_activation:downside/label | None | Within-quarter revenue realization |
| /operating_model/cells/downside_2027q4_activation:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_activation:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q4_activation:downside/value | None | 0.85 |
| /operating_model/cells/downside_2027q4_adjusted_ebitda:downside/basis | None | Revenue times group non-GAAP margin assumption. |
| /operating_model/cells/downside_2027q4_adjusted_ebitda:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_adjusted_ebitda:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q4_adjusted_ebitda:downside/formula/refs/0 | None | downside_2027q4_revenue |
| /operating_model/cells/downside_2027q4_adjusted_ebitda:downside/formula/refs/1 | None | downside_2027q4_ebitda_margin |
| /operating_model/cells/downside_2027q4_adjusted_ebitda:downside/id | None | downside_2027q4_adjusted_ebitda |
| /operating_model/cells/downside_2027q4_adjusted_ebitda:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_adjusted_ebitda:downside/label | None | Group adjusted EBITDA |
| /operating_model/cells/downside_2027q4_adjusted_ebitda:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_adjusted_ebitda:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_adjusted_ebitda:downside/value | None | 631.368 |
| /operating_model/cells/downside_2027q4_ai_revenue:downside/basis | None | Average ARR divided by four times quarterly realization. |
| /operating_model/cells/downside_2027q4_ai_revenue:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_ai_revenue:downside/formula/op | None | multiply |
| /operating_model/cells/downside_2027q4_ai_revenue:downside/formula/refs/0 | None | downside_2027q4_average_arr |
| /operating_model/cells/downside_2027q4_ai_revenue:downside/formula/refs/1 | None | quarter |
| /operating_model/cells/downside_2027q4_ai_revenue:downside/formula/refs/2 | None | downside_2027q4_activation |
| /operating_model/cells/downside_2027q4_ai_revenue:downside/id | None | downside_2027q4_ai_revenue |
| /operating_model/cells/downside_2027q4_ai_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_ai_revenue:downside/label | None | AI cloud revenue |
| /operating_model/cells/downside_2027q4_ai_revenue:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_ai_revenue:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_ai_revenue:downside/value | None | 1965.625 |
| /operating_model/cells/downside_2027q4_arr_sum:downside/basis | None | Intermediate for the average revenue run rate. |
| /operating_model/cells/downside_2027q4_arr_sum:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_arr_sum:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q4_arr_sum:downside/formula/refs/0 | None | downside_2027q3_exit_arr |
| /operating_model/cells/downside_2027q4_arr_sum:downside/formula/refs/1 | None | downside_2027q4_exit_arr |
| /operating_model/cells/downside_2027q4_arr_sum:downside/id | None | downside_2027q4_arr_sum |
| /operating_model/cells/downside_2027q4_arr_sum:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_arr_sum:downside/label | None | Beginning plus ending ARR |
| /operating_model/cells/downside_2027q4_arr_sum:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_arr_sum:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_arr_sum:downside/value | None | 18500.0 |
| /operating_model/cells/downside_2027q4_average_arr:downside/basis | None | Simple mean; activation factor separately accounts for late-quarter delivery. |
| /operating_model/cells/downside_2027q4_average_arr:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_average_arr:downside/formula/op | None | divide |
| /operating_model/cells/downside_2027q4_average_arr:downside/formula/refs/0 | None | downside_2027q4_arr_sum |
| /operating_model/cells/downside_2027q4_average_arr:downside/formula/refs/1 | None | two |
| /operating_model/cells/downside_2027q4_average_arr:downside/id | None | downside_2027q4_average_arr |
| /operating_model/cells/downside_2027q4_average_arr:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_average_arr:downside/label | None | Average beginning/end ARR |
| /operating_model/cells/downside_2027q4_average_arr:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_average_arr:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_average_arr:downside/value | None | 9250.0 |
| /operating_model/cells/downside_2027q4_capex:downside/basis | None | Desk 2027 construction, hardware and refresh spending; not company guidance or a full GPU-vintage schedule. |
| /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 PP&E and intangible purchases |
| /operating_model/cells/downside_2027q4_capex:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_capex:downside/value | None | 7000.0 |
| /operating_model/cells/downside_2027q4_cash_uses:downside/basis | None | Desk net interest, tax, non-deferred working-capital and other cash-use bridge from adjusted EBITDA. Includes financing burden once; not a detailed GAAP cash-flow reconciliation. |
| /operating_model/cells/downside_2027q4_cash_uses:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_cash_uses:downside/id | None | downside_2027q4_cash_uses |
| /operating_model/cells/downside_2027q4_cash_uses:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_cash_uses:downside/label | None | Cash bridge excluding customer funding |
| /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 | 525.0 |
| /operating_model/cells/downside_2027q4_cfo:downside/basis | None | Pre-customer-funding cash estimate plus the net deferred-revenue contribution. |
| /operating_model/cells/downside_2027q4_cfo:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_cfo:downside/formula/op | None | sum |
| /operating_model/cells/downside_2027q4_cfo:downside/formula/refs/0 | None | downside_2027q4_cfo_before_customer_funding |
| /operating_model/cells/downside_2027q4_cfo:downside/formula/refs/1 | None | downside_2027q4_customer_funding |
| /operating_model/cells/downside_2027q4_cfo:downside/id | None | downside_2027q4_cfo |
| /operating_model/cells/downside_2027q4_cfo:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_cfo:downside/label | None | Operating cash flow estimate |
| /operating_model/cells/downside_2027q4_cfo:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_cfo:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_cfo:downside/value | None | 606.368 |
| /operating_model/cells/downside_2027q4_cfo_before_customer_funding:downside/basis | None | Adjusted EBITDA less explicit cash-use bridge, before customer-funding changes. |
| /operating_model/cells/downside_2027q4_cfo_before_customer_funding:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_cfo_before_customer_funding:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q4_cfo_before_customer_funding:downside/formula/refs/0 | None | downside_2027q4_adjusted_ebitda |
| /operating_model/cells/downside_2027q4_cfo_before_customer_funding:downside/formula/refs/1 | None | downside_2027q4_cash_uses |
| /operating_model/cells/downside_2027q4_cfo_before_customer_funding:downside/id | None | downside_2027q4_cfo_before_customer_funding |
| /operating_model/cells/downside_2027q4_cfo_before_customer_funding:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_cfo_before_customer_funding:downside/label | None | CFO before net deferred-revenue funding |
| /operating_model/cells/downside_2027q4_cfo_before_customer_funding:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_cfo_before_customer_funding:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_cfo_before_customer_funding:downside/value | None | 106.36800000000005 |
| /operating_model/cells/downside_2027q4_customer_funding:downside/basis | None | Desk net cash-flow contribution AFTER revenue recognition; not gross receipts. FY2026 base totals $7.695B including H1, below the company gross-prepayment expectation above $9B. |
| /operating_model/cells/downside_2027q4_customer_funding:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_customer_funding:downside/id | None | downside_2027q4_customer_funding |
| /operating_model/cells/downside_2027q4_customer_funding:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_customer_funding:downside/label | None | Net deferred-revenue cash contribution |
| /operating_model/cells/downside_2027q4_customer_funding:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_customer_funding:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_customer_funding:downside/value | None | 500.0 |
| /operating_model/cells/downside_2027q4_ebitda_margin:downside/basis | None | Desk group non-GAAP margin. Includes other-business drag; not the higher AI-segment margin and not GAAP operating margin. |
| /operating_model/cells/downside_2027q4_ebitda_margin:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_ebitda_margin:downside/id | None | downside_2027q4_ebitda_margin |
| /operating_model/cells/downside_2027q4_ebitda_margin:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_ebitda_margin:downside/label | None | Group adjusted EBITDA margin |
| /operating_model/cells/downside_2027q4_ebitda_margin:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_ebitda_margin:downside/unit | None | ratio |
| /operating_model/cells/downside_2027q4_ebitda_margin:downside/value | None | 0.32 |
| /operating_model/cells/downside_2027q4_exit_arr:downside/basis | None | Desk last-month revenue run rate times 12; 2027 values are not company guidance. Downside intentionally falls below the 2026 company range. |
| /operating_model/cells/downside_2027q4_exit_arr:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_exit_arr:downside/id | None | downside_2027q4_exit_arr |
| /operating_model/cells/downside_2027q4_exit_arr:downside/kind | None | assumption |
| /operating_model/cells/downside_2027q4_exit_arr:downside/label | None | Quarter-end AI cloud ARR |
| /operating_model/cells/downside_2027q4_exit_arr:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_exit_arr:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_exit_arr:downside/value | None | 9500.0 |
| /operating_model/cells/downside_2027q4_fcf:downside/basis | None | Pre-financing cash after PP&E/intangibles; excludes acquisitions and debt principal. |
| /operating_model/cells/downside_2027q4_fcf:downside/case | None | downside |
| /operating_model/cells/downside_2027q4_fcf:downside/formula/op | None | subtract |
| /operating_model/cells/downside_2027q4_fcf:downside/formula/refs/0 | None | downside_2027q4_cfo |
| /operating_model/cells/downside_2027q4_fcf:downside/formula/refs/1 | None | downside_2027q4_capex |
| /operating_model/cells/downside_2027q4_fcf:downside/id | None | downside_2027q4_fcf |
| /operating_model/cells/downside_2027q4_fcf:downside/kind | None | derived |
| /operating_model/cells/downside_2027q4_fcf:downside/label | None | Operating cash flow less capex |
| /operating_model/cells/downside_2027q4_fcf:downside/period | None | 2027Q4 |
| /operating_model/cells/downside_2027q4_fcf:downside/unit | None | USD_millions |
| /operating_model/cells/downside_2027q4_fcf:downside/value | None | -6393.632 |
| /operating_model/cells/downside_2027q4_revenue:downside/basis | None | Adds flat $7.4M quarterly other-business revenue; no separate partnership revenue uplift. |
| /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_ai_revenue |
| /operating_model/cells/downside_2027q4_revenue:downside/formula/refs/1 | None | h1_q2_other |
| /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 | Group 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 | 1973.025 |
| /operating_model/cells/downside_fy2026_adjusted_ebitda: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_adjusted_ebitda:downside/case | None | downside |
| /operating_model/cells/downside_fy2026_adjusted_ebitda:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2026_adjusted_ebitda:downside/formula/refs/0 | None | h1_adjusted_ebitda |
| /operating_model/cells/downside_fy2026_adjusted_ebitda:downside/formula/refs/1 | None | downside_2026q3_adjusted_ebitda |
| /operating_model/cells/downside_fy2026_adjusted_ebitda:downside/formula/refs/2 | None | downside_2026q4_adjusted_ebitda |
| /operating_model/cells/downside_fy2026_adjusted_ebitda:downside/id | None | downside_fy2026_adjusted_ebitda |
| /operating_model/cells/downside_fy2026_adjusted_ebitda:downside/kind | None | derived |
| /operating_model/cells/downside_fy2026_adjusted_ebitda:downside/label | None | FY2026 Group adjusted EBITDA ($M) |
| /operating_model/cells/downside_fy2026_adjusted_ebitda:downside/period | None | FY2026 |
| /operating_model/cells/downside_fy2026_adjusted_ebitda:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2026_adjusted_ebitda:downside/value | None | 927.9525 |
| /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 PP&E and intangible capex ($M) |
| /operating_model/cells/downside_fy2026_capex:downside/period | None | FY2026 |
| /operating_model/cells/downside_fy2026_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2026_capex:downside/value | None | 25000.0 |
| /operating_model/cells/downside_fy2026_cfo:downside/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /operating_model/cells/downside_fy2026_cfo:downside/case | None | downside |
| /operating_model/cells/downside_fy2026_cfo:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2026_cfo:downside/formula/refs/0 | None | h1_cfo |
| /operating_model/cells/downside_fy2026_cfo:downside/formula/refs/1 | None | downside_2026q3_cfo |
| /operating_model/cells/downside_fy2026_cfo:downside/formula/refs/2 | None | downside_2026q4_cfo |
| /operating_model/cells/downside_fy2026_cfo:downside/id | None | downside_fy2026_cfo |
| /operating_model/cells/downside_fy2026_cfo:downside/kind | None | derived |
| /operating_model/cells/downside_fy2026_cfo:downside/label | None | FY2026 Operating cash flow estimate ($M) |
| /operating_model/cells/downside_fy2026_cfo:downside/period | None | FY2026 |
| /operating_model/cells/downside_fy2026_cfo:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2026_cfo:downside/value | None | 6291.352500000001 |
| /operating_model/cells/downside_fy2026_cfo_before_customer_funding: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_cfo_before_customer_funding:downside/case | None | downside |
| /operating_model/cells/downside_fy2026_cfo_before_customer_funding:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2026_cfo_before_customer_funding:downside/formula/refs/0 | None | h1_cfo_before_customer_funding |
| /operating_model/cells/downside_fy2026_cfo_before_customer_funding:downside/formula/refs/1 | None | downside_2026q3_cfo_before_customer_funding |
| /operating_model/cells/downside_fy2026_cfo_before_customer_funding:downside/formula/refs/2 | None | downside_2026q4_cfo_before_customer_funding |
| /operating_model/cells/downside_fy2026_cfo_before_customer_funding:downside/id | None | downside_fy2026_cfo_before_customer_funding |
| /operating_model/cells/downside_fy2026_cfo_before_customer_funding:downside/kind | None | derived |
| /operating_model/cells/downside_fy2026_cfo_before_customer_funding:downside/label | None | FY2026 CFO before net deferred-revenue funding ($M) |
| /operating_model/cells/downside_fy2026_cfo_before_customer_funding:downside/period | None | FY2026 |
| /operating_model/cells/downside_fy2026_cfo_before_customer_funding:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2026_cfo_before_customer_funding:downside/value | None | -103.64749999999961 |
| /operating_model/cells/downside_fy2026_customer_funding:downside/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /operating_model/cells/downside_fy2026_customer_funding:downside/case | None | downside |
| /operating_model/cells/downside_fy2026_customer_funding:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2026_customer_funding:downside/formula/refs/0 | None | h1_customer_funding |
| /operating_model/cells/downside_fy2026_customer_funding:downside/formula/refs/1 | None | downside_2026q3_customer_funding |
| /operating_model/cells/downside_fy2026_customer_funding:downside/formula/refs/2 | None | downside_2026q4_customer_funding |
| /operating_model/cells/downside_fy2026_customer_funding:downside/id | None | downside_fy2026_customer_funding |
| /operating_model/cells/downside_fy2026_customer_funding:downside/kind | None | derived |
| /operating_model/cells/downside_fy2026_customer_funding:downside/label | None | FY2026 Net deferred-revenue funding ($M) |
| /operating_model/cells/downside_fy2026_customer_funding:downside/period | None | FY2026 |
| /operating_model/cells/downside_fy2026_customer_funding:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2026_customer_funding:downside/value | None | 6395.0 |
| /operating_model/cells/downside_fy2026_fcf: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_fcf:downside/case | None | downside |
| /operating_model/cells/downside_fy2026_fcf:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2026_fcf:downside/formula/refs/0 | None | h1_fcf |
| /operating_model/cells/downside_fy2026_fcf:downside/formula/refs/1 | None | downside_2026q3_fcf |
| /operating_model/cells/downside_fy2026_fcf:downside/formula/refs/2 | None | downside_2026q4_fcf |
| /operating_model/cells/downside_fy2026_fcf:downside/id | None | downside_fy2026_fcf |
| /operating_model/cells/downside_fy2026_fcf:downside/kind | None | derived |
| /operating_model/cells/downside_fy2026_fcf:downside/label | None | FY2026 Operating cash flow less capex ($M) |
| /operating_model/cells/downside_fy2026_fcf:downside/period | None | FY2026 |
| /operating_model/cells/downside_fy2026_fcf:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2026_fcf:downside/value | None | -18708.6475 |
| /operating_model/cells/downside_fy2026_revenue:downside/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /operating_model/cells/downside_fy2026_revenue:downside/case | None | downside |
| /operating_model/cells/downside_fy2026_revenue:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2026_revenue:downside/formula/refs/0 | None | h1_revenue |
| /operating_model/cells/downside_fy2026_revenue:downside/formula/refs/1 | None | downside_2026q3_revenue |
| /operating_model/cells/downside_fy2026_revenue:downside/formula/refs/2 | None | downside_2026q4_revenue |
| /operating_model/cells/downside_fy2026_revenue:downside/id | None | downside_fy2026_revenue |
| /operating_model/cells/downside_fy2026_revenue:downside/kind | None | derived |
| /operating_model/cells/downside_fy2026_revenue:downside/label | None | FY2026 Revenue ($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 | 2855.475 |
| /operating_model/cells/downside_fy2027_adjusted_ebitda: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_adjusted_ebitda:downside/case | None | downside |
| /operating_model/cells/downside_fy2027_adjusted_ebitda:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2027_adjusted_ebitda:downside/formula/refs/0 | None | downside_2027q1_adjusted_ebitda |
| /operating_model/cells/downside_fy2027_adjusted_ebitda:downside/formula/refs/1 | None | downside_2027q2_adjusted_ebitda |
| /operating_model/cells/downside_fy2027_adjusted_ebitda:downside/formula/refs/2 | None | downside_2027q3_adjusted_ebitda |
| /operating_model/cells/downside_fy2027_adjusted_ebitda:downside/formula/refs/3 | None | downside_2027q4_adjusted_ebitda |
| /operating_model/cells/downside_fy2027_adjusted_ebitda:downside/id | None | downside_fy2027_adjusted_ebitda |
| /operating_model/cells/downside_fy2027_adjusted_ebitda:downside/kind | None | derived |
| /operating_model/cells/downside_fy2027_adjusted_ebitda:downside/label | None | FY2027 Group adjusted EBITDA ($M) |
| /operating_model/cells/downside_fy2027_adjusted_ebitda:downside/period | None | FY2027 |
| /operating_model/cells/downside_fy2027_adjusted_ebitda:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2027_adjusted_ebitda:downside/value | None | 2253.472 |
| /operating_model/cells/downside_fy2027_capex:downside/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /operating_model/cells/downside_fy2027_capex:downside/case | None | downside |
| /operating_model/cells/downside_fy2027_capex:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2027_capex:downside/formula/refs/0 | None | downside_2027q1_capex |
| /operating_model/cells/downside_fy2027_capex:downside/formula/refs/1 | None | downside_2027q2_capex |
| /operating_model/cells/downside_fy2027_capex:downside/formula/refs/2 | None | downside_2027q3_capex |
| /operating_model/cells/downside_fy2027_capex:downside/formula/refs/3 | None | downside_2027q4_capex |
| /operating_model/cells/downside_fy2027_capex:downside/id | None | downside_fy2027_capex |
| /operating_model/cells/downside_fy2027_capex:downside/kind | None | derived |
| /operating_model/cells/downside_fy2027_capex:downside/label | None | FY2027 Cash PP&E and intangible capex ($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 | 28000.0 |
| /operating_model/cells/downside_fy2027_cfo: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_cfo:downside/case | None | downside |
| /operating_model/cells/downside_fy2027_cfo:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2027_cfo:downside/formula/refs/0 | None | downside_2027q1_cfo |
| /operating_model/cells/downside_fy2027_cfo:downside/formula/refs/1 | None | downside_2027q2_cfo |
| /operating_model/cells/downside_fy2027_cfo:downside/formula/refs/2 | None | downside_2027q3_cfo |
| /operating_model/cells/downside_fy2027_cfo:downside/formula/refs/3 | None | downside_2027q4_cfo |
| /operating_model/cells/downside_fy2027_cfo:downside/id | None | downside_fy2027_cfo |
| /operating_model/cells/downside_fy2027_cfo:downside/kind | None | derived |
| /operating_model/cells/downside_fy2027_cfo:downside/label | None | FY2027 Operating cash flow estimate ($M) |
| /operating_model/cells/downside_fy2027_cfo:downside/period | None | FY2027 |
| /operating_model/cells/downside_fy2027_cfo:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2027_cfo:downside/value | None | 2503.472 |
| /operating_model/cells/downside_fy2027_cfo_before_customer_funding:downside/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /operating_model/cells/downside_fy2027_cfo_before_customer_funding:downside/case | None | downside |
| /operating_model/cells/downside_fy2027_cfo_before_customer_funding:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2027_cfo_before_customer_funding:downside/formula/refs/0 | None | downside_2027q1_cfo_before_customer_funding |
| /operating_model/cells/downside_fy2027_cfo_before_customer_funding:downside/formula/refs/1 | None | downside_2027q2_cfo_before_customer_funding |
| /operating_model/cells/downside_fy2027_cfo_before_customer_funding:downside/formula/refs/2 | None | downside_2027q3_cfo_before_customer_funding |
| /operating_model/cells/downside_fy2027_cfo_before_customer_funding:downside/formula/refs/3 | None | downside_2027q4_cfo_before_customer_funding |
| /operating_model/cells/downside_fy2027_cfo_before_customer_funding:downside/id | None | downside_fy2027_cfo_before_customer_funding |
| /operating_model/cells/downside_fy2027_cfo_before_customer_funding:downside/kind | None | derived |
| /operating_model/cells/downside_fy2027_cfo_before_customer_funding:downside/label | None | FY2027 CFO before net deferred-revenue funding ($M) |
| /operating_model/cells/downside_fy2027_cfo_before_customer_funding:downside/period | None | FY2027 |
| /operating_model/cells/downside_fy2027_cfo_before_customer_funding:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2027_cfo_before_customer_funding:downside/value | None | 303.4720000000002 |
| /operating_model/cells/downside_fy2027_customer_funding: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_customer_funding:downside/case | None | downside |
| /operating_model/cells/downside_fy2027_customer_funding:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2027_customer_funding:downside/formula/refs/0 | None | downside_2027q1_customer_funding |
| /operating_model/cells/downside_fy2027_customer_funding:downside/formula/refs/1 | None | downside_2027q2_customer_funding |
| /operating_model/cells/downside_fy2027_customer_funding:downside/formula/refs/2 | None | downside_2027q3_customer_funding |
| /operating_model/cells/downside_fy2027_customer_funding:downside/formula/refs/3 | None | downside_2027q4_customer_funding |
| /operating_model/cells/downside_fy2027_customer_funding:downside/id | None | downside_fy2027_customer_funding |
| /operating_model/cells/downside_fy2027_customer_funding:downside/kind | None | derived |
| /operating_model/cells/downside_fy2027_customer_funding:downside/label | None | FY2027 Net deferred-revenue funding ($M) |
| /operating_model/cells/downside_fy2027_customer_funding:downside/period | None | FY2027 |
| /operating_model/cells/downside_fy2027_customer_funding:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2027_customer_funding:downside/value | None | 2200.0 |
| /operating_model/cells/downside_fy2027_fcf:downside/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /operating_model/cells/downside_fy2027_fcf:downside/case | None | downside |
| /operating_model/cells/downside_fy2027_fcf:downside/formula/op | None | sum |
| /operating_model/cells/downside_fy2027_fcf:downside/formula/refs/0 | None | downside_2027q1_fcf |
| /operating_model/cells/downside_fy2027_fcf:downside/formula/refs/1 | None | downside_2027q2_fcf |
| /operating_model/cells/downside_fy2027_fcf:downside/formula/refs/2 | None | downside_2027q3_fcf |
| /operating_model/cells/downside_fy2027_fcf:downside/formula/refs/3 | None | downside_2027q4_fcf |
| /operating_model/cells/downside_fy2027_fcf:downside/id | None | downside_fy2027_fcf |
| /operating_model/cells/downside_fy2027_fcf:downside/kind | None | derived |
| /operating_model/cells/downside_fy2027_fcf:downside/label | None | FY2027 Operating cash flow less capex ($M) |
| /operating_model/cells/downside_fy2027_fcf:downside/period | None | FY2027 |
| /operating_model/cells/downside_fy2027_fcf:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy2027_fcf:downside/value | None | -25496.528 |
| /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 | 7042.1 |
| /operating_model/cells/downside_fy26_capex_plan:downside/basis | None | Desk total cash PP&E and intangible-spend scenario; not a sourced company guidance cell. Downside assumes greater spend despite delayed activation. |
| /operating_model/cells/downside_fy26_capex_plan:downside/case | None | downside |
| /operating_model/cells/downside_fy26_capex_plan:downside/id | None | downside_fy26_capex_plan |
| /operating_model/cells/downside_fy26_capex_plan:downside/kind | None | assumption |
| /operating_model/cells/downside_fy26_capex_plan:downside/label | None | FY2026 cash capex desk assumption |
| /operating_model/cells/downside_fy26_capex_plan:downside/period | None | FY2026 |
| /operating_model/cells/downside_fy26_capex_plan:downside/unit | None | USD_millions |
| /operating_model/cells/downside_fy26_capex_plan:downside/value | None | 25000.0 |
| /operating_model/cells/downside_h2_capex:downside/basis | None | Desk full-year spend less reported first-half purchases. |
| /operating_model/cells/downside_h2_capex:downside/case | None | downside |
| /operating_model/cells/downside_h2_capex:downside/formula/op | None | subtract |
| /operating_model/cells/downside_h2_capex:downside/formula/refs/0 | None | downside_fy26_capex_plan |
| /operating_model/cells/downside_h2_capex:downside/formula/refs/1 | None | h1_capex |
| /operating_model/cells/downside_h2_capex:downside/id | None | downside_h2_capex |
| /operating_model/cells/downside_h2_capex:downside/kind | None | derived |
| /operating_model/cells/downside_h2_capex:downside/label | None | Remaining H2 cash capex |
| /operating_model/cells/downside_h2_capex:downside/period | None | H2 2026 |
| /operating_model/cells/downside_h2_capex:downside/unit | None | USD_millions |
| /operating_model/cells/downside_h2_capex:downside/value | None | 16869.7 |
| /operating_model/cells/exchange_coupon_2029:shared/basis | None | Retired principal times stated coupon. |
| /operating_model/cells/exchange_coupon_2029:shared/case | None | shared |
| /operating_model/cells/exchange_coupon_2029:shared/formula/op | None | multiply |
| /operating_model/cells/exchange_coupon_2029:shared/formula/refs/0 | None | exchange_principal_2029 |
| /operating_model/cells/exchange_coupon_2029:shared/formula/refs/1 | None | exchange_rate_2029 |
| /operating_model/cells/exchange_coupon_2029:shared/id | None | exchange_coupon_2029 |
| /operating_model/cells/exchange_coupon_2029:shared/kind | None | derived |
| /operating_model/cells/exchange_coupon_2029:shared/label | None | Retired 2029 annual coupon |
| /operating_model/cells/exchange_coupon_2029:shared/period | None | Annual |
| /operating_model/cells/exchange_coupon_2029:shared/unit | None | USD_millions |
| /operating_model/cells/exchange_coupon_2029:shared/value | None | 8.0 |
| /operating_model/cells/exchange_coupon_2031:shared/basis | None | Retired principal times stated coupon. |
| /operating_model/cells/exchange_coupon_2031:shared/case | None | shared |
| /operating_model/cells/exchange_coupon_2031:shared/formula/op | None | multiply |
| /operating_model/cells/exchange_coupon_2031:shared/formula/refs/0 | None | exchange_principal_2031 |
| /operating_model/cells/exchange_coupon_2031:shared/formula/refs/1 | None | exchange_rate_2031 |
| /operating_model/cells/exchange_coupon_2031:shared/id | None | exchange_coupon_2031 |
| /operating_model/cells/exchange_coupon_2031:shared/kind | None | derived |
| /operating_model/cells/exchange_coupon_2031:shared/label | None | Retired 2031 annual coupon |
| /operating_model/cells/exchange_coupon_2031:shared/period | None | Annual |
| /operating_model/cells/exchange_coupon_2031:shared/unit | None | USD_millions |
| /operating_model/cells/exchange_coupon_2031:shared/value | None | 12.0 |
| /operating_model/cells/exchange_old_coupons:shared/basis | None | Coupons removed by the debt-for-shares exchange. |
| /operating_model/cells/exchange_old_coupons:shared/case | None | shared |
| /operating_model/cells/exchange_old_coupons:shared/formula/op | None | sum |
| /operating_model/cells/exchange_old_coupons:shared/formula/refs/0 | None | exchange_coupon_2029 |
| /operating_model/cells/exchange_old_coupons:shared/formula/refs/1 | None | exchange_coupon_2031 |
| /operating_model/cells/exchange_old_coupons:shared/id | None | exchange_old_coupons |
| /operating_model/cells/exchange_old_coupons:shared/kind | None | derived |
| /operating_model/cells/exchange_old_coupons:shared/label | None | Annual coupons on exchanged old notes |
| /operating_model/cells/exchange_old_coupons:shared/period | None | Annual |
| /operating_model/cells/exchange_old_coupons:shared/unit | None | USD_millions |
| /operating_model/cells/exchange_old_coupons:shared/value | None | 20.0 |
| /operating_model/cells/exchange_principal_2029:shared/basis | None | Debt exchanged for shares; not a cash repayment. |
| /operating_model/cells/exchange_principal_2029:shared/case | None | shared |
| /operating_model/cells/exchange_principal_2029:shared/id | None | exchange_principal_2029 |
| /operating_model/cells/exchange_principal_2029:shared/kind | None | reported |
| /operating_model/cells/exchange_principal_2029:shared/label | None | Exchanged 2029 note principal |
| /operating_model/cells/exchange_principal_2029:shared/period | None | August financing |
| /operating_model/cells/exchange_principal_2029:shared/source_date | None | 2026-08-24 |
| /operating_model/cells/exchange_principal_2029:shared/source_url | None | https://nebius.com/newsroom/nebius-group-announces-closing-of-private-offering-of-convertible-senior-notes-with-aggregate-gross-proceeds-of-approximately-5-75-billion |
| /operating_model/cells/exchange_principal_2029:shared/unit | None | USD_millions |
| /operating_model/cells/exchange_principal_2029:shared/value | None | 400.0 |
| /operating_model/cells/exchange_principal_2031:shared/basis | None | Debt exchanged for shares; not a cash repayment. |
| /operating_model/cells/exchange_principal_2031:shared/case | None | shared |
| /operating_model/cells/exchange_principal_2031:shared/id | None | exchange_principal_2031 |
| /operating_model/cells/exchange_principal_2031:shared/kind | None | reported |
| /operating_model/cells/exchange_principal_2031:shared/label | None | Exchanged 2031 note principal |
| /operating_model/cells/exchange_principal_2031:shared/period | None | August financing |
| /operating_model/cells/exchange_principal_2031:shared/source_date | None | 2026-08-24 |
| /operating_model/cells/exchange_principal_2031:shared/source_url | None | https://nebius.com/newsroom/nebius-group-announces-closing-of-private-offering-of-convertible-senior-notes-with-aggregate-gross-proceeds-of-approximately-5-75-billion |
| /operating_model/cells/exchange_principal_2031:shared/unit | None | USD_millions |
| /operating_model/cells/exchange_principal_2031:shared/value | None | 400.0 |
| /operating_model/cells/exchange_rate_2029:shared/basis | None | Contractual coupon on exchanged notes. |
| /operating_model/cells/exchange_rate_2029:shared/case | None | shared |
| /operating_model/cells/exchange_rate_2029:shared/id | None | exchange_rate_2029 |
| /operating_model/cells/exchange_rate_2029:shared/kind | None | reported |
| /operating_model/cells/exchange_rate_2029:shared/label | None | Exchanged 2029 coupon |
| /operating_model/cells/exchange_rate_2029:shared/period | None | Annual |
| /operating_model/cells/exchange_rate_2029:shared/source_date | None | 2026-08-24 |
| /operating_model/cells/exchange_rate_2029:shared/source_url | None | https://nebius.com/newsroom/nebius-group-announces-closing-of-private-offering-of-convertible-senior-notes-with-aggregate-gross-proceeds-of-approximately-5-75-billion |
| /operating_model/cells/exchange_rate_2029:shared/unit | None | ratio |
| /operating_model/cells/exchange_rate_2029:shared/value | None | 0.02 |
| /operating_model/cells/exchange_rate_2031:shared/basis | None | Contractual coupon on exchanged notes. |
| /operating_model/cells/exchange_rate_2031:shared/case | None | shared |
| /operating_model/cells/exchange_rate_2031:shared/id | None | exchange_rate_2031 |
| /operating_model/cells/exchange_rate_2031:shared/kind | None | reported |
| /operating_model/cells/exchange_rate_2031:shared/label | None | Exchanged 2031 coupon |
| /operating_model/cells/exchange_rate_2031:shared/period | None | Annual |
| /operating_model/cells/exchange_rate_2031:shared/source_date | None | 2026-08-24 |
| /operating_model/cells/exchange_rate_2031:shared/source_url | None | https://nebius.com/newsroom/nebius-group-announces-closing-of-private-offering-of-convertible-senior-notes-with-aggregate-gross-proceeds-of-approximately-5-75-billion |
| /operating_model/cells/exchange_rate_2031:shared/unit | None | ratio |
| /operating_model/cells/exchange_rate_2031:shared/value | None | 0.03 |
| /operating_model/cells/fy26_arr_guidance:shared/basis | None | Calculated midpoint of the company range; not an additional company forecast. |
| /operating_model/cells/fy26_arr_guidance:shared/case | None | shared |
| /operating_model/cells/fy26_arr_guidance:shared/formula/op | None | divide |
| /operating_model/cells/fy26_arr_guidance:shared/formula/refs/0 | None | fy26_arr_guidance_sum |
| /operating_model/cells/fy26_arr_guidance:shared/formula/refs/1 | None | two |
| /operating_model/cells/fy26_arr_guidance:shared/id | None | fy26_arr_guidance |
| /operating_model/cells/fy26_arr_guidance:shared/kind | None | derived |
| /operating_model/cells/fy26_arr_guidance:shared/label | None | Year-end AI cloud ARR range midpoint |
| /operating_model/cells/fy26_arr_guidance:shared/period | None | 2026 year-end |
| /operating_model/cells/fy26_arr_guidance:shared/unit | None | USD_millions |
| /operating_model/cells/fy26_arr_guidance:shared/value | None | 8000.0 |
| /operating_model/cells/fy26_arr_guidance_high:shared/basis | None | Company guidance; not a desk forecast. |
| /operating_model/cells/fy26_arr_guidance_high:shared/case | None | shared |
| /operating_model/cells/fy26_arr_guidance_high:shared/id | None | fy26_arr_guidance_high |
| /operating_model/cells/fy26_arr_guidance_high:shared/kind | None | management_guidance |
| /operating_model/cells/fy26_arr_guidance_high:shared/label | None | Year-end AI cloud ARR range high |
| /operating_model/cells/fy26_arr_guidance_high:shared/period | None | 2026 year-end |
| /operating_model/cells/fy26_arr_guidance_high:shared/source_date | None | 2026-05-13 |
| /operating_model/cells/fy26_arr_guidance_high:shared/source_url | None | https://assets.nebius.com/assets/4f7f76ee-aa57-41d9-935b-cac74898469d/Nebius%20SHL_Q1%202026.pdf |
| /operating_model/cells/fy26_arr_guidance_high:shared/unit | None | USD_millions |
| /operating_model/cells/fy26_arr_guidance_high:shared/value | None | 9000.0 |
| /operating_model/cells/fy26_arr_guidance_low:shared/basis | None | Company guidance; not a desk forecast. |
| /operating_model/cells/fy26_arr_guidance_low:shared/case | None | shared |
| /operating_model/cells/fy26_arr_guidance_low:shared/id | None | fy26_arr_guidance_low |
| /operating_model/cells/fy26_arr_guidance_low:shared/kind | None | management_guidance |
| /operating_model/cells/fy26_arr_guidance_low:shared/label | None | Year-end AI cloud ARR range low |
| /operating_model/cells/fy26_arr_guidance_low:shared/period | None | 2026 year-end |
| /operating_model/cells/fy26_arr_guidance_low:shared/source_date | None | 2026-05-13 |
| /operating_model/cells/fy26_arr_guidance_low:shared/source_url | None | https://assets.nebius.com/assets/4f7f76ee-aa57-41d9-935b-cac74898469d/Nebius%20SHL_Q1%202026.pdf |
| /operating_model/cells/fy26_arr_guidance_low:shared/unit | None | USD_millions |
| /operating_model/cells/fy26_arr_guidance_low:shared/value | None | 7000.0 |
| /operating_model/cells/fy26_arr_guidance_sum:shared/basis | None | Arithmetic intermediate. |
| /operating_model/cells/fy26_arr_guidance_sum:shared/case | None | shared |
| /operating_model/cells/fy26_arr_guidance_sum:shared/formula/op | None | sum |
| /operating_model/cells/fy26_arr_guidance_sum:shared/formula/refs/0 | None | fy26_arr_guidance_low |
| /operating_model/cells/fy26_arr_guidance_sum:shared/formula/refs/1 | None | fy26_arr_guidance_high |
| /operating_model/cells/fy26_arr_guidance_sum:shared/id | None | fy26_arr_guidance_sum |
| /operating_model/cells/fy26_arr_guidance_sum:shared/kind | None | derived |
| /operating_model/cells/fy26_arr_guidance_sum:shared/label | None | Year-end AI cloud ARR range endpoint sum |
| /operating_model/cells/fy26_arr_guidance_sum:shared/period | None | 2026 year-end |
| /operating_model/cells/fy26_arr_guidance_sum:shared/unit | None | USD_millions |
| /operating_model/cells/fy26_arr_guidance_sum:shared/value | None | 16000.0 |
| /operating_model/cells/fy26_revenue_guidance:shared/basis | None | Calculated midpoint of the company range; not an additional company forecast. |
| /operating_model/cells/fy26_revenue_guidance:shared/case | None | shared |
| /operating_model/cells/fy26_revenue_guidance:shared/formula/op | None | divide |
| /operating_model/cells/fy26_revenue_guidance:shared/formula/refs/0 | None | fy26_revenue_guidance_sum |
| /operating_model/cells/fy26_revenue_guidance:shared/formula/refs/1 | None | two |
| /operating_model/cells/fy26_revenue_guidance:shared/id | None | fy26_revenue_guidance |
| /operating_model/cells/fy26_revenue_guidance:shared/kind | None | derived |
| /operating_model/cells/fy26_revenue_guidance:shared/label | None | FY2026 company revenue range midpoint |
| /operating_model/cells/fy26_revenue_guidance:shared/period | None | FY2026 |
| /operating_model/cells/fy26_revenue_guidance:shared/unit | None | USD_millions |
| /operating_model/cells/fy26_revenue_guidance:shared/value | None | 3200.0 |
| /operating_model/cells/fy26_revenue_guidance_high:shared/basis | None | Company guidance; not a desk forecast. |
| /operating_model/cells/fy26_revenue_guidance_high:shared/case | None | shared |
| /operating_model/cells/fy26_revenue_guidance_high:shared/id | None | fy26_revenue_guidance_high |
| /operating_model/cells/fy26_revenue_guidance_high:shared/kind | None | management_guidance |
| /operating_model/cells/fy26_revenue_guidance_high:shared/label | None | FY2026 company revenue range high |
| /operating_model/cells/fy26_revenue_guidance_high:shared/period | None | FY2026 |
| /operating_model/cells/fy26_revenue_guidance_high:shared/source_date | None | 2026-05-13 |
| /operating_model/cells/fy26_revenue_guidance_high:shared/source_url | None | https://assets.nebius.com/assets/4f7f76ee-aa57-41d9-935b-cac74898469d/Nebius%20SHL_Q1%202026.pdf |
| /operating_model/cells/fy26_revenue_guidance_high:shared/unit | None | USD_millions |
| /operating_model/cells/fy26_revenue_guidance_high:shared/value | None | 3400.0 |
| /operating_model/cells/fy26_revenue_guidance_low:shared/basis | None | Company guidance; not a desk forecast. |
| /operating_model/cells/fy26_revenue_guidance_low:shared/case | None | shared |
| /operating_model/cells/fy26_revenue_guidance_low:shared/id | None | fy26_revenue_guidance_low |
| /operating_model/cells/fy26_revenue_guidance_low:shared/kind | None | management_guidance |
| /operating_model/cells/fy26_revenue_guidance_low:shared/label | None | FY2026 company revenue range low |
| /operating_model/cells/fy26_revenue_guidance_low:shared/period | None | FY2026 |
| /operating_model/cells/fy26_revenue_guidance_low:shared/source_date | None | 2026-05-13 |
| /operating_model/cells/fy26_revenue_guidance_low:shared/source_url | None | https://assets.nebius.com/assets/4f7f76ee-aa57-41d9-935b-cac74898469d/Nebius%20SHL_Q1%202026.pdf |
| /operating_model/cells/fy26_revenue_guidance_low:shared/unit | None | USD_millions |
| /operating_model/cells/fy26_revenue_guidance_low:shared/value | None | 3000.0 |
| /operating_model/cells/fy26_revenue_guidance_sum:shared/basis | None | Arithmetic intermediate. |
| /operating_model/cells/fy26_revenue_guidance_sum:shared/case | None | shared |
| /operating_model/cells/fy26_revenue_guidance_sum:shared/formula/op | None | sum |
| /operating_model/cells/fy26_revenue_guidance_sum:shared/formula/refs/0 | None | fy26_revenue_guidance_low |
| /operating_model/cells/fy26_revenue_guidance_sum:shared/formula/refs/1 | None | fy26_revenue_guidance_high |
| /operating_model/cells/fy26_revenue_guidance_sum:shared/id | None | fy26_revenue_guidance_sum |
| /operating_model/cells/fy26_revenue_guidance_sum:shared/kind | None | derived |
| /operating_model/cells/fy26_revenue_guidance_sum:shared/label | None | FY2026 company revenue range endpoint sum |
| /operating_model/cells/fy26_revenue_guidance_sum:shared/period | None | FY2026 |
| /operating_model/cells/fy26_revenue_guidance_sum:shared/unit | None | USD_millions |
| /operating_model/cells/fy26_revenue_guidance_sum:shared/value | None | 6400.0 |
| /operating_model/cells/h1_adjusted_ebitda:shared/basis | None | Reported amount in millions; adjusted EBITDA is non-GAAP. |
| /operating_model/cells/h1_adjusted_ebitda:shared/case | None | shared |
| /operating_model/cells/h1_adjusted_ebitda:shared/id | None | h1_adjusted_ebitda |
| /operating_model/cells/h1_adjusted_ebitda:shared/kind | None | reported |
| /operating_model/cells/h1_adjusted_ebitda:shared/label | None | H1 group adjusted EBITDA |
| /operating_model/cells/h1_adjusted_ebitda:shared/period | None | H1 2026 |
| /operating_model/cells/h1_adjusted_ebitda:shared/source_date | None | 2026-08-12 |
| /operating_model/cells/h1_adjusted_ebitda:shared/source_url | None | https://assets.nebius.com/assets/72a8c258-bbb7-4df7-ab9d-8698f6cb88fc/PR.pdf |
| /operating_model/cells/h1_adjusted_ebitda:shared/unit | None | USD_millions |
| /operating_model/cells/h1_adjusted_ebitda:shared/value | None | 365.7 |
| /operating_model/cells/h1_capex:shared/basis | None | Reported amount in millions; adjusted EBITDA is non-GAAP. |
| /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 and intangibles |
| /operating_model/cells/h1_capex:shared/period | None | H1 2026 |
| /operating_model/cells/h1_capex:shared/source_date | None | 2026-08-12 |
| /operating_model/cells/h1_capex:shared/source_url | None | https://assets.nebius.com/assets/72a8c258-bbb7-4df7-ab9d-8698f6cb88fc/PR.pdf |
| /operating_model/cells/h1_capex:shared/unit | None | USD_millions |
| /operating_model/cells/h1_capex:shared/value | None | 8130.3 |
| /operating_model/cells/h1_cash:shared/basis | None | Reported amount in millions; adjusted EBITDA is non-GAAP. |
| /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 | 2026-08-12 |
| /operating_model/cells/h1_cash:shared/source_url | None | https://assets.nebius.com/assets/72a8c258-bbb7-4df7-ab9d-8698f6cb88fc/PR.pdf |
| /operating_model/cells/h1_cash:shared/unit | None | USD_millions |
| /operating_model/cells/h1_cash:shared/value | None | 8042.1 |
| /operating_model/cells/h1_cfo:shared/basis | None | Reported amount in millions; adjusted EBITDA is non-GAAP. |
| /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 | 2026-08-12 |
| /operating_model/cells/h1_cfo:shared/source_url | None | https://assets.nebius.com/assets/72a8c258-bbb7-4df7-ab9d-8698f6cb88fc/PR.pdf |
| /operating_model/cells/h1_cfo:shared/unit | None | USD_millions |
| /operating_model/cells/h1_cfo:shared/value | None | 4504.1 |
| /operating_model/cells/h1_cfo_before_customer_funding:shared/basis | None | Remove the disclosed net deferred-revenue cash-flow contribution, without claiming the remaining amount is normalized recurring profit. |
| /operating_model/cells/h1_cfo_before_customer_funding:shared/case | None | shared |
| /operating_model/cells/h1_cfo_before_customer_funding:shared/formula/op | None | subtract |
| /operating_model/cells/h1_cfo_before_customer_funding:shared/formula/refs/0 | None | h1_cfo |
| /operating_model/cells/h1_cfo_before_customer_funding:shared/formula/refs/1 | None | h1_customer_funding |
| /operating_model/cells/h1_cfo_before_customer_funding:shared/id | None | h1_cfo_before_customer_funding |
| /operating_model/cells/h1_cfo_before_customer_funding:shared/kind | None | derived |
| /operating_model/cells/h1_cfo_before_customer_funding:shared/label | None | H1 CFO excluding deferred-revenue increase |
| /operating_model/cells/h1_cfo_before_customer_funding:shared/period | None | H1 2026 |
| /operating_model/cells/h1_cfo_before_customer_funding:shared/unit | None | USD_millions |
| /operating_model/cells/h1_cfo_before_customer_funding:shared/value | None | 109.10000000000036 |
| /operating_model/cells/h1_customer_funding:shared/basis | None | Reported cash-flow change in deferred revenue, not gross prepayments or the balance-sheet delta. |
| /operating_model/cells/h1_customer_funding:shared/case | None | shared |
| /operating_model/cells/h1_customer_funding:shared/id | None | h1_customer_funding |
| /operating_model/cells/h1_customer_funding:shared/kind | None | reported |
| /operating_model/cells/h1_customer_funding:shared/label | None | H1 cash-flow increase in deferred revenue |
| /operating_model/cells/h1_customer_funding:shared/period | None | H1 2026 |
| /operating_model/cells/h1_customer_funding:shared/source_date | None | 2026-08-12 |
| /operating_model/cells/h1_customer_funding:shared/source_url | None | https://www.sec.gov/Archives/edgar/data/1513845/000110465926094844/nbis-20260812xex99d2.htm |
| /operating_model/cells/h1_customer_funding:shared/unit | None | USD_millions |
| /operating_model/cells/h1_customer_funding:shared/value | None | 4395.0 |
| /operating_model/cells/h1_fcf:shared/basis | None | Cash PP&E and intangibles; acquisitions excluded. |
| /operating_model/cells/h1_fcf:shared/case | None | shared |
| /operating_model/cells/h1_fcf:shared/formula/op | None | subtract |
| /operating_model/cells/h1_fcf:shared/formula/refs/0 | None | h1_cfo |
| /operating_model/cells/h1_fcf:shared/formula/refs/1 | None | h1_capex |
| /operating_model/cells/h1_fcf:shared/id | None | h1_fcf |
| /operating_model/cells/h1_fcf:shared/kind | None | derived |
| /operating_model/cells/h1_fcf:shared/label | None | H1 operating cash flow less capex |
| /operating_model/cells/h1_fcf:shared/period | None | H1 2026 |
| /operating_model/cells/h1_fcf:shared/unit | None | USD_millions |
| /operating_model/cells/h1_fcf:shared/value | None | -3626.2 |
| /operating_model/cells/h1_q2_other:shared/basis | None | Reported amount in millions; adjusted EBITDA is non-GAAP. |
| /operating_model/cells/h1_q2_other:shared/case | None | shared |
| /operating_model/cells/h1_q2_other:shared/id | None | h1_q2_other |
| /operating_model/cells/h1_q2_other:shared/kind | None | reported |
| /operating_model/cells/h1_q2_other:shared/label | None | Q2 other-business revenue |
| /operating_model/cells/h1_q2_other:shared/period | None | 2026Q2 |
| /operating_model/cells/h1_q2_other:shared/source_date | None | 2026-08-12 |
| /operating_model/cells/h1_q2_other:shared/source_url | None | https://assets.nebius.com/assets/72a8c258-bbb7-4df7-ab9d-8698f6cb88fc/PR.pdf |
| /operating_model/cells/h1_q2_other:shared/unit | None | USD_millions |
| /operating_model/cells/h1_q2_other:shared/value | None | 7.4 |
| /operating_model/cells/h1_restricted_cash:shared/basis | None | Reported amount in millions; adjusted EBITDA is non-GAAP. |
| /operating_model/cells/h1_restricted_cash:shared/case | None | shared |
| /operating_model/cells/h1_restricted_cash:shared/id | None | h1_restricted_cash |
| /operating_model/cells/h1_restricted_cash:shared/kind | None | reported |
| /operating_model/cells/h1_restricted_cash:shared/label | None | June restricted cash |
| /operating_model/cells/h1_restricted_cash:shared/period | None | 2026Q2 |
| /operating_model/cells/h1_restricted_cash:shared/source_date | None | 2026-08-12 |
| /operating_model/cells/h1_restricted_cash:shared/source_url | None | https://assets.nebius.com/assets/72a8c258-bbb7-4df7-ab9d-8698f6cb88fc/PR.pdf |
| /operating_model/cells/h1_restricted_cash:shared/unit | None | USD_millions |
| /operating_model/cells/h1_restricted_cash:shared/value | None | 1056.0 |
| /operating_model/cells/h1_revenue:shared/basis | None | Reported amount in millions; adjusted EBITDA is non-GAAP. |
| /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 group revenue |
| /operating_model/cells/h1_revenue:shared/period | None | H1 2026 |
| /operating_model/cells/h1_revenue:shared/source_date | None | 2026-08-12 |
| /operating_model/cells/h1_revenue:shared/source_url | None | https://assets.nebius.com/assets/72a8c258-bbb7-4df7-ab9d-8698f6cb88fc/PR.pdf |
| /operating_model/cells/h1_revenue:shared/unit | None | USD_millions |
| /operating_model/cells/h1_revenue:shared/value | None | 981.3 |
| /operating_model/cells/prepayments_threshold:shared/basis | None | Company expects OVER $9B gross customer prepayments; this is a threshold, not a point forecast or net deferred-revenue change. |
| /operating_model/cells/prepayments_threshold:shared/case | None | shared |
| /operating_model/cells/prepayments_threshold:shared/id | None | prepayments_threshold |
| /operating_model/cells/prepayments_threshold:shared/kind | None | management_guidance |
| /operating_model/cells/prepayments_threshold:shared/label | None | Company FY2026 gross prepayment expectation exceeds |
| /operating_model/cells/prepayments_threshold:shared/period | None | FY2026 |
| /operating_model/cells/prepayments_threshold:shared/source_date | None | 2026-08-12 |
| /operating_model/cells/prepayments_threshold:shared/source_url | None | https://assets.nebius.com/assets/a6ecfd85-a6cb-4967-8ef7-9a25bd261f9c/SHLQ226.pdf |
| /operating_model/cells/prepayments_threshold:shared/unit | None | USD_millions |
| /operating_model/cells/prepayments_threshold:shared/value | None | 9000.0 |
| /operating_model/cells/q2_exit_arr:shared/basis | None | Last month of AI cloud revenue times 12; not Q2 revenue times four. |
| /operating_model/cells/q2_exit_arr:shared/case | None | shared |
| /operating_model/cells/q2_exit_arr:shared/id | None | q2_exit_arr |
| /operating_model/cells/q2_exit_arr:shared/kind | None | reported |
| /operating_model/cells/q2_exit_arr:shared/label | None | June AI cloud annualized revenue run rate |
| /operating_model/cells/q2_exit_arr:shared/period | None | 2026Q2 |
| /operating_model/cells/q2_exit_arr:shared/source_date | None | 2026-08-12 |
| /operating_model/cells/q2_exit_arr:shared/source_url | None | https://assets.nebius.com/assets/a6ecfd85-a6cb-4967-8ef7-9a25bd261f9c/SHLQ226.pdf |
| /operating_model/cells/q2_exit_arr:shared/unit | None | USD_millions |
| /operating_model/cells/q2_exit_arr:shared/value | None | 3000.0 |
| /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/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_2026q3_activation:upside/basis | None | Desk haircut to the linear ARR average for back-loaded deployment and utilization. Not a guarantee that ARR translates evenly into earned revenue. |
| /operating_model/cells/upside_2026q3_activation:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_activation:upside/id | None | upside_2026q3_activation |
| /operating_model/cells/upside_2026q3_activation:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q3_activation:upside/label | None | Within-quarter revenue realization |
| /operating_model/cells/upside_2026q3_activation:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_activation:upside/unit | None | ratio |
| /operating_model/cells/upside_2026q3_activation:upside/value | None | 0.95 |
| /operating_model/cells/upside_2026q3_adjusted_ebitda:upside/basis | None | Revenue times group non-GAAP margin assumption. |
| /operating_model/cells/upside_2026q3_adjusted_ebitda:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_adjusted_ebitda:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2026q3_adjusted_ebitda:upside/formula/refs/0 | None | upside_2026q3_revenue |
| /operating_model/cells/upside_2026q3_adjusted_ebitda:upside/formula/refs/1 | None | upside_2026q3_ebitda_margin |
| /operating_model/cells/upside_2026q3_adjusted_ebitda:upside/id | None | upside_2026q3_adjusted_ebitda |
| /operating_model/cells/upside_2026q3_adjusted_ebitda:upside/kind | None | derived |
| /operating_model/cells/upside_2026q3_adjusted_ebitda:upside/label | None | Group adjusted EBITDA |
| /operating_model/cells/upside_2026q3_adjusted_ebitda:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_adjusted_ebitda:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_adjusted_ebitda:upside/value | None | 430.83 |
| /operating_model/cells/upside_2026q3_ai_revenue:upside/basis | None | Average ARR divided by four times quarterly realization. |
| /operating_model/cells/upside_2026q3_ai_revenue:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_ai_revenue:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2026q3_ai_revenue:upside/formula/refs/0 | None | upside_2026q3_average_arr |
| /operating_model/cells/upside_2026q3_ai_revenue:upside/formula/refs/1 | None | quarter |
| /operating_model/cells/upside_2026q3_ai_revenue:upside/formula/refs/2 | None | upside_2026q3_activation |
| /operating_model/cells/upside_2026q3_ai_revenue:upside/id | None | upside_2026q3_ai_revenue |
| /operating_model/cells/upside_2026q3_ai_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_2026q3_ai_revenue:upside/label | None | AI cloud revenue |
| /operating_model/cells/upside_2026q3_ai_revenue:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_ai_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_ai_revenue:upside/value | None | 950.0 |
| /operating_model/cells/upside_2026q3_arr_sum:upside/basis | None | Intermediate for the average revenue run rate. |
| /operating_model/cells/upside_2026q3_arr_sum:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_arr_sum:upside/formula/op | None | sum |
| /operating_model/cells/upside_2026q3_arr_sum:upside/formula/refs/0 | None | q2_exit_arr |
| /operating_model/cells/upside_2026q3_arr_sum:upside/formula/refs/1 | None | upside_2026q3_exit_arr |
| /operating_model/cells/upside_2026q3_arr_sum:upside/id | None | upside_2026q3_arr_sum |
| /operating_model/cells/upside_2026q3_arr_sum:upside/kind | None | derived |
| /operating_model/cells/upside_2026q3_arr_sum:upside/label | None | Beginning plus ending ARR |
| /operating_model/cells/upside_2026q3_arr_sum:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_arr_sum:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_arr_sum:upside/value | None | 8000.0 |
| /operating_model/cells/upside_2026q3_average_arr:upside/basis | None | Simple mean; activation factor separately accounts for late-quarter delivery. |
| /operating_model/cells/upside_2026q3_average_arr:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_average_arr:upside/formula/op | None | divide |
| /operating_model/cells/upside_2026q3_average_arr:upside/formula/refs/0 | None | upside_2026q3_arr_sum |
| /operating_model/cells/upside_2026q3_average_arr:upside/formula/refs/1 | None | two |
| /operating_model/cells/upside_2026q3_average_arr:upside/id | None | upside_2026q3_average_arr |
| /operating_model/cells/upside_2026q3_average_arr:upside/kind | None | derived |
| /operating_model/cells/upside_2026q3_average_arr:upside/label | None | Average beginning/end ARR |
| /operating_model/cells/upside_2026q3_average_arr:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_average_arr:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_average_arr:upside/value | None | 4000.0 |
| /operating_model/cells/upside_2026q3_capex:upside/basis | None | Remaining annual cash capex times quarterly allocation. |
| /operating_model/cells/upside_2026q3_capex:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_capex:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2026q3_capex:upside/formula/refs/0 | None | upside_h2_capex |
| /operating_model/cells/upside_2026q3_capex:upside/formula/refs/1 | None | upside_2026q3_capex_weight |
| /operating_model/cells/upside_2026q3_capex:upside/id | None | upside_2026q3_capex |
| /operating_model/cells/upside_2026q3_capex:upside/kind | None | derived |
| /operating_model/cells/upside_2026q3_capex:upside/label | None | Cash PP&E and intangible purchases |
| /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 | 5697.456 |
| /operating_model/cells/upside_2026q3_capex_weight:upside/basis | None | Desk spending phasing; H2 weights sum to one. |
| /operating_model/cells/upside_2026q3_capex_weight:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_capex_weight:upside/id | None | upside_2026q3_capex_weight |
| /operating_model/cells/upside_2026q3_capex_weight:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q3_capex_weight:upside/label | None | Share of remaining H2 capex |
| /operating_model/cells/upside_2026q3_capex_weight:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_capex_weight:upside/unit | None | ratio |
| /operating_model/cells/upside_2026q3_capex_weight:upside/value | None | 0.48 |
| /operating_model/cells/upside_2026q3_cash_uses:upside/basis | None | Desk net interest, tax, non-deferred working-capital and other cash-use bridge from adjusted EBITDA. Includes financing burden once; not a detailed GAAP cash-flow reconciliation. |
| /operating_model/cells/upside_2026q3_cash_uses:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_cash_uses:upside/id | None | upside_2026q3_cash_uses |
| /operating_model/cells/upside_2026q3_cash_uses:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q3_cash_uses:upside/label | None | Cash bridge excluding customer funding |
| /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 | 300.0 |
| /operating_model/cells/upside_2026q3_cfo:upside/basis | None | Pre-customer-funding cash estimate plus the net deferred-revenue contribution. |
| /operating_model/cells/upside_2026q3_cfo:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_cfo:upside/formula/op | None | sum |
| /operating_model/cells/upside_2026q3_cfo:upside/formula/refs/0 | None | upside_2026q3_cfo_before_customer_funding |
| /operating_model/cells/upside_2026q3_cfo:upside/formula/refs/1 | None | upside_2026q3_customer_funding |
| /operating_model/cells/upside_2026q3_cfo:upside/id | None | upside_2026q3_cfo |
| /operating_model/cells/upside_2026q3_cfo:upside/kind | None | derived |
| /operating_model/cells/upside_2026q3_cfo:upside/label | None | Operating cash flow estimate |
| /operating_model/cells/upside_2026q3_cfo:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_cfo:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_cfo:upside/value | None | 2130.83 |
| /operating_model/cells/upside_2026q3_cfo_before_customer_funding:upside/basis | None | Adjusted EBITDA less explicit cash-use bridge, before customer-funding changes. |
| /operating_model/cells/upside_2026q3_cfo_before_customer_funding:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_cfo_before_customer_funding:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2026q3_cfo_before_customer_funding:upside/formula/refs/0 | None | upside_2026q3_adjusted_ebitda |
| /operating_model/cells/upside_2026q3_cfo_before_customer_funding:upside/formula/refs/1 | None | upside_2026q3_cash_uses |
| /operating_model/cells/upside_2026q3_cfo_before_customer_funding:upside/id | None | upside_2026q3_cfo_before_customer_funding |
| /operating_model/cells/upside_2026q3_cfo_before_customer_funding:upside/kind | None | derived |
| /operating_model/cells/upside_2026q3_cfo_before_customer_funding:upside/label | None | CFO before net deferred-revenue funding |
| /operating_model/cells/upside_2026q3_cfo_before_customer_funding:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_cfo_before_customer_funding:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_cfo_before_customer_funding:upside/value | None | 130.82999999999998 |
| /operating_model/cells/upside_2026q3_customer_funding:upside/basis | None | Desk net cash-flow contribution AFTER revenue recognition; not gross receipts. FY2026 base totals $7.695B including H1, below the company gross-prepayment expectation above $9B. |
| /operating_model/cells/upside_2026q3_customer_funding:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_customer_funding:upside/id | None | upside_2026q3_customer_funding |
| /operating_model/cells/upside_2026q3_customer_funding:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q3_customer_funding:upside/label | None | Net deferred-revenue cash contribution |
| /operating_model/cells/upside_2026q3_customer_funding:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_customer_funding:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_customer_funding:upside/value | None | 2000.0 |
| /operating_model/cells/upside_2026q3_ebitda_margin:upside/basis | None | Desk group non-GAAP margin. Includes other-business drag; not the higher AI-segment margin and not GAAP operating margin. |
| /operating_model/cells/upside_2026q3_ebitda_margin:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_ebitda_margin:upside/id | None | upside_2026q3_ebitda_margin |
| /operating_model/cells/upside_2026q3_ebitda_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q3_ebitda_margin:upside/label | None | Group adjusted EBITDA margin |
| /operating_model/cells/upside_2026q3_ebitda_margin:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_ebitda_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2026q3_ebitda_margin:upside/value | None | 0.45 |
| /operating_model/cells/upside_2026q3_exit_arr:upside/basis | None | Desk last-month revenue run rate times 12; 2027 values are not company guidance. Downside intentionally falls below the 2026 company range. |
| /operating_model/cells/upside_2026q3_exit_arr:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_exit_arr:upside/id | None | upside_2026q3_exit_arr |
| /operating_model/cells/upside_2026q3_exit_arr:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q3_exit_arr:upside/label | None | Quarter-end AI cloud ARR |
| /operating_model/cells/upside_2026q3_exit_arr:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_exit_arr:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_exit_arr:upside/value | None | 5000.0 |
| /operating_model/cells/upside_2026q3_fcf:upside/basis | None | Pre-financing cash after PP&E/intangibles; excludes acquisitions and debt principal. |
| /operating_model/cells/upside_2026q3_fcf:upside/case | None | upside |
| /operating_model/cells/upside_2026q3_fcf:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2026q3_fcf:upside/formula/refs/0 | None | upside_2026q3_cfo |
| /operating_model/cells/upside_2026q3_fcf:upside/formula/refs/1 | None | upside_2026q3_capex |
| /operating_model/cells/upside_2026q3_fcf:upside/id | None | upside_2026q3_fcf |
| /operating_model/cells/upside_2026q3_fcf:upside/kind | None | derived |
| /operating_model/cells/upside_2026q3_fcf:upside/label | None | Operating cash flow less capex |
| /operating_model/cells/upside_2026q3_fcf:upside/period | None | 2026Q3 |
| /operating_model/cells/upside_2026q3_fcf:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q3_fcf:upside/value | None | -3566.626 |
| /operating_model/cells/upside_2026q3_revenue:upside/basis | None | Adds flat $7.4M quarterly other-business revenue; no separate partnership revenue uplift. |
| /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_ai_revenue |
| /operating_model/cells/upside_2026q3_revenue:upside/formula/refs/1 | None | h1_q2_other |
| /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 | Group 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 | 957.4 |
| /operating_model/cells/upside_2026q4_activation:upside/basis | None | Desk haircut to the linear ARR average for back-loaded deployment and utilization. Not a guarantee that ARR translates evenly into earned revenue. |
| /operating_model/cells/upside_2026q4_activation:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_activation:upside/id | None | upside_2026q4_activation |
| /operating_model/cells/upside_2026q4_activation:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q4_activation:upside/label | None | Within-quarter revenue realization |
| /operating_model/cells/upside_2026q4_activation:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_activation:upside/unit | None | ratio |
| /operating_model/cells/upside_2026q4_activation:upside/value | None | 0.95 |
| /operating_model/cells/upside_2026q4_adjusted_ebitda:upside/basis | None | Revenue times group non-GAAP margin assumption. |
| /operating_model/cells/upside_2026q4_adjusted_ebitda:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_adjusted_ebitda:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2026q4_adjusted_ebitda:upside/formula/refs/0 | None | upside_2026q4_revenue |
| /operating_model/cells/upside_2026q4_adjusted_ebitda:upside/formula/refs/1 | None | upside_2026q4_ebitda_margin |
| /operating_model/cells/upside_2026q4_adjusted_ebitda:upside/id | None | upside_2026q4_adjusted_ebitda |
| /operating_model/cells/upside_2026q4_adjusted_ebitda:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_adjusted_ebitda:upside/label | None | Group adjusted EBITDA |
| /operating_model/cells/upside_2026q4_adjusted_ebitda:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_adjusted_ebitda:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_adjusted_ebitda:upside/value | None | 751.455 |
| /operating_model/cells/upside_2026q4_ai_revenue:upside/basis | None | Average ARR divided by four times quarterly realization. |
| /operating_model/cells/upside_2026q4_ai_revenue:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_ai_revenue:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2026q4_ai_revenue:upside/formula/refs/0 | None | upside_2026q4_average_arr |
| /operating_model/cells/upside_2026q4_ai_revenue:upside/formula/refs/1 | None | quarter |
| /operating_model/cells/upside_2026q4_ai_revenue:upside/formula/refs/2 | None | upside_2026q4_activation |
| /operating_model/cells/upside_2026q4_ai_revenue:upside/id | None | upside_2026q4_ai_revenue |
| /operating_model/cells/upside_2026q4_ai_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_ai_revenue:upside/label | None | AI cloud revenue |
| /operating_model/cells/upside_2026q4_ai_revenue:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_ai_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_ai_revenue:upside/value | None | 1662.5 |
| /operating_model/cells/upside_2026q4_arr_sum:upside/basis | None | Intermediate for the average revenue run rate. |
| /operating_model/cells/upside_2026q4_arr_sum:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_arr_sum:upside/formula/op | None | sum |
| /operating_model/cells/upside_2026q4_arr_sum:upside/formula/refs/0 | None | upside_2026q3_exit_arr |
| /operating_model/cells/upside_2026q4_arr_sum:upside/formula/refs/1 | None | upside_2026q4_exit_arr |
| /operating_model/cells/upside_2026q4_arr_sum:upside/id | None | upside_2026q4_arr_sum |
| /operating_model/cells/upside_2026q4_arr_sum:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_arr_sum:upside/label | None | Beginning plus ending ARR |
| /operating_model/cells/upside_2026q4_arr_sum:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_arr_sum:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_arr_sum:upside/value | None | 14000.0 |
| /operating_model/cells/upside_2026q4_average_arr:upside/basis | None | Simple mean; activation factor separately accounts for late-quarter delivery. |
| /operating_model/cells/upside_2026q4_average_arr:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_average_arr:upside/formula/op | None | divide |
| /operating_model/cells/upside_2026q4_average_arr:upside/formula/refs/0 | None | upside_2026q4_arr_sum |
| /operating_model/cells/upside_2026q4_average_arr:upside/formula/refs/1 | None | two |
| /operating_model/cells/upside_2026q4_average_arr:upside/id | None | upside_2026q4_average_arr |
| /operating_model/cells/upside_2026q4_average_arr:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_average_arr:upside/label | None | Average beginning/end ARR |
| /operating_model/cells/upside_2026q4_average_arr:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_average_arr:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_average_arr:upside/value | None | 7000.0 |
| /operating_model/cells/upside_2026q4_capex:upside/basis | None | Remaining annual cash capex times quarterly allocation. |
| /operating_model/cells/upside_2026q4_capex:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_capex:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2026q4_capex:upside/formula/refs/0 | None | upside_h2_capex |
| /operating_model/cells/upside_2026q4_capex:upside/formula/refs/1 | None | upside_2026q4_capex_weight |
| /operating_model/cells/upside_2026q4_capex:upside/id | None | upside_2026q4_capex |
| /operating_model/cells/upside_2026q4_capex:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_capex:upside/label | None | Cash PP&E and intangible purchases |
| /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 | 6172.244000000001 |
| /operating_model/cells/upside_2026q4_capex_weight:upside/basis | None | Desk spending phasing; H2 weights sum to one. |
| /operating_model/cells/upside_2026q4_capex_weight:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_capex_weight:upside/id | None | upside_2026q4_capex_weight |
| /operating_model/cells/upside_2026q4_capex_weight:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q4_capex_weight:upside/label | None | Share of remaining H2 capex |
| /operating_model/cells/upside_2026q4_capex_weight:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_capex_weight:upside/unit | None | ratio |
| /operating_model/cells/upside_2026q4_capex_weight:upside/value | None | 0.52 |
| /operating_model/cells/upside_2026q4_cash_uses:upside/basis | None | Desk net interest, tax, non-deferred working-capital and other cash-use bridge from adjusted EBITDA. Includes financing burden once; not a detailed GAAP cash-flow reconciliation. |
| /operating_model/cells/upside_2026q4_cash_uses:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_cash_uses:upside/id | None | upside_2026q4_cash_uses |
| /operating_model/cells/upside_2026q4_cash_uses:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q4_cash_uses:upside/label | None | Cash bridge excluding customer funding |
| /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 | 325.0 |
| /operating_model/cells/upside_2026q4_cfo:upside/basis | None | Pre-customer-funding cash estimate plus the net deferred-revenue contribution. |
| /operating_model/cells/upside_2026q4_cfo:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_cfo:upside/formula/op | None | sum |
| /operating_model/cells/upside_2026q4_cfo:upside/formula/refs/0 | None | upside_2026q4_cfo_before_customer_funding |
| /operating_model/cells/upside_2026q4_cfo:upside/formula/refs/1 | None | upside_2026q4_customer_funding |
| /operating_model/cells/upside_2026q4_cfo:upside/id | None | upside_2026q4_cfo |
| /operating_model/cells/upside_2026q4_cfo:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_cfo:upside/label | None | Operating cash flow estimate |
| /operating_model/cells/upside_2026q4_cfo:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_cfo:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_cfo:upside/value | None | 2826.455 |
| /operating_model/cells/upside_2026q4_cfo_before_customer_funding:upside/basis | None | Adjusted EBITDA less explicit cash-use bridge, before customer-funding changes. |
| /operating_model/cells/upside_2026q4_cfo_before_customer_funding:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_cfo_before_customer_funding:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2026q4_cfo_before_customer_funding:upside/formula/refs/0 | None | upside_2026q4_adjusted_ebitda |
| /operating_model/cells/upside_2026q4_cfo_before_customer_funding:upside/formula/refs/1 | None | upside_2026q4_cash_uses |
| /operating_model/cells/upside_2026q4_cfo_before_customer_funding:upside/id | None | upside_2026q4_cfo_before_customer_funding |
| /operating_model/cells/upside_2026q4_cfo_before_customer_funding:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_cfo_before_customer_funding:upside/label | None | CFO before net deferred-revenue funding |
| /operating_model/cells/upside_2026q4_cfo_before_customer_funding:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_cfo_before_customer_funding:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_cfo_before_customer_funding:upside/value | None | 426.45500000000004 |
| /operating_model/cells/upside_2026q4_customer_funding:upside/basis | None | Desk net cash-flow contribution AFTER revenue recognition; not gross receipts. FY2026 base totals $7.695B including H1, below the company gross-prepayment expectation above $9B. |
| /operating_model/cells/upside_2026q4_customer_funding:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_customer_funding:upside/id | None | upside_2026q4_customer_funding |
| /operating_model/cells/upside_2026q4_customer_funding:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q4_customer_funding:upside/label | None | Net deferred-revenue cash contribution |
| /operating_model/cells/upside_2026q4_customer_funding:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_customer_funding:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_customer_funding:upside/value | None | 2400.0 |
| /operating_model/cells/upside_2026q4_ebitda_margin:upside/basis | None | Desk group non-GAAP margin. Includes other-business drag; not the higher AI-segment margin and not GAAP operating margin. |
| /operating_model/cells/upside_2026q4_ebitda_margin:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_ebitda_margin:upside/id | None | upside_2026q4_ebitda_margin |
| /operating_model/cells/upside_2026q4_ebitda_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q4_ebitda_margin:upside/label | None | Group adjusted EBITDA margin |
| /operating_model/cells/upside_2026q4_ebitda_margin:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_ebitda_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2026q4_ebitda_margin:upside/value | None | 0.45 |
| /operating_model/cells/upside_2026q4_exit_arr:upside/basis | None | Desk last-month revenue run rate times 12; 2027 values are not company guidance. Downside intentionally falls below the 2026 company range. |
| /operating_model/cells/upside_2026q4_exit_arr:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_exit_arr:upside/id | None | upside_2026q4_exit_arr |
| /operating_model/cells/upside_2026q4_exit_arr:upside/kind | None | assumption |
| /operating_model/cells/upside_2026q4_exit_arr:upside/label | None | Quarter-end AI cloud ARR |
| /operating_model/cells/upside_2026q4_exit_arr:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_exit_arr:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_exit_arr:upside/value | None | 9000.0 |
| /operating_model/cells/upside_2026q4_fcf:upside/basis | None | Pre-financing cash after PP&E/intangibles; excludes acquisitions and debt principal. |
| /operating_model/cells/upside_2026q4_fcf:upside/case | None | upside |
| /operating_model/cells/upside_2026q4_fcf:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2026q4_fcf:upside/formula/refs/0 | None | upside_2026q4_cfo |
| /operating_model/cells/upside_2026q4_fcf:upside/formula/refs/1 | None | upside_2026q4_capex |
| /operating_model/cells/upside_2026q4_fcf:upside/id | None | upside_2026q4_fcf |
| /operating_model/cells/upside_2026q4_fcf:upside/kind | None | derived |
| /operating_model/cells/upside_2026q4_fcf:upside/label | None | Operating cash flow less capex |
| /operating_model/cells/upside_2026q4_fcf:upside/period | None | 2026Q4 |
| /operating_model/cells/upside_2026q4_fcf:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2026q4_fcf:upside/value | None | -3345.7890000000007 |
| /operating_model/cells/upside_2026q4_revenue:upside/basis | None | Adds flat $7.4M quarterly other-business revenue; no separate partnership revenue uplift. |
| /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_ai_revenue |
| /operating_model/cells/upside_2026q4_revenue:upside/formula/refs/1 | None | h1_q2_other |
| /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 | Group 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 | 1669.9 |
| /operating_model/cells/upside_2027q1_activation:upside/basis | None | Desk haircut to the linear ARR average for back-loaded deployment and utilization. Not a guarantee that ARR translates evenly into earned revenue. |
| /operating_model/cells/upside_2027q1_activation:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_activation:upside/id | None | upside_2027q1_activation |
| /operating_model/cells/upside_2027q1_activation:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_activation:upside/label | None | Within-quarter revenue realization |
| /operating_model/cells/upside_2027q1_activation:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_activation:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q1_activation:upside/value | None | 0.95 |
| /operating_model/cells/upside_2027q1_adjusted_ebitda:upside/basis | None | Revenue times group non-GAAP margin assumption. |
| /operating_model/cells/upside_2027q1_adjusted_ebitda:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_adjusted_ebitda:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q1_adjusted_ebitda:upside/formula/refs/0 | None | upside_2027q1_revenue |
| /operating_model/cells/upside_2027q1_adjusted_ebitda:upside/formula/refs/1 | None | upside_2027q1_ebitda_margin |
| /operating_model/cells/upside_2027q1_adjusted_ebitda:upside/id | None | upside_2027q1_adjusted_ebitda |
| /operating_model/cells/upside_2027q1_adjusted_ebitda:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_adjusted_ebitda:upside/label | None | Group adjusted EBITDA |
| /operating_model/cells/upside_2027q1_adjusted_ebitda:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_adjusted_ebitda:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_adjusted_ebitda:upside/value | None | 1143.552 |
| /operating_model/cells/upside_2027q1_ai_revenue:upside/basis | None | Average ARR divided by four times quarterly realization. |
| /operating_model/cells/upside_2027q1_ai_revenue:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_ai_revenue:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q1_ai_revenue:upside/formula/refs/0 | None | upside_2027q1_average_arr |
| /operating_model/cells/upside_2027q1_ai_revenue:upside/formula/refs/1 | None | quarter |
| /operating_model/cells/upside_2027q1_ai_revenue:upside/formula/refs/2 | None | upside_2027q1_activation |
| /operating_model/cells/upside_2027q1_ai_revenue:upside/id | None | upside_2027q1_ai_revenue |
| /operating_model/cells/upside_2027q1_ai_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_ai_revenue:upside/label | None | AI cloud revenue |
| /operating_model/cells/upside_2027q1_ai_revenue:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_ai_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_ai_revenue:upside/value | None | 2375.0 |
| /operating_model/cells/upside_2027q1_arr_sum:upside/basis | None | Intermediate for the average revenue run rate. |
| /operating_model/cells/upside_2027q1_arr_sum:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_arr_sum:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q1_arr_sum:upside/formula/refs/0 | None | upside_2026q4_exit_arr |
| /operating_model/cells/upside_2027q1_arr_sum:upside/formula/refs/1 | None | upside_2027q1_exit_arr |
| /operating_model/cells/upside_2027q1_arr_sum:upside/id | None | upside_2027q1_arr_sum |
| /operating_model/cells/upside_2027q1_arr_sum:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_arr_sum:upside/label | None | Beginning plus ending ARR |
| /operating_model/cells/upside_2027q1_arr_sum:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_arr_sum:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_arr_sum:upside/value | None | 20000.0 |
| /operating_model/cells/upside_2027q1_average_arr:upside/basis | None | Simple mean; activation factor separately accounts for late-quarter delivery. |
| /operating_model/cells/upside_2027q1_average_arr:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_average_arr:upside/formula/op | None | divide |
| /operating_model/cells/upside_2027q1_average_arr:upside/formula/refs/0 | None | upside_2027q1_arr_sum |
| /operating_model/cells/upside_2027q1_average_arr:upside/formula/refs/1 | None | two |
| /operating_model/cells/upside_2027q1_average_arr:upside/id | None | upside_2027q1_average_arr |
| /operating_model/cells/upside_2027q1_average_arr:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_average_arr:upside/label | None | Average beginning/end ARR |
| /operating_model/cells/upside_2027q1_average_arr:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_average_arr:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_average_arr:upside/value | None | 10000.0 |
| /operating_model/cells/upside_2027q1_capex:upside/basis | None | Desk 2027 construction, hardware and refresh spending; not company guidance or a full GPU-vintage schedule. |
| /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 PP&E and intangible purchases |
| /operating_model/cells/upside_2027q1_capex:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_capex:upside/value | None | 6000.0 |
| /operating_model/cells/upside_2027q1_cash_uses:upside/basis | None | Desk net interest, tax, non-deferred working-capital and other cash-use bridge from adjusted EBITDA. Includes financing burden once; not a detailed GAAP cash-flow reconciliation. |
| /operating_model/cells/upside_2027q1_cash_uses:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_cash_uses:upside/id | None | upside_2027q1_cash_uses |
| /operating_model/cells/upside_2027q1_cash_uses:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_cash_uses:upside/label | None | Cash bridge excluding customer funding |
| /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 | 375.0 |
| /operating_model/cells/upside_2027q1_cfo:upside/basis | None | Pre-customer-funding cash estimate plus the net deferred-revenue contribution. |
| /operating_model/cells/upside_2027q1_cfo:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_cfo:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q1_cfo:upside/formula/refs/0 | None | upside_2027q1_cfo_before_customer_funding |
| /operating_model/cells/upside_2027q1_cfo:upside/formula/refs/1 | None | upside_2027q1_customer_funding |
| /operating_model/cells/upside_2027q1_cfo:upside/id | None | upside_2027q1_cfo |
| /operating_model/cells/upside_2027q1_cfo:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_cfo:upside/label | None | Operating cash flow estimate |
| /operating_model/cells/upside_2027q1_cfo:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_cfo:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_cfo:upside/value | None | 2968.5519999999997 |
| /operating_model/cells/upside_2027q1_cfo_before_customer_funding:upside/basis | None | Adjusted EBITDA less explicit cash-use bridge, before customer-funding changes. |
| /operating_model/cells/upside_2027q1_cfo_before_customer_funding:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_cfo_before_customer_funding:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q1_cfo_before_customer_funding:upside/formula/refs/0 | None | upside_2027q1_adjusted_ebitda |
| /operating_model/cells/upside_2027q1_cfo_before_customer_funding:upside/formula/refs/1 | None | upside_2027q1_cash_uses |
| /operating_model/cells/upside_2027q1_cfo_before_customer_funding:upside/id | None | upside_2027q1_cfo_before_customer_funding |
| /operating_model/cells/upside_2027q1_cfo_before_customer_funding:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_cfo_before_customer_funding:upside/label | None | CFO before net deferred-revenue funding |
| /operating_model/cells/upside_2027q1_cfo_before_customer_funding:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_cfo_before_customer_funding:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_cfo_before_customer_funding:upside/value | None | 768.5519999999999 |
| /operating_model/cells/upside_2027q1_customer_funding:upside/basis | None | Desk net cash-flow contribution AFTER revenue recognition; not gross receipts. FY2026 base totals $7.695B including H1, below the company gross-prepayment expectation above $9B. |
| /operating_model/cells/upside_2027q1_customer_funding:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_customer_funding:upside/id | None | upside_2027q1_customer_funding |
| /operating_model/cells/upside_2027q1_customer_funding:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_customer_funding:upside/label | None | Net deferred-revenue cash contribution |
| /operating_model/cells/upside_2027q1_customer_funding:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_customer_funding:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_customer_funding:upside/value | None | 2200.0 |
| /operating_model/cells/upside_2027q1_ebitda_margin:upside/basis | None | Desk group non-GAAP margin. Includes other-business drag; not the higher AI-segment margin and not GAAP operating margin. |
| /operating_model/cells/upside_2027q1_ebitda_margin:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_ebitda_margin:upside/id | None | upside_2027q1_ebitda_margin |
| /operating_model/cells/upside_2027q1_ebitda_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_ebitda_margin:upside/label | None | Group adjusted EBITDA margin |
| /operating_model/cells/upside_2027q1_ebitda_margin:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_ebitda_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q1_ebitda_margin:upside/value | None | 0.48 |
| /operating_model/cells/upside_2027q1_exit_arr:upside/basis | None | Desk last-month revenue run rate times 12; 2027 values are not company guidance. Downside intentionally falls below the 2026 company range. |
| /operating_model/cells/upside_2027q1_exit_arr:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_exit_arr:upside/id | None | upside_2027q1_exit_arr |
| /operating_model/cells/upside_2027q1_exit_arr:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q1_exit_arr:upside/label | None | Quarter-end AI cloud ARR |
| /operating_model/cells/upside_2027q1_exit_arr:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_exit_arr:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_exit_arr:upside/value | None | 11000.0 |
| /operating_model/cells/upside_2027q1_fcf:upside/basis | None | Pre-financing cash after PP&E/intangibles; excludes acquisitions and debt principal. |
| /operating_model/cells/upside_2027q1_fcf:upside/case | None | upside |
| /operating_model/cells/upside_2027q1_fcf:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q1_fcf:upside/formula/refs/0 | None | upside_2027q1_cfo |
| /operating_model/cells/upside_2027q1_fcf:upside/formula/refs/1 | None | upside_2027q1_capex |
| /operating_model/cells/upside_2027q1_fcf:upside/id | None | upside_2027q1_fcf |
| /operating_model/cells/upside_2027q1_fcf:upside/kind | None | derived |
| /operating_model/cells/upside_2027q1_fcf:upside/label | None | Operating cash flow less capex |
| /operating_model/cells/upside_2027q1_fcf:upside/period | None | 2027Q1 |
| /operating_model/cells/upside_2027q1_fcf:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q1_fcf:upside/value | None | -3031.4480000000003 |
| /operating_model/cells/upside_2027q1_revenue:upside/basis | None | Adds flat $7.4M quarterly other-business revenue; no separate partnership revenue uplift. |
| /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_ai_revenue |
| /operating_model/cells/upside_2027q1_revenue:upside/formula/refs/1 | None | h1_q2_other |
| /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 | Group 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 | 2382.4 |
| /operating_model/cells/upside_2027q2_activation:upside/basis | None | Desk haircut to the linear ARR average for back-loaded deployment and utilization. Not a guarantee that ARR translates evenly into earned revenue. |
| /operating_model/cells/upside_2027q2_activation:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_activation:upside/id | None | upside_2027q2_activation |
| /operating_model/cells/upside_2027q2_activation:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_activation:upside/label | None | Within-quarter revenue realization |
| /operating_model/cells/upside_2027q2_activation:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_activation:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q2_activation:upside/value | None | 0.95 |
| /operating_model/cells/upside_2027q2_adjusted_ebitda:upside/basis | None | Revenue times group non-GAAP margin assumption. |
| /operating_model/cells/upside_2027q2_adjusted_ebitda:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_adjusted_ebitda:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q2_adjusted_ebitda:upside/formula/refs/0 | None | upside_2027q2_revenue |
| /operating_model/cells/upside_2027q2_adjusted_ebitda:upside/formula/refs/1 | None | upside_2027q2_ebitda_margin |
| /operating_model/cells/upside_2027q2_adjusted_ebitda:upside/id | None | upside_2027q2_adjusted_ebitda |
| /operating_model/cells/upside_2027q2_adjusted_ebitda:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_adjusted_ebitda:upside/label | None | Group adjusted EBITDA |
| /operating_model/cells/upside_2027q2_adjusted_ebitda:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_adjusted_ebitda:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_adjusted_ebitda:upside/value | None | 1428.552 |
| /operating_model/cells/upside_2027q2_ai_revenue:upside/basis | None | Average ARR divided by four times quarterly realization. |
| /operating_model/cells/upside_2027q2_ai_revenue:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_ai_revenue:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q2_ai_revenue:upside/formula/refs/0 | None | upside_2027q2_average_arr |
| /operating_model/cells/upside_2027q2_ai_revenue:upside/formula/refs/1 | None | quarter |
| /operating_model/cells/upside_2027q2_ai_revenue:upside/formula/refs/2 | None | upside_2027q2_activation |
| /operating_model/cells/upside_2027q2_ai_revenue:upside/id | None | upside_2027q2_ai_revenue |
| /operating_model/cells/upside_2027q2_ai_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_ai_revenue:upside/label | None | AI cloud revenue |
| /operating_model/cells/upside_2027q2_ai_revenue:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_ai_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_ai_revenue:upside/value | None | 2968.75 |
| /operating_model/cells/upside_2027q2_arr_sum:upside/basis | None | Intermediate for the average revenue run rate. |
| /operating_model/cells/upside_2027q2_arr_sum:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_arr_sum:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q2_arr_sum:upside/formula/refs/0 | None | upside_2027q1_exit_arr |
| /operating_model/cells/upside_2027q2_arr_sum:upside/formula/refs/1 | None | upside_2027q2_exit_arr |
| /operating_model/cells/upside_2027q2_arr_sum:upside/id | None | upside_2027q2_arr_sum |
| /operating_model/cells/upside_2027q2_arr_sum:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_arr_sum:upside/label | None | Beginning plus ending ARR |
| /operating_model/cells/upside_2027q2_arr_sum:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_arr_sum:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_arr_sum:upside/value | None | 25000.0 |
| /operating_model/cells/upside_2027q2_average_arr:upside/basis | None | Simple mean; activation factor separately accounts for late-quarter delivery. |
| /operating_model/cells/upside_2027q2_average_arr:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_average_arr:upside/formula/op | None | divide |
| /operating_model/cells/upside_2027q2_average_arr:upside/formula/refs/0 | None | upside_2027q2_arr_sum |
| /operating_model/cells/upside_2027q2_average_arr:upside/formula/refs/1 | None | two |
| /operating_model/cells/upside_2027q2_average_arr:upside/id | None | upside_2027q2_average_arr |
| /operating_model/cells/upside_2027q2_average_arr:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_average_arr:upside/label | None | Average beginning/end ARR |
| /operating_model/cells/upside_2027q2_average_arr:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_average_arr:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_average_arr:upside/value | None | 12500.0 |
| /operating_model/cells/upside_2027q2_capex:upside/basis | None | Desk 2027 construction, hardware and refresh spending; not company guidance or a full GPU-vintage schedule. |
| /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 PP&E and intangible purchases |
| /operating_model/cells/upside_2027q2_capex:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_capex:upside/value | None | 6000.0 |
| /operating_model/cells/upside_2027q2_cash_uses:upside/basis | None | Desk net interest, tax, non-deferred working-capital and other cash-use bridge from adjusted EBITDA. Includes financing burden once; not a detailed GAAP cash-flow reconciliation. |
| /operating_model/cells/upside_2027q2_cash_uses:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_cash_uses:upside/id | None | upside_2027q2_cash_uses |
| /operating_model/cells/upside_2027q2_cash_uses:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_cash_uses:upside/label | None | Cash bridge excluding customer funding |
| /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 | 400.0 |
| /operating_model/cells/upside_2027q2_cfo:upside/basis | None | Pre-customer-funding cash estimate plus the net deferred-revenue contribution. |
| /operating_model/cells/upside_2027q2_cfo:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_cfo:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q2_cfo:upside/formula/refs/0 | None | upside_2027q2_cfo_before_customer_funding |
| /operating_model/cells/upside_2027q2_cfo:upside/formula/refs/1 | None | upside_2027q2_customer_funding |
| /operating_model/cells/upside_2027q2_cfo:upside/id | None | upside_2027q2_cfo |
| /operating_model/cells/upside_2027q2_cfo:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_cfo:upside/label | None | Operating cash flow estimate |
| /operating_model/cells/upside_2027q2_cfo:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_cfo:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_cfo:upside/value | None | 3228.5519999999997 |
| /operating_model/cells/upside_2027q2_cfo_before_customer_funding:upside/basis | None | Adjusted EBITDA less explicit cash-use bridge, before customer-funding changes. |
| /operating_model/cells/upside_2027q2_cfo_before_customer_funding:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_cfo_before_customer_funding:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q2_cfo_before_customer_funding:upside/formula/refs/0 | None | upside_2027q2_adjusted_ebitda |
| /operating_model/cells/upside_2027q2_cfo_before_customer_funding:upside/formula/refs/1 | None | upside_2027q2_cash_uses |
| /operating_model/cells/upside_2027q2_cfo_before_customer_funding:upside/id | None | upside_2027q2_cfo_before_customer_funding |
| /operating_model/cells/upside_2027q2_cfo_before_customer_funding:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_cfo_before_customer_funding:upside/label | None | CFO before net deferred-revenue funding |
| /operating_model/cells/upside_2027q2_cfo_before_customer_funding:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_cfo_before_customer_funding:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_cfo_before_customer_funding:upside/value | None | 1028.552 |
| /operating_model/cells/upside_2027q2_customer_funding:upside/basis | None | Desk net cash-flow contribution AFTER revenue recognition; not gross receipts. FY2026 base totals $7.695B including H1, below the company gross-prepayment expectation above $9B. |
| /operating_model/cells/upside_2027q2_customer_funding:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_customer_funding:upside/id | None | upside_2027q2_customer_funding |
| /operating_model/cells/upside_2027q2_customer_funding:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_customer_funding:upside/label | None | Net deferred-revenue cash contribution |
| /operating_model/cells/upside_2027q2_customer_funding:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_customer_funding:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_customer_funding:upside/value | None | 2200.0 |
| /operating_model/cells/upside_2027q2_ebitda_margin:upside/basis | None | Desk group non-GAAP margin. Includes other-business drag; not the higher AI-segment margin and not GAAP operating margin. |
| /operating_model/cells/upside_2027q2_ebitda_margin:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_ebitda_margin:upside/id | None | upside_2027q2_ebitda_margin |
| /operating_model/cells/upside_2027q2_ebitda_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_ebitda_margin:upside/label | None | Group adjusted EBITDA margin |
| /operating_model/cells/upside_2027q2_ebitda_margin:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_ebitda_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q2_ebitda_margin:upside/value | None | 0.48 |
| /operating_model/cells/upside_2027q2_exit_arr:upside/basis | None | Desk last-month revenue run rate times 12; 2027 values are not company guidance. Downside intentionally falls below the 2026 company range. |
| /operating_model/cells/upside_2027q2_exit_arr:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_exit_arr:upside/id | None | upside_2027q2_exit_arr |
| /operating_model/cells/upside_2027q2_exit_arr:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q2_exit_arr:upside/label | None | Quarter-end AI cloud ARR |
| /operating_model/cells/upside_2027q2_exit_arr:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_exit_arr:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_exit_arr:upside/value | None | 14000.0 |
| /operating_model/cells/upside_2027q2_fcf:upside/basis | None | Pre-financing cash after PP&E/intangibles; excludes acquisitions and debt principal. |
| /operating_model/cells/upside_2027q2_fcf:upside/case | None | upside |
| /operating_model/cells/upside_2027q2_fcf:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q2_fcf:upside/formula/refs/0 | None | upside_2027q2_cfo |
| /operating_model/cells/upside_2027q2_fcf:upside/formula/refs/1 | None | upside_2027q2_capex |
| /operating_model/cells/upside_2027q2_fcf:upside/id | None | upside_2027q2_fcf |
| /operating_model/cells/upside_2027q2_fcf:upside/kind | None | derived |
| /operating_model/cells/upside_2027q2_fcf:upside/label | None | Operating cash flow less capex |
| /operating_model/cells/upside_2027q2_fcf:upside/period | None | 2027Q2 |
| /operating_model/cells/upside_2027q2_fcf:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q2_fcf:upside/value | None | -2771.4480000000003 |
| /operating_model/cells/upside_2027q2_revenue:upside/basis | None | Adds flat $7.4M quarterly other-business revenue; no separate partnership revenue uplift. |
| /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_ai_revenue |
| /operating_model/cells/upside_2027q2_revenue:upside/formula/refs/1 | None | h1_q2_other |
| /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 | Group 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 | 2976.15 |
| /operating_model/cells/upside_2027q3_activation:upside/basis | None | Desk haircut to the linear ARR average for back-loaded deployment and utilization. Not a guarantee that ARR translates evenly into earned revenue. |
| /operating_model/cells/upside_2027q3_activation:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_activation:upside/id | None | upside_2027q3_activation |
| /operating_model/cells/upside_2027q3_activation:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_activation:upside/label | None | Within-quarter revenue realization |
| /operating_model/cells/upside_2027q3_activation:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_activation:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q3_activation:upside/value | None | 0.95 |
| /operating_model/cells/upside_2027q3_adjusted_ebitda:upside/basis | None | Revenue times group non-GAAP margin assumption. |
| /operating_model/cells/upside_2027q3_adjusted_ebitda:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_adjusted_ebitda:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q3_adjusted_ebitda:upside/formula/refs/0 | None | upside_2027q3_revenue |
| /operating_model/cells/upside_2027q3_adjusted_ebitda:upside/formula/refs/1 | None | upside_2027q3_ebitda_margin |
| /operating_model/cells/upside_2027q3_adjusted_ebitda:upside/id | None | upside_2027q3_adjusted_ebitda |
| /operating_model/cells/upside_2027q3_adjusted_ebitda:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_adjusted_ebitda:upside/label | None | Group adjusted EBITDA |
| /operating_model/cells/upside_2027q3_adjusted_ebitda:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_adjusted_ebitda:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_adjusted_ebitda:upside/value | None | 1742.052 |
| /operating_model/cells/upside_2027q3_ai_revenue:upside/basis | None | Average ARR divided by four times quarterly realization. |
| /operating_model/cells/upside_2027q3_ai_revenue:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_ai_revenue:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q3_ai_revenue:upside/formula/refs/0 | None | upside_2027q3_average_arr |
| /operating_model/cells/upside_2027q3_ai_revenue:upside/formula/refs/1 | None | quarter |
| /operating_model/cells/upside_2027q3_ai_revenue:upside/formula/refs/2 | None | upside_2027q3_activation |
| /operating_model/cells/upside_2027q3_ai_revenue:upside/id | None | upside_2027q3_ai_revenue |
| /operating_model/cells/upside_2027q3_ai_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_ai_revenue:upside/label | None | AI cloud revenue |
| /operating_model/cells/upside_2027q3_ai_revenue:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_ai_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_ai_revenue:upside/value | None | 3621.875 |
| /operating_model/cells/upside_2027q3_arr_sum:upside/basis | None | Intermediate for the average revenue run rate. |
| /operating_model/cells/upside_2027q3_arr_sum:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_arr_sum:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q3_arr_sum:upside/formula/refs/0 | None | upside_2027q2_exit_arr |
| /operating_model/cells/upside_2027q3_arr_sum:upside/formula/refs/1 | None | upside_2027q3_exit_arr |
| /operating_model/cells/upside_2027q3_arr_sum:upside/id | None | upside_2027q3_arr_sum |
| /operating_model/cells/upside_2027q3_arr_sum:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_arr_sum:upside/label | None | Beginning plus ending ARR |
| /operating_model/cells/upside_2027q3_arr_sum:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_arr_sum:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_arr_sum:upside/value | None | 30500.0 |
| /operating_model/cells/upside_2027q3_average_arr:upside/basis | None | Simple mean; activation factor separately accounts for late-quarter delivery. |
| /operating_model/cells/upside_2027q3_average_arr:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_average_arr:upside/formula/op | None | divide |
| /operating_model/cells/upside_2027q3_average_arr:upside/formula/refs/0 | None | upside_2027q3_arr_sum |
| /operating_model/cells/upside_2027q3_average_arr:upside/formula/refs/1 | None | two |
| /operating_model/cells/upside_2027q3_average_arr:upside/id | None | upside_2027q3_average_arr |
| /operating_model/cells/upside_2027q3_average_arr:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_average_arr:upside/label | None | Average beginning/end ARR |
| /operating_model/cells/upside_2027q3_average_arr:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_average_arr:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_average_arr:upside/value | None | 15250.0 |
| /operating_model/cells/upside_2027q3_capex:upside/basis | None | Desk 2027 construction, hardware and refresh spending; not company guidance or a full GPU-vintage schedule. |
| /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 PP&E and intangible purchases |
| /operating_model/cells/upside_2027q3_capex:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_capex:upside/value | None | 6000.0 |
| /operating_model/cells/upside_2027q3_cash_uses:upside/basis | None | Desk net interest, tax, non-deferred working-capital and other cash-use bridge from adjusted EBITDA. Includes financing burden once; not a detailed GAAP cash-flow reconciliation. |
| /operating_model/cells/upside_2027q3_cash_uses:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_cash_uses:upside/id | None | upside_2027q3_cash_uses |
| /operating_model/cells/upside_2027q3_cash_uses:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_cash_uses:upside/label | None | Cash bridge excluding customer funding |
| /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 | 425.0 |
| /operating_model/cells/upside_2027q3_cfo:upside/basis | None | Pre-customer-funding cash estimate plus the net deferred-revenue contribution. |
| /operating_model/cells/upside_2027q3_cfo:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_cfo:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q3_cfo:upside/formula/refs/0 | None | upside_2027q3_cfo_before_customer_funding |
| /operating_model/cells/upside_2027q3_cfo:upside/formula/refs/1 | None | upside_2027q3_customer_funding |
| /operating_model/cells/upside_2027q3_cfo:upside/id | None | upside_2027q3_cfo |
| /operating_model/cells/upside_2027q3_cfo:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_cfo:upside/label | None | Operating cash flow estimate |
| /operating_model/cells/upside_2027q3_cfo:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_cfo:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_cfo:upside/value | None | 3117.0519999999997 |
| /operating_model/cells/upside_2027q3_cfo_before_customer_funding:upside/basis | None | Adjusted EBITDA less explicit cash-use bridge, before customer-funding changes. |
| /operating_model/cells/upside_2027q3_cfo_before_customer_funding:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_cfo_before_customer_funding:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q3_cfo_before_customer_funding:upside/formula/refs/0 | None | upside_2027q3_adjusted_ebitda |
| /operating_model/cells/upside_2027q3_cfo_before_customer_funding:upside/formula/refs/1 | None | upside_2027q3_cash_uses |
| /operating_model/cells/upside_2027q3_cfo_before_customer_funding:upside/id | None | upside_2027q3_cfo_before_customer_funding |
| /operating_model/cells/upside_2027q3_cfo_before_customer_funding:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_cfo_before_customer_funding:upside/label | None | CFO before net deferred-revenue funding |
| /operating_model/cells/upside_2027q3_cfo_before_customer_funding:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_cfo_before_customer_funding:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_cfo_before_customer_funding:upside/value | None | 1317.052 |
| /operating_model/cells/upside_2027q3_customer_funding:upside/basis | None | Desk net cash-flow contribution AFTER revenue recognition; not gross receipts. FY2026 base totals $7.695B including H1, below the company gross-prepayment expectation above $9B. |
| /operating_model/cells/upside_2027q3_customer_funding:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_customer_funding:upside/id | None | upside_2027q3_customer_funding |
| /operating_model/cells/upside_2027q3_customer_funding:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_customer_funding:upside/label | None | Net deferred-revenue cash contribution |
| /operating_model/cells/upside_2027q3_customer_funding:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_customer_funding:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_customer_funding:upside/value | None | 1800.0 |
| /operating_model/cells/upside_2027q3_ebitda_margin:upside/basis | None | Desk group non-GAAP margin. Includes other-business drag; not the higher AI-segment margin and not GAAP operating margin. |
| /operating_model/cells/upside_2027q3_ebitda_margin:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_ebitda_margin:upside/id | None | upside_2027q3_ebitda_margin |
| /operating_model/cells/upside_2027q3_ebitda_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_ebitda_margin:upside/label | None | Group adjusted EBITDA margin |
| /operating_model/cells/upside_2027q3_ebitda_margin:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_ebitda_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q3_ebitda_margin:upside/value | None | 0.48 |
| /operating_model/cells/upside_2027q3_exit_arr:upside/basis | None | Desk last-month revenue run rate times 12; 2027 values are not company guidance. Downside intentionally falls below the 2026 company range. |
| /operating_model/cells/upside_2027q3_exit_arr:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_exit_arr:upside/id | None | upside_2027q3_exit_arr |
| /operating_model/cells/upside_2027q3_exit_arr:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q3_exit_arr:upside/label | None | Quarter-end AI cloud ARR |
| /operating_model/cells/upside_2027q3_exit_arr:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_exit_arr:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_exit_arr:upside/value | None | 16500.0 |
| /operating_model/cells/upside_2027q3_fcf:upside/basis | None | Pre-financing cash after PP&E/intangibles; excludes acquisitions and debt principal. |
| /operating_model/cells/upside_2027q3_fcf:upside/case | None | upside |
| /operating_model/cells/upside_2027q3_fcf:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q3_fcf:upside/formula/refs/0 | None | upside_2027q3_cfo |
| /operating_model/cells/upside_2027q3_fcf:upside/formula/refs/1 | None | upside_2027q3_capex |
| /operating_model/cells/upside_2027q3_fcf:upside/id | None | upside_2027q3_fcf |
| /operating_model/cells/upside_2027q3_fcf:upside/kind | None | derived |
| /operating_model/cells/upside_2027q3_fcf:upside/label | None | Operating cash flow less capex |
| /operating_model/cells/upside_2027q3_fcf:upside/period | None | 2027Q3 |
| /operating_model/cells/upside_2027q3_fcf:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q3_fcf:upside/value | None | -2882.9480000000003 |
| /operating_model/cells/upside_2027q3_revenue:upside/basis | None | Adds flat $7.4M quarterly other-business revenue; no separate partnership revenue uplift. |
| /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_ai_revenue |
| /operating_model/cells/upside_2027q3_revenue:upside/formula/refs/1 | None | h1_q2_other |
| /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 | Group 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 | 3629.275 |
| /operating_model/cells/upside_2027q4_activation:upside/basis | None | Desk haircut to the linear ARR average for back-loaded deployment and utilization. Not a guarantee that ARR translates evenly into earned revenue. |
| /operating_model/cells/upside_2027q4_activation:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_activation:upside/id | None | upside_2027q4_activation |
| /operating_model/cells/upside_2027q4_activation:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_activation:upside/label | None | Within-quarter revenue realization |
| /operating_model/cells/upside_2027q4_activation:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_activation:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q4_activation:upside/value | None | 0.95 |
| /operating_model/cells/upside_2027q4_adjusted_ebitda:upside/basis | None | Revenue times group non-GAAP margin assumption. |
| /operating_model/cells/upside_2027q4_adjusted_ebitda:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_adjusted_ebitda:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q4_adjusted_ebitda:upside/formula/refs/0 | None | upside_2027q4_revenue |
| /operating_model/cells/upside_2027q4_adjusted_ebitda:upside/formula/refs/1 | None | upside_2027q4_ebitda_margin |
| /operating_model/cells/upside_2027q4_adjusted_ebitda:upside/id | None | upside_2027q4_adjusted_ebitda |
| /operating_model/cells/upside_2027q4_adjusted_ebitda:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_adjusted_ebitda:upside/label | None | Group adjusted EBITDA |
| /operating_model/cells/upside_2027q4_adjusted_ebitda:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_adjusted_ebitda:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_adjusted_ebitda:upside/value | None | 2027.0519999999997 |
| /operating_model/cells/upside_2027q4_ai_revenue:upside/basis | None | Average ARR divided by four times quarterly realization. |
| /operating_model/cells/upside_2027q4_ai_revenue:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_ai_revenue:upside/formula/op | None | multiply |
| /operating_model/cells/upside_2027q4_ai_revenue:upside/formula/refs/0 | None | upside_2027q4_average_arr |
| /operating_model/cells/upside_2027q4_ai_revenue:upside/formula/refs/1 | None | quarter |
| /operating_model/cells/upside_2027q4_ai_revenue:upside/formula/refs/2 | None | upside_2027q4_activation |
| /operating_model/cells/upside_2027q4_ai_revenue:upside/id | None | upside_2027q4_ai_revenue |
| /operating_model/cells/upside_2027q4_ai_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_ai_revenue:upside/label | None | AI cloud revenue |
| /operating_model/cells/upside_2027q4_ai_revenue:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_ai_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_ai_revenue:upside/value | None | 4215.625 |
| /operating_model/cells/upside_2027q4_arr_sum:upside/basis | None | Intermediate for the average revenue run rate. |
| /operating_model/cells/upside_2027q4_arr_sum:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_arr_sum:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q4_arr_sum:upside/formula/refs/0 | None | upside_2027q3_exit_arr |
| /operating_model/cells/upside_2027q4_arr_sum:upside/formula/refs/1 | None | upside_2027q4_exit_arr |
| /operating_model/cells/upside_2027q4_arr_sum:upside/id | None | upside_2027q4_arr_sum |
| /operating_model/cells/upside_2027q4_arr_sum:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_arr_sum:upside/label | None | Beginning plus ending ARR |
| /operating_model/cells/upside_2027q4_arr_sum:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_arr_sum:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_arr_sum:upside/value | None | 35500.0 |
| /operating_model/cells/upside_2027q4_average_arr:upside/basis | None | Simple mean; activation factor separately accounts for late-quarter delivery. |
| /operating_model/cells/upside_2027q4_average_arr:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_average_arr:upside/formula/op | None | divide |
| /operating_model/cells/upside_2027q4_average_arr:upside/formula/refs/0 | None | upside_2027q4_arr_sum |
| /operating_model/cells/upside_2027q4_average_arr:upside/formula/refs/1 | None | two |
| /operating_model/cells/upside_2027q4_average_arr:upside/id | None | upside_2027q4_average_arr |
| /operating_model/cells/upside_2027q4_average_arr:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_average_arr:upside/label | None | Average beginning/end ARR |
| /operating_model/cells/upside_2027q4_average_arr:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_average_arr:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_average_arr:upside/value | None | 17750.0 |
| /operating_model/cells/upside_2027q4_capex:upside/basis | None | Desk 2027 construction, hardware and refresh spending; not company guidance or a full GPU-vintage schedule. |
| /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 PP&E and intangible purchases |
| /operating_model/cells/upside_2027q4_capex:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_capex:upside/value | None | 6000.0 |
| /operating_model/cells/upside_2027q4_cash_uses:upside/basis | None | Desk net interest, tax, non-deferred working-capital and other cash-use bridge from adjusted EBITDA. Includes financing burden once; not a detailed GAAP cash-flow reconciliation. |
| /operating_model/cells/upside_2027q4_cash_uses:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_cash_uses:upside/id | None | upside_2027q4_cash_uses |
| /operating_model/cells/upside_2027q4_cash_uses:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_cash_uses:upside/label | None | Cash bridge excluding customer funding |
| /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 | 450.0 |
| /operating_model/cells/upside_2027q4_cfo:upside/basis | None | Pre-customer-funding cash estimate plus the net deferred-revenue contribution. |
| /operating_model/cells/upside_2027q4_cfo:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_cfo:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q4_cfo:upside/formula/refs/0 | None | upside_2027q4_cfo_before_customer_funding |
| /operating_model/cells/upside_2027q4_cfo:upside/formula/refs/1 | None | upside_2027q4_customer_funding |
| /operating_model/cells/upside_2027q4_cfo:upside/id | None | upside_2027q4_cfo |
| /operating_model/cells/upside_2027q4_cfo:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_cfo:upside/label | None | Operating cash flow estimate |
| /operating_model/cells/upside_2027q4_cfo:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_cfo:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_cfo:upside/value | None | 3177.0519999999997 |
| /operating_model/cells/upside_2027q4_cfo_before_customer_funding:upside/basis | None | Adjusted EBITDA less explicit cash-use bridge, before customer-funding changes. |
| /operating_model/cells/upside_2027q4_cfo_before_customer_funding:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_cfo_before_customer_funding:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q4_cfo_before_customer_funding:upside/formula/refs/0 | None | upside_2027q4_adjusted_ebitda |
| /operating_model/cells/upside_2027q4_cfo_before_customer_funding:upside/formula/refs/1 | None | upside_2027q4_cash_uses |
| /operating_model/cells/upside_2027q4_cfo_before_customer_funding:upside/id | None | upside_2027q4_cfo_before_customer_funding |
| /operating_model/cells/upside_2027q4_cfo_before_customer_funding:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_cfo_before_customer_funding:upside/label | None | CFO before net deferred-revenue funding |
| /operating_model/cells/upside_2027q4_cfo_before_customer_funding:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_cfo_before_customer_funding:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_cfo_before_customer_funding:upside/value | None | 1577.0519999999997 |
| /operating_model/cells/upside_2027q4_customer_funding:upside/basis | None | Desk net cash-flow contribution AFTER revenue recognition; not gross receipts. FY2026 base totals $7.695B including H1, below the company gross-prepayment expectation above $9B. |
| /operating_model/cells/upside_2027q4_customer_funding:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_customer_funding:upside/id | None | upside_2027q4_customer_funding |
| /operating_model/cells/upside_2027q4_customer_funding:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_customer_funding:upside/label | None | Net deferred-revenue cash contribution |
| /operating_model/cells/upside_2027q4_customer_funding:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_customer_funding:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_customer_funding:upside/value | None | 1600.0 |
| /operating_model/cells/upside_2027q4_ebitda_margin:upside/basis | None | Desk group non-GAAP margin. Includes other-business drag; not the higher AI-segment margin and not GAAP operating margin. |
| /operating_model/cells/upside_2027q4_ebitda_margin:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_ebitda_margin:upside/id | None | upside_2027q4_ebitda_margin |
| /operating_model/cells/upside_2027q4_ebitda_margin:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_ebitda_margin:upside/label | None | Group adjusted EBITDA margin |
| /operating_model/cells/upside_2027q4_ebitda_margin:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_ebitda_margin:upside/unit | None | ratio |
| /operating_model/cells/upside_2027q4_ebitda_margin:upside/value | None | 0.48 |
| /operating_model/cells/upside_2027q4_exit_arr:upside/basis | None | Desk last-month revenue run rate times 12; 2027 values are not company guidance. Downside intentionally falls below the 2026 company range. |
| /operating_model/cells/upside_2027q4_exit_arr:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_exit_arr:upside/id | None | upside_2027q4_exit_arr |
| /operating_model/cells/upside_2027q4_exit_arr:upside/kind | None | assumption |
| /operating_model/cells/upside_2027q4_exit_arr:upside/label | None | Quarter-end AI cloud ARR |
| /operating_model/cells/upside_2027q4_exit_arr:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_exit_arr:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_exit_arr:upside/value | None | 19000.0 |
| /operating_model/cells/upside_2027q4_fcf:upside/basis | None | Pre-financing cash after PP&E/intangibles; excludes acquisitions and debt principal. |
| /operating_model/cells/upside_2027q4_fcf:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_fcf:upside/formula/op | None | subtract |
| /operating_model/cells/upside_2027q4_fcf:upside/formula/refs/0 | None | upside_2027q4_cfo |
| /operating_model/cells/upside_2027q4_fcf:upside/formula/refs/1 | None | upside_2027q4_capex |
| /operating_model/cells/upside_2027q4_fcf:upside/id | None | upside_2027q4_fcf |
| /operating_model/cells/upside_2027q4_fcf:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_fcf:upside/label | None | Operating cash flow less capex |
| /operating_model/cells/upside_2027q4_fcf:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_fcf:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_fcf:upside/value | None | -2822.9480000000003 |
| /operating_model/cells/upside_2027q4_revenue:upside/basis | None | Adds flat $7.4M quarterly other-business revenue; no separate partnership revenue uplift. |
| /operating_model/cells/upside_2027q4_revenue:upside/case | None | upside |
| /operating_model/cells/upside_2027q4_revenue:upside/formula/op | None | sum |
| /operating_model/cells/upside_2027q4_revenue:upside/formula/refs/0 | None | upside_2027q4_ai_revenue |
| /operating_model/cells/upside_2027q4_revenue:upside/formula/refs/1 | None | h1_q2_other |
| /operating_model/cells/upside_2027q4_revenue:upside/id | None | upside_2027q4_revenue |
| /operating_model/cells/upside_2027q4_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_2027q4_revenue:upside/label | None | Group revenue |
| /operating_model/cells/upside_2027q4_revenue:upside/period | None | 2027Q4 |
| /operating_model/cells/upside_2027q4_revenue:upside/unit | None | USD_millions |
| /operating_model/cells/upside_2027q4_revenue:upside/value | None | 4223.025 |
| /operating_model/cells/upside_fy2026_adjusted_ebitda:upside/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /operating_model/cells/upside_fy2026_adjusted_ebitda:upside/case | None | upside |
| /operating_model/cells/upside_fy2026_adjusted_ebitda:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2026_adjusted_ebitda:upside/formula/refs/0 | None | h1_adjusted_ebitda |
| /operating_model/cells/upside_fy2026_adjusted_ebitda:upside/formula/refs/1 | None | upside_2026q3_adjusted_ebitda |
| /operating_model/cells/upside_fy2026_adjusted_ebitda:upside/formula/refs/2 | None | upside_2026q4_adjusted_ebitda |
| /operating_model/cells/upside_fy2026_adjusted_ebitda:upside/id | None | upside_fy2026_adjusted_ebitda |
| /operating_model/cells/upside_fy2026_adjusted_ebitda:upside/kind | None | derived |
| /operating_model/cells/upside_fy2026_adjusted_ebitda:upside/label | None | FY2026 Group adjusted EBITDA ($M) |
| /operating_model/cells/upside_fy2026_adjusted_ebitda:upside/period | None | FY2026 |
| /operating_model/cells/upside_fy2026_adjusted_ebitda:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2026_adjusted_ebitda:upside/value | None | 1547.9850000000001 |
| /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 PP&E and intangible capex ($M) |
| /operating_model/cells/upside_fy2026_capex:upside/period | None | FY2026 |
| /operating_model/cells/upside_fy2026_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2026_capex:upside/value | None | 20000.0 |
| /operating_model/cells/upside_fy2026_cfo:upside/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /operating_model/cells/upside_fy2026_cfo:upside/case | None | upside |
| /operating_model/cells/upside_fy2026_cfo:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2026_cfo:upside/formula/refs/0 | None | h1_cfo |
| /operating_model/cells/upside_fy2026_cfo:upside/formula/refs/1 | None | upside_2026q3_cfo |
| /operating_model/cells/upside_fy2026_cfo:upside/formula/refs/2 | None | upside_2026q4_cfo |
| /operating_model/cells/upside_fy2026_cfo:upside/id | None | upside_fy2026_cfo |
| /operating_model/cells/upside_fy2026_cfo:upside/kind | None | derived |
| /operating_model/cells/upside_fy2026_cfo:upside/label | None | FY2026 Operating cash flow estimate ($M) |
| /operating_model/cells/upside_fy2026_cfo:upside/period | None | FY2026 |
| /operating_model/cells/upside_fy2026_cfo:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2026_cfo:upside/value | None | 9461.385 |
| /operating_model/cells/upside_fy2026_cfo_before_customer_funding: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_cfo_before_customer_funding:upside/case | None | upside |
| /operating_model/cells/upside_fy2026_cfo_before_customer_funding:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2026_cfo_before_customer_funding:upside/formula/refs/0 | None | h1_cfo_before_customer_funding |
| /operating_model/cells/upside_fy2026_cfo_before_customer_funding:upside/formula/refs/1 | None | upside_2026q3_cfo_before_customer_funding |
| /operating_model/cells/upside_fy2026_cfo_before_customer_funding:upside/formula/refs/2 | None | upside_2026q4_cfo_before_customer_funding |
| /operating_model/cells/upside_fy2026_cfo_before_customer_funding:upside/id | None | upside_fy2026_cfo_before_customer_funding |
| /operating_model/cells/upside_fy2026_cfo_before_customer_funding:upside/kind | None | derived |
| /operating_model/cells/upside_fy2026_cfo_before_customer_funding:upside/label | None | FY2026 CFO before net deferred-revenue funding ($M) |
| /operating_model/cells/upside_fy2026_cfo_before_customer_funding:upside/period | None | FY2026 |
| /operating_model/cells/upside_fy2026_cfo_before_customer_funding:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2026_cfo_before_customer_funding:upside/value | None | 666.3850000000004 |
| /operating_model/cells/upside_fy2026_customer_funding:upside/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /operating_model/cells/upside_fy2026_customer_funding:upside/case | None | upside |
| /operating_model/cells/upside_fy2026_customer_funding:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2026_customer_funding:upside/formula/refs/0 | None | h1_customer_funding |
| /operating_model/cells/upside_fy2026_customer_funding:upside/formula/refs/1 | None | upside_2026q3_customer_funding |
| /operating_model/cells/upside_fy2026_customer_funding:upside/formula/refs/2 | None | upside_2026q4_customer_funding |
| /operating_model/cells/upside_fy2026_customer_funding:upside/id | None | upside_fy2026_customer_funding |
| /operating_model/cells/upside_fy2026_customer_funding:upside/kind | None | derived |
| /operating_model/cells/upside_fy2026_customer_funding:upside/label | None | FY2026 Net deferred-revenue funding ($M) |
| /operating_model/cells/upside_fy2026_customer_funding:upside/period | None | FY2026 |
| /operating_model/cells/upside_fy2026_customer_funding:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2026_customer_funding:upside/value | None | 8795.0 |
| /operating_model/cells/upside_fy2026_fcf: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_fcf:upside/case | None | upside |
| /operating_model/cells/upside_fy2026_fcf:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2026_fcf:upside/formula/refs/0 | None | h1_fcf |
| /operating_model/cells/upside_fy2026_fcf:upside/formula/refs/1 | None | upside_2026q3_fcf |
| /operating_model/cells/upside_fy2026_fcf:upside/formula/refs/2 | None | upside_2026q4_fcf |
| /operating_model/cells/upside_fy2026_fcf:upside/id | None | upside_fy2026_fcf |
| /operating_model/cells/upside_fy2026_fcf:upside/kind | None | derived |
| /operating_model/cells/upside_fy2026_fcf:upside/label | None | FY2026 Operating cash flow less capex ($M) |
| /operating_model/cells/upside_fy2026_fcf:upside/period | None | FY2026 |
| /operating_model/cells/upside_fy2026_fcf:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2026_fcf:upside/value | None | -10538.615000000002 |
| /operating_model/cells/upside_fy2026_revenue:upside/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /operating_model/cells/upside_fy2026_revenue:upside/case | None | upside |
| /operating_model/cells/upside_fy2026_revenue:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2026_revenue:upside/formula/refs/0 | None | h1_revenue |
| /operating_model/cells/upside_fy2026_revenue:upside/formula/refs/1 | None | upside_2026q3_revenue |
| /operating_model/cells/upside_fy2026_revenue:upside/formula/refs/2 | None | upside_2026q4_revenue |
| /operating_model/cells/upside_fy2026_revenue:upside/id | None | upside_fy2026_revenue |
| /operating_model/cells/upside_fy2026_revenue:upside/kind | None | derived |
| /operating_model/cells/upside_fy2026_revenue:upside/label | None | FY2026 Revenue ($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 | 3608.6 |
| /operating_model/cells/upside_fy2027_adjusted_ebitda: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_adjusted_ebitda:upside/case | None | upside |
| /operating_model/cells/upside_fy2027_adjusted_ebitda:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2027_adjusted_ebitda:upside/formula/refs/0 | None | upside_2027q1_adjusted_ebitda |
| /operating_model/cells/upside_fy2027_adjusted_ebitda:upside/formula/refs/1 | None | upside_2027q2_adjusted_ebitda |
| /operating_model/cells/upside_fy2027_adjusted_ebitda:upside/formula/refs/2 | None | upside_2027q3_adjusted_ebitda |
| /operating_model/cells/upside_fy2027_adjusted_ebitda:upside/formula/refs/3 | None | upside_2027q4_adjusted_ebitda |
| /operating_model/cells/upside_fy2027_adjusted_ebitda:upside/id | None | upside_fy2027_adjusted_ebitda |
| /operating_model/cells/upside_fy2027_adjusted_ebitda:upside/kind | None | derived |
| /operating_model/cells/upside_fy2027_adjusted_ebitda:upside/label | None | FY2027 Group adjusted EBITDA ($M) |
| /operating_model/cells/upside_fy2027_adjusted_ebitda:upside/period | None | FY2027 |
| /operating_model/cells/upside_fy2027_adjusted_ebitda:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2027_adjusted_ebitda:upside/value | None | 6341.208 |
| /operating_model/cells/upside_fy2027_capex:upside/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /operating_model/cells/upside_fy2027_capex:upside/case | None | upside |
| /operating_model/cells/upside_fy2027_capex:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2027_capex:upside/formula/refs/0 | None | upside_2027q1_capex |
| /operating_model/cells/upside_fy2027_capex:upside/formula/refs/1 | None | upside_2027q2_capex |
| /operating_model/cells/upside_fy2027_capex:upside/formula/refs/2 | None | upside_2027q3_capex |
| /operating_model/cells/upside_fy2027_capex:upside/formula/refs/3 | None | upside_2027q4_capex |
| /operating_model/cells/upside_fy2027_capex:upside/id | None | upside_fy2027_capex |
| /operating_model/cells/upside_fy2027_capex:upside/kind | None | derived |
| /operating_model/cells/upside_fy2027_capex:upside/label | None | FY2027 Cash PP&E and intangible capex ($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 | 24000.0 |
| /operating_model/cells/upside_fy2027_cfo: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_cfo:upside/case | None | upside |
| /operating_model/cells/upside_fy2027_cfo:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2027_cfo:upside/formula/refs/0 | None | upside_2027q1_cfo |
| /operating_model/cells/upside_fy2027_cfo:upside/formula/refs/1 | None | upside_2027q2_cfo |
| /operating_model/cells/upside_fy2027_cfo:upside/formula/refs/2 | None | upside_2027q3_cfo |
| /operating_model/cells/upside_fy2027_cfo:upside/formula/refs/3 | None | upside_2027q4_cfo |
| /operating_model/cells/upside_fy2027_cfo:upside/id | None | upside_fy2027_cfo |
| /operating_model/cells/upside_fy2027_cfo:upside/kind | None | derived |
| /operating_model/cells/upside_fy2027_cfo:upside/label | None | FY2027 Operating cash flow estimate ($M) |
| /operating_model/cells/upside_fy2027_cfo:upside/period | None | FY2027 |
| /operating_model/cells/upside_fy2027_cfo:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2027_cfo:upside/value | None | 12491.207999999999 |
| /operating_model/cells/upside_fy2027_cfo_before_customer_funding:upside/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /operating_model/cells/upside_fy2027_cfo_before_customer_funding:upside/case | None | upside |
| /operating_model/cells/upside_fy2027_cfo_before_customer_funding:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2027_cfo_before_customer_funding:upside/formula/refs/0 | None | upside_2027q1_cfo_before_customer_funding |
| /operating_model/cells/upside_fy2027_cfo_before_customer_funding:upside/formula/refs/1 | None | upside_2027q2_cfo_before_customer_funding |
| /operating_model/cells/upside_fy2027_cfo_before_customer_funding:upside/formula/refs/2 | None | upside_2027q3_cfo_before_customer_funding |
| /operating_model/cells/upside_fy2027_cfo_before_customer_funding:upside/formula/refs/3 | None | upside_2027q4_cfo_before_customer_funding |
| /operating_model/cells/upside_fy2027_cfo_before_customer_funding:upside/id | None | upside_fy2027_cfo_before_customer_funding |
| /operating_model/cells/upside_fy2027_cfo_before_customer_funding:upside/kind | None | derived |
| /operating_model/cells/upside_fy2027_cfo_before_customer_funding:upside/label | None | FY2027 CFO before net deferred-revenue funding ($M) |
| /operating_model/cells/upside_fy2027_cfo_before_customer_funding:upside/period | None | FY2027 |
| /operating_model/cells/upside_fy2027_cfo_before_customer_funding:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2027_cfo_before_customer_funding:upside/value | None | 4691.208 |
| /operating_model/cells/upside_fy2027_customer_funding: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_customer_funding:upside/case | None | upside |
| /operating_model/cells/upside_fy2027_customer_funding:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2027_customer_funding:upside/formula/refs/0 | None | upside_2027q1_customer_funding |
| /operating_model/cells/upside_fy2027_customer_funding:upside/formula/refs/1 | None | upside_2027q2_customer_funding |
| /operating_model/cells/upside_fy2027_customer_funding:upside/formula/refs/2 | None | upside_2027q3_customer_funding |
| /operating_model/cells/upside_fy2027_customer_funding:upside/formula/refs/3 | None | upside_2027q4_customer_funding |
| /operating_model/cells/upside_fy2027_customer_funding:upside/id | None | upside_fy2027_customer_funding |
| /operating_model/cells/upside_fy2027_customer_funding:upside/kind | None | derived |
| /operating_model/cells/upside_fy2027_customer_funding:upside/label | None | FY2027 Net deferred-revenue funding ($M) |
| /operating_model/cells/upside_fy2027_customer_funding:upside/period | None | FY2027 |
| /operating_model/cells/upside_fy2027_customer_funding:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2027_customer_funding:upside/value | None | 7800.0 |
| /operating_model/cells/upside_fy2027_fcf:upside/basis | None | Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. |
| /operating_model/cells/upside_fy2027_fcf:upside/case | None | upside |
| /operating_model/cells/upside_fy2027_fcf:upside/formula/op | None | sum |
| /operating_model/cells/upside_fy2027_fcf:upside/formula/refs/0 | None | upside_2027q1_fcf |
| /operating_model/cells/upside_fy2027_fcf:upside/formula/refs/1 | None | upside_2027q2_fcf |
| /operating_model/cells/upside_fy2027_fcf:upside/formula/refs/2 | None | upside_2027q3_fcf |
| /operating_model/cells/upside_fy2027_fcf:upside/formula/refs/3 | None | upside_2027q4_fcf |
| /operating_model/cells/upside_fy2027_fcf:upside/id | None | upside_fy2027_fcf |
| /operating_model/cells/upside_fy2027_fcf:upside/kind | None | derived |
| /operating_model/cells/upside_fy2027_fcf:upside/label | None | FY2027 Operating cash flow less capex ($M) |
| /operating_model/cells/upside_fy2027_fcf:upside/period | None | FY2027 |
| /operating_model/cells/upside_fy2027_fcf:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy2027_fcf:upside/value | None | -11508.792000000001 |
| /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 | 13210.85 |
| /operating_model/cells/upside_fy26_capex_plan:upside/basis | None | Desk total cash PP&E and intangible-spend scenario; not a sourced company guidance cell. Downside assumes greater spend despite delayed activation. |
| /operating_model/cells/upside_fy26_capex_plan:upside/case | None | upside |
| /operating_model/cells/upside_fy26_capex_plan:upside/id | None | upside_fy26_capex_plan |
| /operating_model/cells/upside_fy26_capex_plan:upside/kind | None | assumption |
| /operating_model/cells/upside_fy26_capex_plan:upside/label | None | FY2026 cash capex desk assumption |
| /operating_model/cells/upside_fy26_capex_plan:upside/period | None | FY2026 |
| /operating_model/cells/upside_fy26_capex_plan:upside/unit | None | USD_millions |
| /operating_model/cells/upside_fy26_capex_plan:upside/value | None | 20000.0 |
| /operating_model/cells/upside_h2_capex:upside/basis | None | Desk full-year spend less reported first-half purchases. |
| /operating_model/cells/upside_h2_capex:upside/case | None | upside |
| /operating_model/cells/upside_h2_capex:upside/formula/op | None | subtract |
| /operating_model/cells/upside_h2_capex:upside/formula/refs/0 | None | upside_fy26_capex_plan |
| /operating_model/cells/upside_h2_capex:upside/formula/refs/1 | None | h1_capex |
| /operating_model/cells/upside_h2_capex:upside/id | None | upside_h2_capex |
| /operating_model/cells/upside_h2_capex:upside/kind | None | derived |
| /operating_model/cells/upside_h2_capex:upside/label | None | Remaining H2 cash capex |
| /operating_model/cells/upside_h2_capex:upside/period | None | H2 2026 |
| /operating_model/cells/upside_h2_capex:upside/unit | None | USD_millions |
| /operating_model/cells/upside_h2_capex:upside/value | None | 11869.7 |
| /operating_model/highlights/0 | None | q2_exit_arr |
| /operating_model/highlights/1 | None | fy26_revenue_guidance |
| /operating_model/highlights/10 | None | aug_net_coupon_increase |
| /operating_model/highlights/2 | None | fy26_arr_guidance |
| /operating_model/highlights/3 | None | h1_cfo |
| /operating_model/highlights/4 | None | h1_customer_funding |
| /operating_model/highlights/5 | None | h1_cfo_before_customer_funding |
| /operating_model/highlights/6 | None | h1_fcf |
| /operating_model/highlights/7 | None | h1_cash |
| /operating_model/highlights/8 | None | h1_restricted_cash |
| /operating_model/highlights/9 | None | aug_gross_proceeds |
| /operating_model/limitations/0 | None | Initial scenarios, without a complete GAAP income statement, balance sheet, dilution waterfall or valuation. No forward EPS is claimed. |
| /operating_model/limitations/1 | None | ARR curves, quarterly activation, cash conversion and capital spending are desk assumptions. The dated company revenue/ARR ranges are shown separately. |
| /operating_model/limitations/2 | None | Net deferred-revenue changes are not gross customer prepayments. Prepayments finance future service obligations and cannot be treated as recurring cash profit. |
| /operating_model/limitations/3 | None | Cash after capex is before new financing, acquisitions and debt principal. No ending-cash or fully funded claim is made from June balances and August gross proceeds. |
| /operating_model/limitations/4 | None | Only Q1 and Q2 2026 history is manually reconciled from the August quarterly release; earlier companyfacts annual data is not fabricated into quarters. Gross profit is left unmapped because depreciation is presented separately. |
| /operating_model/limitations/5 | None | No revenue is added solely for the September Palantir partnership. Future contract pricing, utilization and GPU refresh economics remain uncertain. |
| /operating_model/method | None | Forecast AI revenue from the average of beginning and ending quarterly ARR, divided by four and adjusted for uneven activation within the quarter. ARR is the last month annualized, not annual revenue. Add other-business revenue and apply a group adjusted-EBITDA margin. Subtract an explicit cash bridge, then add net deferred-revenue funding to estimate CFO; subtract cash PP&E and intangibles. Reported H1 and forecast H2 reconcile to FY2026; four modeled quarters form FY2027. |
| /operating_model/metrics/adjusted_ebitda | None | Group adjusted EBITDA ($M) |
| /operating_model/metrics/capex | None | Cash PP&E and intangible capex ($M) |
| /operating_model/metrics/cfo | None | Operating cash flow estimate ($M) |
| /operating_model/metrics/cfo_before_customer_funding | None | CFO before net deferred-revenue funding ($M) |
| /operating_model/metrics/customer_funding | None | Net deferred-revenue funding ($M) |
| /operating_model/metrics/fcf | None | Operating cash flow less capex ($M) |
| /operating_model/metrics/revenue | None | Revenue ($M) |
| /operating_model/outputs/2026Q3:base/case | None | base |
| /operating_model/outputs/2026Q3:base/frequency | None | quarter |
| /operating_model/outputs/2026Q3:base/metrics/adjusted_ebitda | None | base_2026q3_adjusted_ebitda |
| /operating_model/outputs/2026Q3:base/metrics/capex | None | base_2026q3_capex |
| /operating_model/outputs/2026Q3:base/metrics/cfo | None | base_2026q3_cfo |
| /operating_model/outputs/2026Q3:base/metrics/cfo_before_customer_funding | None | base_2026q3_cfo_before_customer_funding |
| /operating_model/outputs/2026Q3:base/metrics/customer_funding | None | base_2026q3_customer_funding |
| /operating_model/outputs/2026Q3:base/metrics/fcf | None | base_2026q3_fcf |
| /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/adjusted_ebitda | None | 340.46000000000004 |
| /operating_model/outputs/2026Q3:base/values/capex | None | 6897.456 |
| /operating_model/outputs/2026Q3:base/values/cfo | None | 1515.46 |
| /operating_model/outputs/2026Q3:base/values/cfo_before_customer_funding | None | 15.460000000000036 |
| /operating_model/outputs/2026Q3:base/values/customer_funding | None | 1500.0 |
| /operating_model/outputs/2026Q3:base/values/fcf | None | -5381.996 |
| /operating_model/outputs/2026Q3:base/values/revenue | None | 851.15 |
| /operating_model/outputs/2026Q3:downside/case | None | downside |
| /operating_model/outputs/2026Q3:downside/frequency | None | quarter |
| /operating_model/outputs/2026Q3:downside/metrics/adjusted_ebitda | None | downside_2026q3_adjusted_ebitda |
| /operating_model/outputs/2026Q3:downside/metrics/capex | None | downside_2026q3_capex |
| /operating_model/outputs/2026Q3:downside/metrics/cfo | None | downside_2026q3_cfo |
| /operating_model/outputs/2026Q3:downside/metrics/cfo_before_customer_funding | None | downside_2026q3_cfo_before_customer_funding |
| /operating_model/outputs/2026Q3:downside/metrics/customer_funding | None | downside_2026q3_customer_funding |
| /operating_model/outputs/2026Q3:downside/metrics/fcf | None | downside_2026q3_fcf |
| /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/adjusted_ebitda | None | 225.345 |
| /operating_model/outputs/2026Q3:downside/values/capex | None | 8097.456 |
| /operating_model/outputs/2026Q3:downside/values/cfo | None | 750.345 |
| /operating_model/outputs/2026Q3:downside/values/cfo_before_customer_funding | None | -149.655 |
| /operating_model/outputs/2026Q3:downside/values/customer_funding | None | 900.0 |
| /operating_model/outputs/2026Q3:downside/values/fcf | None | -7347.111 |
| /operating_model/outputs/2026Q3:downside/values/revenue | None | 751.15 |
| /operating_model/outputs/2026Q3:upside/case | None | upside |
| /operating_model/outputs/2026Q3:upside/frequency | None | quarter |
| /operating_model/outputs/2026Q3:upside/metrics/adjusted_ebitda | None | upside_2026q3_adjusted_ebitda |
| /operating_model/outputs/2026Q3:upside/metrics/capex | None | upside_2026q3_capex |
| /operating_model/outputs/2026Q3:upside/metrics/cfo | None | upside_2026q3_cfo |
| /operating_model/outputs/2026Q3:upside/metrics/cfo_before_customer_funding | None | upside_2026q3_cfo_before_customer_funding |
| /operating_model/outputs/2026Q3:upside/metrics/customer_funding | None | upside_2026q3_customer_funding |
| /operating_model/outputs/2026Q3:upside/metrics/fcf | None | upside_2026q3_fcf |
| /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/adjusted_ebitda | None | 430.83 |
| /operating_model/outputs/2026Q3:upside/values/capex | None | 5697.456 |
| /operating_model/outputs/2026Q3:upside/values/cfo | None | 2130.83 |
| /operating_model/outputs/2026Q3:upside/values/cfo_before_customer_funding | None | 130.82999999999998 |
| /operating_model/outputs/2026Q3:upside/values/customer_funding | None | 2000.0 |
| /operating_model/outputs/2026Q3:upside/values/fcf | None | -3566.626 |
| /operating_model/outputs/2026Q3:upside/values/revenue | None | 957.4 |
| /operating_model/outputs/2026Q4:base/case | None | base |
| /operating_model/outputs/2026Q4:base/frequency | None | quarter |
| /operating_model/outputs/2026Q4:base/metrics/adjusted_ebitda | None | base_2026q4_adjusted_ebitda |
| /operating_model/outputs/2026Q4:base/metrics/capex | None | base_2026q4_capex |
| /operating_model/outputs/2026Q4:base/metrics/cfo | None | base_2026q4_cfo |
| /operating_model/outputs/2026Q4:base/metrics/cfo_before_customer_funding | None | base_2026q4_cfo_before_customer_funding |
| /operating_model/outputs/2026Q4:base/metrics/customer_funding | None | base_2026q4_customer_funding |
| /operating_model/outputs/2026Q4:base/metrics/fcf | None | base_2026q4_fcf |
| /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/adjusted_ebitda | None | 565.46 |
| /operating_model/outputs/2026Q4:base/values/capex | None | 7472.244000000001 |
| /operating_model/outputs/2026Q4:base/values/cfo | None | 2015.46 |
| /operating_model/outputs/2026Q4:base/values/cfo_before_customer_funding | None | 215.46000000000004 |
| /operating_model/outputs/2026Q4:base/values/customer_funding | None | 1800.0 |
| /operating_model/outputs/2026Q4:base/values/fcf | None | -5456.784000000001 |
| /operating_model/outputs/2026Q4:base/values/revenue | None | 1413.65 |
| /operating_model/outputs/2026Q4:downside/case | None | downside |
| /operating_model/outputs/2026Q4:downside/frequency | None | quarter |
| /operating_model/outputs/2026Q4:downside/metrics/adjusted_ebitda | None | downside_2026q4_adjusted_ebitda |
| /operating_model/outputs/2026Q4:downside/metrics/capex | None | downside_2026q4_capex |
| /operating_model/outputs/2026Q4:downside/metrics/cfo | None | downside_2026q4_cfo |
| /operating_model/outputs/2026Q4:downside/metrics/cfo_before_customer_funding | None | downside_2026q4_cfo_before_customer_funding |
| /operating_model/outputs/2026Q4:downside/metrics/customer_funding | None | downside_2026q4_customer_funding |
| /operating_model/outputs/2026Q4:downside/metrics/fcf | None | downside_2026q4_fcf |
| /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/adjusted_ebitda | None | 336.9075 |
| /operating_model/outputs/2026Q4:downside/values/capex | None | 8772.244 |
| /operating_model/outputs/2026Q4:downside/values/cfo | None | 1036.9075 |
| /operating_model/outputs/2026Q4:downside/values/cfo_before_customer_funding | None | -63.09249999999997 |
| /operating_model/outputs/2026Q4:downside/values/customer_funding | None | 1100.0 |
| /operating_model/outputs/2026Q4:downside/values/fcf | None | -7735.3365 |
| /operating_model/outputs/2026Q4:downside/values/revenue | None | 1123.025 |
| /operating_model/outputs/2026Q4:upside/case | None | upside |
| /operating_model/outputs/2026Q4:upside/frequency | None | quarter |
| /operating_model/outputs/2026Q4:upside/metrics/adjusted_ebitda | None | upside_2026q4_adjusted_ebitda |
| /operating_model/outputs/2026Q4:upside/metrics/capex | None | upside_2026q4_capex |
| /operating_model/outputs/2026Q4:upside/metrics/cfo | None | upside_2026q4_cfo |
| /operating_model/outputs/2026Q4:upside/metrics/cfo_before_customer_funding | None | upside_2026q4_cfo_before_customer_funding |
| /operating_model/outputs/2026Q4:upside/metrics/customer_funding | None | upside_2026q4_customer_funding |
| /operating_model/outputs/2026Q4:upside/metrics/fcf | None | upside_2026q4_fcf |
| /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/adjusted_ebitda | None | 751.455 |
| /operating_model/outputs/2026Q4:upside/values/capex | None | 6172.244000000001 |
| /operating_model/outputs/2026Q4:upside/values/cfo | None | 2826.455 |
| /operating_model/outputs/2026Q4:upside/values/cfo_before_customer_funding | None | 426.45500000000004 |
| /operating_model/outputs/2026Q4:upside/values/customer_funding | None | 2400.0 |
| /operating_model/outputs/2026Q4:upside/values/fcf | None | -3345.7890000000007 |
| /operating_model/outputs/2026Q4:upside/values/revenue | None | 1669.9 |
| /operating_model/outputs/2027Q1:base/case | None | base |
| /operating_model/outputs/2027Q1:base/frequency | None | quarter |
| /operating_model/outputs/2027Q1:base/metrics/adjusted_ebitda | None | base_2027q1_adjusted_ebitda |
| /operating_model/outputs/2027Q1:base/metrics/capex | None | base_2027q1_capex |
| /operating_model/outputs/2027Q1:base/metrics/cfo | None | base_2027q1_cfo |
| /operating_model/outputs/2027Q1:base/metrics/cfo_before_customer_funding | None | base_2027q1_cfo_before_customer_funding |
| /operating_model/outputs/2027Q1:base/metrics/customer_funding | None | base_2027q1_customer_funding |
| /operating_model/outputs/2027Q1:base/metrics/fcf | None | base_2027q1_fcf |
| /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/adjusted_ebitda | None | 829.9830000000001 |
| /operating_model/outputs/2027Q1:base/values/capex | None | 6500.0 |
| /operating_model/outputs/2027Q1:base/values/cfo | None | 1929.9830000000002 |
| /operating_model/outputs/2027Q1:base/values/cfo_before_customer_funding | None | 429.98300000000006 |
| /operating_model/outputs/2027Q1:base/values/customer_funding | None | 1500.0 |
| /operating_model/outputs/2027Q1:base/values/fcf | None | -4570.017 |
| /operating_model/outputs/2027Q1:base/values/revenue | None | 1976.15 |
| /operating_model/outputs/2027Q1:downside/case | None | downside |
| /operating_model/outputs/2027Q1:downside/frequency | None | quarter |
| /operating_model/outputs/2027Q1:downside/metrics/adjusted_ebitda | None | downside_2027q1_adjusted_ebitda |
| /operating_model/outputs/2027Q1:downside/metrics/capex | None | downside_2027q1_capex |
| /operating_model/outputs/2027Q1:downside/metrics/cfo | None | downside_2027q1_cfo |
| /operating_model/outputs/2027Q1:downside/metrics/cfo_before_customer_funding | None | downside_2027q1_cfo_before_customer_funding |
| /operating_model/outputs/2027Q1:downside/metrics/customer_funding | None | downside_2027q1_customer_funding |
| /operating_model/outputs/2027Q1:downside/metrics/fcf | None | downside_2027q1_fcf |
| /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/adjusted_ebitda | None | 478.36800000000005 |
| /operating_model/outputs/2027Q1:downside/values/capex | None | 7000.0 |
| /operating_model/outputs/2027Q1:downside/values/cfo | None | 628.368 |
| /operating_model/outputs/2027Q1:downside/values/cfo_before_customer_funding | None | 28.368000000000052 |
| /operating_model/outputs/2027Q1:downside/values/customer_funding | None | 600.0 |
| /operating_model/outputs/2027Q1:downside/values/fcf | None | -6371.632 |
| /operating_model/outputs/2027Q1:downside/values/revenue | None | 1494.9 |
| /operating_model/outputs/2027Q1:upside/case | None | upside |
| /operating_model/outputs/2027Q1:upside/frequency | None | quarter |
| /operating_model/outputs/2027Q1:upside/metrics/adjusted_ebitda | None | upside_2027q1_adjusted_ebitda |
| /operating_model/outputs/2027Q1:upside/metrics/capex | None | upside_2027q1_capex |
| /operating_model/outputs/2027Q1:upside/metrics/cfo | None | upside_2027q1_cfo |
| /operating_model/outputs/2027Q1:upside/metrics/cfo_before_customer_funding | None | upside_2027q1_cfo_before_customer_funding |
| /operating_model/outputs/2027Q1:upside/metrics/customer_funding | None | upside_2027q1_customer_funding |
| /operating_model/outputs/2027Q1:upside/metrics/fcf | None | upside_2027q1_fcf |
| /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/adjusted_ebitda | None | 1143.552 |
| /operating_model/outputs/2027Q1:upside/values/capex | None | 6000.0 |
| /operating_model/outputs/2027Q1:upside/values/cfo | None | 2968.5519999999997 |
| /operating_model/outputs/2027Q1:upside/values/cfo_before_customer_funding | None | 768.5519999999999 |
| /operating_model/outputs/2027Q1:upside/values/customer_funding | None | 2200.0 |
| /operating_model/outputs/2027Q1:upside/values/fcf | None | -3031.4480000000003 |
| /operating_model/outputs/2027Q1:upside/values/revenue | None | 2382.4 |
| /operating_model/outputs/2027Q2:base/case | None | base |
| /operating_model/outputs/2027Q2:base/frequency | None | quarter |
| /operating_model/outputs/2027Q2:base/metrics/adjusted_ebitda | None | base_2027q2_adjusted_ebitda |
| /operating_model/outputs/2027Q2:base/metrics/capex | None | base_2027q2_capex |
| /operating_model/outputs/2027Q2:base/metrics/cfo | None | base_2027q2_cfo |
| /operating_model/outputs/2027Q2:base/metrics/cfo_before_customer_funding | None | base_2027q2_cfo_before_customer_funding |
| /operating_model/outputs/2027Q2:base/metrics/customer_funding | None | base_2027q2_customer_funding |
| /operating_model/outputs/2027Q2:base/metrics/fcf | None | base_2027q2_fcf |
| /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/adjusted_ebitda | None | 995.358 |
| /operating_model/outputs/2027Q2:base/values/capex | None | 6500.0 |
| /operating_model/outputs/2027Q2:base/values/cfo | None | 2070.358 |
| /operating_model/outputs/2027Q2:base/values/cfo_before_customer_funding | None | 570.358 |
| /operating_model/outputs/2027Q2:base/values/customer_funding | None | 1500.0 |
| /operating_model/outputs/2027Q2:base/values/fcf | None | -4429.642 |
| /operating_model/outputs/2027Q2:base/values/revenue | None | 2369.9 |
| /operating_model/outputs/2027Q2:downside/case | None | downside |
| /operating_model/outputs/2027Q2:downside/frequency | None | quarter |
| /operating_model/outputs/2027Q2:downside/metrics/adjusted_ebitda | None | downside_2027q2_adjusted_ebitda |
| /operating_model/outputs/2027Q2:downside/metrics/capex | None | downside_2027q2_capex |
| /operating_model/outputs/2027Q2:downside/metrics/cfo | None | downside_2027q2_cfo |
| /operating_model/outputs/2027Q2:downside/metrics/cfo_before_customer_funding | None | downside_2027q2_cfo_before_customer_funding |
| /operating_model/outputs/2027Q2:downside/metrics/customer_funding | None | downside_2027q2_customer_funding |
| /operating_model/outputs/2027Q2:downside/metrics/fcf | None | downside_2027q2_fcf |
| /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/adjusted_ebitda | None | 546.368 |
| /operating_model/outputs/2027Q2:downside/values/capex | None | 7000.0 |
| /operating_model/outputs/2027Q2:downside/values/cfo | None | 671.368 |
| /operating_model/outputs/2027Q2:downside/values/cfo_before_customer_funding | None | 71.36800000000005 |
| /operating_model/outputs/2027Q2:downside/values/customer_funding | None | 600.0 |
| /operating_model/outputs/2027Q2:downside/values/fcf | None | -6328.632 |
| /operating_model/outputs/2027Q2:downside/values/revenue | None | 1707.4 |
| /operating_model/outputs/2027Q2:upside/case | None | upside |
| /operating_model/outputs/2027Q2:upside/frequency | None | quarter |
| /operating_model/outputs/2027Q2:upside/metrics/adjusted_ebitda | None | upside_2027q2_adjusted_ebitda |
| /operating_model/outputs/2027Q2:upside/metrics/capex | None | upside_2027q2_capex |
| /operating_model/outputs/2027Q2:upside/metrics/cfo | None | upside_2027q2_cfo |
| /operating_model/outputs/2027Q2:upside/metrics/cfo_before_customer_funding | None | upside_2027q2_cfo_before_customer_funding |
| /operating_model/outputs/2027Q2:upside/metrics/customer_funding | None | upside_2027q2_customer_funding |
| /operating_model/outputs/2027Q2:upside/metrics/fcf | None | upside_2027q2_fcf |
| /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/adjusted_ebitda | None | 1428.552 |
| /operating_model/outputs/2027Q2:upside/values/capex | None | 6000.0 |
| /operating_model/outputs/2027Q2:upside/values/cfo | None | 3228.5519999999997 |
| /operating_model/outputs/2027Q2:upside/values/cfo_before_customer_funding | None | 1028.552 |
| /operating_model/outputs/2027Q2:upside/values/customer_funding | None | 2200.0 |
| /operating_model/outputs/2027Q2:upside/values/fcf | None | -2771.4480000000003 |
| /operating_model/outputs/2027Q2:upside/values/revenue | None | 2976.15 |
| /operating_model/outputs/FY2026:base/case | None | base |
| /operating_model/outputs/FY2026:base/frequency | None | year |
| /operating_model/outputs/FY2026:base/metrics/adjusted_ebitda | None | base_fy2026_adjusted_ebitda |
| /operating_model/outputs/FY2026:base/metrics/capex | None | base_fy2026_capex |
| /operating_model/outputs/FY2026:base/metrics/cfo | None | base_fy2026_cfo |
| /operating_model/outputs/FY2026:base/metrics/cfo_before_customer_funding | None | base_fy2026_cfo_before_customer_funding |
| /operating_model/outputs/FY2026:base/metrics/customer_funding | None | base_fy2026_customer_funding |
| /operating_model/outputs/FY2026:base/metrics/fcf | None | base_fy2026_fcf |
| /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/adjusted_ebitda | None | 1271.6200000000001 |
| /operating_model/outputs/FY2026:base/values/capex | None | 22500.0 |
| /operating_model/outputs/FY2026:base/values/cfo | None | 8035.02 |
| /operating_model/outputs/FY2026:base/values/cfo_before_customer_funding | None | 340.02000000000044 |
| /operating_model/outputs/FY2026:base/values/customer_funding | None | 7695.0 |
| /operating_model/outputs/FY2026:base/values/fcf | None | -14464.98 |
| /operating_model/outputs/FY2026:base/values/revenue | None | 3246.1 |
| /operating_model/outputs/FY2026:downside/case | None | downside |
| /operating_model/outputs/FY2026:downside/frequency | None | year |
| /operating_model/outputs/FY2026:downside/metrics/adjusted_ebitda | None | downside_fy2026_adjusted_ebitda |
| /operating_model/outputs/FY2026:downside/metrics/capex | None | downside_fy2026_capex |
| /operating_model/outputs/FY2026:downside/metrics/cfo | None | downside_fy2026_cfo |
| /operating_model/outputs/FY2026:downside/metrics/cfo_before_customer_funding | None | downside_fy2026_cfo_before_customer_funding |
| /operating_model/outputs/FY2026:downside/metrics/customer_funding | None | downside_fy2026_customer_funding |
| /operating_model/outputs/FY2026:downside/metrics/fcf | None | downside_fy2026_fcf |
| /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/adjusted_ebitda | None | 927.9525 |
| /operating_model/outputs/FY2026:downside/values/capex | None | 25000.0 |
| /operating_model/outputs/FY2026:downside/values/cfo | None | 6291.352500000001 |
| /operating_model/outputs/FY2026:downside/values/cfo_before_customer_funding | None | -103.64749999999961 |
| /operating_model/outputs/FY2026:downside/values/customer_funding | None | 6395.0 |
| /operating_model/outputs/FY2026:downside/values/fcf | None | -18708.6475 |
| /operating_model/outputs/FY2026:downside/values/revenue | None | 2855.475 |
| /operating_model/outputs/FY2026:upside/case | None | upside |
| /operating_model/outputs/FY2026:upside/frequency | None | year |
| /operating_model/outputs/FY2026:upside/metrics/adjusted_ebitda | None | upside_fy2026_adjusted_ebitda |
| /operating_model/outputs/FY2026:upside/metrics/capex | None | upside_fy2026_capex |
| /operating_model/outputs/FY2026:upside/metrics/cfo | None | upside_fy2026_cfo |
| /operating_model/outputs/FY2026:upside/metrics/cfo_before_customer_funding | None | upside_fy2026_cfo_before_customer_funding |
| /operating_model/outputs/FY2026:upside/metrics/customer_funding | None | upside_fy2026_customer_funding |
| /operating_model/outputs/FY2026:upside/metrics/fcf | None | upside_fy2026_fcf |
| /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/adjusted_ebitda | None | 1547.9850000000001 |
| /operating_model/outputs/FY2026:upside/values/capex | None | 20000.0 |
| /operating_model/outputs/FY2026:upside/values/cfo | None | 9461.385 |
| /operating_model/outputs/FY2026:upside/values/cfo_before_customer_funding | None | 666.3850000000004 |
| /operating_model/outputs/FY2026:upside/values/customer_funding | None | 8795.0 |
| /operating_model/outputs/FY2026:upside/values/fcf | None | -10538.615000000002 |
| /operating_model/outputs/FY2026:upside/values/revenue | None | 3608.6 |
| /operating_model/outputs/FY2027:base/case | None | base |
| /operating_model/outputs/FY2027:base/frequency | None | year |
| /operating_model/outputs/FY2027:base/metrics/adjusted_ebitda | None | base_fy2027_adjusted_ebitda |
| /operating_model/outputs/FY2027:base/metrics/capex | None | base_fy2027_capex |
| /operating_model/outputs/FY2027:base/metrics/cfo | None | base_fy2027_cfo |
| /operating_model/outputs/FY2027:base/metrics/cfo_before_customer_funding | None | base_fy2027_cfo_before_customer_funding |
| /operating_model/outputs/FY2027:base/metrics/customer_funding | None | base_fy2027_customer_funding |
| /operating_model/outputs/FY2027:base/metrics/fcf | None | base_fy2027_fcf |
| /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/adjusted_ebitda | None | 4383.057 |
| /operating_model/outputs/FY2027:base/values/capex | None | 26000.0 |
| /operating_model/outputs/FY2027:base/values/cfo | None | 7833.057000000001 |
| /operating_model/outputs/FY2027:base/values/cfo_before_customer_funding | None | 2633.057 |
| /operating_model/outputs/FY2027:base/values/customer_funding | None | 5200.0 |
| /operating_model/outputs/FY2027:base/values/fcf | None | -18166.943 |
| /operating_model/outputs/FY2027:base/values/revenue | None | 10435.85 |
| /operating_model/outputs/FY2027:downside/case | None | downside |
| /operating_model/outputs/FY2027:downside/frequency | None | year |
| /operating_model/outputs/FY2027:downside/metrics/adjusted_ebitda | None | downside_fy2027_adjusted_ebitda |
| /operating_model/outputs/FY2027:downside/metrics/capex | None | downside_fy2027_capex |
| /operating_model/outputs/FY2027:downside/metrics/cfo | None | downside_fy2027_cfo |
| /operating_model/outputs/FY2027:downside/metrics/cfo_before_customer_funding | None | downside_fy2027_cfo_before_customer_funding |
| /operating_model/outputs/FY2027:downside/metrics/customer_funding | None | downside_fy2027_customer_funding |
| /operating_model/outputs/FY2027:downside/metrics/fcf | None | downside_fy2027_fcf |
| /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/adjusted_ebitda | None | 2253.472 |
| /operating_model/outputs/FY2027:downside/values/capex | None | 28000.0 |
| /operating_model/outputs/FY2027:downside/values/cfo | None | 2503.472 |
| /operating_model/outputs/FY2027:downside/values/cfo_before_customer_funding | None | 303.4720000000002 |
| /operating_model/outputs/FY2027:downside/values/customer_funding | None | 2200.0 |
| /operating_model/outputs/FY2027:downside/values/fcf | None | -25496.528 |
| /operating_model/outputs/FY2027:downside/values/revenue | None | 7042.1 |
| /operating_model/outputs/FY2027:upside/case | None | upside |
| /operating_model/outputs/FY2027:upside/frequency | None | year |
| /operating_model/outputs/FY2027:upside/metrics/adjusted_ebitda | None | upside_fy2027_adjusted_ebitda |
| /operating_model/outputs/FY2027:upside/metrics/capex | None | upside_fy2027_capex |
| /operating_model/outputs/FY2027:upside/metrics/cfo | None | upside_fy2027_cfo |
| /operating_model/outputs/FY2027:upside/metrics/cfo_before_customer_funding | None | upside_fy2027_cfo_before_customer_funding |
| /operating_model/outputs/FY2027:upside/metrics/customer_funding | None | upside_fy2027_customer_funding |
| /operating_model/outputs/FY2027:upside/metrics/fcf | None | upside_fy2027_fcf |
| /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/adjusted_ebitda | None | 6341.208 |
| /operating_model/outputs/FY2027:upside/values/capex | None | 24000.0 |
| /operating_model/outputs/FY2027:upside/values/cfo | None | 12491.207999999999 |
| /operating_model/outputs/FY2027:upside/values/cfo_before_customer_funding | None | 4691.208 |
| /operating_model/outputs/FY2027:upside/values/customer_funding | None | 7800.0 |
| /operating_model/outputs/FY2027:upside/values/fcf | None | -11508.792000000001 |
| /operating_model/outputs/FY2027:upside/values/revenue | None | 13210.85 |
| /operating_model/reviewed_at | None | 2026-09-19 |
| /operating_model/schema_version | None | operating_model.v1 |
| /operating_model/title | None | AI cloud activation, customer prepayments and capital intensity |
| /research/change_note | None | First reviewed scenarios through September 19: August results, August 24 closed financing and September 8 partnership. Adds two sourced quarterly history rows because the generic SEC feed has no usable quarterly series. No contract announcement is counted as cash already earned. |
| /research/checkpoints/0/date_status | None | estimated |
| /research/checkpoints/0/event | None | Year-end ARR and revenue delivery |
| /research/checkpoints/0/timing | None | Q4 2026 / full-year results; release date unconfirmed |
| /research/checkpoints/0/watch | None | Compare $7B-$9B ARR and $3.0B-$3.4B revenue references with actual recognized sales. |
| /research/checkpoints/1/date_status | None | estimated |
| /research/checkpoints/1/event | None | Customer funding and cash capex |
| /research/checkpoints/1/timing | None | Each quarterly report |
| /research/checkpoints/1/watch | None | Reconcile gross prepayments, the net deferred-revenue cash-flow change and actual hardware/construction spending. |
| /research/checkpoints/2/date_status | None | event_driven |
| /research/checkpoints/2/event | None | Deployment and new financing |
| /research/checkpoints/2/timing | None | Continuing 2026-27 milestones |
| /research/checkpoints/2/watch | None | Compare accepted capacity, cash outlays, coupon burden and new shares before updating any equity-value model. |
| /research/countercase | None | Customer commitments and prepayments can materially reduce the equity needed per deployed GPU, and strong utilization can support attractive cash returns. The contrary risk is that headline EBITDA and ARR rise while depreciation, refresh spending, construction obligations and financing continually absorb the economics. Both outcomes remain plausible; the model exposes the assumptions that separate them. |
| /research/economics | None | Q2 group revenue was $582.3M and adjusted EBITDA $236.2M, while the GAAP operating loss was $175.9M. June AI cloud exit ARR was $3.0B; it annualizes the final month and is not annual sales. H1 operating cash flow of $4,504.1M falls to $109.1M after removing the $4,395.0M deferred-revenue contribution; that residual is not a normalized-profit claim. Cash PP&E/intangibles totaled $8,130.3M. June cash of $8,042.1M excludes $1,056.0M restricted cash. On August 24, $5.75B gross new converts closed, alongside an $800M debt-for-shares exchange. Those transactions change cash, coupons and ownership differently. The September Palantir partnership has no quantified minimum revenue in its announcement, so it produces no separate modeled uplift. |
| /research/limitations/0 | None | Initial scenarios, without a complete GAAP income statement, balance sheet, dilution waterfall or valuation. No forward EPS is claimed. |
| /research/limitations/1 | None | ARR curves, quarterly activation, cash conversion and capital spending are desk assumptions. The dated company revenue/ARR ranges are shown separately. |
| /research/limitations/2 | None | Net deferred-revenue changes are not gross customer prepayments. Prepayments finance future service obligations and cannot be treated as recurring cash profit. |
| /research/limitations/3 | None | Cash after capex is before new financing, acquisitions and debt principal. No ending-cash or fully funded claim is made from June balances and August gross proceeds. |
| /research/limitations/4 | None | Only Q1 and Q2 2026 history is manually reconciled from the August quarterly release; earlier companyfacts annual data is not fabricated into quarters. Gross profit is left unmapped because depreciation is presented separately. |
| /research/limitations/5 | None | No revenue is added solely for the September Palantir partnership. Future contract pricing, utilization and GPU refresh economics remain uncertain. |
| /research/question | None | Can growing AI revenue become durable cash generation before repeated external funding? |
| /research/reviewed_at | None | 2026-09-19 |
| /research/risks/0 | None | Customer concentration and contract duration affect demand and funding durability. |
| /research/risks/1 | None | ARR can grow faster than revenue actually recognized. |
| /research/risks/2 | None | Prepayments represent future service obligations, not free recurring cash profit. |
| /research/risks/3 | None | GPU replacement, useful lives and financing costs can erode returns. |
| /research/risks/4 | None | Converts, prefunded warrants, stock compensation and further equity issuance complicate per-share value. |
| /research/title | None | AI demand, capital deployment and the customer-funding bridge |
| /sources/0/retrieved | None | 2026-09-19 |
| /sources/0/title | None | August 12 Form 6-K financial statements and obligations |
| /sources/0/url | None | https://www.sec.gov/Archives/edgar/data/1513845/000110465926094844/nbis-20260812xex99d2.htm |
| /sources/1/retrieved | None | 2026-09-19 |
| /sources/1/title | None | August 12 Q2/H1 results and quarterly cash-flow tables |
| /sources/1/url | None | https://assets.nebius.com/assets/72a8c258-bbb7-4df7-ab9d-8698f6cb88fc/PR.pdf |
| /sources/2/retrieved | None | 2026-09-19 |
| /sources/2/title | None | August 12 shareholder letter: ARR, prepayments and funding |
| /sources/2/url | None | https://assets.nebius.com/assets/a6ecfd85-a6cb-4967-8ef7-9a25bd261f9c/SHLQ226.pdf |
| /sources/3/retrieved | None | 2026-09-19 |
| /sources/3/title | None | May 13 shareholder letter: 2026 revenue and ARR ranges |
| /sources/3/url | None | https://assets.nebius.com/assets/4f7f76ee-aa57-41d9-935b-cac74898469d/Nebius%20SHL_Q1%202026.pdf |
| /sources/4/retrieved | None | 2026-09-19 |
| /sources/4/title | None | August 24 convertible closing and debt-for-shares exchange |
| /sources/4/url | None | https://nebius.com/newsroom/nebius-group-announces-closing-of-private-offering-of-convertible-senior-notes-with-aggregate-gross-proceeds-of-approximately-5-75-billion |
| /sources/5/retrieved | None | 2026-09-19 |
| /sources/5/title | None | September 8 Palantir partnership announcement |
| /sources/5/url | None | https://nebius.com/newsroom/palantir-and-nebius-partner-to-deliver-a-complete-sovereign-ai-stack-to-palantir-customers |
| /thesis/scenario_ranges | None | Named downside/base/upside operating assumptions; not probabilities, price targets or the short-horizon market-memory bands. |
| /thesis/view | Strong AI demand is translating into revenue, but the investment question includes the cost and ownership of the infrastructure that produces it. Q2 revenue was $582.3M versus a $3.0B exit ARR. H1 CFO of $4.504B included $4.395B of net deferred-revenue funding and was below $8.130B cash capex. August financing adds resources and obligations together. The model therefore separates earned revenue, adjusted EBITDA, prepayment-assisted cash flow and capital spending instead of equating ARR or financing proceeds with economic profit. | |
| /thesis/what_changes_it | Watch revenue recognized versus ARR, cash generation excluding net deferred-revenue additions, cash capex and funding per unit of deployed capacity. Slower activation, shorter customer commitments or more dilution weaken the case. Improving cash conversion before prepayments and better funding efficiency strengthen it. |