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What changed: r4 to r5

Added conditional funding balances, gross-to-net August financing, a separately gated July facility, debt carrying-value context and dated ownership claims without double-counting prefunded warrants in EPS. Preserved operating forecasts. Unconfirmed October repricing stays a pending checkpoint with no numerical uplift. Expanded historical coverage to eight fiscal quarters; withheld Q4 2025 profit figures pending allocation of audited annual changes.

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.

FieldBeforeAfter
/estimates/basisDesk base scenario from the operating model; not consensus.Desk base scenario from the operating model; not consensus. Revenue basis: Revenue ($M).
/estimates/rows/2026Q3/as_of2026-09-192026-09-20
/estimates/rows/2026Q3/basisDesk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance.Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
/estimates/rows/2026Q4/as_of2026-09-192026-09-20
/estimates/rows/2026Q4/basisDesk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance.Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
/estimates/rows/2027Q1/as_of2026-09-192026-09-20
/estimates/rows/2027Q1/basisDesk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance.Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
/estimates/rows/2027Q2/as_of2026-09-192026-09-20
/estimates/rows/2027Q2/basisDesk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance.Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
/meta/as_of2026-09-192026-09-20
/meta/research_reviewed_at2026-09-192026-09-20
/meta/revision45
/model/quarters/2024-09-30/capex/provenance/classNonereported
/model/quarters/2024-09-30/capex/provenance/conceptNoneReported cash purchases of property, equipment and intangible assets, continuing operations
/model/quarters/2024-09-30/capex/provenance/filedNone2025-11-11
/model/quarters/2024-09-30/capex/provenance/formNoneIssuer quarterly release
/model/quarters/2024-09-30/capex/provenance/source_urlNonehttps://assets.nebius.com/assets/a24c0d55-ba23-437c-a6bc-93cc2223cb01/20251111%20Nebius%20reports%20third%20quarter%202025%20financial%20results.pdf?cache-buster=2025-11-11T11:13:59.487Z
/model/quarters/2024-09-30/capex/valueNone172100000.0
/model/quarters/2024-09-30/cash/provenance/classNonereported
/model/quarters/2024-09-30/cash/provenance/conceptNoneReported unrestricted cash and equivalents, continuing operations
/model/quarters/2024-09-30/cash/provenance/filedNone2025-11-11
/model/quarters/2024-09-30/cash/provenance/formNoneIssuer quarterly release
/model/quarters/2024-09-30/cash/provenance/source_urlNonehttps://assets.nebius.com/assets/a24c0d55-ba23-437c-a6bc-93cc2223cb01/20251111%20Nebius%20reports%20third%20quarter%202025%20financial%20results.pdf?cache-buster=2025-11-11T11:13:59.487Z
/model/quarters/2024-09-30/cash/valueNone2277800000.0
/model/quarters/2024-09-30/cfo/provenance/classNonereported
/model/quarters/2024-09-30/cfo/provenance/conceptNoneReported operating cash flow, continuing operations
/model/quarters/2024-09-30/cfo/provenance/filedNone2025-11-11
/model/quarters/2024-09-30/cfo/provenance/formNoneIssuer quarterly release
/model/quarters/2024-09-30/cfo/provenance/source_urlNonehttps://assets.nebius.com/assets/a24c0d55-ba23-437c-a6bc-93cc2223cb01/20251111%20Nebius%20reports%20third%20quarter%202025%20financial%20results.pdf?cache-buster=2025-11-11T11:13:59.487Z
/model/quarters/2024-09-30/cfo/valueNone-34800000.0
/model/quarters/2024-09-30/fcf/provenance/classNonederived
/model/quarters/2024-09-30/fcf/provenance/conceptNoneCFO - capex; Reported operating cash flow, continuing operations [https://assets.nebius.com/assets/a24c0d55-ba23-437c-a6bc-93cc2223cb01/20251111%20Nebius%20reports%20third%20quarter%202025%20financial%20results.pdf?cache-buster=2025-11-11T11:13:59.487Z; filed 2025-11-11] ; Reported cash purchases of property, equipment and intangible assets, continuing operations [https://assets.nebius.com/assets/a24c0d55-ba23-437c-a6bc-93cc2223cb01/20251111%20Nebius%20reports%20third%20quarter%202025%20financial%20results.pdf?cache-buster=2025-11-11T11:13:59.487Z; filed 2025-11-11]
/model/quarters/2024-09-30/fcf/provenance/filedNone2025-11-11
/model/quarters/2024-09-30/fcf/provenance/formNoneIssuer quarterly release
/model/quarters/2024-09-30/fcf/provenance/source_urlNonehttps://assets.nebius.com/assets/a24c0d55-ba23-437c-a6bc-93cc2223cb01/20251111%20Nebius%20reports%20third%20quarter%202025%20financial%20results.pdf?cache-buster=2025-11-11T11:13:59.487Z
/model/quarters/2024-09-30/fcf/valueNone-206900000.0
/model/quarters/2024-09-30/fiscal_labelNone2024Q3
/model/quarters/2024-09-30/net_income/provenance/classNonereported
/model/quarters/2024-09-30/net_income/provenance/conceptNoneReported total net income (loss), including discontinued operations
/model/quarters/2024-09-30/net_income/provenance/filedNone2025-11-11
/model/quarters/2024-09-30/net_income/provenance/formNoneIssuer quarterly release
/model/quarters/2024-09-30/net_income/provenance/source_urlNonehttps://assets.nebius.com/assets/a24c0d55-ba23-437c-a6bc-93cc2223cb01/20251111%20Nebius%20reports%20third%20quarter%202025%20financial%20results.pdf?cache-buster=2025-11-11T11:13:59.487Z
/model/quarters/2024-09-30/net_income/valueNone-94200000.0
/model/quarters/2024-09-30/operating_income/provenance/classNonereported
/model/quarters/2024-09-30/operating_income/provenance/conceptNoneReported operating income (loss), continuing operations
/model/quarters/2024-09-30/operating_income/provenance/filedNone2025-11-11
/model/quarters/2024-09-30/operating_income/provenance/formNoneIssuer quarterly release
/model/quarters/2024-09-30/operating_income/provenance/source_urlNonehttps://assets.nebius.com/assets/a24c0d55-ba23-437c-a6bc-93cc2223cb01/20251111%20Nebius%20reports%20third%20quarter%202025%20financial%20results.pdf?cache-buster=2025-11-11T11:13:59.487Z
/model/quarters/2024-09-30/operating_income/valueNone-80600000.0
/model/quarters/2024-09-30/period_endNone2024-09-30
/model/quarters/2024-09-30/revenue/provenance/classNonereported
/model/quarters/2024-09-30/revenue/provenance/conceptNoneReported consolidated revenue, continuing operations
/model/quarters/2024-09-30/revenue/provenance/filedNone2025-11-11
/model/quarters/2024-09-30/revenue/provenance/formNoneIssuer quarterly release
/model/quarters/2024-09-30/revenue/provenance/source_urlNonehttps://assets.nebius.com/assets/a24c0d55-ba23-437c-a6bc-93cc2223cb01/20251111%20Nebius%20reports%20third%20quarter%202025%20financial%20results.pdf?cache-buster=2025-11-11T11:13:59.487Z
/model/quarters/2024-09-30/revenue/valueNone32100000.0
/model/quarters/2024-12-31/capex/provenance/classNonereported
/model/quarters/2024-12-31/capex/provenance/conceptNoneReported cash purchases of property, equipment and intangible assets, continuing operations
/model/quarters/2024-12-31/capex/provenance/filedNone2026-02-12
/model/quarters/2024-12-31/capex/provenance/formNoneIssuer quarterly release
/model/quarters/2024-12-31/capex/provenance/source_urlNonehttps://assets.nebius.com/assets/2829268f-924f-4846-87b5-2365b7e58b41/Financial%20results_Q4%202025_11022026.pdf?cache-buster=2026-02-12T09:48:03.404Z
/model/quarters/2024-12-31/capex/valueNone417500000.0
/model/quarters/2024-12-31/cash/provenance/classNonereported
/model/quarters/2024-12-31/cash/provenance/conceptNoneReported unrestricted cash and equivalents, continuing operations
/model/quarters/2024-12-31/cash/provenance/filedNone2026-02-12
/model/quarters/2024-12-31/cash/provenance/formNoneIssuer quarterly release
/model/quarters/2024-12-31/cash/provenance/source_urlNonehttps://assets.nebius.com/assets/2829268f-924f-4846-87b5-2365b7e58b41/Financial%20results_Q4%202025_11022026.pdf?cache-buster=2026-02-12T09:48:03.404Z
/model/quarters/2024-12-31/cash/valueNone2434700000.0
/model/quarters/2024-12-31/cfo/provenance/classNonereported
/model/quarters/2024-12-31/cfo/provenance/conceptNoneReported operating cash flow, continuing operations
/model/quarters/2024-12-31/cfo/provenance/filedNone2026-02-12
/model/quarters/2024-12-31/cfo/provenance/formNoneIssuer quarterly release
/model/quarters/2024-12-31/cfo/provenance/source_urlNonehttps://assets.nebius.com/assets/2829268f-924f-4846-87b5-2365b7e58b41/Financial%20results_Q4%202025_11022026.pdf?cache-buster=2026-02-12T09:48:03.404Z
/model/quarters/2024-12-31/cfo/valueNone-73100000.0
/model/quarters/2024-12-31/fcf/provenance/classNonederived
/model/quarters/2024-12-31/fcf/provenance/conceptNoneCFO - capex; Reported operating cash flow, continuing operations [https://assets.nebius.com/assets/2829268f-924f-4846-87b5-2365b7e58b41/Financial%20results_Q4%202025_11022026.pdf?cache-buster=2026-02-12T09:48:03.404Z; filed 2026-02-12] ; Reported cash purchases of property, equipment and intangible assets, continuing operations [https://assets.nebius.com/assets/2829268f-924f-4846-87b5-2365b7e58b41/Financial%20results_Q4%202025_11022026.pdf?cache-buster=2026-02-12T09:48:03.404Z; filed 2026-02-12]
/model/quarters/2024-12-31/fcf/provenance/filedNone2026-02-12
/model/quarters/2024-12-31/fcf/provenance/formNoneIssuer quarterly release
/model/quarters/2024-12-31/fcf/provenance/source_urlNonehttps://assets.nebius.com/assets/2829268f-924f-4846-87b5-2365b7e58b41/Financial%20results_Q4%202025_11022026.pdf?cache-buster=2026-02-12T09:48:03.404Z
/model/quarters/2024-12-31/fcf/valueNone-490600000.0
/model/quarters/2024-12-31/fiscal_labelNone2024Q4
/model/quarters/2024-12-31/net_income/provenance/classNonereported
/model/quarters/2024-12-31/net_income/provenance/conceptNoneReported total net income (loss), including discontinued operations
/model/quarters/2024-12-31/net_income/provenance/filedNone2026-02-12
/model/quarters/2024-12-31/net_income/provenance/formNoneIssuer quarterly release
/model/quarters/2024-12-31/net_income/provenance/source_urlNonehttps://assets.nebius.com/assets/2829268f-924f-4846-87b5-2365b7e58b41/Financial%20results_Q4%202025_11022026.pdf?cache-buster=2026-02-12T09:48:03.404Z
/model/quarters/2024-12-31/net_income/valueNone-133200000.0
/model/quarters/2024-12-31/operating_income/provenance/classNonereported
/model/quarters/2024-12-31/operating_income/provenance/conceptNoneReported operating income (loss), continuing operations
/model/quarters/2024-12-31/operating_income/provenance/filedNone2026-02-12
/model/quarters/2024-12-31/operating_income/provenance/formNoneIssuer quarterly release
/model/quarters/2024-12-31/operating_income/provenance/source_urlNonehttps://assets.nebius.com/assets/2829268f-924f-4846-87b5-2365b7e58b41/Financial%20results_Q4%202025_11022026.pdf?cache-buster=2026-02-12T09:48:03.404Z
/model/quarters/2024-12-31/operating_income/valueNone-136500000.0
/model/quarters/2024-12-31/period_endNone2024-12-31
/model/quarters/2024-12-31/revenue/provenance/classNonereported
/model/quarters/2024-12-31/revenue/provenance/conceptNoneReported consolidated revenue, continuing operations
/model/quarters/2024-12-31/revenue/provenance/filedNone2026-02-12
/model/quarters/2024-12-31/revenue/provenance/formNoneIssuer quarterly release
/model/quarters/2024-12-31/revenue/provenance/source_urlNonehttps://assets.nebius.com/assets/2829268f-924f-4846-87b5-2365b7e58b41/Financial%20results_Q4%202025_11022026.pdf?cache-buster=2026-02-12T09:48:03.404Z
/model/quarters/2024-12-31/revenue/valueNone35200000.0
/model/quarters/2025-03-31/capex/provenance/classNonereported
/model/quarters/2025-03-31/capex/provenance/conceptNoneReported cash purchases of property, equipment and intangible assets, continuing operations
/model/quarters/2025-03-31/capex/provenance/filedNone2026-05-13
/model/quarters/2025-03-31/capex/provenance/formNoneIssuer quarterly release
/model/quarters/2025-03-31/capex/provenance/source_urlNonehttps://assets.nebius.com/assets/6fc0ea6c-0884-4a1f-bed8-1f797eb9628f/Financial%20results_Q1%202026.pdf?cache-buster=2026-05-13T09:58:57.420Z
/model/quarters/2025-03-31/capex/valueNone543900000.0
/model/quarters/2025-03-31/cash/provenance/classNonereported
/model/quarters/2025-03-31/cash/provenance/conceptNoneReported unrestricted cash and equivalents, continuing operations
/model/quarters/2025-03-31/cash/provenance/filedNone2026-05-13
/model/quarters/2025-03-31/cash/provenance/formNoneIssuer quarterly release
/model/quarters/2025-03-31/cash/provenance/source_urlNonehttps://assets.nebius.com/assets/6fc0ea6c-0884-4a1f-bed8-1f797eb9628f/Financial%20results_Q1%202026.pdf?cache-buster=2026-05-13T09:58:57.420Z
/model/quarters/2025-03-31/cash/valueNone1439700000.0
/model/quarters/2025-03-31/cfo/provenance/classNonereported
/model/quarters/2025-03-31/cfo/provenance/conceptNoneReported operating cash flow, continuing operations
/model/quarters/2025-03-31/cfo/provenance/filedNone2026-05-13
/model/quarters/2025-03-31/cfo/provenance/formNoneIssuer quarterly release
/model/quarters/2025-03-31/cfo/provenance/source_urlNonehttps://assets.nebius.com/assets/6fc0ea6c-0884-4a1f-bed8-1f797eb9628f/Financial%20results_Q1%202026.pdf?cache-buster=2026-05-13T09:58:57.420Z
/model/quarters/2025-03-31/cfo/valueNone-184100000.0
/model/quarters/2025-03-31/fcf/provenance/classNonederived
/model/quarters/2025-03-31/fcf/provenance/conceptNoneCFO - capex; Reported operating cash flow, continuing operations [https://assets.nebius.com/assets/6fc0ea6c-0884-4a1f-bed8-1f797eb9628f/Financial%20results_Q1%202026.pdf?cache-buster=2026-05-13T09:58:57.420Z; filed 2026-05-13] ; Reported cash purchases of property, equipment and intangible assets, continuing operations [https://assets.nebius.com/assets/6fc0ea6c-0884-4a1f-bed8-1f797eb9628f/Financial%20results_Q1%202026.pdf?cache-buster=2026-05-13T09:58:57.420Z; filed 2026-05-13]
/model/quarters/2025-03-31/fcf/provenance/filedNone2026-05-13
/model/quarters/2025-03-31/fcf/provenance/formNoneIssuer quarterly release
/model/quarters/2025-03-31/fcf/provenance/source_urlNonehttps://assets.nebius.com/assets/6fc0ea6c-0884-4a1f-bed8-1f797eb9628f/Financial%20results_Q1%202026.pdf?cache-buster=2026-05-13T09:58:57.420Z
/model/quarters/2025-03-31/fcf/valueNone-728000000.0
/model/quarters/2025-03-31/fiscal_labelNone2025Q1
/model/quarters/2025-03-31/net_income/provenance/classNonereported
/model/quarters/2025-03-31/net_income/provenance/conceptNoneReported total net income (loss), including discontinued operations
/model/quarters/2025-03-31/net_income/provenance/filedNone2026-05-13
/model/quarters/2025-03-31/net_income/provenance/formNoneIssuer quarterly release
/model/quarters/2025-03-31/net_income/provenance/source_urlNonehttps://assets.nebius.com/assets/6fc0ea6c-0884-4a1f-bed8-1f797eb9628f/Financial%20results_Q1%202026.pdf?cache-buster=2026-05-13T09:58:57.420Z
/model/quarters/2025-03-31/net_income/valueNone-113500000.0
/model/quarters/2025-03-31/operating_income/provenance/classNonereported
/model/quarters/2025-03-31/operating_income/provenance/conceptNoneReported operating income (loss), continuing operations
/model/quarters/2025-03-31/operating_income/provenance/filedNone2026-05-13
/model/quarters/2025-03-31/operating_income/provenance/formNoneIssuer quarterly release
/model/quarters/2025-03-31/operating_income/provenance/source_urlNonehttps://assets.nebius.com/assets/6fc0ea6c-0884-4a1f-bed8-1f797eb9628f/Financial%20results_Q1%202026.pdf?cache-buster=2026-05-13T09:58:57.420Z
/model/quarters/2025-03-31/operating_income/valueNone-120300000.0
/model/quarters/2025-03-31/period_endNone2025-03-31
/model/quarters/2025-03-31/revenue/provenance/classNonereported
/model/quarters/2025-03-31/revenue/provenance/conceptNoneReported consolidated revenue, continuing operations
/model/quarters/2025-03-31/revenue/provenance/filedNone2026-05-13
/model/quarters/2025-03-31/revenue/provenance/formNoneIssuer quarterly release
/model/quarters/2025-03-31/revenue/provenance/source_urlNonehttps://assets.nebius.com/assets/6fc0ea6c-0884-4a1f-bed8-1f797eb9628f/Financial%20results_Q1%202026.pdf?cache-buster=2026-05-13T09:58:57.420Z
/model/quarters/2025-03-31/revenue/valueNone50900000.0
/model/quarters/2025-06-30/capex/provenance/classNonereported
/model/quarters/2025-06-30/capex/provenance/conceptNoneReported cash purchases of property, equipment and intangible assets, continuing operations
/model/quarters/2025-06-30/capex/provenance/filedNone2026-08-12
/model/quarters/2025-06-30/capex/provenance/formNoneIssuer quarterly release
/model/quarters/2025-06-30/capex/provenance/source_urlNonehttps://assets.nebius.com/assets/72a8c258-bbb7-4df7-ab9d-8698f6cb88fc/PR.pdf
/model/quarters/2025-06-30/capex/valueNone510600000.0
/model/quarters/2025-06-30/cash/provenance/classNonereported
/model/quarters/2025-06-30/cash/provenance/conceptNoneReported unrestricted cash and equivalents, continuing operations
/model/quarters/2025-06-30/cash/provenance/filedNone2026-08-12
/model/quarters/2025-06-30/cash/provenance/formNoneIssuer quarterly release
/model/quarters/2025-06-30/cash/provenance/source_urlNonehttps://assets.nebius.com/assets/72a8c258-bbb7-4df7-ab9d-8698f6cb88fc/PR.pdf
/model/quarters/2025-06-30/cash/valueNone1679300000.0
/model/quarters/2025-06-30/cfo/provenance/classNonereported
/model/quarters/2025-06-30/cfo/provenance/conceptNoneReported operating cash flow, continuing operations
/model/quarters/2025-06-30/cfo/provenance/filedNone2026-08-12
/model/quarters/2025-06-30/cfo/provenance/formNoneIssuer quarterly release
/model/quarters/2025-06-30/cfo/provenance/source_urlNonehttps://assets.nebius.com/assets/72a8c258-bbb7-4df7-ab9d-8698f6cb88fc/PR.pdf
/model/quarters/2025-06-30/cfo/valueNone-167900000.0
/model/quarters/2025-06-30/fcf/provenance/classNonederived
/model/quarters/2025-06-30/fcf/provenance/conceptNoneCFO - capex; Reported operating cash flow, continuing operations [https://assets.nebius.com/assets/72a8c258-bbb7-4df7-ab9d-8698f6cb88fc/PR.pdf; filed 2026-08-12] ; Reported cash purchases of property, equipment and intangible assets, continuing operations [https://assets.nebius.com/assets/72a8c258-bbb7-4df7-ab9d-8698f6cb88fc/PR.pdf; filed 2026-08-12]
/model/quarters/2025-06-30/fcf/provenance/filedNone2026-08-12
/model/quarters/2025-06-30/fcf/provenance/formNoneIssuer quarterly release
/model/quarters/2025-06-30/fcf/provenance/source_urlNonehttps://assets.nebius.com/assets/72a8c258-bbb7-4df7-ab9d-8698f6cb88fc/PR.pdf
/model/quarters/2025-06-30/fcf/valueNone-678500000.0
/model/quarters/2025-06-30/fiscal_labelNone2025Q2
/model/quarters/2025-06-30/net_income/provenance/classNonereported
/model/quarters/2025-06-30/net_income/provenance/conceptNoneReported total net income (loss), including discontinued operations
/model/quarters/2025-06-30/net_income/provenance/filedNone2026-08-12
/model/quarters/2025-06-30/net_income/provenance/formNoneIssuer quarterly release
/model/quarters/2025-06-30/net_income/provenance/source_urlNonehttps://assets.nebius.com/assets/72a8c258-bbb7-4df7-ab9d-8698f6cb88fc/PR.pdf
/model/quarters/2025-06-30/net_income/valueNone584400000.0
/model/quarters/2025-06-30/operating_income/provenance/classNonereported
/model/quarters/2025-06-30/operating_income/provenance/conceptNoneReported operating income (loss), continuing operations
/model/quarters/2025-06-30/operating_income/provenance/filedNone2026-08-12
/model/quarters/2025-06-30/operating_income/provenance/formNoneIssuer quarterly release
/model/quarters/2025-06-30/operating_income/provenance/source_urlNonehttps://assets.nebius.com/assets/72a8c258-bbb7-4df7-ab9d-8698f6cb88fc/PR.pdf
/model/quarters/2025-06-30/operating_income/valueNone-111200000.0
/model/quarters/2025-06-30/period_endNone2025-06-30
/model/quarters/2025-06-30/revenue/provenance/classNonereported
/model/quarters/2025-06-30/revenue/provenance/conceptNoneReported consolidated revenue, continuing operations
/model/quarters/2025-06-30/revenue/provenance/filedNone2026-08-12
/model/quarters/2025-06-30/revenue/provenance/formNoneIssuer quarterly release
/model/quarters/2025-06-30/revenue/provenance/source_urlNonehttps://assets.nebius.com/assets/72a8c258-bbb7-4df7-ab9d-8698f6cb88fc/PR.pdf
/model/quarters/2025-06-30/revenue/valueNone105100000.0
/model/quarters/2025-09-30/capex/provenance/classNonereported
/model/quarters/2025-09-30/capex/provenance/conceptNoneReported cash purchases of property, equipment and intangible assets, continuing operations
/model/quarters/2025-09-30/capex/provenance/filedNone2025-11-11
/model/quarters/2025-09-30/capex/provenance/formNoneIssuer quarterly release
/model/quarters/2025-09-30/capex/provenance/source_urlNonehttps://assets.nebius.com/assets/a24c0d55-ba23-437c-a6bc-93cc2223cb01/20251111%20Nebius%20reports%20third%20quarter%202025%20financial%20results.pdf?cache-buster=2025-11-11T11:13:59.487Z
/model/quarters/2025-09-30/capex/valueNone955500000.0
/model/quarters/2025-09-30/cash/provenance/classNonereported
/model/quarters/2025-09-30/cash/provenance/conceptNoneReported unrestricted cash and equivalents, continuing operations
/model/quarters/2025-09-30/cash/provenance/filedNone2025-11-11
/model/quarters/2025-09-30/cash/provenance/formNoneIssuer quarterly release
/model/quarters/2025-09-30/cash/provenance/source_urlNonehttps://assets.nebius.com/assets/a24c0d55-ba23-437c-a6bc-93cc2223cb01/20251111%20Nebius%20reports%20third%20quarter%202025%20financial%20results.pdf?cache-buster=2025-11-11T11:13:59.487Z
/model/quarters/2025-09-30/cash/valueNone4794800000.0
/model/quarters/2025-09-30/cfo/provenance/classNonereported
/model/quarters/2025-09-30/cfo/provenance/conceptNoneReported operating cash flow, continuing operations
/model/quarters/2025-09-30/cfo/provenance/filedNone2025-11-11
/model/quarters/2025-09-30/cfo/provenance/formNoneIssuer quarterly release
/model/quarters/2025-09-30/cfo/provenance/source_urlNonehttps://assets.nebius.com/assets/a24c0d55-ba23-437c-a6bc-93cc2223cb01/20251111%20Nebius%20reports%20third%20quarter%202025%20financial%20results.pdf?cache-buster=2025-11-11T11:13:59.487Z
/model/quarters/2025-09-30/cfo/valueNone-80600000.0
/model/quarters/2025-09-30/debt_long_term/provenance/classNonereported
/model/quarters/2025-09-30/debt_long_term/provenance/conceptNoneReported noncurrent debt carrying amount
/model/quarters/2025-09-30/debt_long_term/provenance/filedNone2025-11-11
/model/quarters/2025-09-30/debt_long_term/provenance/formNoneIssuer quarterly release
/model/quarters/2025-09-30/debt_long_term/provenance/source_urlNonehttps://assets.nebius.com/assets/a24c0d55-ba23-437c-a6bc-93cc2223cb01/20251111%20Nebius%20reports%20third%20quarter%202025%20financial%20results.pdf?cache-buster=2025-11-11T11:13:59.487Z
/model/quarters/2025-09-30/debt_long_term/valueNone4090800000.0
/model/quarters/2025-09-30/fcf/provenance/classNonederived
/model/quarters/2025-09-30/fcf/provenance/conceptNoneCFO - capex; Reported operating cash flow, continuing operations [https://assets.nebius.com/assets/a24c0d55-ba23-437c-a6bc-93cc2223cb01/20251111%20Nebius%20reports%20third%20quarter%202025%20financial%20results.pdf?cache-buster=2025-11-11T11:13:59.487Z; filed 2025-11-11] ; Reported cash purchases of property, equipment and intangible assets, continuing operations [https://assets.nebius.com/assets/a24c0d55-ba23-437c-a6bc-93cc2223cb01/20251111%20Nebius%20reports%20third%20quarter%202025%20financial%20results.pdf?cache-buster=2025-11-11T11:13:59.487Z; filed 2025-11-11]
/model/quarters/2025-09-30/fcf/provenance/filedNone2025-11-11
/model/quarters/2025-09-30/fcf/provenance/formNoneIssuer quarterly release
/model/quarters/2025-09-30/fcf/provenance/source_urlNonehttps://assets.nebius.com/assets/a24c0d55-ba23-437c-a6bc-93cc2223cb01/20251111%20Nebius%20reports%20third%20quarter%202025%20financial%20results.pdf?cache-buster=2025-11-11T11:13:59.487Z
/model/quarters/2025-09-30/fcf/valueNone-1036100000.0
/model/quarters/2025-09-30/fiscal_labelNone2025Q3
/model/quarters/2025-09-30/net_income/provenance/classNonereported
/model/quarters/2025-09-30/net_income/provenance/conceptNoneReported total net income (loss), including discontinued operations
/model/quarters/2025-09-30/net_income/provenance/filedNone2025-11-11
/model/quarters/2025-09-30/net_income/provenance/formNoneIssuer quarterly release
/model/quarters/2025-09-30/net_income/provenance/source_urlNonehttps://assets.nebius.com/assets/a24c0d55-ba23-437c-a6bc-93cc2223cb01/20251111%20Nebius%20reports%20third%20quarter%202025%20financial%20results.pdf?cache-buster=2025-11-11T11:13:59.487Z
/model/quarters/2025-09-30/net_income/valueNone-119600000.0
/model/quarters/2025-09-30/operating_income/provenance/classNonereported
/model/quarters/2025-09-30/operating_income/provenance/conceptNoneReported operating income (loss), continuing operations
/model/quarters/2025-09-30/operating_income/provenance/filedNone2025-11-11
/model/quarters/2025-09-30/operating_income/provenance/formNoneIssuer quarterly release
/model/quarters/2025-09-30/operating_income/provenance/source_urlNonehttps://assets.nebius.com/assets/a24c0d55-ba23-437c-a6bc-93cc2223cb01/20251111%20Nebius%20reports%20third%20quarter%202025%20financial%20results.pdf?cache-buster=2025-11-11T11:13:59.487Z
/model/quarters/2025-09-30/operating_income/valueNone-130200000.0
/model/quarters/2025-09-30/period_endNone2025-09-30
/model/quarters/2025-09-30/revenue/provenance/classNonereported
/model/quarters/2025-09-30/revenue/provenance/conceptNoneReported consolidated revenue, continuing operations
/model/quarters/2025-09-30/revenue/provenance/filedNone2025-11-11
/model/quarters/2025-09-30/revenue/provenance/formNoneIssuer quarterly release
/model/quarters/2025-09-30/revenue/provenance/source_urlNonehttps://assets.nebius.com/assets/a24c0d55-ba23-437c-a6bc-93cc2223cb01/20251111%20Nebius%20reports%20third%20quarter%202025%20financial%20results.pdf?cache-buster=2025-11-11T11:13:59.487Z
/model/quarters/2025-09-30/revenue/valueNone146100000.0
/model/quarters/2025-12-31/capex/provenance/classNonereported
/model/quarters/2025-12-31/capex/provenance/conceptNoneReported cash purchases of property, equipment and intangible assets, continuing operations
/model/quarters/2025-12-31/capex/provenance/filedNone2026-02-12
/model/quarters/2025-12-31/capex/provenance/formNoneIssuer quarterly release
/model/quarters/2025-12-31/capex/provenance/source_urlNonehttps://assets.nebius.com/assets/2829268f-924f-4846-87b5-2365b7e58b41/Financial%20results_Q4%202025_11022026.pdf?cache-buster=2026-02-12T09:48:03.404Z
/model/quarters/2025-12-31/capex/valueNone2056000000.0
/model/quarters/2025-12-31/cash/provenance/classNonereported
/model/quarters/2025-12-31/cash/provenance/conceptNoneReported unrestricted cash and equivalents, continuing operations
/model/quarters/2025-12-31/cash/provenance/filedNone2026-02-12
/model/quarters/2025-12-31/cash/provenance/formNoneIssuer quarterly release
/model/quarters/2025-12-31/cash/provenance/source_urlNonehttps://assets.nebius.com/assets/2829268f-924f-4846-87b5-2365b7e58b41/Financial%20results_Q4%202025_11022026.pdf?cache-buster=2026-02-12T09:48:03.404Z
/model/quarters/2025-12-31/cash/valueNone3678100000.0
/model/quarters/2025-12-31/cfo/provenance/classNonereported
/model/quarters/2025-12-31/cfo/provenance/conceptNoneReported operating cash flow, continuing operations
/model/quarters/2025-12-31/cfo/provenance/filedNone2026-02-12
/model/quarters/2025-12-31/cfo/provenance/formNoneIssuer quarterly release
/model/quarters/2025-12-31/cfo/provenance/source_urlNonehttps://assets.nebius.com/assets/2829268f-924f-4846-87b5-2365b7e58b41/Financial%20results_Q4%202025_11022026.pdf?cache-buster=2026-02-12T09:48:03.404Z
/model/quarters/2025-12-31/cfo/valueNone834300000.0
/model/quarters/2025-12-31/debt_long_term/provenance/classNonereported
/model/quarters/2025-12-31/debt_long_term/provenance/conceptNoneReported noncurrent debt carrying amount
/model/quarters/2025-12-31/debt_long_term/provenance/filedNone2026-02-12
/model/quarters/2025-12-31/debt_long_term/provenance/formNoneIssuer quarterly release
/model/quarters/2025-12-31/debt_long_term/provenance/source_urlNonehttps://assets.nebius.com/assets/2829268f-924f-4846-87b5-2365b7e58b41/Financial%20results_Q4%202025_11022026.pdf?cache-buster=2026-02-12T09:48:03.404Z
/model/quarters/2025-12-31/debt_long_term/valueNone4103200000.0
/model/quarters/2025-12-31/fcf/provenance/classNonederived
/model/quarters/2025-12-31/fcf/provenance/conceptNoneCFO - capex; Reported operating cash flow, continuing operations [https://assets.nebius.com/assets/2829268f-924f-4846-87b5-2365b7e58b41/Financial%20results_Q4%202025_11022026.pdf?cache-buster=2026-02-12T09:48:03.404Z; filed 2026-02-12] ; Reported cash purchases of property, equipment and intangible assets, continuing operations [https://assets.nebius.com/assets/2829268f-924f-4846-87b5-2365b7e58b41/Financial%20results_Q4%202025_11022026.pdf?cache-buster=2026-02-12T09:48:03.404Z; filed 2026-02-12]
/model/quarters/2025-12-31/fcf/provenance/filedNone2026-02-12
/model/quarters/2025-12-31/fcf/provenance/formNoneIssuer quarterly release
/model/quarters/2025-12-31/fcf/provenance/source_urlNonehttps://assets.nebius.com/assets/2829268f-924f-4846-87b5-2365b7e58b41/Financial%20results_Q4%202025_11022026.pdf?cache-buster=2026-02-12T09:48:03.404Z
/model/quarters/2025-12-31/fcf/valueNone-1221700000.0
/model/quarters/2025-12-31/fiscal_labelNone2025Q4
/model/quarters/2025-12-31/period_endNone2025-12-31
/model/quarters/2025-12-31/revenue/provenance/classNonereported
/model/quarters/2025-12-31/revenue/provenance/conceptNoneReported consolidated revenue, continuing operations
/model/quarters/2025-12-31/revenue/provenance/filedNone2026-02-12
/model/quarters/2025-12-31/revenue/provenance/formNoneIssuer quarterly release
/model/quarters/2025-12-31/revenue/provenance/source_urlNonehttps://assets.nebius.com/assets/2829268f-924f-4846-87b5-2365b7e58b41/Financial%20results_Q4%202025_11022026.pdf?cache-buster=2026-02-12T09:48:03.404Z
/model/quarters/2025-12-31/revenue/valueNone227700000.0
/operating_model/cells/aug_assumed_fees:shared/basisNoneGross financing times explicit desk fee allowance; not reported issuance costs.
/operating_model/cells/aug_assumed_fees:shared/caseNoneshared
/operating_model/cells/aug_assumed_fees:shared/formula/opNonemultiply
/operating_model/cells/aug_assumed_fees:shared/formula/refs/0Noneaug_gross_proceeds
/operating_model/cells/aug_assumed_fees:shared/formula/refs/1Noneaug_fee_fraction
/operating_model/cells/aug_assumed_fees:shared/idNoneaug_assumed_fees
/operating_model/cells/aug_assumed_fees:shared/kindNonederived
/operating_model/cells/aug_assumed_fees:shared/labelNoneAssumed August issuance cash costs
/operating_model/cells/aug_assumed_fees:shared/periodNoneAugust financing
/operating_model/cells/aug_assumed_fees:shared/unitNoneUSD_millions
/operating_model/cells/aug_assumed_fees:shared/valueNone86.25
/operating_model/cells/aug_exchange_shares:shared/basisNoneApproximately 15.8M Class A shares for $800M principal; noncash debt retirement, not repayment from cash.
/operating_model/cells/aug_exchange_shares:shared/caseNoneshared
/operating_model/cells/aug_exchange_shares:shared/idNoneaug_exchange_shares
/operating_model/cells/aug_exchange_shares:shared/kindNonereported
/operating_model/cells/aug_exchange_shares:shared/labelNoneAugust debt-exchange shares, approximately
/operating_model/cells/aug_exchange_shares:shared/periodNoneAugust exchange
/operating_model/cells/aug_exchange_shares:shared/source_dateNone2026-08-24
/operating_model/cells/aug_exchange_shares:shared/source_urlNonehttps://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_exchange_shares:shared/unitNoneshares_millions
/operating_model/cells/aug_exchange_shares:shared/valueNone15.8
/operating_model/cells/aug_fee_fraction:shared/basisNoneDesk 1.5% gross-to-net cost allowance because closing release gives gross proceeds, not final net cash. Replace when actual financing costs are reported.
/operating_model/cells/aug_fee_fraction:shared/caseNoneshared
/operating_model/cells/aug_fee_fraction:shared/idNoneaug_fee_fraction
/operating_model/cells/aug_fee_fraction:shared/kindNoneassumption
/operating_model/cells/aug_fee_fraction:shared/labelNoneAssumed August financing fee fraction
/operating_model/cells/aug_fee_fraction:shared/periodNoneAugust financing
/operating_model/cells/aug_fee_fraction:shared/unitNoneratio
/operating_model/cells/aug_fee_fraction:shared/valueNone0.015
/operating_model/cells/aug_modeled_net_proceeds:shared/basisNoneDated gross issuance less assumed costs. Added once in Q3, not presented as current cash.
/operating_model/cells/aug_modeled_net_proceeds:shared/caseNoneshared
/operating_model/cells/aug_modeled_net_proceeds:shared/formula/opNonesubtract
/operating_model/cells/aug_modeled_net_proceeds:shared/formula/refs/0Noneaug_gross_proceeds
/operating_model/cells/aug_modeled_net_proceeds:shared/formula/refs/1Noneaug_assumed_fees
/operating_model/cells/aug_modeled_net_proceeds:shared/idNoneaug_modeled_net_proceeds
/operating_model/cells/aug_modeled_net_proceeds:shared/kindNonederived
/operating_model/cells/aug_modeled_net_proceeds:shared/labelNoneAugust proceeds after modeled costs
/operating_model/cells/aug_modeled_net_proceeds:shared/periodNoneAugust financing
/operating_model/cells/aug_modeled_net_proceeds:shared/unitNoneUSD_millions
/operating_model/cells/aug_modeled_net_proceeds:shared/valueNone5663.75
/operating_model/cells/base_2026q3_asset_sale_cash:base/basisNoneNo other asset sales assumed; no sale revenue is counted as recurring operating cash.
/operating_model/cells/base_2026q3_asset_sale_cash:base/caseNonebase
/operating_model/cells/base_2026q3_asset_sale_cash:base/idNonebase_2026q3_asset_sale_cash
/operating_model/cells/base_2026q3_asset_sale_cash:base/kindNoneassumption
/operating_model/cells/base_2026q3_asset_sale_cash:base/labelNoneAsset-sale cash assumed
/operating_model/cells/base_2026q3_asset_sale_cash:base/periodNone2026Q3
/operating_model/cells/base_2026q3_asset_sale_cash:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_asset_sale_cash:base/valueNone0.0
/operating_model/cells/base_2026q3_cash_with_funding:base/basisNoneCombines the operating model with explicit financing/restricted-fund assumptions once.
/operating_model/cells/base_2026q3_cash_with_funding:base/caseNonebase
/operating_model/cells/base_2026q3_cash_with_funding:base/formula/opNonesum
/operating_model/cells/base_2026q3_cash_with_funding:base/formula/refs/0Nonebase_2026q3_fcf
/operating_model/cells/base_2026q3_cash_with_funding:base/formula/refs/1Nonebase_2026q3_funding_sources
/operating_model/cells/base_2026q3_cash_with_funding:base/idNonebase_2026q3_cash_with_funding
/operating_model/cells/base_2026q3_cash_with_funding:base/kindNonederived
/operating_model/cells/base_2026q3_cash_with_funding:base/labelNoneOperating cash after capex plus funding
/operating_model/cells/base_2026q3_cash_with_funding:base/periodNone2026Q3
/operating_model/cells/base_2026q3_cash_with_funding:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_cash_with_funding:base/valueNone281.7539999999999
/operating_model/cells/base_2026q3_external_net_funding:base/basisNoneAugust closing cash after assumed costs plus the separately assumed July draw. The $800M debt-for-shares exchange is excluded from cash.
/operating_model/cells/base_2026q3_external_net_funding:base/caseNonebase
/operating_model/cells/base_2026q3_external_net_funding:base/formula/opNonesum
/operating_model/cells/base_2026q3_external_net_funding:base/formula/refs/0Noneaug_modeled_net_proceeds
/operating_model/cells/base_2026q3_external_net_funding:base/formula/refs/1Nonebase_2026q3_facility_draw
/operating_model/cells/base_2026q3_external_net_funding:base/idNonebase_2026q3_external_net_funding
/operating_model/cells/base_2026q3_external_net_funding:base/kindNonederived
/operating_model/cells/base_2026q3_external_net_funding:base/labelNoneDated financing after modeled costs
/operating_model/cells/base_2026q3_external_net_funding:base/periodNone2026Q3
/operating_model/cells/base_2026q3_external_net_funding:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_external_net_funding:base/valueNone5663.75
/operating_model/cells/base_2026q3_facility_draw:base/basisNoneFacility amount times explicit availability assumption; not reported receipt.
/operating_model/cells/base_2026q3_facility_draw:base/caseNonebase
/operating_model/cells/base_2026q3_facility_draw:base/formula/opNonemultiply
/operating_model/cells/base_2026q3_facility_draw:base/formula/refs/0Nonejuly_secured_facility
/operating_model/cells/base_2026q3_facility_draw:base/formula/refs/1Nonebase_2026q3_facility_draw_fraction
/operating_model/cells/base_2026q3_facility_draw:base/idNonebase_2026q3_facility_draw
/operating_model/cells/base_2026q3_facility_draw:base/kindNonederived
/operating_model/cells/base_2026q3_facility_draw:base/labelNoneModeled July facility draw
/operating_model/cells/base_2026q3_facility_draw:base/periodNone2026Q3
/operating_model/cells/base_2026q3_facility_draw:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_facility_draw:base/valueNone0.0
/operating_model/cells/base_2026q3_facility_draw_fraction:base/basisNoneNo draw credited until cash availability is confirmed. A signed $775M facility is displayed separately; users can test a draw but must account for conditions and fees.
/operating_model/cells/base_2026q3_facility_draw_fraction:base/caseNonebase
/operating_model/cells/base_2026q3_facility_draw_fraction:base/idNonebase_2026q3_facility_draw_fraction
/operating_model/cells/base_2026q3_facility_draw_fraction:base/kindNoneassumption
/operating_model/cells/base_2026q3_facility_draw_fraction:base/labelNoneAssumed draw of July facility
/operating_model/cells/base_2026q3_facility_draw_fraction:base/periodNone2026Q3
/operating_model/cells/base_2026q3_facility_draw_fraction:base/unitNoneratio
/operating_model/cells/base_2026q3_facility_draw_fraction:base/valueNone0.0
/operating_model/cells/base_2026q3_funding_balance:base/basisNoneJune unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim.
/operating_model/cells/base_2026q3_funding_balance:base/caseNonebase
/operating_model/cells/base_2026q3_funding_balance:base/formula/opNonesum
/operating_model/cells/base_2026q3_funding_balance:base/formula/refs/0Noneh1_cash
/operating_model/cells/base_2026q3_funding_balance:base/formula/refs/1Nonebase_2026q3_funding_change
/operating_model/cells/base_2026q3_funding_balance:base/idNonebase_2026q3_funding_balance
/operating_model/cells/base_2026q3_funding_balance:base/kindNonederived
/operating_model/cells/base_2026q3_funding_balance:base/labelNoneFunding balance under stated assumptions
/operating_model/cells/base_2026q3_funding_balance:base/periodNone2026Q3
/operating_model/cells/base_2026q3_funding_balance:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_funding_balance:base/valueNone8308.854
/operating_model/cells/base_2026q3_funding_change:base/basisNoneFunding inflows less explicit cash uses; not a full GAAP cash-flow statement.
/operating_model/cells/base_2026q3_funding_change:base/caseNonebase
/operating_model/cells/base_2026q3_funding_change:base/formula/opNonesubtract
/operating_model/cells/base_2026q3_funding_change:base/formula/refs/0Nonebase_2026q3_cash_with_funding
/operating_model/cells/base_2026q3_funding_change:base/formula/refs/1Nonebase_2026q3_funding_uses
/operating_model/cells/base_2026q3_funding_change:base/idNonebase_2026q3_funding_change
/operating_model/cells/base_2026q3_funding_change:base/kindNonederived
/operating_model/cells/base_2026q3_funding_change:base/labelNoneNet modeled funding change
/operating_model/cells/base_2026q3_funding_change:base/periodNone2026Q3
/operating_model/cells/base_2026q3_funding_change:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_funding_change:base/valueNone266.7539999999999
/operating_model/cells/base_2026q3_funding_sources:base/basisNoneTransfers from restricted cash, dated financing and conditional disposals stay distinct from revenue.
/operating_model/cells/base_2026q3_funding_sources:base/caseNonebase
/operating_model/cells/base_2026q3_funding_sources:base/formula/opNonesum
/operating_model/cells/base_2026q3_funding_sources:base/formula/refs/0Nonebase_2026q3_restricted_release
/operating_model/cells/base_2026q3_funding_sources:base/formula/refs/1Nonebase_2026q3_external_net_funding
/operating_model/cells/base_2026q3_funding_sources:base/formula/refs/2Nonebase_2026q3_asset_sale_cash
/operating_model/cells/base_2026q3_funding_sources:base/idNonebase_2026q3_funding_sources
/operating_model/cells/base_2026q3_funding_sources:base/kindNonederived
/operating_model/cells/base_2026q3_funding_sources:base/labelNoneFunding inflows outside operating model
/operating_model/cells/base_2026q3_funding_sources:base/periodNone2026Q3
/operating_model/cells/base_2026q3_funding_sources:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_funding_sources:base/valueNone5663.75
/operating_model/cells/base_2026q3_funding_uses:base/basisNonePrincipal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge.
/operating_model/cells/base_2026q3_funding_uses:base/caseNonebase
/operating_model/cells/base_2026q3_funding_uses:base/formula/opNonesum
/operating_model/cells/base_2026q3_funding_uses:base/formula/refs/0Nonebase_2026q3_principal_cash
/operating_model/cells/base_2026q3_funding_uses:base/formula/refs/1Nonebase_2026q3_other_funding_uses
/operating_model/cells/base_2026q3_funding_uses:base/idNonebase_2026q3_funding_uses
/operating_model/cells/base_2026q3_funding_uses:base/kindNonederived
/operating_model/cells/base_2026q3_funding_uses:base/labelNoneCash uses outside operating model
/operating_model/cells/base_2026q3_funding_uses:base/periodNone2026Q3
/operating_model/cells/base_2026q3_funding_uses:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_funding_uses:base/valueNone15.0
/operating_model/cells/base_2026q3_other_funding_uses:base/basisNoneExplicit desk allowance outside operating cash/capex: includes $10M assumed sale costs only for WULF upside closing. Zero otherwise leaves undisclosed acquisitions, contingent settlements and minority distributions unmodeled, not known absent. Construction reimbursements already included in capex are not deducted again.
/operating_model/cells/base_2026q3_other_funding_uses:base/caseNonebase
/operating_model/cells/base_2026q3_other_funding_uses:base/idNonebase_2026q3_other_funding_uses
/operating_model/cells/base_2026q3_other_funding_uses:base/kindNoneassumption
/operating_model/cells/base_2026q3_other_funding_uses:base/labelNoneAdditional investing, fees and outside-owner cash uses
/operating_model/cells/base_2026q3_other_funding_uses:base/periodNone2026Q3
/operating_model/cells/base_2026q3_other_funding_uses:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_other_funding_uses:base/valueNone0.0
/operating_model/cells/base_2026q3_principal_cash:base/basisNoneDesk $15M quarterly principal allowance, separate from interest already in the operating bridge. This is not a disclosed maturity schedule; replace with reported repayments/contractual timing. Optional early note settlement excluded.
/operating_model/cells/base_2026q3_principal_cash:base/caseNonebase
/operating_model/cells/base_2026q3_principal_cash:base/idNonebase_2026q3_principal_cash
/operating_model/cells/base_2026q3_principal_cash:base/kindNoneassumption
/operating_model/cells/base_2026q3_principal_cash:base/labelNoneAssumed principal cash use
/operating_model/cells/base_2026q3_principal_cash:base/periodNone2026Q3
/operating_model/cells/base_2026q3_principal_cash:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_principal_cash:base/valueNone15.0
/operating_model/cells/base_2026q3_restricted_release:base/basisNoneNo restricted funds assumed available for general funding. Change only with source-backed release conditions; this balance is not free parent cash.
/operating_model/cells/base_2026q3_restricted_release:base/caseNonebase
/operating_model/cells/base_2026q3_restricted_release:base/idNonebase_2026q3_restricted_release
/operating_model/cells/base_2026q3_restricted_release:base/kindNoneassumption
/operating_model/cells/base_2026q3_restricted_release:base/labelNoneRestricted funds used for qualifying spending
/operating_model/cells/base_2026q3_restricted_release:base/periodNone2026Q3
/operating_model/cells/base_2026q3_restricted_release:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_restricted_release:base/valueNone0.0
/operating_model/cells/base_2026q3_restricted_remaining:base/basisNoneOpening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims.
/operating_model/cells/base_2026q3_restricted_remaining:base/caseNonebase
/operating_model/cells/base_2026q3_restricted_remaining:base/formula/opNonesubtract
/operating_model/cells/base_2026q3_restricted_remaining:base/formula/refs/0Noneh1_restricted_cash
/operating_model/cells/base_2026q3_restricted_remaining:base/formula/refs/1Nonebase_2026q3_restricted_release
/operating_model/cells/base_2026q3_restricted_remaining:base/idNonebase_2026q3_restricted_remaining
/operating_model/cells/base_2026q3_restricted_remaining:base/kindNonederived
/operating_model/cells/base_2026q3_restricted_remaining:base/labelNoneRemaining restricted cash in funding bridge
/operating_model/cells/base_2026q3_restricted_remaining:base/periodNone2026Q3
/operating_model/cells/base_2026q3_restricted_remaining:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_restricted_remaining:base/valueNone1056.0
/operating_model/cells/base_2026q4_asset_sale_cash:base/basisNoneNo other asset sales assumed; no sale revenue is counted as recurring operating cash.
/operating_model/cells/base_2026q4_asset_sale_cash:base/caseNonebase
/operating_model/cells/base_2026q4_asset_sale_cash:base/idNonebase_2026q4_asset_sale_cash
/operating_model/cells/base_2026q4_asset_sale_cash:base/kindNoneassumption
/operating_model/cells/base_2026q4_asset_sale_cash:base/labelNoneAsset-sale cash assumed
/operating_model/cells/base_2026q4_asset_sale_cash:base/periodNone2026Q4
/operating_model/cells/base_2026q4_asset_sale_cash:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_asset_sale_cash:base/valueNone0.0
/operating_model/cells/base_2026q4_cash_with_funding:base/basisNoneCombines the operating model with explicit financing/restricted-fund assumptions once.
/operating_model/cells/base_2026q4_cash_with_funding:base/caseNonebase
/operating_model/cells/base_2026q4_cash_with_funding:base/formula/opNonesum
/operating_model/cells/base_2026q4_cash_with_funding:base/formula/refs/0Nonebase_2026q4_fcf
/operating_model/cells/base_2026q4_cash_with_funding:base/formula/refs/1Nonebase_2026q4_funding_sources
/operating_model/cells/base_2026q4_cash_with_funding:base/idNonebase_2026q4_cash_with_funding
/operating_model/cells/base_2026q4_cash_with_funding:base/kindNonederived
/operating_model/cells/base_2026q4_cash_with_funding:base/labelNoneOperating cash after capex plus funding
/operating_model/cells/base_2026q4_cash_with_funding:base/periodNone2026Q4
/operating_model/cells/base_2026q4_cash_with_funding:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_cash_with_funding:base/valueNone-5456.784000000001
/operating_model/cells/base_2026q4_external_net_funding:base/basisNoneNo unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
/operating_model/cells/base_2026q4_external_net_funding:base/caseNonebase
/operating_model/cells/base_2026q4_external_net_funding:base/idNonebase_2026q4_external_net_funding
/operating_model/cells/base_2026q4_external_net_funding:base/kindNoneassumption
/operating_model/cells/base_2026q4_external_net_funding:base/labelNoneAdditional net financing assumed
/operating_model/cells/base_2026q4_external_net_funding:base/periodNone2026Q4
/operating_model/cells/base_2026q4_external_net_funding:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_external_net_funding:base/valueNone0.0
/operating_model/cells/base_2026q4_funding_balance:base/basisNoneJune unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim.
/operating_model/cells/base_2026q4_funding_balance:base/caseNonebase
/operating_model/cells/base_2026q4_funding_balance:base/formula/opNonesum
/operating_model/cells/base_2026q4_funding_balance:base/formula/refs/0Nonebase_2026q3_funding_balance
/operating_model/cells/base_2026q4_funding_balance:base/formula/refs/1Nonebase_2026q4_funding_change
/operating_model/cells/base_2026q4_funding_balance:base/idNonebase_2026q4_funding_balance
/operating_model/cells/base_2026q4_funding_balance:base/kindNonederived
/operating_model/cells/base_2026q4_funding_balance:base/labelNoneFunding balance under stated assumptions
/operating_model/cells/base_2026q4_funding_balance:base/periodNone2026Q4
/operating_model/cells/base_2026q4_funding_balance:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_funding_balance:base/valueNone2837.069999999999
/operating_model/cells/base_2026q4_funding_change:base/basisNoneFunding inflows less explicit cash uses; not a full GAAP cash-flow statement.
/operating_model/cells/base_2026q4_funding_change:base/caseNonebase
/operating_model/cells/base_2026q4_funding_change:base/formula/opNonesubtract
/operating_model/cells/base_2026q4_funding_change:base/formula/refs/0Nonebase_2026q4_cash_with_funding
/operating_model/cells/base_2026q4_funding_change:base/formula/refs/1Nonebase_2026q4_funding_uses
/operating_model/cells/base_2026q4_funding_change:base/idNonebase_2026q4_funding_change
/operating_model/cells/base_2026q4_funding_change:base/kindNonederived
/operating_model/cells/base_2026q4_funding_change:base/labelNoneNet modeled funding change
/operating_model/cells/base_2026q4_funding_change:base/periodNone2026Q4
/operating_model/cells/base_2026q4_funding_change:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_funding_change:base/valueNone-5471.784000000001
/operating_model/cells/base_2026q4_funding_sources:base/basisNoneTransfers from restricted cash, dated financing and conditional disposals stay distinct from revenue.
/operating_model/cells/base_2026q4_funding_sources:base/caseNonebase
/operating_model/cells/base_2026q4_funding_sources:base/formula/opNonesum
/operating_model/cells/base_2026q4_funding_sources:base/formula/refs/0Nonebase_2026q4_restricted_release
/operating_model/cells/base_2026q4_funding_sources:base/formula/refs/1Nonebase_2026q4_external_net_funding
/operating_model/cells/base_2026q4_funding_sources:base/formula/refs/2Nonebase_2026q4_asset_sale_cash
/operating_model/cells/base_2026q4_funding_sources:base/idNonebase_2026q4_funding_sources
/operating_model/cells/base_2026q4_funding_sources:base/kindNonederived
/operating_model/cells/base_2026q4_funding_sources:base/labelNoneFunding inflows outside operating model
/operating_model/cells/base_2026q4_funding_sources:base/periodNone2026Q4
/operating_model/cells/base_2026q4_funding_sources:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_funding_sources:base/valueNone0.0
/operating_model/cells/base_2026q4_funding_uses:base/basisNonePrincipal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge.
/operating_model/cells/base_2026q4_funding_uses:base/caseNonebase
/operating_model/cells/base_2026q4_funding_uses:base/formula/opNonesum
/operating_model/cells/base_2026q4_funding_uses:base/formula/refs/0Nonebase_2026q4_principal_cash
/operating_model/cells/base_2026q4_funding_uses:base/formula/refs/1Nonebase_2026q4_other_funding_uses
/operating_model/cells/base_2026q4_funding_uses:base/idNonebase_2026q4_funding_uses
/operating_model/cells/base_2026q4_funding_uses:base/kindNonederived
/operating_model/cells/base_2026q4_funding_uses:base/labelNoneCash uses outside operating model
/operating_model/cells/base_2026q4_funding_uses:base/periodNone2026Q4
/operating_model/cells/base_2026q4_funding_uses:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_funding_uses:base/valueNone15.0
/operating_model/cells/base_2026q4_other_funding_uses:base/basisNoneExplicit desk allowance outside operating cash/capex: includes $10M assumed sale costs only for WULF upside closing. Zero otherwise leaves undisclosed acquisitions, contingent settlements and minority distributions unmodeled, not known absent. Construction reimbursements already included in capex are not deducted again.
/operating_model/cells/base_2026q4_other_funding_uses:base/caseNonebase
/operating_model/cells/base_2026q4_other_funding_uses:base/idNonebase_2026q4_other_funding_uses
/operating_model/cells/base_2026q4_other_funding_uses:base/kindNoneassumption
/operating_model/cells/base_2026q4_other_funding_uses:base/labelNoneAdditional investing, fees and outside-owner cash uses
/operating_model/cells/base_2026q4_other_funding_uses:base/periodNone2026Q4
/operating_model/cells/base_2026q4_other_funding_uses:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_other_funding_uses:base/valueNone0.0
/operating_model/cells/base_2026q4_principal_cash:base/basisNoneDesk $15M quarterly principal allowance, separate from interest already in the operating bridge. This is not a disclosed maturity schedule; replace with reported repayments/contractual timing. Optional early note settlement excluded.
/operating_model/cells/base_2026q4_principal_cash:base/caseNonebase
/operating_model/cells/base_2026q4_principal_cash:base/idNonebase_2026q4_principal_cash
/operating_model/cells/base_2026q4_principal_cash:base/kindNoneassumption
/operating_model/cells/base_2026q4_principal_cash:base/labelNoneAssumed principal cash use
/operating_model/cells/base_2026q4_principal_cash:base/periodNone2026Q4
/operating_model/cells/base_2026q4_principal_cash:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_principal_cash:base/valueNone15.0
/operating_model/cells/base_2026q4_restricted_release:base/basisNoneNo restricted funds assumed available for general funding. Change only with source-backed release conditions; this balance is not free parent cash.
/operating_model/cells/base_2026q4_restricted_release:base/caseNonebase
/operating_model/cells/base_2026q4_restricted_release:base/idNonebase_2026q4_restricted_release
/operating_model/cells/base_2026q4_restricted_release:base/kindNoneassumption
/operating_model/cells/base_2026q4_restricted_release:base/labelNoneRestricted funds used for qualifying spending
/operating_model/cells/base_2026q4_restricted_release:base/periodNone2026Q4
/operating_model/cells/base_2026q4_restricted_release:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_restricted_release:base/valueNone0.0
/operating_model/cells/base_2026q4_restricted_remaining:base/basisNoneOpening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims.
/operating_model/cells/base_2026q4_restricted_remaining:base/caseNonebase
/operating_model/cells/base_2026q4_restricted_remaining:base/formula/opNonesubtract
/operating_model/cells/base_2026q4_restricted_remaining:base/formula/refs/0Nonebase_2026q3_restricted_remaining
/operating_model/cells/base_2026q4_restricted_remaining:base/formula/refs/1Nonebase_2026q4_restricted_release
/operating_model/cells/base_2026q4_restricted_remaining:base/idNonebase_2026q4_restricted_remaining
/operating_model/cells/base_2026q4_restricted_remaining:base/kindNonederived
/operating_model/cells/base_2026q4_restricted_remaining:base/labelNoneRemaining restricted cash in funding bridge
/operating_model/cells/base_2026q4_restricted_remaining:base/periodNone2026Q4
/operating_model/cells/base_2026q4_restricted_remaining:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_restricted_remaining:base/valueNone1056.0
/operating_model/cells/base_2027q1_asset_sale_cash:base/basisNoneNo other asset sales assumed; no sale revenue is counted as recurring operating cash.
/operating_model/cells/base_2027q1_asset_sale_cash:base/caseNonebase
/operating_model/cells/base_2027q1_asset_sale_cash:base/idNonebase_2027q1_asset_sale_cash
/operating_model/cells/base_2027q1_asset_sale_cash:base/kindNoneassumption
/operating_model/cells/base_2027q1_asset_sale_cash:base/labelNoneAsset-sale cash assumed
/operating_model/cells/base_2027q1_asset_sale_cash:base/periodNone2027Q1
/operating_model/cells/base_2027q1_asset_sale_cash:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_asset_sale_cash:base/valueNone0.0
/operating_model/cells/base_2027q1_cash_with_funding:base/basisNoneCombines the operating model with explicit financing/restricted-fund assumptions once.
/operating_model/cells/base_2027q1_cash_with_funding:base/caseNonebase
/operating_model/cells/base_2027q1_cash_with_funding:base/formula/opNonesum
/operating_model/cells/base_2027q1_cash_with_funding:base/formula/refs/0Nonebase_2027q1_fcf
/operating_model/cells/base_2027q1_cash_with_funding:base/formula/refs/1Nonebase_2027q1_funding_sources
/operating_model/cells/base_2027q1_cash_with_funding:base/idNonebase_2027q1_cash_with_funding
/operating_model/cells/base_2027q1_cash_with_funding:base/kindNonederived
/operating_model/cells/base_2027q1_cash_with_funding:base/labelNoneOperating cash after capex plus funding
/operating_model/cells/base_2027q1_cash_with_funding:base/periodNone2027Q1
/operating_model/cells/base_2027q1_cash_with_funding:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_cash_with_funding:base/valueNone-4570.017
/operating_model/cells/base_2027q1_external_net_funding:base/basisNoneNo unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
/operating_model/cells/base_2027q1_external_net_funding:base/caseNonebase
/operating_model/cells/base_2027q1_external_net_funding:base/idNonebase_2027q1_external_net_funding
/operating_model/cells/base_2027q1_external_net_funding:base/kindNoneassumption
/operating_model/cells/base_2027q1_external_net_funding:base/labelNoneAdditional net financing assumed
/operating_model/cells/base_2027q1_external_net_funding:base/periodNone2027Q1
/operating_model/cells/base_2027q1_external_net_funding:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_external_net_funding:base/valueNone0.0
/operating_model/cells/base_2027q1_funding_balance:base/basisNoneJune unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim.
/operating_model/cells/base_2027q1_funding_balance:base/caseNonebase
/operating_model/cells/base_2027q1_funding_balance:base/formula/opNonesum
/operating_model/cells/base_2027q1_funding_balance:base/formula/refs/0Nonebase_2026q4_funding_balance
/operating_model/cells/base_2027q1_funding_balance:base/formula/refs/1Nonebase_2027q1_funding_change
/operating_model/cells/base_2027q1_funding_balance:base/idNonebase_2027q1_funding_balance
/operating_model/cells/base_2027q1_funding_balance:base/kindNonederived
/operating_model/cells/base_2027q1_funding_balance:base/labelNoneFunding balance under stated assumptions
/operating_model/cells/base_2027q1_funding_balance:base/periodNone2027Q1
/operating_model/cells/base_2027q1_funding_balance:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_funding_balance:base/valueNone-1747.947000000001
/operating_model/cells/base_2027q1_funding_change:base/basisNoneFunding inflows less explicit cash uses; not a full GAAP cash-flow statement.
/operating_model/cells/base_2027q1_funding_change:base/caseNonebase
/operating_model/cells/base_2027q1_funding_change:base/formula/opNonesubtract
/operating_model/cells/base_2027q1_funding_change:base/formula/refs/0Nonebase_2027q1_cash_with_funding
/operating_model/cells/base_2027q1_funding_change:base/formula/refs/1Nonebase_2027q1_funding_uses
/operating_model/cells/base_2027q1_funding_change:base/idNonebase_2027q1_funding_change
/operating_model/cells/base_2027q1_funding_change:base/kindNonederived
/operating_model/cells/base_2027q1_funding_change:base/labelNoneNet modeled funding change
/operating_model/cells/base_2027q1_funding_change:base/periodNone2027Q1
/operating_model/cells/base_2027q1_funding_change:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_funding_change:base/valueNone-4585.017
/operating_model/cells/base_2027q1_funding_sources:base/basisNoneTransfers from restricted cash, dated financing and conditional disposals stay distinct from revenue.
/operating_model/cells/base_2027q1_funding_sources:base/caseNonebase
/operating_model/cells/base_2027q1_funding_sources:base/formula/opNonesum
/operating_model/cells/base_2027q1_funding_sources:base/formula/refs/0Nonebase_2027q1_restricted_release
/operating_model/cells/base_2027q1_funding_sources:base/formula/refs/1Nonebase_2027q1_external_net_funding
/operating_model/cells/base_2027q1_funding_sources:base/formula/refs/2Nonebase_2027q1_asset_sale_cash
/operating_model/cells/base_2027q1_funding_sources:base/idNonebase_2027q1_funding_sources
/operating_model/cells/base_2027q1_funding_sources:base/kindNonederived
/operating_model/cells/base_2027q1_funding_sources:base/labelNoneFunding inflows outside operating model
/operating_model/cells/base_2027q1_funding_sources:base/periodNone2027Q1
/operating_model/cells/base_2027q1_funding_sources:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_funding_sources:base/valueNone0.0
/operating_model/cells/base_2027q1_funding_uses:base/basisNonePrincipal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge.
/operating_model/cells/base_2027q1_funding_uses:base/caseNonebase
/operating_model/cells/base_2027q1_funding_uses:base/formula/opNonesum
/operating_model/cells/base_2027q1_funding_uses:base/formula/refs/0Nonebase_2027q1_principal_cash
/operating_model/cells/base_2027q1_funding_uses:base/formula/refs/1Nonebase_2027q1_other_funding_uses
/operating_model/cells/base_2027q1_funding_uses:base/idNonebase_2027q1_funding_uses
/operating_model/cells/base_2027q1_funding_uses:base/kindNonederived
/operating_model/cells/base_2027q1_funding_uses:base/labelNoneCash uses outside operating model
/operating_model/cells/base_2027q1_funding_uses:base/periodNone2027Q1
/operating_model/cells/base_2027q1_funding_uses:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_funding_uses:base/valueNone15.0
/operating_model/cells/base_2027q1_other_funding_uses:base/basisNoneExplicit desk allowance outside operating cash/capex: includes $10M assumed sale costs only for WULF upside closing. Zero otherwise leaves undisclosed acquisitions, contingent settlements and minority distributions unmodeled, not known absent. Construction reimbursements already included in capex are not deducted again.
/operating_model/cells/base_2027q1_other_funding_uses:base/caseNonebase
/operating_model/cells/base_2027q1_other_funding_uses:base/idNonebase_2027q1_other_funding_uses
/operating_model/cells/base_2027q1_other_funding_uses:base/kindNoneassumption
/operating_model/cells/base_2027q1_other_funding_uses:base/labelNoneAdditional investing, fees and outside-owner cash uses
/operating_model/cells/base_2027q1_other_funding_uses:base/periodNone2027Q1
/operating_model/cells/base_2027q1_other_funding_uses:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_other_funding_uses:base/valueNone0.0
/operating_model/cells/base_2027q1_principal_cash:base/basisNoneDesk $15M quarterly principal allowance, separate from interest already in the operating bridge. This is not a disclosed maturity schedule; replace with reported repayments/contractual timing. Optional early note settlement excluded.
/operating_model/cells/base_2027q1_principal_cash:base/caseNonebase
/operating_model/cells/base_2027q1_principal_cash:base/idNonebase_2027q1_principal_cash
/operating_model/cells/base_2027q1_principal_cash:base/kindNoneassumption
/operating_model/cells/base_2027q1_principal_cash:base/labelNoneAssumed principal cash use
/operating_model/cells/base_2027q1_principal_cash:base/periodNone2027Q1
/operating_model/cells/base_2027q1_principal_cash:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_principal_cash:base/valueNone15.0
/operating_model/cells/base_2027q1_restricted_release:base/basisNoneNo restricted funds assumed available for general funding. Change only with source-backed release conditions; this balance is not free parent cash.
/operating_model/cells/base_2027q1_restricted_release:base/caseNonebase
/operating_model/cells/base_2027q1_restricted_release:base/idNonebase_2027q1_restricted_release
/operating_model/cells/base_2027q1_restricted_release:base/kindNoneassumption
/operating_model/cells/base_2027q1_restricted_release:base/labelNoneRestricted funds used for qualifying spending
/operating_model/cells/base_2027q1_restricted_release:base/periodNone2027Q1
/operating_model/cells/base_2027q1_restricted_release:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_restricted_release:base/valueNone0.0
/operating_model/cells/base_2027q1_restricted_remaining:base/basisNoneOpening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims.
/operating_model/cells/base_2027q1_restricted_remaining:base/caseNonebase
/operating_model/cells/base_2027q1_restricted_remaining:base/formula/opNonesubtract
/operating_model/cells/base_2027q1_restricted_remaining:base/formula/refs/0Nonebase_2026q4_restricted_remaining
/operating_model/cells/base_2027q1_restricted_remaining:base/formula/refs/1Nonebase_2027q1_restricted_release
/operating_model/cells/base_2027q1_restricted_remaining:base/idNonebase_2027q1_restricted_remaining
/operating_model/cells/base_2027q1_restricted_remaining:base/kindNonederived
/operating_model/cells/base_2027q1_restricted_remaining:base/labelNoneRemaining restricted cash in funding bridge
/operating_model/cells/base_2027q1_restricted_remaining:base/periodNone2027Q1
/operating_model/cells/base_2027q1_restricted_remaining:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_restricted_remaining:base/valueNone1056.0
/operating_model/cells/base_2027q2_asset_sale_cash:base/basisNoneNo other asset sales assumed; no sale revenue is counted as recurring operating cash.
/operating_model/cells/base_2027q2_asset_sale_cash:base/caseNonebase
/operating_model/cells/base_2027q2_asset_sale_cash:base/idNonebase_2027q2_asset_sale_cash
/operating_model/cells/base_2027q2_asset_sale_cash:base/kindNoneassumption
/operating_model/cells/base_2027q2_asset_sale_cash:base/labelNoneAsset-sale cash assumed
/operating_model/cells/base_2027q2_asset_sale_cash:base/periodNone2027Q2
/operating_model/cells/base_2027q2_asset_sale_cash:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_asset_sale_cash:base/valueNone0.0
/operating_model/cells/base_2027q2_cash_with_funding:base/basisNoneCombines the operating model with explicit financing/restricted-fund assumptions once.
/operating_model/cells/base_2027q2_cash_with_funding:base/caseNonebase
/operating_model/cells/base_2027q2_cash_with_funding:base/formula/opNonesum
/operating_model/cells/base_2027q2_cash_with_funding:base/formula/refs/0Nonebase_2027q2_fcf
/operating_model/cells/base_2027q2_cash_with_funding:base/formula/refs/1Nonebase_2027q2_funding_sources
/operating_model/cells/base_2027q2_cash_with_funding:base/idNonebase_2027q2_cash_with_funding
/operating_model/cells/base_2027q2_cash_with_funding:base/kindNonederived
/operating_model/cells/base_2027q2_cash_with_funding:base/labelNoneOperating cash after capex plus funding
/operating_model/cells/base_2027q2_cash_with_funding:base/periodNone2027Q2
/operating_model/cells/base_2027q2_cash_with_funding:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_cash_with_funding:base/valueNone-4429.642
/operating_model/cells/base_2027q2_external_net_funding:base/basisNoneNo unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
/operating_model/cells/base_2027q2_external_net_funding:base/caseNonebase
/operating_model/cells/base_2027q2_external_net_funding:base/idNonebase_2027q2_external_net_funding
/operating_model/cells/base_2027q2_external_net_funding:base/kindNoneassumption
/operating_model/cells/base_2027q2_external_net_funding:base/labelNoneAdditional net financing assumed
/operating_model/cells/base_2027q2_external_net_funding:base/periodNone2027Q2
/operating_model/cells/base_2027q2_external_net_funding:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_external_net_funding:base/valueNone0.0
/operating_model/cells/base_2027q2_funding_balance:base/basisNoneJune unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim.
/operating_model/cells/base_2027q2_funding_balance:base/caseNonebase
/operating_model/cells/base_2027q2_funding_balance:base/formula/opNonesum
/operating_model/cells/base_2027q2_funding_balance:base/formula/refs/0Nonebase_2027q1_funding_balance
/operating_model/cells/base_2027q2_funding_balance:base/formula/refs/1Nonebase_2027q2_funding_change
/operating_model/cells/base_2027q2_funding_balance:base/idNonebase_2027q2_funding_balance
/operating_model/cells/base_2027q2_funding_balance:base/kindNonederived
/operating_model/cells/base_2027q2_funding_balance:base/labelNoneFunding balance under stated assumptions
/operating_model/cells/base_2027q2_funding_balance:base/periodNone2027Q2
/operating_model/cells/base_2027q2_funding_balance:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_funding_balance:base/valueNone-6192.589000000001
/operating_model/cells/base_2027q2_funding_change:base/basisNoneFunding inflows less explicit cash uses; not a full GAAP cash-flow statement.
/operating_model/cells/base_2027q2_funding_change:base/caseNonebase
/operating_model/cells/base_2027q2_funding_change:base/formula/opNonesubtract
/operating_model/cells/base_2027q2_funding_change:base/formula/refs/0Nonebase_2027q2_cash_with_funding
/operating_model/cells/base_2027q2_funding_change:base/formula/refs/1Nonebase_2027q2_funding_uses
/operating_model/cells/base_2027q2_funding_change:base/idNonebase_2027q2_funding_change
/operating_model/cells/base_2027q2_funding_change:base/kindNonederived
/operating_model/cells/base_2027q2_funding_change:base/labelNoneNet modeled funding change
/operating_model/cells/base_2027q2_funding_change:base/periodNone2027Q2
/operating_model/cells/base_2027q2_funding_change:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_funding_change:base/valueNone-4444.642
/operating_model/cells/base_2027q2_funding_sources:base/basisNoneTransfers from restricted cash, dated financing and conditional disposals stay distinct from revenue.
/operating_model/cells/base_2027q2_funding_sources:base/caseNonebase
/operating_model/cells/base_2027q2_funding_sources:base/formula/opNonesum
/operating_model/cells/base_2027q2_funding_sources:base/formula/refs/0Nonebase_2027q2_restricted_release
/operating_model/cells/base_2027q2_funding_sources:base/formula/refs/1Nonebase_2027q2_external_net_funding
/operating_model/cells/base_2027q2_funding_sources:base/formula/refs/2Nonebase_2027q2_asset_sale_cash
/operating_model/cells/base_2027q2_funding_sources:base/idNonebase_2027q2_funding_sources
/operating_model/cells/base_2027q2_funding_sources:base/kindNonederived
/operating_model/cells/base_2027q2_funding_sources:base/labelNoneFunding inflows outside operating model
/operating_model/cells/base_2027q2_funding_sources:base/periodNone2027Q2
/operating_model/cells/base_2027q2_funding_sources:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_funding_sources:base/valueNone0.0
/operating_model/cells/base_2027q2_funding_uses:base/basisNonePrincipal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge.
/operating_model/cells/base_2027q2_funding_uses:base/caseNonebase
/operating_model/cells/base_2027q2_funding_uses:base/formula/opNonesum
/operating_model/cells/base_2027q2_funding_uses:base/formula/refs/0Nonebase_2027q2_principal_cash
/operating_model/cells/base_2027q2_funding_uses:base/formula/refs/1Nonebase_2027q2_other_funding_uses
/operating_model/cells/base_2027q2_funding_uses:base/idNonebase_2027q2_funding_uses
/operating_model/cells/base_2027q2_funding_uses:base/kindNonederived
/operating_model/cells/base_2027q2_funding_uses:base/labelNoneCash uses outside operating model
/operating_model/cells/base_2027q2_funding_uses:base/periodNone2027Q2
/operating_model/cells/base_2027q2_funding_uses:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_funding_uses:base/valueNone15.0
/operating_model/cells/base_2027q2_other_funding_uses:base/basisNoneExplicit desk allowance outside operating cash/capex: includes $10M assumed sale costs only for WULF upside closing. Zero otherwise leaves undisclosed acquisitions, contingent settlements and minority distributions unmodeled, not known absent. Construction reimbursements already included in capex are not deducted again.
/operating_model/cells/base_2027q2_other_funding_uses:base/caseNonebase
/operating_model/cells/base_2027q2_other_funding_uses:base/idNonebase_2027q2_other_funding_uses
/operating_model/cells/base_2027q2_other_funding_uses:base/kindNoneassumption
/operating_model/cells/base_2027q2_other_funding_uses:base/labelNoneAdditional investing, fees and outside-owner cash uses
/operating_model/cells/base_2027q2_other_funding_uses:base/periodNone2027Q2
/operating_model/cells/base_2027q2_other_funding_uses:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_other_funding_uses:base/valueNone0.0
/operating_model/cells/base_2027q2_principal_cash:base/basisNoneDesk $15M quarterly principal allowance, separate from interest already in the operating bridge. This is not a disclosed maturity schedule; replace with reported repayments/contractual timing. Optional early note settlement excluded.
/operating_model/cells/base_2027q2_principal_cash:base/caseNonebase
/operating_model/cells/base_2027q2_principal_cash:base/idNonebase_2027q2_principal_cash
/operating_model/cells/base_2027q2_principal_cash:base/kindNoneassumption
/operating_model/cells/base_2027q2_principal_cash:base/labelNoneAssumed principal cash use
/operating_model/cells/base_2027q2_principal_cash:base/periodNone2027Q2
/operating_model/cells/base_2027q2_principal_cash:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_principal_cash:base/valueNone15.0
/operating_model/cells/base_2027q2_restricted_release:base/basisNoneNo restricted funds assumed available for general funding. Change only with source-backed release conditions; this balance is not free parent cash.
/operating_model/cells/base_2027q2_restricted_release:base/caseNonebase
/operating_model/cells/base_2027q2_restricted_release:base/idNonebase_2027q2_restricted_release
/operating_model/cells/base_2027q2_restricted_release:base/kindNoneassumption
/operating_model/cells/base_2027q2_restricted_release:base/labelNoneRestricted funds used for qualifying spending
/operating_model/cells/base_2027q2_restricted_release:base/periodNone2027Q2
/operating_model/cells/base_2027q2_restricted_release:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_restricted_release:base/valueNone0.0
/operating_model/cells/base_2027q2_restricted_remaining:base/basisNoneOpening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims.
/operating_model/cells/base_2027q2_restricted_remaining:base/caseNonebase
/operating_model/cells/base_2027q2_restricted_remaining:base/formula/opNonesubtract
/operating_model/cells/base_2027q2_restricted_remaining:base/formula/refs/0Nonebase_2027q1_restricted_remaining
/operating_model/cells/base_2027q2_restricted_remaining:base/formula/refs/1Nonebase_2027q2_restricted_release
/operating_model/cells/base_2027q2_restricted_remaining:base/idNonebase_2027q2_restricted_remaining
/operating_model/cells/base_2027q2_restricted_remaining:base/kindNonederived
/operating_model/cells/base_2027q2_restricted_remaining:base/labelNoneRemaining restricted cash in funding bridge
/operating_model/cells/base_2027q2_restricted_remaining:base/periodNone2027Q2
/operating_model/cells/base_2027q2_restricted_remaining:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_restricted_remaining:base/valueNone1056.0
/operating_model/cells/base_2027q3_asset_sale_cash:base/basisNoneNo other asset sales assumed; no sale revenue is counted as recurring operating cash.
/operating_model/cells/base_2027q3_asset_sale_cash:base/caseNonebase
/operating_model/cells/base_2027q3_asset_sale_cash:base/idNonebase_2027q3_asset_sale_cash
/operating_model/cells/base_2027q3_asset_sale_cash:base/kindNoneassumption
/operating_model/cells/base_2027q3_asset_sale_cash:base/labelNoneAsset-sale cash assumed
/operating_model/cells/base_2027q3_asset_sale_cash:base/periodNone2027Q3
/operating_model/cells/base_2027q3_asset_sale_cash:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_asset_sale_cash:base/valueNone0.0
/operating_model/cells/base_2027q3_cash_with_funding:base/basisNoneCombines the operating model with explicit financing/restricted-fund assumptions once.
/operating_model/cells/base_2027q3_cash_with_funding:base/caseNonebase
/operating_model/cells/base_2027q3_cash_with_funding:base/formula/opNonesum
/operating_model/cells/base_2027q3_cash_with_funding:base/formula/refs/0Nonebase_2027q3_fcf
/operating_model/cells/base_2027q3_cash_with_funding:base/formula/refs/1Nonebase_2027q3_funding_sources
/operating_model/cells/base_2027q3_cash_with_funding:base/idNonebase_2027q3_cash_with_funding
/operating_model/cells/base_2027q3_cash_with_funding:base/kindNonederived
/operating_model/cells/base_2027q3_cash_with_funding:base/labelNoneOperating cash after capex plus funding
/operating_model/cells/base_2027q3_cash_with_funding:base/periodNone2027Q3
/operating_model/cells/base_2027q3_cash_with_funding:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_cash_with_funding:base/valueNone-4565.642
/operating_model/cells/base_2027q3_external_net_funding:base/basisNoneNo unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
/operating_model/cells/base_2027q3_external_net_funding:base/caseNonebase
/operating_model/cells/base_2027q3_external_net_funding:base/idNonebase_2027q3_external_net_funding
/operating_model/cells/base_2027q3_external_net_funding:base/kindNoneassumption
/operating_model/cells/base_2027q3_external_net_funding:base/labelNoneAdditional net financing assumed
/operating_model/cells/base_2027q3_external_net_funding:base/periodNone2027Q3
/operating_model/cells/base_2027q3_external_net_funding:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_external_net_funding:base/valueNone0.0
/operating_model/cells/base_2027q3_funding_balance:base/basisNoneJune unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim.
/operating_model/cells/base_2027q3_funding_balance:base/caseNonebase
/operating_model/cells/base_2027q3_funding_balance:base/formula/opNonesum
/operating_model/cells/base_2027q3_funding_balance:base/formula/refs/0Nonebase_2027q2_funding_balance
/operating_model/cells/base_2027q3_funding_balance:base/formula/refs/1Nonebase_2027q3_funding_change
/operating_model/cells/base_2027q3_funding_balance:base/idNonebase_2027q3_funding_balance
/operating_model/cells/base_2027q3_funding_balance:base/kindNonederived
/operating_model/cells/base_2027q3_funding_balance:base/labelNoneFunding balance under stated assumptions
/operating_model/cells/base_2027q3_funding_balance:base/periodNone2027Q3
/operating_model/cells/base_2027q3_funding_balance:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_funding_balance:base/valueNone-10773.231
/operating_model/cells/base_2027q3_funding_change:base/basisNoneFunding inflows less explicit cash uses; not a full GAAP cash-flow statement.
/operating_model/cells/base_2027q3_funding_change:base/caseNonebase
/operating_model/cells/base_2027q3_funding_change:base/formula/opNonesubtract
/operating_model/cells/base_2027q3_funding_change:base/formula/refs/0Nonebase_2027q3_cash_with_funding
/operating_model/cells/base_2027q3_funding_change:base/formula/refs/1Nonebase_2027q3_funding_uses
/operating_model/cells/base_2027q3_funding_change:base/idNonebase_2027q3_funding_change
/operating_model/cells/base_2027q3_funding_change:base/kindNonederived
/operating_model/cells/base_2027q3_funding_change:base/labelNoneNet modeled funding change
/operating_model/cells/base_2027q3_funding_change:base/periodNone2027Q3
/operating_model/cells/base_2027q3_funding_change:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_funding_change:base/valueNone-4580.642
/operating_model/cells/base_2027q3_funding_sources:base/basisNoneTransfers from restricted cash, dated financing and conditional disposals stay distinct from revenue.
/operating_model/cells/base_2027q3_funding_sources:base/caseNonebase
/operating_model/cells/base_2027q3_funding_sources:base/formula/opNonesum
/operating_model/cells/base_2027q3_funding_sources:base/formula/refs/0Nonebase_2027q3_restricted_release
/operating_model/cells/base_2027q3_funding_sources:base/formula/refs/1Nonebase_2027q3_external_net_funding
/operating_model/cells/base_2027q3_funding_sources:base/formula/refs/2Nonebase_2027q3_asset_sale_cash
/operating_model/cells/base_2027q3_funding_sources:base/idNonebase_2027q3_funding_sources
/operating_model/cells/base_2027q3_funding_sources:base/kindNonederived
/operating_model/cells/base_2027q3_funding_sources:base/labelNoneFunding inflows outside operating model
/operating_model/cells/base_2027q3_funding_sources:base/periodNone2027Q3
/operating_model/cells/base_2027q3_funding_sources:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_funding_sources:base/valueNone0.0
/operating_model/cells/base_2027q3_funding_uses:base/basisNonePrincipal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge.
/operating_model/cells/base_2027q3_funding_uses:base/caseNonebase
/operating_model/cells/base_2027q3_funding_uses:base/formula/opNonesum
/operating_model/cells/base_2027q3_funding_uses:base/formula/refs/0Nonebase_2027q3_principal_cash
/operating_model/cells/base_2027q3_funding_uses:base/formula/refs/1Nonebase_2027q3_other_funding_uses
/operating_model/cells/base_2027q3_funding_uses:base/idNonebase_2027q3_funding_uses
/operating_model/cells/base_2027q3_funding_uses:base/kindNonederived
/operating_model/cells/base_2027q3_funding_uses:base/labelNoneCash uses outside operating model
/operating_model/cells/base_2027q3_funding_uses:base/periodNone2027Q3
/operating_model/cells/base_2027q3_funding_uses:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_funding_uses:base/valueNone15.0
/operating_model/cells/base_2027q3_other_funding_uses:base/basisNoneExplicit desk allowance outside operating cash/capex: includes $10M assumed sale costs only for WULF upside closing. Zero otherwise leaves undisclosed acquisitions, contingent settlements and minority distributions unmodeled, not known absent. Construction reimbursements already included in capex are not deducted again.
/operating_model/cells/base_2027q3_other_funding_uses:base/caseNonebase
/operating_model/cells/base_2027q3_other_funding_uses:base/idNonebase_2027q3_other_funding_uses
/operating_model/cells/base_2027q3_other_funding_uses:base/kindNoneassumption
/operating_model/cells/base_2027q3_other_funding_uses:base/labelNoneAdditional investing, fees and outside-owner cash uses
/operating_model/cells/base_2027q3_other_funding_uses:base/periodNone2027Q3
/operating_model/cells/base_2027q3_other_funding_uses:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_other_funding_uses:base/valueNone0.0
/operating_model/cells/base_2027q3_principal_cash:base/basisNoneDesk $15M quarterly principal allowance, separate from interest already in the operating bridge. This is not a disclosed maturity schedule; replace with reported repayments/contractual timing. Optional early note settlement excluded.
/operating_model/cells/base_2027q3_principal_cash:base/caseNonebase
/operating_model/cells/base_2027q3_principal_cash:base/idNonebase_2027q3_principal_cash
/operating_model/cells/base_2027q3_principal_cash:base/kindNoneassumption
/operating_model/cells/base_2027q3_principal_cash:base/labelNoneAssumed principal cash use
/operating_model/cells/base_2027q3_principal_cash:base/periodNone2027Q3
/operating_model/cells/base_2027q3_principal_cash:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_principal_cash:base/valueNone15.0
/operating_model/cells/base_2027q3_restricted_release:base/basisNoneNo restricted funds assumed available for general funding. Change only with source-backed release conditions; this balance is not free parent cash.
/operating_model/cells/base_2027q3_restricted_release:base/caseNonebase
/operating_model/cells/base_2027q3_restricted_release:base/idNonebase_2027q3_restricted_release
/operating_model/cells/base_2027q3_restricted_release:base/kindNoneassumption
/operating_model/cells/base_2027q3_restricted_release:base/labelNoneRestricted funds used for qualifying spending
/operating_model/cells/base_2027q3_restricted_release:base/periodNone2027Q3
/operating_model/cells/base_2027q3_restricted_release:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_restricted_release:base/valueNone0.0
/operating_model/cells/base_2027q3_restricted_remaining:base/basisNoneOpening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims.
/operating_model/cells/base_2027q3_restricted_remaining:base/caseNonebase
/operating_model/cells/base_2027q3_restricted_remaining:base/formula/opNonesubtract
/operating_model/cells/base_2027q3_restricted_remaining:base/formula/refs/0Nonebase_2027q2_restricted_remaining
/operating_model/cells/base_2027q3_restricted_remaining:base/formula/refs/1Nonebase_2027q3_restricted_release
/operating_model/cells/base_2027q3_restricted_remaining:base/idNonebase_2027q3_restricted_remaining
/operating_model/cells/base_2027q3_restricted_remaining:base/kindNonederived
/operating_model/cells/base_2027q3_restricted_remaining:base/labelNoneRemaining restricted cash in funding bridge
/operating_model/cells/base_2027q3_restricted_remaining:base/periodNone2027Q3
/operating_model/cells/base_2027q3_restricted_remaining:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_restricted_remaining:base/valueNone1056.0
/operating_model/cells/base_2027q4_asset_sale_cash:base/basisNoneNo other asset sales assumed; no sale revenue is counted as recurring operating cash.
/operating_model/cells/base_2027q4_asset_sale_cash:base/caseNonebase
/operating_model/cells/base_2027q4_asset_sale_cash:base/idNonebase_2027q4_asset_sale_cash
/operating_model/cells/base_2027q4_asset_sale_cash:base/kindNoneassumption
/operating_model/cells/base_2027q4_asset_sale_cash:base/labelNoneAsset-sale cash assumed
/operating_model/cells/base_2027q4_asset_sale_cash:base/periodNone2027Q4
/operating_model/cells/base_2027q4_asset_sale_cash:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_asset_sale_cash:base/valueNone0.0
/operating_model/cells/base_2027q4_cash_with_funding:base/basisNoneCombines the operating model with explicit financing/restricted-fund assumptions once.
/operating_model/cells/base_2027q4_cash_with_funding:base/caseNonebase
/operating_model/cells/base_2027q4_cash_with_funding:base/formula/opNonesum
/operating_model/cells/base_2027q4_cash_with_funding:base/formula/refs/0Nonebase_2027q4_fcf
/operating_model/cells/base_2027q4_cash_with_funding:base/formula/refs/1Nonebase_2027q4_funding_sources
/operating_model/cells/base_2027q4_cash_with_funding:base/idNonebase_2027q4_cash_with_funding
/operating_model/cells/base_2027q4_cash_with_funding:base/kindNonederived
/operating_model/cells/base_2027q4_cash_with_funding:base/labelNoneOperating cash after capex plus funding
/operating_model/cells/base_2027q4_cash_with_funding:base/periodNone2027Q4
/operating_model/cells/base_2027q4_cash_with_funding:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_cash_with_funding:base/valueNone-4601.642
/operating_model/cells/base_2027q4_external_net_funding:base/basisNoneNo unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
/operating_model/cells/base_2027q4_external_net_funding:base/caseNonebase
/operating_model/cells/base_2027q4_external_net_funding:base/idNonebase_2027q4_external_net_funding
/operating_model/cells/base_2027q4_external_net_funding:base/kindNoneassumption
/operating_model/cells/base_2027q4_external_net_funding:base/labelNoneAdditional net financing assumed
/operating_model/cells/base_2027q4_external_net_funding:base/periodNone2027Q4
/operating_model/cells/base_2027q4_external_net_funding:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_external_net_funding:base/valueNone0.0
/operating_model/cells/base_2027q4_funding_balance:base/basisNoneJune unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim.
/operating_model/cells/base_2027q4_funding_balance:base/caseNonebase
/operating_model/cells/base_2027q4_funding_balance:base/formula/opNonesum
/operating_model/cells/base_2027q4_funding_balance:base/formula/refs/0Nonebase_2027q3_funding_balance
/operating_model/cells/base_2027q4_funding_balance:base/formula/refs/1Nonebase_2027q4_funding_change
/operating_model/cells/base_2027q4_funding_balance:base/idNonebase_2027q4_funding_balance
/operating_model/cells/base_2027q4_funding_balance:base/kindNonederived
/operating_model/cells/base_2027q4_funding_balance:base/labelNoneFunding balance under stated assumptions
/operating_model/cells/base_2027q4_funding_balance:base/periodNone2027Q4
/operating_model/cells/base_2027q4_funding_balance:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_funding_balance:base/valueNone-15389.873
/operating_model/cells/base_2027q4_funding_change:base/basisNoneFunding inflows less explicit cash uses; not a full GAAP cash-flow statement.
/operating_model/cells/base_2027q4_funding_change:base/caseNonebase
/operating_model/cells/base_2027q4_funding_change:base/formula/opNonesubtract
/operating_model/cells/base_2027q4_funding_change:base/formula/refs/0Nonebase_2027q4_cash_with_funding
/operating_model/cells/base_2027q4_funding_change:base/formula/refs/1Nonebase_2027q4_funding_uses
/operating_model/cells/base_2027q4_funding_change:base/idNonebase_2027q4_funding_change
/operating_model/cells/base_2027q4_funding_change:base/kindNonederived
/operating_model/cells/base_2027q4_funding_change:base/labelNoneNet modeled funding change
/operating_model/cells/base_2027q4_funding_change:base/periodNone2027Q4
/operating_model/cells/base_2027q4_funding_change:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_funding_change:base/valueNone-4616.642
/operating_model/cells/base_2027q4_funding_sources:base/basisNoneTransfers from restricted cash, dated financing and conditional disposals stay distinct from revenue.
/operating_model/cells/base_2027q4_funding_sources:base/caseNonebase
/operating_model/cells/base_2027q4_funding_sources:base/formula/opNonesum
/operating_model/cells/base_2027q4_funding_sources:base/formula/refs/0Nonebase_2027q4_restricted_release
/operating_model/cells/base_2027q4_funding_sources:base/formula/refs/1Nonebase_2027q4_external_net_funding
/operating_model/cells/base_2027q4_funding_sources:base/formula/refs/2Nonebase_2027q4_asset_sale_cash
/operating_model/cells/base_2027q4_funding_sources:base/idNonebase_2027q4_funding_sources
/operating_model/cells/base_2027q4_funding_sources:base/kindNonederived
/operating_model/cells/base_2027q4_funding_sources:base/labelNoneFunding inflows outside operating model
/operating_model/cells/base_2027q4_funding_sources:base/periodNone2027Q4
/operating_model/cells/base_2027q4_funding_sources:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_funding_sources:base/valueNone0.0
/operating_model/cells/base_2027q4_funding_uses:base/basisNonePrincipal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge.
/operating_model/cells/base_2027q4_funding_uses:base/caseNonebase
/operating_model/cells/base_2027q4_funding_uses:base/formula/opNonesum
/operating_model/cells/base_2027q4_funding_uses:base/formula/refs/0Nonebase_2027q4_principal_cash
/operating_model/cells/base_2027q4_funding_uses:base/formula/refs/1Nonebase_2027q4_other_funding_uses
/operating_model/cells/base_2027q4_funding_uses:base/idNonebase_2027q4_funding_uses
/operating_model/cells/base_2027q4_funding_uses:base/kindNonederived
/operating_model/cells/base_2027q4_funding_uses:base/labelNoneCash uses outside operating model
/operating_model/cells/base_2027q4_funding_uses:base/periodNone2027Q4
/operating_model/cells/base_2027q4_funding_uses:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_funding_uses:base/valueNone15.0
/operating_model/cells/base_2027q4_other_funding_uses:base/basisNoneExplicit desk allowance outside operating cash/capex: includes $10M assumed sale costs only for WULF upside closing. Zero otherwise leaves undisclosed acquisitions, contingent settlements and minority distributions unmodeled, not known absent. Construction reimbursements already included in capex are not deducted again.
/operating_model/cells/base_2027q4_other_funding_uses:base/caseNonebase
/operating_model/cells/base_2027q4_other_funding_uses:base/idNonebase_2027q4_other_funding_uses
/operating_model/cells/base_2027q4_other_funding_uses:base/kindNoneassumption
/operating_model/cells/base_2027q4_other_funding_uses:base/labelNoneAdditional investing, fees and outside-owner cash uses
/operating_model/cells/base_2027q4_other_funding_uses:base/periodNone2027Q4
/operating_model/cells/base_2027q4_other_funding_uses:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_other_funding_uses:base/valueNone0.0
/operating_model/cells/base_2027q4_principal_cash:base/basisNoneDesk $15M quarterly principal allowance, separate from interest already in the operating bridge. This is not a disclosed maturity schedule; replace with reported repayments/contractual timing. Optional early note settlement excluded.
/operating_model/cells/base_2027q4_principal_cash:base/caseNonebase
/operating_model/cells/base_2027q4_principal_cash:base/idNonebase_2027q4_principal_cash
/operating_model/cells/base_2027q4_principal_cash:base/kindNoneassumption
/operating_model/cells/base_2027q4_principal_cash:base/labelNoneAssumed principal cash use
/operating_model/cells/base_2027q4_principal_cash:base/periodNone2027Q4
/operating_model/cells/base_2027q4_principal_cash:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_principal_cash:base/valueNone15.0
/operating_model/cells/base_2027q4_restricted_release:base/basisNoneNo restricted funds assumed available for general funding. Change only with source-backed release conditions; this balance is not free parent cash.
/operating_model/cells/base_2027q4_restricted_release:base/caseNonebase
/operating_model/cells/base_2027q4_restricted_release:base/idNonebase_2027q4_restricted_release
/operating_model/cells/base_2027q4_restricted_release:base/kindNoneassumption
/operating_model/cells/base_2027q4_restricted_release:base/labelNoneRestricted funds used for qualifying spending
/operating_model/cells/base_2027q4_restricted_release:base/periodNone2027Q4
/operating_model/cells/base_2027q4_restricted_release:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_restricted_release:base/valueNone0.0
/operating_model/cells/base_2027q4_restricted_remaining:base/basisNoneOpening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims.
/operating_model/cells/base_2027q4_restricted_remaining:base/caseNonebase
/operating_model/cells/base_2027q4_restricted_remaining:base/formula/opNonesubtract
/operating_model/cells/base_2027q4_restricted_remaining:base/formula/refs/0Nonebase_2027q3_restricted_remaining
/operating_model/cells/base_2027q4_restricted_remaining:base/formula/refs/1Nonebase_2027q4_restricted_release
/operating_model/cells/base_2027q4_restricted_remaining:base/idNonebase_2027q4_restricted_remaining
/operating_model/cells/base_2027q4_restricted_remaining:base/kindNonederived
/operating_model/cells/base_2027q4_restricted_remaining:base/labelNoneRemaining restricted cash in funding bridge
/operating_model/cells/base_2027q4_restricted_remaining:base/periodNone2027Q4
/operating_model/cells/base_2027q4_restricted_remaining:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_restricted_remaining:base/valueNone1056.0
/operating_model/cells/base_fy2026_funding_balance:base/basisNoneYear-end stock equals Q4 ending balance; quarterly balances are never summed.
/operating_model/cells/base_fy2026_funding_balance:base/caseNonebase
/operating_model/cells/base_fy2026_funding_balance:base/formula/opNonesum
/operating_model/cells/base_fy2026_funding_balance:base/formula/refs/0Nonebase_2026q4_funding_balance
/operating_model/cells/base_fy2026_funding_balance:base/formula/refs/1Nonefunding_zero
/operating_model/cells/base_fy2026_funding_balance:base/idNonebase_fy2026_funding_balance
/operating_model/cells/base_fy2026_funding_balance:base/kindNonederived
/operating_model/cells/base_fy2026_funding_balance:base/labelNoneYear-end Funding balance under stated assumptions ($M)
/operating_model/cells/base_fy2026_funding_balance:base/periodNoneFY2026
/operating_model/cells/base_fy2026_funding_balance:base/unitNoneUSD_millions
/operating_model/cells/base_fy2026_funding_balance:base/valueNone2837.069999999999
/operating_model/cells/base_fy2026_restricted_remaining:base/basisNoneYear-end stock equals Q4 ending balance; quarterly balances are never summed.
/operating_model/cells/base_fy2026_restricted_remaining:base/caseNonebase
/operating_model/cells/base_fy2026_restricted_remaining:base/formula/opNonesum
/operating_model/cells/base_fy2026_restricted_remaining:base/formula/refs/0Nonebase_2026q4_restricted_remaining
/operating_model/cells/base_fy2026_restricted_remaining:base/formula/refs/1Nonefunding_zero
/operating_model/cells/base_fy2026_restricted_remaining:base/idNonebase_fy2026_restricted_remaining
/operating_model/cells/base_fy2026_restricted_remaining:base/kindNonederived
/operating_model/cells/base_fy2026_restricted_remaining:base/labelNoneYear-end Remaining restricted cash in funding bridge ($M)
/operating_model/cells/base_fy2026_restricted_remaining:base/periodNoneFY2026
/operating_model/cells/base_fy2026_restricted_remaining:base/unitNoneUSD_millions
/operating_model/cells/base_fy2026_restricted_remaining:base/valueNone1056.0
/operating_model/cells/base_fy2027_funding_balance:base/basisNoneYear-end stock equals Q4 ending balance; quarterly balances are never summed.
/operating_model/cells/base_fy2027_funding_balance:base/caseNonebase
/operating_model/cells/base_fy2027_funding_balance:base/formula/opNonesum
/operating_model/cells/base_fy2027_funding_balance:base/formula/refs/0Nonebase_2027q4_funding_balance
/operating_model/cells/base_fy2027_funding_balance:base/formula/refs/1Nonefunding_zero
/operating_model/cells/base_fy2027_funding_balance:base/idNonebase_fy2027_funding_balance
/operating_model/cells/base_fy2027_funding_balance:base/kindNonederived
/operating_model/cells/base_fy2027_funding_balance:base/labelNoneYear-end Funding balance under stated assumptions ($M)
/operating_model/cells/base_fy2027_funding_balance:base/periodNoneFY2027
/operating_model/cells/base_fy2027_funding_balance:base/unitNoneUSD_millions
/operating_model/cells/base_fy2027_funding_balance:base/valueNone-15389.873
/operating_model/cells/base_fy2027_restricted_remaining:base/basisNoneYear-end stock equals Q4 ending balance; quarterly balances are never summed.
/operating_model/cells/base_fy2027_restricted_remaining:base/caseNonebase
/operating_model/cells/base_fy2027_restricted_remaining:base/formula/opNonesum
/operating_model/cells/base_fy2027_restricted_remaining:base/formula/refs/0Nonebase_2027q4_restricted_remaining
/operating_model/cells/base_fy2027_restricted_remaining:base/formula/refs/1Nonefunding_zero
/operating_model/cells/base_fy2027_restricted_remaining:base/idNonebase_fy2027_restricted_remaining
/operating_model/cells/base_fy2027_restricted_remaining:base/kindNonederived
/operating_model/cells/base_fy2027_restricted_remaining:base/labelNoneYear-end Remaining restricted cash in funding bridge ($M)
/operating_model/cells/base_fy2027_restricted_remaining:base/periodNoneFY2027
/operating_model/cells/base_fy2027_restricted_remaining:base/unitNoneUSD_millions
/operating_model/cells/base_fy2027_restricted_remaining:base/valueNone1056.0
/operating_model/cells/downside_2026q3_asset_sale_cash:downside/basisNoneNo other asset sales assumed; no sale revenue is counted as recurring operating cash.
/operating_model/cells/downside_2026q3_asset_sale_cash:downside/caseNonedownside
/operating_model/cells/downside_2026q3_asset_sale_cash:downside/idNonedownside_2026q3_asset_sale_cash
/operating_model/cells/downside_2026q3_asset_sale_cash:downside/kindNoneassumption
/operating_model/cells/downside_2026q3_asset_sale_cash:downside/labelNoneAsset-sale cash assumed
/operating_model/cells/downside_2026q3_asset_sale_cash:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_asset_sale_cash:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_asset_sale_cash:downside/valueNone0.0
/operating_model/cells/downside_2026q3_cash_with_funding:downside/basisNoneCombines the operating model with explicit financing/restricted-fund assumptions once.
/operating_model/cells/downside_2026q3_cash_with_funding:downside/caseNonedownside
/operating_model/cells/downside_2026q3_cash_with_funding:downside/formula/opNonesum
/operating_model/cells/downside_2026q3_cash_with_funding:downside/formula/refs/0Nonedownside_2026q3_fcf
/operating_model/cells/downside_2026q3_cash_with_funding:downside/formula/refs/1Nonedownside_2026q3_funding_sources
/operating_model/cells/downside_2026q3_cash_with_funding:downside/idNonedownside_2026q3_cash_with_funding
/operating_model/cells/downside_2026q3_cash_with_funding:downside/kindNonederived
/operating_model/cells/downside_2026q3_cash_with_funding:downside/labelNoneOperating cash after capex plus funding
/operating_model/cells/downside_2026q3_cash_with_funding:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_cash_with_funding:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_cash_with_funding:downside/valueNone-1683.3609999999999
/operating_model/cells/downside_2026q3_external_net_funding:downside/basisNoneAugust closing cash after assumed costs plus the separately assumed July draw. The $800M debt-for-shares exchange is excluded from cash.
/operating_model/cells/downside_2026q3_external_net_funding:downside/caseNonedownside
/operating_model/cells/downside_2026q3_external_net_funding:downside/formula/opNonesum
/operating_model/cells/downside_2026q3_external_net_funding:downside/formula/refs/0Noneaug_modeled_net_proceeds
/operating_model/cells/downside_2026q3_external_net_funding:downside/formula/refs/1Nonedownside_2026q3_facility_draw
/operating_model/cells/downside_2026q3_external_net_funding:downside/idNonedownside_2026q3_external_net_funding
/operating_model/cells/downside_2026q3_external_net_funding:downside/kindNonederived
/operating_model/cells/downside_2026q3_external_net_funding:downside/labelNoneDated financing after modeled costs
/operating_model/cells/downside_2026q3_external_net_funding:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_external_net_funding:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_external_net_funding:downside/valueNone5663.75
/operating_model/cells/downside_2026q3_facility_draw:downside/basisNoneFacility amount times explicit availability assumption; not reported receipt.
/operating_model/cells/downside_2026q3_facility_draw:downside/caseNonedownside
/operating_model/cells/downside_2026q3_facility_draw:downside/formula/opNonemultiply
/operating_model/cells/downside_2026q3_facility_draw:downside/formula/refs/0Nonejuly_secured_facility
/operating_model/cells/downside_2026q3_facility_draw:downside/formula/refs/1Nonedownside_2026q3_facility_draw_fraction
/operating_model/cells/downside_2026q3_facility_draw:downside/idNonedownside_2026q3_facility_draw
/operating_model/cells/downside_2026q3_facility_draw:downside/kindNonederived
/operating_model/cells/downside_2026q3_facility_draw:downside/labelNoneModeled July facility draw
/operating_model/cells/downside_2026q3_facility_draw:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_facility_draw:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_facility_draw:downside/valueNone0.0
/operating_model/cells/downside_2026q3_facility_draw_fraction:downside/basisNoneNo draw credited until cash availability is confirmed. A signed $775M facility is displayed separately; users can test a draw but must account for conditions and fees.
/operating_model/cells/downside_2026q3_facility_draw_fraction:downside/caseNonedownside
/operating_model/cells/downside_2026q3_facility_draw_fraction:downside/idNonedownside_2026q3_facility_draw_fraction
/operating_model/cells/downside_2026q3_facility_draw_fraction:downside/kindNoneassumption
/operating_model/cells/downside_2026q3_facility_draw_fraction:downside/labelNoneAssumed draw of July facility
/operating_model/cells/downside_2026q3_facility_draw_fraction:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_facility_draw_fraction:downside/unitNoneratio
/operating_model/cells/downside_2026q3_facility_draw_fraction:downside/valueNone0.0
/operating_model/cells/downside_2026q3_funding_balance:downside/basisNoneJune unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim.
/operating_model/cells/downside_2026q3_funding_balance:downside/caseNonedownside
/operating_model/cells/downside_2026q3_funding_balance:downside/formula/opNonesum
/operating_model/cells/downside_2026q3_funding_balance:downside/formula/refs/0Noneh1_cash
/operating_model/cells/downside_2026q3_funding_balance:downside/formula/refs/1Nonedownside_2026q3_funding_change
/operating_model/cells/downside_2026q3_funding_balance:downside/idNonedownside_2026q3_funding_balance
/operating_model/cells/downside_2026q3_funding_balance:downside/kindNonederived
/operating_model/cells/downside_2026q3_funding_balance:downside/labelNoneFunding balance under stated assumptions
/operating_model/cells/downside_2026q3_funding_balance:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_funding_balance:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_funding_balance:downside/valueNone6343.7390000000005
/operating_model/cells/downside_2026q3_funding_change:downside/basisNoneFunding inflows less explicit cash uses; not a full GAAP cash-flow statement.
/operating_model/cells/downside_2026q3_funding_change:downside/caseNonedownside
/operating_model/cells/downside_2026q3_funding_change:downside/formula/opNonesubtract
/operating_model/cells/downside_2026q3_funding_change:downside/formula/refs/0Nonedownside_2026q3_cash_with_funding
/operating_model/cells/downside_2026q3_funding_change:downside/formula/refs/1Nonedownside_2026q3_funding_uses
/operating_model/cells/downside_2026q3_funding_change:downside/idNonedownside_2026q3_funding_change
/operating_model/cells/downside_2026q3_funding_change:downside/kindNonederived
/operating_model/cells/downside_2026q3_funding_change:downside/labelNoneNet modeled funding change
/operating_model/cells/downside_2026q3_funding_change:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_funding_change:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_funding_change:downside/valueNone-1698.3609999999999
/operating_model/cells/downside_2026q3_funding_sources:downside/basisNoneTransfers from restricted cash, dated financing and conditional disposals stay distinct from revenue.
/operating_model/cells/downside_2026q3_funding_sources:downside/caseNonedownside
/operating_model/cells/downside_2026q3_funding_sources:downside/formula/opNonesum
/operating_model/cells/downside_2026q3_funding_sources:downside/formula/refs/0Nonedownside_2026q3_restricted_release
/operating_model/cells/downside_2026q3_funding_sources:downside/formula/refs/1Nonedownside_2026q3_external_net_funding
/operating_model/cells/downside_2026q3_funding_sources:downside/formula/refs/2Nonedownside_2026q3_asset_sale_cash
/operating_model/cells/downside_2026q3_funding_sources:downside/idNonedownside_2026q3_funding_sources
/operating_model/cells/downside_2026q3_funding_sources:downside/kindNonederived
/operating_model/cells/downside_2026q3_funding_sources:downside/labelNoneFunding inflows outside operating model
/operating_model/cells/downside_2026q3_funding_sources:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_funding_sources:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_funding_sources:downside/valueNone5663.75
/operating_model/cells/downside_2026q3_funding_uses:downside/basisNonePrincipal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge.
/operating_model/cells/downside_2026q3_funding_uses:downside/caseNonedownside
/operating_model/cells/downside_2026q3_funding_uses:downside/formula/opNonesum
/operating_model/cells/downside_2026q3_funding_uses:downside/formula/refs/0Nonedownside_2026q3_principal_cash
/operating_model/cells/downside_2026q3_funding_uses:downside/formula/refs/1Nonedownside_2026q3_other_funding_uses
/operating_model/cells/downside_2026q3_funding_uses:downside/idNonedownside_2026q3_funding_uses
/operating_model/cells/downside_2026q3_funding_uses:downside/kindNonederived
/operating_model/cells/downside_2026q3_funding_uses:downside/labelNoneCash uses outside operating model
/operating_model/cells/downside_2026q3_funding_uses:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_funding_uses:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_funding_uses:downside/valueNone15.0
/operating_model/cells/downside_2026q3_other_funding_uses:downside/basisNoneExplicit desk allowance outside operating cash/capex: includes $10M assumed sale costs only for WULF upside closing. Zero otherwise leaves undisclosed acquisitions, contingent settlements and minority distributions unmodeled, not known absent. Construction reimbursements already included in capex are not deducted again.
/operating_model/cells/downside_2026q3_other_funding_uses:downside/caseNonedownside
/operating_model/cells/downside_2026q3_other_funding_uses:downside/idNonedownside_2026q3_other_funding_uses
/operating_model/cells/downside_2026q3_other_funding_uses:downside/kindNoneassumption
/operating_model/cells/downside_2026q3_other_funding_uses:downside/labelNoneAdditional investing, fees and outside-owner cash uses
/operating_model/cells/downside_2026q3_other_funding_uses:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_other_funding_uses:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_other_funding_uses:downside/valueNone0.0
/operating_model/cells/downside_2026q3_principal_cash:downside/basisNoneDesk $15M quarterly principal allowance, separate from interest already in the operating bridge. This is not a disclosed maturity schedule; replace with reported repayments/contractual timing. Optional early note settlement excluded.
/operating_model/cells/downside_2026q3_principal_cash:downside/caseNonedownside
/operating_model/cells/downside_2026q3_principal_cash:downside/idNonedownside_2026q3_principal_cash
/operating_model/cells/downside_2026q3_principal_cash:downside/kindNoneassumption
/operating_model/cells/downside_2026q3_principal_cash:downside/labelNoneAssumed principal cash use
/operating_model/cells/downside_2026q3_principal_cash:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_principal_cash:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_principal_cash:downside/valueNone15.0
/operating_model/cells/downside_2026q3_restricted_release:downside/basisNoneNo restricted funds assumed available for general funding. Change only with source-backed release conditions; this balance is not free parent cash.
/operating_model/cells/downside_2026q3_restricted_release:downside/caseNonedownside
/operating_model/cells/downside_2026q3_restricted_release:downside/idNonedownside_2026q3_restricted_release
/operating_model/cells/downside_2026q3_restricted_release:downside/kindNoneassumption
/operating_model/cells/downside_2026q3_restricted_release:downside/labelNoneRestricted funds used for qualifying spending
/operating_model/cells/downside_2026q3_restricted_release:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_restricted_release:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_restricted_release:downside/valueNone0.0
/operating_model/cells/downside_2026q3_restricted_remaining:downside/basisNoneOpening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims.
/operating_model/cells/downside_2026q3_restricted_remaining:downside/caseNonedownside
/operating_model/cells/downside_2026q3_restricted_remaining:downside/formula/opNonesubtract
/operating_model/cells/downside_2026q3_restricted_remaining:downside/formula/refs/0Noneh1_restricted_cash
/operating_model/cells/downside_2026q3_restricted_remaining:downside/formula/refs/1Nonedownside_2026q3_restricted_release
/operating_model/cells/downside_2026q3_restricted_remaining:downside/idNonedownside_2026q3_restricted_remaining
/operating_model/cells/downside_2026q3_restricted_remaining:downside/kindNonederived
/operating_model/cells/downside_2026q3_restricted_remaining:downside/labelNoneRemaining restricted cash in funding bridge
/operating_model/cells/downside_2026q3_restricted_remaining:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_restricted_remaining:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_restricted_remaining:downside/valueNone1056.0
/operating_model/cells/downside_2026q4_asset_sale_cash:downside/basisNoneNo other asset sales assumed; no sale revenue is counted as recurring operating cash.
/operating_model/cells/downside_2026q4_asset_sale_cash:downside/caseNonedownside
/operating_model/cells/downside_2026q4_asset_sale_cash:downside/idNonedownside_2026q4_asset_sale_cash
/operating_model/cells/downside_2026q4_asset_sale_cash:downside/kindNoneassumption
/operating_model/cells/downside_2026q4_asset_sale_cash:downside/labelNoneAsset-sale cash assumed
/operating_model/cells/downside_2026q4_asset_sale_cash:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_asset_sale_cash:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_asset_sale_cash:downside/valueNone0.0
/operating_model/cells/downside_2026q4_cash_with_funding:downside/basisNoneCombines the operating model with explicit financing/restricted-fund assumptions once.
/operating_model/cells/downside_2026q4_cash_with_funding:downside/caseNonedownside
/operating_model/cells/downside_2026q4_cash_with_funding:downside/formula/opNonesum
/operating_model/cells/downside_2026q4_cash_with_funding:downside/formula/refs/0Nonedownside_2026q4_fcf
/operating_model/cells/downside_2026q4_cash_with_funding:downside/formula/refs/1Nonedownside_2026q4_funding_sources
/operating_model/cells/downside_2026q4_cash_with_funding:downside/idNonedownside_2026q4_cash_with_funding
/operating_model/cells/downside_2026q4_cash_with_funding:downside/kindNonederived
/operating_model/cells/downside_2026q4_cash_with_funding:downside/labelNoneOperating cash after capex plus funding
/operating_model/cells/downside_2026q4_cash_with_funding:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_cash_with_funding:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_cash_with_funding:downside/valueNone-7735.3365
/operating_model/cells/downside_2026q4_external_net_funding:downside/basisNoneNo unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
/operating_model/cells/downside_2026q4_external_net_funding:downside/caseNonedownside
/operating_model/cells/downside_2026q4_external_net_funding:downside/idNonedownside_2026q4_external_net_funding
/operating_model/cells/downside_2026q4_external_net_funding:downside/kindNoneassumption
/operating_model/cells/downside_2026q4_external_net_funding:downside/labelNoneAdditional net financing assumed
/operating_model/cells/downside_2026q4_external_net_funding:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_external_net_funding:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_external_net_funding:downside/valueNone0.0
/operating_model/cells/downside_2026q4_funding_balance:downside/basisNoneJune unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim.
/operating_model/cells/downside_2026q4_funding_balance:downside/caseNonedownside
/operating_model/cells/downside_2026q4_funding_balance:downside/formula/opNonesum
/operating_model/cells/downside_2026q4_funding_balance:downside/formula/refs/0Nonedownside_2026q3_funding_balance
/operating_model/cells/downside_2026q4_funding_balance:downside/formula/refs/1Nonedownside_2026q4_funding_change
/operating_model/cells/downside_2026q4_funding_balance:downside/idNonedownside_2026q4_funding_balance
/operating_model/cells/downside_2026q4_funding_balance:downside/kindNonederived
/operating_model/cells/downside_2026q4_funding_balance:downside/labelNoneFunding balance under stated assumptions
/operating_model/cells/downside_2026q4_funding_balance:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_funding_balance:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_funding_balance:downside/valueNone-1406.5974999999999
/operating_model/cells/downside_2026q4_funding_change:downside/basisNoneFunding inflows less explicit cash uses; not a full GAAP cash-flow statement.
/operating_model/cells/downside_2026q4_funding_change:downside/caseNonedownside
/operating_model/cells/downside_2026q4_funding_change:downside/formula/opNonesubtract
/operating_model/cells/downside_2026q4_funding_change:downside/formula/refs/0Nonedownside_2026q4_cash_with_funding
/operating_model/cells/downside_2026q4_funding_change:downside/formula/refs/1Nonedownside_2026q4_funding_uses
/operating_model/cells/downside_2026q4_funding_change:downside/idNonedownside_2026q4_funding_change
/operating_model/cells/downside_2026q4_funding_change:downside/kindNonederived
/operating_model/cells/downside_2026q4_funding_change:downside/labelNoneNet modeled funding change
/operating_model/cells/downside_2026q4_funding_change:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_funding_change:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_funding_change:downside/valueNone-7750.3365
/operating_model/cells/downside_2026q4_funding_sources:downside/basisNoneTransfers from restricted cash, dated financing and conditional disposals stay distinct from revenue.
/operating_model/cells/downside_2026q4_funding_sources:downside/caseNonedownside
/operating_model/cells/downside_2026q4_funding_sources:downside/formula/opNonesum
/operating_model/cells/downside_2026q4_funding_sources:downside/formula/refs/0Nonedownside_2026q4_restricted_release
/operating_model/cells/downside_2026q4_funding_sources:downside/formula/refs/1Nonedownside_2026q4_external_net_funding
/operating_model/cells/downside_2026q4_funding_sources:downside/formula/refs/2Nonedownside_2026q4_asset_sale_cash
/operating_model/cells/downside_2026q4_funding_sources:downside/idNonedownside_2026q4_funding_sources
/operating_model/cells/downside_2026q4_funding_sources:downside/kindNonederived
/operating_model/cells/downside_2026q4_funding_sources:downside/labelNoneFunding inflows outside operating model
/operating_model/cells/downside_2026q4_funding_sources:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_funding_sources:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_funding_sources:downside/valueNone0.0
/operating_model/cells/downside_2026q4_funding_uses:downside/basisNonePrincipal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge.
/operating_model/cells/downside_2026q4_funding_uses:downside/caseNonedownside
/operating_model/cells/downside_2026q4_funding_uses:downside/formula/opNonesum
/operating_model/cells/downside_2026q4_funding_uses:downside/formula/refs/0Nonedownside_2026q4_principal_cash
/operating_model/cells/downside_2026q4_funding_uses:downside/formula/refs/1Nonedownside_2026q4_other_funding_uses
/operating_model/cells/downside_2026q4_funding_uses:downside/idNonedownside_2026q4_funding_uses
/operating_model/cells/downside_2026q4_funding_uses:downside/kindNonederived
/operating_model/cells/downside_2026q4_funding_uses:downside/labelNoneCash uses outside operating model
/operating_model/cells/downside_2026q4_funding_uses:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_funding_uses:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_funding_uses:downside/valueNone15.0
/operating_model/cells/downside_2026q4_other_funding_uses:downside/basisNoneExplicit desk allowance outside operating cash/capex: includes $10M assumed sale costs only for WULF upside closing. Zero otherwise leaves undisclosed acquisitions, contingent settlements and minority distributions unmodeled, not known absent. Construction reimbursements already included in capex are not deducted again.
/operating_model/cells/downside_2026q4_other_funding_uses:downside/caseNonedownside
/operating_model/cells/downside_2026q4_other_funding_uses:downside/idNonedownside_2026q4_other_funding_uses
/operating_model/cells/downside_2026q4_other_funding_uses:downside/kindNoneassumption
/operating_model/cells/downside_2026q4_other_funding_uses:downside/labelNoneAdditional investing, fees and outside-owner cash uses
/operating_model/cells/downside_2026q4_other_funding_uses:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_other_funding_uses:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_other_funding_uses:downside/valueNone0.0
/operating_model/cells/downside_2026q4_principal_cash:downside/basisNoneDesk $15M quarterly principal allowance, separate from interest already in the operating bridge. This is not a disclosed maturity schedule; replace with reported repayments/contractual timing. Optional early note settlement excluded.
/operating_model/cells/downside_2026q4_principal_cash:downside/caseNonedownside
/operating_model/cells/downside_2026q4_principal_cash:downside/idNonedownside_2026q4_principal_cash
/operating_model/cells/downside_2026q4_principal_cash:downside/kindNoneassumption
/operating_model/cells/downside_2026q4_principal_cash:downside/labelNoneAssumed principal cash use
/operating_model/cells/downside_2026q4_principal_cash:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_principal_cash:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_principal_cash:downside/valueNone15.0
/operating_model/cells/downside_2026q4_restricted_release:downside/basisNoneNo restricted funds assumed available for general funding. Change only with source-backed release conditions; this balance is not free parent cash.
/operating_model/cells/downside_2026q4_restricted_release:downside/caseNonedownside
/operating_model/cells/downside_2026q4_restricted_release:downside/idNonedownside_2026q4_restricted_release
/operating_model/cells/downside_2026q4_restricted_release:downside/kindNoneassumption
/operating_model/cells/downside_2026q4_restricted_release:downside/labelNoneRestricted funds used for qualifying spending
/operating_model/cells/downside_2026q4_restricted_release:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_restricted_release:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_restricted_release:downside/valueNone0.0
/operating_model/cells/downside_2026q4_restricted_remaining:downside/basisNoneOpening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims.
/operating_model/cells/downside_2026q4_restricted_remaining:downside/caseNonedownside
/operating_model/cells/downside_2026q4_restricted_remaining:downside/formula/opNonesubtract
/operating_model/cells/downside_2026q4_restricted_remaining:downside/formula/refs/0Nonedownside_2026q3_restricted_remaining
/operating_model/cells/downside_2026q4_restricted_remaining:downside/formula/refs/1Nonedownside_2026q4_restricted_release
/operating_model/cells/downside_2026q4_restricted_remaining:downside/idNonedownside_2026q4_restricted_remaining
/operating_model/cells/downside_2026q4_restricted_remaining:downside/kindNonederived
/operating_model/cells/downside_2026q4_restricted_remaining:downside/labelNoneRemaining restricted cash in funding bridge
/operating_model/cells/downside_2026q4_restricted_remaining:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_restricted_remaining:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_restricted_remaining:downside/valueNone1056.0
/operating_model/cells/downside_2027q1_asset_sale_cash:downside/basisNoneNo other asset sales assumed; no sale revenue is counted as recurring operating cash.
/operating_model/cells/downside_2027q1_asset_sale_cash:downside/caseNonedownside
/operating_model/cells/downside_2027q1_asset_sale_cash:downside/idNonedownside_2027q1_asset_sale_cash
/operating_model/cells/downside_2027q1_asset_sale_cash:downside/kindNoneassumption
/operating_model/cells/downside_2027q1_asset_sale_cash:downside/labelNoneAsset-sale cash assumed
/operating_model/cells/downside_2027q1_asset_sale_cash:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_asset_sale_cash:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_asset_sale_cash:downside/valueNone0.0
/operating_model/cells/downside_2027q1_cash_with_funding:downside/basisNoneCombines the operating model with explicit financing/restricted-fund assumptions once.
/operating_model/cells/downside_2027q1_cash_with_funding:downside/caseNonedownside
/operating_model/cells/downside_2027q1_cash_with_funding:downside/formula/opNonesum
/operating_model/cells/downside_2027q1_cash_with_funding:downside/formula/refs/0Nonedownside_2027q1_fcf
/operating_model/cells/downside_2027q1_cash_with_funding:downside/formula/refs/1Nonedownside_2027q1_funding_sources
/operating_model/cells/downside_2027q1_cash_with_funding:downside/idNonedownside_2027q1_cash_with_funding
/operating_model/cells/downside_2027q1_cash_with_funding:downside/kindNonederived
/operating_model/cells/downside_2027q1_cash_with_funding:downside/labelNoneOperating cash after capex plus funding
/operating_model/cells/downside_2027q1_cash_with_funding:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_cash_with_funding:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_cash_with_funding:downside/valueNone-6371.632
/operating_model/cells/downside_2027q1_external_net_funding:downside/basisNoneNo unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
/operating_model/cells/downside_2027q1_external_net_funding:downside/caseNonedownside
/operating_model/cells/downside_2027q1_external_net_funding:downside/idNonedownside_2027q1_external_net_funding
/operating_model/cells/downside_2027q1_external_net_funding:downside/kindNoneassumption
/operating_model/cells/downside_2027q1_external_net_funding:downside/labelNoneAdditional net financing assumed
/operating_model/cells/downside_2027q1_external_net_funding:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_external_net_funding:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_external_net_funding:downside/valueNone0.0
/operating_model/cells/downside_2027q1_funding_balance:downside/basisNoneJune unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim.
/operating_model/cells/downside_2027q1_funding_balance:downside/caseNonedownside
/operating_model/cells/downside_2027q1_funding_balance:downside/formula/opNonesum
/operating_model/cells/downside_2027q1_funding_balance:downside/formula/refs/0Nonedownside_2026q4_funding_balance
/operating_model/cells/downside_2027q1_funding_balance:downside/formula/refs/1Nonedownside_2027q1_funding_change
/operating_model/cells/downside_2027q1_funding_balance:downside/idNonedownside_2027q1_funding_balance
/operating_model/cells/downside_2027q1_funding_balance:downside/kindNonederived
/operating_model/cells/downside_2027q1_funding_balance:downside/labelNoneFunding balance under stated assumptions
/operating_model/cells/downside_2027q1_funding_balance:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_funding_balance:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_funding_balance:downside/valueNone-7793.2294999999995
/operating_model/cells/downside_2027q1_funding_change:downside/basisNoneFunding inflows less explicit cash uses; not a full GAAP cash-flow statement.
/operating_model/cells/downside_2027q1_funding_change:downside/caseNonedownside
/operating_model/cells/downside_2027q1_funding_change:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q1_funding_change:downside/formula/refs/0Nonedownside_2027q1_cash_with_funding
/operating_model/cells/downside_2027q1_funding_change:downside/formula/refs/1Nonedownside_2027q1_funding_uses
/operating_model/cells/downside_2027q1_funding_change:downside/idNonedownside_2027q1_funding_change
/operating_model/cells/downside_2027q1_funding_change:downside/kindNonederived
/operating_model/cells/downside_2027q1_funding_change:downside/labelNoneNet modeled funding change
/operating_model/cells/downside_2027q1_funding_change:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_funding_change:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_funding_change:downside/valueNone-6386.632
/operating_model/cells/downside_2027q1_funding_sources:downside/basisNoneTransfers from restricted cash, dated financing and conditional disposals stay distinct from revenue.
/operating_model/cells/downside_2027q1_funding_sources:downside/caseNonedownside
/operating_model/cells/downside_2027q1_funding_sources:downside/formula/opNonesum
/operating_model/cells/downside_2027q1_funding_sources:downside/formula/refs/0Nonedownside_2027q1_restricted_release
/operating_model/cells/downside_2027q1_funding_sources:downside/formula/refs/1Nonedownside_2027q1_external_net_funding
/operating_model/cells/downside_2027q1_funding_sources:downside/formula/refs/2Nonedownside_2027q1_asset_sale_cash
/operating_model/cells/downside_2027q1_funding_sources:downside/idNonedownside_2027q1_funding_sources
/operating_model/cells/downside_2027q1_funding_sources:downside/kindNonederived
/operating_model/cells/downside_2027q1_funding_sources:downside/labelNoneFunding inflows outside operating model
/operating_model/cells/downside_2027q1_funding_sources:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_funding_sources:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_funding_sources:downside/valueNone0.0
/operating_model/cells/downside_2027q1_funding_uses:downside/basisNonePrincipal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge.
/operating_model/cells/downside_2027q1_funding_uses:downside/caseNonedownside
/operating_model/cells/downside_2027q1_funding_uses:downside/formula/opNonesum
/operating_model/cells/downside_2027q1_funding_uses:downside/formula/refs/0Nonedownside_2027q1_principal_cash
/operating_model/cells/downside_2027q1_funding_uses:downside/formula/refs/1Nonedownside_2027q1_other_funding_uses
/operating_model/cells/downside_2027q1_funding_uses:downside/idNonedownside_2027q1_funding_uses
/operating_model/cells/downside_2027q1_funding_uses:downside/kindNonederived
/operating_model/cells/downside_2027q1_funding_uses:downside/labelNoneCash uses outside operating model
/operating_model/cells/downside_2027q1_funding_uses:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_funding_uses:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_funding_uses:downside/valueNone15.0
/operating_model/cells/downside_2027q1_other_funding_uses:downside/basisNoneExplicit desk allowance outside operating cash/capex: includes $10M assumed sale costs only for WULF upside closing. Zero otherwise leaves undisclosed acquisitions, contingent settlements and minority distributions unmodeled, not known absent. Construction reimbursements already included in capex are not deducted again.
/operating_model/cells/downside_2027q1_other_funding_uses:downside/caseNonedownside
/operating_model/cells/downside_2027q1_other_funding_uses:downside/idNonedownside_2027q1_other_funding_uses
/operating_model/cells/downside_2027q1_other_funding_uses:downside/kindNoneassumption
/operating_model/cells/downside_2027q1_other_funding_uses:downside/labelNoneAdditional investing, fees and outside-owner cash uses
/operating_model/cells/downside_2027q1_other_funding_uses:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_other_funding_uses:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_other_funding_uses:downside/valueNone0.0
/operating_model/cells/downside_2027q1_principal_cash:downside/basisNoneDesk $15M quarterly principal allowance, separate from interest already in the operating bridge. This is not a disclosed maturity schedule; replace with reported repayments/contractual timing. Optional early note settlement excluded.
/operating_model/cells/downside_2027q1_principal_cash:downside/caseNonedownside
/operating_model/cells/downside_2027q1_principal_cash:downside/idNonedownside_2027q1_principal_cash
/operating_model/cells/downside_2027q1_principal_cash:downside/kindNoneassumption
/operating_model/cells/downside_2027q1_principal_cash:downside/labelNoneAssumed principal cash use
/operating_model/cells/downside_2027q1_principal_cash:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_principal_cash:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_principal_cash:downside/valueNone15.0
/operating_model/cells/downside_2027q1_restricted_release:downside/basisNoneNo restricted funds assumed available for general funding. Change only with source-backed release conditions; this balance is not free parent cash.
/operating_model/cells/downside_2027q1_restricted_release:downside/caseNonedownside
/operating_model/cells/downside_2027q1_restricted_release:downside/idNonedownside_2027q1_restricted_release
/operating_model/cells/downside_2027q1_restricted_release:downside/kindNoneassumption
/operating_model/cells/downside_2027q1_restricted_release:downside/labelNoneRestricted funds used for qualifying spending
/operating_model/cells/downside_2027q1_restricted_release:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_restricted_release:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_restricted_release:downside/valueNone0.0
/operating_model/cells/downside_2027q1_restricted_remaining:downside/basisNoneOpening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims.
/operating_model/cells/downside_2027q1_restricted_remaining:downside/caseNonedownside
/operating_model/cells/downside_2027q1_restricted_remaining:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q1_restricted_remaining:downside/formula/refs/0Nonedownside_2026q4_restricted_remaining
/operating_model/cells/downside_2027q1_restricted_remaining:downside/formula/refs/1Nonedownside_2027q1_restricted_release
/operating_model/cells/downside_2027q1_restricted_remaining:downside/idNonedownside_2027q1_restricted_remaining
/operating_model/cells/downside_2027q1_restricted_remaining:downside/kindNonederived
/operating_model/cells/downside_2027q1_restricted_remaining:downside/labelNoneRemaining restricted cash in funding bridge
/operating_model/cells/downside_2027q1_restricted_remaining:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_restricted_remaining:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_restricted_remaining:downside/valueNone1056.0
/operating_model/cells/downside_2027q2_asset_sale_cash:downside/basisNoneNo other asset sales assumed; no sale revenue is counted as recurring operating cash.
/operating_model/cells/downside_2027q2_asset_sale_cash:downside/caseNonedownside
/operating_model/cells/downside_2027q2_asset_sale_cash:downside/idNonedownside_2027q2_asset_sale_cash
/operating_model/cells/downside_2027q2_asset_sale_cash:downside/kindNoneassumption
/operating_model/cells/downside_2027q2_asset_sale_cash:downside/labelNoneAsset-sale cash assumed
/operating_model/cells/downside_2027q2_asset_sale_cash:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_asset_sale_cash:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_asset_sale_cash:downside/valueNone0.0
/operating_model/cells/downside_2027q2_cash_with_funding:downside/basisNoneCombines the operating model with explicit financing/restricted-fund assumptions once.
/operating_model/cells/downside_2027q2_cash_with_funding:downside/caseNonedownside
/operating_model/cells/downside_2027q2_cash_with_funding:downside/formula/opNonesum
/operating_model/cells/downside_2027q2_cash_with_funding:downside/formula/refs/0Nonedownside_2027q2_fcf
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/operating_model/cells/downside_2027q2_cash_with_funding:downside/idNonedownside_2027q2_cash_with_funding
/operating_model/cells/downside_2027q2_cash_with_funding:downside/kindNonederived
/operating_model/cells/downside_2027q2_cash_with_funding:downside/labelNoneOperating cash after capex plus funding
/operating_model/cells/downside_2027q2_cash_with_funding:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_cash_with_funding:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_cash_with_funding:downside/valueNone-6328.632
/operating_model/cells/downside_2027q2_external_net_funding:downside/basisNoneNo unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
/operating_model/cells/downside_2027q2_external_net_funding:downside/caseNonedownside
/operating_model/cells/downside_2027q2_external_net_funding:downside/idNonedownside_2027q2_external_net_funding
/operating_model/cells/downside_2027q2_external_net_funding:downside/kindNoneassumption
/operating_model/cells/downside_2027q2_external_net_funding:downside/labelNoneAdditional net financing assumed
/operating_model/cells/downside_2027q2_external_net_funding:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_external_net_funding:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_external_net_funding:downside/valueNone0.0
/operating_model/cells/downside_2027q2_funding_balance:downside/basisNoneJune unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim.
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/operating_model/cells/downside_2027q2_funding_balance:downside/kindNonederived
/operating_model/cells/downside_2027q2_funding_balance:downside/labelNoneFunding balance under stated assumptions
/operating_model/cells/downside_2027q2_funding_balance:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_funding_balance:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_funding_balance:downside/valueNone-14136.861499999999
/operating_model/cells/downside_2027q2_funding_change:downside/basisNoneFunding inflows less explicit cash uses; not a full GAAP cash-flow statement.
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/operating_model/cells/downside_2027q2_funding_change:downside/formula/opNonesubtract
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/operating_model/cells/downside_2027q2_funding_change:downside/kindNonederived
/operating_model/cells/downside_2027q2_funding_change:downside/labelNoneNet modeled funding change
/operating_model/cells/downside_2027q2_funding_change:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_funding_change:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_funding_change:downside/valueNone-6343.632
/operating_model/cells/downside_2027q2_funding_sources:downside/basisNoneTransfers from restricted cash, dated financing and conditional disposals stay distinct from revenue.
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/operating_model/cells/downside_2027q2_funding_sources:downside/formula/opNonesum
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/operating_model/cells/downside_2027q2_funding_sources:downside/formula/refs/1Nonedownside_2027q2_external_net_funding
/operating_model/cells/downside_2027q2_funding_sources:downside/formula/refs/2Nonedownside_2027q2_asset_sale_cash
/operating_model/cells/downside_2027q2_funding_sources:downside/idNonedownside_2027q2_funding_sources
/operating_model/cells/downside_2027q2_funding_sources:downside/kindNonederived
/operating_model/cells/downside_2027q2_funding_sources:downside/labelNoneFunding inflows outside operating model
/operating_model/cells/downside_2027q2_funding_sources:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_funding_sources:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_funding_sources:downside/valueNone0.0
/operating_model/cells/downside_2027q2_funding_uses:downside/basisNonePrincipal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge.
/operating_model/cells/downside_2027q2_funding_uses:downside/caseNonedownside
/operating_model/cells/downside_2027q2_funding_uses:downside/formula/opNonesum
/operating_model/cells/downside_2027q2_funding_uses:downside/formula/refs/0Nonedownside_2027q2_principal_cash
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/operating_model/cells/downside_2027q2_funding_uses:downside/kindNonederived
/operating_model/cells/downside_2027q2_funding_uses:downside/labelNoneCash uses outside operating model
/operating_model/cells/downside_2027q2_funding_uses:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_funding_uses:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_funding_uses:downside/valueNone15.0
/operating_model/cells/downside_2027q2_other_funding_uses:downside/basisNoneExplicit desk allowance outside operating cash/capex: includes $10M assumed sale costs only for WULF upside closing. Zero otherwise leaves undisclosed acquisitions, contingent settlements and minority distributions unmodeled, not known absent. Construction reimbursements already included in capex are not deducted again.
/operating_model/cells/downside_2027q2_other_funding_uses:downside/caseNonedownside
/operating_model/cells/downside_2027q2_other_funding_uses:downside/idNonedownside_2027q2_other_funding_uses
/operating_model/cells/downside_2027q2_other_funding_uses:downside/kindNoneassumption
/operating_model/cells/downside_2027q2_other_funding_uses:downside/labelNoneAdditional investing, fees and outside-owner cash uses
/operating_model/cells/downside_2027q2_other_funding_uses:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_other_funding_uses:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_other_funding_uses:downside/valueNone0.0
/operating_model/cells/downside_2027q2_principal_cash:downside/basisNoneDesk $15M quarterly principal allowance, separate from interest already in the operating bridge. This is not a disclosed maturity schedule; replace with reported repayments/contractual timing. Optional early note settlement excluded.
/operating_model/cells/downside_2027q2_principal_cash:downside/caseNonedownside
/operating_model/cells/downside_2027q2_principal_cash:downside/idNonedownside_2027q2_principal_cash
/operating_model/cells/downside_2027q2_principal_cash:downside/kindNoneassumption
/operating_model/cells/downside_2027q2_principal_cash:downside/labelNoneAssumed principal cash use
/operating_model/cells/downside_2027q2_principal_cash:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_principal_cash:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_principal_cash:downside/valueNone15.0
/operating_model/cells/downside_2027q2_restricted_release:downside/basisNoneNo restricted funds assumed available for general funding. Change only with source-backed release conditions; this balance is not free parent cash.
/operating_model/cells/downside_2027q2_restricted_release:downside/caseNonedownside
/operating_model/cells/downside_2027q2_restricted_release:downside/idNonedownside_2027q2_restricted_release
/operating_model/cells/downside_2027q2_restricted_release:downside/kindNoneassumption
/operating_model/cells/downside_2027q2_restricted_release:downside/labelNoneRestricted funds used for qualifying spending
/operating_model/cells/downside_2027q2_restricted_release:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_restricted_release:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_restricted_release:downside/valueNone0.0
/operating_model/cells/downside_2027q2_restricted_remaining:downside/basisNoneOpening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims.
/operating_model/cells/downside_2027q2_restricted_remaining:downside/caseNonedownside
/operating_model/cells/downside_2027q2_restricted_remaining:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q2_restricted_remaining:downside/formula/refs/0Nonedownside_2027q1_restricted_remaining
/operating_model/cells/downside_2027q2_restricted_remaining:downside/formula/refs/1Nonedownside_2027q2_restricted_release
/operating_model/cells/downside_2027q2_restricted_remaining:downside/idNonedownside_2027q2_restricted_remaining
/operating_model/cells/downside_2027q2_restricted_remaining:downside/kindNonederived
/operating_model/cells/downside_2027q2_restricted_remaining:downside/labelNoneRemaining restricted cash in funding bridge
/operating_model/cells/downside_2027q2_restricted_remaining:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_restricted_remaining:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_restricted_remaining:downside/valueNone1056.0
/operating_model/cells/downside_2027q3_asset_sale_cash:downside/basisNoneNo other asset sales assumed; no sale revenue is counted as recurring operating cash.
/operating_model/cells/downside_2027q3_asset_sale_cash:downside/caseNonedownside
/operating_model/cells/downside_2027q3_asset_sale_cash:downside/idNonedownside_2027q3_asset_sale_cash
/operating_model/cells/downside_2027q3_asset_sale_cash:downside/kindNoneassumption
/operating_model/cells/downside_2027q3_asset_sale_cash:downside/labelNoneAsset-sale cash assumed
/operating_model/cells/downside_2027q3_asset_sale_cash:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_asset_sale_cash:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_asset_sale_cash:downside/valueNone0.0
/operating_model/cells/downside_2027q3_cash_with_funding:downside/basisNoneCombines the operating model with explicit financing/restricted-fund assumptions once.
/operating_model/cells/downside_2027q3_cash_with_funding:downside/caseNonedownside
/operating_model/cells/downside_2027q3_cash_with_funding:downside/formula/opNonesum
/operating_model/cells/downside_2027q3_cash_with_funding:downside/formula/refs/0Nonedownside_2027q3_fcf
/operating_model/cells/downside_2027q3_cash_with_funding:downside/formula/refs/1Nonedownside_2027q3_funding_sources
/operating_model/cells/downside_2027q3_cash_with_funding:downside/idNonedownside_2027q3_cash_with_funding
/operating_model/cells/downside_2027q3_cash_with_funding:downside/kindNonederived
/operating_model/cells/downside_2027q3_cash_with_funding:downside/labelNoneOperating cash after capex plus funding
/operating_model/cells/downside_2027q3_cash_with_funding:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_cash_with_funding:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_cash_with_funding:downside/valueNone-6402.632
/operating_model/cells/downside_2027q3_external_net_funding:downside/basisNoneNo unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
/operating_model/cells/downside_2027q3_external_net_funding:downside/caseNonedownside
/operating_model/cells/downside_2027q3_external_net_funding:downside/idNonedownside_2027q3_external_net_funding
/operating_model/cells/downside_2027q3_external_net_funding:downside/kindNoneassumption
/operating_model/cells/downside_2027q3_external_net_funding:downside/labelNoneAdditional net financing assumed
/operating_model/cells/downside_2027q3_external_net_funding:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_external_net_funding:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_external_net_funding:downside/valueNone0.0
/operating_model/cells/downside_2027q3_funding_balance:downside/basisNoneJune unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim.
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/operating_model/cells/downside_2027q3_funding_balance:downside/formula/opNonesum
/operating_model/cells/downside_2027q3_funding_balance:downside/formula/refs/0Nonedownside_2027q2_funding_balance
/operating_model/cells/downside_2027q3_funding_balance:downside/formula/refs/1Nonedownside_2027q3_funding_change
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/operating_model/cells/downside_2027q3_funding_balance:downside/kindNonederived
/operating_model/cells/downside_2027q3_funding_balance:downside/labelNoneFunding balance under stated assumptions
/operating_model/cells/downside_2027q3_funding_balance:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_funding_balance:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_funding_balance:downside/valueNone-20554.493499999997
/operating_model/cells/downside_2027q3_funding_change:downside/basisNoneFunding inflows less explicit cash uses; not a full GAAP cash-flow statement.
/operating_model/cells/downside_2027q3_funding_change:downside/caseNonedownside
/operating_model/cells/downside_2027q3_funding_change:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q3_funding_change:downside/formula/refs/0Nonedownside_2027q3_cash_with_funding
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/operating_model/cells/downside_2027q3_funding_change:downside/idNonedownside_2027q3_funding_change
/operating_model/cells/downside_2027q3_funding_change:downside/kindNonederived
/operating_model/cells/downside_2027q3_funding_change:downside/labelNoneNet modeled funding change
/operating_model/cells/downside_2027q3_funding_change:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_funding_change:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_funding_change:downside/valueNone-6417.632
/operating_model/cells/downside_2027q3_funding_sources:downside/basisNoneTransfers from restricted cash, dated financing and conditional disposals stay distinct from revenue.
/operating_model/cells/downside_2027q3_funding_sources:downside/caseNonedownside
/operating_model/cells/downside_2027q3_funding_sources:downside/formula/opNonesum
/operating_model/cells/downside_2027q3_funding_sources:downside/formula/refs/0Nonedownside_2027q3_restricted_release
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/operating_model/cells/downside_2027q3_funding_sources:downside/formula/refs/2Nonedownside_2027q3_asset_sale_cash
/operating_model/cells/downside_2027q3_funding_sources:downside/idNonedownside_2027q3_funding_sources
/operating_model/cells/downside_2027q3_funding_sources:downside/kindNonederived
/operating_model/cells/downside_2027q3_funding_sources:downside/labelNoneFunding inflows outside operating model
/operating_model/cells/downside_2027q3_funding_sources:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_funding_sources:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_funding_sources:downside/valueNone0.0
/operating_model/cells/downside_2027q3_funding_uses:downside/basisNonePrincipal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge.
/operating_model/cells/downside_2027q3_funding_uses:downside/caseNonedownside
/operating_model/cells/downside_2027q3_funding_uses:downside/formula/opNonesum
/operating_model/cells/downside_2027q3_funding_uses:downside/formula/refs/0Nonedownside_2027q3_principal_cash
/operating_model/cells/downside_2027q3_funding_uses:downside/formula/refs/1Nonedownside_2027q3_other_funding_uses
/operating_model/cells/downside_2027q3_funding_uses:downside/idNonedownside_2027q3_funding_uses
/operating_model/cells/downside_2027q3_funding_uses:downside/kindNonederived
/operating_model/cells/downside_2027q3_funding_uses:downside/labelNoneCash uses outside operating model
/operating_model/cells/downside_2027q3_funding_uses:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_funding_uses:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_funding_uses:downside/valueNone15.0
/operating_model/cells/downside_2027q3_other_funding_uses:downside/basisNoneExplicit desk allowance outside operating cash/capex: includes $10M assumed sale costs only for WULF upside closing. Zero otherwise leaves undisclosed acquisitions, contingent settlements and minority distributions unmodeled, not known absent. Construction reimbursements already included in capex are not deducted again.
/operating_model/cells/downside_2027q3_other_funding_uses:downside/caseNonedownside
/operating_model/cells/downside_2027q3_other_funding_uses:downside/idNonedownside_2027q3_other_funding_uses
/operating_model/cells/downside_2027q3_other_funding_uses:downside/kindNoneassumption
/operating_model/cells/downside_2027q3_other_funding_uses:downside/labelNoneAdditional investing, fees and outside-owner cash uses
/operating_model/cells/downside_2027q3_other_funding_uses:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_other_funding_uses:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_other_funding_uses:downside/valueNone0.0
/operating_model/cells/downside_2027q3_principal_cash:downside/basisNoneDesk $15M quarterly principal allowance, separate from interest already in the operating bridge. This is not a disclosed maturity schedule; replace with reported repayments/contractual timing. Optional early note settlement excluded.
/operating_model/cells/downside_2027q3_principal_cash:downside/caseNonedownside
/operating_model/cells/downside_2027q3_principal_cash:downside/idNonedownside_2027q3_principal_cash
/operating_model/cells/downside_2027q3_principal_cash:downside/kindNoneassumption
/operating_model/cells/downside_2027q3_principal_cash:downside/labelNoneAssumed principal cash use
/operating_model/cells/downside_2027q3_principal_cash:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_principal_cash:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_principal_cash:downside/valueNone15.0
/operating_model/cells/downside_2027q3_restricted_release:downside/basisNoneNo restricted funds assumed available for general funding. Change only with source-backed release conditions; this balance is not free parent cash.
/operating_model/cells/downside_2027q3_restricted_release:downside/caseNonedownside
/operating_model/cells/downside_2027q3_restricted_release:downside/idNonedownside_2027q3_restricted_release
/operating_model/cells/downside_2027q3_restricted_release:downside/kindNoneassumption
/operating_model/cells/downside_2027q3_restricted_release:downside/labelNoneRestricted funds used for qualifying spending
/operating_model/cells/downside_2027q3_restricted_release:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_restricted_release:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_restricted_release:downside/valueNone0.0
/operating_model/cells/downside_2027q3_restricted_remaining:downside/basisNoneOpening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims.
/operating_model/cells/downside_2027q3_restricted_remaining:downside/caseNonedownside
/operating_model/cells/downside_2027q3_restricted_remaining:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q3_restricted_remaining:downside/formula/refs/0Nonedownside_2027q2_restricted_remaining
/operating_model/cells/downside_2027q3_restricted_remaining:downside/formula/refs/1Nonedownside_2027q3_restricted_release
/operating_model/cells/downside_2027q3_restricted_remaining:downside/idNonedownside_2027q3_restricted_remaining
/operating_model/cells/downside_2027q3_restricted_remaining:downside/kindNonederived
/operating_model/cells/downside_2027q3_restricted_remaining:downside/labelNoneRemaining restricted cash in funding bridge
/operating_model/cells/downside_2027q3_restricted_remaining:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_restricted_remaining:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_restricted_remaining:downside/valueNone1056.0
/operating_model/cells/downside_2027q4_asset_sale_cash:downside/basisNoneNo other asset sales assumed; no sale revenue is counted as recurring operating cash.
/operating_model/cells/downside_2027q4_asset_sale_cash:downside/caseNonedownside
/operating_model/cells/downside_2027q4_asset_sale_cash:downside/idNonedownside_2027q4_asset_sale_cash
/operating_model/cells/downside_2027q4_asset_sale_cash:downside/kindNoneassumption
/operating_model/cells/downside_2027q4_asset_sale_cash:downside/labelNoneAsset-sale cash assumed
/operating_model/cells/downside_2027q4_asset_sale_cash:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_asset_sale_cash:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_asset_sale_cash:downside/valueNone0.0
/operating_model/cells/downside_2027q4_cash_with_funding:downside/basisNoneCombines the operating model with explicit financing/restricted-fund assumptions once.
/operating_model/cells/downside_2027q4_cash_with_funding:downside/caseNonedownside
/operating_model/cells/downside_2027q4_cash_with_funding:downside/formula/opNonesum
/operating_model/cells/downside_2027q4_cash_with_funding:downside/formula/refs/0Nonedownside_2027q4_fcf
/operating_model/cells/downside_2027q4_cash_with_funding:downside/formula/refs/1Nonedownside_2027q4_funding_sources
/operating_model/cells/downside_2027q4_cash_with_funding:downside/idNonedownside_2027q4_cash_with_funding
/operating_model/cells/downside_2027q4_cash_with_funding:downside/kindNonederived
/operating_model/cells/downside_2027q4_cash_with_funding:downside/labelNoneOperating cash after capex plus funding
/operating_model/cells/downside_2027q4_cash_with_funding:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_cash_with_funding:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_cash_with_funding:downside/valueNone-6393.632
/operating_model/cells/downside_2027q4_external_net_funding:downside/basisNoneNo unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
/operating_model/cells/downside_2027q4_external_net_funding:downside/caseNonedownside
/operating_model/cells/downside_2027q4_external_net_funding:downside/idNonedownside_2027q4_external_net_funding
/operating_model/cells/downside_2027q4_external_net_funding:downside/kindNoneassumption
/operating_model/cells/downside_2027q4_external_net_funding:downside/labelNoneAdditional net financing assumed
/operating_model/cells/downside_2027q4_external_net_funding:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_external_net_funding:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_external_net_funding:downside/valueNone0.0
/operating_model/cells/downside_2027q4_funding_balance:downside/basisNoneJune unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim.
/operating_model/cells/downside_2027q4_funding_balance:downside/caseNonedownside
/operating_model/cells/downside_2027q4_funding_balance:downside/formula/opNonesum
/operating_model/cells/downside_2027q4_funding_balance:downside/formula/refs/0Nonedownside_2027q3_funding_balance
/operating_model/cells/downside_2027q4_funding_balance:downside/formula/refs/1Nonedownside_2027q4_funding_change
/operating_model/cells/downside_2027q4_funding_balance:downside/idNonedownside_2027q4_funding_balance
/operating_model/cells/downside_2027q4_funding_balance:downside/kindNonederived
/operating_model/cells/downside_2027q4_funding_balance:downside/labelNoneFunding balance under stated assumptions
/operating_model/cells/downside_2027q4_funding_balance:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_funding_balance:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_funding_balance:downside/valueNone-26963.125499999995
/operating_model/cells/downside_2027q4_funding_change:downside/basisNoneFunding inflows less explicit cash uses; not a full GAAP cash-flow statement.
/operating_model/cells/downside_2027q4_funding_change:downside/caseNonedownside
/operating_model/cells/downside_2027q4_funding_change:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q4_funding_change:downside/formula/refs/0Nonedownside_2027q4_cash_with_funding
/operating_model/cells/downside_2027q4_funding_change:downside/formula/refs/1Nonedownside_2027q4_funding_uses
/operating_model/cells/downside_2027q4_funding_change:downside/idNonedownside_2027q4_funding_change
/operating_model/cells/downside_2027q4_funding_change:downside/kindNonederived
/operating_model/cells/downside_2027q4_funding_change:downside/labelNoneNet modeled funding change
/operating_model/cells/downside_2027q4_funding_change:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_funding_change:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_funding_change:downside/valueNone-6408.632
/operating_model/cells/downside_2027q4_funding_sources:downside/basisNoneTransfers from restricted cash, dated financing and conditional disposals stay distinct from revenue.
/operating_model/cells/downside_2027q4_funding_sources:downside/caseNonedownside
/operating_model/cells/downside_2027q4_funding_sources:downside/formula/opNonesum
/operating_model/cells/downside_2027q4_funding_sources:downside/formula/refs/0Nonedownside_2027q4_restricted_release
/operating_model/cells/downside_2027q4_funding_sources:downside/formula/refs/1Nonedownside_2027q4_external_net_funding
/operating_model/cells/downside_2027q4_funding_sources:downside/formula/refs/2Nonedownside_2027q4_asset_sale_cash
/operating_model/cells/downside_2027q4_funding_sources:downside/idNonedownside_2027q4_funding_sources
/operating_model/cells/downside_2027q4_funding_sources:downside/kindNonederived
/operating_model/cells/downside_2027q4_funding_sources:downside/labelNoneFunding inflows outside operating model
/operating_model/cells/downside_2027q4_funding_sources:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_funding_sources:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_funding_sources:downside/valueNone0.0
/operating_model/cells/downside_2027q4_funding_uses:downside/basisNonePrincipal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge.
/operating_model/cells/downside_2027q4_funding_uses:downside/caseNonedownside
/operating_model/cells/downside_2027q4_funding_uses:downside/formula/opNonesum
/operating_model/cells/downside_2027q4_funding_uses:downside/formula/refs/0Nonedownside_2027q4_principal_cash
/operating_model/cells/downside_2027q4_funding_uses:downside/formula/refs/1Nonedownside_2027q4_other_funding_uses
/operating_model/cells/downside_2027q4_funding_uses:downside/idNonedownside_2027q4_funding_uses
/operating_model/cells/downside_2027q4_funding_uses:downside/kindNonederived
/operating_model/cells/downside_2027q4_funding_uses:downside/labelNoneCash uses outside operating model
/operating_model/cells/downside_2027q4_funding_uses:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_funding_uses:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_funding_uses:downside/valueNone15.0
/operating_model/cells/downside_2027q4_other_funding_uses:downside/basisNoneExplicit desk allowance outside operating cash/capex: includes $10M assumed sale costs only for WULF upside closing. Zero otherwise leaves undisclosed acquisitions, contingent settlements and minority distributions unmodeled, not known absent. Construction reimbursements already included in capex are not deducted again.
/operating_model/cells/downside_2027q4_other_funding_uses:downside/caseNonedownside
/operating_model/cells/downside_2027q4_other_funding_uses:downside/idNonedownside_2027q4_other_funding_uses
/operating_model/cells/downside_2027q4_other_funding_uses:downside/kindNoneassumption
/operating_model/cells/downside_2027q4_other_funding_uses:downside/labelNoneAdditional investing, fees and outside-owner cash uses
/operating_model/cells/downside_2027q4_other_funding_uses:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_other_funding_uses:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_other_funding_uses:downside/valueNone0.0
/operating_model/cells/downside_2027q4_principal_cash:downside/basisNoneDesk $15M quarterly principal allowance, separate from interest already in the operating bridge. This is not a disclosed maturity schedule; replace with reported repayments/contractual timing. Optional early note settlement excluded.
/operating_model/cells/downside_2027q4_principal_cash:downside/caseNonedownside
/operating_model/cells/downside_2027q4_principal_cash:downside/idNonedownside_2027q4_principal_cash
/operating_model/cells/downside_2027q4_principal_cash:downside/kindNoneassumption
/operating_model/cells/downside_2027q4_principal_cash:downside/labelNoneAssumed principal cash use
/operating_model/cells/downside_2027q4_principal_cash:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_principal_cash:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_principal_cash:downside/valueNone15.0
/operating_model/cells/downside_2027q4_restricted_release:downside/basisNoneNo restricted funds assumed available for general funding. Change only with source-backed release conditions; this balance is not free parent cash.
/operating_model/cells/downside_2027q4_restricted_release:downside/caseNonedownside
/operating_model/cells/downside_2027q4_restricted_release:downside/idNonedownside_2027q4_restricted_release
/operating_model/cells/downside_2027q4_restricted_release:downside/kindNoneassumption
/operating_model/cells/downside_2027q4_restricted_release:downside/labelNoneRestricted funds used for qualifying spending
/operating_model/cells/downside_2027q4_restricted_release:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_restricted_release:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_restricted_release:downside/valueNone0.0
/operating_model/cells/downside_2027q4_restricted_remaining:downside/basisNoneOpening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims.
/operating_model/cells/downside_2027q4_restricted_remaining:downside/caseNonedownside
/operating_model/cells/downside_2027q4_restricted_remaining:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q4_restricted_remaining:downside/formula/refs/0Nonedownside_2027q3_restricted_remaining
/operating_model/cells/downside_2027q4_restricted_remaining:downside/formula/refs/1Nonedownside_2027q4_restricted_release
/operating_model/cells/downside_2027q4_restricted_remaining:downside/idNonedownside_2027q4_restricted_remaining
/operating_model/cells/downside_2027q4_restricted_remaining:downside/kindNonederived
/operating_model/cells/downside_2027q4_restricted_remaining:downside/labelNoneRemaining restricted cash in funding bridge
/operating_model/cells/downside_2027q4_restricted_remaining:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_restricted_remaining:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_restricted_remaining:downside/valueNone1056.0
/operating_model/cells/downside_fy2026_funding_balance:downside/basisNoneYear-end stock equals Q4 ending balance; quarterly balances are never summed.
/operating_model/cells/downside_fy2026_funding_balance:downside/caseNonedownside
/operating_model/cells/downside_fy2026_funding_balance:downside/formula/opNonesum
/operating_model/cells/downside_fy2026_funding_balance:downside/formula/refs/0Nonedownside_2026q4_funding_balance
/operating_model/cells/downside_fy2026_funding_balance:downside/formula/refs/1Nonefunding_zero
/operating_model/cells/downside_fy2026_funding_balance:downside/idNonedownside_fy2026_funding_balance
/operating_model/cells/downside_fy2026_funding_balance:downside/kindNonederived
/operating_model/cells/downside_fy2026_funding_balance:downside/labelNoneYear-end Funding balance under stated assumptions ($M)
/operating_model/cells/downside_fy2026_funding_balance:downside/periodNoneFY2026
/operating_model/cells/downside_fy2026_funding_balance:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2026_funding_balance:downside/valueNone-1406.5974999999999
/operating_model/cells/downside_fy2026_restricted_remaining:downside/basisNoneYear-end stock equals Q4 ending balance; quarterly balances are never summed.
/operating_model/cells/downside_fy2026_restricted_remaining:downside/caseNonedownside
/operating_model/cells/downside_fy2026_restricted_remaining:downside/formula/opNonesum
/operating_model/cells/downside_fy2026_restricted_remaining:downside/formula/refs/0Nonedownside_2026q4_restricted_remaining
/operating_model/cells/downside_fy2026_restricted_remaining:downside/formula/refs/1Nonefunding_zero
/operating_model/cells/downside_fy2026_restricted_remaining:downside/idNonedownside_fy2026_restricted_remaining
/operating_model/cells/downside_fy2026_restricted_remaining:downside/kindNonederived
/operating_model/cells/downside_fy2026_restricted_remaining:downside/labelNoneYear-end Remaining restricted cash in funding bridge ($M)
/operating_model/cells/downside_fy2026_restricted_remaining:downside/periodNoneFY2026
/operating_model/cells/downside_fy2026_restricted_remaining:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2026_restricted_remaining:downside/valueNone1056.0
/operating_model/cells/downside_fy2027_funding_balance:downside/basisNoneYear-end stock equals Q4 ending balance; quarterly balances are never summed.
/operating_model/cells/downside_fy2027_funding_balance:downside/caseNonedownside
/operating_model/cells/downside_fy2027_funding_balance:downside/formula/opNonesum
/operating_model/cells/downside_fy2027_funding_balance:downside/formula/refs/0Nonedownside_2027q4_funding_balance
/operating_model/cells/downside_fy2027_funding_balance:downside/formula/refs/1Nonefunding_zero
/operating_model/cells/downside_fy2027_funding_balance:downside/idNonedownside_fy2027_funding_balance
/operating_model/cells/downside_fy2027_funding_balance:downside/kindNonederived
/operating_model/cells/downside_fy2027_funding_balance:downside/labelNoneYear-end Funding balance under stated assumptions ($M)
/operating_model/cells/downside_fy2027_funding_balance:downside/periodNoneFY2027
/operating_model/cells/downside_fy2027_funding_balance:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2027_funding_balance:downside/valueNone-26963.125499999995
/operating_model/cells/downside_fy2027_restricted_remaining:downside/basisNoneYear-end stock equals Q4 ending balance; quarterly balances are never summed.
/operating_model/cells/downside_fy2027_restricted_remaining:downside/caseNonedownside
/operating_model/cells/downside_fy2027_restricted_remaining:downside/formula/opNonesum
/operating_model/cells/downside_fy2027_restricted_remaining:downside/formula/refs/0Nonedownside_2027q4_restricted_remaining
/operating_model/cells/downside_fy2027_restricted_remaining:downside/formula/refs/1Nonefunding_zero
/operating_model/cells/downside_fy2027_restricted_remaining:downside/idNonedownside_fy2027_restricted_remaining
/operating_model/cells/downside_fy2027_restricted_remaining:downside/kindNonederived
/operating_model/cells/downside_fy2027_restricted_remaining:downside/labelNoneYear-end Remaining restricted cash in funding bridge ($M)
/operating_model/cells/downside_fy2027_restricted_remaining:downside/periodNoneFY2027
/operating_model/cells/downside_fy2027_restricted_remaining:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2027_restricted_remaining:downside/valueNone1056.0
/operating_model/cells/funding_zero:shared/basisNoneArithmetic zero; not a reported missing cash flow.
/operating_model/cells/funding_zero:shared/caseNoneshared
/operating_model/cells/funding_zero:shared/idNonefunding_zero
/operating_model/cells/funding_zero:shared/kindNoneassumption
/operating_model/cells/funding_zero:shared/labelNoneNo additional cash movement
/operating_model/cells/funding_zero:shared/periodNoneModel
/operating_model/cells/funding_zero:shared/unitNoneUSD_millions
/operating_model/cells/funding_zero:shared/valueNone0.0
/operating_model/cells/july_secured_facility:shared/basisNoneSigned facility backed by deployed GPUs/customer cash flows, SOFR +2.50%; signing is not evidence of net cash received.
/operating_model/cells/july_secured_facility:shared/caseNoneshared
/operating_model/cells/july_secured_facility:shared/idNonejuly_secured_facility
/operating_model/cells/july_secured_facility:shared/kindNonereported
/operating_model/cells/july_secured_facility:shared/labelNoneJuly signed secured facility
/operating_model/cells/july_secured_facility:shared/periodNoneJuly facility
/operating_model/cells/july_secured_facility:shared/source_dateNone2026-07-17
/operating_model/cells/july_secured_facility:shared/source_urlNonehttps://nebius.com/newsroom/nebius-raises-775-million-in-first-secured-debt-financing-to-accelerate-global-buildout
/operating_model/cells/july_secured_facility:shared/unitNoneUSD_millions
/operating_model/cells/july_secured_facility:shared/valueNone775.0
/operating_model/cells/june_common_shares:shared/basisNoneStatement of equity point-in-time ordinary shares, excluding treasury. Not the EPS weighted-average denominator.
/operating_model/cells/june_common_shares:shared/caseNoneshared
/operating_model/cells/june_common_shares:shared/idNonejune_common_shares
/operating_model/cells/june_common_shares:shared/kindNonereported
/operating_model/cells/june_common_shares:shared/labelNoneJune ordinary shares outstanding
/operating_model/cells/june_common_shares:shared/periodNone2026Q2
/operating_model/cells/june_common_shares:shared/source_dateNone2026-08-12
/operating_model/cells/june_common_shares:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1513845/000110465926094844/nbis-20260812xex99d2.htm
/operating_model/cells/june_common_shares:shared/unitNoneshares_millions
/operating_model/cells/june_common_shares:shared/valueNone271.855218
/operating_model/cells/june_debt_carrying:shared/basisNoneCurrent plus noncurrent carrying values, not principal net of cash.
/operating_model/cells/june_debt_carrying:shared/caseNoneshared
/operating_model/cells/june_debt_carrying:shared/formula/opNonesum
/operating_model/cells/june_debt_carrying:shared/formula/refs/0Nonejune_debt_current
/operating_model/cells/june_debt_carrying:shared/formula/refs/1Nonejune_debt_noncurrent
/operating_model/cells/june_debt_carrying:shared/idNonejune_debt_carrying
/operating_model/cells/june_debt_carrying:shared/kindNonederived
/operating_model/cells/june_debt_carrying:shared/labelNoneJune total debt carrying value
/operating_model/cells/june_debt_carrying:shared/periodNone2026Q2
/operating_model/cells/june_debt_carrying:shared/unitNoneUSD_millions
/operating_model/cells/june_debt_carrying:shared/valueNone8545.7
/operating_model/cells/june_debt_current:shared/basisNoneBalance-sheet carrying amount; not a contractual principal maturity schedule.
/operating_model/cells/june_debt_current:shared/caseNoneshared
/operating_model/cells/june_debt_current:shared/idNonejune_debt_current
/operating_model/cells/june_debt_current:shared/kindNonereported
/operating_model/cells/june_debt_current:shared/labelNoneJune current debt carrying value
/operating_model/cells/june_debt_current:shared/periodNone2026Q2
/operating_model/cells/june_debt_current:shared/source_dateNone2026-08-12
/operating_model/cells/june_debt_current:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1513845/000110465926094844/nbis-20260812xex99d2.htm
/operating_model/cells/june_debt_current:shared/unitNoneUSD_millions
/operating_model/cells/june_debt_current:shared/valueNone46.7
/operating_model/cells/june_debt_noncurrent:shared/basisNoneBalance-sheet carrying amount; distinct from face principal and new financing.
/operating_model/cells/june_debt_noncurrent:shared/caseNoneshared
/operating_model/cells/june_debt_noncurrent:shared/idNonejune_debt_noncurrent
/operating_model/cells/june_debt_noncurrent:shared/kindNonereported
/operating_model/cells/june_debt_noncurrent:shared/labelNoneJune noncurrent debt carrying value
/operating_model/cells/june_debt_noncurrent:shared/periodNone2026Q2
/operating_model/cells/june_debt_noncurrent:shared/source_dateNone2026-08-12
/operating_model/cells/june_debt_noncurrent:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1513845/000110465926094844/nbis-20260812xex99d2.htm
/operating_model/cells/june_debt_noncurrent:shared/unitNoneUSD_millions
/operating_model/cells/june_debt_noncurrent:shared/valueNone8499.0
/operating_model/cells/june_prefunded_shares:shared/basisNoneNote 14 nominal-strike warrants; already counted in reported basic EPS from issuance. Added only to the point-in-time ordinary-share count here, never again to reported weighted-average shares.
/operating_model/cells/june_prefunded_shares:shared/caseNoneshared
/operating_model/cells/june_prefunded_shares:shared/idNonejune_prefunded_shares
/operating_model/cells/june_prefunded_shares:shared/kindNonereported
/operating_model/cells/june_prefunded_shares:shared/labelNoneNVIDIA prefunded warrant shares
/operating_model/cells/june_prefunded_shares:shared/periodNone2026Q2
/operating_model/cells/june_prefunded_shares:shared/source_dateNone2026-08-12
/operating_model/cells/june_prefunded_shares:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1513845/000110465926094844/nbis-20260812xex99d2.htm
/operating_model/cells/june_prefunded_shares:shared/unitNoneshares_millions
/operating_model/cells/june_prefunded_shares:shared/valueNone21.065936
/operating_model/cells/known_share_bridge:shared/basisNoneJune ordinary shares plus nominal-strike warrants and approximate August exchange shares. Excludes subsequent ATM, award vesting, other notes and acquisition participation effects; not current or fully diluted shares.
/operating_model/cells/known_share_bridge:shared/caseNoneshared
/operating_model/cells/known_share_bridge:shared/formula/opNonesum
/operating_model/cells/known_share_bridge:shared/formula/refs/0Nonejune_common_shares
/operating_model/cells/known_share_bridge:shared/formula/refs/1Nonejune_prefunded_shares
/operating_model/cells/known_share_bridge:shared/formula/refs/2Noneaug_exchange_shares
/operating_model/cells/known_share_bridge:shared/idNoneknown_share_bridge
/operating_model/cells/known_share_bridge:shared/kindNonederived
/operating_model/cells/known_share_bridge:shared/labelNoneDated ordinary shares plus known warrant/exchange claims
/operating_model/cells/known_share_bridge:shared/periodNoneDated bridge
/operating_model/cells/known_share_bridge:shared/unitNoneshares_millions
/operating_model/cells/known_share_bridge:shared/valueNone308.721154
/operating_model/cells/upside_2026q3_asset_sale_cash:upside/basisNoneNo other asset sales assumed; no sale revenue is counted as recurring operating cash.
/operating_model/cells/upside_2026q3_asset_sale_cash:upside/caseNoneupside
/operating_model/cells/upside_2026q3_asset_sale_cash:upside/idNoneupside_2026q3_asset_sale_cash
/operating_model/cells/upside_2026q3_asset_sale_cash:upside/kindNoneassumption
/operating_model/cells/upside_2026q3_asset_sale_cash:upside/labelNoneAsset-sale cash assumed
/operating_model/cells/upside_2026q3_asset_sale_cash:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_asset_sale_cash:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_asset_sale_cash:upside/valueNone0.0
/operating_model/cells/upside_2026q3_cash_with_funding:upside/basisNoneCombines the operating model with explicit financing/restricted-fund assumptions once.
/operating_model/cells/upside_2026q3_cash_with_funding:upside/caseNoneupside
/operating_model/cells/upside_2026q3_cash_with_funding:upside/formula/opNonesum
/operating_model/cells/upside_2026q3_cash_with_funding:upside/formula/refs/0Noneupside_2026q3_fcf
/operating_model/cells/upside_2026q3_cash_with_funding:upside/formula/refs/1Noneupside_2026q3_funding_sources
/operating_model/cells/upside_2026q3_cash_with_funding:upside/idNoneupside_2026q3_cash_with_funding
/operating_model/cells/upside_2026q3_cash_with_funding:upside/kindNonederived
/operating_model/cells/upside_2026q3_cash_with_funding:upside/labelNoneOperating cash after capex plus funding
/operating_model/cells/upside_2026q3_cash_with_funding:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_cash_with_funding:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_cash_with_funding:upside/valueNone2097.124
/operating_model/cells/upside_2026q3_external_net_funding:upside/basisNoneAugust closing cash after assumed costs plus the separately assumed July draw. The $800M debt-for-shares exchange is excluded from cash.
/operating_model/cells/upside_2026q3_external_net_funding:upside/caseNoneupside
/operating_model/cells/upside_2026q3_external_net_funding:upside/formula/opNonesum
/operating_model/cells/upside_2026q3_external_net_funding:upside/formula/refs/0Noneaug_modeled_net_proceeds
/operating_model/cells/upside_2026q3_external_net_funding:upside/formula/refs/1Noneupside_2026q3_facility_draw
/operating_model/cells/upside_2026q3_external_net_funding:upside/idNoneupside_2026q3_external_net_funding
/operating_model/cells/upside_2026q3_external_net_funding:upside/kindNonederived
/operating_model/cells/upside_2026q3_external_net_funding:upside/labelNoneDated financing after modeled costs
/operating_model/cells/upside_2026q3_external_net_funding:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_external_net_funding:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_external_net_funding:upside/valueNone5663.75
/operating_model/cells/upside_2026q3_facility_draw:upside/basisNoneFacility amount times explicit availability assumption; not reported receipt.
/operating_model/cells/upside_2026q3_facility_draw:upside/caseNoneupside
/operating_model/cells/upside_2026q3_facility_draw:upside/formula/opNonemultiply
/operating_model/cells/upside_2026q3_facility_draw:upside/formula/refs/0Nonejuly_secured_facility
/operating_model/cells/upside_2026q3_facility_draw:upside/formula/refs/1Noneupside_2026q3_facility_draw_fraction
/operating_model/cells/upside_2026q3_facility_draw:upside/idNoneupside_2026q3_facility_draw
/operating_model/cells/upside_2026q3_facility_draw:upside/kindNonederived
/operating_model/cells/upside_2026q3_facility_draw:upside/labelNoneModeled July facility draw
/operating_model/cells/upside_2026q3_facility_draw:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_facility_draw:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_facility_draw:upside/valueNone0.0
/operating_model/cells/upside_2026q3_facility_draw_fraction:upside/basisNoneNo draw credited until cash availability is confirmed. A signed $775M facility is displayed separately; users can test a draw but must account for conditions and fees.
/operating_model/cells/upside_2026q3_facility_draw_fraction:upside/caseNoneupside
/operating_model/cells/upside_2026q3_facility_draw_fraction:upside/idNoneupside_2026q3_facility_draw_fraction
/operating_model/cells/upside_2026q3_facility_draw_fraction:upside/kindNoneassumption
/operating_model/cells/upside_2026q3_facility_draw_fraction:upside/labelNoneAssumed draw of July facility
/operating_model/cells/upside_2026q3_facility_draw_fraction:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_facility_draw_fraction:upside/unitNoneratio
/operating_model/cells/upside_2026q3_facility_draw_fraction:upside/valueNone0.0
/operating_model/cells/upside_2026q3_funding_balance:upside/basisNoneJune unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim.
/operating_model/cells/upside_2026q3_funding_balance:upside/caseNoneupside
/operating_model/cells/upside_2026q3_funding_balance:upside/formula/opNonesum
/operating_model/cells/upside_2026q3_funding_balance:upside/formula/refs/0Noneh1_cash
/operating_model/cells/upside_2026q3_funding_balance:upside/formula/refs/1Noneupside_2026q3_funding_change
/operating_model/cells/upside_2026q3_funding_balance:upside/idNoneupside_2026q3_funding_balance
/operating_model/cells/upside_2026q3_funding_balance:upside/kindNonederived
/operating_model/cells/upside_2026q3_funding_balance:upside/labelNoneFunding balance under stated assumptions
/operating_model/cells/upside_2026q3_funding_balance:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_funding_balance:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_funding_balance:upside/valueNone10124.224
/operating_model/cells/upside_2026q3_funding_change:upside/basisNoneFunding inflows less explicit cash uses; not a full GAAP cash-flow statement.
/operating_model/cells/upside_2026q3_funding_change:upside/caseNoneupside
/operating_model/cells/upside_2026q3_funding_change:upside/formula/opNonesubtract
/operating_model/cells/upside_2026q3_funding_change:upside/formula/refs/0Noneupside_2026q3_cash_with_funding
/operating_model/cells/upside_2026q3_funding_change:upside/formula/refs/1Noneupside_2026q3_funding_uses
/operating_model/cells/upside_2026q3_funding_change:upside/idNoneupside_2026q3_funding_change
/operating_model/cells/upside_2026q3_funding_change:upside/kindNonederived
/operating_model/cells/upside_2026q3_funding_change:upside/labelNoneNet modeled funding change
/operating_model/cells/upside_2026q3_funding_change:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_funding_change:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_funding_change:upside/valueNone2082.124
/operating_model/cells/upside_2026q3_funding_sources:upside/basisNoneTransfers from restricted cash, dated financing and conditional disposals stay distinct from revenue.
/operating_model/cells/upside_2026q3_funding_sources:upside/caseNoneupside
/operating_model/cells/upside_2026q3_funding_sources:upside/formula/opNonesum
/operating_model/cells/upside_2026q3_funding_sources:upside/formula/refs/0Noneupside_2026q3_restricted_release
/operating_model/cells/upside_2026q3_funding_sources:upside/formula/refs/1Noneupside_2026q3_external_net_funding
/operating_model/cells/upside_2026q3_funding_sources:upside/formula/refs/2Noneupside_2026q3_asset_sale_cash
/operating_model/cells/upside_2026q3_funding_sources:upside/idNoneupside_2026q3_funding_sources
/operating_model/cells/upside_2026q3_funding_sources:upside/kindNonederived
/operating_model/cells/upside_2026q3_funding_sources:upside/labelNoneFunding inflows outside operating model
/operating_model/cells/upside_2026q3_funding_sources:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_funding_sources:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_funding_sources:upside/valueNone5663.75
/operating_model/cells/upside_2026q3_funding_uses:upside/basisNonePrincipal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge.
/operating_model/cells/upside_2026q3_funding_uses:upside/caseNoneupside
/operating_model/cells/upside_2026q3_funding_uses:upside/formula/opNonesum
/operating_model/cells/upside_2026q3_funding_uses:upside/formula/refs/0Noneupside_2026q3_principal_cash
/operating_model/cells/upside_2026q3_funding_uses:upside/formula/refs/1Noneupside_2026q3_other_funding_uses
/operating_model/cells/upside_2026q3_funding_uses:upside/idNoneupside_2026q3_funding_uses
/operating_model/cells/upside_2026q3_funding_uses:upside/kindNonederived
/operating_model/cells/upside_2026q3_funding_uses:upside/labelNoneCash uses outside operating model
/operating_model/cells/upside_2026q3_funding_uses:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_funding_uses:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_funding_uses:upside/valueNone15.0
/operating_model/cells/upside_2026q3_other_funding_uses:upside/basisNoneExplicit desk allowance outside operating cash/capex: includes $10M assumed sale costs only for WULF upside closing. Zero otherwise leaves undisclosed acquisitions, contingent settlements and minority distributions unmodeled, not known absent. Construction reimbursements already included in capex are not deducted again.
/operating_model/cells/upside_2026q3_other_funding_uses:upside/caseNoneupside
/operating_model/cells/upside_2026q3_other_funding_uses:upside/idNoneupside_2026q3_other_funding_uses
/operating_model/cells/upside_2026q3_other_funding_uses:upside/kindNoneassumption
/operating_model/cells/upside_2026q3_other_funding_uses:upside/labelNoneAdditional investing, fees and outside-owner cash uses
/operating_model/cells/upside_2026q3_other_funding_uses:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_other_funding_uses:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_other_funding_uses:upside/valueNone0.0
/operating_model/cells/upside_2026q3_principal_cash:upside/basisNoneDesk $15M quarterly principal allowance, separate from interest already in the operating bridge. This is not a disclosed maturity schedule; replace with reported repayments/contractual timing. Optional early note settlement excluded.
/operating_model/cells/upside_2026q3_principal_cash:upside/caseNoneupside
/operating_model/cells/upside_2026q3_principal_cash:upside/idNoneupside_2026q3_principal_cash
/operating_model/cells/upside_2026q3_principal_cash:upside/kindNoneassumption
/operating_model/cells/upside_2026q3_principal_cash:upside/labelNoneAssumed principal cash use
/operating_model/cells/upside_2026q3_principal_cash:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_principal_cash:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_principal_cash:upside/valueNone15.0
/operating_model/cells/upside_2026q3_restricted_release:upside/basisNoneNo restricted funds assumed available for general funding. Change only with source-backed release conditions; this balance is not free parent cash.
/operating_model/cells/upside_2026q3_restricted_release:upside/caseNoneupside
/operating_model/cells/upside_2026q3_restricted_release:upside/idNoneupside_2026q3_restricted_release
/operating_model/cells/upside_2026q3_restricted_release:upside/kindNoneassumption
/operating_model/cells/upside_2026q3_restricted_release:upside/labelNoneRestricted funds used for qualifying spending
/operating_model/cells/upside_2026q3_restricted_release:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_restricted_release:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_restricted_release:upside/valueNone0.0
/operating_model/cells/upside_2026q3_restricted_remaining:upside/basisNoneOpening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims.
/operating_model/cells/upside_2026q3_restricted_remaining:upside/caseNoneupside
/operating_model/cells/upside_2026q3_restricted_remaining:upside/formula/opNonesubtract
/operating_model/cells/upside_2026q3_restricted_remaining:upside/formula/refs/0Noneh1_restricted_cash
/operating_model/cells/upside_2026q3_restricted_remaining:upside/formula/refs/1Noneupside_2026q3_restricted_release
/operating_model/cells/upside_2026q3_restricted_remaining:upside/idNoneupside_2026q3_restricted_remaining
/operating_model/cells/upside_2026q3_restricted_remaining:upside/kindNonederived
/operating_model/cells/upside_2026q3_restricted_remaining:upside/labelNoneRemaining restricted cash in funding bridge
/operating_model/cells/upside_2026q3_restricted_remaining:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_restricted_remaining:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_restricted_remaining:upside/valueNone1056.0
/operating_model/cells/upside_2026q4_asset_sale_cash:upside/basisNoneNo other asset sales assumed; no sale revenue is counted as recurring operating cash.
/operating_model/cells/upside_2026q4_asset_sale_cash:upside/caseNoneupside
/operating_model/cells/upside_2026q4_asset_sale_cash:upside/idNoneupside_2026q4_asset_sale_cash
/operating_model/cells/upside_2026q4_asset_sale_cash:upside/kindNoneassumption
/operating_model/cells/upside_2026q4_asset_sale_cash:upside/labelNoneAsset-sale cash assumed
/operating_model/cells/upside_2026q4_asset_sale_cash:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_asset_sale_cash:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_asset_sale_cash:upside/valueNone0.0
/operating_model/cells/upside_2026q4_cash_with_funding:upside/basisNoneCombines the operating model with explicit financing/restricted-fund assumptions once.
/operating_model/cells/upside_2026q4_cash_with_funding:upside/caseNoneupside
/operating_model/cells/upside_2026q4_cash_with_funding:upside/formula/opNonesum
/operating_model/cells/upside_2026q4_cash_with_funding:upside/formula/refs/0Noneupside_2026q4_fcf
/operating_model/cells/upside_2026q4_cash_with_funding:upside/formula/refs/1Noneupside_2026q4_funding_sources
/operating_model/cells/upside_2026q4_cash_with_funding:upside/idNoneupside_2026q4_cash_with_funding
/operating_model/cells/upside_2026q4_cash_with_funding:upside/kindNonederived
/operating_model/cells/upside_2026q4_cash_with_funding:upside/labelNoneOperating cash after capex plus funding
/operating_model/cells/upside_2026q4_cash_with_funding:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_cash_with_funding:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_cash_with_funding:upside/valueNone-3345.7890000000007
/operating_model/cells/upside_2026q4_external_net_funding:upside/basisNoneNo unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
/operating_model/cells/upside_2026q4_external_net_funding:upside/caseNoneupside
/operating_model/cells/upside_2026q4_external_net_funding:upside/idNoneupside_2026q4_external_net_funding
/operating_model/cells/upside_2026q4_external_net_funding:upside/kindNoneassumption
/operating_model/cells/upside_2026q4_external_net_funding:upside/labelNoneAdditional net financing assumed
/operating_model/cells/upside_2026q4_external_net_funding:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_external_net_funding:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_external_net_funding:upside/valueNone0.0
/operating_model/cells/upside_2026q4_funding_balance:upside/basisNoneJune unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim.
/operating_model/cells/upside_2026q4_funding_balance:upside/caseNoneupside
/operating_model/cells/upside_2026q4_funding_balance:upside/formula/opNonesum
/operating_model/cells/upside_2026q4_funding_balance:upside/formula/refs/0Noneupside_2026q3_funding_balance
/operating_model/cells/upside_2026q4_funding_balance:upside/formula/refs/1Noneupside_2026q4_funding_change
/operating_model/cells/upside_2026q4_funding_balance:upside/idNoneupside_2026q4_funding_balance
/operating_model/cells/upside_2026q4_funding_balance:upside/kindNonederived
/operating_model/cells/upside_2026q4_funding_balance:upside/labelNoneFunding balance under stated assumptions
/operating_model/cells/upside_2026q4_funding_balance:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_funding_balance:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_funding_balance:upside/valueNone6763.4349999999995
/operating_model/cells/upside_2026q4_funding_change:upside/basisNoneFunding inflows less explicit cash uses; not a full GAAP cash-flow statement.
/operating_model/cells/upside_2026q4_funding_change:upside/caseNoneupside
/operating_model/cells/upside_2026q4_funding_change:upside/formula/opNonesubtract
/operating_model/cells/upside_2026q4_funding_change:upside/formula/refs/0Noneupside_2026q4_cash_with_funding
/operating_model/cells/upside_2026q4_funding_change:upside/formula/refs/1Noneupside_2026q4_funding_uses
/operating_model/cells/upside_2026q4_funding_change:upside/idNoneupside_2026q4_funding_change
/operating_model/cells/upside_2026q4_funding_change:upside/kindNonederived
/operating_model/cells/upside_2026q4_funding_change:upside/labelNoneNet modeled funding change
/operating_model/cells/upside_2026q4_funding_change:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_funding_change:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_funding_change:upside/valueNone-3360.7890000000007
/operating_model/cells/upside_2026q4_funding_sources:upside/basisNoneTransfers from restricted cash, dated financing and conditional disposals stay distinct from revenue.
/operating_model/cells/upside_2026q4_funding_sources:upside/caseNoneupside
/operating_model/cells/upside_2026q4_funding_sources:upside/formula/opNonesum
/operating_model/cells/upside_2026q4_funding_sources:upside/formula/refs/0Noneupside_2026q4_restricted_release
/operating_model/cells/upside_2026q4_funding_sources:upside/formula/refs/1Noneupside_2026q4_external_net_funding
/operating_model/cells/upside_2026q4_funding_sources:upside/formula/refs/2Noneupside_2026q4_asset_sale_cash
/operating_model/cells/upside_2026q4_funding_sources:upside/idNoneupside_2026q4_funding_sources
/operating_model/cells/upside_2026q4_funding_sources:upside/kindNonederived
/operating_model/cells/upside_2026q4_funding_sources:upside/labelNoneFunding inflows outside operating model
/operating_model/cells/upside_2026q4_funding_sources:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_funding_sources:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_funding_sources:upside/valueNone0.0
/operating_model/cells/upside_2026q4_funding_uses:upside/basisNonePrincipal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge.
/operating_model/cells/upside_2026q4_funding_uses:upside/caseNoneupside
/operating_model/cells/upside_2026q4_funding_uses:upside/formula/opNonesum
/operating_model/cells/upside_2026q4_funding_uses:upside/formula/refs/0Noneupside_2026q4_principal_cash
/operating_model/cells/upside_2026q4_funding_uses:upside/formula/refs/1Noneupside_2026q4_other_funding_uses
/operating_model/cells/upside_2026q4_funding_uses:upside/idNoneupside_2026q4_funding_uses
/operating_model/cells/upside_2026q4_funding_uses:upside/kindNonederived
/operating_model/cells/upside_2026q4_funding_uses:upside/labelNoneCash uses outside operating model
/operating_model/cells/upside_2026q4_funding_uses:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_funding_uses:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_funding_uses:upside/valueNone15.0
/operating_model/cells/upside_2026q4_other_funding_uses:upside/basisNoneExplicit desk allowance outside operating cash/capex: includes $10M assumed sale costs only for WULF upside closing. Zero otherwise leaves undisclosed acquisitions, contingent settlements and minority distributions unmodeled, not known absent. Construction reimbursements already included in capex are not deducted again.
/operating_model/cells/upside_2026q4_other_funding_uses:upside/caseNoneupside
/operating_model/cells/upside_2026q4_other_funding_uses:upside/idNoneupside_2026q4_other_funding_uses
/operating_model/cells/upside_2026q4_other_funding_uses:upside/kindNoneassumption
/operating_model/cells/upside_2026q4_other_funding_uses:upside/labelNoneAdditional investing, fees and outside-owner cash uses
/operating_model/cells/upside_2026q4_other_funding_uses:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_other_funding_uses:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_other_funding_uses:upside/valueNone0.0
/operating_model/cells/upside_2026q4_principal_cash:upside/basisNoneDesk $15M quarterly principal allowance, separate from interest already in the operating bridge. This is not a disclosed maturity schedule; replace with reported repayments/contractual timing. Optional early note settlement excluded.
/operating_model/cells/upside_2026q4_principal_cash:upside/caseNoneupside
/operating_model/cells/upside_2026q4_principal_cash:upside/idNoneupside_2026q4_principal_cash
/operating_model/cells/upside_2026q4_principal_cash:upside/kindNoneassumption
/operating_model/cells/upside_2026q4_principal_cash:upside/labelNoneAssumed principal cash use
/operating_model/cells/upside_2026q4_principal_cash:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_principal_cash:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_principal_cash:upside/valueNone15.0
/operating_model/cells/upside_2026q4_restricted_release:upside/basisNoneNo restricted funds assumed available for general funding. Change only with source-backed release conditions; this balance is not free parent cash.
/operating_model/cells/upside_2026q4_restricted_release:upside/caseNoneupside
/operating_model/cells/upside_2026q4_restricted_release:upside/idNoneupside_2026q4_restricted_release
/operating_model/cells/upside_2026q4_restricted_release:upside/kindNoneassumption
/operating_model/cells/upside_2026q4_restricted_release:upside/labelNoneRestricted funds used for qualifying spending
/operating_model/cells/upside_2026q4_restricted_release:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_restricted_release:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_restricted_release:upside/valueNone0.0
/operating_model/cells/upside_2026q4_restricted_remaining:upside/basisNoneOpening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims.
/operating_model/cells/upside_2026q4_restricted_remaining:upside/caseNoneupside
/operating_model/cells/upside_2026q4_restricted_remaining:upside/formula/opNonesubtract
/operating_model/cells/upside_2026q4_restricted_remaining:upside/formula/refs/0Noneupside_2026q3_restricted_remaining
/operating_model/cells/upside_2026q4_restricted_remaining:upside/formula/refs/1Noneupside_2026q4_restricted_release
/operating_model/cells/upside_2026q4_restricted_remaining:upside/idNoneupside_2026q4_restricted_remaining
/operating_model/cells/upside_2026q4_restricted_remaining:upside/kindNonederived
/operating_model/cells/upside_2026q4_restricted_remaining:upside/labelNoneRemaining restricted cash in funding bridge
/operating_model/cells/upside_2026q4_restricted_remaining:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_restricted_remaining:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_restricted_remaining:upside/valueNone1056.0
/operating_model/cells/upside_2027q1_asset_sale_cash:upside/basisNoneNo other asset sales assumed; no sale revenue is counted as recurring operating cash.
/operating_model/cells/upside_2027q1_asset_sale_cash:upside/caseNoneupside
/operating_model/cells/upside_2027q1_asset_sale_cash:upside/idNoneupside_2027q1_asset_sale_cash
/operating_model/cells/upside_2027q1_asset_sale_cash:upside/kindNoneassumption
/operating_model/cells/upside_2027q1_asset_sale_cash:upside/labelNoneAsset-sale cash assumed
/operating_model/cells/upside_2027q1_asset_sale_cash:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_asset_sale_cash:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_asset_sale_cash:upside/valueNone0.0
/operating_model/cells/upside_2027q1_cash_with_funding:upside/basisNoneCombines the operating model with explicit financing/restricted-fund assumptions once.
/operating_model/cells/upside_2027q1_cash_with_funding:upside/caseNoneupside
/operating_model/cells/upside_2027q1_cash_with_funding:upside/formula/opNonesum
/operating_model/cells/upside_2027q1_cash_with_funding:upside/formula/refs/0Noneupside_2027q1_fcf
/operating_model/cells/upside_2027q1_cash_with_funding:upside/formula/refs/1Noneupside_2027q1_funding_sources
/operating_model/cells/upside_2027q1_cash_with_funding:upside/idNoneupside_2027q1_cash_with_funding
/operating_model/cells/upside_2027q1_cash_with_funding:upside/kindNonederived
/operating_model/cells/upside_2027q1_cash_with_funding:upside/labelNoneOperating cash after capex plus funding
/operating_model/cells/upside_2027q1_cash_with_funding:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_cash_with_funding:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_cash_with_funding:upside/valueNone-3031.4480000000003
/operating_model/cells/upside_2027q1_external_net_funding:upside/basisNoneNo unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
/operating_model/cells/upside_2027q1_external_net_funding:upside/caseNoneupside
/operating_model/cells/upside_2027q1_external_net_funding:upside/idNoneupside_2027q1_external_net_funding
/operating_model/cells/upside_2027q1_external_net_funding:upside/kindNoneassumption
/operating_model/cells/upside_2027q1_external_net_funding:upside/labelNoneAdditional net financing assumed
/operating_model/cells/upside_2027q1_external_net_funding:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_external_net_funding:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_external_net_funding:upside/valueNone0.0
/operating_model/cells/upside_2027q1_funding_balance:upside/basisNoneJune unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim.
/operating_model/cells/upside_2027q1_funding_balance:upside/caseNoneupside
/operating_model/cells/upside_2027q1_funding_balance:upside/formula/opNonesum
/operating_model/cells/upside_2027q1_funding_balance:upside/formula/refs/0Noneupside_2026q4_funding_balance
/operating_model/cells/upside_2027q1_funding_balance:upside/formula/refs/1Noneupside_2027q1_funding_change
/operating_model/cells/upside_2027q1_funding_balance:upside/idNoneupside_2027q1_funding_balance
/operating_model/cells/upside_2027q1_funding_balance:upside/kindNonederived
/operating_model/cells/upside_2027q1_funding_balance:upside/labelNoneFunding balance under stated assumptions
/operating_model/cells/upside_2027q1_funding_balance:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_funding_balance:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_funding_balance:upside/valueNone3716.986999999999
/operating_model/cells/upside_2027q1_funding_change:upside/basisNoneFunding inflows less explicit cash uses; not a full GAAP cash-flow statement.
/operating_model/cells/upside_2027q1_funding_change:upside/caseNoneupside
/operating_model/cells/upside_2027q1_funding_change:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q1_funding_change:upside/formula/refs/0Noneupside_2027q1_cash_with_funding
/operating_model/cells/upside_2027q1_funding_change:upside/formula/refs/1Noneupside_2027q1_funding_uses
/operating_model/cells/upside_2027q1_funding_change:upside/idNoneupside_2027q1_funding_change
/operating_model/cells/upside_2027q1_funding_change:upside/kindNonederived
/operating_model/cells/upside_2027q1_funding_change:upside/labelNoneNet modeled funding change
/operating_model/cells/upside_2027q1_funding_change:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_funding_change:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_funding_change:upside/valueNone-3046.4480000000003
/operating_model/cells/upside_2027q1_funding_sources:upside/basisNoneTransfers from restricted cash, dated financing and conditional disposals stay distinct from revenue.
/operating_model/cells/upside_2027q1_funding_sources:upside/caseNoneupside
/operating_model/cells/upside_2027q1_funding_sources:upside/formula/opNonesum
/operating_model/cells/upside_2027q1_funding_sources:upside/formula/refs/0Noneupside_2027q1_restricted_release
/operating_model/cells/upside_2027q1_funding_sources:upside/formula/refs/1Noneupside_2027q1_external_net_funding
/operating_model/cells/upside_2027q1_funding_sources:upside/formula/refs/2Noneupside_2027q1_asset_sale_cash
/operating_model/cells/upside_2027q1_funding_sources:upside/idNoneupside_2027q1_funding_sources
/operating_model/cells/upside_2027q1_funding_sources:upside/kindNonederived
/operating_model/cells/upside_2027q1_funding_sources:upside/labelNoneFunding inflows outside operating model
/operating_model/cells/upside_2027q1_funding_sources:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_funding_sources:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_funding_sources:upside/valueNone0.0
/operating_model/cells/upside_2027q1_funding_uses:upside/basisNonePrincipal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge.
/operating_model/cells/upside_2027q1_funding_uses:upside/caseNoneupside
/operating_model/cells/upside_2027q1_funding_uses:upside/formula/opNonesum
/operating_model/cells/upside_2027q1_funding_uses:upside/formula/refs/0Noneupside_2027q1_principal_cash
/operating_model/cells/upside_2027q1_funding_uses:upside/formula/refs/1Noneupside_2027q1_other_funding_uses
/operating_model/cells/upside_2027q1_funding_uses:upside/idNoneupside_2027q1_funding_uses
/operating_model/cells/upside_2027q1_funding_uses:upside/kindNonederived
/operating_model/cells/upside_2027q1_funding_uses:upside/labelNoneCash uses outside operating model
/operating_model/cells/upside_2027q1_funding_uses:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_funding_uses:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_funding_uses:upside/valueNone15.0
/operating_model/cells/upside_2027q1_other_funding_uses:upside/basisNoneExplicit desk allowance outside operating cash/capex: includes $10M assumed sale costs only for WULF upside closing. Zero otherwise leaves undisclosed acquisitions, contingent settlements and minority distributions unmodeled, not known absent. Construction reimbursements already included in capex are not deducted again.
/operating_model/cells/upside_2027q1_other_funding_uses:upside/caseNoneupside
/operating_model/cells/upside_2027q1_other_funding_uses:upside/idNoneupside_2027q1_other_funding_uses
/operating_model/cells/upside_2027q1_other_funding_uses:upside/kindNoneassumption
/operating_model/cells/upside_2027q1_other_funding_uses:upside/labelNoneAdditional investing, fees and outside-owner cash uses
/operating_model/cells/upside_2027q1_other_funding_uses:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_other_funding_uses:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_other_funding_uses:upside/valueNone0.0
/operating_model/cells/upside_2027q1_principal_cash:upside/basisNoneDesk $15M quarterly principal allowance, separate from interest already in the operating bridge. This is not a disclosed maturity schedule; replace with reported repayments/contractual timing. Optional early note settlement excluded.
/operating_model/cells/upside_2027q1_principal_cash:upside/caseNoneupside
/operating_model/cells/upside_2027q1_principal_cash:upside/idNoneupside_2027q1_principal_cash
/operating_model/cells/upside_2027q1_principal_cash:upside/kindNoneassumption
/operating_model/cells/upside_2027q1_principal_cash:upside/labelNoneAssumed principal cash use
/operating_model/cells/upside_2027q1_principal_cash:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_principal_cash:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_principal_cash:upside/valueNone15.0
/operating_model/cells/upside_2027q1_restricted_release:upside/basisNoneNo restricted funds assumed available for general funding. Change only with source-backed release conditions; this balance is not free parent cash.
/operating_model/cells/upside_2027q1_restricted_release:upside/caseNoneupside
/operating_model/cells/upside_2027q1_restricted_release:upside/idNoneupside_2027q1_restricted_release
/operating_model/cells/upside_2027q1_restricted_release:upside/kindNoneassumption
/operating_model/cells/upside_2027q1_restricted_release:upside/labelNoneRestricted funds used for qualifying spending
/operating_model/cells/upside_2027q1_restricted_release:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_restricted_release:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_restricted_release:upside/valueNone0.0
/operating_model/cells/upside_2027q1_restricted_remaining:upside/basisNoneOpening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims.
/operating_model/cells/upside_2027q1_restricted_remaining:upside/caseNoneupside
/operating_model/cells/upside_2027q1_restricted_remaining:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q1_restricted_remaining:upside/formula/refs/0Noneupside_2026q4_restricted_remaining
/operating_model/cells/upside_2027q1_restricted_remaining:upside/formula/refs/1Noneupside_2027q1_restricted_release
/operating_model/cells/upside_2027q1_restricted_remaining:upside/idNoneupside_2027q1_restricted_remaining
/operating_model/cells/upside_2027q1_restricted_remaining:upside/kindNonederived
/operating_model/cells/upside_2027q1_restricted_remaining:upside/labelNoneRemaining restricted cash in funding bridge
/operating_model/cells/upside_2027q1_restricted_remaining:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_restricted_remaining:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_restricted_remaining:upside/valueNone1056.0
/operating_model/cells/upside_2027q2_asset_sale_cash:upside/basisNoneNo other asset sales assumed; no sale revenue is counted as recurring operating cash.
/operating_model/cells/upside_2027q2_asset_sale_cash:upside/caseNoneupside
/operating_model/cells/upside_2027q2_asset_sale_cash:upside/idNoneupside_2027q2_asset_sale_cash
/operating_model/cells/upside_2027q2_asset_sale_cash:upside/kindNoneassumption
/operating_model/cells/upside_2027q2_asset_sale_cash:upside/labelNoneAsset-sale cash assumed
/operating_model/cells/upside_2027q2_asset_sale_cash:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_asset_sale_cash:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_asset_sale_cash:upside/valueNone0.0
/operating_model/cells/upside_2027q2_cash_with_funding:upside/basisNoneCombines the operating model with explicit financing/restricted-fund assumptions once.
/operating_model/cells/upside_2027q2_cash_with_funding:upside/caseNoneupside
/operating_model/cells/upside_2027q2_cash_with_funding:upside/formula/opNonesum
/operating_model/cells/upside_2027q2_cash_with_funding:upside/formula/refs/0Noneupside_2027q2_fcf
/operating_model/cells/upside_2027q2_cash_with_funding:upside/formula/refs/1Noneupside_2027q2_funding_sources
/operating_model/cells/upside_2027q2_cash_with_funding:upside/idNoneupside_2027q2_cash_with_funding
/operating_model/cells/upside_2027q2_cash_with_funding:upside/kindNonederived
/operating_model/cells/upside_2027q2_cash_with_funding:upside/labelNoneOperating cash after capex plus funding
/operating_model/cells/upside_2027q2_cash_with_funding:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_cash_with_funding:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_cash_with_funding:upside/valueNone-2771.4480000000003
/operating_model/cells/upside_2027q2_external_net_funding:upside/basisNoneNo unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
/operating_model/cells/upside_2027q2_external_net_funding:upside/caseNoneupside
/operating_model/cells/upside_2027q2_external_net_funding:upside/idNoneupside_2027q2_external_net_funding
/operating_model/cells/upside_2027q2_external_net_funding:upside/kindNoneassumption
/operating_model/cells/upside_2027q2_external_net_funding:upside/labelNoneAdditional net financing assumed
/operating_model/cells/upside_2027q2_external_net_funding:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_external_net_funding:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_external_net_funding:upside/valueNone0.0
/operating_model/cells/upside_2027q2_funding_balance:upside/basisNoneJune unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim.
/operating_model/cells/upside_2027q2_funding_balance:upside/caseNoneupside
/operating_model/cells/upside_2027q2_funding_balance:upside/formula/opNonesum
/operating_model/cells/upside_2027q2_funding_balance:upside/formula/refs/0Noneupside_2027q1_funding_balance
/operating_model/cells/upside_2027q2_funding_balance:upside/formula/refs/1Noneupside_2027q2_funding_change
/operating_model/cells/upside_2027q2_funding_balance:upside/idNoneupside_2027q2_funding_balance
/operating_model/cells/upside_2027q2_funding_balance:upside/kindNonederived
/operating_model/cells/upside_2027q2_funding_balance:upside/labelNoneFunding balance under stated assumptions
/operating_model/cells/upside_2027q2_funding_balance:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_funding_balance:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_funding_balance:upside/valueNone930.5389999999989
/operating_model/cells/upside_2027q2_funding_change:upside/basisNoneFunding inflows less explicit cash uses; not a full GAAP cash-flow statement.
/operating_model/cells/upside_2027q2_funding_change:upside/caseNoneupside
/operating_model/cells/upside_2027q2_funding_change:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q2_funding_change:upside/formula/refs/0Noneupside_2027q2_cash_with_funding
/operating_model/cells/upside_2027q2_funding_change:upside/formula/refs/1Noneupside_2027q2_funding_uses
/operating_model/cells/upside_2027q2_funding_change:upside/idNoneupside_2027q2_funding_change
/operating_model/cells/upside_2027q2_funding_change:upside/kindNonederived
/operating_model/cells/upside_2027q2_funding_change:upside/labelNoneNet modeled funding change
/operating_model/cells/upside_2027q2_funding_change:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_funding_change:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_funding_change:upside/valueNone-2786.4480000000003
/operating_model/cells/upside_2027q2_funding_sources:upside/basisNoneTransfers from restricted cash, dated financing and conditional disposals stay distinct from revenue.
/operating_model/cells/upside_2027q2_funding_sources:upside/caseNoneupside
/operating_model/cells/upside_2027q2_funding_sources:upside/formula/opNonesum
/operating_model/cells/upside_2027q2_funding_sources:upside/formula/refs/0Noneupside_2027q2_restricted_release
/operating_model/cells/upside_2027q2_funding_sources:upside/formula/refs/1Noneupside_2027q2_external_net_funding
/operating_model/cells/upside_2027q2_funding_sources:upside/formula/refs/2Noneupside_2027q2_asset_sale_cash
/operating_model/cells/upside_2027q2_funding_sources:upside/idNoneupside_2027q2_funding_sources
/operating_model/cells/upside_2027q2_funding_sources:upside/kindNonederived
/operating_model/cells/upside_2027q2_funding_sources:upside/labelNoneFunding inflows outside operating model
/operating_model/cells/upside_2027q2_funding_sources:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_funding_sources:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_funding_sources:upside/valueNone0.0
/operating_model/cells/upside_2027q2_funding_uses:upside/basisNonePrincipal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge.
/operating_model/cells/upside_2027q2_funding_uses:upside/caseNoneupside
/operating_model/cells/upside_2027q2_funding_uses:upside/formula/opNonesum
/operating_model/cells/upside_2027q2_funding_uses:upside/formula/refs/0Noneupside_2027q2_principal_cash
/operating_model/cells/upside_2027q2_funding_uses:upside/formula/refs/1Noneupside_2027q2_other_funding_uses
/operating_model/cells/upside_2027q2_funding_uses:upside/idNoneupside_2027q2_funding_uses
/operating_model/cells/upside_2027q2_funding_uses:upside/kindNonederived
/operating_model/cells/upside_2027q2_funding_uses:upside/labelNoneCash uses outside operating model
/operating_model/cells/upside_2027q2_funding_uses:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_funding_uses:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_funding_uses:upside/valueNone15.0
/operating_model/cells/upside_2027q2_other_funding_uses:upside/basisNoneExplicit desk allowance outside operating cash/capex: includes $10M assumed sale costs only for WULF upside closing. Zero otherwise leaves undisclosed acquisitions, contingent settlements and minority distributions unmodeled, not known absent. Construction reimbursements already included in capex are not deducted again.
/operating_model/cells/upside_2027q2_other_funding_uses:upside/caseNoneupside
/operating_model/cells/upside_2027q2_other_funding_uses:upside/idNoneupside_2027q2_other_funding_uses
/operating_model/cells/upside_2027q2_other_funding_uses:upside/kindNoneassumption
/operating_model/cells/upside_2027q2_other_funding_uses:upside/labelNoneAdditional investing, fees and outside-owner cash uses
/operating_model/cells/upside_2027q2_other_funding_uses:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_other_funding_uses:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_other_funding_uses:upside/valueNone0.0
/operating_model/cells/upside_2027q2_principal_cash:upside/basisNoneDesk $15M quarterly principal allowance, separate from interest already in the operating bridge. This is not a disclosed maturity schedule; replace with reported repayments/contractual timing. Optional early note settlement excluded.
/operating_model/cells/upside_2027q2_principal_cash:upside/caseNoneupside
/operating_model/cells/upside_2027q2_principal_cash:upside/idNoneupside_2027q2_principal_cash
/operating_model/cells/upside_2027q2_principal_cash:upside/kindNoneassumption
/operating_model/cells/upside_2027q2_principal_cash:upside/labelNoneAssumed principal cash use
/operating_model/cells/upside_2027q2_principal_cash:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_principal_cash:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_principal_cash:upside/valueNone15.0
/operating_model/cells/upside_2027q2_restricted_release:upside/basisNoneNo restricted funds assumed available for general funding. Change only with source-backed release conditions; this balance is not free parent cash.
/operating_model/cells/upside_2027q2_restricted_release:upside/caseNoneupside
/operating_model/cells/upside_2027q2_restricted_release:upside/idNoneupside_2027q2_restricted_release
/operating_model/cells/upside_2027q2_restricted_release:upside/kindNoneassumption
/operating_model/cells/upside_2027q2_restricted_release:upside/labelNoneRestricted funds used for qualifying spending
/operating_model/cells/upside_2027q2_restricted_release:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_restricted_release:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_restricted_release:upside/valueNone0.0
/operating_model/cells/upside_2027q2_restricted_remaining:upside/basisNoneOpening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims.
/operating_model/cells/upside_2027q2_restricted_remaining:upside/caseNoneupside
/operating_model/cells/upside_2027q2_restricted_remaining:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q2_restricted_remaining:upside/formula/refs/0Noneupside_2027q1_restricted_remaining
/operating_model/cells/upside_2027q2_restricted_remaining:upside/formula/refs/1Noneupside_2027q2_restricted_release
/operating_model/cells/upside_2027q2_restricted_remaining:upside/idNoneupside_2027q2_restricted_remaining
/operating_model/cells/upside_2027q2_restricted_remaining:upside/kindNonederived
/operating_model/cells/upside_2027q2_restricted_remaining:upside/labelNoneRemaining restricted cash in funding bridge
/operating_model/cells/upside_2027q2_restricted_remaining:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_restricted_remaining:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_restricted_remaining:upside/valueNone1056.0
/operating_model/cells/upside_2027q3_asset_sale_cash:upside/basisNoneNo other asset sales assumed; no sale revenue is counted as recurring operating cash.
/operating_model/cells/upside_2027q3_asset_sale_cash:upside/caseNoneupside
/operating_model/cells/upside_2027q3_asset_sale_cash:upside/idNoneupside_2027q3_asset_sale_cash
/operating_model/cells/upside_2027q3_asset_sale_cash:upside/kindNoneassumption
/operating_model/cells/upside_2027q3_asset_sale_cash:upside/labelNoneAsset-sale cash assumed
/operating_model/cells/upside_2027q3_asset_sale_cash:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_asset_sale_cash:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_asset_sale_cash:upside/valueNone0.0
/operating_model/cells/upside_2027q3_cash_with_funding:upside/basisNoneCombines the operating model with explicit financing/restricted-fund assumptions once.
/operating_model/cells/upside_2027q3_cash_with_funding:upside/caseNoneupside
/operating_model/cells/upside_2027q3_cash_with_funding:upside/formula/opNonesum
/operating_model/cells/upside_2027q3_cash_with_funding:upside/formula/refs/0Noneupside_2027q3_fcf
/operating_model/cells/upside_2027q3_cash_with_funding:upside/formula/refs/1Noneupside_2027q3_funding_sources
/operating_model/cells/upside_2027q3_cash_with_funding:upside/idNoneupside_2027q3_cash_with_funding
/operating_model/cells/upside_2027q3_cash_with_funding:upside/kindNonederived
/operating_model/cells/upside_2027q3_cash_with_funding:upside/labelNoneOperating cash after capex plus funding
/operating_model/cells/upside_2027q3_cash_with_funding:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_cash_with_funding:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_cash_with_funding:upside/valueNone-2882.9480000000003
/operating_model/cells/upside_2027q3_external_net_funding:upside/basisNoneNo unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
/operating_model/cells/upside_2027q3_external_net_funding:upside/caseNoneupside
/operating_model/cells/upside_2027q3_external_net_funding:upside/idNoneupside_2027q3_external_net_funding
/operating_model/cells/upside_2027q3_external_net_funding:upside/kindNoneassumption
/operating_model/cells/upside_2027q3_external_net_funding:upside/labelNoneAdditional net financing assumed
/operating_model/cells/upside_2027q3_external_net_funding:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_external_net_funding:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_external_net_funding:upside/valueNone0.0
/operating_model/cells/upside_2027q3_funding_balance:upside/basisNoneJune unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim.
/operating_model/cells/upside_2027q3_funding_balance:upside/caseNoneupside
/operating_model/cells/upside_2027q3_funding_balance:upside/formula/opNonesum
/operating_model/cells/upside_2027q3_funding_balance:upside/formula/refs/0Noneupside_2027q2_funding_balance
/operating_model/cells/upside_2027q3_funding_balance:upside/formula/refs/1Noneupside_2027q3_funding_change
/operating_model/cells/upside_2027q3_funding_balance:upside/idNoneupside_2027q3_funding_balance
/operating_model/cells/upside_2027q3_funding_balance:upside/kindNonederived
/operating_model/cells/upside_2027q3_funding_balance:upside/labelNoneFunding balance under stated assumptions
/operating_model/cells/upside_2027q3_funding_balance:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_funding_balance:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_funding_balance:upside/valueNone-1967.4090000000015
/operating_model/cells/upside_2027q3_funding_change:upside/basisNoneFunding inflows less explicit cash uses; not a full GAAP cash-flow statement.
/operating_model/cells/upside_2027q3_funding_change:upside/caseNoneupside
/operating_model/cells/upside_2027q3_funding_change:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q3_funding_change:upside/formula/refs/0Noneupside_2027q3_cash_with_funding
/operating_model/cells/upside_2027q3_funding_change:upside/formula/refs/1Noneupside_2027q3_funding_uses
/operating_model/cells/upside_2027q3_funding_change:upside/idNoneupside_2027q3_funding_change
/operating_model/cells/upside_2027q3_funding_change:upside/kindNonederived
/operating_model/cells/upside_2027q3_funding_change:upside/labelNoneNet modeled funding change
/operating_model/cells/upside_2027q3_funding_change:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_funding_change:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_funding_change:upside/valueNone-2897.9480000000003
/operating_model/cells/upside_2027q3_funding_sources:upside/basisNoneTransfers from restricted cash, dated financing and conditional disposals stay distinct from revenue.
/operating_model/cells/upside_2027q3_funding_sources:upside/caseNoneupside
/operating_model/cells/upside_2027q3_funding_sources:upside/formula/opNonesum
/operating_model/cells/upside_2027q3_funding_sources:upside/formula/refs/0Noneupside_2027q3_restricted_release
/operating_model/cells/upside_2027q3_funding_sources:upside/formula/refs/1Noneupside_2027q3_external_net_funding
/operating_model/cells/upside_2027q3_funding_sources:upside/formula/refs/2Noneupside_2027q3_asset_sale_cash
/operating_model/cells/upside_2027q3_funding_sources:upside/idNoneupside_2027q3_funding_sources
/operating_model/cells/upside_2027q3_funding_sources:upside/kindNonederived
/operating_model/cells/upside_2027q3_funding_sources:upside/labelNoneFunding inflows outside operating model
/operating_model/cells/upside_2027q3_funding_sources:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_funding_sources:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_funding_sources:upside/valueNone0.0
/operating_model/cells/upside_2027q3_funding_uses:upside/basisNonePrincipal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge.
/operating_model/cells/upside_2027q3_funding_uses:upside/caseNoneupside
/operating_model/cells/upside_2027q3_funding_uses:upside/formula/opNonesum
/operating_model/cells/upside_2027q3_funding_uses:upside/formula/refs/0Noneupside_2027q3_principal_cash
/operating_model/cells/upside_2027q3_funding_uses:upside/formula/refs/1Noneupside_2027q3_other_funding_uses
/operating_model/cells/upside_2027q3_funding_uses:upside/idNoneupside_2027q3_funding_uses
/operating_model/cells/upside_2027q3_funding_uses:upside/kindNonederived
/operating_model/cells/upside_2027q3_funding_uses:upside/labelNoneCash uses outside operating model
/operating_model/cells/upside_2027q3_funding_uses:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_funding_uses:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_funding_uses:upside/valueNone15.0
/operating_model/cells/upside_2027q3_other_funding_uses:upside/basisNoneExplicit desk allowance outside operating cash/capex: includes $10M assumed sale costs only for WULF upside closing. Zero otherwise leaves undisclosed acquisitions, contingent settlements and minority distributions unmodeled, not known absent. Construction reimbursements already included in capex are not deducted again.
/operating_model/cells/upside_2027q3_other_funding_uses:upside/caseNoneupside
/operating_model/cells/upside_2027q3_other_funding_uses:upside/idNoneupside_2027q3_other_funding_uses
/operating_model/cells/upside_2027q3_other_funding_uses:upside/kindNoneassumption
/operating_model/cells/upside_2027q3_other_funding_uses:upside/labelNoneAdditional investing, fees and outside-owner cash uses
/operating_model/cells/upside_2027q3_other_funding_uses:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_other_funding_uses:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_other_funding_uses:upside/valueNone0.0
/operating_model/cells/upside_2027q3_principal_cash:upside/basisNoneDesk $15M quarterly principal allowance, separate from interest already in the operating bridge. This is not a disclosed maturity schedule; replace with reported repayments/contractual timing. Optional early note settlement excluded.
/operating_model/cells/upside_2027q3_principal_cash:upside/caseNoneupside
/operating_model/cells/upside_2027q3_principal_cash:upside/idNoneupside_2027q3_principal_cash
/operating_model/cells/upside_2027q3_principal_cash:upside/kindNoneassumption
/operating_model/cells/upside_2027q3_principal_cash:upside/labelNoneAssumed principal cash use
/operating_model/cells/upside_2027q3_principal_cash:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_principal_cash:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_principal_cash:upside/valueNone15.0
/operating_model/cells/upside_2027q3_restricted_release:upside/basisNoneNo restricted funds assumed available for general funding. Change only with source-backed release conditions; this balance is not free parent cash.
/operating_model/cells/upside_2027q3_restricted_release:upside/caseNoneupside
/operating_model/cells/upside_2027q3_restricted_release:upside/idNoneupside_2027q3_restricted_release
/operating_model/cells/upside_2027q3_restricted_release:upside/kindNoneassumption
/operating_model/cells/upside_2027q3_restricted_release:upside/labelNoneRestricted funds used for qualifying spending
/operating_model/cells/upside_2027q3_restricted_release:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_restricted_release:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_restricted_release:upside/valueNone0.0
/operating_model/cells/upside_2027q3_restricted_remaining:upside/basisNoneOpening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims.
/operating_model/cells/upside_2027q3_restricted_remaining:upside/caseNoneupside
/operating_model/cells/upside_2027q3_restricted_remaining:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q3_restricted_remaining:upside/formula/refs/0Noneupside_2027q2_restricted_remaining
/operating_model/cells/upside_2027q3_restricted_remaining:upside/formula/refs/1Noneupside_2027q3_restricted_release
/operating_model/cells/upside_2027q3_restricted_remaining:upside/idNoneupside_2027q3_restricted_remaining
/operating_model/cells/upside_2027q3_restricted_remaining:upside/kindNonederived
/operating_model/cells/upside_2027q3_restricted_remaining:upside/labelNoneRemaining restricted cash in funding bridge
/operating_model/cells/upside_2027q3_restricted_remaining:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_restricted_remaining:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_restricted_remaining:upside/valueNone1056.0
/operating_model/cells/upside_2027q4_asset_sale_cash:upside/basisNoneNo other asset sales assumed; no sale revenue is counted as recurring operating cash.
/operating_model/cells/upside_2027q4_asset_sale_cash:upside/caseNoneupside
/operating_model/cells/upside_2027q4_asset_sale_cash:upside/idNoneupside_2027q4_asset_sale_cash
/operating_model/cells/upside_2027q4_asset_sale_cash:upside/kindNoneassumption
/operating_model/cells/upside_2027q4_asset_sale_cash:upside/labelNoneAsset-sale cash assumed
/operating_model/cells/upside_2027q4_asset_sale_cash:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_asset_sale_cash:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_asset_sale_cash:upside/valueNone0.0
/operating_model/cells/upside_2027q4_cash_with_funding:upside/basisNoneCombines the operating model with explicit financing/restricted-fund assumptions once.
/operating_model/cells/upside_2027q4_cash_with_funding:upside/caseNoneupside
/operating_model/cells/upside_2027q4_cash_with_funding:upside/formula/opNonesum
/operating_model/cells/upside_2027q4_cash_with_funding:upside/formula/refs/0Noneupside_2027q4_fcf
/operating_model/cells/upside_2027q4_cash_with_funding:upside/formula/refs/1Noneupside_2027q4_funding_sources
/operating_model/cells/upside_2027q4_cash_with_funding:upside/idNoneupside_2027q4_cash_with_funding
/operating_model/cells/upside_2027q4_cash_with_funding:upside/kindNonederived
/operating_model/cells/upside_2027q4_cash_with_funding:upside/labelNoneOperating cash after capex plus funding
/operating_model/cells/upside_2027q4_cash_with_funding:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_cash_with_funding:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_cash_with_funding:upside/valueNone-2822.9480000000003
/operating_model/cells/upside_2027q4_external_net_funding:upside/basisNoneNo unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
/operating_model/cells/upside_2027q4_external_net_funding:upside/caseNoneupside
/operating_model/cells/upside_2027q4_external_net_funding:upside/idNoneupside_2027q4_external_net_funding
/operating_model/cells/upside_2027q4_external_net_funding:upside/kindNoneassumption
/operating_model/cells/upside_2027q4_external_net_funding:upside/labelNoneAdditional net financing assumed
/operating_model/cells/upside_2027q4_external_net_funding:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_external_net_funding:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_external_net_funding:upside/valueNone0.0
/operating_model/cells/upside_2027q4_funding_balance:upside/basisNoneJune unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim.
/operating_model/cells/upside_2027q4_funding_balance:upside/caseNoneupside
/operating_model/cells/upside_2027q4_funding_balance:upside/formula/opNonesum
/operating_model/cells/upside_2027q4_funding_balance:upside/formula/refs/0Noneupside_2027q3_funding_balance
/operating_model/cells/upside_2027q4_funding_balance:upside/formula/refs/1Noneupside_2027q4_funding_change
/operating_model/cells/upside_2027q4_funding_balance:upside/idNoneupside_2027q4_funding_balance
/operating_model/cells/upside_2027q4_funding_balance:upside/kindNonederived
/operating_model/cells/upside_2027q4_funding_balance:upside/labelNoneFunding balance under stated assumptions
/operating_model/cells/upside_2027q4_funding_balance:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_funding_balance:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_funding_balance:upside/valueNone-4805.357000000002
/operating_model/cells/upside_2027q4_funding_change:upside/basisNoneFunding inflows less explicit cash uses; not a full GAAP cash-flow statement.
/operating_model/cells/upside_2027q4_funding_change:upside/caseNoneupside
/operating_model/cells/upside_2027q4_funding_change:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q4_funding_change:upside/formula/refs/0Noneupside_2027q4_cash_with_funding
/operating_model/cells/upside_2027q4_funding_change:upside/formula/refs/1Noneupside_2027q4_funding_uses
/operating_model/cells/upside_2027q4_funding_change:upside/idNoneupside_2027q4_funding_change
/operating_model/cells/upside_2027q4_funding_change:upside/kindNonederived
/operating_model/cells/upside_2027q4_funding_change:upside/labelNoneNet modeled funding change
/operating_model/cells/upside_2027q4_funding_change:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_funding_change:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_funding_change:upside/valueNone-2837.9480000000003
/operating_model/cells/upside_2027q4_funding_sources:upside/basisNoneTransfers from restricted cash, dated financing and conditional disposals stay distinct from revenue.
/operating_model/cells/upside_2027q4_funding_sources:upside/caseNoneupside
/operating_model/cells/upside_2027q4_funding_sources:upside/formula/opNonesum
/operating_model/cells/upside_2027q4_funding_sources:upside/formula/refs/0Noneupside_2027q4_restricted_release
/operating_model/cells/upside_2027q4_funding_sources:upside/formula/refs/1Noneupside_2027q4_external_net_funding
/operating_model/cells/upside_2027q4_funding_sources:upside/formula/refs/2Noneupside_2027q4_asset_sale_cash
/operating_model/cells/upside_2027q4_funding_sources:upside/idNoneupside_2027q4_funding_sources
/operating_model/cells/upside_2027q4_funding_sources:upside/kindNonederived
/operating_model/cells/upside_2027q4_funding_sources:upside/labelNoneFunding inflows outside operating model
/operating_model/cells/upside_2027q4_funding_sources:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_funding_sources:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_funding_sources:upside/valueNone0.0
/operating_model/cells/upside_2027q4_funding_uses:upside/basisNonePrincipal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge.
/operating_model/cells/upside_2027q4_funding_uses:upside/caseNoneupside
/operating_model/cells/upside_2027q4_funding_uses:upside/formula/opNonesum
/operating_model/cells/upside_2027q4_funding_uses:upside/formula/refs/0Noneupside_2027q4_principal_cash
/operating_model/cells/upside_2027q4_funding_uses:upside/formula/refs/1Noneupside_2027q4_other_funding_uses
/operating_model/cells/upside_2027q4_funding_uses:upside/idNoneupside_2027q4_funding_uses
/operating_model/cells/upside_2027q4_funding_uses:upside/kindNonederived
/operating_model/cells/upside_2027q4_funding_uses:upside/labelNoneCash uses outside operating model
/operating_model/cells/upside_2027q4_funding_uses:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_funding_uses:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_funding_uses:upside/valueNone15.0
/operating_model/cells/upside_2027q4_other_funding_uses:upside/basisNoneExplicit desk allowance outside operating cash/capex: includes $10M assumed sale costs only for WULF upside closing. Zero otherwise leaves undisclosed acquisitions, contingent settlements and minority distributions unmodeled, not known absent. Construction reimbursements already included in capex are not deducted again.
/operating_model/cells/upside_2027q4_other_funding_uses:upside/caseNoneupside
/operating_model/cells/upside_2027q4_other_funding_uses:upside/idNoneupside_2027q4_other_funding_uses
/operating_model/cells/upside_2027q4_other_funding_uses:upside/kindNoneassumption
/operating_model/cells/upside_2027q4_other_funding_uses:upside/labelNoneAdditional investing, fees and outside-owner cash uses
/operating_model/cells/upside_2027q4_other_funding_uses:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_other_funding_uses:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_other_funding_uses:upside/valueNone0.0
/operating_model/cells/upside_2027q4_principal_cash:upside/basisNoneDesk $15M quarterly principal allowance, separate from interest already in the operating bridge. This is not a disclosed maturity schedule; replace with reported repayments/contractual timing. Optional early note settlement excluded.
/operating_model/cells/upside_2027q4_principal_cash:upside/caseNoneupside
/operating_model/cells/upside_2027q4_principal_cash:upside/idNoneupside_2027q4_principal_cash
/operating_model/cells/upside_2027q4_principal_cash:upside/kindNoneassumption
/operating_model/cells/upside_2027q4_principal_cash:upside/labelNoneAssumed principal cash use
/operating_model/cells/upside_2027q4_principal_cash:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_principal_cash:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_principal_cash:upside/valueNone15.0
/operating_model/cells/upside_2027q4_restricted_release:upside/basisNoneNo restricted funds assumed available for general funding. Change only with source-backed release conditions; this balance is not free parent cash.
/operating_model/cells/upside_2027q4_restricted_release:upside/caseNoneupside
/operating_model/cells/upside_2027q4_restricted_release:upside/idNoneupside_2027q4_restricted_release
/operating_model/cells/upside_2027q4_restricted_release:upside/kindNoneassumption
/operating_model/cells/upside_2027q4_restricted_release:upside/labelNoneRestricted funds used for qualifying spending
/operating_model/cells/upside_2027q4_restricted_release:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_restricted_release:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_restricted_release:upside/valueNone0.0
/operating_model/cells/upside_2027q4_restricted_remaining:upside/basisNoneOpening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims.
/operating_model/cells/upside_2027q4_restricted_remaining:upside/caseNoneupside
/operating_model/cells/upside_2027q4_restricted_remaining:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q4_restricted_remaining:upside/formula/refs/0Noneupside_2027q3_restricted_remaining
/operating_model/cells/upside_2027q4_restricted_remaining:upside/formula/refs/1Noneupside_2027q4_restricted_release
/operating_model/cells/upside_2027q4_restricted_remaining:upside/idNoneupside_2027q4_restricted_remaining
/operating_model/cells/upside_2027q4_restricted_remaining:upside/kindNonederived
/operating_model/cells/upside_2027q4_restricted_remaining:upside/labelNoneRemaining restricted cash in funding bridge
/operating_model/cells/upside_2027q4_restricted_remaining:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_restricted_remaining:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_restricted_remaining:upside/valueNone1056.0
/operating_model/cells/upside_fy2026_funding_balance:upside/basisNoneYear-end stock equals Q4 ending balance; quarterly balances are never summed.
/operating_model/cells/upside_fy2026_funding_balance:upside/caseNoneupside
/operating_model/cells/upside_fy2026_funding_balance:upside/formula/opNonesum
/operating_model/cells/upside_fy2026_funding_balance:upside/formula/refs/0Noneupside_2026q4_funding_balance
/operating_model/cells/upside_fy2026_funding_balance:upside/formula/refs/1Nonefunding_zero
/operating_model/cells/upside_fy2026_funding_balance:upside/idNoneupside_fy2026_funding_balance
/operating_model/cells/upside_fy2026_funding_balance:upside/kindNonederived
/operating_model/cells/upside_fy2026_funding_balance:upside/labelNoneYear-end Funding balance under stated assumptions ($M)
/operating_model/cells/upside_fy2026_funding_balance:upside/periodNoneFY2026
/operating_model/cells/upside_fy2026_funding_balance:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2026_funding_balance:upside/valueNone6763.4349999999995
/operating_model/cells/upside_fy2026_restricted_remaining:upside/basisNoneYear-end stock equals Q4 ending balance; quarterly balances are never summed.
/operating_model/cells/upside_fy2026_restricted_remaining:upside/caseNoneupside
/operating_model/cells/upside_fy2026_restricted_remaining:upside/formula/opNonesum
/operating_model/cells/upside_fy2026_restricted_remaining:upside/formula/refs/0Noneupside_2026q4_restricted_remaining
/operating_model/cells/upside_fy2026_restricted_remaining:upside/formula/refs/1Nonefunding_zero
/operating_model/cells/upside_fy2026_restricted_remaining:upside/idNoneupside_fy2026_restricted_remaining
/operating_model/cells/upside_fy2026_restricted_remaining:upside/kindNonederived
/operating_model/cells/upside_fy2026_restricted_remaining:upside/labelNoneYear-end Remaining restricted cash in funding bridge ($M)
/operating_model/cells/upside_fy2026_restricted_remaining:upside/periodNoneFY2026
/operating_model/cells/upside_fy2026_restricted_remaining:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2026_restricted_remaining:upside/valueNone1056.0
/operating_model/cells/upside_fy2027_funding_balance:upside/basisNoneYear-end stock equals Q4 ending balance; quarterly balances are never summed.
/operating_model/cells/upside_fy2027_funding_balance:upside/caseNoneupside
/operating_model/cells/upside_fy2027_funding_balance:upside/formula/opNonesum
/operating_model/cells/upside_fy2027_funding_balance:upside/formula/refs/0Noneupside_2027q4_funding_balance
/operating_model/cells/upside_fy2027_funding_balance:upside/formula/refs/1Nonefunding_zero
/operating_model/cells/upside_fy2027_funding_balance:upside/idNoneupside_fy2027_funding_balance
/operating_model/cells/upside_fy2027_funding_balance:upside/kindNonederived
/operating_model/cells/upside_fy2027_funding_balance:upside/labelNoneYear-end Funding balance under stated assumptions ($M)
/operating_model/cells/upside_fy2027_funding_balance:upside/periodNoneFY2027
/operating_model/cells/upside_fy2027_funding_balance:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2027_funding_balance:upside/valueNone-4805.357000000002
/operating_model/cells/upside_fy2027_restricted_remaining:upside/basisNoneYear-end stock equals Q4 ending balance; quarterly balances are never summed.
/operating_model/cells/upside_fy2027_restricted_remaining:upside/caseNoneupside
/operating_model/cells/upside_fy2027_restricted_remaining:upside/formula/opNonesum
/operating_model/cells/upside_fy2027_restricted_remaining:upside/formula/refs/0Noneupside_2027q4_restricted_remaining
/operating_model/cells/upside_fy2027_restricted_remaining:upside/formula/refs/1Nonefunding_zero
/operating_model/cells/upside_fy2027_restricted_remaining:upside/idNoneupside_fy2027_restricted_remaining
/operating_model/cells/upside_fy2027_restricted_remaining:upside/kindNonederived
/operating_model/cells/upside_fy2027_restricted_remaining:upside/labelNoneYear-end Remaining restricted cash in funding bridge ($M)
/operating_model/cells/upside_fy2027_restricted_remaining:upside/periodNoneFY2027
/operating_model/cells/upside_fy2027_restricted_remaining:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2027_restricted_remaining:upside/valueNone1056.0
/operating_model/highlights/10aug_net_coupon_increasejune_debt_carrying
/operating_model/highlights/11Nonejune_common_shares
/operating_model/highlights/12Nonejune_prefunded_shares
/operating_model/highlights/13Noneaug_exchange_shares
/operating_model/highlights/14Noneknown_share_bridge
/operating_model/highlights/15Nonejuly_secured_facility
/operating_model/highlights/16Noneaug_modeled_net_proceeds
/operating_model/limitations/0Initial scenarios, without a complete GAAP income statement, balance sheet, dilution waterfall or valuation. No forward EPS is claimed.Funding balances are conditional planning arithmetic from June cash, not present cash or a reconciled GAAP balance sheet. Negative balances identify unfilled funding needs. New issuance, early conversion, contingent claims, cash sweeps, acquisitions and minority distributions remain explicit gaps; no fully diluted EPS or equity valuation is claimed.
/operating_model/limitations/3Cash 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.Eight quarters have sourced history with explicit gaps. Q4 2025 operating/net income are unavailable: the April 2026 audited annual report differs from the February release, without a reconciled quarterly allocation. Comparative CFO reporting vintages can differ by rounding/reclassification; no cumulative EPS subtraction or invented gross profit.
/operating_model/limitations/4Only 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.No revenue is added solely for the September Palantir partnership. Future contract pricing, utilization and GPU refresh economics remain uncertain.
/operating_model/limitations/5No revenue is added solely for the September Palantir partnership. Future contract pricing, utilization and GPU refresh economics remain uncertain.August gross proceeds are reduced by a desk 1.5% fee allowance; $775M signed July facility is excluded pending confirmed draw availability. The $800M exchange retires debt for shares with no modeled cash repayment. June shares plus warrants and August exchange shares are a dated partial bridge, not current fully diluted ownership. August AGM approved five-year authority to issue up to an additional 20% of issued share capital and exclude pre-emption; authorization is not cash raised or shares already issued.
/operating_model/methodForecast AI revenue from the average of beginning and ending quarterly ARR, divided by four and adjusted for uneven activation within the quarter. ARR is the last month annualized, not annual revenue. Add other-business revenue and apply a group adjusted-EBITDA margin. Subtract an explicit cash bridge, then add net deferred-revenue funding to estimate CFO; subtract cash PP&E and intangibles. Reported H1 and forecast H2 reconcile to FY2026; four modeled quarters form FY2027.Forecast AI revenue from the average of beginning and ending quarterly ARR, divided by four and adjusted for uneven activation within the quarter. ARR is the last month annualized, not annual revenue. Add other-business revenue and apply a group adjusted-EBITDA margin. Subtract an explicit cash bridge, then add net deferred-revenue funding to estimate CFO; subtract cash PP&E and intangibles. Reported H1 and forecast H2 reconcile to FY2026; four modeled quarters form FY2027. A separate funding roll-forward reconciles June unrestricted cash, operating cash after capex, restricted releases, dated net financing and principal/other cash uses. Annual funding balances use Q4 stocks. Negative values show unfilled financing needs, not feasible negative cash accounts.
/operating_model/metrics/funding_balanceNoneFunding balance under stated assumptions ($M)
/operating_model/metrics/restricted_remainingNoneRemaining restricted cash in funding bridge ($M)
/operating_model/outputs/2026Q3:base/metrics/funding_balanceNonebase_2026q3_funding_balance
/operating_model/outputs/2026Q3:base/metrics/restricted_remainingNonebase_2026q3_restricted_remaining
/operating_model/outputs/2026Q3:base/values/funding_balanceNone8308.854
/operating_model/outputs/2026Q3:base/values/restricted_remainingNone1056.0
/operating_model/outputs/2026Q3:downside/metrics/funding_balanceNonedownside_2026q3_funding_balance
/operating_model/outputs/2026Q3:downside/metrics/restricted_remainingNonedownside_2026q3_restricted_remaining
/operating_model/outputs/2026Q3:downside/values/funding_balanceNone6343.7390000000005
/operating_model/outputs/2026Q3:downside/values/restricted_remainingNone1056.0
/operating_model/outputs/2026Q3:upside/metrics/funding_balanceNoneupside_2026q3_funding_balance
/operating_model/outputs/2026Q3:upside/metrics/restricted_remainingNoneupside_2026q3_restricted_remaining
/operating_model/outputs/2026Q3:upside/values/funding_balanceNone10124.224
/operating_model/outputs/2026Q3:upside/values/restricted_remainingNone1056.0
/operating_model/outputs/2026Q4:base/metrics/funding_balanceNonebase_2026q4_funding_balance
/operating_model/outputs/2026Q4:base/metrics/restricted_remainingNonebase_2026q4_restricted_remaining
/operating_model/outputs/2026Q4:base/values/funding_balanceNone2837.069999999999
/operating_model/outputs/2026Q4:base/values/restricted_remainingNone1056.0
/operating_model/outputs/2026Q4:downside/metrics/funding_balanceNonedownside_2026q4_funding_balance
/operating_model/outputs/2026Q4:downside/metrics/restricted_remainingNonedownside_2026q4_restricted_remaining
/operating_model/outputs/2026Q4:downside/values/funding_balanceNone-1406.5974999999999
/operating_model/outputs/2026Q4:downside/values/restricted_remainingNone1056.0
/operating_model/outputs/2026Q4:upside/metrics/funding_balanceNoneupside_2026q4_funding_balance
/operating_model/outputs/2026Q4:upside/metrics/restricted_remainingNoneupside_2026q4_restricted_remaining
/operating_model/outputs/2026Q4:upside/values/funding_balanceNone6763.4349999999995
/operating_model/outputs/2026Q4:upside/values/restricted_remainingNone1056.0
/operating_model/outputs/2027Q1:base/metrics/funding_balanceNonebase_2027q1_funding_balance
/operating_model/outputs/2027Q1:base/metrics/restricted_remainingNonebase_2027q1_restricted_remaining
/operating_model/outputs/2027Q1:base/values/funding_balanceNone-1747.947000000001
/operating_model/outputs/2027Q1:base/values/restricted_remainingNone1056.0
/operating_model/outputs/2027Q1:downside/metrics/funding_balanceNonedownside_2027q1_funding_balance
/operating_model/outputs/2027Q1:downside/metrics/restricted_remainingNonedownside_2027q1_restricted_remaining
/operating_model/outputs/2027Q1:downside/values/funding_balanceNone-7793.2294999999995
/operating_model/outputs/2027Q1:downside/values/restricted_remainingNone1056.0
/operating_model/outputs/2027Q1:upside/metrics/funding_balanceNoneupside_2027q1_funding_balance
/operating_model/outputs/2027Q1:upside/metrics/restricted_remainingNoneupside_2027q1_restricted_remaining
/operating_model/outputs/2027Q1:upside/values/funding_balanceNone3716.986999999999
/operating_model/outputs/2027Q1:upside/values/restricted_remainingNone1056.0
/operating_model/outputs/2027Q2:base/metrics/funding_balanceNonebase_2027q2_funding_balance
/operating_model/outputs/2027Q2:base/metrics/restricted_remainingNonebase_2027q2_restricted_remaining
/operating_model/outputs/2027Q2:base/values/funding_balanceNone-6192.589000000001
/operating_model/outputs/2027Q2:base/values/restricted_remainingNone1056.0
/operating_model/outputs/2027Q2:downside/metrics/funding_balanceNonedownside_2027q2_funding_balance
/operating_model/outputs/2027Q2:downside/metrics/restricted_remainingNonedownside_2027q2_restricted_remaining
/operating_model/outputs/2027Q2:downside/values/funding_balanceNone-14136.861499999999
/operating_model/outputs/2027Q2:downside/values/restricted_remainingNone1056.0
/operating_model/outputs/2027Q2:upside/metrics/funding_balanceNoneupside_2027q2_funding_balance
/operating_model/outputs/2027Q2:upside/metrics/restricted_remainingNoneupside_2027q2_restricted_remaining
/operating_model/outputs/2027Q2:upside/values/funding_balanceNone930.5389999999989
/operating_model/outputs/2027Q2:upside/values/restricted_remainingNone1056.0
/operating_model/outputs/FY2026:base/metrics/funding_balanceNonebase_fy2026_funding_balance
/operating_model/outputs/FY2026:base/metrics/restricted_remainingNonebase_fy2026_restricted_remaining
/operating_model/outputs/FY2026:base/values/funding_balanceNone2837.069999999999
/operating_model/outputs/FY2026:base/values/restricted_remainingNone1056.0
/operating_model/outputs/FY2026:downside/metrics/funding_balanceNonedownside_fy2026_funding_balance
/operating_model/outputs/FY2026:downside/metrics/restricted_remainingNonedownside_fy2026_restricted_remaining
/operating_model/outputs/FY2026:downside/values/funding_balanceNone-1406.5974999999999
/operating_model/outputs/FY2026:downside/values/restricted_remainingNone1056.0
/operating_model/outputs/FY2026:upside/metrics/funding_balanceNoneupside_fy2026_funding_balance
/operating_model/outputs/FY2026:upside/metrics/restricted_remainingNoneupside_fy2026_restricted_remaining
/operating_model/outputs/FY2026:upside/values/funding_balanceNone6763.4349999999995
/operating_model/outputs/FY2026:upside/values/restricted_remainingNone1056.0
/operating_model/outputs/FY2027:base/metrics/funding_balanceNonebase_fy2027_funding_balance
/operating_model/outputs/FY2027:base/metrics/restricted_remainingNonebase_fy2027_restricted_remaining
/operating_model/outputs/FY2027:base/values/funding_balanceNone-15389.873
/operating_model/outputs/FY2027:base/values/restricted_remainingNone1056.0
/operating_model/outputs/FY2027:downside/metrics/funding_balanceNonedownside_fy2027_funding_balance
/operating_model/outputs/FY2027:downside/metrics/restricted_remainingNonedownside_fy2027_restricted_remaining
/operating_model/outputs/FY2027:downside/values/funding_balanceNone-26963.125499999995
/operating_model/outputs/FY2027:downside/values/restricted_remainingNone1056.0
/operating_model/outputs/FY2027:upside/metrics/funding_balanceNoneupside_fy2027_funding_balance
/operating_model/outputs/FY2027:upside/metrics/restricted_remainingNoneupside_fy2027_restricted_remaining
/operating_model/outputs/FY2027:upside/values/funding_balanceNone-4805.357000000002
/operating_model/outputs/FY2027:upside/values/restricted_remainingNone1056.0
/operating_model/reviewed_at2026-09-192026-09-20
/research/change_noteFirst 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.Added conditional funding balances, gross-to-net August financing, a separately gated July facility, debt carrying-value context and dated ownership claims without double-counting prefunded warrants in EPS. Preserved operating forecasts. Unconfirmed October repricing stays a pending checkpoint with no numerical uplift. Expanded historical coverage to eight fiscal quarters; withheld Q4 2025 profit figures pending allocation of audited annual changes.
/research/checkpoints/3/date_statusNoneestimated
/research/checkpoints/3/eventNoneVerify reported October compute repricing
/research/checkpoints/3/timingNoneReported October 1, 2026 implementation; issuer confirmation outstanding
/research/checkpoints/3/watchNoneObtain an original issuer/customer pricing notice and distinguish on-demand GPU/CPU pricing from fixed committed contracts. Pending evidence remains unresolved; change forecasts only when scope and realization are supported.
/research/limitations/0Initial scenarios, without a complete GAAP income statement, balance sheet, dilution waterfall or valuation. No forward EPS is claimed.Funding balances are conditional planning arithmetic from June cash, not present cash or a reconciled GAAP balance sheet. Negative balances identify unfilled funding needs. New issuance, early conversion, contingent claims, cash sweeps, acquisitions and minority distributions remain explicit gaps; no fully diluted EPS or equity valuation is claimed.
/research/limitations/3Cash 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.Eight quarters have sourced history with explicit gaps. Q4 2025 operating/net income are unavailable: the April 2026 audited annual report differs from the February release, without a reconciled quarterly allocation. Comparative CFO reporting vintages can differ by rounding/reclassification; no cumulative EPS subtraction or invented gross profit.
/research/limitations/4Only 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.No revenue is added solely for the September Palantir partnership. Future contract pricing, utilization and GPU refresh economics remain uncertain.
/research/limitations/5No revenue is added solely for the September Palantir partnership. Future contract pricing, utilization and GPU refresh economics remain uncertain.August gross proceeds are reduced by a desk 1.5% fee allowance; $775M signed July facility is excluded pending confirmed draw availability. The $800M exchange retires debt for shares with no modeled cash repayment. June shares plus warrants and August exchange shares are a dated partial bridge, not current fully diluted ownership. August AGM approved five-year authority to issue up to an additional 20% of issued share capital and exclude pre-emption; authorization is not cash raised or shares already issued.
/research/reviewed_at2026-09-192026-09-20
/research/risks/5NoneSeptember reporting describes an unconfirmed October 1 compute-price change. Verify original customer notices, applicable products and realized utilization before translating it into revenue or margins; no repricing uplift is included.
/sources/0/retrieved2026-09-192026-09-20
/sources/10/retrievedNone2026-09-20
/sources/10/titleNoneOriginal historical accounts: first-quarter-2026
/sources/10/urlNonehttps://assets.nebius.com/assets/6fc0ea6c-0884-4a1f-bed8-1f797eb9628f/Financial%20results_Q1%202026.pdf?cache-buster=2026-05-13T09:58:57.420Z
/sources/11/retrievedNone2026-09-20
/sources/11/titleNoneAudited 2025 annual accounts; differ from February unaudited profit figures
/sources/11/urlNonehttps://www.sec.gov/Archives/edgar/data/1513845/000110465926052948/nbis-20251231x20f.htm
/sources/12/retrievedNone2026-09-20
/sources/12/titleNoneAugust AGM: five-year issuance and pre-emption authority; capacity is not completed dilution
/sources/12/urlNonehttps://nebius.com/newsroom/nebius-group-n-v-announces-results-of-its-annual-general-meeting-2026
/sources/6/retrievedNone2026-09-20
/sources/6/titleNoneJuly 17 signed secured financing; cash draw availability remains separate
/sources/6/urlNonehttps://nebius.com/newsroom/nebius-raises-775-million-in-first-secured-debt-financing-to-accelerate-global-buildout
/sources/7/retrievedNone2026-09-20
/sources/7/titleNoneSeptember 19 secondary report: October repricing unconfirmed by issuer in the report
/sources/7/urlNonehttps://www.foreignpolicyjournal.com/2026/09/19/nebius-nasdaq-nbis-stock-price-hike-signals-surging-demand-for-ai-compute-capacity/
/sources/8/retrievedNone2026-09-20
/sources/8/titleNoneOriginal historical accounts: fourth-quarter-and-full-year-2025
/sources/8/urlNonehttps://assets.nebius.com/assets/2829268f-924f-4846-87b5-2365b7e58b41/Financial%20results_Q4%202025_11022026.pdf?cache-buster=2026-02-12T09:48:03.404Z
/sources/9/retrievedNone2026-09-20
/sources/9/titleNoneOriginal historical accounts: third-quarter-2025
/sources/9/urlNonehttps://assets.nebius.com/assets/a24c0d55-ba23-437c-a6bc-93cc2223cb01/20251111%20Nebius%20reports%20third%20quarter%202025%20financial%20results.pdf?cache-buster=2025-11-11T11:13:59.487Z
/thesis/what_changes_itWatch 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.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. Separate nominal-strike prefunded claims and the noncash August note exchange from future cash fundraising; verify reported October repricing before assuming higher realized yields.