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What changed: r2 to r3

First authored review through September 19, including August results and August 24 power approval. Corrects historical fiscal labels when a newer revenue tag first appears in comparative filings.

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
/business/descriptionWe are a vertically integrated owner, developer, and operator of large-scale digital infrastructure in the United States, purpose-built to support high-performance computing (“HPC”) workloads, including artificial intelligence (“AI”), machine learning, and advanced cloud applications. Our strategy is grounded in controlling infrastructure at utility scale and pairing compute‑optimized facilities with reliable, long‑duration power resources. By controlling land use through ownership or long-term ground leases, together with interconnection rights, electrical and cooling infrastructure, and, where applicable, on-site generation, we deliver resilient, cost-efficient capacity to hyperscale and enterprise customers through long-term hosting arrangements. This infrastructure-first approach enables TeraWulf to serve Tier-1 counterparties while maintaining operational control, development flexibility, and disciplined capital allocation. Our platform is differentiated by long-term control of utility-scale infrastructure, deep in-house power and grid expertise, and a scalable development model supported by long-term, credit-enhanced customer contracts. HPC Platform and Development Pipeline Our contracted HPC platform currently consists of two primary.TeraWulf develops power-connected data centers and is transitioning Lake Mariner from Bitcoin mining to long-term HPC hosting. New projects expand the contracted footprint, but utility power approval, construction completion, delivered IT capacity and rent commencement occur at different times. The near-term model is driven by Lake Mariner commissioning and the later Justified campus ramp.
/business/drivers/0By controlling land use through ownership or long-term ground leases, together with interconnection rights, electrical and cooling infrastructure, and, where.Average critical IT MW accepted by paying tenants
/business/drivers/1Our platform is differentiated by long-term control of utility-scale infrastructure, deep in-house power and grid expertise, and a scalable development model.Rental revenue and site cash margins during the ramp
/business/drivers/2Together, these campuses have contracted 522 MW of critical IT load with long‑dated revenue visibility.Construction commitments, financing and retained cash
/estimates/basisnot yet estimatedDesk base scenario from the operating model; not consensus.
/estimates/rows/2026Q3/as_ofNone2026-09-19
/estimates/rows/2026Q3/basisNoneDesk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance.
/estimates/rows/2026Q3/classNoneestimate
/estimates/rows/2026Q3/periodNone2026Q3
/estimates/rows/2026Q3/revenueNone72835000.00000001
/estimates/rows/2026Q4/as_ofNone2026-09-19
/estimates/rows/2026Q4/basisNoneDesk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance.
/estimates/rows/2026Q4/classNoneestimate
/estimates/rows/2026Q4/periodNone2026Q4
/estimates/rows/2026Q4/revenueNone120268000.0
/estimates/rows/2027Q1/as_ofNone2026-09-19
/estimates/rows/2027Q1/basisNoneDesk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance.
/estimates/rows/2027Q1/classNoneestimate
/estimates/rows/2027Q1/periodNone2027Q1
/estimates/rows/2027Q1/revenueNone172701000.0
/estimates/rows/2027Q2/as_ofNone2026-09-19
/estimates/rows/2027Q2/basisNoneDesk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance.
/estimates/rows/2027Q2/classNoneestimate
/estimates/rows/2027Q2/periodNone2027Q2
/estimates/rows/2027Q2/revenueNone210134000.0
/meta/as_of2026-09-182026-09-19
/meta/business_authoredFalseTrue
/meta/extract_accession0001083301-26-000031None
/meta/extract_filed2026-02-27None
/meta/extract_form10-KNone
/meta/extract_sourcefilingauthored
/meta/extract_urlhttps://www.sec.gov/Archives/edgar/data/1083301/000108330126000031/wulf-20251231.htmNone
/meta/research_reviewed_atNone2026-09-19
/meta/research_stageNoneoperating_scenarios
/meta/revision23
/meta/skeletonTrueFalse
/model/quarters/2024-09-30/fiscal_label2025Q32024Q3
/model/quarters/2024-12-31/fiscal_label2025Q42024Q4
/model/quarters/2025-03-31/fiscal_label2026Q12025Q1
/model/quarters/2025-06-30/fiscal_label2026Q22025Q2
/operating_model/cells/base_2026q3_capex:base/basisNoneDesk construction-spend scenario across existing and newly contracted sites; not guidance. Delay/overrun costs exceed early revenue effects in downside.
/operating_model/cells/base_2026q3_capex:base/caseNonebase
/operating_model/cells/base_2026q3_capex:base/idNonebase_2026q3_capex
/operating_model/cells/base_2026q3_capex:base/kindNoneassumption
/operating_model/cells/base_2026q3_capex:base/labelNoneConstruction cash capex and deposits
/operating_model/cells/base_2026q3_capex:base/periodNone2026Q3
/operating_model/cells/base_2026q3_capex:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_capex:base/valueNone700.0
/operating_model/cells/base_2026q3_cash_after_capex:base/basisNoneBefore asset sales, acquisitions, new financing, restricted reserves and debt principal.
/operating_model/cells/base_2026q3_cash_after_capex:base/caseNonebase
/operating_model/cells/base_2026q3_cash_after_capex:base/formula/opNonesubtract
/operating_model/cells/base_2026q3_cash_after_capex:base/formula/refs/0Nonebase_2026q3_cash_before_capex
/operating_model/cells/base_2026q3_cash_after_capex:base/formula/refs/1Nonebase_2026q3_capex
/operating_model/cells/base_2026q3_cash_after_capex:base/idNonebase_2026q3_cash_after_capex
/operating_model/cells/base_2026q3_cash_after_capex:base/kindNonederived
/operating_model/cells/base_2026q3_cash_after_capex:base/labelNoneCash after capex proxy
/operating_model/cells/base_2026q3_cash_after_capex:base/periodNone2026Q3
/operating_model/cells/base_2026q3_cash_after_capex:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_cash_after_capex:base/valueNone-773.2165
/operating_model/cells/base_2026q3_cash_before_capex:base/basisNoneAnalytical cash economics including mining sales; not GAAP CFO.
/operating_model/cells/base_2026q3_cash_before_capex:base/caseNonebase
/operating_model/cells/base_2026q3_cash_before_capex:base/formula/opNonesubtract
/operating_model/cells/base_2026q3_cash_before_capex:base/formula/refs/0Nonebase_2026q3_site_cash
/operating_model/cells/base_2026q3_cash_before_capex:base/formula/refs/1Nonebase_2026q3_uses
/operating_model/cells/base_2026q3_cash_before_capex:base/idNonebase_2026q3_cash_before_capex
/operating_model/cells/base_2026q3_cash_before_capex:base/kindNonederived
/operating_model/cells/base_2026q3_cash_before_capex:base/labelNoneCash before capex proxy
/operating_model/cells/base_2026q3_cash_before_capex:base/periodNone2026Q3
/operating_model/cells/base_2026q3_cash_before_capex:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_cash_before_capex:base/valueNone-73.2165
/operating_model/cells/base_2026q3_corp:base/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/base_2026q3_corp:base/caseNonebase
/operating_model/cells/base_2026q3_corp:base/idNonebase_2026q3_corp
/operating_model/cells/base_2026q3_corp:base/kindNoneassumption
/operating_model/cells/base_2026q3_corp:base/labelNoneCash corporate overhead
/operating_model/cells/base_2026q3_corp:base/periodNone2026Q3
/operating_model/cells/base_2026q3_corp:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_corp:base/valueNone30.0
/operating_model/cells/base_2026q3_hpc_cash:base/basisNoneHPC revenue times explicitly assumed ramp cash margin.
/operating_model/cells/base_2026q3_hpc_cash:base/caseNonebase
/operating_model/cells/base_2026q3_hpc_cash:base/formula/opNonemultiply
/operating_model/cells/base_2026q3_hpc_cash:base/formula/refs/0Nonebase_2026q3_hpc_revenue
/operating_model/cells/base_2026q3_hpc_cash:base/formula/refs/1Nonebase_2026q3_hpc_margin
/operating_model/cells/base_2026q3_hpc_cash:base/idNonebase_2026q3_hpc_cash
/operating_model/cells/base_2026q3_hpc_cash:base/kindNonederived
/operating_model/cells/base_2026q3_hpc_cash:base/labelNoneHPC cash contribution
/operating_model/cells/base_2026q3_hpc_cash:base/periodNone2026Q3
/operating_model/cells/base_2026q3_hpc_cash:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_hpc_cash:base/valueNone33.0
/operating_model/cells/base_2026q3_hpc_margin:base/basisNoneDesk ramp margin after site cash operating costs; excludes depreciation and corporate costs. Not GAAP segment profit.
/operating_model/cells/base_2026q3_hpc_margin:base/caseNonebase
/operating_model/cells/base_2026q3_hpc_margin:base/idNonebase_2026q3_hpc_margin
/operating_model/cells/base_2026q3_hpc_margin:base/kindNoneassumption
/operating_model/cells/base_2026q3_hpc_margin:base/labelNoneHPC cash contribution margin
/operating_model/cells/base_2026q3_hpc_margin:base/periodNone2026Q3
/operating_model/cells/base_2026q3_hpc_margin:base/unitNoneratio
/operating_model/cells/base_2026q3_hpc_margin:base/valueNone0.55
/operating_model/cells/base_2026q3_hpc_revenue:base/basisNoneModeled rental and variable billings from Lake Mariner and Justified only.
/operating_model/cells/base_2026q3_hpc_revenue:base/caseNonebase
/operating_model/cells/base_2026q3_hpc_revenue:base/formula/opNonesum
/operating_model/cells/base_2026q3_hpc_revenue:base/formula/refs/0Nonebase_2026q3_lake_revenue
/operating_model/cells/base_2026q3_hpc_revenue:base/formula/refs/1Nonebase_2026q3_justified_revenue
/operating_model/cells/base_2026q3_hpc_revenue:base/idNonebase_2026q3_hpc_revenue
/operating_model/cells/base_2026q3_hpc_revenue:base/kindNonederived
/operating_model/cells/base_2026q3_hpc_revenue:base/labelNoneHPC revenue
/operating_model/cells/base_2026q3_hpc_revenue:base/periodNone2026Q3
/operating_model/cells/base_2026q3_hpc_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_hpc_revenue:base/valueNone60.0
/operating_model/cells/base_2026q3_interest:base/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/base_2026q3_interest:base/caseNonebase
/operating_model/cells/base_2026q3_interest:base/idNonebase_2026q3_interest
/operating_model/cells/base_2026q3_interest:base/kindNoneassumption
/operating_model/cells/base_2026q3_interest:base/labelNoneNet cash interest allowance
/operating_model/cells/base_2026q3_interest:base/periodNone2026Q3
/operating_model/cells/base_2026q3_interest:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_interest:base/valueNone67.5
/operating_model/cells/base_2026q3_justified_fraction:base/basisNoneAverage delivered MW divided by contracted 401 MW.
/operating_model/cells/base_2026q3_justified_fraction:base/caseNonebase
/operating_model/cells/base_2026q3_justified_fraction:base/formula/opNonedivide
/operating_model/cells/base_2026q3_justified_fraction:base/formula/refs/0Nonebase_2026q3_justified_mw
/operating_model/cells/base_2026q3_justified_fraction:base/formula/refs/1Nonejustified_full
/operating_model/cells/base_2026q3_justified_fraction:base/idNonebase_2026q3_justified_fraction
/operating_model/cells/base_2026q3_justified_fraction:base/kindNonederived
/operating_model/cells/base_2026q3_justified_fraction:base/labelNoneJustified active share of full IT capacity
/operating_model/cells/base_2026q3_justified_fraction:base/periodNone2026Q3
/operating_model/cells/base_2026q3_justified_fraction:base/unitNoneratio
/operating_model/cells/base_2026q3_justified_fraction:base/valueNone0.0
/operating_model/cells/base_2026q3_justified_mw:base/basisNoneDesk commissioning scenario. Company targets first capacity H2 2027 and full delivery starting 2028.
/operating_model/cells/base_2026q3_justified_mw:base/caseNonebase
/operating_model/cells/base_2026q3_justified_mw:base/idNonebase_2026q3_justified_mw
/operating_model/cells/base_2026q3_justified_mw:base/kindNoneassumption
/operating_model/cells/base_2026q3_justified_mw:base/labelNoneAverage rent-producing Justified IT MW
/operating_model/cells/base_2026q3_justified_mw:base/periodNone2026Q3
/operating_model/cells/base_2026q3_justified_mw:base/unitNoneMW
/operating_model/cells/base_2026q3_justified_mw:base/valueNone0.0
/operating_model/cells/base_2026q3_justified_realization:base/basisNoneDesk discount to lifetime-average revenue to avoid treating 20-year contract average as first-year rent.
/operating_model/cells/base_2026q3_justified_realization:base/caseNonebase
/operating_model/cells/base_2026q3_justified_realization:base/idNonebase_2026q3_justified_realization
/operating_model/cells/base_2026q3_justified_realization:base/kindNoneassumption
/operating_model/cells/base_2026q3_justified_realization:base/labelNoneInitial rent / lifetime-average rent
/operating_model/cells/base_2026q3_justified_realization:base/periodNone2026Q3
/operating_model/cells/base_2026q3_justified_realization:base/unitNoneratio
/operating_model/cells/base_2026q3_justified_realization:base/valueNone0.85
/operating_model/cells/base_2026q3_justified_revenue:base/basisNoneLifetime-average annual contract revenue scaled for active MW, time and initial-rent realization.
/operating_model/cells/base_2026q3_justified_revenue:base/caseNonebase
/operating_model/cells/base_2026q3_justified_revenue:base/formula/opNonemultiply
/operating_model/cells/base_2026q3_justified_revenue:base/formula/refs/0Nonejustified_annual_average
/operating_model/cells/base_2026q3_justified_revenue:base/formula/refs/1Nonebase_2026q3_justified_fraction
/operating_model/cells/base_2026q3_justified_revenue:base/formula/refs/2Nonequarter
/operating_model/cells/base_2026q3_justified_revenue:base/formula/refs/3Nonebase_2026q3_justified_realization
/operating_model/cells/base_2026q3_justified_revenue:base/idNonebase_2026q3_justified_revenue
/operating_model/cells/base_2026q3_justified_revenue:base/kindNonederived
/operating_model/cells/base_2026q3_justified_revenue:base/labelNoneJustified revenue
/operating_model/cells/base_2026q3_justified_revenue:base/periodNone2026Q3
/operating_model/cells/base_2026q3_justified_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_justified_revenue:base/valueNone0.0
/operating_model/cells/base_2026q3_lake_mw:base/basisNoneDesk within-quarter delivery/acceptance assumption; capped at disclosed 438 MW full capacity.
/operating_model/cells/base_2026q3_lake_mw:base/caseNonebase
/operating_model/cells/base_2026q3_lake_mw:base/idNonebase_2026q3_lake_mw
/operating_model/cells/base_2026q3_lake_mw:base/kindNoneassumption
/operating_model/cells/base_2026q3_lake_mw:base/labelNoneAverage rent-producing Lake Mariner IT MW
/operating_model/cells/base_2026q3_lake_mw:base/periodNone2026Q3
/operating_model/cells/base_2026q3_lake_mw:base/unitNoneMW
/operating_model/cells/base_2026q3_lake_mw:base/valueNone120.0
/operating_model/cells/base_2026q3_lake_revenue:base/basisNoneAverage MW times annual revenue per MW times one quarter.
/operating_model/cells/base_2026q3_lake_revenue:base/caseNonebase
/operating_model/cells/base_2026q3_lake_revenue:base/formula/opNonemultiply
/operating_model/cells/base_2026q3_lake_revenue:base/formula/refs/0Nonebase_2026q3_lake_units
/operating_model/cells/base_2026q3_lake_revenue:base/formula/refs/1Nonebase_2026q3_rent_per_mw
/operating_model/cells/base_2026q3_lake_revenue:base/formula/refs/2Nonequarter
/operating_model/cells/base_2026q3_lake_revenue:base/idNonebase_2026q3_lake_revenue
/operating_model/cells/base_2026q3_lake_revenue:base/kindNonederived
/operating_model/cells/base_2026q3_lake_revenue:base/labelNoneLake Mariner revenue
/operating_model/cells/base_2026q3_lake_revenue:base/periodNone2026Q3
/operating_model/cells/base_2026q3_lake_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_lake_revenue:base/valueNone60.0
/operating_model/cells/base_2026q3_lake_units:base/basisNoneNormalize critical IT capacity for per-MW rental economics.
/operating_model/cells/base_2026q3_lake_units:base/caseNonebase
/operating_model/cells/base_2026q3_lake_units:base/formula/opNonedivide
/operating_model/cells/base_2026q3_lake_units:base/formula/refs/0Nonebase_2026q3_lake_mw
/operating_model/cells/base_2026q3_lake_units:base/formula/refs/1Noneone_mw
/operating_model/cells/base_2026q3_lake_units:base/idNonebase_2026q3_lake_units
/operating_model/cells/base_2026q3_lake_units:base/kindNonederived
/operating_model/cells/base_2026q3_lake_units:base/labelNoneLake Mariner MW / one MW
/operating_model/cells/base_2026q3_lake_units:base/periodNone2026Q3
/operating_model/cells/base_2026q3_lake_units:base/unitNoneratio
/operating_model/cells/base_2026q3_lake_units:base/valueNone120.0
/operating_model/cells/base_2026q3_mining:base/basisNoneReported Q2 mining revenue times desk remaining-business factor.
/operating_model/cells/base_2026q3_mining:base/caseNonebase
/operating_model/cells/base_2026q3_mining:base/formula/opNonemultiply
/operating_model/cells/base_2026q3_mining:base/formula/refs/0Noneh1_q2_mining
/operating_model/cells/base_2026q3_mining:base/formula/refs/1Nonebase_2026q3_mining_factor
/operating_model/cells/base_2026q3_mining:base/idNonebase_2026q3_mining
/operating_model/cells/base_2026q3_mining:base/kindNonederived
/operating_model/cells/base_2026q3_mining:base/labelNoneMining revenue
/operating_model/cells/base_2026q3_mining:base/periodNone2026Q3
/operating_model/cells/base_2026q3_mining:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_mining:base/valueNone12.835
/operating_model/cells/base_2026q3_mining_cash:base/basisNoneAssumes produced Bitcoin is monetized in the same quarter.
/operating_model/cells/base_2026q3_mining_cash:base/caseNonebase
/operating_model/cells/base_2026q3_mining_cash:base/formula/opNonemultiply
/operating_model/cells/base_2026q3_mining_cash:base/formula/refs/0Nonebase_2026q3_mining
/operating_model/cells/base_2026q3_mining_cash:base/formula/refs/1Nonebase_2026q3_mining_margin
/operating_model/cells/base_2026q3_mining_cash:base/idNonebase_2026q3_mining_cash
/operating_model/cells/base_2026q3_mining_cash:base/kindNonederived
/operating_model/cells/base_2026q3_mining_cash:base/labelNoneMining cash contribution
/operating_model/cells/base_2026q3_mining_cash:base/periodNone2026Q3
/operating_model/cells/base_2026q3_mining_cash:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_mining_cash:base/valueNone1.2835
/operating_model/cells/base_2026q3_mining_factor:base/basisNoneDesk remaining mining footprint and hashprice assumption as the site moves toward HPC.
/operating_model/cells/base_2026q3_mining_factor:base/caseNonebase
/operating_model/cells/base_2026q3_mining_factor:base/idNonebase_2026q3_mining_factor
/operating_model/cells/base_2026q3_mining_factor:base/kindNoneassumption
/operating_model/cells/base_2026q3_mining_factor:base/labelNoneMining revenue / Q2 baseline
/operating_model/cells/base_2026q3_mining_factor:base/periodNone2026Q3
/operating_model/cells/base_2026q3_mining_factor:base/unitNoneratio
/operating_model/cells/base_2026q3_mining_factor:base/valueNone1.0
/operating_model/cells/base_2026q3_mining_margin:base/basisNoneDesk cash mining contribution before corporate and financing costs.
/operating_model/cells/base_2026q3_mining_margin:base/caseNonebase
/operating_model/cells/base_2026q3_mining_margin:base/idNonebase_2026q3_mining_margin
/operating_model/cells/base_2026q3_mining_margin:base/kindNoneassumption
/operating_model/cells/base_2026q3_mining_margin:base/labelNoneMining cash contribution margin
/operating_model/cells/base_2026q3_mining_margin:base/periodNone2026Q3
/operating_model/cells/base_2026q3_mining_margin:base/unitNoneratio
/operating_model/cells/base_2026q3_mining_margin:base/valueNone0.1
/operating_model/cells/base_2026q3_other:base/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/base_2026q3_other:base/caseNonebase
/operating_model/cells/base_2026q3_other:base/idNonebase_2026q3_other
/operating_model/cells/base_2026q3_other:base/kindNoneassumption
/operating_model/cells/base_2026q3_other:base/labelNoneOther working-capital and tax uses
/operating_model/cells/base_2026q3_other:base/periodNone2026Q3
/operating_model/cells/base_2026q3_other:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_other:base/valueNone10.0
/operating_model/cells/base_2026q3_rent_per_mw:base/basisNoneDesk effective revenue per critical IT MW including lease and variable billings. This is not a disclosed contractual rent or a forecast contract repricing.
/operating_model/cells/base_2026q3_rent_per_mw:base/caseNonebase
/operating_model/cells/base_2026q3_rent_per_mw:base/idNonebase_2026q3_rent_per_mw
/operating_model/cells/base_2026q3_rent_per_mw:base/kindNoneassumption
/operating_model/cells/base_2026q3_rent_per_mw:base/labelNoneAnnual HPC revenue per Lake Mariner MW
/operating_model/cells/base_2026q3_rent_per_mw:base/periodNone2026Q3
/operating_model/cells/base_2026q3_rent_per_mw:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_rent_per_mw:base/valueNone2.0
/operating_model/cells/base_2026q3_revenue:base/basisNoneHPC plus mining; no revenue for long-dated power pipeline.
/operating_model/cells/base_2026q3_revenue:base/caseNonebase
/operating_model/cells/base_2026q3_revenue:base/formula/opNonesum
/operating_model/cells/base_2026q3_revenue:base/formula/refs/0Nonebase_2026q3_hpc_revenue
/operating_model/cells/base_2026q3_revenue:base/formula/refs/1Nonebase_2026q3_mining
/operating_model/cells/base_2026q3_revenue:base/idNonebase_2026q3_revenue
/operating_model/cells/base_2026q3_revenue:base/kindNonederived
/operating_model/cells/base_2026q3_revenue:base/labelNoneConsolidated revenue
/operating_model/cells/base_2026q3_revenue:base/periodNone2026Q3
/operating_model/cells/base_2026q3_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_revenue:base/valueNone72.83500000000001
/operating_model/cells/base_2026q3_site_cash:base/basisNoneBefore corporate costs and financing.
/operating_model/cells/base_2026q3_site_cash:base/caseNonebase
/operating_model/cells/base_2026q3_site_cash:base/formula/opNonesum
/operating_model/cells/base_2026q3_site_cash:base/formula/refs/0Nonebase_2026q3_hpc_cash
/operating_model/cells/base_2026q3_site_cash:base/formula/refs/1Nonebase_2026q3_mining_cash
/operating_model/cells/base_2026q3_site_cash:base/idNonebase_2026q3_site_cash
/operating_model/cells/base_2026q3_site_cash:base/kindNonederived
/operating_model/cells/base_2026q3_site_cash:base/labelNoneSite cash contribution
/operating_model/cells/base_2026q3_site_cash:base/periodNone2026Q3
/operating_model/cells/base_2026q3_site_cash:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_site_cash:base/valueNone34.283500000000004
/operating_model/cells/base_2026q3_uses:base/basisNonePositive cash uses; excludes debt principal and acquisitions.
/operating_model/cells/base_2026q3_uses:base/caseNonebase
/operating_model/cells/base_2026q3_uses:base/formula/opNonesum
/operating_model/cells/base_2026q3_uses:base/formula/refs/0Nonebase_2026q3_corp
/operating_model/cells/base_2026q3_uses:base/formula/refs/1Nonebase_2026q3_interest
/operating_model/cells/base_2026q3_uses:base/formula/refs/2Nonebase_2026q3_other
/operating_model/cells/base_2026q3_uses:base/idNonebase_2026q3_uses
/operating_model/cells/base_2026q3_uses:base/kindNonederived
/operating_model/cells/base_2026q3_uses:base/labelNoneCorporate and other cash uses
/operating_model/cells/base_2026q3_uses:base/periodNone2026Q3
/operating_model/cells/base_2026q3_uses:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_uses:base/valueNone107.5
/operating_model/cells/base_2026q4_capex:base/basisNoneDesk construction-spend scenario across existing and newly contracted sites; not guidance. Delay/overrun costs exceed early revenue effects in downside.
/operating_model/cells/base_2026q4_capex:base/caseNonebase
/operating_model/cells/base_2026q4_capex:base/idNonebase_2026q4_capex
/operating_model/cells/base_2026q4_capex:base/kindNoneassumption
/operating_model/cells/base_2026q4_capex:base/labelNoneConstruction cash capex and deposits
/operating_model/cells/base_2026q4_capex:base/periodNone2026Q4
/operating_model/cells/base_2026q4_capex:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_capex:base/valueNone700.0
/operating_model/cells/base_2026q4_cash_after_capex:base/basisNoneBefore asset sales, acquisitions, new financing, restricted reserves and debt principal.
/operating_model/cells/base_2026q4_cash_after_capex:base/caseNonebase
/operating_model/cells/base_2026q4_cash_after_capex:base/formula/opNonesubtract
/operating_model/cells/base_2026q4_cash_after_capex:base/formula/refs/0Nonebase_2026q4_cash_before_capex
/operating_model/cells/base_2026q4_cash_after_capex:base/formula/refs/1Nonebase_2026q4_capex
/operating_model/cells/base_2026q4_cash_after_capex:base/idNonebase_2026q4_cash_after_capex
/operating_model/cells/base_2026q4_cash_after_capex:base/kindNonederived
/operating_model/cells/base_2026q4_cash_after_capex:base/labelNoneCash after capex proxy
/operating_model/cells/base_2026q4_cash_after_capex:base/periodNone2026Q4
/operating_model/cells/base_2026q4_cash_after_capex:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_cash_after_capex:base/valueNone-734.9732
/operating_model/cells/base_2026q4_cash_before_capex:base/basisNoneAnalytical cash economics including mining sales; not GAAP CFO.
/operating_model/cells/base_2026q4_cash_before_capex:base/caseNonebase
/operating_model/cells/base_2026q4_cash_before_capex:base/formula/opNonesubtract
/operating_model/cells/base_2026q4_cash_before_capex:base/formula/refs/0Nonebase_2026q4_site_cash
/operating_model/cells/base_2026q4_cash_before_capex:base/formula/refs/1Nonebase_2026q4_uses
/operating_model/cells/base_2026q4_cash_before_capex:base/idNonebase_2026q4_cash_before_capex
/operating_model/cells/base_2026q4_cash_before_capex:base/kindNonederived
/operating_model/cells/base_2026q4_cash_before_capex:base/labelNoneCash before capex proxy
/operating_model/cells/base_2026q4_cash_before_capex:base/periodNone2026Q4
/operating_model/cells/base_2026q4_cash_before_capex:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_cash_before_capex:base/valueNone-34.973200000000006
/operating_model/cells/base_2026q4_corp:base/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/base_2026q4_corp:base/caseNonebase
/operating_model/cells/base_2026q4_corp:base/idNonebase_2026q4_corp
/operating_model/cells/base_2026q4_corp:base/kindNoneassumption
/operating_model/cells/base_2026q4_corp:base/labelNoneCash corporate overhead
/operating_model/cells/base_2026q4_corp:base/periodNone2026Q4
/operating_model/cells/base_2026q4_corp:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_corp:base/valueNone30.0
/operating_model/cells/base_2026q4_hpc_cash:base/basisNoneHPC revenue times explicitly assumed ramp cash margin.
/operating_model/cells/base_2026q4_hpc_cash:base/caseNonebase
/operating_model/cells/base_2026q4_hpc_cash:base/formula/opNonemultiply
/operating_model/cells/base_2026q4_hpc_cash:base/formula/refs/0Nonebase_2026q4_hpc_revenue
/operating_model/cells/base_2026q4_hpc_cash:base/formula/refs/1Nonebase_2026q4_hpc_margin
/operating_model/cells/base_2026q4_hpc_cash:base/idNonebase_2026q4_hpc_cash
/operating_model/cells/base_2026q4_hpc_cash:base/kindNonederived
/operating_model/cells/base_2026q4_hpc_cash:base/labelNoneHPC cash contribution
/operating_model/cells/base_2026q4_hpc_cash:base/periodNone2026Q4
/operating_model/cells/base_2026q4_hpc_cash:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_hpc_cash:base/valueNone71.5
/operating_model/cells/base_2026q4_hpc_margin:base/basisNoneDesk ramp margin after site cash operating costs; excludes depreciation and corporate costs. Not GAAP segment profit.
/operating_model/cells/base_2026q4_hpc_margin:base/caseNonebase
/operating_model/cells/base_2026q4_hpc_margin:base/idNonebase_2026q4_hpc_margin
/operating_model/cells/base_2026q4_hpc_margin:base/kindNoneassumption
/operating_model/cells/base_2026q4_hpc_margin:base/labelNoneHPC cash contribution margin
/operating_model/cells/base_2026q4_hpc_margin:base/periodNone2026Q4
/operating_model/cells/base_2026q4_hpc_margin:base/unitNoneratio
/operating_model/cells/base_2026q4_hpc_margin:base/valueNone0.65
/operating_model/cells/base_2026q4_hpc_revenue:base/basisNoneModeled rental and variable billings from Lake Mariner and Justified only.
/operating_model/cells/base_2026q4_hpc_revenue:base/caseNonebase
/operating_model/cells/base_2026q4_hpc_revenue:base/formula/opNonesum
/operating_model/cells/base_2026q4_hpc_revenue:base/formula/refs/0Nonebase_2026q4_lake_revenue
/operating_model/cells/base_2026q4_hpc_revenue:base/formula/refs/1Nonebase_2026q4_justified_revenue
/operating_model/cells/base_2026q4_hpc_revenue:base/idNonebase_2026q4_hpc_revenue
/operating_model/cells/base_2026q4_hpc_revenue:base/kindNonederived
/operating_model/cells/base_2026q4_hpc_revenue:base/labelNoneHPC revenue
/operating_model/cells/base_2026q4_hpc_revenue:base/periodNone2026Q4
/operating_model/cells/base_2026q4_hpc_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_hpc_revenue:base/valueNone110.0
/operating_model/cells/base_2026q4_interest:base/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/base_2026q4_interest:base/caseNonebase
/operating_model/cells/base_2026q4_interest:base/idNonebase_2026q4_interest
/operating_model/cells/base_2026q4_interest:base/kindNoneassumption
/operating_model/cells/base_2026q4_interest:base/labelNoneNet cash interest allowance
/operating_model/cells/base_2026q4_interest:base/periodNone2026Q4
/operating_model/cells/base_2026q4_interest:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_interest:base/valueNone67.5
/operating_model/cells/base_2026q4_justified_fraction:base/basisNoneAverage delivered MW divided by contracted 401 MW.
/operating_model/cells/base_2026q4_justified_fraction:base/caseNonebase
/operating_model/cells/base_2026q4_justified_fraction:base/formula/opNonedivide
/operating_model/cells/base_2026q4_justified_fraction:base/formula/refs/0Nonebase_2026q4_justified_mw
/operating_model/cells/base_2026q4_justified_fraction:base/formula/refs/1Nonejustified_full
/operating_model/cells/base_2026q4_justified_fraction:base/idNonebase_2026q4_justified_fraction
/operating_model/cells/base_2026q4_justified_fraction:base/kindNonederived
/operating_model/cells/base_2026q4_justified_fraction:base/labelNoneJustified active share of full IT capacity
/operating_model/cells/base_2026q4_justified_fraction:base/periodNone2026Q4
/operating_model/cells/base_2026q4_justified_fraction:base/unitNoneratio
/operating_model/cells/base_2026q4_justified_fraction:base/valueNone0.0
/operating_model/cells/base_2026q4_justified_mw:base/basisNoneDesk commissioning scenario. Company targets first capacity H2 2027 and full delivery starting 2028.
/operating_model/cells/base_2026q4_justified_mw:base/caseNonebase
/operating_model/cells/base_2026q4_justified_mw:base/idNonebase_2026q4_justified_mw
/operating_model/cells/base_2026q4_justified_mw:base/kindNoneassumption
/operating_model/cells/base_2026q4_justified_mw:base/labelNoneAverage rent-producing Justified IT MW
/operating_model/cells/base_2026q4_justified_mw:base/periodNone2026Q4
/operating_model/cells/base_2026q4_justified_mw:base/unitNoneMW
/operating_model/cells/base_2026q4_justified_mw:base/valueNone0.0
/operating_model/cells/base_2026q4_justified_realization:base/basisNoneDesk discount to lifetime-average revenue to avoid treating 20-year contract average as first-year rent.
/operating_model/cells/base_2026q4_justified_realization:base/caseNonebase
/operating_model/cells/base_2026q4_justified_realization:base/idNonebase_2026q4_justified_realization
/operating_model/cells/base_2026q4_justified_realization:base/kindNoneassumption
/operating_model/cells/base_2026q4_justified_realization:base/labelNoneInitial rent / lifetime-average rent
/operating_model/cells/base_2026q4_justified_realization:base/periodNone2026Q4
/operating_model/cells/base_2026q4_justified_realization:base/unitNoneratio
/operating_model/cells/base_2026q4_justified_realization:base/valueNone0.85
/operating_model/cells/base_2026q4_justified_revenue:base/basisNoneLifetime-average annual contract revenue scaled for active MW, time and initial-rent realization.
/operating_model/cells/base_2026q4_justified_revenue:base/caseNonebase
/operating_model/cells/base_2026q4_justified_revenue:base/formula/opNonemultiply
/operating_model/cells/base_2026q4_justified_revenue:base/formula/refs/0Nonejustified_annual_average
/operating_model/cells/base_2026q4_justified_revenue:base/formula/refs/1Nonebase_2026q4_justified_fraction
/operating_model/cells/base_2026q4_justified_revenue:base/formula/refs/2Nonequarter
/operating_model/cells/base_2026q4_justified_revenue:base/formula/refs/3Nonebase_2026q4_justified_realization
/operating_model/cells/base_2026q4_justified_revenue:base/idNonebase_2026q4_justified_revenue
/operating_model/cells/base_2026q4_justified_revenue:base/kindNonederived
/operating_model/cells/base_2026q4_justified_revenue:base/labelNoneJustified revenue
/operating_model/cells/base_2026q4_justified_revenue:base/periodNone2026Q4
/operating_model/cells/base_2026q4_justified_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_justified_revenue:base/valueNone0.0
/operating_model/cells/base_2026q4_lake_mw:base/basisNoneDesk within-quarter delivery/acceptance assumption; capped at disclosed 438 MW full capacity.
/operating_model/cells/base_2026q4_lake_mw:base/caseNonebase
/operating_model/cells/base_2026q4_lake_mw:base/idNonebase_2026q4_lake_mw
/operating_model/cells/base_2026q4_lake_mw:base/kindNoneassumption
/operating_model/cells/base_2026q4_lake_mw:base/labelNoneAverage rent-producing Lake Mariner IT MW
/operating_model/cells/base_2026q4_lake_mw:base/periodNone2026Q4
/operating_model/cells/base_2026q4_lake_mw:base/unitNoneMW
/operating_model/cells/base_2026q4_lake_mw:base/valueNone220.0
/operating_model/cells/base_2026q4_lake_revenue:base/basisNoneAverage MW times annual revenue per MW times one quarter.
/operating_model/cells/base_2026q4_lake_revenue:base/caseNonebase
/operating_model/cells/base_2026q4_lake_revenue:base/formula/opNonemultiply
/operating_model/cells/base_2026q4_lake_revenue:base/formula/refs/0Nonebase_2026q4_lake_units
/operating_model/cells/base_2026q4_lake_revenue:base/formula/refs/1Nonebase_2026q4_rent_per_mw
/operating_model/cells/base_2026q4_lake_revenue:base/formula/refs/2Nonequarter
/operating_model/cells/base_2026q4_lake_revenue:base/idNonebase_2026q4_lake_revenue
/operating_model/cells/base_2026q4_lake_revenue:base/kindNonederived
/operating_model/cells/base_2026q4_lake_revenue:base/labelNoneLake Mariner revenue
/operating_model/cells/base_2026q4_lake_revenue:base/periodNone2026Q4
/operating_model/cells/base_2026q4_lake_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_lake_revenue:base/valueNone110.0
/operating_model/cells/base_2026q4_lake_units:base/basisNoneNormalize critical IT capacity for per-MW rental economics.
/operating_model/cells/base_2026q4_lake_units:base/caseNonebase
/operating_model/cells/base_2026q4_lake_units:base/formula/opNonedivide
/operating_model/cells/base_2026q4_lake_units:base/formula/refs/0Nonebase_2026q4_lake_mw
/operating_model/cells/base_2026q4_lake_units:base/formula/refs/1Noneone_mw
/operating_model/cells/base_2026q4_lake_units:base/idNonebase_2026q4_lake_units
/operating_model/cells/base_2026q4_lake_units:base/kindNonederived
/operating_model/cells/base_2026q4_lake_units:base/labelNoneLake Mariner MW / one MW
/operating_model/cells/base_2026q4_lake_units:base/periodNone2026Q4
/operating_model/cells/base_2026q4_lake_units:base/unitNoneratio
/operating_model/cells/base_2026q4_lake_units:base/valueNone220.0
/operating_model/cells/base_2026q4_mining:base/basisNoneReported Q2 mining revenue times desk remaining-business factor.
/operating_model/cells/base_2026q4_mining:base/caseNonebase
/operating_model/cells/base_2026q4_mining:base/formula/opNonemultiply
/operating_model/cells/base_2026q4_mining:base/formula/refs/0Noneh1_q2_mining
/operating_model/cells/base_2026q4_mining:base/formula/refs/1Nonebase_2026q4_mining_factor
/operating_model/cells/base_2026q4_mining:base/idNonebase_2026q4_mining
/operating_model/cells/base_2026q4_mining:base/kindNonederived
/operating_model/cells/base_2026q4_mining:base/labelNoneMining revenue
/operating_model/cells/base_2026q4_mining:base/periodNone2026Q4
/operating_model/cells/base_2026q4_mining:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_mining:base/valueNone10.268
/operating_model/cells/base_2026q4_mining_cash:base/basisNoneAssumes produced Bitcoin is monetized in the same quarter.
/operating_model/cells/base_2026q4_mining_cash:base/caseNonebase
/operating_model/cells/base_2026q4_mining_cash:base/formula/opNonemultiply
/operating_model/cells/base_2026q4_mining_cash:base/formula/refs/0Nonebase_2026q4_mining
/operating_model/cells/base_2026q4_mining_cash:base/formula/refs/1Nonebase_2026q4_mining_margin
/operating_model/cells/base_2026q4_mining_cash:base/idNonebase_2026q4_mining_cash
/operating_model/cells/base_2026q4_mining_cash:base/kindNonederived
/operating_model/cells/base_2026q4_mining_cash:base/labelNoneMining cash contribution
/operating_model/cells/base_2026q4_mining_cash:base/periodNone2026Q4
/operating_model/cells/base_2026q4_mining_cash:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_mining_cash:base/valueNone1.0268000000000002
/operating_model/cells/base_2026q4_mining_factor:base/basisNoneDesk remaining mining footprint and hashprice assumption as the site moves toward HPC.
/operating_model/cells/base_2026q4_mining_factor:base/caseNonebase
/operating_model/cells/base_2026q4_mining_factor:base/idNonebase_2026q4_mining_factor
/operating_model/cells/base_2026q4_mining_factor:base/kindNoneassumption
/operating_model/cells/base_2026q4_mining_factor:base/labelNoneMining revenue / Q2 baseline
/operating_model/cells/base_2026q4_mining_factor:base/periodNone2026Q4
/operating_model/cells/base_2026q4_mining_factor:base/unitNoneratio
/operating_model/cells/base_2026q4_mining_factor:base/valueNone0.8
/operating_model/cells/base_2026q4_mining_margin:base/basisNoneDesk cash mining contribution before corporate and financing costs.
/operating_model/cells/base_2026q4_mining_margin:base/caseNonebase
/operating_model/cells/base_2026q4_mining_margin:base/idNonebase_2026q4_mining_margin
/operating_model/cells/base_2026q4_mining_margin:base/kindNoneassumption
/operating_model/cells/base_2026q4_mining_margin:base/labelNoneMining cash contribution margin
/operating_model/cells/base_2026q4_mining_margin:base/periodNone2026Q4
/operating_model/cells/base_2026q4_mining_margin:base/unitNoneratio
/operating_model/cells/base_2026q4_mining_margin:base/valueNone0.1
/operating_model/cells/base_2026q4_other:base/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/base_2026q4_other:base/caseNonebase
/operating_model/cells/base_2026q4_other:base/idNonebase_2026q4_other
/operating_model/cells/base_2026q4_other:base/kindNoneassumption
/operating_model/cells/base_2026q4_other:base/labelNoneOther working-capital and tax uses
/operating_model/cells/base_2026q4_other:base/periodNone2026Q4
/operating_model/cells/base_2026q4_other:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_other:base/valueNone10.0
/operating_model/cells/base_2026q4_rent_per_mw:base/basisNoneDesk effective revenue per critical IT MW including lease and variable billings. This is not a disclosed contractual rent or a forecast contract repricing.
/operating_model/cells/base_2026q4_rent_per_mw:base/caseNonebase
/operating_model/cells/base_2026q4_rent_per_mw:base/idNonebase_2026q4_rent_per_mw
/operating_model/cells/base_2026q4_rent_per_mw:base/kindNoneassumption
/operating_model/cells/base_2026q4_rent_per_mw:base/labelNoneAnnual HPC revenue per Lake Mariner MW
/operating_model/cells/base_2026q4_rent_per_mw:base/periodNone2026Q4
/operating_model/cells/base_2026q4_rent_per_mw:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_rent_per_mw:base/valueNone2.0
/operating_model/cells/base_2026q4_revenue:base/basisNoneHPC plus mining; no revenue for long-dated power pipeline.
/operating_model/cells/base_2026q4_revenue:base/caseNonebase
/operating_model/cells/base_2026q4_revenue:base/formula/opNonesum
/operating_model/cells/base_2026q4_revenue:base/formula/refs/0Nonebase_2026q4_hpc_revenue
/operating_model/cells/base_2026q4_revenue:base/formula/refs/1Nonebase_2026q4_mining
/operating_model/cells/base_2026q4_revenue:base/idNonebase_2026q4_revenue
/operating_model/cells/base_2026q4_revenue:base/kindNonederived
/operating_model/cells/base_2026q4_revenue:base/labelNoneConsolidated revenue
/operating_model/cells/base_2026q4_revenue:base/periodNone2026Q4
/operating_model/cells/base_2026q4_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_revenue:base/valueNone120.268
/operating_model/cells/base_2026q4_site_cash:base/basisNoneBefore corporate costs and financing.
/operating_model/cells/base_2026q4_site_cash:base/caseNonebase
/operating_model/cells/base_2026q4_site_cash:base/formula/opNonesum
/operating_model/cells/base_2026q4_site_cash:base/formula/refs/0Nonebase_2026q4_hpc_cash
/operating_model/cells/base_2026q4_site_cash:base/formula/refs/1Nonebase_2026q4_mining_cash
/operating_model/cells/base_2026q4_site_cash:base/idNonebase_2026q4_site_cash
/operating_model/cells/base_2026q4_site_cash:base/kindNonederived
/operating_model/cells/base_2026q4_site_cash:base/labelNoneSite cash contribution
/operating_model/cells/base_2026q4_site_cash:base/periodNone2026Q4
/operating_model/cells/base_2026q4_site_cash:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_site_cash:base/valueNone72.5268
/operating_model/cells/base_2026q4_uses:base/basisNonePositive cash uses; excludes debt principal and acquisitions.
/operating_model/cells/base_2026q4_uses:base/caseNonebase
/operating_model/cells/base_2026q4_uses:base/formula/opNonesum
/operating_model/cells/base_2026q4_uses:base/formula/refs/0Nonebase_2026q4_corp
/operating_model/cells/base_2026q4_uses:base/formula/refs/1Nonebase_2026q4_interest
/operating_model/cells/base_2026q4_uses:base/formula/refs/2Nonebase_2026q4_other
/operating_model/cells/base_2026q4_uses:base/idNonebase_2026q4_uses
/operating_model/cells/base_2026q4_uses:base/kindNonederived
/operating_model/cells/base_2026q4_uses:base/labelNoneCorporate and other cash uses
/operating_model/cells/base_2026q4_uses:base/periodNone2026Q4
/operating_model/cells/base_2026q4_uses:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_uses:base/valueNone107.5
/operating_model/cells/base_2027q1_capex:base/basisNoneDesk construction-spend scenario across existing and newly contracted sites; not guidance. Delay/overrun costs exceed early revenue effects in downside.
/operating_model/cells/base_2027q1_capex:base/caseNonebase
/operating_model/cells/base_2027q1_capex:base/idNonebase_2027q1_capex
/operating_model/cells/base_2027q1_capex:base/kindNoneassumption
/operating_model/cells/base_2027q1_capex:base/labelNoneConstruction cash capex and deposits
/operating_model/cells/base_2027q1_capex:base/periodNone2027Q1
/operating_model/cells/base_2027q1_capex:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_capex:base/valueNone800.0
/operating_model/cells/base_2027q1_cash_after_capex:base/basisNoneBefore asset sales, acquisitions, new financing, restricted reserves and debt principal.
/operating_model/cells/base_2027q1_cash_after_capex:base/caseNonebase
/operating_model/cells/base_2027q1_cash_after_capex:base/formula/opNonesubtract
/operating_model/cells/base_2027q1_cash_after_capex:base/formula/refs/0Nonebase_2027q1_cash_before_capex
/operating_model/cells/base_2027q1_cash_after_capex:base/formula/refs/1Nonebase_2027q1_capex
/operating_model/cells/base_2027q1_cash_after_capex:base/idNonebase_2027q1_cash_after_capex
/operating_model/cells/base_2027q1_cash_after_capex:base/kindNonederived
/operating_model/cells/base_2027q1_cash_after_capex:base/labelNoneCash after capex proxy
/operating_model/cells/base_2027q1_cash_after_capex:base/periodNone2027Q1
/operating_model/cells/base_2027q1_cash_after_capex:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_cash_after_capex:base/valueNone-791.2299
/operating_model/cells/base_2027q1_cash_before_capex:base/basisNoneAnalytical cash economics including mining sales; not GAAP CFO.
/operating_model/cells/base_2027q1_cash_before_capex:base/caseNonebase
/operating_model/cells/base_2027q1_cash_before_capex:base/formula/opNonesubtract
/operating_model/cells/base_2027q1_cash_before_capex:base/formula/refs/0Nonebase_2027q1_site_cash
/operating_model/cells/base_2027q1_cash_before_capex:base/formula/refs/1Nonebase_2027q1_uses
/operating_model/cells/base_2027q1_cash_before_capex:base/idNonebase_2027q1_cash_before_capex
/operating_model/cells/base_2027q1_cash_before_capex:base/kindNonederived
/operating_model/cells/base_2027q1_cash_before_capex:base/labelNoneCash before capex proxy
/operating_model/cells/base_2027q1_cash_before_capex:base/periodNone2027Q1
/operating_model/cells/base_2027q1_cash_before_capex:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_cash_before_capex:base/valueNone8.770099999999985
/operating_model/cells/base_2027q1_corp:base/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/base_2027q1_corp:base/caseNonebase
/operating_model/cells/base_2027q1_corp:base/idNonebase_2027q1_corp
/operating_model/cells/base_2027q1_corp:base/kindNoneassumption
/operating_model/cells/base_2027q1_corp:base/labelNoneCash corporate overhead
/operating_model/cells/base_2027q1_corp:base/periodNone2027Q1
/operating_model/cells/base_2027q1_corp:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_corp:base/valueNone30.0
/operating_model/cells/base_2027q1_hpc_cash:base/basisNoneHPC revenue times explicitly assumed ramp cash margin.
/operating_model/cells/base_2027q1_hpc_cash:base/caseNonebase
/operating_model/cells/base_2027q1_hpc_cash:base/formula/opNonemultiply
/operating_model/cells/base_2027q1_hpc_cash:base/formula/refs/0Nonebase_2027q1_hpc_revenue
/operating_model/cells/base_2027q1_hpc_cash:base/formula/refs/1Nonebase_2027q1_hpc_margin
/operating_model/cells/base_2027q1_hpc_cash:base/idNonebase_2027q1_hpc_cash
/operating_model/cells/base_2027q1_hpc_cash:base/kindNonederived
/operating_model/cells/base_2027q1_hpc_cash:base/labelNoneHPC cash contribution
/operating_model/cells/base_2027q1_hpc_cash:base/periodNone2027Q1
/operating_model/cells/base_2027q1_hpc_cash:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_hpc_cash:base/valueNone115.49999999999999
/operating_model/cells/base_2027q1_hpc_margin:base/basisNoneDesk ramp margin after site cash operating costs; excludes depreciation and corporate costs. Not GAAP segment profit.
/operating_model/cells/base_2027q1_hpc_margin:base/caseNonebase
/operating_model/cells/base_2027q1_hpc_margin:base/idNonebase_2027q1_hpc_margin
/operating_model/cells/base_2027q1_hpc_margin:base/kindNoneassumption
/operating_model/cells/base_2027q1_hpc_margin:base/labelNoneHPC cash contribution margin
/operating_model/cells/base_2027q1_hpc_margin:base/periodNone2027Q1
/operating_model/cells/base_2027q1_hpc_margin:base/unitNoneratio
/operating_model/cells/base_2027q1_hpc_margin:base/valueNone0.7
/operating_model/cells/base_2027q1_hpc_revenue:base/basisNoneModeled rental and variable billings from Lake Mariner and Justified only.
/operating_model/cells/base_2027q1_hpc_revenue:base/caseNonebase
/operating_model/cells/base_2027q1_hpc_revenue:base/formula/opNonesum
/operating_model/cells/base_2027q1_hpc_revenue:base/formula/refs/0Nonebase_2027q1_lake_revenue
/operating_model/cells/base_2027q1_hpc_revenue:base/formula/refs/1Nonebase_2027q1_justified_revenue
/operating_model/cells/base_2027q1_hpc_revenue:base/idNonebase_2027q1_hpc_revenue
/operating_model/cells/base_2027q1_hpc_revenue:base/kindNonederived
/operating_model/cells/base_2027q1_hpc_revenue:base/labelNoneHPC revenue
/operating_model/cells/base_2027q1_hpc_revenue:base/periodNone2027Q1
/operating_model/cells/base_2027q1_hpc_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_hpc_revenue:base/valueNone165.0
/operating_model/cells/base_2027q1_interest:base/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/base_2027q1_interest:base/caseNonebase
/operating_model/cells/base_2027q1_interest:base/idNonebase_2027q1_interest
/operating_model/cells/base_2027q1_interest:base/kindNoneassumption
/operating_model/cells/base_2027q1_interest:base/labelNoneNet cash interest allowance
/operating_model/cells/base_2027q1_interest:base/periodNone2027Q1
/operating_model/cells/base_2027q1_interest:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_interest:base/valueNone67.5
/operating_model/cells/base_2027q1_justified_fraction:base/basisNoneAverage delivered MW divided by contracted 401 MW.
/operating_model/cells/base_2027q1_justified_fraction:base/caseNonebase
/operating_model/cells/base_2027q1_justified_fraction:base/formula/opNonedivide
/operating_model/cells/base_2027q1_justified_fraction:base/formula/refs/0Nonebase_2027q1_justified_mw
/operating_model/cells/base_2027q1_justified_fraction:base/formula/refs/1Nonejustified_full
/operating_model/cells/base_2027q1_justified_fraction:base/idNonebase_2027q1_justified_fraction
/operating_model/cells/base_2027q1_justified_fraction:base/kindNonederived
/operating_model/cells/base_2027q1_justified_fraction:base/labelNoneJustified active share of full IT capacity
/operating_model/cells/base_2027q1_justified_fraction:base/periodNone2027Q1
/operating_model/cells/base_2027q1_justified_fraction:base/unitNoneratio
/operating_model/cells/base_2027q1_justified_fraction:base/valueNone0.0
/operating_model/cells/base_2027q1_justified_mw:base/basisNoneDesk commissioning scenario. Company targets first capacity H2 2027 and full delivery starting 2028.
/operating_model/cells/base_2027q1_justified_mw:base/caseNonebase
/operating_model/cells/base_2027q1_justified_mw:base/idNonebase_2027q1_justified_mw
/operating_model/cells/base_2027q1_justified_mw:base/kindNoneassumption
/operating_model/cells/base_2027q1_justified_mw:base/labelNoneAverage rent-producing Justified IT MW
/operating_model/cells/base_2027q1_justified_mw:base/periodNone2027Q1
/operating_model/cells/base_2027q1_justified_mw:base/unitNoneMW
/operating_model/cells/base_2027q1_justified_mw:base/valueNone0.0
/operating_model/cells/base_2027q1_justified_realization:base/basisNoneDesk discount to lifetime-average revenue to avoid treating 20-year contract average as first-year rent.
/operating_model/cells/base_2027q1_justified_realization:base/caseNonebase
/operating_model/cells/base_2027q1_justified_realization:base/idNonebase_2027q1_justified_realization
/operating_model/cells/base_2027q1_justified_realization:base/kindNoneassumption
/operating_model/cells/base_2027q1_justified_realization:base/labelNoneInitial rent / lifetime-average rent
/operating_model/cells/base_2027q1_justified_realization:base/periodNone2027Q1
/operating_model/cells/base_2027q1_justified_realization:base/unitNoneratio
/operating_model/cells/base_2027q1_justified_realization:base/valueNone0.85
/operating_model/cells/base_2027q1_justified_revenue:base/basisNoneLifetime-average annual contract revenue scaled for active MW, time and initial-rent realization.
/operating_model/cells/base_2027q1_justified_revenue:base/caseNonebase
/operating_model/cells/base_2027q1_justified_revenue:base/formula/opNonemultiply
/operating_model/cells/base_2027q1_justified_revenue:base/formula/refs/0Nonejustified_annual_average
/operating_model/cells/base_2027q1_justified_revenue:base/formula/refs/1Nonebase_2027q1_justified_fraction
/operating_model/cells/base_2027q1_justified_revenue:base/formula/refs/2Nonequarter
/operating_model/cells/base_2027q1_justified_revenue:base/formula/refs/3Nonebase_2027q1_justified_realization
/operating_model/cells/base_2027q1_justified_revenue:base/idNonebase_2027q1_justified_revenue
/operating_model/cells/base_2027q1_justified_revenue:base/kindNonederived
/operating_model/cells/base_2027q1_justified_revenue:base/labelNoneJustified revenue
/operating_model/cells/base_2027q1_justified_revenue:base/periodNone2027Q1
/operating_model/cells/base_2027q1_justified_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_justified_revenue:base/valueNone0.0
/operating_model/cells/base_2027q1_lake_mw:base/basisNoneDesk within-quarter delivery/acceptance assumption; capped at disclosed 438 MW full capacity.
/operating_model/cells/base_2027q1_lake_mw:base/caseNonebase
/operating_model/cells/base_2027q1_lake_mw:base/idNonebase_2027q1_lake_mw
/operating_model/cells/base_2027q1_lake_mw:base/kindNoneassumption
/operating_model/cells/base_2027q1_lake_mw:base/labelNoneAverage rent-producing Lake Mariner IT MW
/operating_model/cells/base_2027q1_lake_mw:base/periodNone2027Q1
/operating_model/cells/base_2027q1_lake_mw:base/unitNoneMW
/operating_model/cells/base_2027q1_lake_mw:base/valueNone330.0
/operating_model/cells/base_2027q1_lake_revenue:base/basisNoneAverage MW times annual revenue per MW times one quarter.
/operating_model/cells/base_2027q1_lake_revenue:base/caseNonebase
/operating_model/cells/base_2027q1_lake_revenue:base/formula/opNonemultiply
/operating_model/cells/base_2027q1_lake_revenue:base/formula/refs/0Nonebase_2027q1_lake_units
/operating_model/cells/base_2027q1_lake_revenue:base/formula/refs/1Nonebase_2027q1_rent_per_mw
/operating_model/cells/base_2027q1_lake_revenue:base/formula/refs/2Nonequarter
/operating_model/cells/base_2027q1_lake_revenue:base/idNonebase_2027q1_lake_revenue
/operating_model/cells/base_2027q1_lake_revenue:base/kindNonederived
/operating_model/cells/base_2027q1_lake_revenue:base/labelNoneLake Mariner revenue
/operating_model/cells/base_2027q1_lake_revenue:base/periodNone2027Q1
/operating_model/cells/base_2027q1_lake_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_lake_revenue:base/valueNone165.0
/operating_model/cells/base_2027q1_lake_units:base/basisNoneNormalize critical IT capacity for per-MW rental economics.
/operating_model/cells/base_2027q1_lake_units:base/caseNonebase
/operating_model/cells/base_2027q1_lake_units:base/formula/opNonedivide
/operating_model/cells/base_2027q1_lake_units:base/formula/refs/0Nonebase_2027q1_lake_mw
/operating_model/cells/base_2027q1_lake_units:base/formula/refs/1Noneone_mw
/operating_model/cells/base_2027q1_lake_units:base/idNonebase_2027q1_lake_units
/operating_model/cells/base_2027q1_lake_units:base/kindNonederived
/operating_model/cells/base_2027q1_lake_units:base/labelNoneLake Mariner MW / one MW
/operating_model/cells/base_2027q1_lake_units:base/periodNone2027Q1
/operating_model/cells/base_2027q1_lake_units:base/unitNoneratio
/operating_model/cells/base_2027q1_lake_units:base/valueNone330.0
/operating_model/cells/base_2027q1_mining:base/basisNoneReported Q2 mining revenue times desk remaining-business factor.
/operating_model/cells/base_2027q1_mining:base/caseNonebase
/operating_model/cells/base_2027q1_mining:base/formula/opNonemultiply
/operating_model/cells/base_2027q1_mining:base/formula/refs/0Noneh1_q2_mining
/operating_model/cells/base_2027q1_mining:base/formula/refs/1Nonebase_2027q1_mining_factor
/operating_model/cells/base_2027q1_mining:base/idNonebase_2027q1_mining
/operating_model/cells/base_2027q1_mining:base/kindNonederived
/operating_model/cells/base_2027q1_mining:base/labelNoneMining revenue
/operating_model/cells/base_2027q1_mining:base/periodNone2027Q1
/operating_model/cells/base_2027q1_mining:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_mining:base/valueNone7.7010000000000005
/operating_model/cells/base_2027q1_mining_cash:base/basisNoneAssumes produced Bitcoin is monetized in the same quarter.
/operating_model/cells/base_2027q1_mining_cash:base/caseNonebase
/operating_model/cells/base_2027q1_mining_cash:base/formula/opNonemultiply
/operating_model/cells/base_2027q1_mining_cash:base/formula/refs/0Nonebase_2027q1_mining
/operating_model/cells/base_2027q1_mining_cash:base/formula/refs/1Nonebase_2027q1_mining_margin
/operating_model/cells/base_2027q1_mining_cash:base/idNonebase_2027q1_mining_cash
/operating_model/cells/base_2027q1_mining_cash:base/kindNonederived
/operating_model/cells/base_2027q1_mining_cash:base/labelNoneMining cash contribution
/operating_model/cells/base_2027q1_mining_cash:base/periodNone2027Q1
/operating_model/cells/base_2027q1_mining_cash:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_mining_cash:base/valueNone0.7701000000000001
/operating_model/cells/base_2027q1_mining_factor:base/basisNoneDesk remaining mining footprint and hashprice assumption as the site moves toward HPC.
/operating_model/cells/base_2027q1_mining_factor:base/caseNonebase
/operating_model/cells/base_2027q1_mining_factor:base/idNonebase_2027q1_mining_factor
/operating_model/cells/base_2027q1_mining_factor:base/kindNoneassumption
/operating_model/cells/base_2027q1_mining_factor:base/labelNoneMining revenue / Q2 baseline
/operating_model/cells/base_2027q1_mining_factor:base/periodNone2027Q1
/operating_model/cells/base_2027q1_mining_factor:base/unitNoneratio
/operating_model/cells/base_2027q1_mining_factor:base/valueNone0.6
/operating_model/cells/base_2027q1_mining_margin:base/basisNoneDesk cash mining contribution before corporate and financing costs.
/operating_model/cells/base_2027q1_mining_margin:base/caseNonebase
/operating_model/cells/base_2027q1_mining_margin:base/idNonebase_2027q1_mining_margin
/operating_model/cells/base_2027q1_mining_margin:base/kindNoneassumption
/operating_model/cells/base_2027q1_mining_margin:base/labelNoneMining cash contribution margin
/operating_model/cells/base_2027q1_mining_margin:base/periodNone2027Q1
/operating_model/cells/base_2027q1_mining_margin:base/unitNoneratio
/operating_model/cells/base_2027q1_mining_margin:base/valueNone0.1
/operating_model/cells/base_2027q1_other:base/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/base_2027q1_other:base/caseNonebase
/operating_model/cells/base_2027q1_other:base/idNonebase_2027q1_other
/operating_model/cells/base_2027q1_other:base/kindNoneassumption
/operating_model/cells/base_2027q1_other:base/labelNoneOther working-capital and tax uses
/operating_model/cells/base_2027q1_other:base/periodNone2027Q1
/operating_model/cells/base_2027q1_other:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_other:base/valueNone10.0
/operating_model/cells/base_2027q1_rent_per_mw:base/basisNoneDesk effective revenue per critical IT MW including lease and variable billings. This is not a disclosed contractual rent or a forecast contract repricing.
/operating_model/cells/base_2027q1_rent_per_mw:base/caseNonebase
/operating_model/cells/base_2027q1_rent_per_mw:base/idNonebase_2027q1_rent_per_mw
/operating_model/cells/base_2027q1_rent_per_mw:base/kindNoneassumption
/operating_model/cells/base_2027q1_rent_per_mw:base/labelNoneAnnual HPC revenue per Lake Mariner MW
/operating_model/cells/base_2027q1_rent_per_mw:base/periodNone2027Q1
/operating_model/cells/base_2027q1_rent_per_mw:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_rent_per_mw:base/valueNone2.0
/operating_model/cells/base_2027q1_revenue:base/basisNoneHPC plus mining; no revenue for long-dated power pipeline.
/operating_model/cells/base_2027q1_revenue:base/caseNonebase
/operating_model/cells/base_2027q1_revenue:base/formula/opNonesum
/operating_model/cells/base_2027q1_revenue:base/formula/refs/0Nonebase_2027q1_hpc_revenue
/operating_model/cells/base_2027q1_revenue:base/formula/refs/1Nonebase_2027q1_mining
/operating_model/cells/base_2027q1_revenue:base/idNonebase_2027q1_revenue
/operating_model/cells/base_2027q1_revenue:base/kindNonederived
/operating_model/cells/base_2027q1_revenue:base/labelNoneConsolidated revenue
/operating_model/cells/base_2027q1_revenue:base/periodNone2027Q1
/operating_model/cells/base_2027q1_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_revenue:base/valueNone172.701
/operating_model/cells/base_2027q1_site_cash:base/basisNoneBefore corporate costs and financing.
/operating_model/cells/base_2027q1_site_cash:base/caseNonebase
/operating_model/cells/base_2027q1_site_cash:base/formula/opNonesum
/operating_model/cells/base_2027q1_site_cash:base/formula/refs/0Nonebase_2027q1_hpc_cash
/operating_model/cells/base_2027q1_site_cash:base/formula/refs/1Nonebase_2027q1_mining_cash
/operating_model/cells/base_2027q1_site_cash:base/idNonebase_2027q1_site_cash
/operating_model/cells/base_2027q1_site_cash:base/kindNonederived
/operating_model/cells/base_2027q1_site_cash:base/labelNoneSite cash contribution
/operating_model/cells/base_2027q1_site_cash:base/periodNone2027Q1
/operating_model/cells/base_2027q1_site_cash:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_site_cash:base/valueNone116.27009999999999
/operating_model/cells/base_2027q1_uses:base/basisNonePositive cash uses; excludes debt principal and acquisitions.
/operating_model/cells/base_2027q1_uses:base/caseNonebase
/operating_model/cells/base_2027q1_uses:base/formula/opNonesum
/operating_model/cells/base_2027q1_uses:base/formula/refs/0Nonebase_2027q1_corp
/operating_model/cells/base_2027q1_uses:base/formula/refs/1Nonebase_2027q1_interest
/operating_model/cells/base_2027q1_uses:base/formula/refs/2Nonebase_2027q1_other
/operating_model/cells/base_2027q1_uses:base/idNonebase_2027q1_uses
/operating_model/cells/base_2027q1_uses:base/kindNonederived
/operating_model/cells/base_2027q1_uses:base/labelNoneCorporate and other cash uses
/operating_model/cells/base_2027q1_uses:base/periodNone2027Q1
/operating_model/cells/base_2027q1_uses:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_uses:base/valueNone107.5
/operating_model/cells/base_2027q2_capex:base/basisNoneDesk construction-spend scenario across existing and newly contracted sites; not guidance. Delay/overrun costs exceed early revenue effects in downside.
/operating_model/cells/base_2027q2_capex:base/caseNonebase
/operating_model/cells/base_2027q2_capex:base/idNonebase_2027q2_capex
/operating_model/cells/base_2027q2_capex:base/kindNoneassumption
/operating_model/cells/base_2027q2_capex:base/labelNoneConstruction cash capex and deposits
/operating_model/cells/base_2027q2_capex:base/periodNone2027Q2
/operating_model/cells/base_2027q2_capex:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_capex:base/valueNone900.0
/operating_model/cells/base_2027q2_cash_after_capex:base/basisNoneBefore asset sales, acquisitions, new financing, restricted reserves and debt principal.
/operating_model/cells/base_2027q2_cash_after_capex:base/caseNonebase
/operating_model/cells/base_2027q2_cash_after_capex:base/formula/opNonesubtract
/operating_model/cells/base_2027q2_cash_after_capex:base/formula/refs/0Nonebase_2027q2_cash_before_capex
/operating_model/cells/base_2027q2_cash_after_capex:base/formula/refs/1Nonebase_2027q2_capex
/operating_model/cells/base_2027q2_cash_after_capex:base/idNonebase_2027q2_cash_after_capex
/operating_model/cells/base_2027q2_cash_after_capex:base/kindNonederived
/operating_model/cells/base_2027q2_cash_after_capex:base/labelNoneCash after capex proxy
/operating_model/cells/base_2027q2_cash_after_capex:base/periodNone2027Q2
/operating_model/cells/base_2027q2_cash_after_capex:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_cash_after_capex:base/valueNone-853.2366
/operating_model/cells/base_2027q2_cash_before_capex:base/basisNoneAnalytical cash economics including mining sales; not GAAP CFO.
/operating_model/cells/base_2027q2_cash_before_capex:base/caseNonebase
/operating_model/cells/base_2027q2_cash_before_capex:base/formula/opNonesubtract
/operating_model/cells/base_2027q2_cash_before_capex:base/formula/refs/0Nonebase_2027q2_site_cash
/operating_model/cells/base_2027q2_cash_before_capex:base/formula/refs/1Nonebase_2027q2_uses
/operating_model/cells/base_2027q2_cash_before_capex:base/idNonebase_2027q2_cash_before_capex
/operating_model/cells/base_2027q2_cash_before_capex:base/kindNonederived
/operating_model/cells/base_2027q2_cash_before_capex:base/labelNoneCash before capex proxy
/operating_model/cells/base_2027q2_cash_before_capex:base/periodNone2027Q2
/operating_model/cells/base_2027q2_cash_before_capex:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_cash_before_capex:base/valueNone46.76339999999999
/operating_model/cells/base_2027q2_corp:base/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/base_2027q2_corp:base/caseNonebase
/operating_model/cells/base_2027q2_corp:base/idNonebase_2027q2_corp
/operating_model/cells/base_2027q2_corp:base/kindNoneassumption
/operating_model/cells/base_2027q2_corp:base/labelNoneCash corporate overhead
/operating_model/cells/base_2027q2_corp:base/periodNone2027Q2
/operating_model/cells/base_2027q2_corp:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_corp:base/valueNone30.0
/operating_model/cells/base_2027q2_hpc_cash:base/basisNoneHPC revenue times explicitly assumed ramp cash margin.
/operating_model/cells/base_2027q2_hpc_cash:base/caseNonebase
/operating_model/cells/base_2027q2_hpc_cash:base/formula/opNonemultiply
/operating_model/cells/base_2027q2_hpc_cash:base/formula/refs/0Nonebase_2027q2_hpc_revenue
/operating_model/cells/base_2027q2_hpc_cash:base/formula/refs/1Nonebase_2027q2_hpc_margin
/operating_model/cells/base_2027q2_hpc_cash:base/idNonebase_2027q2_hpc_cash
/operating_model/cells/base_2027q2_hpc_cash:base/kindNonederived
/operating_model/cells/base_2027q2_hpc_cash:base/labelNoneHPC cash contribution
/operating_model/cells/base_2027q2_hpc_cash:base/periodNone2027Q2
/operating_model/cells/base_2027q2_hpc_cash:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_hpc_cash:base/valueNone153.75
/operating_model/cells/base_2027q2_hpc_margin:base/basisNoneDesk ramp margin after site cash operating costs; excludes depreciation and corporate costs. Not GAAP segment profit.
/operating_model/cells/base_2027q2_hpc_margin:base/caseNonebase
/operating_model/cells/base_2027q2_hpc_margin:base/idNonebase_2027q2_hpc_margin
/operating_model/cells/base_2027q2_hpc_margin:base/kindNoneassumption
/operating_model/cells/base_2027q2_hpc_margin:base/labelNoneHPC cash contribution margin
/operating_model/cells/base_2027q2_hpc_margin:base/periodNone2027Q2
/operating_model/cells/base_2027q2_hpc_margin:base/unitNoneratio
/operating_model/cells/base_2027q2_hpc_margin:base/valueNone0.75
/operating_model/cells/base_2027q2_hpc_revenue:base/basisNoneModeled rental and variable billings from Lake Mariner and Justified only.
/operating_model/cells/base_2027q2_hpc_revenue:base/caseNonebase
/operating_model/cells/base_2027q2_hpc_revenue:base/formula/opNonesum
/operating_model/cells/base_2027q2_hpc_revenue:base/formula/refs/0Nonebase_2027q2_lake_revenue
/operating_model/cells/base_2027q2_hpc_revenue:base/formula/refs/1Nonebase_2027q2_justified_revenue
/operating_model/cells/base_2027q2_hpc_revenue:base/idNonebase_2027q2_hpc_revenue
/operating_model/cells/base_2027q2_hpc_revenue:base/kindNonederived
/operating_model/cells/base_2027q2_hpc_revenue:base/labelNoneHPC revenue
/operating_model/cells/base_2027q2_hpc_revenue:base/periodNone2027Q2
/operating_model/cells/base_2027q2_hpc_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_hpc_revenue:base/valueNone205.0
/operating_model/cells/base_2027q2_interest:base/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/base_2027q2_interest:base/caseNonebase
/operating_model/cells/base_2027q2_interest:base/idNonebase_2027q2_interest
/operating_model/cells/base_2027q2_interest:base/kindNoneassumption
/operating_model/cells/base_2027q2_interest:base/labelNoneNet cash interest allowance
/operating_model/cells/base_2027q2_interest:base/periodNone2027Q2
/operating_model/cells/base_2027q2_interest:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_interest:base/valueNone67.5
/operating_model/cells/base_2027q2_justified_fraction:base/basisNoneAverage delivered MW divided by contracted 401 MW.
/operating_model/cells/base_2027q2_justified_fraction:base/caseNonebase
/operating_model/cells/base_2027q2_justified_fraction:base/formula/opNonedivide
/operating_model/cells/base_2027q2_justified_fraction:base/formula/refs/0Nonebase_2027q2_justified_mw
/operating_model/cells/base_2027q2_justified_fraction:base/formula/refs/1Nonejustified_full
/operating_model/cells/base_2027q2_justified_fraction:base/idNonebase_2027q2_justified_fraction
/operating_model/cells/base_2027q2_justified_fraction:base/kindNonederived
/operating_model/cells/base_2027q2_justified_fraction:base/labelNoneJustified active share of full IT capacity
/operating_model/cells/base_2027q2_justified_fraction:base/periodNone2027Q2
/operating_model/cells/base_2027q2_justified_fraction:base/unitNoneratio
/operating_model/cells/base_2027q2_justified_fraction:base/valueNone0.0
/operating_model/cells/base_2027q2_justified_mw:base/basisNoneDesk commissioning scenario. Company targets first capacity H2 2027 and full delivery starting 2028.
/operating_model/cells/base_2027q2_justified_mw:base/caseNonebase
/operating_model/cells/base_2027q2_justified_mw:base/idNonebase_2027q2_justified_mw
/operating_model/cells/base_2027q2_justified_mw:base/kindNoneassumption
/operating_model/cells/base_2027q2_justified_mw:base/labelNoneAverage rent-producing Justified IT MW
/operating_model/cells/base_2027q2_justified_mw:base/periodNone2027Q2
/operating_model/cells/base_2027q2_justified_mw:base/unitNoneMW
/operating_model/cells/base_2027q2_justified_mw:base/valueNone0.0
/operating_model/cells/base_2027q2_justified_realization:base/basisNoneDesk discount to lifetime-average revenue to avoid treating 20-year contract average as first-year rent.
/operating_model/cells/base_2027q2_justified_realization:base/caseNonebase
/operating_model/cells/base_2027q2_justified_realization:base/idNonebase_2027q2_justified_realization
/operating_model/cells/base_2027q2_justified_realization:base/kindNoneassumption
/operating_model/cells/base_2027q2_justified_realization:base/labelNoneInitial rent / lifetime-average rent
/operating_model/cells/base_2027q2_justified_realization:base/periodNone2027Q2
/operating_model/cells/base_2027q2_justified_realization:base/unitNoneratio
/operating_model/cells/base_2027q2_justified_realization:base/valueNone0.85
/operating_model/cells/base_2027q2_justified_revenue:base/basisNoneLifetime-average annual contract revenue scaled for active MW, time and initial-rent realization.
/operating_model/cells/base_2027q2_justified_revenue:base/caseNonebase
/operating_model/cells/base_2027q2_justified_revenue:base/formula/opNonemultiply
/operating_model/cells/base_2027q2_justified_revenue:base/formula/refs/0Nonejustified_annual_average
/operating_model/cells/base_2027q2_justified_revenue:base/formula/refs/1Nonebase_2027q2_justified_fraction
/operating_model/cells/base_2027q2_justified_revenue:base/formula/refs/2Nonequarter
/operating_model/cells/base_2027q2_justified_revenue:base/formula/refs/3Nonebase_2027q2_justified_realization
/operating_model/cells/base_2027q2_justified_revenue:base/idNonebase_2027q2_justified_revenue
/operating_model/cells/base_2027q2_justified_revenue:base/kindNonederived
/operating_model/cells/base_2027q2_justified_revenue:base/labelNoneJustified revenue
/operating_model/cells/base_2027q2_justified_revenue:base/periodNone2027Q2
/operating_model/cells/base_2027q2_justified_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_justified_revenue:base/valueNone0.0
/operating_model/cells/base_2027q2_lake_mw:base/basisNoneDesk within-quarter delivery/acceptance assumption; capped at disclosed 438 MW full capacity.
/operating_model/cells/base_2027q2_lake_mw:base/caseNonebase
/operating_model/cells/base_2027q2_lake_mw:base/idNonebase_2027q2_lake_mw
/operating_model/cells/base_2027q2_lake_mw:base/kindNoneassumption
/operating_model/cells/base_2027q2_lake_mw:base/labelNoneAverage rent-producing Lake Mariner IT MW
/operating_model/cells/base_2027q2_lake_mw:base/periodNone2027Q2
/operating_model/cells/base_2027q2_lake_mw:base/unitNoneMW
/operating_model/cells/base_2027q2_lake_mw:base/valueNone410.0
/operating_model/cells/base_2027q2_lake_revenue:base/basisNoneAverage MW times annual revenue per MW times one quarter.
/operating_model/cells/base_2027q2_lake_revenue:base/caseNonebase
/operating_model/cells/base_2027q2_lake_revenue:base/formula/opNonemultiply
/operating_model/cells/base_2027q2_lake_revenue:base/formula/refs/0Nonebase_2027q2_lake_units
/operating_model/cells/base_2027q2_lake_revenue:base/formula/refs/1Nonebase_2027q2_rent_per_mw
/operating_model/cells/base_2027q2_lake_revenue:base/formula/refs/2Nonequarter
/operating_model/cells/base_2027q2_lake_revenue:base/idNonebase_2027q2_lake_revenue
/operating_model/cells/base_2027q2_lake_revenue:base/kindNonederived
/operating_model/cells/base_2027q2_lake_revenue:base/labelNoneLake Mariner revenue
/operating_model/cells/base_2027q2_lake_revenue:base/periodNone2027Q2
/operating_model/cells/base_2027q2_lake_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_lake_revenue:base/valueNone205.0
/operating_model/cells/base_2027q2_lake_units:base/basisNoneNormalize critical IT capacity for per-MW rental economics.
/operating_model/cells/base_2027q2_lake_units:base/caseNonebase
/operating_model/cells/base_2027q2_lake_units:base/formula/opNonedivide
/operating_model/cells/base_2027q2_lake_units:base/formula/refs/0Nonebase_2027q2_lake_mw
/operating_model/cells/base_2027q2_lake_units:base/formula/refs/1Noneone_mw
/operating_model/cells/base_2027q2_lake_units:base/idNonebase_2027q2_lake_units
/operating_model/cells/base_2027q2_lake_units:base/kindNonederived
/operating_model/cells/base_2027q2_lake_units:base/labelNoneLake Mariner MW / one MW
/operating_model/cells/base_2027q2_lake_units:base/periodNone2027Q2
/operating_model/cells/base_2027q2_lake_units:base/unitNoneratio
/operating_model/cells/base_2027q2_lake_units:base/valueNone410.0
/operating_model/cells/base_2027q2_mining:base/basisNoneReported Q2 mining revenue times desk remaining-business factor.
/operating_model/cells/base_2027q2_mining:base/caseNonebase
/operating_model/cells/base_2027q2_mining:base/formula/opNonemultiply
/operating_model/cells/base_2027q2_mining:base/formula/refs/0Noneh1_q2_mining
/operating_model/cells/base_2027q2_mining:base/formula/refs/1Nonebase_2027q2_mining_factor
/operating_model/cells/base_2027q2_mining:base/idNonebase_2027q2_mining
/operating_model/cells/base_2027q2_mining:base/kindNonederived
/operating_model/cells/base_2027q2_mining:base/labelNoneMining revenue
/operating_model/cells/base_2027q2_mining:base/periodNone2027Q2
/operating_model/cells/base_2027q2_mining:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_mining:base/valueNone5.134
/operating_model/cells/base_2027q2_mining_cash:base/basisNoneAssumes produced Bitcoin is monetized in the same quarter.
/operating_model/cells/base_2027q2_mining_cash:base/caseNonebase
/operating_model/cells/base_2027q2_mining_cash:base/formula/opNonemultiply
/operating_model/cells/base_2027q2_mining_cash:base/formula/refs/0Nonebase_2027q2_mining
/operating_model/cells/base_2027q2_mining_cash:base/formula/refs/1Nonebase_2027q2_mining_margin
/operating_model/cells/base_2027q2_mining_cash:base/idNonebase_2027q2_mining_cash
/operating_model/cells/base_2027q2_mining_cash:base/kindNonederived
/operating_model/cells/base_2027q2_mining_cash:base/labelNoneMining cash contribution
/operating_model/cells/base_2027q2_mining_cash:base/periodNone2027Q2
/operating_model/cells/base_2027q2_mining_cash:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_mining_cash:base/valueNone0.5134000000000001
/operating_model/cells/base_2027q2_mining_factor:base/basisNoneDesk remaining mining footprint and hashprice assumption as the site moves toward HPC.
/operating_model/cells/base_2027q2_mining_factor:base/caseNonebase
/operating_model/cells/base_2027q2_mining_factor:base/idNonebase_2027q2_mining_factor
/operating_model/cells/base_2027q2_mining_factor:base/kindNoneassumption
/operating_model/cells/base_2027q2_mining_factor:base/labelNoneMining revenue / Q2 baseline
/operating_model/cells/base_2027q2_mining_factor:base/periodNone2027Q2
/operating_model/cells/base_2027q2_mining_factor:base/unitNoneratio
/operating_model/cells/base_2027q2_mining_factor:base/valueNone0.4
/operating_model/cells/base_2027q2_mining_margin:base/basisNoneDesk cash mining contribution before corporate and financing costs.
/operating_model/cells/base_2027q2_mining_margin:base/caseNonebase
/operating_model/cells/base_2027q2_mining_margin:base/idNonebase_2027q2_mining_margin
/operating_model/cells/base_2027q2_mining_margin:base/kindNoneassumption
/operating_model/cells/base_2027q2_mining_margin:base/labelNoneMining cash contribution margin
/operating_model/cells/base_2027q2_mining_margin:base/periodNone2027Q2
/operating_model/cells/base_2027q2_mining_margin:base/unitNoneratio
/operating_model/cells/base_2027q2_mining_margin:base/valueNone0.1
/operating_model/cells/base_2027q2_other:base/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/base_2027q2_other:base/caseNonebase
/operating_model/cells/base_2027q2_other:base/idNonebase_2027q2_other
/operating_model/cells/base_2027q2_other:base/kindNoneassumption
/operating_model/cells/base_2027q2_other:base/labelNoneOther working-capital and tax uses
/operating_model/cells/base_2027q2_other:base/periodNone2027Q2
/operating_model/cells/base_2027q2_other:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_other:base/valueNone10.0
/operating_model/cells/base_2027q2_rent_per_mw:base/basisNoneDesk effective revenue per critical IT MW including lease and variable billings. This is not a disclosed contractual rent or a forecast contract repricing.
/operating_model/cells/base_2027q2_rent_per_mw:base/caseNonebase
/operating_model/cells/base_2027q2_rent_per_mw:base/idNonebase_2027q2_rent_per_mw
/operating_model/cells/base_2027q2_rent_per_mw:base/kindNoneassumption
/operating_model/cells/base_2027q2_rent_per_mw:base/labelNoneAnnual HPC revenue per Lake Mariner MW
/operating_model/cells/base_2027q2_rent_per_mw:base/periodNone2027Q2
/operating_model/cells/base_2027q2_rent_per_mw:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_rent_per_mw:base/valueNone2.0
/operating_model/cells/base_2027q2_revenue:base/basisNoneHPC plus mining; no revenue for long-dated power pipeline.
/operating_model/cells/base_2027q2_revenue:base/caseNonebase
/operating_model/cells/base_2027q2_revenue:base/formula/opNonesum
/operating_model/cells/base_2027q2_revenue:base/formula/refs/0Nonebase_2027q2_hpc_revenue
/operating_model/cells/base_2027q2_revenue:base/formula/refs/1Nonebase_2027q2_mining
/operating_model/cells/base_2027q2_revenue:base/idNonebase_2027q2_revenue
/operating_model/cells/base_2027q2_revenue:base/kindNonederived
/operating_model/cells/base_2027q2_revenue:base/labelNoneConsolidated revenue
/operating_model/cells/base_2027q2_revenue:base/periodNone2027Q2
/operating_model/cells/base_2027q2_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_revenue:base/valueNone210.13400000000001
/operating_model/cells/base_2027q2_site_cash:base/basisNoneBefore corporate costs and financing.
/operating_model/cells/base_2027q2_site_cash:base/caseNonebase
/operating_model/cells/base_2027q2_site_cash:base/formula/opNonesum
/operating_model/cells/base_2027q2_site_cash:base/formula/refs/0Nonebase_2027q2_hpc_cash
/operating_model/cells/base_2027q2_site_cash:base/formula/refs/1Nonebase_2027q2_mining_cash
/operating_model/cells/base_2027q2_site_cash:base/idNonebase_2027q2_site_cash
/operating_model/cells/base_2027q2_site_cash:base/kindNonederived
/operating_model/cells/base_2027q2_site_cash:base/labelNoneSite cash contribution
/operating_model/cells/base_2027q2_site_cash:base/periodNone2027Q2
/operating_model/cells/base_2027q2_site_cash:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_site_cash:base/valueNone154.2634
/operating_model/cells/base_2027q2_uses:base/basisNonePositive cash uses; excludes debt principal and acquisitions.
/operating_model/cells/base_2027q2_uses:base/caseNonebase
/operating_model/cells/base_2027q2_uses:base/formula/opNonesum
/operating_model/cells/base_2027q2_uses:base/formula/refs/0Nonebase_2027q2_corp
/operating_model/cells/base_2027q2_uses:base/formula/refs/1Nonebase_2027q2_interest
/operating_model/cells/base_2027q2_uses:base/formula/refs/2Nonebase_2027q2_other
/operating_model/cells/base_2027q2_uses:base/idNonebase_2027q2_uses
/operating_model/cells/base_2027q2_uses:base/kindNonederived
/operating_model/cells/base_2027q2_uses:base/labelNoneCorporate and other cash uses
/operating_model/cells/base_2027q2_uses:base/periodNone2027Q2
/operating_model/cells/base_2027q2_uses:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_uses:base/valueNone107.5
/operating_model/cells/base_2027q3_capex:base/basisNoneDesk construction-spend scenario across existing and newly contracted sites; not guidance. Delay/overrun costs exceed early revenue effects in downside.
/operating_model/cells/base_2027q3_capex:base/caseNonebase
/operating_model/cells/base_2027q3_capex:base/idNonebase_2027q3_capex
/operating_model/cells/base_2027q3_capex:base/kindNoneassumption
/operating_model/cells/base_2027q3_capex:base/labelNoneConstruction cash capex and deposits
/operating_model/cells/base_2027q3_capex:base/periodNone2027Q3
/operating_model/cells/base_2027q3_capex:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_capex:base/valueNone1000.0
/operating_model/cells/base_2027q3_cash_after_capex:base/basisNoneBefore asset sales, acquisitions, new financing, restricted reserves and debt principal.
/operating_model/cells/base_2027q3_cash_after_capex:base/caseNonebase
/operating_model/cells/base_2027q3_cash_after_capex:base/formula/opNonesubtract
/operating_model/cells/base_2027q3_cash_after_capex:base/formula/refs/0Nonebase_2027q3_cash_before_capex
/operating_model/cells/base_2027q3_cash_after_capex:base/formula/refs/1Nonebase_2027q3_capex
/operating_model/cells/base_2027q3_cash_after_capex:base/idNonebase_2027q3_cash_after_capex
/operating_model/cells/base_2027q3_cash_after_capex:base/kindNonederived
/operating_model/cells/base_2027q3_cash_after_capex:base/labelNoneCash after capex proxy
/operating_model/cells/base_2027q3_cash_after_capex:base/periodNone2027Q3
/operating_model/cells/base_2027q3_cash_after_capex:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_cash_after_capex:base/valueNone-935.377691084788
/operating_model/cells/base_2027q3_cash_before_capex:base/basisNoneAnalytical cash economics including mining sales; not GAAP CFO.
/operating_model/cells/base_2027q3_cash_before_capex:base/caseNonebase
/operating_model/cells/base_2027q3_cash_before_capex:base/formula/opNonesubtract
/operating_model/cells/base_2027q3_cash_before_capex:base/formula/refs/0Nonebase_2027q3_site_cash
/operating_model/cells/base_2027q3_cash_before_capex:base/formula/refs/1Nonebase_2027q3_uses
/operating_model/cells/base_2027q3_cash_before_capex:base/idNonebase_2027q3_cash_before_capex
/operating_model/cells/base_2027q3_cash_before_capex:base/kindNonederived
/operating_model/cells/base_2027q3_cash_before_capex:base/labelNoneCash before capex proxy
/operating_model/cells/base_2027q3_cash_before_capex:base/periodNone2027Q3
/operating_model/cells/base_2027q3_cash_before_capex:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_cash_before_capex:base/valueNone64.62230891521199
/operating_model/cells/base_2027q3_corp:base/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/base_2027q3_corp:base/caseNonebase
/operating_model/cells/base_2027q3_corp:base/idNonebase_2027q3_corp
/operating_model/cells/base_2027q3_corp:base/kindNoneassumption
/operating_model/cells/base_2027q3_corp:base/labelNoneCash corporate overhead
/operating_model/cells/base_2027q3_corp:base/periodNone2027Q3
/operating_model/cells/base_2027q3_corp:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_corp:base/valueNone30.0
/operating_model/cells/base_2027q3_hpc_cash:base/basisNoneHPC revenue times explicitly assumed ramp cash margin.
/operating_model/cells/base_2027q3_hpc_cash:base/caseNonebase
/operating_model/cells/base_2027q3_hpc_cash:base/formula/opNonemultiply
/operating_model/cells/base_2027q3_hpc_cash:base/formula/refs/0Nonebase_2027q3_hpc_revenue
/operating_model/cells/base_2027q3_hpc_cash:base/formula/refs/1Nonebase_2027q3_hpc_margin
/operating_model/cells/base_2027q3_hpc_cash:base/idNonebase_2027q3_hpc_cash
/operating_model/cells/base_2027q3_hpc_cash:base/kindNonederived
/operating_model/cells/base_2027q3_hpc_cash:base/labelNoneHPC cash contribution
/operating_model/cells/base_2027q3_hpc_cash:base/periodNone2027Q3
/operating_model/cells/base_2027q3_hpc_cash:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_hpc_cash:base/valueNone171.801433915212
/operating_model/cells/base_2027q3_hpc_margin:base/basisNoneDesk ramp margin after site cash operating costs; excludes depreciation and corporate costs. Not GAAP segment profit.
/operating_model/cells/base_2027q3_hpc_margin:base/caseNonebase
/operating_model/cells/base_2027q3_hpc_margin:base/idNonebase_2027q3_hpc_margin
/operating_model/cells/base_2027q3_hpc_margin:base/kindNoneassumption
/operating_model/cells/base_2027q3_hpc_margin:base/labelNoneHPC cash contribution margin
/operating_model/cells/base_2027q3_hpc_margin:base/periodNone2027Q3
/operating_model/cells/base_2027q3_hpc_margin:base/unitNoneratio
/operating_model/cells/base_2027q3_hpc_margin:base/valueNone0.75
/operating_model/cells/base_2027q3_hpc_revenue:base/basisNoneModeled rental and variable billings from Lake Mariner and Justified only.
/operating_model/cells/base_2027q3_hpc_revenue:base/caseNonebase
/operating_model/cells/base_2027q3_hpc_revenue:base/formula/opNonesum
/operating_model/cells/base_2027q3_hpc_revenue:base/formula/refs/0Nonebase_2027q3_lake_revenue
/operating_model/cells/base_2027q3_hpc_revenue:base/formula/refs/1Nonebase_2027q3_justified_revenue
/operating_model/cells/base_2027q3_hpc_revenue:base/idNonebase_2027q3_hpc_revenue
/operating_model/cells/base_2027q3_hpc_revenue:base/kindNonederived
/operating_model/cells/base_2027q3_hpc_revenue:base/labelNoneHPC revenue
/operating_model/cells/base_2027q3_hpc_revenue:base/periodNone2027Q3
/operating_model/cells/base_2027q3_hpc_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_hpc_revenue:base/valueNone229.06857855361596
/operating_model/cells/base_2027q3_interest:base/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/base_2027q3_interest:base/caseNonebase
/operating_model/cells/base_2027q3_interest:base/idNonebase_2027q3_interest
/operating_model/cells/base_2027q3_interest:base/kindNoneassumption
/operating_model/cells/base_2027q3_interest:base/labelNoneNet cash interest allowance
/operating_model/cells/base_2027q3_interest:base/periodNone2027Q3
/operating_model/cells/base_2027q3_interest:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_interest:base/valueNone67.5
/operating_model/cells/base_2027q3_justified_fraction:base/basisNoneAverage delivered MW divided by contracted 401 MW.
/operating_model/cells/base_2027q3_justified_fraction:base/caseNonebase
/operating_model/cells/base_2027q3_justified_fraction:base/formula/opNonedivide
/operating_model/cells/base_2027q3_justified_fraction:base/formula/refs/0Nonebase_2027q3_justified_mw
/operating_model/cells/base_2027q3_justified_fraction:base/formula/refs/1Nonejustified_full
/operating_model/cells/base_2027q3_justified_fraction:base/idNonebase_2027q3_justified_fraction
/operating_model/cells/base_2027q3_justified_fraction:base/kindNonederived
/operating_model/cells/base_2027q3_justified_fraction:base/labelNoneJustified active share of full IT capacity
/operating_model/cells/base_2027q3_justified_fraction:base/periodNone2027Q3
/operating_model/cells/base_2027q3_justified_fraction:base/unitNoneratio
/operating_model/cells/base_2027q3_justified_fraction:base/valueNone0.04987531172069826
/operating_model/cells/base_2027q3_justified_mw:base/basisNoneDesk commissioning scenario. Company targets first capacity H2 2027 and full delivery starting 2028.
/operating_model/cells/base_2027q3_justified_mw:base/caseNonebase
/operating_model/cells/base_2027q3_justified_mw:base/idNonebase_2027q3_justified_mw
/operating_model/cells/base_2027q3_justified_mw:base/kindNoneassumption
/operating_model/cells/base_2027q3_justified_mw:base/labelNoneAverage rent-producing Justified IT MW
/operating_model/cells/base_2027q3_justified_mw:base/periodNone2027Q3
/operating_model/cells/base_2027q3_justified_mw:base/unitNoneMW
/operating_model/cells/base_2027q3_justified_mw:base/valueNone20.0
/operating_model/cells/base_2027q3_justified_realization:base/basisNoneDesk discount to lifetime-average revenue to avoid treating 20-year contract average as first-year rent.
/operating_model/cells/base_2027q3_justified_realization:base/caseNonebase
/operating_model/cells/base_2027q3_justified_realization:base/idNonebase_2027q3_justified_realization
/operating_model/cells/base_2027q3_justified_realization:base/kindNoneassumption
/operating_model/cells/base_2027q3_justified_realization:base/labelNoneInitial rent / lifetime-average rent
/operating_model/cells/base_2027q3_justified_realization:base/periodNone2027Q3
/operating_model/cells/base_2027q3_justified_realization:base/unitNoneratio
/operating_model/cells/base_2027q3_justified_realization:base/valueNone0.85
/operating_model/cells/base_2027q3_justified_revenue:base/basisNoneLifetime-average annual contract revenue scaled for active MW, time and initial-rent realization.
/operating_model/cells/base_2027q3_justified_revenue:base/caseNonebase
/operating_model/cells/base_2027q3_justified_revenue:base/formula/opNonemultiply
/operating_model/cells/base_2027q3_justified_revenue:base/formula/refs/0Nonejustified_annual_average
/operating_model/cells/base_2027q3_justified_revenue:base/formula/refs/1Nonebase_2027q3_justified_fraction
/operating_model/cells/base_2027q3_justified_revenue:base/formula/refs/2Nonequarter
/operating_model/cells/base_2027q3_justified_revenue:base/formula/refs/3Nonebase_2027q3_justified_realization
/operating_model/cells/base_2027q3_justified_revenue:base/idNonebase_2027q3_justified_revenue
/operating_model/cells/base_2027q3_justified_revenue:base/kindNonederived
/operating_model/cells/base_2027q3_justified_revenue:base/labelNoneJustified revenue
/operating_model/cells/base_2027q3_justified_revenue:base/periodNone2027Q3
/operating_model/cells/base_2027q3_justified_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_justified_revenue:base/valueNone10.06857855361596
/operating_model/cells/base_2027q3_lake_mw:base/basisNoneDesk within-quarter delivery/acceptance assumption; capped at disclosed 438 MW full capacity.
/operating_model/cells/base_2027q3_lake_mw:base/caseNonebase
/operating_model/cells/base_2027q3_lake_mw:base/idNonebase_2027q3_lake_mw
/operating_model/cells/base_2027q3_lake_mw:base/kindNoneassumption
/operating_model/cells/base_2027q3_lake_mw:base/labelNoneAverage rent-producing Lake Mariner IT MW
/operating_model/cells/base_2027q3_lake_mw:base/periodNone2027Q3
/operating_model/cells/base_2027q3_lake_mw:base/unitNoneMW
/operating_model/cells/base_2027q3_lake_mw:base/valueNone438.0
/operating_model/cells/base_2027q3_lake_revenue:base/basisNoneAverage MW times annual revenue per MW times one quarter.
/operating_model/cells/base_2027q3_lake_revenue:base/caseNonebase
/operating_model/cells/base_2027q3_lake_revenue:base/formula/opNonemultiply
/operating_model/cells/base_2027q3_lake_revenue:base/formula/refs/0Nonebase_2027q3_lake_units
/operating_model/cells/base_2027q3_lake_revenue:base/formula/refs/1Nonebase_2027q3_rent_per_mw
/operating_model/cells/base_2027q3_lake_revenue:base/formula/refs/2Nonequarter
/operating_model/cells/base_2027q3_lake_revenue:base/idNonebase_2027q3_lake_revenue
/operating_model/cells/base_2027q3_lake_revenue:base/kindNonederived
/operating_model/cells/base_2027q3_lake_revenue:base/labelNoneLake Mariner revenue
/operating_model/cells/base_2027q3_lake_revenue:base/periodNone2027Q3
/operating_model/cells/base_2027q3_lake_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_lake_revenue:base/valueNone219.0
/operating_model/cells/base_2027q3_lake_units:base/basisNoneNormalize critical IT capacity for per-MW rental economics.
/operating_model/cells/base_2027q3_lake_units:base/caseNonebase
/operating_model/cells/base_2027q3_lake_units:base/formula/opNonedivide
/operating_model/cells/base_2027q3_lake_units:base/formula/refs/0Nonebase_2027q3_lake_mw
/operating_model/cells/base_2027q3_lake_units:base/formula/refs/1Noneone_mw
/operating_model/cells/base_2027q3_lake_units:base/idNonebase_2027q3_lake_units
/operating_model/cells/base_2027q3_lake_units:base/kindNonederived
/operating_model/cells/base_2027q3_lake_units:base/labelNoneLake Mariner MW / one MW
/operating_model/cells/base_2027q3_lake_units:base/periodNone2027Q3
/operating_model/cells/base_2027q3_lake_units:base/unitNoneratio
/operating_model/cells/base_2027q3_lake_units:base/valueNone438.0
/operating_model/cells/base_2027q3_mining:base/basisNoneReported Q2 mining revenue times desk remaining-business factor.
/operating_model/cells/base_2027q3_mining:base/caseNonebase
/operating_model/cells/base_2027q3_mining:base/formula/opNonemultiply
/operating_model/cells/base_2027q3_mining:base/formula/refs/0Noneh1_q2_mining
/operating_model/cells/base_2027q3_mining:base/formula/refs/1Nonebase_2027q3_mining_factor
/operating_model/cells/base_2027q3_mining:base/idNonebase_2027q3_mining
/operating_model/cells/base_2027q3_mining:base/kindNonederived
/operating_model/cells/base_2027q3_mining:base/labelNoneMining revenue
/operating_model/cells/base_2027q3_mining:base/periodNone2027Q3
/operating_model/cells/base_2027q3_mining:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_mining:base/valueNone3.20875
/operating_model/cells/base_2027q3_mining_cash:base/basisNoneAssumes produced Bitcoin is monetized in the same quarter.
/operating_model/cells/base_2027q3_mining_cash:base/caseNonebase
/operating_model/cells/base_2027q3_mining_cash:base/formula/opNonemultiply
/operating_model/cells/base_2027q3_mining_cash:base/formula/refs/0Nonebase_2027q3_mining
/operating_model/cells/base_2027q3_mining_cash:base/formula/refs/1Nonebase_2027q3_mining_margin
/operating_model/cells/base_2027q3_mining_cash:base/idNonebase_2027q3_mining_cash
/operating_model/cells/base_2027q3_mining_cash:base/kindNonederived
/operating_model/cells/base_2027q3_mining_cash:base/labelNoneMining cash contribution
/operating_model/cells/base_2027q3_mining_cash:base/periodNone2027Q3
/operating_model/cells/base_2027q3_mining_cash:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_mining_cash:base/valueNone0.320875
/operating_model/cells/base_2027q3_mining_factor:base/basisNoneDesk remaining mining footprint and hashprice assumption as the site moves toward HPC.
/operating_model/cells/base_2027q3_mining_factor:base/caseNonebase
/operating_model/cells/base_2027q3_mining_factor:base/idNonebase_2027q3_mining_factor
/operating_model/cells/base_2027q3_mining_factor:base/kindNoneassumption
/operating_model/cells/base_2027q3_mining_factor:base/labelNoneMining revenue / Q2 baseline
/operating_model/cells/base_2027q3_mining_factor:base/periodNone2027Q3
/operating_model/cells/base_2027q3_mining_factor:base/unitNoneratio
/operating_model/cells/base_2027q3_mining_factor:base/valueNone0.25
/operating_model/cells/base_2027q3_mining_margin:base/basisNoneDesk cash mining contribution before corporate and financing costs.
/operating_model/cells/base_2027q3_mining_margin:base/caseNonebase
/operating_model/cells/base_2027q3_mining_margin:base/idNonebase_2027q3_mining_margin
/operating_model/cells/base_2027q3_mining_margin:base/kindNoneassumption
/operating_model/cells/base_2027q3_mining_margin:base/labelNoneMining cash contribution margin
/operating_model/cells/base_2027q3_mining_margin:base/periodNone2027Q3
/operating_model/cells/base_2027q3_mining_margin:base/unitNoneratio
/operating_model/cells/base_2027q3_mining_margin:base/valueNone0.1
/operating_model/cells/base_2027q3_other:base/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/base_2027q3_other:base/caseNonebase
/operating_model/cells/base_2027q3_other:base/idNonebase_2027q3_other
/operating_model/cells/base_2027q3_other:base/kindNoneassumption
/operating_model/cells/base_2027q3_other:base/labelNoneOther working-capital and tax uses
/operating_model/cells/base_2027q3_other:base/periodNone2027Q3
/operating_model/cells/base_2027q3_other:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_other:base/valueNone10.0
/operating_model/cells/base_2027q3_rent_per_mw:base/basisNoneDesk effective revenue per critical IT MW including lease and variable billings. This is not a disclosed contractual rent or a forecast contract repricing.
/operating_model/cells/base_2027q3_rent_per_mw:base/caseNonebase
/operating_model/cells/base_2027q3_rent_per_mw:base/idNonebase_2027q3_rent_per_mw
/operating_model/cells/base_2027q3_rent_per_mw:base/kindNoneassumption
/operating_model/cells/base_2027q3_rent_per_mw:base/labelNoneAnnual HPC revenue per Lake Mariner MW
/operating_model/cells/base_2027q3_rent_per_mw:base/periodNone2027Q3
/operating_model/cells/base_2027q3_rent_per_mw:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_rent_per_mw:base/valueNone2.0
/operating_model/cells/base_2027q3_revenue:base/basisNoneHPC plus mining; no revenue for long-dated power pipeline.
/operating_model/cells/base_2027q3_revenue:base/caseNonebase
/operating_model/cells/base_2027q3_revenue:base/formula/opNonesum
/operating_model/cells/base_2027q3_revenue:base/formula/refs/0Nonebase_2027q3_hpc_revenue
/operating_model/cells/base_2027q3_revenue:base/formula/refs/1Nonebase_2027q3_mining
/operating_model/cells/base_2027q3_revenue:base/idNonebase_2027q3_revenue
/operating_model/cells/base_2027q3_revenue:base/kindNonederived
/operating_model/cells/base_2027q3_revenue:base/labelNoneConsolidated revenue
/operating_model/cells/base_2027q3_revenue:base/periodNone2027Q3
/operating_model/cells/base_2027q3_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_revenue:base/valueNone232.27732855361597
/operating_model/cells/base_2027q3_site_cash:base/basisNoneBefore corporate costs and financing.
/operating_model/cells/base_2027q3_site_cash:base/caseNonebase
/operating_model/cells/base_2027q3_site_cash:base/formula/opNonesum
/operating_model/cells/base_2027q3_site_cash:base/formula/refs/0Nonebase_2027q3_hpc_cash
/operating_model/cells/base_2027q3_site_cash:base/formula/refs/1Nonebase_2027q3_mining_cash
/operating_model/cells/base_2027q3_site_cash:base/idNonebase_2027q3_site_cash
/operating_model/cells/base_2027q3_site_cash:base/kindNonederived
/operating_model/cells/base_2027q3_site_cash:base/labelNoneSite cash contribution
/operating_model/cells/base_2027q3_site_cash:base/periodNone2027Q3
/operating_model/cells/base_2027q3_site_cash:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_site_cash:base/valueNone172.122308915212
/operating_model/cells/base_2027q3_uses:base/basisNonePositive cash uses; excludes debt principal and acquisitions.
/operating_model/cells/base_2027q3_uses:base/caseNonebase
/operating_model/cells/base_2027q3_uses:base/formula/opNonesum
/operating_model/cells/base_2027q3_uses:base/formula/refs/0Nonebase_2027q3_corp
/operating_model/cells/base_2027q3_uses:base/formula/refs/1Nonebase_2027q3_interest
/operating_model/cells/base_2027q3_uses:base/formula/refs/2Nonebase_2027q3_other
/operating_model/cells/base_2027q3_uses:base/idNonebase_2027q3_uses
/operating_model/cells/base_2027q3_uses:base/kindNonederived
/operating_model/cells/base_2027q3_uses:base/labelNoneCorporate and other cash uses
/operating_model/cells/base_2027q3_uses:base/periodNone2027Q3
/operating_model/cells/base_2027q3_uses:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_uses:base/valueNone107.5
/operating_model/cells/base_2027q4_capex:base/basisNoneDesk construction-spend scenario across existing and newly contracted sites; not guidance. Delay/overrun costs exceed early revenue effects in downside.
/operating_model/cells/base_2027q4_capex:base/caseNonebase
/operating_model/cells/base_2027q4_capex:base/idNonebase_2027q4_capex
/operating_model/cells/base_2027q4_capex:base/kindNoneassumption
/operating_model/cells/base_2027q4_capex:base/labelNoneConstruction cash capex and deposits
/operating_model/cells/base_2027q4_capex:base/periodNone2027Q4
/operating_model/cells/base_2027q4_capex:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_capex:base/valueNone900.0
/operating_model/cells/base_2027q4_cash_after_capex:base/basisNoneBefore asset sales, acquisitions, new financing, restricted reserves and debt principal.
/operating_model/cells/base_2027q4_cash_after_capex:base/caseNonebase
/operating_model/cells/base_2027q4_cash_after_capex:base/formula/opNonesubtract
/operating_model/cells/base_2027q4_cash_after_capex:base/formula/refs/0Nonebase_2027q4_cash_before_capex
/operating_model/cells/base_2027q4_cash_after_capex:base/formula/refs/1Nonebase_2027q4_capex
/operating_model/cells/base_2027q4_cash_after_capex:base/idNonebase_2027q4_cash_after_capex
/operating_model/cells/base_2027q4_cash_after_capex:base/kindNonederived
/operating_model/cells/base_2027q4_cash_after_capex:base/labelNoneCash after capex proxy
/operating_model/cells/base_2027q4_cash_after_capex:base/periodNone2027Q4
/operating_model/cells/base_2027q4_cash_after_capex:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_cash_after_capex:base/valueNone-805.3003054239401
/operating_model/cells/base_2027q4_cash_before_capex:base/basisNoneAnalytical cash economics including mining sales; not GAAP CFO.
/operating_model/cells/base_2027q4_cash_before_capex:base/caseNonebase
/operating_model/cells/base_2027q4_cash_before_capex:base/formula/opNonesubtract
/operating_model/cells/base_2027q4_cash_before_capex:base/formula/refs/0Nonebase_2027q4_site_cash
/operating_model/cells/base_2027q4_cash_before_capex:base/formula/refs/1Nonebase_2027q4_uses
/operating_model/cells/base_2027q4_cash_before_capex:base/idNonebase_2027q4_cash_before_capex
/operating_model/cells/base_2027q4_cash_before_capex:base/kindNonederived
/operating_model/cells/base_2027q4_cash_before_capex:base/labelNoneCash before capex proxy
/operating_model/cells/base_2027q4_cash_before_capex:base/periodNone2027Q4
/operating_model/cells/base_2027q4_cash_before_capex:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_cash_before_capex:base/valueNone94.69969457605987
/operating_model/cells/base_2027q4_corp:base/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/base_2027q4_corp:base/caseNonebase
/operating_model/cells/base_2027q4_corp:base/idNonebase_2027q4_corp
/operating_model/cells/base_2027q4_corp:base/kindNoneassumption
/operating_model/cells/base_2027q4_corp:base/labelNoneCash corporate overhead
/operating_model/cells/base_2027q4_corp:base/periodNone2027Q4
/operating_model/cells/base_2027q4_corp:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_corp:base/valueNone30.0
/operating_model/cells/base_2027q4_hpc_cash:base/basisNoneHPC revenue times explicitly assumed ramp cash margin.
/operating_model/cells/base_2027q4_hpc_cash:base/caseNonebase
/operating_model/cells/base_2027q4_hpc_cash:base/formula/opNonemultiply
/operating_model/cells/base_2027q4_hpc_cash:base/formula/refs/0Nonebase_2027q4_hpc_revenue
/operating_model/cells/base_2027q4_hpc_cash:base/formula/refs/1Nonebase_2027q4_hpc_margin
/operating_model/cells/base_2027q4_hpc_cash:base/idNonebase_2027q4_hpc_cash
/operating_model/cells/base_2027q4_hpc_cash:base/kindNonederived
/operating_model/cells/base_2027q4_hpc_cash:base/labelNoneHPC cash contribution
/operating_model/cells/base_2027q4_hpc_cash:base/periodNone2027Q4
/operating_model/cells/base_2027q4_hpc_cash:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_hpc_cash:base/valueNone202.00716957605988
/operating_model/cells/base_2027q4_hpc_margin:base/basisNoneDesk ramp margin after site cash operating costs; excludes depreciation and corporate costs. Not GAAP segment profit.
/operating_model/cells/base_2027q4_hpc_margin:base/caseNonebase
/operating_model/cells/base_2027q4_hpc_margin:base/idNonebase_2027q4_hpc_margin
/operating_model/cells/base_2027q4_hpc_margin:base/kindNoneassumption
/operating_model/cells/base_2027q4_hpc_margin:base/labelNoneHPC cash contribution margin
/operating_model/cells/base_2027q4_hpc_margin:base/periodNone2027Q4
/operating_model/cells/base_2027q4_hpc_margin:base/unitNoneratio
/operating_model/cells/base_2027q4_hpc_margin:base/valueNone0.75
/operating_model/cells/base_2027q4_hpc_revenue:base/basisNoneModeled rental and variable billings from Lake Mariner and Justified only.
/operating_model/cells/base_2027q4_hpc_revenue:base/caseNonebase
/operating_model/cells/base_2027q4_hpc_revenue:base/formula/opNonesum
/operating_model/cells/base_2027q4_hpc_revenue:base/formula/refs/0Nonebase_2027q4_lake_revenue
/operating_model/cells/base_2027q4_hpc_revenue:base/formula/refs/1Nonebase_2027q4_justified_revenue
/operating_model/cells/base_2027q4_hpc_revenue:base/idNonebase_2027q4_hpc_revenue
/operating_model/cells/base_2027q4_hpc_revenue:base/kindNonederived
/operating_model/cells/base_2027q4_hpc_revenue:base/labelNoneHPC revenue
/operating_model/cells/base_2027q4_hpc_revenue:base/periodNone2027Q4
/operating_model/cells/base_2027q4_hpc_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_hpc_revenue:base/valueNone269.3428927680798
/operating_model/cells/base_2027q4_interest:base/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/base_2027q4_interest:base/caseNonebase
/operating_model/cells/base_2027q4_interest:base/idNonebase_2027q4_interest
/operating_model/cells/base_2027q4_interest:base/kindNoneassumption
/operating_model/cells/base_2027q4_interest:base/labelNoneNet cash interest allowance
/operating_model/cells/base_2027q4_interest:base/periodNone2027Q4
/operating_model/cells/base_2027q4_interest:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_interest:base/valueNone67.5
/operating_model/cells/base_2027q4_justified_fraction:base/basisNoneAverage delivered MW divided by contracted 401 MW.
/operating_model/cells/base_2027q4_justified_fraction:base/caseNonebase
/operating_model/cells/base_2027q4_justified_fraction:base/formula/opNonedivide
/operating_model/cells/base_2027q4_justified_fraction:base/formula/refs/0Nonebase_2027q4_justified_mw
/operating_model/cells/base_2027q4_justified_fraction:base/formula/refs/1Nonejustified_full
/operating_model/cells/base_2027q4_justified_fraction:base/idNonebase_2027q4_justified_fraction
/operating_model/cells/base_2027q4_justified_fraction:base/kindNonederived
/operating_model/cells/base_2027q4_justified_fraction:base/labelNoneJustified active share of full IT capacity
/operating_model/cells/base_2027q4_justified_fraction:base/periodNone2027Q4
/operating_model/cells/base_2027q4_justified_fraction:base/unitNoneratio
/operating_model/cells/base_2027q4_justified_fraction:base/valueNone0.24937655860349128
/operating_model/cells/base_2027q4_justified_mw:base/basisNoneDesk commissioning scenario. Company targets first capacity H2 2027 and full delivery starting 2028.
/operating_model/cells/base_2027q4_justified_mw:base/caseNonebase
/operating_model/cells/base_2027q4_justified_mw:base/idNonebase_2027q4_justified_mw
/operating_model/cells/base_2027q4_justified_mw:base/kindNoneassumption
/operating_model/cells/base_2027q4_justified_mw:base/labelNoneAverage rent-producing Justified IT MW
/operating_model/cells/base_2027q4_justified_mw:base/periodNone2027Q4
/operating_model/cells/base_2027q4_justified_mw:base/unitNoneMW
/operating_model/cells/base_2027q4_justified_mw:base/valueNone100.0
/operating_model/cells/base_2027q4_justified_realization:base/basisNoneDesk discount to lifetime-average revenue to avoid treating 20-year contract average as first-year rent.
/operating_model/cells/base_2027q4_justified_realization:base/caseNonebase
/operating_model/cells/base_2027q4_justified_realization:base/idNonebase_2027q4_justified_realization
/operating_model/cells/base_2027q4_justified_realization:base/kindNoneassumption
/operating_model/cells/base_2027q4_justified_realization:base/labelNoneInitial rent / lifetime-average rent
/operating_model/cells/base_2027q4_justified_realization:base/periodNone2027Q4
/operating_model/cells/base_2027q4_justified_realization:base/unitNoneratio
/operating_model/cells/base_2027q4_justified_realization:base/valueNone0.85
/operating_model/cells/base_2027q4_justified_revenue:base/basisNoneLifetime-average annual contract revenue scaled for active MW, time and initial-rent realization.
/operating_model/cells/base_2027q4_justified_revenue:base/caseNonebase
/operating_model/cells/base_2027q4_justified_revenue:base/formula/opNonemultiply
/operating_model/cells/base_2027q4_justified_revenue:base/formula/refs/0Nonejustified_annual_average
/operating_model/cells/base_2027q4_justified_revenue:base/formula/refs/1Nonebase_2027q4_justified_fraction
/operating_model/cells/base_2027q4_justified_revenue:base/formula/refs/2Nonequarter
/operating_model/cells/base_2027q4_justified_revenue:base/formula/refs/3Nonebase_2027q4_justified_realization
/operating_model/cells/base_2027q4_justified_revenue:base/idNonebase_2027q4_justified_revenue
/operating_model/cells/base_2027q4_justified_revenue:base/kindNonederived
/operating_model/cells/base_2027q4_justified_revenue:base/labelNoneJustified revenue
/operating_model/cells/base_2027q4_justified_revenue:base/periodNone2027Q4
/operating_model/cells/base_2027q4_justified_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_justified_revenue:base/valueNone50.3428927680798
/operating_model/cells/base_2027q4_lake_mw:base/basisNoneDesk within-quarter delivery/acceptance assumption; capped at disclosed 438 MW full capacity.
/operating_model/cells/base_2027q4_lake_mw:base/caseNonebase
/operating_model/cells/base_2027q4_lake_mw:base/idNonebase_2027q4_lake_mw
/operating_model/cells/base_2027q4_lake_mw:base/kindNoneassumption
/operating_model/cells/base_2027q4_lake_mw:base/labelNoneAverage rent-producing Lake Mariner IT MW
/operating_model/cells/base_2027q4_lake_mw:base/periodNone2027Q4
/operating_model/cells/base_2027q4_lake_mw:base/unitNoneMW
/operating_model/cells/base_2027q4_lake_mw:base/valueNone438.0
/operating_model/cells/base_2027q4_lake_revenue:base/basisNoneAverage MW times annual revenue per MW times one quarter.
/operating_model/cells/base_2027q4_lake_revenue:base/caseNonebase
/operating_model/cells/base_2027q4_lake_revenue:base/formula/opNonemultiply
/operating_model/cells/base_2027q4_lake_revenue:base/formula/refs/0Nonebase_2027q4_lake_units
/operating_model/cells/base_2027q4_lake_revenue:base/formula/refs/1Nonebase_2027q4_rent_per_mw
/operating_model/cells/base_2027q4_lake_revenue:base/formula/refs/2Nonequarter
/operating_model/cells/base_2027q4_lake_revenue:base/idNonebase_2027q4_lake_revenue
/operating_model/cells/base_2027q4_lake_revenue:base/kindNonederived
/operating_model/cells/base_2027q4_lake_revenue:base/labelNoneLake Mariner revenue
/operating_model/cells/base_2027q4_lake_revenue:base/periodNone2027Q4
/operating_model/cells/base_2027q4_lake_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_lake_revenue:base/valueNone219.0
/operating_model/cells/base_2027q4_lake_units:base/basisNoneNormalize critical IT capacity for per-MW rental economics.
/operating_model/cells/base_2027q4_lake_units:base/caseNonebase
/operating_model/cells/base_2027q4_lake_units:base/formula/opNonedivide
/operating_model/cells/base_2027q4_lake_units:base/formula/refs/0Nonebase_2027q4_lake_mw
/operating_model/cells/base_2027q4_lake_units:base/formula/refs/1Noneone_mw
/operating_model/cells/base_2027q4_lake_units:base/idNonebase_2027q4_lake_units
/operating_model/cells/base_2027q4_lake_units:base/kindNonederived
/operating_model/cells/base_2027q4_lake_units:base/labelNoneLake Mariner MW / one MW
/operating_model/cells/base_2027q4_lake_units:base/periodNone2027Q4
/operating_model/cells/base_2027q4_lake_units:base/unitNoneratio
/operating_model/cells/base_2027q4_lake_units:base/valueNone438.0
/operating_model/cells/base_2027q4_mining:base/basisNoneReported Q2 mining revenue times desk remaining-business factor.
/operating_model/cells/base_2027q4_mining:base/caseNonebase
/operating_model/cells/base_2027q4_mining:base/formula/opNonemultiply
/operating_model/cells/base_2027q4_mining:base/formula/refs/0Noneh1_q2_mining
/operating_model/cells/base_2027q4_mining:base/formula/refs/1Nonebase_2027q4_mining_factor
/operating_model/cells/base_2027q4_mining:base/idNonebase_2027q4_mining
/operating_model/cells/base_2027q4_mining:base/kindNonederived
/operating_model/cells/base_2027q4_mining:base/labelNoneMining revenue
/operating_model/cells/base_2027q4_mining:base/periodNone2027Q4
/operating_model/cells/base_2027q4_mining:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_mining:base/valueNone1.9252500000000001
/operating_model/cells/base_2027q4_mining_cash:base/basisNoneAssumes produced Bitcoin is monetized in the same quarter.
/operating_model/cells/base_2027q4_mining_cash:base/caseNonebase
/operating_model/cells/base_2027q4_mining_cash:base/formula/opNonemultiply
/operating_model/cells/base_2027q4_mining_cash:base/formula/refs/0Nonebase_2027q4_mining
/operating_model/cells/base_2027q4_mining_cash:base/formula/refs/1Nonebase_2027q4_mining_margin
/operating_model/cells/base_2027q4_mining_cash:base/idNonebase_2027q4_mining_cash
/operating_model/cells/base_2027q4_mining_cash:base/kindNonederived
/operating_model/cells/base_2027q4_mining_cash:base/labelNoneMining cash contribution
/operating_model/cells/base_2027q4_mining_cash:base/periodNone2027Q4
/operating_model/cells/base_2027q4_mining_cash:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_mining_cash:base/valueNone0.19252500000000003
/operating_model/cells/base_2027q4_mining_factor:base/basisNoneDesk remaining mining footprint and hashprice assumption as the site moves toward HPC.
/operating_model/cells/base_2027q4_mining_factor:base/caseNonebase
/operating_model/cells/base_2027q4_mining_factor:base/idNonebase_2027q4_mining_factor
/operating_model/cells/base_2027q4_mining_factor:base/kindNoneassumption
/operating_model/cells/base_2027q4_mining_factor:base/labelNoneMining revenue / Q2 baseline
/operating_model/cells/base_2027q4_mining_factor:base/periodNone2027Q4
/operating_model/cells/base_2027q4_mining_factor:base/unitNoneratio
/operating_model/cells/base_2027q4_mining_factor:base/valueNone0.15
/operating_model/cells/base_2027q4_mining_margin:base/basisNoneDesk cash mining contribution before corporate and financing costs.
/operating_model/cells/base_2027q4_mining_margin:base/caseNonebase
/operating_model/cells/base_2027q4_mining_margin:base/idNonebase_2027q4_mining_margin
/operating_model/cells/base_2027q4_mining_margin:base/kindNoneassumption
/operating_model/cells/base_2027q4_mining_margin:base/labelNoneMining cash contribution margin
/operating_model/cells/base_2027q4_mining_margin:base/periodNone2027Q4
/operating_model/cells/base_2027q4_mining_margin:base/unitNoneratio
/operating_model/cells/base_2027q4_mining_margin:base/valueNone0.1
/operating_model/cells/base_2027q4_other:base/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/base_2027q4_other:base/caseNonebase
/operating_model/cells/base_2027q4_other:base/idNonebase_2027q4_other
/operating_model/cells/base_2027q4_other:base/kindNoneassumption
/operating_model/cells/base_2027q4_other:base/labelNoneOther working-capital and tax uses
/operating_model/cells/base_2027q4_other:base/periodNone2027Q4
/operating_model/cells/base_2027q4_other:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_other:base/valueNone10.0
/operating_model/cells/base_2027q4_rent_per_mw:base/basisNoneDesk effective revenue per critical IT MW including lease and variable billings. This is not a disclosed contractual rent or a forecast contract repricing.
/operating_model/cells/base_2027q4_rent_per_mw:base/caseNonebase
/operating_model/cells/base_2027q4_rent_per_mw:base/idNonebase_2027q4_rent_per_mw
/operating_model/cells/base_2027q4_rent_per_mw:base/kindNoneassumption
/operating_model/cells/base_2027q4_rent_per_mw:base/labelNoneAnnual HPC revenue per Lake Mariner MW
/operating_model/cells/base_2027q4_rent_per_mw:base/periodNone2027Q4
/operating_model/cells/base_2027q4_rent_per_mw:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_rent_per_mw:base/valueNone2.0
/operating_model/cells/base_2027q4_revenue:base/basisNoneHPC plus mining; no revenue for long-dated power pipeline.
/operating_model/cells/base_2027q4_revenue:base/caseNonebase
/operating_model/cells/base_2027q4_revenue:base/formula/opNonesum
/operating_model/cells/base_2027q4_revenue:base/formula/refs/0Nonebase_2027q4_hpc_revenue
/operating_model/cells/base_2027q4_revenue:base/formula/refs/1Nonebase_2027q4_mining
/operating_model/cells/base_2027q4_revenue:base/idNonebase_2027q4_revenue
/operating_model/cells/base_2027q4_revenue:base/kindNonederived
/operating_model/cells/base_2027q4_revenue:base/labelNoneConsolidated revenue
/operating_model/cells/base_2027q4_revenue:base/periodNone2027Q4
/operating_model/cells/base_2027q4_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_revenue:base/valueNone271.2681427680798
/operating_model/cells/base_2027q4_site_cash:base/basisNoneBefore corporate costs and financing.
/operating_model/cells/base_2027q4_site_cash:base/caseNonebase
/operating_model/cells/base_2027q4_site_cash:base/formula/opNonesum
/operating_model/cells/base_2027q4_site_cash:base/formula/refs/0Nonebase_2027q4_hpc_cash
/operating_model/cells/base_2027q4_site_cash:base/formula/refs/1Nonebase_2027q4_mining_cash
/operating_model/cells/base_2027q4_site_cash:base/idNonebase_2027q4_site_cash
/operating_model/cells/base_2027q4_site_cash:base/kindNonederived
/operating_model/cells/base_2027q4_site_cash:base/labelNoneSite cash contribution
/operating_model/cells/base_2027q4_site_cash:base/periodNone2027Q4
/operating_model/cells/base_2027q4_site_cash:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_site_cash:base/valueNone202.19969457605987
/operating_model/cells/base_2027q4_uses:base/basisNonePositive cash uses; excludes debt principal and acquisitions.
/operating_model/cells/base_2027q4_uses:base/caseNonebase
/operating_model/cells/base_2027q4_uses:base/formula/opNonesum
/operating_model/cells/base_2027q4_uses:base/formula/refs/0Nonebase_2027q4_corp
/operating_model/cells/base_2027q4_uses:base/formula/refs/1Nonebase_2027q4_interest
/operating_model/cells/base_2027q4_uses:base/formula/refs/2Nonebase_2027q4_other
/operating_model/cells/base_2027q4_uses:base/idNonebase_2027q4_uses
/operating_model/cells/base_2027q4_uses:base/kindNonederived
/operating_model/cells/base_2027q4_uses:base/labelNoneCorporate and other cash uses
/operating_model/cells/base_2027q4_uses:base/periodNone2027Q4
/operating_model/cells/base_2027q4_uses:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_uses:base/valueNone107.5
/operating_model/cells/base_fy2026_capex:base/basisNoneSum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027.
/operating_model/cells/base_fy2026_capex:base/caseNonebase
/operating_model/cells/base_fy2026_capex:base/formula/opNonesum
/operating_model/cells/base_fy2026_capex:base/formula/refs/0Noneh1_capex
/operating_model/cells/base_fy2026_capex:base/formula/refs/1Nonebase_2026q3_capex
/operating_model/cells/base_fy2026_capex:base/formula/refs/2Nonebase_2026q4_capex
/operating_model/cells/base_fy2026_capex:base/idNonebase_fy2026_capex
/operating_model/cells/base_fy2026_capex:base/kindNonederived
/operating_model/cells/base_fy2026_capex:base/labelNoneFY2026 Cash construction capex ($M)
/operating_model/cells/base_fy2026_capex:base/periodNoneFY2026
/operating_model/cells/base_fy2026_capex:base/unitNoneUSD_millions
/operating_model/cells/base_fy2026_capex:base/valueNone2778.514
/operating_model/cells/base_fy2026_cash_after_capex:base/basisNoneSum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027.
/operating_model/cells/base_fy2026_cash_after_capex:base/caseNonebase
/operating_model/cells/base_fy2026_cash_after_capex:base/formula/opNonesum
/operating_model/cells/base_fy2026_cash_after_capex:base/formula/refs/0Noneh1_cash_after_capex
/operating_model/cells/base_fy2026_cash_after_capex:base/formula/refs/1Nonebase_2026q3_cash_after_capex
/operating_model/cells/base_fy2026_cash_after_capex:base/formula/refs/2Nonebase_2026q4_cash_after_capex
/operating_model/cells/base_fy2026_cash_after_capex:base/idNonebase_fy2026_cash_after_capex
/operating_model/cells/base_fy2026_cash_after_capex:base/kindNonederived
/operating_model/cells/base_fy2026_cash_after_capex:base/labelNoneFY2026 Cash after capex proxy ($M)
/operating_model/cells/base_fy2026_cash_after_capex:base/periodNoneFY2026
/operating_model/cells/base_fy2026_cash_after_capex:base/unitNoneUSD_millions
/operating_model/cells/base_fy2026_cash_after_capex:base/valueNone-3016.3606999999997
/operating_model/cells/base_fy2026_cash_before_capex:base/basisNoneSum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027.
/operating_model/cells/base_fy2026_cash_before_capex:base/caseNonebase
/operating_model/cells/base_fy2026_cash_before_capex:base/formula/opNonesum
/operating_model/cells/base_fy2026_cash_before_capex:base/formula/refs/0Noneh1_cash_before_capex
/operating_model/cells/base_fy2026_cash_before_capex:base/formula/refs/1Nonebase_2026q3_cash_before_capex
/operating_model/cells/base_fy2026_cash_before_capex:base/formula/refs/2Nonebase_2026q4_cash_before_capex
/operating_model/cells/base_fy2026_cash_before_capex:base/idNonebase_fy2026_cash_before_capex
/operating_model/cells/base_fy2026_cash_before_capex:base/kindNonederived
/operating_model/cells/base_fy2026_cash_before_capex:base/labelNoneFY2026 Cash before capex proxy ($M)
/operating_model/cells/base_fy2026_cash_before_capex:base/periodNoneFY2026
/operating_model/cells/base_fy2026_cash_before_capex:base/unitNoneUSD_millions
/operating_model/cells/base_fy2026_cash_before_capex:base/valueNone-237.8467
/operating_model/cells/base_fy2026_hpc_revenue:base/basisNoneSum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027.
/operating_model/cells/base_fy2026_hpc_revenue:base/caseNonebase
/operating_model/cells/base_fy2026_hpc_revenue:base/formula/opNonesum
/operating_model/cells/base_fy2026_hpc_revenue:base/formula/refs/0Noneh1_hpc_revenue
/operating_model/cells/base_fy2026_hpc_revenue:base/formula/refs/1Nonebase_2026q3_hpc_revenue
/operating_model/cells/base_fy2026_hpc_revenue:base/formula/refs/2Nonebase_2026q4_hpc_revenue
/operating_model/cells/base_fy2026_hpc_revenue:base/idNonebase_fy2026_hpc_revenue
/operating_model/cells/base_fy2026_hpc_revenue:base/kindNonederived
/operating_model/cells/base_fy2026_hpc_revenue:base/labelNoneFY2026 HPC revenue ($M)
/operating_model/cells/base_fy2026_hpc_revenue:base/periodNoneFY2026
/operating_model/cells/base_fy2026_hpc_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_fy2026_hpc_revenue:base/valueNone222.954
/operating_model/cells/base_fy2026_revenue:base/basisNoneSum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027.
/operating_model/cells/base_fy2026_revenue:base/caseNonebase
/operating_model/cells/base_fy2026_revenue:base/formula/opNonesum
/operating_model/cells/base_fy2026_revenue:base/formula/refs/0Noneh1_revenue
/operating_model/cells/base_fy2026_revenue:base/formula/refs/1Nonebase_2026q3_revenue
/operating_model/cells/base_fy2026_revenue:base/formula/refs/2Nonebase_2026q4_revenue
/operating_model/cells/base_fy2026_revenue:base/idNonebase_fy2026_revenue
/operating_model/cells/base_fy2026_revenue:base/kindNonederived
/operating_model/cells/base_fy2026_revenue:base/labelNoneFY2026 Revenue ($M)
/operating_model/cells/base_fy2026_revenue:base/periodNoneFY2026
/operating_model/cells/base_fy2026_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_fy2026_revenue:base/valueNone271.882
/operating_model/cells/base_fy2027_capex:base/basisNoneSum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027.
/operating_model/cells/base_fy2027_capex:base/caseNonebase
/operating_model/cells/base_fy2027_capex:base/formula/opNonesum
/operating_model/cells/base_fy2027_capex:base/formula/refs/0Nonebase_2027q1_capex
/operating_model/cells/base_fy2027_capex:base/formula/refs/1Nonebase_2027q2_capex
/operating_model/cells/base_fy2027_capex:base/formula/refs/2Nonebase_2027q3_capex
/operating_model/cells/base_fy2027_capex:base/formula/refs/3Nonebase_2027q4_capex
/operating_model/cells/base_fy2027_capex:base/idNonebase_fy2027_capex
/operating_model/cells/base_fy2027_capex:base/kindNonederived
/operating_model/cells/base_fy2027_capex:base/labelNoneFY2027 Cash construction capex ($M)
/operating_model/cells/base_fy2027_capex:base/periodNoneFY2027
/operating_model/cells/base_fy2027_capex:base/unitNoneUSD_millions
/operating_model/cells/base_fy2027_capex:base/valueNone3600.0
/operating_model/cells/base_fy2027_cash_after_capex:base/basisNoneSum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027.
/operating_model/cells/base_fy2027_cash_after_capex:base/caseNonebase
/operating_model/cells/base_fy2027_cash_after_capex:base/formula/opNonesum
/operating_model/cells/base_fy2027_cash_after_capex:base/formula/refs/0Nonebase_2027q1_cash_after_capex
/operating_model/cells/base_fy2027_cash_after_capex:base/formula/refs/1Nonebase_2027q2_cash_after_capex
/operating_model/cells/base_fy2027_cash_after_capex:base/formula/refs/2Nonebase_2027q3_cash_after_capex
/operating_model/cells/base_fy2027_cash_after_capex:base/formula/refs/3Nonebase_2027q4_cash_after_capex
/operating_model/cells/base_fy2027_cash_after_capex:base/idNonebase_fy2027_cash_after_capex
/operating_model/cells/base_fy2027_cash_after_capex:base/kindNonederived
/operating_model/cells/base_fy2027_cash_after_capex:base/labelNoneFY2027 Cash after capex proxy ($M)
/operating_model/cells/base_fy2027_cash_after_capex:base/periodNoneFY2027
/operating_model/cells/base_fy2027_cash_after_capex:base/unitNoneUSD_millions
/operating_model/cells/base_fy2027_cash_after_capex:base/valueNone-3385.144496508728
/operating_model/cells/base_fy2027_cash_before_capex:base/basisNoneSum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027.
/operating_model/cells/base_fy2027_cash_before_capex:base/caseNonebase
/operating_model/cells/base_fy2027_cash_before_capex:base/formula/opNonesum
/operating_model/cells/base_fy2027_cash_before_capex:base/formula/refs/0Nonebase_2027q1_cash_before_capex
/operating_model/cells/base_fy2027_cash_before_capex:base/formula/refs/1Nonebase_2027q2_cash_before_capex
/operating_model/cells/base_fy2027_cash_before_capex:base/formula/refs/2Nonebase_2027q3_cash_before_capex
/operating_model/cells/base_fy2027_cash_before_capex:base/formula/refs/3Nonebase_2027q4_cash_before_capex
/operating_model/cells/base_fy2027_cash_before_capex:base/idNonebase_fy2027_cash_before_capex
/operating_model/cells/base_fy2027_cash_before_capex:base/kindNonederived
/operating_model/cells/base_fy2027_cash_before_capex:base/labelNoneFY2027 Cash before capex proxy ($M)
/operating_model/cells/base_fy2027_cash_before_capex:base/periodNoneFY2027
/operating_model/cells/base_fy2027_cash_before_capex:base/unitNoneUSD_millions
/operating_model/cells/base_fy2027_cash_before_capex:base/valueNone214.85550349127183
/operating_model/cells/base_fy2027_hpc_revenue:base/basisNoneSum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027.
/operating_model/cells/base_fy2027_hpc_revenue:base/caseNonebase
/operating_model/cells/base_fy2027_hpc_revenue:base/formula/opNonesum
/operating_model/cells/base_fy2027_hpc_revenue:base/formula/refs/0Nonebase_2027q1_hpc_revenue
/operating_model/cells/base_fy2027_hpc_revenue:base/formula/refs/1Nonebase_2027q2_hpc_revenue
/operating_model/cells/base_fy2027_hpc_revenue:base/formula/refs/2Nonebase_2027q3_hpc_revenue
/operating_model/cells/base_fy2027_hpc_revenue:base/formula/refs/3Nonebase_2027q4_hpc_revenue
/operating_model/cells/base_fy2027_hpc_revenue:base/idNonebase_fy2027_hpc_revenue
/operating_model/cells/base_fy2027_hpc_revenue:base/kindNonederived
/operating_model/cells/base_fy2027_hpc_revenue:base/labelNoneFY2027 HPC revenue ($M)
/operating_model/cells/base_fy2027_hpc_revenue:base/periodNoneFY2027
/operating_model/cells/base_fy2027_hpc_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_fy2027_hpc_revenue:base/valueNone868.4114713216957
/operating_model/cells/base_fy2027_revenue:base/basisNoneSum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027.
/operating_model/cells/base_fy2027_revenue:base/caseNonebase
/operating_model/cells/base_fy2027_revenue:base/formula/opNonesum
/operating_model/cells/base_fy2027_revenue:base/formula/refs/0Nonebase_2027q1_revenue
/operating_model/cells/base_fy2027_revenue:base/formula/refs/1Nonebase_2027q2_revenue
/operating_model/cells/base_fy2027_revenue:base/formula/refs/2Nonebase_2027q3_revenue
/operating_model/cells/base_fy2027_revenue:base/formula/refs/3Nonebase_2027q4_revenue
/operating_model/cells/base_fy2027_revenue:base/idNonebase_fy2027_revenue
/operating_model/cells/base_fy2027_revenue:base/kindNonederived
/operating_model/cells/base_fy2027_revenue:base/labelNoneFY2027 Revenue ($M)
/operating_model/cells/base_fy2027_revenue:base/periodNoneFY2027
/operating_model/cells/base_fy2027_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_fy2027_revenue:base/valueNone886.3804713216957
/operating_model/cells/downside_2026q3_capex:downside/basisNoneDesk construction-spend scenario across existing and newly contracted sites; not guidance. Delay/overrun costs exceed early revenue effects in downside.
/operating_model/cells/downside_2026q3_capex:downside/caseNonedownside
/operating_model/cells/downside_2026q3_capex:downside/idNonedownside_2026q3_capex
/operating_model/cells/downside_2026q3_capex:downside/kindNoneassumption
/operating_model/cells/downside_2026q3_capex:downside/labelNoneConstruction cash capex and deposits
/operating_model/cells/downside_2026q3_capex:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_capex:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_capex:downside/valueNone800.0
/operating_model/cells/downside_2026q3_cash_after_capex:downside/basisNoneBefore asset sales, acquisitions, new financing, restricted reserves and debt principal.
/operating_model/cells/downside_2026q3_cash_after_capex:downside/caseNonedownside
/operating_model/cells/downside_2026q3_cash_after_capex:downside/formula/opNonesubtract
/operating_model/cells/downside_2026q3_cash_after_capex:downside/formula/refs/0Nonedownside_2026q3_cash_before_capex
/operating_model/cells/downside_2026q3_cash_after_capex:downside/formula/refs/1Nonedownside_2026q3_capex
/operating_model/cells/downside_2026q3_cash_after_capex:downside/idNonedownside_2026q3_cash_after_capex
/operating_model/cells/downside_2026q3_cash_after_capex:downside/kindNonederived
/operating_model/cells/downside_2026q3_cash_after_capex:downside/labelNoneCash after capex proxy
/operating_model/cells/downside_2026q3_cash_after_capex:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_cash_after_capex:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_cash_after_capex:downside/valueNone-907.9
/operating_model/cells/downside_2026q3_cash_before_capex:downside/basisNoneAnalytical cash economics including mining sales; not GAAP CFO.
/operating_model/cells/downside_2026q3_cash_before_capex:downside/caseNonedownside
/operating_model/cells/downside_2026q3_cash_before_capex:downside/formula/opNonesubtract
/operating_model/cells/downside_2026q3_cash_before_capex:downside/formula/refs/0Nonedownside_2026q3_site_cash
/operating_model/cells/downside_2026q3_cash_before_capex:downside/formula/refs/1Nonedownside_2026q3_uses
/operating_model/cells/downside_2026q3_cash_before_capex:downside/idNonedownside_2026q3_cash_before_capex
/operating_model/cells/downside_2026q3_cash_before_capex:downside/kindNonederived
/operating_model/cells/downside_2026q3_cash_before_capex:downside/labelNoneCash before capex proxy
/operating_model/cells/downside_2026q3_cash_before_capex:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_cash_before_capex:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_cash_before_capex:downside/valueNone-107.9
/operating_model/cells/downside_2026q3_corp:downside/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/downside_2026q3_corp:downside/caseNonedownside
/operating_model/cells/downside_2026q3_corp:downside/idNonedownside_2026q3_corp
/operating_model/cells/downside_2026q3_corp:downside/kindNoneassumption
/operating_model/cells/downside_2026q3_corp:downside/labelNoneCash corporate overhead
/operating_model/cells/downside_2026q3_corp:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_corp:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_corp:downside/valueNone35.0
/operating_model/cells/downside_2026q3_hpc_cash:downside/basisNoneHPC revenue times explicitly assumed ramp cash margin.
/operating_model/cells/downside_2026q3_hpc_cash:downside/caseNonedownside
/operating_model/cells/downside_2026q3_hpc_cash:downside/formula/opNonemultiply
/operating_model/cells/downside_2026q3_hpc_cash:downside/formula/refs/0Nonedownside_2026q3_hpc_revenue
/operating_model/cells/downside_2026q3_hpc_cash:downside/formula/refs/1Nonedownside_2026q3_hpc_margin
/operating_model/cells/downside_2026q3_hpc_cash:downside/idNonedownside_2026q3_hpc_cash
/operating_model/cells/downside_2026q3_hpc_cash:downside/kindNonederived
/operating_model/cells/downside_2026q3_hpc_cash:downside/labelNoneHPC cash contribution
/operating_model/cells/downside_2026q3_hpc_cash:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_hpc_cash:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_hpc_cash:downside/valueNone17.1
/operating_model/cells/downside_2026q3_hpc_margin:downside/basisNoneDesk ramp margin after site cash operating costs; excludes depreciation and corporate costs. Not GAAP segment profit.
/operating_model/cells/downside_2026q3_hpc_margin:downside/caseNonedownside
/operating_model/cells/downside_2026q3_hpc_margin:downside/idNonedownside_2026q3_hpc_margin
/operating_model/cells/downside_2026q3_hpc_margin:downside/kindNoneassumption
/operating_model/cells/downside_2026q3_hpc_margin:downside/labelNoneHPC cash contribution margin
/operating_model/cells/downside_2026q3_hpc_margin:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_hpc_margin:downside/unitNoneratio
/operating_model/cells/downside_2026q3_hpc_margin:downside/valueNone0.4
/operating_model/cells/downside_2026q3_hpc_revenue:downside/basisNoneModeled rental and variable billings from Lake Mariner and Justified only.
/operating_model/cells/downside_2026q3_hpc_revenue:downside/caseNonedownside
/operating_model/cells/downside_2026q3_hpc_revenue:downside/formula/opNonesum
/operating_model/cells/downside_2026q3_hpc_revenue:downside/formula/refs/0Nonedownside_2026q3_lake_revenue
/operating_model/cells/downside_2026q3_hpc_revenue:downside/formula/refs/1Nonedownside_2026q3_justified_revenue
/operating_model/cells/downside_2026q3_hpc_revenue:downside/idNonedownside_2026q3_hpc_revenue
/operating_model/cells/downside_2026q3_hpc_revenue:downside/kindNonederived
/operating_model/cells/downside_2026q3_hpc_revenue:downside/labelNoneHPC revenue
/operating_model/cells/downside_2026q3_hpc_revenue:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_hpc_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_hpc_revenue:downside/valueNone42.75
/operating_model/cells/downside_2026q3_interest:downside/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/downside_2026q3_interest:downside/caseNonedownside
/operating_model/cells/downside_2026q3_interest:downside/idNonedownside_2026q3_interest
/operating_model/cells/downside_2026q3_interest:downside/kindNoneassumption
/operating_model/cells/downside_2026q3_interest:downside/labelNoneNet cash interest allowance
/operating_model/cells/downside_2026q3_interest:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_interest:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_interest:downside/valueNone75.0
/operating_model/cells/downside_2026q3_justified_fraction:downside/basisNoneAverage delivered MW divided by contracted 401 MW.
/operating_model/cells/downside_2026q3_justified_fraction:downside/caseNonedownside
/operating_model/cells/downside_2026q3_justified_fraction:downside/formula/opNonedivide
/operating_model/cells/downside_2026q3_justified_fraction:downside/formula/refs/0Nonedownside_2026q3_justified_mw
/operating_model/cells/downside_2026q3_justified_fraction:downside/formula/refs/1Nonejustified_full
/operating_model/cells/downside_2026q3_justified_fraction:downside/idNonedownside_2026q3_justified_fraction
/operating_model/cells/downside_2026q3_justified_fraction:downside/kindNonederived
/operating_model/cells/downside_2026q3_justified_fraction:downside/labelNoneJustified active share of full IT capacity
/operating_model/cells/downside_2026q3_justified_fraction:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_justified_fraction:downside/unitNoneratio
/operating_model/cells/downside_2026q3_justified_fraction:downside/valueNone0.0
/operating_model/cells/downside_2026q3_justified_mw:downside/basisNoneDesk commissioning scenario. Company targets first capacity H2 2027 and full delivery starting 2028.
/operating_model/cells/downside_2026q3_justified_mw:downside/caseNonedownside
/operating_model/cells/downside_2026q3_justified_mw:downside/idNonedownside_2026q3_justified_mw
/operating_model/cells/downside_2026q3_justified_mw:downside/kindNoneassumption
/operating_model/cells/downside_2026q3_justified_mw:downside/labelNoneAverage rent-producing Justified IT MW
/operating_model/cells/downside_2026q3_justified_mw:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_justified_mw:downside/unitNoneMW
/operating_model/cells/downside_2026q3_justified_mw:downside/valueNone0.0
/operating_model/cells/downside_2026q3_justified_realization:downside/basisNoneDesk discount to lifetime-average revenue to avoid treating 20-year contract average as first-year rent.
/operating_model/cells/downside_2026q3_justified_realization:downside/caseNonedownside
/operating_model/cells/downside_2026q3_justified_realization:downside/idNonedownside_2026q3_justified_realization
/operating_model/cells/downside_2026q3_justified_realization:downside/kindNoneassumption
/operating_model/cells/downside_2026q3_justified_realization:downside/labelNoneInitial rent / lifetime-average rent
/operating_model/cells/downside_2026q3_justified_realization:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_justified_realization:downside/unitNoneratio
/operating_model/cells/downside_2026q3_justified_realization:downside/valueNone0.8
/operating_model/cells/downside_2026q3_justified_revenue:downside/basisNoneLifetime-average annual contract revenue scaled for active MW, time and initial-rent realization.
/operating_model/cells/downside_2026q3_justified_revenue:downside/caseNonedownside
/operating_model/cells/downside_2026q3_justified_revenue:downside/formula/opNonemultiply
/operating_model/cells/downside_2026q3_justified_revenue:downside/formula/refs/0Nonejustified_annual_average
/operating_model/cells/downside_2026q3_justified_revenue:downside/formula/refs/1Nonedownside_2026q3_justified_fraction
/operating_model/cells/downside_2026q3_justified_revenue:downside/formula/refs/2Nonequarter
/operating_model/cells/downside_2026q3_justified_revenue:downside/formula/refs/3Nonedownside_2026q3_justified_realization
/operating_model/cells/downside_2026q3_justified_revenue:downside/idNonedownside_2026q3_justified_revenue
/operating_model/cells/downside_2026q3_justified_revenue:downside/kindNonederived
/operating_model/cells/downside_2026q3_justified_revenue:downside/labelNoneJustified revenue
/operating_model/cells/downside_2026q3_justified_revenue:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_justified_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_justified_revenue:downside/valueNone0.0
/operating_model/cells/downside_2026q3_lake_mw:downside/basisNoneDesk within-quarter delivery/acceptance assumption; capped at disclosed 438 MW full capacity.
/operating_model/cells/downside_2026q3_lake_mw:downside/caseNonedownside
/operating_model/cells/downside_2026q3_lake_mw:downside/idNonedownside_2026q3_lake_mw
/operating_model/cells/downside_2026q3_lake_mw:downside/kindNoneassumption
/operating_model/cells/downside_2026q3_lake_mw:downside/labelNoneAverage rent-producing Lake Mariner IT MW
/operating_model/cells/downside_2026q3_lake_mw:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_lake_mw:downside/unitNoneMW
/operating_model/cells/downside_2026q3_lake_mw:downside/valueNone95.0
/operating_model/cells/downside_2026q3_lake_revenue:downside/basisNoneAverage MW times annual revenue per MW times one quarter.
/operating_model/cells/downside_2026q3_lake_revenue:downside/caseNonedownside
/operating_model/cells/downside_2026q3_lake_revenue:downside/formula/opNonemultiply
/operating_model/cells/downside_2026q3_lake_revenue:downside/formula/refs/0Nonedownside_2026q3_lake_units
/operating_model/cells/downside_2026q3_lake_revenue:downside/formula/refs/1Nonedownside_2026q3_rent_per_mw
/operating_model/cells/downside_2026q3_lake_revenue:downside/formula/refs/2Nonequarter
/operating_model/cells/downside_2026q3_lake_revenue:downside/idNonedownside_2026q3_lake_revenue
/operating_model/cells/downside_2026q3_lake_revenue:downside/kindNonederived
/operating_model/cells/downside_2026q3_lake_revenue:downside/labelNoneLake Mariner revenue
/operating_model/cells/downside_2026q3_lake_revenue:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_lake_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_lake_revenue:downside/valueNone42.75
/operating_model/cells/downside_2026q3_lake_units:downside/basisNoneNormalize critical IT capacity for per-MW rental economics.
/operating_model/cells/downside_2026q3_lake_units:downside/caseNonedownside
/operating_model/cells/downside_2026q3_lake_units:downside/formula/opNonedivide
/operating_model/cells/downside_2026q3_lake_units:downside/formula/refs/0Nonedownside_2026q3_lake_mw
/operating_model/cells/downside_2026q3_lake_units:downside/formula/refs/1Noneone_mw
/operating_model/cells/downside_2026q3_lake_units:downside/idNonedownside_2026q3_lake_units
/operating_model/cells/downside_2026q3_lake_units:downside/kindNonederived
/operating_model/cells/downside_2026q3_lake_units:downside/labelNoneLake Mariner MW / one MW
/operating_model/cells/downside_2026q3_lake_units:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_lake_units:downside/unitNoneratio
/operating_model/cells/downside_2026q3_lake_units:downside/valueNone95.0
/operating_model/cells/downside_2026q3_mining:downside/basisNoneReported Q2 mining revenue times desk remaining-business factor.
/operating_model/cells/downside_2026q3_mining:downside/caseNonedownside
/operating_model/cells/downside_2026q3_mining:downside/formula/opNonemultiply
/operating_model/cells/downside_2026q3_mining:downside/formula/refs/0Noneh1_q2_mining
/operating_model/cells/downside_2026q3_mining:downside/formula/refs/1Nonedownside_2026q3_mining_factor
/operating_model/cells/downside_2026q3_mining:downside/idNonedownside_2026q3_mining
/operating_model/cells/downside_2026q3_mining:downside/kindNonederived
/operating_model/cells/downside_2026q3_mining:downside/labelNoneMining revenue
/operating_model/cells/downside_2026q3_mining:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_mining:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_mining:downside/valueNone10.90975
/operating_model/cells/downside_2026q3_mining_cash:downside/basisNoneAssumes produced Bitcoin is monetized in the same quarter.
/operating_model/cells/downside_2026q3_mining_cash:downside/caseNonedownside
/operating_model/cells/downside_2026q3_mining_cash:downside/formula/opNonemultiply
/operating_model/cells/downside_2026q3_mining_cash:downside/formula/refs/0Nonedownside_2026q3_mining
/operating_model/cells/downside_2026q3_mining_cash:downside/formula/refs/1Nonedownside_2026q3_mining_margin
/operating_model/cells/downside_2026q3_mining_cash:downside/idNonedownside_2026q3_mining_cash
/operating_model/cells/downside_2026q3_mining_cash:downside/kindNonederived
/operating_model/cells/downside_2026q3_mining_cash:downside/labelNoneMining cash contribution
/operating_model/cells/downside_2026q3_mining_cash:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_mining_cash:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_mining_cash:downside/valueNone0.0
/operating_model/cells/downside_2026q3_mining_factor:downside/basisNoneDesk remaining mining footprint and hashprice assumption as the site moves toward HPC.
/operating_model/cells/downside_2026q3_mining_factor:downside/caseNonedownside
/operating_model/cells/downside_2026q3_mining_factor:downside/idNonedownside_2026q3_mining_factor
/operating_model/cells/downside_2026q3_mining_factor:downside/kindNoneassumption
/operating_model/cells/downside_2026q3_mining_factor:downside/labelNoneMining revenue / Q2 baseline
/operating_model/cells/downside_2026q3_mining_factor:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_mining_factor:downside/unitNoneratio
/operating_model/cells/downside_2026q3_mining_factor:downside/valueNone0.85
/operating_model/cells/downside_2026q3_mining_margin:downside/basisNoneDesk cash mining contribution before corporate and financing costs.
/operating_model/cells/downside_2026q3_mining_margin:downside/caseNonedownside
/operating_model/cells/downside_2026q3_mining_margin:downside/idNonedownside_2026q3_mining_margin
/operating_model/cells/downside_2026q3_mining_margin:downside/kindNoneassumption
/operating_model/cells/downside_2026q3_mining_margin:downside/labelNoneMining cash contribution margin
/operating_model/cells/downside_2026q3_mining_margin:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_mining_margin:downside/unitNoneratio
/operating_model/cells/downside_2026q3_mining_margin:downside/valueNone0.0
/operating_model/cells/downside_2026q3_other:downside/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/downside_2026q3_other:downside/caseNonedownside
/operating_model/cells/downside_2026q3_other:downside/idNonedownside_2026q3_other
/operating_model/cells/downside_2026q3_other:downside/kindNoneassumption
/operating_model/cells/downside_2026q3_other:downside/labelNoneOther working-capital and tax uses
/operating_model/cells/downside_2026q3_other:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_other:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_other:downside/valueNone15.0
/operating_model/cells/downside_2026q3_rent_per_mw:downside/basisNoneDesk effective revenue per critical IT MW including lease and variable billings. This is not a disclosed contractual rent or a forecast contract repricing.
/operating_model/cells/downside_2026q3_rent_per_mw:downside/caseNonedownside
/operating_model/cells/downside_2026q3_rent_per_mw:downside/idNonedownside_2026q3_rent_per_mw
/operating_model/cells/downside_2026q3_rent_per_mw:downside/kindNoneassumption
/operating_model/cells/downside_2026q3_rent_per_mw:downside/labelNoneAnnual HPC revenue per Lake Mariner MW
/operating_model/cells/downside_2026q3_rent_per_mw:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_rent_per_mw:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_rent_per_mw:downside/valueNone1.8
/operating_model/cells/downside_2026q3_revenue:downside/basisNoneHPC plus mining; no revenue for long-dated power pipeline.
/operating_model/cells/downside_2026q3_revenue:downside/caseNonedownside
/operating_model/cells/downside_2026q3_revenue:downside/formula/opNonesum
/operating_model/cells/downside_2026q3_revenue:downside/formula/refs/0Nonedownside_2026q3_hpc_revenue
/operating_model/cells/downside_2026q3_revenue:downside/formula/refs/1Nonedownside_2026q3_mining
/operating_model/cells/downside_2026q3_revenue:downside/idNonedownside_2026q3_revenue
/operating_model/cells/downside_2026q3_revenue:downside/kindNonederived
/operating_model/cells/downside_2026q3_revenue:downside/labelNoneConsolidated revenue
/operating_model/cells/downside_2026q3_revenue:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_revenue:downside/valueNone53.65975
/operating_model/cells/downside_2026q3_site_cash:downside/basisNoneBefore corporate costs and financing.
/operating_model/cells/downside_2026q3_site_cash:downside/caseNonedownside
/operating_model/cells/downside_2026q3_site_cash:downside/formula/opNonesum
/operating_model/cells/downside_2026q3_site_cash:downside/formula/refs/0Nonedownside_2026q3_hpc_cash
/operating_model/cells/downside_2026q3_site_cash:downside/formula/refs/1Nonedownside_2026q3_mining_cash
/operating_model/cells/downside_2026q3_site_cash:downside/idNonedownside_2026q3_site_cash
/operating_model/cells/downside_2026q3_site_cash:downside/kindNonederived
/operating_model/cells/downside_2026q3_site_cash:downside/labelNoneSite cash contribution
/operating_model/cells/downside_2026q3_site_cash:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_site_cash:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_site_cash:downside/valueNone17.1
/operating_model/cells/downside_2026q3_uses:downside/basisNonePositive cash uses; excludes debt principal and acquisitions.
/operating_model/cells/downside_2026q3_uses:downside/caseNonedownside
/operating_model/cells/downside_2026q3_uses:downside/formula/opNonesum
/operating_model/cells/downside_2026q3_uses:downside/formula/refs/0Nonedownside_2026q3_corp
/operating_model/cells/downside_2026q3_uses:downside/formula/refs/1Nonedownside_2026q3_interest
/operating_model/cells/downside_2026q3_uses:downside/formula/refs/2Nonedownside_2026q3_other
/operating_model/cells/downside_2026q3_uses:downside/idNonedownside_2026q3_uses
/operating_model/cells/downside_2026q3_uses:downside/kindNonederived
/operating_model/cells/downside_2026q3_uses:downside/labelNoneCorporate and other cash uses
/operating_model/cells/downside_2026q3_uses:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_uses:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_uses:downside/valueNone125.0
/operating_model/cells/downside_2026q4_capex:downside/basisNoneDesk construction-spend scenario across existing and newly contracted sites; not guidance. Delay/overrun costs exceed early revenue effects in downside.
/operating_model/cells/downside_2026q4_capex:downside/caseNonedownside
/operating_model/cells/downside_2026q4_capex:downside/idNonedownside_2026q4_capex
/operating_model/cells/downside_2026q4_capex:downside/kindNoneassumption
/operating_model/cells/downside_2026q4_capex:downside/labelNoneConstruction cash capex and deposits
/operating_model/cells/downside_2026q4_capex:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_capex:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_capex:downside/valueNone850.0
/operating_model/cells/downside_2026q4_cash_after_capex:downside/basisNoneBefore asset sales, acquisitions, new financing, restricted reserves and debt principal.
/operating_model/cells/downside_2026q4_cash_after_capex:downside/caseNonedownside
/operating_model/cells/downside_2026q4_cash_after_capex:downside/formula/opNonesubtract
/operating_model/cells/downside_2026q4_cash_after_capex:downside/formula/refs/0Nonedownside_2026q4_cash_before_capex
/operating_model/cells/downside_2026q4_cash_after_capex:downside/formula/refs/1Nonedownside_2026q4_capex
/operating_model/cells/downside_2026q4_cash_after_capex:downside/idNonedownside_2026q4_cash_after_capex
/operating_model/cells/downside_2026q4_cash_after_capex:downside/kindNonederived
/operating_model/cells/downside_2026q4_cash_after_capex:downside/labelNoneCash after capex proxy
/operating_model/cells/downside_2026q4_cash_after_capex:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_cash_after_capex:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_cash_after_capex:downside/valueNone-940.575
/operating_model/cells/downside_2026q4_cash_before_capex:downside/basisNoneAnalytical cash economics including mining sales; not GAAP CFO.
/operating_model/cells/downside_2026q4_cash_before_capex:downside/caseNonedownside
/operating_model/cells/downside_2026q4_cash_before_capex:downside/formula/opNonesubtract
/operating_model/cells/downside_2026q4_cash_before_capex:downside/formula/refs/0Nonedownside_2026q4_site_cash
/operating_model/cells/downside_2026q4_cash_before_capex:downside/formula/refs/1Nonedownside_2026q4_uses
/operating_model/cells/downside_2026q4_cash_before_capex:downside/idNonedownside_2026q4_cash_before_capex
/operating_model/cells/downside_2026q4_cash_before_capex:downside/kindNonederived
/operating_model/cells/downside_2026q4_cash_before_capex:downside/labelNoneCash before capex proxy
/operating_model/cells/downside_2026q4_cash_before_capex:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_cash_before_capex:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_cash_before_capex:downside/valueNone-90.57499999999999
/operating_model/cells/downside_2026q4_corp:downside/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/downside_2026q4_corp:downside/caseNonedownside
/operating_model/cells/downside_2026q4_corp:downside/idNonedownside_2026q4_corp
/operating_model/cells/downside_2026q4_corp:downside/kindNoneassumption
/operating_model/cells/downside_2026q4_corp:downside/labelNoneCash corporate overhead
/operating_model/cells/downside_2026q4_corp:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_corp:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_corp:downside/valueNone35.0
/operating_model/cells/downside_2026q4_hpc_cash:downside/basisNoneHPC revenue times explicitly assumed ramp cash margin.
/operating_model/cells/downside_2026q4_hpc_cash:downside/caseNonedownside
/operating_model/cells/downside_2026q4_hpc_cash:downside/formula/opNonemultiply
/operating_model/cells/downside_2026q4_hpc_cash:downside/formula/refs/0Nonedownside_2026q4_hpc_revenue
/operating_model/cells/downside_2026q4_hpc_cash:downside/formula/refs/1Nonedownside_2026q4_hpc_margin
/operating_model/cells/downside_2026q4_hpc_cash:downside/idNonedownside_2026q4_hpc_cash
/operating_model/cells/downside_2026q4_hpc_cash:downside/kindNonederived
/operating_model/cells/downside_2026q4_hpc_cash:downside/labelNoneHPC cash contribution
/operating_model/cells/downside_2026q4_hpc_cash:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_hpc_cash:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_hpc_cash:downside/valueNone34.425000000000004
/operating_model/cells/downside_2026q4_hpc_margin:downside/basisNoneDesk ramp margin after site cash operating costs; excludes depreciation and corporate costs. Not GAAP segment profit.
/operating_model/cells/downside_2026q4_hpc_margin:downside/caseNonedownside
/operating_model/cells/downside_2026q4_hpc_margin:downside/idNonedownside_2026q4_hpc_margin
/operating_model/cells/downside_2026q4_hpc_margin:downside/kindNoneassumption
/operating_model/cells/downside_2026q4_hpc_margin:downside/labelNoneHPC cash contribution margin
/operating_model/cells/downside_2026q4_hpc_margin:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_hpc_margin:downside/unitNoneratio
/operating_model/cells/downside_2026q4_hpc_margin:downside/valueNone0.45
/operating_model/cells/downside_2026q4_hpc_revenue:downside/basisNoneModeled rental and variable billings from Lake Mariner and Justified only.
/operating_model/cells/downside_2026q4_hpc_revenue:downside/caseNonedownside
/operating_model/cells/downside_2026q4_hpc_revenue:downside/formula/opNonesum
/operating_model/cells/downside_2026q4_hpc_revenue:downside/formula/refs/0Nonedownside_2026q4_lake_revenue
/operating_model/cells/downside_2026q4_hpc_revenue:downside/formula/refs/1Nonedownside_2026q4_justified_revenue
/operating_model/cells/downside_2026q4_hpc_revenue:downside/idNonedownside_2026q4_hpc_revenue
/operating_model/cells/downside_2026q4_hpc_revenue:downside/kindNonederived
/operating_model/cells/downside_2026q4_hpc_revenue:downside/labelNoneHPC revenue
/operating_model/cells/downside_2026q4_hpc_revenue:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_hpc_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_hpc_revenue:downside/valueNone76.5
/operating_model/cells/downside_2026q4_interest:downside/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/downside_2026q4_interest:downside/caseNonedownside
/operating_model/cells/downside_2026q4_interest:downside/idNonedownside_2026q4_interest
/operating_model/cells/downside_2026q4_interest:downside/kindNoneassumption
/operating_model/cells/downside_2026q4_interest:downside/labelNoneNet cash interest allowance
/operating_model/cells/downside_2026q4_interest:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_interest:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_interest:downside/valueNone75.0
/operating_model/cells/downside_2026q4_justified_fraction:downside/basisNoneAverage delivered MW divided by contracted 401 MW.
/operating_model/cells/downside_2026q4_justified_fraction:downside/caseNonedownside
/operating_model/cells/downside_2026q4_justified_fraction:downside/formula/opNonedivide
/operating_model/cells/downside_2026q4_justified_fraction:downside/formula/refs/0Nonedownside_2026q4_justified_mw
/operating_model/cells/downside_2026q4_justified_fraction:downside/formula/refs/1Nonejustified_full
/operating_model/cells/downside_2026q4_justified_fraction:downside/idNonedownside_2026q4_justified_fraction
/operating_model/cells/downside_2026q4_justified_fraction:downside/kindNonederived
/operating_model/cells/downside_2026q4_justified_fraction:downside/labelNoneJustified active share of full IT capacity
/operating_model/cells/downside_2026q4_justified_fraction:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_justified_fraction:downside/unitNoneratio
/operating_model/cells/downside_2026q4_justified_fraction:downside/valueNone0.0
/operating_model/cells/downside_2026q4_justified_mw:downside/basisNoneDesk commissioning scenario. Company targets first capacity H2 2027 and full delivery starting 2028.
/operating_model/cells/downside_2026q4_justified_mw:downside/caseNonedownside
/operating_model/cells/downside_2026q4_justified_mw:downside/idNonedownside_2026q4_justified_mw
/operating_model/cells/downside_2026q4_justified_mw:downside/kindNoneassumption
/operating_model/cells/downside_2026q4_justified_mw:downside/labelNoneAverage rent-producing Justified IT MW
/operating_model/cells/downside_2026q4_justified_mw:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_justified_mw:downside/unitNoneMW
/operating_model/cells/downside_2026q4_justified_mw:downside/valueNone0.0
/operating_model/cells/downside_2026q4_justified_realization:downside/basisNoneDesk discount to lifetime-average revenue to avoid treating 20-year contract average as first-year rent.
/operating_model/cells/downside_2026q4_justified_realization:downside/caseNonedownside
/operating_model/cells/downside_2026q4_justified_realization:downside/idNonedownside_2026q4_justified_realization
/operating_model/cells/downside_2026q4_justified_realization:downside/kindNoneassumption
/operating_model/cells/downside_2026q4_justified_realization:downside/labelNoneInitial rent / lifetime-average rent
/operating_model/cells/downside_2026q4_justified_realization:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_justified_realization:downside/unitNoneratio
/operating_model/cells/downside_2026q4_justified_realization:downside/valueNone0.8
/operating_model/cells/downside_2026q4_justified_revenue:downside/basisNoneLifetime-average annual contract revenue scaled for active MW, time and initial-rent realization.
/operating_model/cells/downside_2026q4_justified_revenue:downside/caseNonedownside
/operating_model/cells/downside_2026q4_justified_revenue:downside/formula/opNonemultiply
/operating_model/cells/downside_2026q4_justified_revenue:downside/formula/refs/0Nonejustified_annual_average
/operating_model/cells/downside_2026q4_justified_revenue:downside/formula/refs/1Nonedownside_2026q4_justified_fraction
/operating_model/cells/downside_2026q4_justified_revenue:downside/formula/refs/2Nonequarter
/operating_model/cells/downside_2026q4_justified_revenue:downside/formula/refs/3Nonedownside_2026q4_justified_realization
/operating_model/cells/downside_2026q4_justified_revenue:downside/idNonedownside_2026q4_justified_revenue
/operating_model/cells/downside_2026q4_justified_revenue:downside/kindNonederived
/operating_model/cells/downside_2026q4_justified_revenue:downside/labelNoneJustified revenue
/operating_model/cells/downside_2026q4_justified_revenue:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_justified_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_justified_revenue:downside/valueNone0.0
/operating_model/cells/downside_2026q4_lake_mw:downside/basisNoneDesk within-quarter delivery/acceptance assumption; capped at disclosed 438 MW full capacity.
/operating_model/cells/downside_2026q4_lake_mw:downside/caseNonedownside
/operating_model/cells/downside_2026q4_lake_mw:downside/idNonedownside_2026q4_lake_mw
/operating_model/cells/downside_2026q4_lake_mw:downside/kindNoneassumption
/operating_model/cells/downside_2026q4_lake_mw:downside/labelNoneAverage rent-producing Lake Mariner IT MW
/operating_model/cells/downside_2026q4_lake_mw:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_lake_mw:downside/unitNoneMW
/operating_model/cells/downside_2026q4_lake_mw:downside/valueNone170.0
/operating_model/cells/downside_2026q4_lake_revenue:downside/basisNoneAverage MW times annual revenue per MW times one quarter.
/operating_model/cells/downside_2026q4_lake_revenue:downside/caseNonedownside
/operating_model/cells/downside_2026q4_lake_revenue:downside/formula/opNonemultiply
/operating_model/cells/downside_2026q4_lake_revenue:downside/formula/refs/0Nonedownside_2026q4_lake_units
/operating_model/cells/downside_2026q4_lake_revenue:downside/formula/refs/1Nonedownside_2026q4_rent_per_mw
/operating_model/cells/downside_2026q4_lake_revenue:downside/formula/refs/2Nonequarter
/operating_model/cells/downside_2026q4_lake_revenue:downside/idNonedownside_2026q4_lake_revenue
/operating_model/cells/downside_2026q4_lake_revenue:downside/kindNonederived
/operating_model/cells/downside_2026q4_lake_revenue:downside/labelNoneLake Mariner revenue
/operating_model/cells/downside_2026q4_lake_revenue:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_lake_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_lake_revenue:downside/valueNone76.5
/operating_model/cells/downside_2026q4_lake_units:downside/basisNoneNormalize critical IT capacity for per-MW rental economics.
/operating_model/cells/downside_2026q4_lake_units:downside/caseNonedownside
/operating_model/cells/downside_2026q4_lake_units:downside/formula/opNonedivide
/operating_model/cells/downside_2026q4_lake_units:downside/formula/refs/0Nonedownside_2026q4_lake_mw
/operating_model/cells/downside_2026q4_lake_units:downside/formula/refs/1Noneone_mw
/operating_model/cells/downside_2026q4_lake_units:downside/idNonedownside_2026q4_lake_units
/operating_model/cells/downside_2026q4_lake_units:downside/kindNonederived
/operating_model/cells/downside_2026q4_lake_units:downside/labelNoneLake Mariner MW / one MW
/operating_model/cells/downside_2026q4_lake_units:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_lake_units:downside/unitNoneratio
/operating_model/cells/downside_2026q4_lake_units:downside/valueNone170.0
/operating_model/cells/downside_2026q4_mining:downside/basisNoneReported Q2 mining revenue times desk remaining-business factor.
/operating_model/cells/downside_2026q4_mining:downside/caseNonedownside
/operating_model/cells/downside_2026q4_mining:downside/formula/opNonemultiply
/operating_model/cells/downside_2026q4_mining:downside/formula/refs/0Noneh1_q2_mining
/operating_model/cells/downside_2026q4_mining:downside/formula/refs/1Nonedownside_2026q4_mining_factor
/operating_model/cells/downside_2026q4_mining:downside/idNonedownside_2026q4_mining
/operating_model/cells/downside_2026q4_mining:downside/kindNonederived
/operating_model/cells/downside_2026q4_mining:downside/labelNoneMining revenue
/operating_model/cells/downside_2026q4_mining:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_mining:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_mining:downside/valueNone8.34275
/operating_model/cells/downside_2026q4_mining_cash:downside/basisNoneAssumes produced Bitcoin is monetized in the same quarter.
/operating_model/cells/downside_2026q4_mining_cash:downside/caseNonedownside
/operating_model/cells/downside_2026q4_mining_cash:downside/formula/opNonemultiply
/operating_model/cells/downside_2026q4_mining_cash:downside/formula/refs/0Nonedownside_2026q4_mining
/operating_model/cells/downside_2026q4_mining_cash:downside/formula/refs/1Nonedownside_2026q4_mining_margin
/operating_model/cells/downside_2026q4_mining_cash:downside/idNonedownside_2026q4_mining_cash
/operating_model/cells/downside_2026q4_mining_cash:downside/kindNonederived
/operating_model/cells/downside_2026q4_mining_cash:downside/labelNoneMining cash contribution
/operating_model/cells/downside_2026q4_mining_cash:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_mining_cash:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_mining_cash:downside/valueNone0.0
/operating_model/cells/downside_2026q4_mining_factor:downside/basisNoneDesk remaining mining footprint and hashprice assumption as the site moves toward HPC.
/operating_model/cells/downside_2026q4_mining_factor:downside/caseNonedownside
/operating_model/cells/downside_2026q4_mining_factor:downside/idNonedownside_2026q4_mining_factor
/operating_model/cells/downside_2026q4_mining_factor:downside/kindNoneassumption
/operating_model/cells/downside_2026q4_mining_factor:downside/labelNoneMining revenue / Q2 baseline
/operating_model/cells/downside_2026q4_mining_factor:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_mining_factor:downside/unitNoneratio
/operating_model/cells/downside_2026q4_mining_factor:downside/valueNone0.65
/operating_model/cells/downside_2026q4_mining_margin:downside/basisNoneDesk cash mining contribution before corporate and financing costs.
/operating_model/cells/downside_2026q4_mining_margin:downside/caseNonedownside
/operating_model/cells/downside_2026q4_mining_margin:downside/idNonedownside_2026q4_mining_margin
/operating_model/cells/downside_2026q4_mining_margin:downside/kindNoneassumption
/operating_model/cells/downside_2026q4_mining_margin:downside/labelNoneMining cash contribution margin
/operating_model/cells/downside_2026q4_mining_margin:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_mining_margin:downside/unitNoneratio
/operating_model/cells/downside_2026q4_mining_margin:downside/valueNone0.0
/operating_model/cells/downside_2026q4_other:downside/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/downside_2026q4_other:downside/caseNonedownside
/operating_model/cells/downside_2026q4_other:downside/idNonedownside_2026q4_other
/operating_model/cells/downside_2026q4_other:downside/kindNoneassumption
/operating_model/cells/downside_2026q4_other:downside/labelNoneOther working-capital and tax uses
/operating_model/cells/downside_2026q4_other:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_other:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_other:downside/valueNone15.0
/operating_model/cells/downside_2026q4_rent_per_mw:downside/basisNoneDesk effective revenue per critical IT MW including lease and variable billings. This is not a disclosed contractual rent or a forecast contract repricing.
/operating_model/cells/downside_2026q4_rent_per_mw:downside/caseNonedownside
/operating_model/cells/downside_2026q4_rent_per_mw:downside/idNonedownside_2026q4_rent_per_mw
/operating_model/cells/downside_2026q4_rent_per_mw:downside/kindNoneassumption
/operating_model/cells/downside_2026q4_rent_per_mw:downside/labelNoneAnnual HPC revenue per Lake Mariner MW
/operating_model/cells/downside_2026q4_rent_per_mw:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_rent_per_mw:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_rent_per_mw:downside/valueNone1.8
/operating_model/cells/downside_2026q4_revenue:downside/basisNoneHPC plus mining; no revenue for long-dated power pipeline.
/operating_model/cells/downside_2026q4_revenue:downside/caseNonedownside
/operating_model/cells/downside_2026q4_revenue:downside/formula/opNonesum
/operating_model/cells/downside_2026q4_revenue:downside/formula/refs/0Nonedownside_2026q4_hpc_revenue
/operating_model/cells/downside_2026q4_revenue:downside/formula/refs/1Nonedownside_2026q4_mining
/operating_model/cells/downside_2026q4_revenue:downside/idNonedownside_2026q4_revenue
/operating_model/cells/downside_2026q4_revenue:downside/kindNonederived
/operating_model/cells/downside_2026q4_revenue:downside/labelNoneConsolidated revenue
/operating_model/cells/downside_2026q4_revenue:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_revenue:downside/valueNone84.84275
/operating_model/cells/downside_2026q4_site_cash:downside/basisNoneBefore corporate costs and financing.
/operating_model/cells/downside_2026q4_site_cash:downside/caseNonedownside
/operating_model/cells/downside_2026q4_site_cash:downside/formula/opNonesum
/operating_model/cells/downside_2026q4_site_cash:downside/formula/refs/0Nonedownside_2026q4_hpc_cash
/operating_model/cells/downside_2026q4_site_cash:downside/formula/refs/1Nonedownside_2026q4_mining_cash
/operating_model/cells/downside_2026q4_site_cash:downside/idNonedownside_2026q4_site_cash
/operating_model/cells/downside_2026q4_site_cash:downside/kindNonederived
/operating_model/cells/downside_2026q4_site_cash:downside/labelNoneSite cash contribution
/operating_model/cells/downside_2026q4_site_cash:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_site_cash:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_site_cash:downside/valueNone34.425000000000004
/operating_model/cells/downside_2026q4_uses:downside/basisNonePositive cash uses; excludes debt principal and acquisitions.
/operating_model/cells/downside_2026q4_uses:downside/caseNonedownside
/operating_model/cells/downside_2026q4_uses:downside/formula/opNonesum
/operating_model/cells/downside_2026q4_uses:downside/formula/refs/0Nonedownside_2026q4_corp
/operating_model/cells/downside_2026q4_uses:downside/formula/refs/1Nonedownside_2026q4_interest
/operating_model/cells/downside_2026q4_uses:downside/formula/refs/2Nonedownside_2026q4_other
/operating_model/cells/downside_2026q4_uses:downside/idNonedownside_2026q4_uses
/operating_model/cells/downside_2026q4_uses:downside/kindNonederived
/operating_model/cells/downside_2026q4_uses:downside/labelNoneCorporate and other cash uses
/operating_model/cells/downside_2026q4_uses:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_uses:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_uses:downside/valueNone125.0
/operating_model/cells/downside_2027q1_capex:downside/basisNoneDesk construction-spend scenario across existing and newly contracted sites; not guidance. Delay/overrun costs exceed early revenue effects in downside.
/operating_model/cells/downside_2027q1_capex:downside/caseNonedownside
/operating_model/cells/downside_2027q1_capex:downside/idNonedownside_2027q1_capex
/operating_model/cells/downside_2027q1_capex:downside/kindNoneassumption
/operating_model/cells/downside_2027q1_capex:downside/labelNoneConstruction cash capex and deposits
/operating_model/cells/downside_2027q1_capex:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_capex:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_capex:downside/valueNone1000.0
/operating_model/cells/downside_2027q1_cash_after_capex:downside/basisNoneBefore asset sales, acquisitions, new financing, restricted reserves and debt principal.
/operating_model/cells/downside_2027q1_cash_after_capex:downside/caseNonedownside
/operating_model/cells/downside_2027q1_cash_after_capex:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q1_cash_after_capex:downside/formula/refs/0Nonedownside_2027q1_cash_before_capex
/operating_model/cells/downside_2027q1_cash_after_capex:downside/formula/refs/1Nonedownside_2027q1_capex
/operating_model/cells/downside_2027q1_cash_after_capex:downside/idNonedownside_2027q1_cash_after_capex
/operating_model/cells/downside_2027q1_cash_after_capex:downside/kindNonederived
/operating_model/cells/downside_2027q1_cash_after_capex:downside/labelNoneCash after capex proxy
/operating_model/cells/downside_2027q1_cash_after_capex:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_cash_after_capex:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_cash_after_capex:downside/valueNone-1063.125
/operating_model/cells/downside_2027q1_cash_before_capex:downside/basisNoneAnalytical cash economics including mining sales; not GAAP CFO.
/operating_model/cells/downside_2027q1_cash_before_capex:downside/caseNonedownside
/operating_model/cells/downside_2027q1_cash_before_capex:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q1_cash_before_capex:downside/formula/refs/0Nonedownside_2027q1_site_cash
/operating_model/cells/downside_2027q1_cash_before_capex:downside/formula/refs/1Nonedownside_2027q1_uses
/operating_model/cells/downside_2027q1_cash_before_capex:downside/idNonedownside_2027q1_cash_before_capex
/operating_model/cells/downside_2027q1_cash_before_capex:downside/kindNonederived
/operating_model/cells/downside_2027q1_cash_before_capex:downside/labelNoneCash before capex proxy
/operating_model/cells/downside_2027q1_cash_before_capex:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_cash_before_capex:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_cash_before_capex:downside/valueNone-63.12499999999999
/operating_model/cells/downside_2027q1_corp:downside/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/downside_2027q1_corp:downside/caseNonedownside
/operating_model/cells/downside_2027q1_corp:downside/idNonedownside_2027q1_corp
/operating_model/cells/downside_2027q1_corp:downside/kindNoneassumption
/operating_model/cells/downside_2027q1_corp:downside/labelNoneCash corporate overhead
/operating_model/cells/downside_2027q1_corp:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_corp:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_corp:downside/valueNone35.0
/operating_model/cells/downside_2027q1_hpc_cash:downside/basisNoneHPC revenue times explicitly assumed ramp cash margin.
/operating_model/cells/downside_2027q1_hpc_cash:downside/caseNonedownside
/operating_model/cells/downside_2027q1_hpc_cash:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q1_hpc_cash:downside/formula/refs/0Nonedownside_2027q1_hpc_revenue
/operating_model/cells/downside_2027q1_hpc_cash:downside/formula/refs/1Nonedownside_2027q1_hpc_margin
/operating_model/cells/downside_2027q1_hpc_cash:downside/idNonedownside_2027q1_hpc_cash
/operating_model/cells/downside_2027q1_hpc_cash:downside/kindNonederived
/operating_model/cells/downside_2027q1_hpc_cash:downside/labelNoneHPC cash contribution
/operating_model/cells/downside_2027q1_hpc_cash:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_hpc_cash:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_hpc_cash:downside/valueNone61.87500000000001
/operating_model/cells/downside_2027q1_hpc_margin:downside/basisNoneDesk ramp margin after site cash operating costs; excludes depreciation and corporate costs. Not GAAP segment profit.
/operating_model/cells/downside_2027q1_hpc_margin:downside/caseNonedownside
/operating_model/cells/downside_2027q1_hpc_margin:downside/idNonedownside_2027q1_hpc_margin
/operating_model/cells/downside_2027q1_hpc_margin:downside/kindNoneassumption
/operating_model/cells/downside_2027q1_hpc_margin:downside/labelNoneHPC cash contribution margin
/operating_model/cells/downside_2027q1_hpc_margin:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_hpc_margin:downside/unitNoneratio
/operating_model/cells/downside_2027q1_hpc_margin:downside/valueNone0.55
/operating_model/cells/downside_2027q1_hpc_revenue:downside/basisNoneModeled rental and variable billings from Lake Mariner and Justified only.
/operating_model/cells/downside_2027q1_hpc_revenue:downside/caseNonedownside
/operating_model/cells/downside_2027q1_hpc_revenue:downside/formula/opNonesum
/operating_model/cells/downside_2027q1_hpc_revenue:downside/formula/refs/0Nonedownside_2027q1_lake_revenue
/operating_model/cells/downside_2027q1_hpc_revenue:downside/formula/refs/1Nonedownside_2027q1_justified_revenue
/operating_model/cells/downside_2027q1_hpc_revenue:downside/idNonedownside_2027q1_hpc_revenue
/operating_model/cells/downside_2027q1_hpc_revenue:downside/kindNonederived
/operating_model/cells/downside_2027q1_hpc_revenue:downside/labelNoneHPC revenue
/operating_model/cells/downside_2027q1_hpc_revenue:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_hpc_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_hpc_revenue:downside/valueNone112.5
/operating_model/cells/downside_2027q1_interest:downside/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/downside_2027q1_interest:downside/caseNonedownside
/operating_model/cells/downside_2027q1_interest:downside/idNonedownside_2027q1_interest
/operating_model/cells/downside_2027q1_interest:downside/kindNoneassumption
/operating_model/cells/downside_2027q1_interest:downside/labelNoneNet cash interest allowance
/operating_model/cells/downside_2027q1_interest:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_interest:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_interest:downside/valueNone75.0
/operating_model/cells/downside_2027q1_justified_fraction:downside/basisNoneAverage delivered MW divided by contracted 401 MW.
/operating_model/cells/downside_2027q1_justified_fraction:downside/caseNonedownside
/operating_model/cells/downside_2027q1_justified_fraction:downside/formula/opNonedivide
/operating_model/cells/downside_2027q1_justified_fraction:downside/formula/refs/0Nonedownside_2027q1_justified_mw
/operating_model/cells/downside_2027q1_justified_fraction:downside/formula/refs/1Nonejustified_full
/operating_model/cells/downside_2027q1_justified_fraction:downside/idNonedownside_2027q1_justified_fraction
/operating_model/cells/downside_2027q1_justified_fraction:downside/kindNonederived
/operating_model/cells/downside_2027q1_justified_fraction:downside/labelNoneJustified active share of full IT capacity
/operating_model/cells/downside_2027q1_justified_fraction:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_justified_fraction:downside/unitNoneratio
/operating_model/cells/downside_2027q1_justified_fraction:downside/valueNone0.0
/operating_model/cells/downside_2027q1_justified_mw:downside/basisNoneDesk commissioning scenario. Company targets first capacity H2 2027 and full delivery starting 2028.
/operating_model/cells/downside_2027q1_justified_mw:downside/caseNonedownside
/operating_model/cells/downside_2027q1_justified_mw:downside/idNonedownside_2027q1_justified_mw
/operating_model/cells/downside_2027q1_justified_mw:downside/kindNoneassumption
/operating_model/cells/downside_2027q1_justified_mw:downside/labelNoneAverage rent-producing Justified IT MW
/operating_model/cells/downside_2027q1_justified_mw:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_justified_mw:downside/unitNoneMW
/operating_model/cells/downside_2027q1_justified_mw:downside/valueNone0.0
/operating_model/cells/downside_2027q1_justified_realization:downside/basisNoneDesk discount to lifetime-average revenue to avoid treating 20-year contract average as first-year rent.
/operating_model/cells/downside_2027q1_justified_realization:downside/caseNonedownside
/operating_model/cells/downside_2027q1_justified_realization:downside/idNonedownside_2027q1_justified_realization
/operating_model/cells/downside_2027q1_justified_realization:downside/kindNoneassumption
/operating_model/cells/downside_2027q1_justified_realization:downside/labelNoneInitial rent / lifetime-average rent
/operating_model/cells/downside_2027q1_justified_realization:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_justified_realization:downside/unitNoneratio
/operating_model/cells/downside_2027q1_justified_realization:downside/valueNone0.8
/operating_model/cells/downside_2027q1_justified_revenue:downside/basisNoneLifetime-average annual contract revenue scaled for active MW, time and initial-rent realization.
/operating_model/cells/downside_2027q1_justified_revenue:downside/caseNonedownside
/operating_model/cells/downside_2027q1_justified_revenue:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q1_justified_revenue:downside/formula/refs/0Nonejustified_annual_average
/operating_model/cells/downside_2027q1_justified_revenue:downside/formula/refs/1Nonedownside_2027q1_justified_fraction
/operating_model/cells/downside_2027q1_justified_revenue:downside/formula/refs/2Nonequarter
/operating_model/cells/downside_2027q1_justified_revenue:downside/formula/refs/3Nonedownside_2027q1_justified_realization
/operating_model/cells/downside_2027q1_justified_revenue:downside/idNonedownside_2027q1_justified_revenue
/operating_model/cells/downside_2027q1_justified_revenue:downside/kindNonederived
/operating_model/cells/downside_2027q1_justified_revenue:downside/labelNoneJustified revenue
/operating_model/cells/downside_2027q1_justified_revenue:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_justified_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_justified_revenue:downside/valueNone0.0
/operating_model/cells/downside_2027q1_lake_mw:downside/basisNoneDesk within-quarter delivery/acceptance assumption; capped at disclosed 438 MW full capacity.
/operating_model/cells/downside_2027q1_lake_mw:downside/caseNonedownside
/operating_model/cells/downside_2027q1_lake_mw:downside/idNonedownside_2027q1_lake_mw
/operating_model/cells/downside_2027q1_lake_mw:downside/kindNoneassumption
/operating_model/cells/downside_2027q1_lake_mw:downside/labelNoneAverage rent-producing Lake Mariner IT MW
/operating_model/cells/downside_2027q1_lake_mw:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_lake_mw:downside/unitNoneMW
/operating_model/cells/downside_2027q1_lake_mw:downside/valueNone250.0
/operating_model/cells/downside_2027q1_lake_revenue:downside/basisNoneAverage MW times annual revenue per MW times one quarter.
/operating_model/cells/downside_2027q1_lake_revenue:downside/caseNonedownside
/operating_model/cells/downside_2027q1_lake_revenue:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q1_lake_revenue:downside/formula/refs/0Nonedownside_2027q1_lake_units
/operating_model/cells/downside_2027q1_lake_revenue:downside/formula/refs/1Nonedownside_2027q1_rent_per_mw
/operating_model/cells/downside_2027q1_lake_revenue:downside/formula/refs/2Nonequarter
/operating_model/cells/downside_2027q1_lake_revenue:downside/idNonedownside_2027q1_lake_revenue
/operating_model/cells/downside_2027q1_lake_revenue:downside/kindNonederived
/operating_model/cells/downside_2027q1_lake_revenue:downside/labelNoneLake Mariner revenue
/operating_model/cells/downside_2027q1_lake_revenue:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_lake_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_lake_revenue:downside/valueNone112.5
/operating_model/cells/downside_2027q1_lake_units:downside/basisNoneNormalize critical IT capacity for per-MW rental economics.
/operating_model/cells/downside_2027q1_lake_units:downside/caseNonedownside
/operating_model/cells/downside_2027q1_lake_units:downside/formula/opNonedivide
/operating_model/cells/downside_2027q1_lake_units:downside/formula/refs/0Nonedownside_2027q1_lake_mw
/operating_model/cells/downside_2027q1_lake_units:downside/formula/refs/1Noneone_mw
/operating_model/cells/downside_2027q1_lake_units:downside/idNonedownside_2027q1_lake_units
/operating_model/cells/downside_2027q1_lake_units:downside/kindNonederived
/operating_model/cells/downside_2027q1_lake_units:downside/labelNoneLake Mariner MW / one MW
/operating_model/cells/downside_2027q1_lake_units:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_lake_units:downside/unitNoneratio
/operating_model/cells/downside_2027q1_lake_units:downside/valueNone250.0
/operating_model/cells/downside_2027q1_mining:downside/basisNoneReported Q2 mining revenue times desk remaining-business factor.
/operating_model/cells/downside_2027q1_mining:downside/caseNonedownside
/operating_model/cells/downside_2027q1_mining:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q1_mining:downside/formula/refs/0Noneh1_q2_mining
/operating_model/cells/downside_2027q1_mining:downside/formula/refs/1Nonedownside_2027q1_mining_factor
/operating_model/cells/downside_2027q1_mining:downside/idNonedownside_2027q1_mining
/operating_model/cells/downside_2027q1_mining:downside/kindNonederived
/operating_model/cells/downside_2027q1_mining:downside/labelNoneMining revenue
/operating_model/cells/downside_2027q1_mining:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_mining:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_mining:downside/valueNone6.4175
/operating_model/cells/downside_2027q1_mining_cash:downside/basisNoneAssumes produced Bitcoin is monetized in the same quarter.
/operating_model/cells/downside_2027q1_mining_cash:downside/caseNonedownside
/operating_model/cells/downside_2027q1_mining_cash:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q1_mining_cash:downside/formula/refs/0Nonedownside_2027q1_mining
/operating_model/cells/downside_2027q1_mining_cash:downside/formula/refs/1Nonedownside_2027q1_mining_margin
/operating_model/cells/downside_2027q1_mining_cash:downside/idNonedownside_2027q1_mining_cash
/operating_model/cells/downside_2027q1_mining_cash:downside/kindNonederived
/operating_model/cells/downside_2027q1_mining_cash:downside/labelNoneMining cash contribution
/operating_model/cells/downside_2027q1_mining_cash:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_mining_cash:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_mining_cash:downside/valueNone0.0
/operating_model/cells/downside_2027q1_mining_factor:downside/basisNoneDesk remaining mining footprint and hashprice assumption as the site moves toward HPC.
/operating_model/cells/downside_2027q1_mining_factor:downside/caseNonedownside
/operating_model/cells/downside_2027q1_mining_factor:downside/idNonedownside_2027q1_mining_factor
/operating_model/cells/downside_2027q1_mining_factor:downside/kindNoneassumption
/operating_model/cells/downside_2027q1_mining_factor:downside/labelNoneMining revenue / Q2 baseline
/operating_model/cells/downside_2027q1_mining_factor:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_mining_factor:downside/unitNoneratio
/operating_model/cells/downside_2027q1_mining_factor:downside/valueNone0.5
/operating_model/cells/downside_2027q1_mining_margin:downside/basisNoneDesk cash mining contribution before corporate and financing costs.
/operating_model/cells/downside_2027q1_mining_margin:downside/caseNonedownside
/operating_model/cells/downside_2027q1_mining_margin:downside/idNonedownside_2027q1_mining_margin
/operating_model/cells/downside_2027q1_mining_margin:downside/kindNoneassumption
/operating_model/cells/downside_2027q1_mining_margin:downside/labelNoneMining cash contribution margin
/operating_model/cells/downside_2027q1_mining_margin:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_mining_margin:downside/unitNoneratio
/operating_model/cells/downside_2027q1_mining_margin:downside/valueNone0.0
/operating_model/cells/downside_2027q1_other:downside/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/downside_2027q1_other:downside/caseNonedownside
/operating_model/cells/downside_2027q1_other:downside/idNonedownside_2027q1_other
/operating_model/cells/downside_2027q1_other:downside/kindNoneassumption
/operating_model/cells/downside_2027q1_other:downside/labelNoneOther working-capital and tax uses
/operating_model/cells/downside_2027q1_other:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_other:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_other:downside/valueNone15.0
/operating_model/cells/downside_2027q1_rent_per_mw:downside/basisNoneDesk effective revenue per critical IT MW including lease and variable billings. This is not a disclosed contractual rent or a forecast contract repricing.
/operating_model/cells/downside_2027q1_rent_per_mw:downside/caseNonedownside
/operating_model/cells/downside_2027q1_rent_per_mw:downside/idNonedownside_2027q1_rent_per_mw
/operating_model/cells/downside_2027q1_rent_per_mw:downside/kindNoneassumption
/operating_model/cells/downside_2027q1_rent_per_mw:downside/labelNoneAnnual HPC revenue per Lake Mariner MW
/operating_model/cells/downside_2027q1_rent_per_mw:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_rent_per_mw:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_rent_per_mw:downside/valueNone1.8
/operating_model/cells/downside_2027q1_revenue:downside/basisNoneHPC plus mining; no revenue for long-dated power pipeline.
/operating_model/cells/downside_2027q1_revenue:downside/caseNonedownside
/operating_model/cells/downside_2027q1_revenue:downside/formula/opNonesum
/operating_model/cells/downside_2027q1_revenue:downside/formula/refs/0Nonedownside_2027q1_hpc_revenue
/operating_model/cells/downside_2027q1_revenue:downside/formula/refs/1Nonedownside_2027q1_mining
/operating_model/cells/downside_2027q1_revenue:downside/idNonedownside_2027q1_revenue
/operating_model/cells/downside_2027q1_revenue:downside/kindNonederived
/operating_model/cells/downside_2027q1_revenue:downside/labelNoneConsolidated revenue
/operating_model/cells/downside_2027q1_revenue:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_revenue:downside/valueNone118.9175
/operating_model/cells/downside_2027q1_site_cash:downside/basisNoneBefore corporate costs and financing.
/operating_model/cells/downside_2027q1_site_cash:downside/caseNonedownside
/operating_model/cells/downside_2027q1_site_cash:downside/formula/opNonesum
/operating_model/cells/downside_2027q1_site_cash:downside/formula/refs/0Nonedownside_2027q1_hpc_cash
/operating_model/cells/downside_2027q1_site_cash:downside/formula/refs/1Nonedownside_2027q1_mining_cash
/operating_model/cells/downside_2027q1_site_cash:downside/idNonedownside_2027q1_site_cash
/operating_model/cells/downside_2027q1_site_cash:downside/kindNonederived
/operating_model/cells/downside_2027q1_site_cash:downside/labelNoneSite cash contribution
/operating_model/cells/downside_2027q1_site_cash:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_site_cash:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_site_cash:downside/valueNone61.87500000000001
/operating_model/cells/downside_2027q1_uses:downside/basisNonePositive cash uses; excludes debt principal and acquisitions.
/operating_model/cells/downside_2027q1_uses:downside/caseNonedownside
/operating_model/cells/downside_2027q1_uses:downside/formula/opNonesum
/operating_model/cells/downside_2027q1_uses:downside/formula/refs/0Nonedownside_2027q1_corp
/operating_model/cells/downside_2027q1_uses:downside/formula/refs/1Nonedownside_2027q1_interest
/operating_model/cells/downside_2027q1_uses:downside/formula/refs/2Nonedownside_2027q1_other
/operating_model/cells/downside_2027q1_uses:downside/idNonedownside_2027q1_uses
/operating_model/cells/downside_2027q1_uses:downside/kindNonederived
/operating_model/cells/downside_2027q1_uses:downside/labelNoneCorporate and other cash uses
/operating_model/cells/downside_2027q1_uses:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_uses:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_uses:downside/valueNone125.0
/operating_model/cells/downside_2027q2_capex:downside/basisNoneDesk construction-spend scenario across existing and newly contracted sites; not guidance. Delay/overrun costs exceed early revenue effects in downside.
/operating_model/cells/downside_2027q2_capex:downside/caseNonedownside
/operating_model/cells/downside_2027q2_capex:downside/idNonedownside_2027q2_capex
/operating_model/cells/downside_2027q2_capex:downside/kindNoneassumption
/operating_model/cells/downside_2027q2_capex:downside/labelNoneConstruction cash capex and deposits
/operating_model/cells/downside_2027q2_capex:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_capex:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_capex:downside/valueNone1100.0
/operating_model/cells/downside_2027q2_cash_after_capex:downside/basisNoneBefore asset sales, acquisitions, new financing, restricted reserves and debt principal.
/operating_model/cells/downside_2027q2_cash_after_capex:downside/caseNonedownside
/operating_model/cells/downside_2027q2_cash_after_capex:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q2_cash_after_capex:downside/formula/refs/0Nonedownside_2027q2_cash_before_capex
/operating_model/cells/downside_2027q2_cash_after_capex:downside/formula/refs/1Nonedownside_2027q2_capex
/operating_model/cells/downside_2027q2_cash_after_capex:downside/idNonedownside_2027q2_cash_after_capex
/operating_model/cells/downside_2027q2_cash_after_capex:downside/kindNonederived
/operating_model/cells/downside_2027q2_cash_after_capex:downside/labelNoneCash after capex proxy
/operating_model/cells/downside_2027q2_cash_after_capex:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_cash_after_capex:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_cash_after_capex:downside/valueNone-1144.0
/operating_model/cells/downside_2027q2_cash_before_capex:downside/basisNoneAnalytical cash economics including mining sales; not GAAP CFO.
/operating_model/cells/downside_2027q2_cash_before_capex:downside/caseNonedownside
/operating_model/cells/downside_2027q2_cash_before_capex:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q2_cash_before_capex:downside/formula/refs/0Nonedownside_2027q2_site_cash
/operating_model/cells/downside_2027q2_cash_before_capex:downside/formula/refs/1Nonedownside_2027q2_uses
/operating_model/cells/downside_2027q2_cash_before_capex:downside/idNonedownside_2027q2_cash_before_capex
/operating_model/cells/downside_2027q2_cash_before_capex:downside/kindNonederived
/operating_model/cells/downside_2027q2_cash_before_capex:downside/labelNoneCash before capex proxy
/operating_model/cells/downside_2027q2_cash_before_capex:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_cash_before_capex:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_cash_before_capex:downside/valueNone-44.0
/operating_model/cells/downside_2027q2_corp:downside/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/downside_2027q2_corp:downside/caseNonedownside
/operating_model/cells/downside_2027q2_corp:downside/idNonedownside_2027q2_corp
/operating_model/cells/downside_2027q2_corp:downside/kindNoneassumption
/operating_model/cells/downside_2027q2_corp:downside/labelNoneCash corporate overhead
/operating_model/cells/downside_2027q2_corp:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_corp:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_corp:downside/valueNone35.0
/operating_model/cells/downside_2027q2_hpc_cash:downside/basisNoneHPC revenue times explicitly assumed ramp cash margin.
/operating_model/cells/downside_2027q2_hpc_cash:downside/caseNonedownside
/operating_model/cells/downside_2027q2_hpc_cash:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q2_hpc_cash:downside/formula/refs/0Nonedownside_2027q2_hpc_revenue
/operating_model/cells/downside_2027q2_hpc_cash:downside/formula/refs/1Nonedownside_2027q2_hpc_margin
/operating_model/cells/downside_2027q2_hpc_cash:downside/idNonedownside_2027q2_hpc_cash
/operating_model/cells/downside_2027q2_hpc_cash:downside/kindNonederived
/operating_model/cells/downside_2027q2_hpc_cash:downside/labelNoneHPC cash contribution
/operating_model/cells/downside_2027q2_hpc_cash:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_hpc_cash:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_hpc_cash:downside/valueNone81.0
/operating_model/cells/downside_2027q2_hpc_margin:downside/basisNoneDesk ramp margin after site cash operating costs; excludes depreciation and corporate costs. Not GAAP segment profit.
/operating_model/cells/downside_2027q2_hpc_margin:downside/caseNonedownside
/operating_model/cells/downside_2027q2_hpc_margin:downside/idNonedownside_2027q2_hpc_margin
/operating_model/cells/downside_2027q2_hpc_margin:downside/kindNoneassumption
/operating_model/cells/downside_2027q2_hpc_margin:downside/labelNoneHPC cash contribution margin
/operating_model/cells/downside_2027q2_hpc_margin:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_hpc_margin:downside/unitNoneratio
/operating_model/cells/downside_2027q2_hpc_margin:downside/valueNone0.6
/operating_model/cells/downside_2027q2_hpc_revenue:downside/basisNoneModeled rental and variable billings from Lake Mariner and Justified only.
/operating_model/cells/downside_2027q2_hpc_revenue:downside/caseNonedownside
/operating_model/cells/downside_2027q2_hpc_revenue:downside/formula/opNonesum
/operating_model/cells/downside_2027q2_hpc_revenue:downside/formula/refs/0Nonedownside_2027q2_lake_revenue
/operating_model/cells/downside_2027q2_hpc_revenue:downside/formula/refs/1Nonedownside_2027q2_justified_revenue
/operating_model/cells/downside_2027q2_hpc_revenue:downside/idNonedownside_2027q2_hpc_revenue
/operating_model/cells/downside_2027q2_hpc_revenue:downside/kindNonederived
/operating_model/cells/downside_2027q2_hpc_revenue:downside/labelNoneHPC revenue
/operating_model/cells/downside_2027q2_hpc_revenue:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_hpc_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_hpc_revenue:downside/valueNone135.0
/operating_model/cells/downside_2027q2_interest:downside/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/downside_2027q2_interest:downside/caseNonedownside
/operating_model/cells/downside_2027q2_interest:downside/idNonedownside_2027q2_interest
/operating_model/cells/downside_2027q2_interest:downside/kindNoneassumption
/operating_model/cells/downside_2027q2_interest:downside/labelNoneNet cash interest allowance
/operating_model/cells/downside_2027q2_interest:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_interest:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_interest:downside/valueNone75.0
/operating_model/cells/downside_2027q2_justified_fraction:downside/basisNoneAverage delivered MW divided by contracted 401 MW.
/operating_model/cells/downside_2027q2_justified_fraction:downside/caseNonedownside
/operating_model/cells/downside_2027q2_justified_fraction:downside/formula/opNonedivide
/operating_model/cells/downside_2027q2_justified_fraction:downside/formula/refs/0Nonedownside_2027q2_justified_mw
/operating_model/cells/downside_2027q2_justified_fraction:downside/formula/refs/1Nonejustified_full
/operating_model/cells/downside_2027q2_justified_fraction:downside/idNonedownside_2027q2_justified_fraction
/operating_model/cells/downside_2027q2_justified_fraction:downside/kindNonederived
/operating_model/cells/downside_2027q2_justified_fraction:downside/labelNoneJustified active share of full IT capacity
/operating_model/cells/downside_2027q2_justified_fraction:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_justified_fraction:downside/unitNoneratio
/operating_model/cells/downside_2027q2_justified_fraction:downside/valueNone0.0
/operating_model/cells/downside_2027q2_justified_mw:downside/basisNoneDesk commissioning scenario. Company targets first capacity H2 2027 and full delivery starting 2028.
/operating_model/cells/downside_2027q2_justified_mw:downside/caseNonedownside
/operating_model/cells/downside_2027q2_justified_mw:downside/idNonedownside_2027q2_justified_mw
/operating_model/cells/downside_2027q2_justified_mw:downside/kindNoneassumption
/operating_model/cells/downside_2027q2_justified_mw:downside/labelNoneAverage rent-producing Justified IT MW
/operating_model/cells/downside_2027q2_justified_mw:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_justified_mw:downside/unitNoneMW
/operating_model/cells/downside_2027q2_justified_mw:downside/valueNone0.0
/operating_model/cells/downside_2027q2_justified_realization:downside/basisNoneDesk discount to lifetime-average revenue to avoid treating 20-year contract average as first-year rent.
/operating_model/cells/downside_2027q2_justified_realization:downside/caseNonedownside
/operating_model/cells/downside_2027q2_justified_realization:downside/idNonedownside_2027q2_justified_realization
/operating_model/cells/downside_2027q2_justified_realization:downside/kindNoneassumption
/operating_model/cells/downside_2027q2_justified_realization:downside/labelNoneInitial rent / lifetime-average rent
/operating_model/cells/downside_2027q2_justified_realization:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_justified_realization:downside/unitNoneratio
/operating_model/cells/downside_2027q2_justified_realization:downside/valueNone0.8
/operating_model/cells/downside_2027q2_justified_revenue:downside/basisNoneLifetime-average annual contract revenue scaled for active MW, time and initial-rent realization.
/operating_model/cells/downside_2027q2_justified_revenue:downside/caseNonedownside
/operating_model/cells/downside_2027q2_justified_revenue:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q2_justified_revenue:downside/formula/refs/0Nonejustified_annual_average
/operating_model/cells/downside_2027q2_justified_revenue:downside/formula/refs/1Nonedownside_2027q2_justified_fraction
/operating_model/cells/downside_2027q2_justified_revenue:downside/formula/refs/2Nonequarter
/operating_model/cells/downside_2027q2_justified_revenue:downside/formula/refs/3Nonedownside_2027q2_justified_realization
/operating_model/cells/downside_2027q2_justified_revenue:downside/idNonedownside_2027q2_justified_revenue
/operating_model/cells/downside_2027q2_justified_revenue:downside/kindNonederived
/operating_model/cells/downside_2027q2_justified_revenue:downside/labelNoneJustified revenue
/operating_model/cells/downside_2027q2_justified_revenue:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_justified_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_justified_revenue:downside/valueNone0.0
/operating_model/cells/downside_2027q2_lake_mw:downside/basisNoneDesk within-quarter delivery/acceptance assumption; capped at disclosed 438 MW full capacity.
/operating_model/cells/downside_2027q2_lake_mw:downside/caseNonedownside
/operating_model/cells/downside_2027q2_lake_mw:downside/idNonedownside_2027q2_lake_mw
/operating_model/cells/downside_2027q2_lake_mw:downside/kindNoneassumption
/operating_model/cells/downside_2027q2_lake_mw:downside/labelNoneAverage rent-producing Lake Mariner IT MW
/operating_model/cells/downside_2027q2_lake_mw:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_lake_mw:downside/unitNoneMW
/operating_model/cells/downside_2027q2_lake_mw:downside/valueNone300.0
/operating_model/cells/downside_2027q2_lake_revenue:downside/basisNoneAverage MW times annual revenue per MW times one quarter.
/operating_model/cells/downside_2027q2_lake_revenue:downside/caseNonedownside
/operating_model/cells/downside_2027q2_lake_revenue:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q2_lake_revenue:downside/formula/refs/0Nonedownside_2027q2_lake_units
/operating_model/cells/downside_2027q2_lake_revenue:downside/formula/refs/1Nonedownside_2027q2_rent_per_mw
/operating_model/cells/downside_2027q2_lake_revenue:downside/formula/refs/2Nonequarter
/operating_model/cells/downside_2027q2_lake_revenue:downside/idNonedownside_2027q2_lake_revenue
/operating_model/cells/downside_2027q2_lake_revenue:downside/kindNonederived
/operating_model/cells/downside_2027q2_lake_revenue:downside/labelNoneLake Mariner revenue
/operating_model/cells/downside_2027q2_lake_revenue:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_lake_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_lake_revenue:downside/valueNone135.0
/operating_model/cells/downside_2027q2_lake_units:downside/basisNoneNormalize critical IT capacity for per-MW rental economics.
/operating_model/cells/downside_2027q2_lake_units:downside/caseNonedownside
/operating_model/cells/downside_2027q2_lake_units:downside/formula/opNonedivide
/operating_model/cells/downside_2027q2_lake_units:downside/formula/refs/0Nonedownside_2027q2_lake_mw
/operating_model/cells/downside_2027q2_lake_units:downside/formula/refs/1Noneone_mw
/operating_model/cells/downside_2027q2_lake_units:downside/idNonedownside_2027q2_lake_units
/operating_model/cells/downside_2027q2_lake_units:downside/kindNonederived
/operating_model/cells/downside_2027q2_lake_units:downside/labelNoneLake Mariner MW / one MW
/operating_model/cells/downside_2027q2_lake_units:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_lake_units:downside/unitNoneratio
/operating_model/cells/downside_2027q2_lake_units:downside/valueNone300.0
/operating_model/cells/downside_2027q2_mining:downside/basisNoneReported Q2 mining revenue times desk remaining-business factor.
/operating_model/cells/downside_2027q2_mining:downside/caseNonedownside
/operating_model/cells/downside_2027q2_mining:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q2_mining:downside/formula/refs/0Noneh1_q2_mining
/operating_model/cells/downside_2027q2_mining:downside/formula/refs/1Nonedownside_2027q2_mining_factor
/operating_model/cells/downside_2027q2_mining:downside/idNonedownside_2027q2_mining
/operating_model/cells/downside_2027q2_mining:downside/kindNonederived
/operating_model/cells/downside_2027q2_mining:downside/labelNoneMining revenue
/operating_model/cells/downside_2027q2_mining:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_mining:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_mining:downside/valueNone4.49225
/operating_model/cells/downside_2027q2_mining_cash:downside/basisNoneAssumes produced Bitcoin is monetized in the same quarter.
/operating_model/cells/downside_2027q2_mining_cash:downside/caseNonedownside
/operating_model/cells/downside_2027q2_mining_cash:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q2_mining_cash:downside/formula/refs/0Nonedownside_2027q2_mining
/operating_model/cells/downside_2027q2_mining_cash:downside/formula/refs/1Nonedownside_2027q2_mining_margin
/operating_model/cells/downside_2027q2_mining_cash:downside/idNonedownside_2027q2_mining_cash
/operating_model/cells/downside_2027q2_mining_cash:downside/kindNonederived
/operating_model/cells/downside_2027q2_mining_cash:downside/labelNoneMining cash contribution
/operating_model/cells/downside_2027q2_mining_cash:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_mining_cash:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_mining_cash:downside/valueNone0.0
/operating_model/cells/downside_2027q2_mining_factor:downside/basisNoneDesk remaining mining footprint and hashprice assumption as the site moves toward HPC.
/operating_model/cells/downside_2027q2_mining_factor:downside/caseNonedownside
/operating_model/cells/downside_2027q2_mining_factor:downside/idNonedownside_2027q2_mining_factor
/operating_model/cells/downside_2027q2_mining_factor:downside/kindNoneassumption
/operating_model/cells/downside_2027q2_mining_factor:downside/labelNoneMining revenue / Q2 baseline
/operating_model/cells/downside_2027q2_mining_factor:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_mining_factor:downside/unitNoneratio
/operating_model/cells/downside_2027q2_mining_factor:downside/valueNone0.35
/operating_model/cells/downside_2027q2_mining_margin:downside/basisNoneDesk cash mining contribution before corporate and financing costs.
/operating_model/cells/downside_2027q2_mining_margin:downside/caseNonedownside
/operating_model/cells/downside_2027q2_mining_margin:downside/idNonedownside_2027q2_mining_margin
/operating_model/cells/downside_2027q2_mining_margin:downside/kindNoneassumption
/operating_model/cells/downside_2027q2_mining_margin:downside/labelNoneMining cash contribution margin
/operating_model/cells/downside_2027q2_mining_margin:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_mining_margin:downside/unitNoneratio
/operating_model/cells/downside_2027q2_mining_margin:downside/valueNone0.0
/operating_model/cells/downside_2027q2_other:downside/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/downside_2027q2_other:downside/caseNonedownside
/operating_model/cells/downside_2027q2_other:downside/idNonedownside_2027q2_other
/operating_model/cells/downside_2027q2_other:downside/kindNoneassumption
/operating_model/cells/downside_2027q2_other:downside/labelNoneOther working-capital and tax uses
/operating_model/cells/downside_2027q2_other:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_other:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_other:downside/valueNone15.0
/operating_model/cells/downside_2027q2_rent_per_mw:downside/basisNoneDesk effective revenue per critical IT MW including lease and variable billings. This is not a disclosed contractual rent or a forecast contract repricing.
/operating_model/cells/downside_2027q2_rent_per_mw:downside/caseNonedownside
/operating_model/cells/downside_2027q2_rent_per_mw:downside/idNonedownside_2027q2_rent_per_mw
/operating_model/cells/downside_2027q2_rent_per_mw:downside/kindNoneassumption
/operating_model/cells/downside_2027q2_rent_per_mw:downside/labelNoneAnnual HPC revenue per Lake Mariner MW
/operating_model/cells/downside_2027q2_rent_per_mw:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_rent_per_mw:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_rent_per_mw:downside/valueNone1.8
/operating_model/cells/downside_2027q2_revenue:downside/basisNoneHPC plus mining; no revenue for long-dated power pipeline.
/operating_model/cells/downside_2027q2_revenue:downside/caseNonedownside
/operating_model/cells/downside_2027q2_revenue:downside/formula/opNonesum
/operating_model/cells/downside_2027q2_revenue:downside/formula/refs/0Nonedownside_2027q2_hpc_revenue
/operating_model/cells/downside_2027q2_revenue:downside/formula/refs/1Nonedownside_2027q2_mining
/operating_model/cells/downside_2027q2_revenue:downside/idNonedownside_2027q2_revenue
/operating_model/cells/downside_2027q2_revenue:downside/kindNonederived
/operating_model/cells/downside_2027q2_revenue:downside/labelNoneConsolidated revenue
/operating_model/cells/downside_2027q2_revenue:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_revenue:downside/valueNone139.49225
/operating_model/cells/downside_2027q2_site_cash:downside/basisNoneBefore corporate costs and financing.
/operating_model/cells/downside_2027q2_site_cash:downside/caseNonedownside
/operating_model/cells/downside_2027q2_site_cash:downside/formula/opNonesum
/operating_model/cells/downside_2027q2_site_cash:downside/formula/refs/0Nonedownside_2027q2_hpc_cash
/operating_model/cells/downside_2027q2_site_cash:downside/formula/refs/1Nonedownside_2027q2_mining_cash
/operating_model/cells/downside_2027q2_site_cash:downside/idNonedownside_2027q2_site_cash
/operating_model/cells/downside_2027q2_site_cash:downside/kindNonederived
/operating_model/cells/downside_2027q2_site_cash:downside/labelNoneSite cash contribution
/operating_model/cells/downside_2027q2_site_cash:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_site_cash:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_site_cash:downside/valueNone81.0
/operating_model/cells/downside_2027q2_uses:downside/basisNonePositive cash uses; excludes debt principal and acquisitions.
/operating_model/cells/downside_2027q2_uses:downside/caseNonedownside
/operating_model/cells/downside_2027q2_uses:downside/formula/opNonesum
/operating_model/cells/downside_2027q2_uses:downside/formula/refs/0Nonedownside_2027q2_corp
/operating_model/cells/downside_2027q2_uses:downside/formula/refs/1Nonedownside_2027q2_interest
/operating_model/cells/downside_2027q2_uses:downside/formula/refs/2Nonedownside_2027q2_other
/operating_model/cells/downside_2027q2_uses:downside/idNonedownside_2027q2_uses
/operating_model/cells/downside_2027q2_uses:downside/kindNonederived
/operating_model/cells/downside_2027q2_uses:downside/labelNoneCorporate and other cash uses
/operating_model/cells/downside_2027q2_uses:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_uses:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_uses:downside/valueNone125.0
/operating_model/cells/downside_2027q3_capex:downside/basisNoneDesk construction-spend scenario across existing and newly contracted sites; not guidance. Delay/overrun costs exceed early revenue effects in downside.
/operating_model/cells/downside_2027q3_capex:downside/caseNonedownside
/operating_model/cells/downside_2027q3_capex:downside/idNonedownside_2027q3_capex
/operating_model/cells/downside_2027q3_capex:downside/kindNoneassumption
/operating_model/cells/downside_2027q3_capex:downside/labelNoneConstruction cash capex and deposits
/operating_model/cells/downside_2027q3_capex:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_capex:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_capex:downside/valueNone1150.0
/operating_model/cells/downside_2027q3_cash_after_capex:downside/basisNoneBefore asset sales, acquisitions, new financing, restricted reserves and debt principal.
/operating_model/cells/downside_2027q3_cash_after_capex:downside/caseNonedownside
/operating_model/cells/downside_2027q3_cash_after_capex:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q3_cash_after_capex:downside/formula/refs/0Nonedownside_2027q3_cash_before_capex
/operating_model/cells/downside_2027q3_cash_after_capex:downside/formula/refs/1Nonedownside_2027q3_capex
/operating_model/cells/downside_2027q3_cash_after_capex:downside/idNonedownside_2027q3_cash_after_capex
/operating_model/cells/downside_2027q3_cash_after_capex:downside/kindNonederived
/operating_model/cells/downside_2027q3_cash_after_capex:downside/labelNoneCash after capex proxy
/operating_model/cells/downside_2027q3_cash_after_capex:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_cash_after_capex:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_cash_after_capex:downside/valueNone-1177.8
/operating_model/cells/downside_2027q3_cash_before_capex:downside/basisNoneAnalytical cash economics including mining sales; not GAAP CFO.
/operating_model/cells/downside_2027q3_cash_before_capex:downside/caseNonedownside
/operating_model/cells/downside_2027q3_cash_before_capex:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q3_cash_before_capex:downside/formula/refs/0Nonedownside_2027q3_site_cash
/operating_model/cells/downside_2027q3_cash_before_capex:downside/formula/refs/1Nonedownside_2027q3_uses
/operating_model/cells/downside_2027q3_cash_before_capex:downside/idNonedownside_2027q3_cash_before_capex
/operating_model/cells/downside_2027q3_cash_before_capex:downside/kindNonederived
/operating_model/cells/downside_2027q3_cash_before_capex:downside/labelNoneCash before capex proxy
/operating_model/cells/downside_2027q3_cash_before_capex:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_cash_before_capex:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_cash_before_capex:downside/valueNone-27.799999999999997
/operating_model/cells/downside_2027q3_corp:downside/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/downside_2027q3_corp:downside/caseNonedownside
/operating_model/cells/downside_2027q3_corp:downside/idNonedownside_2027q3_corp
/operating_model/cells/downside_2027q3_corp:downside/kindNoneassumption
/operating_model/cells/downside_2027q3_corp:downside/labelNoneCash corporate overhead
/operating_model/cells/downside_2027q3_corp:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_corp:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_corp:downside/valueNone35.0
/operating_model/cells/downside_2027q3_hpc_cash:downside/basisNoneHPC revenue times explicitly assumed ramp cash margin.
/operating_model/cells/downside_2027q3_hpc_cash:downside/caseNonedownside
/operating_model/cells/downside_2027q3_hpc_cash:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q3_hpc_cash:downside/formula/refs/0Nonedownside_2027q3_hpc_revenue
/operating_model/cells/downside_2027q3_hpc_cash:downside/formula/refs/1Nonedownside_2027q3_hpc_margin
/operating_model/cells/downside_2027q3_hpc_cash:downside/idNonedownside_2027q3_hpc_cash
/operating_model/cells/downside_2027q3_hpc_cash:downside/kindNonederived
/operating_model/cells/downside_2027q3_hpc_cash:downside/labelNoneHPC cash contribution
/operating_model/cells/downside_2027q3_hpc_cash:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_hpc_cash:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_hpc_cash:downside/valueNone97.2
/operating_model/cells/downside_2027q3_hpc_margin:downside/basisNoneDesk ramp margin after site cash operating costs; excludes depreciation and corporate costs. Not GAAP segment profit.
/operating_model/cells/downside_2027q3_hpc_margin:downside/caseNonedownside
/operating_model/cells/downside_2027q3_hpc_margin:downside/idNonedownside_2027q3_hpc_margin
/operating_model/cells/downside_2027q3_hpc_margin:downside/kindNoneassumption
/operating_model/cells/downside_2027q3_hpc_margin:downside/labelNoneHPC cash contribution margin
/operating_model/cells/downside_2027q3_hpc_margin:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_hpc_margin:downside/unitNoneratio
/operating_model/cells/downside_2027q3_hpc_margin:downside/valueNone0.6
/operating_model/cells/downside_2027q3_hpc_revenue:downside/basisNoneModeled rental and variable billings from Lake Mariner and Justified only.
/operating_model/cells/downside_2027q3_hpc_revenue:downside/caseNonedownside
/operating_model/cells/downside_2027q3_hpc_revenue:downside/formula/opNonesum
/operating_model/cells/downside_2027q3_hpc_revenue:downside/formula/refs/0Nonedownside_2027q3_lake_revenue
/operating_model/cells/downside_2027q3_hpc_revenue:downside/formula/refs/1Nonedownside_2027q3_justified_revenue
/operating_model/cells/downside_2027q3_hpc_revenue:downside/idNonedownside_2027q3_hpc_revenue
/operating_model/cells/downside_2027q3_hpc_revenue:downside/kindNonederived
/operating_model/cells/downside_2027q3_hpc_revenue:downside/labelNoneHPC revenue
/operating_model/cells/downside_2027q3_hpc_revenue:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_hpc_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_hpc_revenue:downside/valueNone162.0
/operating_model/cells/downside_2027q3_interest:downside/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/downside_2027q3_interest:downside/caseNonedownside
/operating_model/cells/downside_2027q3_interest:downside/idNonedownside_2027q3_interest
/operating_model/cells/downside_2027q3_interest:downside/kindNoneassumption
/operating_model/cells/downside_2027q3_interest:downside/labelNoneNet cash interest allowance
/operating_model/cells/downside_2027q3_interest:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_interest:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_interest:downside/valueNone75.0
/operating_model/cells/downside_2027q3_justified_fraction:downside/basisNoneAverage delivered MW divided by contracted 401 MW.
/operating_model/cells/downside_2027q3_justified_fraction:downside/caseNonedownside
/operating_model/cells/downside_2027q3_justified_fraction:downside/formula/opNonedivide
/operating_model/cells/downside_2027q3_justified_fraction:downside/formula/refs/0Nonedownside_2027q3_justified_mw
/operating_model/cells/downside_2027q3_justified_fraction:downside/formula/refs/1Nonejustified_full
/operating_model/cells/downside_2027q3_justified_fraction:downside/idNonedownside_2027q3_justified_fraction
/operating_model/cells/downside_2027q3_justified_fraction:downside/kindNonederived
/operating_model/cells/downside_2027q3_justified_fraction:downside/labelNoneJustified active share of full IT capacity
/operating_model/cells/downside_2027q3_justified_fraction:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_justified_fraction:downside/unitNoneratio
/operating_model/cells/downside_2027q3_justified_fraction:downside/valueNone0.0
/operating_model/cells/downside_2027q3_justified_mw:downside/basisNoneDesk commissioning scenario. Company targets first capacity H2 2027 and full delivery starting 2028.
/operating_model/cells/downside_2027q3_justified_mw:downside/caseNonedownside
/operating_model/cells/downside_2027q3_justified_mw:downside/idNonedownside_2027q3_justified_mw
/operating_model/cells/downside_2027q3_justified_mw:downside/kindNoneassumption
/operating_model/cells/downside_2027q3_justified_mw:downside/labelNoneAverage rent-producing Justified IT MW
/operating_model/cells/downside_2027q3_justified_mw:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_justified_mw:downside/unitNoneMW
/operating_model/cells/downside_2027q3_justified_mw:downside/valueNone0.0
/operating_model/cells/downside_2027q3_justified_realization:downside/basisNoneDesk discount to lifetime-average revenue to avoid treating 20-year contract average as first-year rent.
/operating_model/cells/downside_2027q3_justified_realization:downside/caseNonedownside
/operating_model/cells/downside_2027q3_justified_realization:downside/idNonedownside_2027q3_justified_realization
/operating_model/cells/downside_2027q3_justified_realization:downside/kindNoneassumption
/operating_model/cells/downside_2027q3_justified_realization:downside/labelNoneInitial rent / lifetime-average rent
/operating_model/cells/downside_2027q3_justified_realization:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_justified_realization:downside/unitNoneratio
/operating_model/cells/downside_2027q3_justified_realization:downside/valueNone0.8
/operating_model/cells/downside_2027q3_justified_revenue:downside/basisNoneLifetime-average annual contract revenue scaled for active MW, time and initial-rent realization.
/operating_model/cells/downside_2027q3_justified_revenue:downside/caseNonedownside
/operating_model/cells/downside_2027q3_justified_revenue:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q3_justified_revenue:downside/formula/refs/0Nonejustified_annual_average
/operating_model/cells/downside_2027q3_justified_revenue:downside/formula/refs/1Nonedownside_2027q3_justified_fraction
/operating_model/cells/downside_2027q3_justified_revenue:downside/formula/refs/2Nonequarter
/operating_model/cells/downside_2027q3_justified_revenue:downside/formula/refs/3Nonedownside_2027q3_justified_realization
/operating_model/cells/downside_2027q3_justified_revenue:downside/idNonedownside_2027q3_justified_revenue
/operating_model/cells/downside_2027q3_justified_revenue:downside/kindNonederived
/operating_model/cells/downside_2027q3_justified_revenue:downside/labelNoneJustified revenue
/operating_model/cells/downside_2027q3_justified_revenue:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_justified_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_justified_revenue:downside/valueNone0.0
/operating_model/cells/downside_2027q3_lake_mw:downside/basisNoneDesk within-quarter delivery/acceptance assumption; capped at disclosed 438 MW full capacity.
/operating_model/cells/downside_2027q3_lake_mw:downside/caseNonedownside
/operating_model/cells/downside_2027q3_lake_mw:downside/idNonedownside_2027q3_lake_mw
/operating_model/cells/downside_2027q3_lake_mw:downside/kindNoneassumption
/operating_model/cells/downside_2027q3_lake_mw:downside/labelNoneAverage rent-producing Lake Mariner IT MW
/operating_model/cells/downside_2027q3_lake_mw:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_lake_mw:downside/unitNoneMW
/operating_model/cells/downside_2027q3_lake_mw:downside/valueNone360.0
/operating_model/cells/downside_2027q3_lake_revenue:downside/basisNoneAverage MW times annual revenue per MW times one quarter.
/operating_model/cells/downside_2027q3_lake_revenue:downside/caseNonedownside
/operating_model/cells/downside_2027q3_lake_revenue:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q3_lake_revenue:downside/formula/refs/0Nonedownside_2027q3_lake_units
/operating_model/cells/downside_2027q3_lake_revenue:downside/formula/refs/1Nonedownside_2027q3_rent_per_mw
/operating_model/cells/downside_2027q3_lake_revenue:downside/formula/refs/2Nonequarter
/operating_model/cells/downside_2027q3_lake_revenue:downside/idNonedownside_2027q3_lake_revenue
/operating_model/cells/downside_2027q3_lake_revenue:downside/kindNonederived
/operating_model/cells/downside_2027q3_lake_revenue:downside/labelNoneLake Mariner revenue
/operating_model/cells/downside_2027q3_lake_revenue:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_lake_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_lake_revenue:downside/valueNone162.0
/operating_model/cells/downside_2027q3_lake_units:downside/basisNoneNormalize critical IT capacity for per-MW rental economics.
/operating_model/cells/downside_2027q3_lake_units:downside/caseNonedownside
/operating_model/cells/downside_2027q3_lake_units:downside/formula/opNonedivide
/operating_model/cells/downside_2027q3_lake_units:downside/formula/refs/0Nonedownside_2027q3_lake_mw
/operating_model/cells/downside_2027q3_lake_units:downside/formula/refs/1Noneone_mw
/operating_model/cells/downside_2027q3_lake_units:downside/idNonedownside_2027q3_lake_units
/operating_model/cells/downside_2027q3_lake_units:downside/kindNonederived
/operating_model/cells/downside_2027q3_lake_units:downside/labelNoneLake Mariner MW / one MW
/operating_model/cells/downside_2027q3_lake_units:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_lake_units:downside/unitNoneratio
/operating_model/cells/downside_2027q3_lake_units:downside/valueNone360.0
/operating_model/cells/downside_2027q3_mining:downside/basisNoneReported Q2 mining revenue times desk remaining-business factor.
/operating_model/cells/downside_2027q3_mining:downside/caseNonedownside
/operating_model/cells/downside_2027q3_mining:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q3_mining:downside/formula/refs/0Noneh1_q2_mining
/operating_model/cells/downside_2027q3_mining:downside/formula/refs/1Nonedownside_2027q3_mining_factor
/operating_model/cells/downside_2027q3_mining:downside/idNonedownside_2027q3_mining
/operating_model/cells/downside_2027q3_mining:downside/kindNonederived
/operating_model/cells/downside_2027q3_mining:downside/labelNoneMining revenue
/operating_model/cells/downside_2027q3_mining:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_mining:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_mining:downside/valueNone2.567
/operating_model/cells/downside_2027q3_mining_cash:downside/basisNoneAssumes produced Bitcoin is monetized in the same quarter.
/operating_model/cells/downside_2027q3_mining_cash:downside/caseNonedownside
/operating_model/cells/downside_2027q3_mining_cash:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q3_mining_cash:downside/formula/refs/0Nonedownside_2027q3_mining
/operating_model/cells/downside_2027q3_mining_cash:downside/formula/refs/1Nonedownside_2027q3_mining_margin
/operating_model/cells/downside_2027q3_mining_cash:downside/idNonedownside_2027q3_mining_cash
/operating_model/cells/downside_2027q3_mining_cash:downside/kindNonederived
/operating_model/cells/downside_2027q3_mining_cash:downside/labelNoneMining cash contribution
/operating_model/cells/downside_2027q3_mining_cash:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_mining_cash:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_mining_cash:downside/valueNone0.0
/operating_model/cells/downside_2027q3_mining_factor:downside/basisNoneDesk remaining mining footprint and hashprice assumption as the site moves toward HPC.
/operating_model/cells/downside_2027q3_mining_factor:downside/caseNonedownside
/operating_model/cells/downside_2027q3_mining_factor:downside/idNonedownside_2027q3_mining_factor
/operating_model/cells/downside_2027q3_mining_factor:downside/kindNoneassumption
/operating_model/cells/downside_2027q3_mining_factor:downside/labelNoneMining revenue / Q2 baseline
/operating_model/cells/downside_2027q3_mining_factor:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_mining_factor:downside/unitNoneratio
/operating_model/cells/downside_2027q3_mining_factor:downside/valueNone0.2
/operating_model/cells/downside_2027q3_mining_margin:downside/basisNoneDesk cash mining contribution before corporate and financing costs.
/operating_model/cells/downside_2027q3_mining_margin:downside/caseNonedownside
/operating_model/cells/downside_2027q3_mining_margin:downside/idNonedownside_2027q3_mining_margin
/operating_model/cells/downside_2027q3_mining_margin:downside/kindNoneassumption
/operating_model/cells/downside_2027q3_mining_margin:downside/labelNoneMining cash contribution margin
/operating_model/cells/downside_2027q3_mining_margin:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_mining_margin:downside/unitNoneratio
/operating_model/cells/downside_2027q3_mining_margin:downside/valueNone0.0
/operating_model/cells/downside_2027q3_other:downside/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/downside_2027q3_other:downside/caseNonedownside
/operating_model/cells/downside_2027q3_other:downside/idNonedownside_2027q3_other
/operating_model/cells/downside_2027q3_other:downside/kindNoneassumption
/operating_model/cells/downside_2027q3_other:downside/labelNoneOther working-capital and tax uses
/operating_model/cells/downside_2027q3_other:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_other:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_other:downside/valueNone15.0
/operating_model/cells/downside_2027q3_rent_per_mw:downside/basisNoneDesk effective revenue per critical IT MW including lease and variable billings. This is not a disclosed contractual rent or a forecast contract repricing.
/operating_model/cells/downside_2027q3_rent_per_mw:downside/caseNonedownside
/operating_model/cells/downside_2027q3_rent_per_mw:downside/idNonedownside_2027q3_rent_per_mw
/operating_model/cells/downside_2027q3_rent_per_mw:downside/kindNoneassumption
/operating_model/cells/downside_2027q3_rent_per_mw:downside/labelNoneAnnual HPC revenue per Lake Mariner MW
/operating_model/cells/downside_2027q3_rent_per_mw:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_rent_per_mw:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_rent_per_mw:downside/valueNone1.8
/operating_model/cells/downside_2027q3_revenue:downside/basisNoneHPC plus mining; no revenue for long-dated power pipeline.
/operating_model/cells/downside_2027q3_revenue:downside/caseNonedownside
/operating_model/cells/downside_2027q3_revenue:downside/formula/opNonesum
/operating_model/cells/downside_2027q3_revenue:downside/formula/refs/0Nonedownside_2027q3_hpc_revenue
/operating_model/cells/downside_2027q3_revenue:downside/formula/refs/1Nonedownside_2027q3_mining
/operating_model/cells/downside_2027q3_revenue:downside/idNonedownside_2027q3_revenue
/operating_model/cells/downside_2027q3_revenue:downside/kindNonederived
/operating_model/cells/downside_2027q3_revenue:downside/labelNoneConsolidated revenue
/operating_model/cells/downside_2027q3_revenue:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_revenue:downside/valueNone164.567
/operating_model/cells/downside_2027q3_site_cash:downside/basisNoneBefore corporate costs and financing.
/operating_model/cells/downside_2027q3_site_cash:downside/caseNonedownside
/operating_model/cells/downside_2027q3_site_cash:downside/formula/opNonesum
/operating_model/cells/downside_2027q3_site_cash:downside/formula/refs/0Nonedownside_2027q3_hpc_cash
/operating_model/cells/downside_2027q3_site_cash:downside/formula/refs/1Nonedownside_2027q3_mining_cash
/operating_model/cells/downside_2027q3_site_cash:downside/idNonedownside_2027q3_site_cash
/operating_model/cells/downside_2027q3_site_cash:downside/kindNonederived
/operating_model/cells/downside_2027q3_site_cash:downside/labelNoneSite cash contribution
/operating_model/cells/downside_2027q3_site_cash:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_site_cash:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_site_cash:downside/valueNone97.2
/operating_model/cells/downside_2027q3_uses:downside/basisNonePositive cash uses; excludes debt principal and acquisitions.
/operating_model/cells/downside_2027q3_uses:downside/caseNonedownside
/operating_model/cells/downside_2027q3_uses:downside/formula/opNonesum
/operating_model/cells/downside_2027q3_uses:downside/formula/refs/0Nonedownside_2027q3_corp
/operating_model/cells/downside_2027q3_uses:downside/formula/refs/1Nonedownside_2027q3_interest
/operating_model/cells/downside_2027q3_uses:downside/formula/refs/2Nonedownside_2027q3_other
/operating_model/cells/downside_2027q3_uses:downside/idNonedownside_2027q3_uses
/operating_model/cells/downside_2027q3_uses:downside/kindNonederived
/operating_model/cells/downside_2027q3_uses:downside/labelNoneCorporate and other cash uses
/operating_model/cells/downside_2027q3_uses:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_uses:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_uses:downside/valueNone125.0
/operating_model/cells/downside_2027q4_capex:downside/basisNoneDesk construction-spend scenario across existing and newly contracted sites; not guidance. Delay/overrun costs exceed early revenue effects in downside.
/operating_model/cells/downside_2027q4_capex:downside/caseNonedownside
/operating_model/cells/downside_2027q4_capex:downside/idNonedownside_2027q4_capex
/operating_model/cells/downside_2027q4_capex:downside/kindNoneassumption
/operating_model/cells/downside_2027q4_capex:downside/labelNoneConstruction cash capex and deposits
/operating_model/cells/downside_2027q4_capex:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_capex:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_capex:downside/valueNone1000.0
/operating_model/cells/downside_2027q4_cash_after_capex:downside/basisNoneBefore asset sales, acquisitions, new financing, restricted reserves and debt principal.
/operating_model/cells/downside_2027q4_cash_after_capex:downside/caseNonedownside
/operating_model/cells/downside_2027q4_cash_after_capex:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q4_cash_after_capex:downside/formula/refs/0Nonedownside_2027q4_cash_before_capex
/operating_model/cells/downside_2027q4_cash_after_capex:downside/formula/refs/1Nonedownside_2027q4_capex
/operating_model/cells/downside_2027q4_cash_after_capex:downside/idNonedownside_2027q4_cash_after_capex
/operating_model/cells/downside_2027q4_cash_after_capex:downside/kindNonederived
/operating_model/cells/downside_2027q4_cash_after_capex:downside/labelNoneCash after capex proxy
/operating_model/cells/downside_2027q4_cash_after_capex:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_cash_after_capex:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_cash_after_capex:downside/valueNone-1017.0
/operating_model/cells/downside_2027q4_cash_before_capex:downside/basisNoneAnalytical cash economics including mining sales; not GAAP CFO.
/operating_model/cells/downside_2027q4_cash_before_capex:downside/caseNonedownside
/operating_model/cells/downside_2027q4_cash_before_capex:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q4_cash_before_capex:downside/formula/refs/0Nonedownside_2027q4_site_cash
/operating_model/cells/downside_2027q4_cash_before_capex:downside/formula/refs/1Nonedownside_2027q4_uses
/operating_model/cells/downside_2027q4_cash_before_capex:downside/idNonedownside_2027q4_cash_before_capex
/operating_model/cells/downside_2027q4_cash_before_capex:downside/kindNonederived
/operating_model/cells/downside_2027q4_cash_before_capex:downside/labelNoneCash before capex proxy
/operating_model/cells/downside_2027q4_cash_before_capex:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_cash_before_capex:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_cash_before_capex:downside/valueNone-17.0
/operating_model/cells/downside_2027q4_corp:downside/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/downside_2027q4_corp:downside/caseNonedownside
/operating_model/cells/downside_2027q4_corp:downside/idNonedownside_2027q4_corp
/operating_model/cells/downside_2027q4_corp:downside/kindNoneassumption
/operating_model/cells/downside_2027q4_corp:downside/labelNoneCash corporate overhead
/operating_model/cells/downside_2027q4_corp:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_corp:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_corp:downside/valueNone35.0
/operating_model/cells/downside_2027q4_hpc_cash:downside/basisNoneHPC revenue times explicitly assumed ramp cash margin.
/operating_model/cells/downside_2027q4_hpc_cash:downside/caseNonedownside
/operating_model/cells/downside_2027q4_hpc_cash:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q4_hpc_cash:downside/formula/refs/0Nonedownside_2027q4_hpc_revenue
/operating_model/cells/downside_2027q4_hpc_cash:downside/formula/refs/1Nonedownside_2027q4_hpc_margin
/operating_model/cells/downside_2027q4_hpc_cash:downside/idNonedownside_2027q4_hpc_cash
/operating_model/cells/downside_2027q4_hpc_cash:downside/kindNonederived
/operating_model/cells/downside_2027q4_hpc_cash:downside/labelNoneHPC cash contribution
/operating_model/cells/downside_2027q4_hpc_cash:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_hpc_cash:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_hpc_cash:downside/valueNone108.0
/operating_model/cells/downside_2027q4_hpc_margin:downside/basisNoneDesk ramp margin after site cash operating costs; excludes depreciation and corporate costs. Not GAAP segment profit.
/operating_model/cells/downside_2027q4_hpc_margin:downside/caseNonedownside
/operating_model/cells/downside_2027q4_hpc_margin:downside/idNonedownside_2027q4_hpc_margin
/operating_model/cells/downside_2027q4_hpc_margin:downside/kindNoneassumption
/operating_model/cells/downside_2027q4_hpc_margin:downside/labelNoneHPC cash contribution margin
/operating_model/cells/downside_2027q4_hpc_margin:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_hpc_margin:downside/unitNoneratio
/operating_model/cells/downside_2027q4_hpc_margin:downside/valueNone0.6
/operating_model/cells/downside_2027q4_hpc_revenue:downside/basisNoneModeled rental and variable billings from Lake Mariner and Justified only.
/operating_model/cells/downside_2027q4_hpc_revenue:downside/caseNonedownside
/operating_model/cells/downside_2027q4_hpc_revenue:downside/formula/opNonesum
/operating_model/cells/downside_2027q4_hpc_revenue:downside/formula/refs/0Nonedownside_2027q4_lake_revenue
/operating_model/cells/downside_2027q4_hpc_revenue:downside/formula/refs/1Nonedownside_2027q4_justified_revenue
/operating_model/cells/downside_2027q4_hpc_revenue:downside/idNonedownside_2027q4_hpc_revenue
/operating_model/cells/downside_2027q4_hpc_revenue:downside/kindNonederived
/operating_model/cells/downside_2027q4_hpc_revenue:downside/labelNoneHPC revenue
/operating_model/cells/downside_2027q4_hpc_revenue:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_hpc_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_hpc_revenue:downside/valueNone180.0
/operating_model/cells/downside_2027q4_interest:downside/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/downside_2027q4_interest:downside/caseNonedownside
/operating_model/cells/downside_2027q4_interest:downside/idNonedownside_2027q4_interest
/operating_model/cells/downside_2027q4_interest:downside/kindNoneassumption
/operating_model/cells/downside_2027q4_interest:downside/labelNoneNet cash interest allowance
/operating_model/cells/downside_2027q4_interest:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_interest:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_interest:downside/valueNone75.0
/operating_model/cells/downside_2027q4_justified_fraction:downside/basisNoneAverage delivered MW divided by contracted 401 MW.
/operating_model/cells/downside_2027q4_justified_fraction:downside/caseNonedownside
/operating_model/cells/downside_2027q4_justified_fraction:downside/formula/opNonedivide
/operating_model/cells/downside_2027q4_justified_fraction:downside/formula/refs/0Nonedownside_2027q4_justified_mw
/operating_model/cells/downside_2027q4_justified_fraction:downside/formula/refs/1Nonejustified_full
/operating_model/cells/downside_2027q4_justified_fraction:downside/idNonedownside_2027q4_justified_fraction
/operating_model/cells/downside_2027q4_justified_fraction:downside/kindNonederived
/operating_model/cells/downside_2027q4_justified_fraction:downside/labelNoneJustified active share of full IT capacity
/operating_model/cells/downside_2027q4_justified_fraction:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_justified_fraction:downside/unitNoneratio
/operating_model/cells/downside_2027q4_justified_fraction:downside/valueNone0.0
/operating_model/cells/downside_2027q4_justified_mw:downside/basisNoneDesk commissioning scenario. Company targets first capacity H2 2027 and full delivery starting 2028.
/operating_model/cells/downside_2027q4_justified_mw:downside/caseNonedownside
/operating_model/cells/downside_2027q4_justified_mw:downside/idNonedownside_2027q4_justified_mw
/operating_model/cells/downside_2027q4_justified_mw:downside/kindNoneassumption
/operating_model/cells/downside_2027q4_justified_mw:downside/labelNoneAverage rent-producing Justified IT MW
/operating_model/cells/downside_2027q4_justified_mw:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_justified_mw:downside/unitNoneMW
/operating_model/cells/downside_2027q4_justified_mw:downside/valueNone0.0
/operating_model/cells/downside_2027q4_justified_realization:downside/basisNoneDesk discount to lifetime-average revenue to avoid treating 20-year contract average as first-year rent.
/operating_model/cells/downside_2027q4_justified_realization:downside/caseNonedownside
/operating_model/cells/downside_2027q4_justified_realization:downside/idNonedownside_2027q4_justified_realization
/operating_model/cells/downside_2027q4_justified_realization:downside/kindNoneassumption
/operating_model/cells/downside_2027q4_justified_realization:downside/labelNoneInitial rent / lifetime-average rent
/operating_model/cells/downside_2027q4_justified_realization:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_justified_realization:downside/unitNoneratio
/operating_model/cells/downside_2027q4_justified_realization:downside/valueNone0.8
/operating_model/cells/downside_2027q4_justified_revenue:downside/basisNoneLifetime-average annual contract revenue scaled for active MW, time and initial-rent realization.
/operating_model/cells/downside_2027q4_justified_revenue:downside/caseNonedownside
/operating_model/cells/downside_2027q4_justified_revenue:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q4_justified_revenue:downside/formula/refs/0Nonejustified_annual_average
/operating_model/cells/downside_2027q4_justified_revenue:downside/formula/refs/1Nonedownside_2027q4_justified_fraction
/operating_model/cells/downside_2027q4_justified_revenue:downside/formula/refs/2Nonequarter
/operating_model/cells/downside_2027q4_justified_revenue:downside/formula/refs/3Nonedownside_2027q4_justified_realization
/operating_model/cells/downside_2027q4_justified_revenue:downside/idNonedownside_2027q4_justified_revenue
/operating_model/cells/downside_2027q4_justified_revenue:downside/kindNonederived
/operating_model/cells/downside_2027q4_justified_revenue:downside/labelNoneJustified revenue
/operating_model/cells/downside_2027q4_justified_revenue:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_justified_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_justified_revenue:downside/valueNone0.0
/operating_model/cells/downside_2027q4_lake_mw:downside/basisNoneDesk within-quarter delivery/acceptance assumption; capped at disclosed 438 MW full capacity.
/operating_model/cells/downside_2027q4_lake_mw:downside/caseNonedownside
/operating_model/cells/downside_2027q4_lake_mw:downside/idNonedownside_2027q4_lake_mw
/operating_model/cells/downside_2027q4_lake_mw:downside/kindNoneassumption
/operating_model/cells/downside_2027q4_lake_mw:downside/labelNoneAverage rent-producing Lake Mariner IT MW
/operating_model/cells/downside_2027q4_lake_mw:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_lake_mw:downside/unitNoneMW
/operating_model/cells/downside_2027q4_lake_mw:downside/valueNone400.0
/operating_model/cells/downside_2027q4_lake_revenue:downside/basisNoneAverage MW times annual revenue per MW times one quarter.
/operating_model/cells/downside_2027q4_lake_revenue:downside/caseNonedownside
/operating_model/cells/downside_2027q4_lake_revenue:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q4_lake_revenue:downside/formula/refs/0Nonedownside_2027q4_lake_units
/operating_model/cells/downside_2027q4_lake_revenue:downside/formula/refs/1Nonedownside_2027q4_rent_per_mw
/operating_model/cells/downside_2027q4_lake_revenue:downside/formula/refs/2Nonequarter
/operating_model/cells/downside_2027q4_lake_revenue:downside/idNonedownside_2027q4_lake_revenue
/operating_model/cells/downside_2027q4_lake_revenue:downside/kindNonederived
/operating_model/cells/downside_2027q4_lake_revenue:downside/labelNoneLake Mariner revenue
/operating_model/cells/downside_2027q4_lake_revenue:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_lake_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_lake_revenue:downside/valueNone180.0
/operating_model/cells/downside_2027q4_lake_units:downside/basisNoneNormalize critical IT capacity for per-MW rental economics.
/operating_model/cells/downside_2027q4_lake_units:downside/caseNonedownside
/operating_model/cells/downside_2027q4_lake_units:downside/formula/opNonedivide
/operating_model/cells/downside_2027q4_lake_units:downside/formula/refs/0Nonedownside_2027q4_lake_mw
/operating_model/cells/downside_2027q4_lake_units:downside/formula/refs/1Noneone_mw
/operating_model/cells/downside_2027q4_lake_units:downside/idNonedownside_2027q4_lake_units
/operating_model/cells/downside_2027q4_lake_units:downside/kindNonederived
/operating_model/cells/downside_2027q4_lake_units:downside/labelNoneLake Mariner MW / one MW
/operating_model/cells/downside_2027q4_lake_units:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_lake_units:downside/unitNoneratio
/operating_model/cells/downside_2027q4_lake_units:downside/valueNone400.0
/operating_model/cells/downside_2027q4_mining:downside/basisNoneReported Q2 mining revenue times desk remaining-business factor.
/operating_model/cells/downside_2027q4_mining:downside/caseNonedownside
/operating_model/cells/downside_2027q4_mining:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q4_mining:downside/formula/refs/0Noneh1_q2_mining
/operating_model/cells/downside_2027q4_mining:downside/formula/refs/1Nonedownside_2027q4_mining_factor
/operating_model/cells/downside_2027q4_mining:downside/idNonedownside_2027q4_mining
/operating_model/cells/downside_2027q4_mining:downside/kindNonederived
/operating_model/cells/downside_2027q4_mining:downside/labelNoneMining revenue
/operating_model/cells/downside_2027q4_mining:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_mining:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_mining:downside/valueNone1.2835
/operating_model/cells/downside_2027q4_mining_cash:downside/basisNoneAssumes produced Bitcoin is monetized in the same quarter.
/operating_model/cells/downside_2027q4_mining_cash:downside/caseNonedownside
/operating_model/cells/downside_2027q4_mining_cash:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q4_mining_cash:downside/formula/refs/0Nonedownside_2027q4_mining
/operating_model/cells/downside_2027q4_mining_cash:downside/formula/refs/1Nonedownside_2027q4_mining_margin
/operating_model/cells/downside_2027q4_mining_cash:downside/idNonedownside_2027q4_mining_cash
/operating_model/cells/downside_2027q4_mining_cash:downside/kindNonederived
/operating_model/cells/downside_2027q4_mining_cash:downside/labelNoneMining cash contribution
/operating_model/cells/downside_2027q4_mining_cash:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_mining_cash:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_mining_cash:downside/valueNone0.0
/operating_model/cells/downside_2027q4_mining_factor:downside/basisNoneDesk remaining mining footprint and hashprice assumption as the site moves toward HPC.
/operating_model/cells/downside_2027q4_mining_factor:downside/caseNonedownside
/operating_model/cells/downside_2027q4_mining_factor:downside/idNonedownside_2027q4_mining_factor
/operating_model/cells/downside_2027q4_mining_factor:downside/kindNoneassumption
/operating_model/cells/downside_2027q4_mining_factor:downside/labelNoneMining revenue / Q2 baseline
/operating_model/cells/downside_2027q4_mining_factor:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_mining_factor:downside/unitNoneratio
/operating_model/cells/downside_2027q4_mining_factor:downside/valueNone0.1
/operating_model/cells/downside_2027q4_mining_margin:downside/basisNoneDesk cash mining contribution before corporate and financing costs.
/operating_model/cells/downside_2027q4_mining_margin:downside/caseNonedownside
/operating_model/cells/downside_2027q4_mining_margin:downside/idNonedownside_2027q4_mining_margin
/operating_model/cells/downside_2027q4_mining_margin:downside/kindNoneassumption
/operating_model/cells/downside_2027q4_mining_margin:downside/labelNoneMining cash contribution margin
/operating_model/cells/downside_2027q4_mining_margin:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_mining_margin:downside/unitNoneratio
/operating_model/cells/downside_2027q4_mining_margin:downside/valueNone0.0
/operating_model/cells/downside_2027q4_other:downside/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/downside_2027q4_other:downside/caseNonedownside
/operating_model/cells/downside_2027q4_other:downside/idNonedownside_2027q4_other
/operating_model/cells/downside_2027q4_other:downside/kindNoneassumption
/operating_model/cells/downside_2027q4_other:downside/labelNoneOther working-capital and tax uses
/operating_model/cells/downside_2027q4_other:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_other:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_other:downside/valueNone15.0
/operating_model/cells/downside_2027q4_rent_per_mw:downside/basisNoneDesk effective revenue per critical IT MW including lease and variable billings. This is not a disclosed contractual rent or a forecast contract repricing.
/operating_model/cells/downside_2027q4_rent_per_mw:downside/caseNonedownside
/operating_model/cells/downside_2027q4_rent_per_mw:downside/idNonedownside_2027q4_rent_per_mw
/operating_model/cells/downside_2027q4_rent_per_mw:downside/kindNoneassumption
/operating_model/cells/downside_2027q4_rent_per_mw:downside/labelNoneAnnual HPC revenue per Lake Mariner MW
/operating_model/cells/downside_2027q4_rent_per_mw:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_rent_per_mw:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_rent_per_mw:downside/valueNone1.8
/operating_model/cells/downside_2027q4_revenue:downside/basisNoneHPC plus mining; no revenue for long-dated power pipeline.
/operating_model/cells/downside_2027q4_revenue:downside/caseNonedownside
/operating_model/cells/downside_2027q4_revenue:downside/formula/opNonesum
/operating_model/cells/downside_2027q4_revenue:downside/formula/refs/0Nonedownside_2027q4_hpc_revenue
/operating_model/cells/downside_2027q4_revenue:downside/formula/refs/1Nonedownside_2027q4_mining
/operating_model/cells/downside_2027q4_revenue:downside/idNonedownside_2027q4_revenue
/operating_model/cells/downside_2027q4_revenue:downside/kindNonederived
/operating_model/cells/downside_2027q4_revenue:downside/labelNoneConsolidated revenue
/operating_model/cells/downside_2027q4_revenue:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_revenue:downside/valueNone181.2835
/operating_model/cells/downside_2027q4_site_cash:downside/basisNoneBefore corporate costs and financing.
/operating_model/cells/downside_2027q4_site_cash:downside/caseNonedownside
/operating_model/cells/downside_2027q4_site_cash:downside/formula/opNonesum
/operating_model/cells/downside_2027q4_site_cash:downside/formula/refs/0Nonedownside_2027q4_hpc_cash
/operating_model/cells/downside_2027q4_site_cash:downside/formula/refs/1Nonedownside_2027q4_mining_cash
/operating_model/cells/downside_2027q4_site_cash:downside/idNonedownside_2027q4_site_cash
/operating_model/cells/downside_2027q4_site_cash:downside/kindNonederived
/operating_model/cells/downside_2027q4_site_cash:downside/labelNoneSite cash contribution
/operating_model/cells/downside_2027q4_site_cash:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_site_cash:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_site_cash:downside/valueNone108.0
/operating_model/cells/downside_2027q4_uses:downside/basisNonePositive cash uses; excludes debt principal and acquisitions.
/operating_model/cells/downside_2027q4_uses:downside/caseNonedownside
/operating_model/cells/downside_2027q4_uses:downside/formula/opNonesum
/operating_model/cells/downside_2027q4_uses:downside/formula/refs/0Nonedownside_2027q4_corp
/operating_model/cells/downside_2027q4_uses:downside/formula/refs/1Nonedownside_2027q4_interest
/operating_model/cells/downside_2027q4_uses:downside/formula/refs/2Nonedownside_2027q4_other
/operating_model/cells/downside_2027q4_uses:downside/idNonedownside_2027q4_uses
/operating_model/cells/downside_2027q4_uses:downside/kindNonederived
/operating_model/cells/downside_2027q4_uses:downside/labelNoneCorporate and other cash uses
/operating_model/cells/downside_2027q4_uses:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_uses:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_uses:downside/valueNone125.0
/operating_model/cells/downside_fy2026_capex:downside/basisNoneSum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027.
/operating_model/cells/downside_fy2026_capex:downside/caseNonedownside
/operating_model/cells/downside_fy2026_capex:downside/formula/opNonesum
/operating_model/cells/downside_fy2026_capex:downside/formula/refs/0Noneh1_capex
/operating_model/cells/downside_fy2026_capex:downside/formula/refs/1Nonedownside_2026q3_capex
/operating_model/cells/downside_fy2026_capex:downside/formula/refs/2Nonedownside_2026q4_capex
/operating_model/cells/downside_fy2026_capex:downside/idNonedownside_fy2026_capex
/operating_model/cells/downside_fy2026_capex:downside/kindNonederived
/operating_model/cells/downside_fy2026_capex:downside/labelNoneFY2026 Cash construction capex ($M)
/operating_model/cells/downside_fy2026_capex:downside/periodNoneFY2026
/operating_model/cells/downside_fy2026_capex:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2026_capex:downside/valueNone3028.514
/operating_model/cells/downside_fy2026_cash_after_capex:downside/basisNoneSum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027.
/operating_model/cells/downside_fy2026_cash_after_capex:downside/caseNonedownside
/operating_model/cells/downside_fy2026_cash_after_capex:downside/formula/opNonesum
/operating_model/cells/downside_fy2026_cash_after_capex:downside/formula/refs/0Noneh1_cash_after_capex
/operating_model/cells/downside_fy2026_cash_after_capex:downside/formula/refs/1Nonedownside_2026q3_cash_after_capex
/operating_model/cells/downside_fy2026_cash_after_capex:downside/formula/refs/2Nonedownside_2026q4_cash_after_capex
/operating_model/cells/downside_fy2026_cash_after_capex:downside/idNonedownside_fy2026_cash_after_capex
/operating_model/cells/downside_fy2026_cash_after_capex:downside/kindNonederived
/operating_model/cells/downside_fy2026_cash_after_capex:downside/labelNoneFY2026 Cash after capex proxy ($M)
/operating_model/cells/downside_fy2026_cash_after_capex:downside/periodNoneFY2026
/operating_model/cells/downside_fy2026_cash_after_capex:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2026_cash_after_capex:downside/valueNone-3356.6459999999997
/operating_model/cells/downside_fy2026_cash_before_capex:downside/basisNoneSum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027.
/operating_model/cells/downside_fy2026_cash_before_capex:downside/caseNonedownside
/operating_model/cells/downside_fy2026_cash_before_capex:downside/formula/opNonesum
/operating_model/cells/downside_fy2026_cash_before_capex:downside/formula/refs/0Noneh1_cash_before_capex
/operating_model/cells/downside_fy2026_cash_before_capex:downside/formula/refs/1Nonedownside_2026q3_cash_before_capex
/operating_model/cells/downside_fy2026_cash_before_capex:downside/formula/refs/2Nonedownside_2026q4_cash_before_capex
/operating_model/cells/downside_fy2026_cash_before_capex:downside/idNonedownside_fy2026_cash_before_capex
/operating_model/cells/downside_fy2026_cash_before_capex:downside/kindNonederived
/operating_model/cells/downside_fy2026_cash_before_capex:downside/labelNoneFY2026 Cash before capex proxy ($M)
/operating_model/cells/downside_fy2026_cash_before_capex:downside/periodNoneFY2026
/operating_model/cells/downside_fy2026_cash_before_capex:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2026_cash_before_capex:downside/valueNone-328.132
/operating_model/cells/downside_fy2026_hpc_revenue:downside/basisNoneSum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027.
/operating_model/cells/downside_fy2026_hpc_revenue:downside/caseNonedownside
/operating_model/cells/downside_fy2026_hpc_revenue:downside/formula/opNonesum
/operating_model/cells/downside_fy2026_hpc_revenue:downside/formula/refs/0Noneh1_hpc_revenue
/operating_model/cells/downside_fy2026_hpc_revenue:downside/formula/refs/1Nonedownside_2026q3_hpc_revenue
/operating_model/cells/downside_fy2026_hpc_revenue:downside/formula/refs/2Nonedownside_2026q4_hpc_revenue
/operating_model/cells/downside_fy2026_hpc_revenue:downside/idNonedownside_fy2026_hpc_revenue
/operating_model/cells/downside_fy2026_hpc_revenue:downside/kindNonederived
/operating_model/cells/downside_fy2026_hpc_revenue:downside/labelNoneFY2026 HPC revenue ($M)
/operating_model/cells/downside_fy2026_hpc_revenue:downside/periodNoneFY2026
/operating_model/cells/downside_fy2026_hpc_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2026_hpc_revenue:downside/valueNone172.204
/operating_model/cells/downside_fy2026_revenue:downside/basisNoneSum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027.
/operating_model/cells/downside_fy2026_revenue:downside/caseNonedownside
/operating_model/cells/downside_fy2026_revenue:downside/formula/opNonesum
/operating_model/cells/downside_fy2026_revenue:downside/formula/refs/0Noneh1_revenue
/operating_model/cells/downside_fy2026_revenue:downside/formula/refs/1Nonedownside_2026q3_revenue
/operating_model/cells/downside_fy2026_revenue:downside/formula/refs/2Nonedownside_2026q4_revenue
/operating_model/cells/downside_fy2026_revenue:downside/idNonedownside_fy2026_revenue
/operating_model/cells/downside_fy2026_revenue:downside/kindNonederived
/operating_model/cells/downside_fy2026_revenue:downside/labelNoneFY2026 Revenue ($M)
/operating_model/cells/downside_fy2026_revenue:downside/periodNoneFY2026
/operating_model/cells/downside_fy2026_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2026_revenue:downside/valueNone217.2815
/operating_model/cells/downside_fy2027_capex:downside/basisNoneSum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027.
/operating_model/cells/downside_fy2027_capex:downside/caseNonedownside
/operating_model/cells/downside_fy2027_capex:downside/formula/opNonesum
/operating_model/cells/downside_fy2027_capex:downside/formula/refs/0Nonedownside_2027q1_capex
/operating_model/cells/downside_fy2027_capex:downside/formula/refs/1Nonedownside_2027q2_capex
/operating_model/cells/downside_fy2027_capex:downside/formula/refs/2Nonedownside_2027q3_capex
/operating_model/cells/downside_fy2027_capex:downside/formula/refs/3Nonedownside_2027q4_capex
/operating_model/cells/downside_fy2027_capex:downside/idNonedownside_fy2027_capex
/operating_model/cells/downside_fy2027_capex:downside/kindNonederived
/operating_model/cells/downside_fy2027_capex:downside/labelNoneFY2027 Cash construction capex ($M)
/operating_model/cells/downside_fy2027_capex:downside/periodNoneFY2027
/operating_model/cells/downside_fy2027_capex:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2027_capex:downside/valueNone4250.0
/operating_model/cells/downside_fy2027_cash_after_capex:downside/basisNoneSum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027.
/operating_model/cells/downside_fy2027_cash_after_capex:downside/caseNonedownside
/operating_model/cells/downside_fy2027_cash_after_capex:downside/formula/opNonesum
/operating_model/cells/downside_fy2027_cash_after_capex:downside/formula/refs/0Nonedownside_2027q1_cash_after_capex
/operating_model/cells/downside_fy2027_cash_after_capex:downside/formula/refs/1Nonedownside_2027q2_cash_after_capex
/operating_model/cells/downside_fy2027_cash_after_capex:downside/formula/refs/2Nonedownside_2027q3_cash_after_capex
/operating_model/cells/downside_fy2027_cash_after_capex:downside/formula/refs/3Nonedownside_2027q4_cash_after_capex
/operating_model/cells/downside_fy2027_cash_after_capex:downside/idNonedownside_fy2027_cash_after_capex
/operating_model/cells/downside_fy2027_cash_after_capex:downside/kindNonederived
/operating_model/cells/downside_fy2027_cash_after_capex:downside/labelNoneFY2027 Cash after capex proxy ($M)
/operating_model/cells/downside_fy2027_cash_after_capex:downside/periodNoneFY2027
/operating_model/cells/downside_fy2027_cash_after_capex:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2027_cash_after_capex:downside/valueNone-4401.925
/operating_model/cells/downside_fy2027_cash_before_capex:downside/basisNoneSum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027.
/operating_model/cells/downside_fy2027_cash_before_capex:downside/caseNonedownside
/operating_model/cells/downside_fy2027_cash_before_capex:downside/formula/opNonesum
/operating_model/cells/downside_fy2027_cash_before_capex:downside/formula/refs/0Nonedownside_2027q1_cash_before_capex
/operating_model/cells/downside_fy2027_cash_before_capex:downside/formula/refs/1Nonedownside_2027q2_cash_before_capex
/operating_model/cells/downside_fy2027_cash_before_capex:downside/formula/refs/2Nonedownside_2027q3_cash_before_capex
/operating_model/cells/downside_fy2027_cash_before_capex:downside/formula/refs/3Nonedownside_2027q4_cash_before_capex
/operating_model/cells/downside_fy2027_cash_before_capex:downside/idNonedownside_fy2027_cash_before_capex
/operating_model/cells/downside_fy2027_cash_before_capex:downside/kindNonederived
/operating_model/cells/downside_fy2027_cash_before_capex:downside/labelNoneFY2027 Cash before capex proxy ($M)
/operating_model/cells/downside_fy2027_cash_before_capex:downside/periodNoneFY2027
/operating_model/cells/downside_fy2027_cash_before_capex:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2027_cash_before_capex:downside/valueNone-151.925
/operating_model/cells/downside_fy2027_hpc_revenue:downside/basisNoneSum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027.
/operating_model/cells/downside_fy2027_hpc_revenue:downside/caseNonedownside
/operating_model/cells/downside_fy2027_hpc_revenue:downside/formula/opNonesum
/operating_model/cells/downside_fy2027_hpc_revenue:downside/formula/refs/0Nonedownside_2027q1_hpc_revenue
/operating_model/cells/downside_fy2027_hpc_revenue:downside/formula/refs/1Nonedownside_2027q2_hpc_revenue
/operating_model/cells/downside_fy2027_hpc_revenue:downside/formula/refs/2Nonedownside_2027q3_hpc_revenue
/operating_model/cells/downside_fy2027_hpc_revenue:downside/formula/refs/3Nonedownside_2027q4_hpc_revenue
/operating_model/cells/downside_fy2027_hpc_revenue:downside/idNonedownside_fy2027_hpc_revenue
/operating_model/cells/downside_fy2027_hpc_revenue:downside/kindNonederived
/operating_model/cells/downside_fy2027_hpc_revenue:downside/labelNoneFY2027 HPC revenue ($M)
/operating_model/cells/downside_fy2027_hpc_revenue:downside/periodNoneFY2027
/operating_model/cells/downside_fy2027_hpc_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2027_hpc_revenue:downside/valueNone589.5
/operating_model/cells/downside_fy2027_revenue:downside/basisNoneSum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027.
/operating_model/cells/downside_fy2027_revenue:downside/caseNonedownside
/operating_model/cells/downside_fy2027_revenue:downside/formula/opNonesum
/operating_model/cells/downside_fy2027_revenue:downside/formula/refs/0Nonedownside_2027q1_revenue
/operating_model/cells/downside_fy2027_revenue:downside/formula/refs/1Nonedownside_2027q2_revenue
/operating_model/cells/downside_fy2027_revenue:downside/formula/refs/2Nonedownside_2027q3_revenue
/operating_model/cells/downside_fy2027_revenue:downside/formula/refs/3Nonedownside_2027q4_revenue
/operating_model/cells/downside_fy2027_revenue:downside/idNonedownside_fy2027_revenue
/operating_model/cells/downside_fy2027_revenue:downside/kindNonederived
/operating_model/cells/downside_fy2027_revenue:downside/labelNoneFY2027 Revenue ($M)
/operating_model/cells/downside_fy2027_revenue:downside/periodNoneFY2027
/operating_model/cells/downside_fy2027_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2027_revenue:downside/valueNone604.26025
/operating_model/cells/h1_btc_sales:shared/basisNone10-Q reported amount converted from thousands to millions.
/operating_model/cells/h1_btc_sales:shared/caseNoneshared
/operating_model/cells/h1_btc_sales:shared/idNoneh1_btc_sales
/operating_model/cells/h1_btc_sales:shared/kindNonereported
/operating_model/cells/h1_btc_sales:shared/labelNoneH1 Bitcoin sale proceeds, investing
/operating_model/cells/h1_btc_sales:shared/periodNoneH1 2026
/operating_model/cells/h1_btc_sales:shared/source_dateNone2026-08-05
/operating_model/cells/h1_btc_sales:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1083301/000108330126000166/wulf-20260630.htm
/operating_model/cells/h1_btc_sales:shared/unitNoneUSD_millions
/operating_model/cells/h1_btc_sales:shared/valueNone24.643
/operating_model/cells/h1_capex:shared/basisNone10-Q reported amount converted from thousands to millions.
/operating_model/cells/h1_capex:shared/caseNoneshared
/operating_model/cells/h1_capex:shared/idNoneh1_capex
/operating_model/cells/h1_capex:shared/kindNonereported
/operating_model/cells/h1_capex:shared/labelNoneH1 PP&E purchases and deposits
/operating_model/cells/h1_capex:shared/periodNoneH1 2026
/operating_model/cells/h1_capex:shared/source_dateNone2026-08-05
/operating_model/cells/h1_capex:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1083301/000108330126000166/wulf-20260630.htm
/operating_model/cells/h1_capex:shared/unitNoneUSD_millions
/operating_model/cells/h1_capex:shared/valueNone1378.514
/operating_model/cells/h1_cash:shared/basisNone10-Q reported amount converted from thousands to millions.
/operating_model/cells/h1_cash:shared/caseNoneshared
/operating_model/cells/h1_cash:shared/idNoneh1_cash
/operating_model/cells/h1_cash:shared/kindNonereported
/operating_model/cells/h1_cash:shared/labelNoneJune unrestricted cash
/operating_model/cells/h1_cash:shared/periodNone2026Q2
/operating_model/cells/h1_cash:shared/source_dateNone2026-08-05
/operating_model/cells/h1_cash:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1083301/000108330126000166/wulf-20260630.htm
/operating_model/cells/h1_cash:shared/unitNoneUSD_millions
/operating_model/cells/h1_cash:shared/valueNone2619.191
/operating_model/cells/h1_cash_after_capex:shared/basisNoneExcludes $231.350M asset acquisitions and financing cash flows.
/operating_model/cells/h1_cash_after_capex:shared/caseNoneshared
/operating_model/cells/h1_cash_after_capex:shared/formula/opNonesubtract
/operating_model/cells/h1_cash_after_capex:shared/formula/refs/0Noneh1_cash_before_capex
/operating_model/cells/h1_cash_after_capex:shared/formula/refs/1Noneh1_capex
/operating_model/cells/h1_cash_after_capex:shared/idNoneh1_cash_after_capex
/operating_model/cells/h1_cash_after_capex:shared/kindNonederived
/operating_model/cells/h1_cash_after_capex:shared/labelNoneH1 cash after PP&E and deposits
/operating_model/cells/h1_cash_after_capex:shared/periodNoneH1 2026
/operating_model/cells/h1_cash_after_capex:shared/unitNoneUSD_millions
/operating_model/cells/h1_cash_after_capex:shared/valueNone-1508.1709999999998
/operating_model/cells/h1_cash_before_capex:shared/basisNoneBitcoin-sale proceeds are classified in investing, so this is not GAAP CFO.
/operating_model/cells/h1_cash_before_capex:shared/caseNoneshared
/operating_model/cells/h1_cash_before_capex:shared/formula/opNonesum
/operating_model/cells/h1_cash_before_capex:shared/formula/refs/0Noneh1_cfo
/operating_model/cells/h1_cash_before_capex:shared/formula/refs/1Noneh1_btc_sales
/operating_model/cells/h1_cash_before_capex:shared/idNoneh1_cash_before_capex
/operating_model/cells/h1_cash_before_capex:shared/kindNonederived
/operating_model/cells/h1_cash_before_capex:shared/labelNoneH1 operating cash plus Bitcoin proceeds
/operating_model/cells/h1_cash_before_capex:shared/periodNoneH1 2026
/operating_model/cells/h1_cash_before_capex:shared/unitNoneUSD_millions
/operating_model/cells/h1_cash_before_capex:shared/valueNone-129.657
/operating_model/cells/h1_cash_interest:shared/basisNone10-Q reported amount converted from thousands to millions.
/operating_model/cells/h1_cash_interest:shared/caseNoneshared
/operating_model/cells/h1_cash_interest:shared/idNoneh1_cash_interest
/operating_model/cells/h1_cash_interest:shared/kindNonereported
/operating_model/cells/h1_cash_interest:shared/labelNoneH1 cash interest paid
/operating_model/cells/h1_cash_interest:shared/periodNoneH1 2026
/operating_model/cells/h1_cash_interest:shared/source_dateNone2026-08-05
/operating_model/cells/h1_cash_interest:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1083301/000108330126000166/wulf-20260630.htm
/operating_model/cells/h1_cash_interest:shared/unitNoneUSD_millions
/operating_model/cells/h1_cash_interest:shared/valueNone131.072
/operating_model/cells/h1_cfo:shared/basisNone10-Q reported amount converted from thousands to millions.
/operating_model/cells/h1_cfo:shared/caseNoneshared
/operating_model/cells/h1_cfo:shared/idNoneh1_cfo
/operating_model/cells/h1_cfo:shared/kindNonereported
/operating_model/cells/h1_cfo:shared/labelNoneH1 GAAP operating cash flow
/operating_model/cells/h1_cfo:shared/periodNoneH1 2026
/operating_model/cells/h1_cfo:shared/source_dateNone2026-08-05
/operating_model/cells/h1_cfo:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1083301/000108330126000166/wulf-20260630.htm
/operating_model/cells/h1_cfo:shared/unitNoneUSD_millions
/operating_model/cells/h1_cfo:shared/valueNone-154.3
/operating_model/cells/h1_hpc_revenue:shared/basisNone10-Q reported amount converted from thousands to millions.
/operating_model/cells/h1_hpc_revenue:shared/caseNoneshared
/operating_model/cells/h1_hpc_revenue:shared/idNoneh1_hpc_revenue
/operating_model/cells/h1_hpc_revenue:shared/kindNonereported
/operating_model/cells/h1_hpc_revenue:shared/labelNoneH1 HPC revenue
/operating_model/cells/h1_hpc_revenue:shared/periodNoneH1 2026
/operating_model/cells/h1_hpc_revenue:shared/source_dateNone2026-08-05
/operating_model/cells/h1_hpc_revenue:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1083301/000108330126000166/wulf-20260630.htm
/operating_model/cells/h1_hpc_revenue:shared/unitNoneUSD_millions
/operating_model/cells/h1_hpc_revenue:shared/valueNone52.954
/operating_model/cells/h1_q2_mining:shared/basisNone10-Q reported amount converted from thousands to millions.
/operating_model/cells/h1_q2_mining:shared/caseNoneshared
/operating_model/cells/h1_q2_mining:shared/idNoneh1_q2_mining
/operating_model/cells/h1_q2_mining:shared/kindNonereported
/operating_model/cells/h1_q2_mining:shared/labelNoneQ2 mining revenue
/operating_model/cells/h1_q2_mining:shared/periodNone2026Q2
/operating_model/cells/h1_q2_mining:shared/source_dateNone2026-08-05
/operating_model/cells/h1_q2_mining:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1083301/000108330126000166/wulf-20260630.htm
/operating_model/cells/h1_q2_mining:shared/unitNoneUSD_millions
/operating_model/cells/h1_q2_mining:shared/valueNone12.835
/operating_model/cells/h1_restricted_cash:shared/basisNoneCurrent and noncurrent restricted balances; not unrestricted parent cash.
/operating_model/cells/h1_restricted_cash:shared/caseNoneshared
/operating_model/cells/h1_restricted_cash:shared/formula/opNonesum
/operating_model/cells/h1_restricted_cash:shared/formula/refs/0Noneh1_restricted_current
/operating_model/cells/h1_restricted_cash:shared/formula/refs/1Noneh1_restricted_noncurrent
/operating_model/cells/h1_restricted_cash:shared/idNoneh1_restricted_cash
/operating_model/cells/h1_restricted_cash:shared/kindNonederived
/operating_model/cells/h1_restricted_cash:shared/labelNoneJune total restricted cash
/operating_model/cells/h1_restricted_cash:shared/periodNone2026Q2
/operating_model/cells/h1_restricted_cash:shared/unitNoneUSD_millions
/operating_model/cells/h1_restricted_cash:shared/valueNone409.417
/operating_model/cells/h1_restricted_current:shared/basisNone10-Q reported amount converted from thousands to millions.
/operating_model/cells/h1_restricted_current:shared/caseNoneshared
/operating_model/cells/h1_restricted_current:shared/idNoneh1_restricted_current
/operating_model/cells/h1_restricted_current:shared/kindNonereported
/operating_model/cells/h1_restricted_current:shared/labelNoneJune current restricted cash
/operating_model/cells/h1_restricted_current:shared/periodNone2026Q2
/operating_model/cells/h1_restricted_current:shared/source_dateNone2026-08-05
/operating_model/cells/h1_restricted_current:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1083301/000108330126000166/wulf-20260630.htm
/operating_model/cells/h1_restricted_current:shared/unitNoneUSD_millions
/operating_model/cells/h1_restricted_current:shared/valueNone142.938
/operating_model/cells/h1_restricted_noncurrent:shared/basisNone10-Q reported amount converted from thousands to millions.
/operating_model/cells/h1_restricted_noncurrent:shared/caseNoneshared
/operating_model/cells/h1_restricted_noncurrent:shared/idNoneh1_restricted_noncurrent
/operating_model/cells/h1_restricted_noncurrent:shared/kindNonereported
/operating_model/cells/h1_restricted_noncurrent:shared/labelNoneJune noncurrent restricted cash
/operating_model/cells/h1_restricted_noncurrent:shared/periodNone2026Q2
/operating_model/cells/h1_restricted_noncurrent:shared/source_dateNone2026-08-05
/operating_model/cells/h1_restricted_noncurrent:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1083301/000108330126000166/wulf-20260630.htm
/operating_model/cells/h1_restricted_noncurrent:shared/unitNoneUSD_millions
/operating_model/cells/h1_restricted_noncurrent:shared/valueNone266.479
/operating_model/cells/h1_revenue:shared/basisNone10-Q reported amount converted from thousands to millions.
/operating_model/cells/h1_revenue:shared/caseNoneshared
/operating_model/cells/h1_revenue:shared/idNoneh1_revenue
/operating_model/cells/h1_revenue:shared/kindNonereported
/operating_model/cells/h1_revenue:shared/labelNoneH1 consolidated revenue
/operating_model/cells/h1_revenue:shared/periodNoneH1 2026
/operating_model/cells/h1_revenue:shared/source_dateNone2026-08-05
/operating_model/cells/h1_revenue:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1083301/000108330126000166/wulf-20260630.htm
/operating_model/cells/h1_revenue:shared/unitNoneUSD_millions
/operating_model/cells/h1_revenue:shared/valueNone78.779
/operating_model/cells/justified_annual_average:shared/basisNoneBase contract value divided by years; NOT first-year contractual rent.
/operating_model/cells/justified_annual_average:shared/caseNoneshared
/operating_model/cells/justified_annual_average:shared/formula/opNonedivide
/operating_model/cells/justified_annual_average:shared/formula/refs/0Nonejustified_contract
/operating_model/cells/justified_annual_average:shared/formula/refs/1Nonejustified_term
/operating_model/cells/justified_annual_average:shared/idNonejustified_annual_average
/operating_model/cells/justified_annual_average:shared/kindNonederived
/operating_model/cells/justified_annual_average:shared/labelNoneJustified lifetime-average annual revenue
/operating_model/cells/justified_annual_average:shared/periodNoneAnnual
/operating_model/cells/justified_annual_average:shared/unitNoneUSD_millions
/operating_model/cells/justified_annual_average:shared/valueNone950.0
/operating_model/cells/justified_contract:shared/basisNoneApproximately $19B base contract value; extensions are excluded.
/operating_model/cells/justified_contract:shared/caseNoneshared
/operating_model/cells/justified_contract:shared/idNonejustified_contract
/operating_model/cells/justified_contract:shared/kindNonereported
/operating_model/cells/justified_contract:shared/labelNoneJustified base contract revenue
/operating_model/cells/justified_contract:shared/periodNone20-year term
/operating_model/cells/justified_contract:shared/source_dateNone2026-08-05
/operating_model/cells/justified_contract:shared/source_urlNonehttps://investors.terawulf.com/news-events/press-releases/detail/144/terawulf-reports-second-quarter-2026-results
/operating_model/cells/justified_contract:shared/unitNoneUSD_millions
/operating_model/cells/justified_contract:shared/valueNone19000.0
/operating_model/cells/justified_full:shared/basisNoneCritical IT capacity; only delivered and rent-producing capacity generates modeled revenue.
/operating_model/cells/justified_full:shared/caseNoneshared
/operating_model/cells/justified_full:shared/idNonejustified_full
/operating_model/cells/justified_full:shared/kindNonereported
/operating_model/cells/justified_full:shared/labelNoneJustified contracted critical IT MW
/operating_model/cells/justified_full:shared/periodNoneDisclosed capacity
/operating_model/cells/justified_full:shared/source_dateNone2026-08-05
/operating_model/cells/justified_full:shared/source_urlNonehttps://investors.terawulf.com/news-events/press-releases/detail/144/terawulf-reports-second-quarter-2026-results
/operating_model/cells/justified_full:shared/unitNoneMW
/operating_model/cells/justified_full:shared/valueNone401.0
/operating_model/cells/justified_term:shared/basisNoneDisclosed base term; used only to compute a lifetime average.
/operating_model/cells/justified_term:shared/caseNoneshared
/operating_model/cells/justified_term:shared/idNonejustified_term
/operating_model/cells/justified_term:shared/kindNonereported
/operating_model/cells/justified_term:shared/labelNoneJustified base contract years
/operating_model/cells/justified_term:shared/periodNoneContract
/operating_model/cells/justified_term:shared/source_dateNone2026-08-05
/operating_model/cells/justified_term:shared/source_urlNonehttps://investors.terawulf.com/news-events/press-releases/detail/144/terawulf-reports-second-quarter-2026-results
/operating_model/cells/justified_term:shared/unitNoneratio
/operating_model/cells/justified_term:shared/valueNone20.0
/operating_model/cells/lake_full:shared/basisNoneCritical IT capacity; only delivered and rent-producing capacity generates modeled revenue.
/operating_model/cells/lake_full:shared/caseNoneshared
/operating_model/cells/lake_full:shared/idNonelake_full
/operating_model/cells/lake_full:shared/kindNonereported
/operating_model/cells/lake_full:shared/labelNoneLake Mariner full contracted critical IT MW
/operating_model/cells/lake_full:shared/periodNoneDisclosed capacity
/operating_model/cells/lake_full:shared/source_dateNone2026-08-05
/operating_model/cells/lake_full:shared/source_urlNonehttps://investors.terawulf.com/news-events/press-releases/detail/144/terawulf-reports-second-quarter-2026-results
/operating_model/cells/lake_full:shared/unitNoneMW
/operating_model/cells/lake_full:shared/valueNone438.0
/operating_model/cells/lake_july:shared/basisNoneCritical IT capacity; only delivered and rent-producing capacity generates modeled revenue.
/operating_model/cells/lake_july:shared/caseNoneshared
/operating_model/cells/lake_july:shared/idNonelake_july
/operating_model/cells/lake_july:shared/kindNonereported
/operating_model/cells/lake_july:shared/labelNoneLake Mariner critical IT MW after CB3
/operating_model/cells/lake_july:shared/periodNoneDisclosed capacity
/operating_model/cells/lake_july:shared/source_dateNone2026-08-05
/operating_model/cells/lake_july:shared/source_urlNonehttps://investors.terawulf.com/news-events/press-releases/detail/144/terawulf-reports-second-quarter-2026-results
/operating_model/cells/lake_july:shared/unitNoneMW
/operating_model/cells/lake_july:shared/valueNone102.0
/operating_model/cells/lake_june:shared/basisNoneCritical IT capacity; only delivered and rent-producing capacity generates modeled revenue.
/operating_model/cells/lake_june:shared/caseNoneshared
/operating_model/cells/lake_june:shared/idNonelake_june
/operating_model/cells/lake_june:shared/kindNonereported
/operating_model/cells/lake_june:shared/labelNoneLake Mariner critical IT MW at June 30
/operating_model/cells/lake_june:shared/periodNoneDisclosed capacity
/operating_model/cells/lake_june:shared/source_dateNone2026-08-05
/operating_model/cells/lake_june:shared/source_urlNonehttps://investors.terawulf.com/news-events/press-releases/detail/144/terawulf-reports-second-quarter-2026-results
/operating_model/cells/lake_june:shared/unitNoneMW
/operating_model/cells/lake_june:shared/valueNone81.0
/operating_model/cells/one_mw:shared/basisNoneArithmetic unit normalization; not additional capacity.
/operating_model/cells/one_mw:shared/caseNoneshared
/operating_model/cells/one_mw:shared/idNoneone_mw
/operating_model/cells/one_mw:shared/kindNoneassumption
/operating_model/cells/one_mw:shared/labelNoneOne MW normalization
/operating_model/cells/one_mw:shared/periodNoneModel
/operating_model/cells/one_mw:shared/unitNoneMW
/operating_model/cells/one_mw:shared/valueNone1.0
/operating_model/cells/quarter:shared/basisNoneArithmetic time conversion.
/operating_model/cells/quarter:shared/caseNoneshared
/operating_model/cells/quarter:shared/idNonequarter
/operating_model/cells/quarter:shared/kindNoneassumption
/operating_model/cells/quarter:shared/labelNoneOne quarter of a year
/operating_model/cells/quarter:shared/periodNoneModel
/operating_model/cells/quarter:shared/unitNoneratio
/operating_model/cells/quarter:shared/valueNone0.25
/operating_model/cells/two:shared/basisNoneArithmetic constant.
/operating_model/cells/two:shared/caseNoneshared
/operating_model/cells/two:shared/idNonetwo
/operating_model/cells/two:shared/kindNoneassumption
/operating_model/cells/two:shared/labelNoneAverage divisor
/operating_model/cells/two:shared/periodNoneModel
/operating_model/cells/two:shared/unitNoneratio
/operating_model/cells/two:shared/valueNone2.0
/operating_model/cells/upside_2026q3_capex:upside/basisNoneDesk construction-spend scenario across existing and newly contracted sites; not guidance. Delay/overrun costs exceed early revenue effects in downside.
/operating_model/cells/upside_2026q3_capex:upside/caseNoneupside
/operating_model/cells/upside_2026q3_capex:upside/idNoneupside_2026q3_capex
/operating_model/cells/upside_2026q3_capex:upside/kindNoneassumption
/operating_model/cells/upside_2026q3_capex:upside/labelNoneConstruction cash capex and deposits
/operating_model/cells/upside_2026q3_capex:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_capex:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_capex:upside/valueNone650.0
/operating_model/cells/upside_2026q3_cash_after_capex:upside/basisNoneBefore asset sales, acquisitions, new financing, restricted reserves and debt principal.
/operating_model/cells/upside_2026q3_cash_after_capex:upside/caseNoneupside
/operating_model/cells/upside_2026q3_cash_after_capex:upside/formula/opNonesubtract
/operating_model/cells/upside_2026q3_cash_after_capex:upside/formula/refs/0Noneupside_2026q3_cash_before_capex
/operating_model/cells/upside_2026q3_cash_after_capex:upside/formula/refs/1Noneupside_2026q3_capex
/operating_model/cells/upside_2026q3_cash_after_capex:upside/idNoneupside_2026q3_cash_after_capex
/operating_model/cells/upside_2026q3_cash_after_capex:upside/kindNonederived
/operating_model/cells/upside_2026q3_cash_after_capex:upside/labelNoneCash after capex proxy
/operating_model/cells/upside_2026q3_cash_after_capex:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_cash_after_capex:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_cash_after_capex:upside/valueNone-693.42295
/operating_model/cells/upside_2026q3_cash_before_capex:upside/basisNoneAnalytical cash economics including mining sales; not GAAP CFO.
/operating_model/cells/upside_2026q3_cash_before_capex:upside/caseNoneupside
/operating_model/cells/upside_2026q3_cash_before_capex:upside/formula/opNonesubtract
/operating_model/cells/upside_2026q3_cash_before_capex:upside/formula/refs/0Noneupside_2026q3_site_cash
/operating_model/cells/upside_2026q3_cash_before_capex:upside/formula/refs/1Noneupside_2026q3_uses
/operating_model/cells/upside_2026q3_cash_before_capex:upside/idNoneupside_2026q3_cash_before_capex
/operating_model/cells/upside_2026q3_cash_before_capex:upside/kindNonederived
/operating_model/cells/upside_2026q3_cash_before_capex:upside/labelNoneCash before capex proxy
/operating_model/cells/upside_2026q3_cash_before_capex:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_cash_before_capex:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_cash_before_capex:upside/valueNone-43.42295
/operating_model/cells/upside_2026q3_corp:upside/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/upside_2026q3_corp:upside/caseNoneupside
/operating_model/cells/upside_2026q3_corp:upside/idNoneupside_2026q3_corp
/operating_model/cells/upside_2026q3_corp:upside/kindNoneassumption
/operating_model/cells/upside_2026q3_corp:upside/labelNoneCash corporate overhead
/operating_model/cells/upside_2026q3_corp:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_corp:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_corp:upside/valueNone28.0
/operating_model/cells/upside_2026q3_hpc_cash:upside/basisNoneHPC revenue times explicitly assumed ramp cash margin.
/operating_model/cells/upside_2026q3_hpc_cash:upside/caseNoneupside
/operating_model/cells/upside_2026q3_hpc_cash:upside/formula/opNonemultiply
/operating_model/cells/upside_2026q3_hpc_cash:upside/formula/refs/0Noneupside_2026q3_hpc_revenue
/operating_model/cells/upside_2026q3_hpc_cash:upside/formula/refs/1Noneupside_2026q3_hpc_margin
/operating_model/cells/upside_2026q3_hpc_cash:upside/idNoneupside_2026q3_hpc_cash
/operating_model/cells/upside_2026q3_hpc_cash:upside/kindNonederived
/operating_model/cells/upside_2026q3_hpc_cash:upside/labelNoneHPC cash contribution
/operating_model/cells/upside_2026q3_hpc_cash:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_hpc_cash:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_hpc_cash:upside/valueNone53.625
/operating_model/cells/upside_2026q3_hpc_margin:upside/basisNoneDesk ramp margin after site cash operating costs; excludes depreciation and corporate costs. Not GAAP segment profit.
/operating_model/cells/upside_2026q3_hpc_margin:upside/caseNoneupside
/operating_model/cells/upside_2026q3_hpc_margin:upside/idNoneupside_2026q3_hpc_margin
/operating_model/cells/upside_2026q3_hpc_margin:upside/kindNoneassumption
/operating_model/cells/upside_2026q3_hpc_margin:upside/labelNoneHPC cash contribution margin
/operating_model/cells/upside_2026q3_hpc_margin:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_hpc_margin:upside/unitNoneratio
/operating_model/cells/upside_2026q3_hpc_margin:upside/valueNone0.65
/operating_model/cells/upside_2026q3_hpc_revenue:upside/basisNoneModeled rental and variable billings from Lake Mariner and Justified only.
/operating_model/cells/upside_2026q3_hpc_revenue:upside/caseNoneupside
/operating_model/cells/upside_2026q3_hpc_revenue:upside/formula/opNonesum
/operating_model/cells/upside_2026q3_hpc_revenue:upside/formula/refs/0Noneupside_2026q3_lake_revenue
/operating_model/cells/upside_2026q3_hpc_revenue:upside/formula/refs/1Noneupside_2026q3_justified_revenue
/operating_model/cells/upside_2026q3_hpc_revenue:upside/idNoneupside_2026q3_hpc_revenue
/operating_model/cells/upside_2026q3_hpc_revenue:upside/kindNonederived
/operating_model/cells/upside_2026q3_hpc_revenue:upside/labelNoneHPC revenue
/operating_model/cells/upside_2026q3_hpc_revenue:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_hpc_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_hpc_revenue:upside/valueNone82.5
/operating_model/cells/upside_2026q3_interest:upside/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/upside_2026q3_interest:upside/caseNoneupside
/operating_model/cells/upside_2026q3_interest:upside/idNoneupside_2026q3_interest
/operating_model/cells/upside_2026q3_interest:upside/kindNoneassumption
/operating_model/cells/upside_2026q3_interest:upside/labelNoneNet cash interest allowance
/operating_model/cells/upside_2026q3_interest:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_interest:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_interest:upside/valueNone65.0
/operating_model/cells/upside_2026q3_justified_fraction:upside/basisNoneAverage delivered MW divided by contracted 401 MW.
/operating_model/cells/upside_2026q3_justified_fraction:upside/caseNoneupside
/operating_model/cells/upside_2026q3_justified_fraction:upside/formula/opNonedivide
/operating_model/cells/upside_2026q3_justified_fraction:upside/formula/refs/0Noneupside_2026q3_justified_mw
/operating_model/cells/upside_2026q3_justified_fraction:upside/formula/refs/1Nonejustified_full
/operating_model/cells/upside_2026q3_justified_fraction:upside/idNoneupside_2026q3_justified_fraction
/operating_model/cells/upside_2026q3_justified_fraction:upside/kindNonederived
/operating_model/cells/upside_2026q3_justified_fraction:upside/labelNoneJustified active share of full IT capacity
/operating_model/cells/upside_2026q3_justified_fraction:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_justified_fraction:upside/unitNoneratio
/operating_model/cells/upside_2026q3_justified_fraction:upside/valueNone0.0
/operating_model/cells/upside_2026q3_justified_mw:upside/basisNoneDesk commissioning scenario. Company targets first capacity H2 2027 and full delivery starting 2028.
/operating_model/cells/upside_2026q3_justified_mw:upside/caseNoneupside
/operating_model/cells/upside_2026q3_justified_mw:upside/idNoneupside_2026q3_justified_mw
/operating_model/cells/upside_2026q3_justified_mw:upside/kindNoneassumption
/operating_model/cells/upside_2026q3_justified_mw:upside/labelNoneAverage rent-producing Justified IT MW
/operating_model/cells/upside_2026q3_justified_mw:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_justified_mw:upside/unitNoneMW
/operating_model/cells/upside_2026q3_justified_mw:upside/valueNone0.0
/operating_model/cells/upside_2026q3_justified_realization:upside/basisNoneDesk discount to lifetime-average revenue to avoid treating 20-year contract average as first-year rent.
/operating_model/cells/upside_2026q3_justified_realization:upside/caseNoneupside
/operating_model/cells/upside_2026q3_justified_realization:upside/idNoneupside_2026q3_justified_realization
/operating_model/cells/upside_2026q3_justified_realization:upside/kindNoneassumption
/operating_model/cells/upside_2026q3_justified_realization:upside/labelNoneInitial rent / lifetime-average rent
/operating_model/cells/upside_2026q3_justified_realization:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_justified_realization:upside/unitNoneratio
/operating_model/cells/upside_2026q3_justified_realization:upside/valueNone0.9
/operating_model/cells/upside_2026q3_justified_revenue:upside/basisNoneLifetime-average annual contract revenue scaled for active MW, time and initial-rent realization.
/operating_model/cells/upside_2026q3_justified_revenue:upside/caseNoneupside
/operating_model/cells/upside_2026q3_justified_revenue:upside/formula/opNonemultiply
/operating_model/cells/upside_2026q3_justified_revenue:upside/formula/refs/0Nonejustified_annual_average
/operating_model/cells/upside_2026q3_justified_revenue:upside/formula/refs/1Noneupside_2026q3_justified_fraction
/operating_model/cells/upside_2026q3_justified_revenue:upside/formula/refs/2Nonequarter
/operating_model/cells/upside_2026q3_justified_revenue:upside/formula/refs/3Noneupside_2026q3_justified_realization
/operating_model/cells/upside_2026q3_justified_revenue:upside/idNoneupside_2026q3_justified_revenue
/operating_model/cells/upside_2026q3_justified_revenue:upside/kindNonederived
/operating_model/cells/upside_2026q3_justified_revenue:upside/labelNoneJustified revenue
/operating_model/cells/upside_2026q3_justified_revenue:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_justified_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_justified_revenue:upside/valueNone0.0
/operating_model/cells/upside_2026q3_lake_mw:upside/basisNoneDesk within-quarter delivery/acceptance assumption; capped at disclosed 438 MW full capacity.
/operating_model/cells/upside_2026q3_lake_mw:upside/caseNoneupside
/operating_model/cells/upside_2026q3_lake_mw:upside/idNoneupside_2026q3_lake_mw
/operating_model/cells/upside_2026q3_lake_mw:upside/kindNoneassumption
/operating_model/cells/upside_2026q3_lake_mw:upside/labelNoneAverage rent-producing Lake Mariner IT MW
/operating_model/cells/upside_2026q3_lake_mw:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_lake_mw:upside/unitNoneMW
/operating_model/cells/upside_2026q3_lake_mw:upside/valueNone150.0
/operating_model/cells/upside_2026q3_lake_revenue:upside/basisNoneAverage MW times annual revenue per MW times one quarter.
/operating_model/cells/upside_2026q3_lake_revenue:upside/caseNoneupside
/operating_model/cells/upside_2026q3_lake_revenue:upside/formula/opNonemultiply
/operating_model/cells/upside_2026q3_lake_revenue:upside/formula/refs/0Noneupside_2026q3_lake_units
/operating_model/cells/upside_2026q3_lake_revenue:upside/formula/refs/1Noneupside_2026q3_rent_per_mw
/operating_model/cells/upside_2026q3_lake_revenue:upside/formula/refs/2Nonequarter
/operating_model/cells/upside_2026q3_lake_revenue:upside/idNoneupside_2026q3_lake_revenue
/operating_model/cells/upside_2026q3_lake_revenue:upside/kindNonederived
/operating_model/cells/upside_2026q3_lake_revenue:upside/labelNoneLake Mariner revenue
/operating_model/cells/upside_2026q3_lake_revenue:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_lake_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_lake_revenue:upside/valueNone82.5
/operating_model/cells/upside_2026q3_lake_units:upside/basisNoneNormalize critical IT capacity for per-MW rental economics.
/operating_model/cells/upside_2026q3_lake_units:upside/caseNoneupside
/operating_model/cells/upside_2026q3_lake_units:upside/formula/opNonedivide
/operating_model/cells/upside_2026q3_lake_units:upside/formula/refs/0Noneupside_2026q3_lake_mw
/operating_model/cells/upside_2026q3_lake_units:upside/formula/refs/1Noneone_mw
/operating_model/cells/upside_2026q3_lake_units:upside/idNoneupside_2026q3_lake_units
/operating_model/cells/upside_2026q3_lake_units:upside/kindNonederived
/operating_model/cells/upside_2026q3_lake_units:upside/labelNoneLake Mariner MW / one MW
/operating_model/cells/upside_2026q3_lake_units:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_lake_units:upside/unitNoneratio
/operating_model/cells/upside_2026q3_lake_units:upside/valueNone150.0
/operating_model/cells/upside_2026q3_mining:upside/basisNoneReported Q2 mining revenue times desk remaining-business factor.
/operating_model/cells/upside_2026q3_mining:upside/caseNoneupside
/operating_model/cells/upside_2026q3_mining:upside/formula/opNonemultiply
/operating_model/cells/upside_2026q3_mining:upside/formula/refs/0Noneh1_q2_mining
/operating_model/cells/upside_2026q3_mining:upside/formula/refs/1Noneupside_2026q3_mining_factor
/operating_model/cells/upside_2026q3_mining:upside/idNoneupside_2026q3_mining
/operating_model/cells/upside_2026q3_mining:upside/kindNonederived
/operating_model/cells/upside_2026q3_mining:upside/labelNoneMining revenue
/operating_model/cells/upside_2026q3_mining:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_mining:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_mining:upside/valueNone14.76025
/operating_model/cells/upside_2026q3_mining_cash:upside/basisNoneAssumes produced Bitcoin is monetized in the same quarter.
/operating_model/cells/upside_2026q3_mining_cash:upside/caseNoneupside
/operating_model/cells/upside_2026q3_mining_cash:upside/formula/opNonemultiply
/operating_model/cells/upside_2026q3_mining_cash:upside/formula/refs/0Noneupside_2026q3_mining
/operating_model/cells/upside_2026q3_mining_cash:upside/formula/refs/1Noneupside_2026q3_mining_margin
/operating_model/cells/upside_2026q3_mining_cash:upside/idNoneupside_2026q3_mining_cash
/operating_model/cells/upside_2026q3_mining_cash:upside/kindNonederived
/operating_model/cells/upside_2026q3_mining_cash:upside/labelNoneMining cash contribution
/operating_model/cells/upside_2026q3_mining_cash:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_mining_cash:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_mining_cash:upside/valueNone2.95205
/operating_model/cells/upside_2026q3_mining_factor:upside/basisNoneDesk remaining mining footprint and hashprice assumption as the site moves toward HPC.
/operating_model/cells/upside_2026q3_mining_factor:upside/caseNoneupside
/operating_model/cells/upside_2026q3_mining_factor:upside/idNoneupside_2026q3_mining_factor
/operating_model/cells/upside_2026q3_mining_factor:upside/kindNoneassumption
/operating_model/cells/upside_2026q3_mining_factor:upside/labelNoneMining revenue / Q2 baseline
/operating_model/cells/upside_2026q3_mining_factor:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_mining_factor:upside/unitNoneratio
/operating_model/cells/upside_2026q3_mining_factor:upside/valueNone1.15
/operating_model/cells/upside_2026q3_mining_margin:upside/basisNoneDesk cash mining contribution before corporate and financing costs.
/operating_model/cells/upside_2026q3_mining_margin:upside/caseNoneupside
/operating_model/cells/upside_2026q3_mining_margin:upside/idNoneupside_2026q3_mining_margin
/operating_model/cells/upside_2026q3_mining_margin:upside/kindNoneassumption
/operating_model/cells/upside_2026q3_mining_margin:upside/labelNoneMining cash contribution margin
/operating_model/cells/upside_2026q3_mining_margin:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_mining_margin:upside/unitNoneratio
/operating_model/cells/upside_2026q3_mining_margin:upside/valueNone0.2
/operating_model/cells/upside_2026q3_other:upside/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/upside_2026q3_other:upside/caseNoneupside
/operating_model/cells/upside_2026q3_other:upside/idNoneupside_2026q3_other
/operating_model/cells/upside_2026q3_other:upside/kindNoneassumption
/operating_model/cells/upside_2026q3_other:upside/labelNoneOther working-capital and tax uses
/operating_model/cells/upside_2026q3_other:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_other:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_other:upside/valueNone7.0
/operating_model/cells/upside_2026q3_rent_per_mw:upside/basisNoneDesk effective revenue per critical IT MW including lease and variable billings. This is not a disclosed contractual rent or a forecast contract repricing.
/operating_model/cells/upside_2026q3_rent_per_mw:upside/caseNoneupside
/operating_model/cells/upside_2026q3_rent_per_mw:upside/idNoneupside_2026q3_rent_per_mw
/operating_model/cells/upside_2026q3_rent_per_mw:upside/kindNoneassumption
/operating_model/cells/upside_2026q3_rent_per_mw:upside/labelNoneAnnual HPC revenue per Lake Mariner MW
/operating_model/cells/upside_2026q3_rent_per_mw:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_rent_per_mw:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_rent_per_mw:upside/valueNone2.2
/operating_model/cells/upside_2026q3_revenue:upside/basisNoneHPC plus mining; no revenue for long-dated power pipeline.
/operating_model/cells/upside_2026q3_revenue:upside/caseNoneupside
/operating_model/cells/upside_2026q3_revenue:upside/formula/opNonesum
/operating_model/cells/upside_2026q3_revenue:upside/formula/refs/0Noneupside_2026q3_hpc_revenue
/operating_model/cells/upside_2026q3_revenue:upside/formula/refs/1Noneupside_2026q3_mining
/operating_model/cells/upside_2026q3_revenue:upside/idNoneupside_2026q3_revenue
/operating_model/cells/upside_2026q3_revenue:upside/kindNonederived
/operating_model/cells/upside_2026q3_revenue:upside/labelNoneConsolidated revenue
/operating_model/cells/upside_2026q3_revenue:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_revenue:upside/valueNone97.26025
/operating_model/cells/upside_2026q3_site_cash:upside/basisNoneBefore corporate costs and financing.
/operating_model/cells/upside_2026q3_site_cash:upside/caseNoneupside
/operating_model/cells/upside_2026q3_site_cash:upside/formula/opNonesum
/operating_model/cells/upside_2026q3_site_cash:upside/formula/refs/0Noneupside_2026q3_hpc_cash
/operating_model/cells/upside_2026q3_site_cash:upside/formula/refs/1Noneupside_2026q3_mining_cash
/operating_model/cells/upside_2026q3_site_cash:upside/idNoneupside_2026q3_site_cash
/operating_model/cells/upside_2026q3_site_cash:upside/kindNonederived
/operating_model/cells/upside_2026q3_site_cash:upside/labelNoneSite cash contribution
/operating_model/cells/upside_2026q3_site_cash:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_site_cash:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_site_cash:upside/valueNone56.57705
/operating_model/cells/upside_2026q3_uses:upside/basisNonePositive cash uses; excludes debt principal and acquisitions.
/operating_model/cells/upside_2026q3_uses:upside/caseNoneupside
/operating_model/cells/upside_2026q3_uses:upside/formula/opNonesum
/operating_model/cells/upside_2026q3_uses:upside/formula/refs/0Noneupside_2026q3_corp
/operating_model/cells/upside_2026q3_uses:upside/formula/refs/1Noneupside_2026q3_interest
/operating_model/cells/upside_2026q3_uses:upside/formula/refs/2Noneupside_2026q3_other
/operating_model/cells/upside_2026q3_uses:upside/idNoneupside_2026q3_uses
/operating_model/cells/upside_2026q3_uses:upside/kindNonederived
/operating_model/cells/upside_2026q3_uses:upside/labelNoneCorporate and other cash uses
/operating_model/cells/upside_2026q3_uses:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_uses:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_uses:upside/valueNone100.0
/operating_model/cells/upside_2026q4_capex:upside/basisNoneDesk construction-spend scenario across existing and newly contracted sites; not guidance. Delay/overrun costs exceed early revenue effects in downside.
/operating_model/cells/upside_2026q4_capex:upside/caseNoneupside
/operating_model/cells/upside_2026q4_capex:upside/idNoneupside_2026q4_capex
/operating_model/cells/upside_2026q4_capex:upside/kindNoneassumption
/operating_model/cells/upside_2026q4_capex:upside/labelNoneConstruction cash capex and deposits
/operating_model/cells/upside_2026q4_capex:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_capex:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_capex:upside/valueNone650.0
/operating_model/cells/upside_2026q4_cash_after_capex:upside/basisNoneBefore asset sales, acquisitions, new financing, restricted reserves and debt principal.
/operating_model/cells/upside_2026q4_cash_after_capex:upside/caseNoneupside
/operating_model/cells/upside_2026q4_cash_after_capex:upside/formula/opNonesubtract
/operating_model/cells/upside_2026q4_cash_after_capex:upside/formula/refs/0Noneupside_2026q4_cash_before_capex
/operating_model/cells/upside_2026q4_cash_after_capex:upside/formula/refs/1Noneupside_2026q4_capex
/operating_model/cells/upside_2026q4_cash_after_capex:upside/idNoneupside_2026q4_cash_after_capex
/operating_model/cells/upside_2026q4_cash_after_capex:upside/kindNonederived
/operating_model/cells/upside_2026q4_cash_after_capex:upside/labelNoneCash after capex proxy
/operating_model/cells/upside_2026q4_cash_after_capex:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_cash_after_capex:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_cash_after_capex:upside/valueNone-639.76135
/operating_model/cells/upside_2026q4_cash_before_capex:upside/basisNoneAnalytical cash economics including mining sales; not GAAP CFO.
/operating_model/cells/upside_2026q4_cash_before_capex:upside/caseNoneupside
/operating_model/cells/upside_2026q4_cash_before_capex:upside/formula/opNonesubtract
/operating_model/cells/upside_2026q4_cash_before_capex:upside/formula/refs/0Noneupside_2026q4_site_cash
/operating_model/cells/upside_2026q4_cash_before_capex:upside/formula/refs/1Noneupside_2026q4_uses
/operating_model/cells/upside_2026q4_cash_before_capex:upside/idNoneupside_2026q4_cash_before_capex
/operating_model/cells/upside_2026q4_cash_before_capex:upside/kindNonederived
/operating_model/cells/upside_2026q4_cash_before_capex:upside/labelNoneCash before capex proxy
/operating_model/cells/upside_2026q4_cash_before_capex:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_cash_before_capex:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_cash_before_capex:upside/valueNone10.238649999999993
/operating_model/cells/upside_2026q4_corp:upside/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/upside_2026q4_corp:upside/caseNoneupside
/operating_model/cells/upside_2026q4_corp:upside/idNoneupside_2026q4_corp
/operating_model/cells/upside_2026q4_corp:upside/kindNoneassumption
/operating_model/cells/upside_2026q4_corp:upside/labelNoneCash corporate overhead
/operating_model/cells/upside_2026q4_corp:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_corp:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_corp:upside/valueNone28.0
/operating_model/cells/upside_2026q4_hpc_cash:upside/basisNoneHPC revenue times explicitly assumed ramp cash margin.
/operating_model/cells/upside_2026q4_hpc_cash:upside/caseNoneupside
/operating_model/cells/upside_2026q4_hpc_cash:upside/formula/opNonemultiply
/operating_model/cells/upside_2026q4_hpc_cash:upside/formula/refs/0Noneupside_2026q4_hpc_revenue
/operating_model/cells/upside_2026q4_hpc_cash:upside/formula/refs/1Noneupside_2026q4_hpc_margin
/operating_model/cells/upside_2026q4_hpc_cash:upside/idNoneupside_2026q4_hpc_cash
/operating_model/cells/upside_2026q4_hpc_cash:upside/kindNonederived
/operating_model/cells/upside_2026q4_hpc_cash:upside/labelNoneHPC cash contribution
/operating_model/cells/upside_2026q4_hpc_cash:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_hpc_cash:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_hpc_cash:upside/valueNone107.8
/operating_model/cells/upside_2026q4_hpc_margin:upside/basisNoneDesk ramp margin after site cash operating costs; excludes depreciation and corporate costs. Not GAAP segment profit.
/operating_model/cells/upside_2026q4_hpc_margin:upside/caseNoneupside
/operating_model/cells/upside_2026q4_hpc_margin:upside/idNoneupside_2026q4_hpc_margin
/operating_model/cells/upside_2026q4_hpc_margin:upside/kindNoneassumption
/operating_model/cells/upside_2026q4_hpc_margin:upside/labelNoneHPC cash contribution margin
/operating_model/cells/upside_2026q4_hpc_margin:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_hpc_margin:upside/unitNoneratio
/operating_model/cells/upside_2026q4_hpc_margin:upside/valueNone0.7
/operating_model/cells/upside_2026q4_hpc_revenue:upside/basisNoneModeled rental and variable billings from Lake Mariner and Justified only.
/operating_model/cells/upside_2026q4_hpc_revenue:upside/caseNoneupside
/operating_model/cells/upside_2026q4_hpc_revenue:upside/formula/opNonesum
/operating_model/cells/upside_2026q4_hpc_revenue:upside/formula/refs/0Noneupside_2026q4_lake_revenue
/operating_model/cells/upside_2026q4_hpc_revenue:upside/formula/refs/1Noneupside_2026q4_justified_revenue
/operating_model/cells/upside_2026q4_hpc_revenue:upside/idNoneupside_2026q4_hpc_revenue
/operating_model/cells/upside_2026q4_hpc_revenue:upside/kindNonederived
/operating_model/cells/upside_2026q4_hpc_revenue:upside/labelNoneHPC revenue
/operating_model/cells/upside_2026q4_hpc_revenue:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_hpc_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_hpc_revenue:upside/valueNone154.0
/operating_model/cells/upside_2026q4_interest:upside/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/upside_2026q4_interest:upside/caseNoneupside
/operating_model/cells/upside_2026q4_interest:upside/idNoneupside_2026q4_interest
/operating_model/cells/upside_2026q4_interest:upside/kindNoneassumption
/operating_model/cells/upside_2026q4_interest:upside/labelNoneNet cash interest allowance
/operating_model/cells/upside_2026q4_interest:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_interest:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_interest:upside/valueNone65.0
/operating_model/cells/upside_2026q4_justified_fraction:upside/basisNoneAverage delivered MW divided by contracted 401 MW.
/operating_model/cells/upside_2026q4_justified_fraction:upside/caseNoneupside
/operating_model/cells/upside_2026q4_justified_fraction:upside/formula/opNonedivide
/operating_model/cells/upside_2026q4_justified_fraction:upside/formula/refs/0Noneupside_2026q4_justified_mw
/operating_model/cells/upside_2026q4_justified_fraction:upside/formula/refs/1Nonejustified_full
/operating_model/cells/upside_2026q4_justified_fraction:upside/idNoneupside_2026q4_justified_fraction
/operating_model/cells/upside_2026q4_justified_fraction:upside/kindNonederived
/operating_model/cells/upside_2026q4_justified_fraction:upside/labelNoneJustified active share of full IT capacity
/operating_model/cells/upside_2026q4_justified_fraction:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_justified_fraction:upside/unitNoneratio
/operating_model/cells/upside_2026q4_justified_fraction:upside/valueNone0.0
/operating_model/cells/upside_2026q4_justified_mw:upside/basisNoneDesk commissioning scenario. Company targets first capacity H2 2027 and full delivery starting 2028.
/operating_model/cells/upside_2026q4_justified_mw:upside/caseNoneupside
/operating_model/cells/upside_2026q4_justified_mw:upside/idNoneupside_2026q4_justified_mw
/operating_model/cells/upside_2026q4_justified_mw:upside/kindNoneassumption
/operating_model/cells/upside_2026q4_justified_mw:upside/labelNoneAverage rent-producing Justified IT MW
/operating_model/cells/upside_2026q4_justified_mw:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_justified_mw:upside/unitNoneMW
/operating_model/cells/upside_2026q4_justified_mw:upside/valueNone0.0
/operating_model/cells/upside_2026q4_justified_realization:upside/basisNoneDesk discount to lifetime-average revenue to avoid treating 20-year contract average as first-year rent.
/operating_model/cells/upside_2026q4_justified_realization:upside/caseNoneupside
/operating_model/cells/upside_2026q4_justified_realization:upside/idNoneupside_2026q4_justified_realization
/operating_model/cells/upside_2026q4_justified_realization:upside/kindNoneassumption
/operating_model/cells/upside_2026q4_justified_realization:upside/labelNoneInitial rent / lifetime-average rent
/operating_model/cells/upside_2026q4_justified_realization:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_justified_realization:upside/unitNoneratio
/operating_model/cells/upside_2026q4_justified_realization:upside/valueNone0.9
/operating_model/cells/upside_2026q4_justified_revenue:upside/basisNoneLifetime-average annual contract revenue scaled for active MW, time and initial-rent realization.
/operating_model/cells/upside_2026q4_justified_revenue:upside/caseNoneupside
/operating_model/cells/upside_2026q4_justified_revenue:upside/formula/opNonemultiply
/operating_model/cells/upside_2026q4_justified_revenue:upside/formula/refs/0Nonejustified_annual_average
/operating_model/cells/upside_2026q4_justified_revenue:upside/formula/refs/1Noneupside_2026q4_justified_fraction
/operating_model/cells/upside_2026q4_justified_revenue:upside/formula/refs/2Nonequarter
/operating_model/cells/upside_2026q4_justified_revenue:upside/formula/refs/3Noneupside_2026q4_justified_realization
/operating_model/cells/upside_2026q4_justified_revenue:upside/idNoneupside_2026q4_justified_revenue
/operating_model/cells/upside_2026q4_justified_revenue:upside/kindNonederived
/operating_model/cells/upside_2026q4_justified_revenue:upside/labelNoneJustified revenue
/operating_model/cells/upside_2026q4_justified_revenue:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_justified_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_justified_revenue:upside/valueNone0.0
/operating_model/cells/upside_2026q4_lake_mw:upside/basisNoneDesk within-quarter delivery/acceptance assumption; capped at disclosed 438 MW full capacity.
/operating_model/cells/upside_2026q4_lake_mw:upside/caseNoneupside
/operating_model/cells/upside_2026q4_lake_mw:upside/idNoneupside_2026q4_lake_mw
/operating_model/cells/upside_2026q4_lake_mw:upside/kindNoneassumption
/operating_model/cells/upside_2026q4_lake_mw:upside/labelNoneAverage rent-producing Lake Mariner IT MW
/operating_model/cells/upside_2026q4_lake_mw:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_lake_mw:upside/unitNoneMW
/operating_model/cells/upside_2026q4_lake_mw:upside/valueNone280.0
/operating_model/cells/upside_2026q4_lake_revenue:upside/basisNoneAverage MW times annual revenue per MW times one quarter.
/operating_model/cells/upside_2026q4_lake_revenue:upside/caseNoneupside
/operating_model/cells/upside_2026q4_lake_revenue:upside/formula/opNonemultiply
/operating_model/cells/upside_2026q4_lake_revenue:upside/formula/refs/0Noneupside_2026q4_lake_units
/operating_model/cells/upside_2026q4_lake_revenue:upside/formula/refs/1Noneupside_2026q4_rent_per_mw
/operating_model/cells/upside_2026q4_lake_revenue:upside/formula/refs/2Nonequarter
/operating_model/cells/upside_2026q4_lake_revenue:upside/idNoneupside_2026q4_lake_revenue
/operating_model/cells/upside_2026q4_lake_revenue:upside/kindNonederived
/operating_model/cells/upside_2026q4_lake_revenue:upside/labelNoneLake Mariner revenue
/operating_model/cells/upside_2026q4_lake_revenue:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_lake_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_lake_revenue:upside/valueNone154.0
/operating_model/cells/upside_2026q4_lake_units:upside/basisNoneNormalize critical IT capacity for per-MW rental economics.
/operating_model/cells/upside_2026q4_lake_units:upside/caseNoneupside
/operating_model/cells/upside_2026q4_lake_units:upside/formula/opNonedivide
/operating_model/cells/upside_2026q4_lake_units:upside/formula/refs/0Noneupside_2026q4_lake_mw
/operating_model/cells/upside_2026q4_lake_units:upside/formula/refs/1Noneone_mw
/operating_model/cells/upside_2026q4_lake_units:upside/idNoneupside_2026q4_lake_units
/operating_model/cells/upside_2026q4_lake_units:upside/kindNonederived
/operating_model/cells/upside_2026q4_lake_units:upside/labelNoneLake Mariner MW / one MW
/operating_model/cells/upside_2026q4_lake_units:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_lake_units:upside/unitNoneratio
/operating_model/cells/upside_2026q4_lake_units:upside/valueNone280.0
/operating_model/cells/upside_2026q4_mining:upside/basisNoneReported Q2 mining revenue times desk remaining-business factor.
/operating_model/cells/upside_2026q4_mining:upside/caseNoneupside
/operating_model/cells/upside_2026q4_mining:upside/formula/opNonemultiply
/operating_model/cells/upside_2026q4_mining:upside/formula/refs/0Noneh1_q2_mining
/operating_model/cells/upside_2026q4_mining:upside/formula/refs/1Noneupside_2026q4_mining_factor
/operating_model/cells/upside_2026q4_mining:upside/idNoneupside_2026q4_mining
/operating_model/cells/upside_2026q4_mining:upside/kindNonederived
/operating_model/cells/upside_2026q4_mining:upside/labelNoneMining revenue
/operating_model/cells/upside_2026q4_mining:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_mining:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_mining:upside/valueNone12.19325
/operating_model/cells/upside_2026q4_mining_cash:upside/basisNoneAssumes produced Bitcoin is monetized in the same quarter.
/operating_model/cells/upside_2026q4_mining_cash:upside/caseNoneupside
/operating_model/cells/upside_2026q4_mining_cash:upside/formula/opNonemultiply
/operating_model/cells/upside_2026q4_mining_cash:upside/formula/refs/0Noneupside_2026q4_mining
/operating_model/cells/upside_2026q4_mining_cash:upside/formula/refs/1Noneupside_2026q4_mining_margin
/operating_model/cells/upside_2026q4_mining_cash:upside/idNoneupside_2026q4_mining_cash
/operating_model/cells/upside_2026q4_mining_cash:upside/kindNonederived
/operating_model/cells/upside_2026q4_mining_cash:upside/labelNoneMining cash contribution
/operating_model/cells/upside_2026q4_mining_cash:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_mining_cash:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_mining_cash:upside/valueNone2.4386500000000004
/operating_model/cells/upside_2026q4_mining_factor:upside/basisNoneDesk remaining mining footprint and hashprice assumption as the site moves toward HPC.
/operating_model/cells/upside_2026q4_mining_factor:upside/caseNoneupside
/operating_model/cells/upside_2026q4_mining_factor:upside/idNoneupside_2026q4_mining_factor
/operating_model/cells/upside_2026q4_mining_factor:upside/kindNoneassumption
/operating_model/cells/upside_2026q4_mining_factor:upside/labelNoneMining revenue / Q2 baseline
/operating_model/cells/upside_2026q4_mining_factor:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_mining_factor:upside/unitNoneratio
/operating_model/cells/upside_2026q4_mining_factor:upside/valueNone0.95
/operating_model/cells/upside_2026q4_mining_margin:upside/basisNoneDesk cash mining contribution before corporate and financing costs.
/operating_model/cells/upside_2026q4_mining_margin:upside/caseNoneupside
/operating_model/cells/upside_2026q4_mining_margin:upside/idNoneupside_2026q4_mining_margin
/operating_model/cells/upside_2026q4_mining_margin:upside/kindNoneassumption
/operating_model/cells/upside_2026q4_mining_margin:upside/labelNoneMining cash contribution margin
/operating_model/cells/upside_2026q4_mining_margin:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_mining_margin:upside/unitNoneratio
/operating_model/cells/upside_2026q4_mining_margin:upside/valueNone0.2
/operating_model/cells/upside_2026q4_other:upside/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/upside_2026q4_other:upside/caseNoneupside
/operating_model/cells/upside_2026q4_other:upside/idNoneupside_2026q4_other
/operating_model/cells/upside_2026q4_other:upside/kindNoneassumption
/operating_model/cells/upside_2026q4_other:upside/labelNoneOther working-capital and tax uses
/operating_model/cells/upside_2026q4_other:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_other:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_other:upside/valueNone7.0
/operating_model/cells/upside_2026q4_rent_per_mw:upside/basisNoneDesk effective revenue per critical IT MW including lease and variable billings. This is not a disclosed contractual rent or a forecast contract repricing.
/operating_model/cells/upside_2026q4_rent_per_mw:upside/caseNoneupside
/operating_model/cells/upside_2026q4_rent_per_mw:upside/idNoneupside_2026q4_rent_per_mw
/operating_model/cells/upside_2026q4_rent_per_mw:upside/kindNoneassumption
/operating_model/cells/upside_2026q4_rent_per_mw:upside/labelNoneAnnual HPC revenue per Lake Mariner MW
/operating_model/cells/upside_2026q4_rent_per_mw:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_rent_per_mw:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_rent_per_mw:upside/valueNone2.2
/operating_model/cells/upside_2026q4_revenue:upside/basisNoneHPC plus mining; no revenue for long-dated power pipeline.
/operating_model/cells/upside_2026q4_revenue:upside/caseNoneupside
/operating_model/cells/upside_2026q4_revenue:upside/formula/opNonesum
/operating_model/cells/upside_2026q4_revenue:upside/formula/refs/0Noneupside_2026q4_hpc_revenue
/operating_model/cells/upside_2026q4_revenue:upside/formula/refs/1Noneupside_2026q4_mining
/operating_model/cells/upside_2026q4_revenue:upside/idNoneupside_2026q4_revenue
/operating_model/cells/upside_2026q4_revenue:upside/kindNonederived
/operating_model/cells/upside_2026q4_revenue:upside/labelNoneConsolidated revenue
/operating_model/cells/upside_2026q4_revenue:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_revenue:upside/valueNone166.19325
/operating_model/cells/upside_2026q4_site_cash:upside/basisNoneBefore corporate costs and financing.
/operating_model/cells/upside_2026q4_site_cash:upside/caseNoneupside
/operating_model/cells/upside_2026q4_site_cash:upside/formula/opNonesum
/operating_model/cells/upside_2026q4_site_cash:upside/formula/refs/0Noneupside_2026q4_hpc_cash
/operating_model/cells/upside_2026q4_site_cash:upside/formula/refs/1Noneupside_2026q4_mining_cash
/operating_model/cells/upside_2026q4_site_cash:upside/idNoneupside_2026q4_site_cash
/operating_model/cells/upside_2026q4_site_cash:upside/kindNonederived
/operating_model/cells/upside_2026q4_site_cash:upside/labelNoneSite cash contribution
/operating_model/cells/upside_2026q4_site_cash:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_site_cash:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_site_cash:upside/valueNone110.23864999999999
/operating_model/cells/upside_2026q4_uses:upside/basisNonePositive cash uses; excludes debt principal and acquisitions.
/operating_model/cells/upside_2026q4_uses:upside/caseNoneupside
/operating_model/cells/upside_2026q4_uses:upside/formula/opNonesum
/operating_model/cells/upside_2026q4_uses:upside/formula/refs/0Noneupside_2026q4_corp
/operating_model/cells/upside_2026q4_uses:upside/formula/refs/1Noneupside_2026q4_interest
/operating_model/cells/upside_2026q4_uses:upside/formula/refs/2Noneupside_2026q4_other
/operating_model/cells/upside_2026q4_uses:upside/idNoneupside_2026q4_uses
/operating_model/cells/upside_2026q4_uses:upside/kindNonederived
/operating_model/cells/upside_2026q4_uses:upside/labelNoneCorporate and other cash uses
/operating_model/cells/upside_2026q4_uses:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_uses:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_uses:upside/valueNone100.0
/operating_model/cells/upside_2027q1_capex:upside/basisNoneDesk construction-spend scenario across existing and newly contracted sites; not guidance. Delay/overrun costs exceed early revenue effects in downside.
/operating_model/cells/upside_2027q1_capex:upside/caseNoneupside
/operating_model/cells/upside_2027q1_capex:upside/idNoneupside_2027q1_capex
/operating_model/cells/upside_2027q1_capex:upside/kindNoneassumption
/operating_model/cells/upside_2027q1_capex:upside/labelNoneConstruction cash capex and deposits
/operating_model/cells/upside_2027q1_capex:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_capex:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_capex:upside/valueNone750.0
/operating_model/cells/upside_2027q1_cash_after_capex:upside/basisNoneBefore asset sales, acquisitions, new financing, restricted reserves and debt principal.
/operating_model/cells/upside_2027q1_cash_after_capex:upside/caseNoneupside
/operating_model/cells/upside_2027q1_cash_after_capex:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q1_cash_after_capex:upside/formula/refs/0Noneupside_2027q1_cash_before_capex
/operating_model/cells/upside_2027q1_cash_after_capex:upside/formula/refs/1Noneupside_2027q1_capex
/operating_model/cells/upside_2027q1_cash_after_capex:upside/idNoneupside_2027q1_cash_after_capex
/operating_model/cells/upside_2027q1_cash_after_capex:upside/kindNonederived
/operating_model/cells/upside_2027q1_cash_after_capex:upside/labelNoneCash after capex proxy
/operating_model/cells/upside_2027q1_cash_after_capex:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_cash_after_capex:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_cash_after_capex:upside/valueNone-691.32475
/operating_model/cells/upside_2027q1_cash_before_capex:upside/basisNoneAnalytical cash economics including mining sales; not GAAP CFO.
/operating_model/cells/upside_2027q1_cash_before_capex:upside/caseNoneupside
/operating_model/cells/upside_2027q1_cash_before_capex:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q1_cash_before_capex:upside/formula/refs/0Noneupside_2027q1_site_cash
/operating_model/cells/upside_2027q1_cash_before_capex:upside/formula/refs/1Noneupside_2027q1_uses
/operating_model/cells/upside_2027q1_cash_before_capex:upside/idNoneupside_2027q1_cash_before_capex
/operating_model/cells/upside_2027q1_cash_before_capex:upside/kindNonederived
/operating_model/cells/upside_2027q1_cash_before_capex:upside/labelNoneCash before capex proxy
/operating_model/cells/upside_2027q1_cash_before_capex:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_cash_before_capex:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_cash_before_capex:upside/valueNone58.675250000000034
/operating_model/cells/upside_2027q1_corp:upside/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/upside_2027q1_corp:upside/caseNoneupside
/operating_model/cells/upside_2027q1_corp:upside/idNoneupside_2027q1_corp
/operating_model/cells/upside_2027q1_corp:upside/kindNoneassumption
/operating_model/cells/upside_2027q1_corp:upside/labelNoneCash corporate overhead
/operating_model/cells/upside_2027q1_corp:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_corp:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_corp:upside/valueNone28.0
/operating_model/cells/upside_2027q1_hpc_cash:upside/basisNoneHPC revenue times explicitly assumed ramp cash margin.
/operating_model/cells/upside_2027q1_hpc_cash:upside/caseNoneupside
/operating_model/cells/upside_2027q1_hpc_cash:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q1_hpc_cash:upside/formula/refs/0Noneupside_2027q1_hpc_revenue
/operating_model/cells/upside_2027q1_hpc_cash:upside/formula/refs/1Noneupside_2027q1_hpc_margin
/operating_model/cells/upside_2027q1_hpc_cash:upside/idNoneupside_2027q1_hpc_cash
/operating_model/cells/upside_2027q1_hpc_cash:upside/kindNonederived
/operating_model/cells/upside_2027q1_hpc_cash:upside/labelNoneHPC cash contribution
/operating_model/cells/upside_2027q1_hpc_cash:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_hpc_cash:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_hpc_cash:upside/valueNone156.75000000000003
/operating_model/cells/upside_2027q1_hpc_margin:upside/basisNoneDesk ramp margin after site cash operating costs; excludes depreciation and corporate costs. Not GAAP segment profit.
/operating_model/cells/upside_2027q1_hpc_margin:upside/caseNoneupside
/operating_model/cells/upside_2027q1_hpc_margin:upside/idNoneupside_2027q1_hpc_margin
/operating_model/cells/upside_2027q1_hpc_margin:upside/kindNoneassumption
/operating_model/cells/upside_2027q1_hpc_margin:upside/labelNoneHPC cash contribution margin
/operating_model/cells/upside_2027q1_hpc_margin:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_hpc_margin:upside/unitNoneratio
/operating_model/cells/upside_2027q1_hpc_margin:upside/valueNone0.75
/operating_model/cells/upside_2027q1_hpc_revenue:upside/basisNoneModeled rental and variable billings from Lake Mariner and Justified only.
/operating_model/cells/upside_2027q1_hpc_revenue:upside/caseNoneupside
/operating_model/cells/upside_2027q1_hpc_revenue:upside/formula/opNonesum
/operating_model/cells/upside_2027q1_hpc_revenue:upside/formula/refs/0Noneupside_2027q1_lake_revenue
/operating_model/cells/upside_2027q1_hpc_revenue:upside/formula/refs/1Noneupside_2027q1_justified_revenue
/operating_model/cells/upside_2027q1_hpc_revenue:upside/idNoneupside_2027q1_hpc_revenue
/operating_model/cells/upside_2027q1_hpc_revenue:upside/kindNonederived
/operating_model/cells/upside_2027q1_hpc_revenue:upside/labelNoneHPC revenue
/operating_model/cells/upside_2027q1_hpc_revenue:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_hpc_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_hpc_revenue:upside/valueNone209.00000000000003
/operating_model/cells/upside_2027q1_interest:upside/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/upside_2027q1_interest:upside/caseNoneupside
/operating_model/cells/upside_2027q1_interest:upside/idNoneupside_2027q1_interest
/operating_model/cells/upside_2027q1_interest:upside/kindNoneassumption
/operating_model/cells/upside_2027q1_interest:upside/labelNoneNet cash interest allowance
/operating_model/cells/upside_2027q1_interest:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_interest:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_interest:upside/valueNone65.0
/operating_model/cells/upside_2027q1_justified_fraction:upside/basisNoneAverage delivered MW divided by contracted 401 MW.
/operating_model/cells/upside_2027q1_justified_fraction:upside/caseNoneupside
/operating_model/cells/upside_2027q1_justified_fraction:upside/formula/opNonedivide
/operating_model/cells/upside_2027q1_justified_fraction:upside/formula/refs/0Noneupside_2027q1_justified_mw
/operating_model/cells/upside_2027q1_justified_fraction:upside/formula/refs/1Nonejustified_full
/operating_model/cells/upside_2027q1_justified_fraction:upside/idNoneupside_2027q1_justified_fraction
/operating_model/cells/upside_2027q1_justified_fraction:upside/kindNonederived
/operating_model/cells/upside_2027q1_justified_fraction:upside/labelNoneJustified active share of full IT capacity
/operating_model/cells/upside_2027q1_justified_fraction:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_justified_fraction:upside/unitNoneratio
/operating_model/cells/upside_2027q1_justified_fraction:upside/valueNone0.0
/operating_model/cells/upside_2027q1_justified_mw:upside/basisNoneDesk commissioning scenario. Company targets first capacity H2 2027 and full delivery starting 2028.
/operating_model/cells/upside_2027q1_justified_mw:upside/caseNoneupside
/operating_model/cells/upside_2027q1_justified_mw:upside/idNoneupside_2027q1_justified_mw
/operating_model/cells/upside_2027q1_justified_mw:upside/kindNoneassumption
/operating_model/cells/upside_2027q1_justified_mw:upside/labelNoneAverage rent-producing Justified IT MW
/operating_model/cells/upside_2027q1_justified_mw:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_justified_mw:upside/unitNoneMW
/operating_model/cells/upside_2027q1_justified_mw:upside/valueNone0.0
/operating_model/cells/upside_2027q1_justified_realization:upside/basisNoneDesk discount to lifetime-average revenue to avoid treating 20-year contract average as first-year rent.
/operating_model/cells/upside_2027q1_justified_realization:upside/caseNoneupside
/operating_model/cells/upside_2027q1_justified_realization:upside/idNoneupside_2027q1_justified_realization
/operating_model/cells/upside_2027q1_justified_realization:upside/kindNoneassumption
/operating_model/cells/upside_2027q1_justified_realization:upside/labelNoneInitial rent / lifetime-average rent
/operating_model/cells/upside_2027q1_justified_realization:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_justified_realization:upside/unitNoneratio
/operating_model/cells/upside_2027q1_justified_realization:upside/valueNone0.9
/operating_model/cells/upside_2027q1_justified_revenue:upside/basisNoneLifetime-average annual contract revenue scaled for active MW, time and initial-rent realization.
/operating_model/cells/upside_2027q1_justified_revenue:upside/caseNoneupside
/operating_model/cells/upside_2027q1_justified_revenue:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q1_justified_revenue:upside/formula/refs/0Nonejustified_annual_average
/operating_model/cells/upside_2027q1_justified_revenue:upside/formula/refs/1Noneupside_2027q1_justified_fraction
/operating_model/cells/upside_2027q1_justified_revenue:upside/formula/refs/2Nonequarter
/operating_model/cells/upside_2027q1_justified_revenue:upside/formula/refs/3Noneupside_2027q1_justified_realization
/operating_model/cells/upside_2027q1_justified_revenue:upside/idNoneupside_2027q1_justified_revenue
/operating_model/cells/upside_2027q1_justified_revenue:upside/kindNonederived
/operating_model/cells/upside_2027q1_justified_revenue:upside/labelNoneJustified revenue
/operating_model/cells/upside_2027q1_justified_revenue:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_justified_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_justified_revenue:upside/valueNone0.0
/operating_model/cells/upside_2027q1_lake_mw:upside/basisNoneDesk within-quarter delivery/acceptance assumption; capped at disclosed 438 MW full capacity.
/operating_model/cells/upside_2027q1_lake_mw:upside/caseNoneupside
/operating_model/cells/upside_2027q1_lake_mw:upside/idNoneupside_2027q1_lake_mw
/operating_model/cells/upside_2027q1_lake_mw:upside/kindNoneassumption
/operating_model/cells/upside_2027q1_lake_mw:upside/labelNoneAverage rent-producing Lake Mariner IT MW
/operating_model/cells/upside_2027q1_lake_mw:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_lake_mw:upside/unitNoneMW
/operating_model/cells/upside_2027q1_lake_mw:upside/valueNone380.0
/operating_model/cells/upside_2027q1_lake_revenue:upside/basisNoneAverage MW times annual revenue per MW times one quarter.
/operating_model/cells/upside_2027q1_lake_revenue:upside/caseNoneupside
/operating_model/cells/upside_2027q1_lake_revenue:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q1_lake_revenue:upside/formula/refs/0Noneupside_2027q1_lake_units
/operating_model/cells/upside_2027q1_lake_revenue:upside/formula/refs/1Noneupside_2027q1_rent_per_mw
/operating_model/cells/upside_2027q1_lake_revenue:upside/formula/refs/2Nonequarter
/operating_model/cells/upside_2027q1_lake_revenue:upside/idNoneupside_2027q1_lake_revenue
/operating_model/cells/upside_2027q1_lake_revenue:upside/kindNonederived
/operating_model/cells/upside_2027q1_lake_revenue:upside/labelNoneLake Mariner revenue
/operating_model/cells/upside_2027q1_lake_revenue:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_lake_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_lake_revenue:upside/valueNone209.00000000000003
/operating_model/cells/upside_2027q1_lake_units:upside/basisNoneNormalize critical IT capacity for per-MW rental economics.
/operating_model/cells/upside_2027q1_lake_units:upside/caseNoneupside
/operating_model/cells/upside_2027q1_lake_units:upside/formula/opNonedivide
/operating_model/cells/upside_2027q1_lake_units:upside/formula/refs/0Noneupside_2027q1_lake_mw
/operating_model/cells/upside_2027q1_lake_units:upside/formula/refs/1Noneone_mw
/operating_model/cells/upside_2027q1_lake_units:upside/idNoneupside_2027q1_lake_units
/operating_model/cells/upside_2027q1_lake_units:upside/kindNonederived
/operating_model/cells/upside_2027q1_lake_units:upside/labelNoneLake Mariner MW / one MW
/operating_model/cells/upside_2027q1_lake_units:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_lake_units:upside/unitNoneratio
/operating_model/cells/upside_2027q1_lake_units:upside/valueNone380.0
/operating_model/cells/upside_2027q1_mining:upside/basisNoneReported Q2 mining revenue times desk remaining-business factor.
/operating_model/cells/upside_2027q1_mining:upside/caseNoneupside
/operating_model/cells/upside_2027q1_mining:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q1_mining:upside/formula/refs/0Noneh1_q2_mining
/operating_model/cells/upside_2027q1_mining:upside/formula/refs/1Noneupside_2027q1_mining_factor
/operating_model/cells/upside_2027q1_mining:upside/idNoneupside_2027q1_mining
/operating_model/cells/upside_2027q1_mining:upside/kindNonederived
/operating_model/cells/upside_2027q1_mining:upside/labelNoneMining revenue
/operating_model/cells/upside_2027q1_mining:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_mining:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_mining:upside/valueNone9.62625
/operating_model/cells/upside_2027q1_mining_cash:upside/basisNoneAssumes produced Bitcoin is monetized in the same quarter.
/operating_model/cells/upside_2027q1_mining_cash:upside/caseNoneupside
/operating_model/cells/upside_2027q1_mining_cash:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q1_mining_cash:upside/formula/refs/0Noneupside_2027q1_mining
/operating_model/cells/upside_2027q1_mining_cash:upside/formula/refs/1Noneupside_2027q1_mining_margin
/operating_model/cells/upside_2027q1_mining_cash:upside/idNoneupside_2027q1_mining_cash
/operating_model/cells/upside_2027q1_mining_cash:upside/kindNonederived
/operating_model/cells/upside_2027q1_mining_cash:upside/labelNoneMining cash contribution
/operating_model/cells/upside_2027q1_mining_cash:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_mining_cash:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_mining_cash:upside/valueNone1.9252500000000001
/operating_model/cells/upside_2027q1_mining_factor:upside/basisNoneDesk remaining mining footprint and hashprice assumption as the site moves toward HPC.
/operating_model/cells/upside_2027q1_mining_factor:upside/caseNoneupside
/operating_model/cells/upside_2027q1_mining_factor:upside/idNoneupside_2027q1_mining_factor
/operating_model/cells/upside_2027q1_mining_factor:upside/kindNoneassumption
/operating_model/cells/upside_2027q1_mining_factor:upside/labelNoneMining revenue / Q2 baseline
/operating_model/cells/upside_2027q1_mining_factor:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_mining_factor:upside/unitNoneratio
/operating_model/cells/upside_2027q1_mining_factor:upside/valueNone0.75
/operating_model/cells/upside_2027q1_mining_margin:upside/basisNoneDesk cash mining contribution before corporate and financing costs.
/operating_model/cells/upside_2027q1_mining_margin:upside/caseNoneupside
/operating_model/cells/upside_2027q1_mining_margin:upside/idNoneupside_2027q1_mining_margin
/operating_model/cells/upside_2027q1_mining_margin:upside/kindNoneassumption
/operating_model/cells/upside_2027q1_mining_margin:upside/labelNoneMining cash contribution margin
/operating_model/cells/upside_2027q1_mining_margin:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_mining_margin:upside/unitNoneratio
/operating_model/cells/upside_2027q1_mining_margin:upside/valueNone0.2
/operating_model/cells/upside_2027q1_other:upside/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/upside_2027q1_other:upside/caseNoneupside
/operating_model/cells/upside_2027q1_other:upside/idNoneupside_2027q1_other
/operating_model/cells/upside_2027q1_other:upside/kindNoneassumption
/operating_model/cells/upside_2027q1_other:upside/labelNoneOther working-capital and tax uses
/operating_model/cells/upside_2027q1_other:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_other:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_other:upside/valueNone7.0
/operating_model/cells/upside_2027q1_rent_per_mw:upside/basisNoneDesk effective revenue per critical IT MW including lease and variable billings. This is not a disclosed contractual rent or a forecast contract repricing.
/operating_model/cells/upside_2027q1_rent_per_mw:upside/caseNoneupside
/operating_model/cells/upside_2027q1_rent_per_mw:upside/idNoneupside_2027q1_rent_per_mw
/operating_model/cells/upside_2027q1_rent_per_mw:upside/kindNoneassumption
/operating_model/cells/upside_2027q1_rent_per_mw:upside/labelNoneAnnual HPC revenue per Lake Mariner MW
/operating_model/cells/upside_2027q1_rent_per_mw:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_rent_per_mw:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_rent_per_mw:upside/valueNone2.2
/operating_model/cells/upside_2027q1_revenue:upside/basisNoneHPC plus mining; no revenue for long-dated power pipeline.
/operating_model/cells/upside_2027q1_revenue:upside/caseNoneupside
/operating_model/cells/upside_2027q1_revenue:upside/formula/opNonesum
/operating_model/cells/upside_2027q1_revenue:upside/formula/refs/0Noneupside_2027q1_hpc_revenue
/operating_model/cells/upside_2027q1_revenue:upside/formula/refs/1Noneupside_2027q1_mining
/operating_model/cells/upside_2027q1_revenue:upside/idNoneupside_2027q1_revenue
/operating_model/cells/upside_2027q1_revenue:upside/kindNonederived
/operating_model/cells/upside_2027q1_revenue:upside/labelNoneConsolidated revenue
/operating_model/cells/upside_2027q1_revenue:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_revenue:upside/valueNone218.62625000000003
/operating_model/cells/upside_2027q1_site_cash:upside/basisNoneBefore corporate costs and financing.
/operating_model/cells/upside_2027q1_site_cash:upside/caseNoneupside
/operating_model/cells/upside_2027q1_site_cash:upside/formula/opNonesum
/operating_model/cells/upside_2027q1_site_cash:upside/formula/refs/0Noneupside_2027q1_hpc_cash
/operating_model/cells/upside_2027q1_site_cash:upside/formula/refs/1Noneupside_2027q1_mining_cash
/operating_model/cells/upside_2027q1_site_cash:upside/idNoneupside_2027q1_site_cash
/operating_model/cells/upside_2027q1_site_cash:upside/kindNonederived
/operating_model/cells/upside_2027q1_site_cash:upside/labelNoneSite cash contribution
/operating_model/cells/upside_2027q1_site_cash:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_site_cash:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_site_cash:upside/valueNone158.67525000000003
/operating_model/cells/upside_2027q1_uses:upside/basisNonePositive cash uses; excludes debt principal and acquisitions.
/operating_model/cells/upside_2027q1_uses:upside/caseNoneupside
/operating_model/cells/upside_2027q1_uses:upside/formula/opNonesum
/operating_model/cells/upside_2027q1_uses:upside/formula/refs/0Noneupside_2027q1_corp
/operating_model/cells/upside_2027q1_uses:upside/formula/refs/1Noneupside_2027q1_interest
/operating_model/cells/upside_2027q1_uses:upside/formula/refs/2Noneupside_2027q1_other
/operating_model/cells/upside_2027q1_uses:upside/idNoneupside_2027q1_uses
/operating_model/cells/upside_2027q1_uses:upside/kindNonederived
/operating_model/cells/upside_2027q1_uses:upside/labelNoneCorporate and other cash uses
/operating_model/cells/upside_2027q1_uses:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_uses:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_uses:upside/valueNone100.0
/operating_model/cells/upside_2027q2_capex:upside/basisNoneDesk construction-spend scenario across existing and newly contracted sites; not guidance. Delay/overrun costs exceed early revenue effects in downside.
/operating_model/cells/upside_2027q2_capex:upside/caseNoneupside
/operating_model/cells/upside_2027q2_capex:upside/idNoneupside_2027q2_capex
/operating_model/cells/upside_2027q2_capex:upside/kindNoneassumption
/operating_model/cells/upside_2027q2_capex:upside/labelNoneConstruction cash capex and deposits
/operating_model/cells/upside_2027q2_capex:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_capex:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_capex:upside/valueNone850.0
/operating_model/cells/upside_2027q2_cash_after_capex:upside/basisNoneBefore asset sales, acquisitions, new financing, restricted reserves and debt principal.
/operating_model/cells/upside_2027q2_cash_after_capex:upside/caseNoneupside
/operating_model/cells/upside_2027q2_cash_after_capex:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q2_cash_after_capex:upside/formula/refs/0Noneupside_2027q2_cash_before_capex
/operating_model/cells/upside_2027q2_cash_after_capex:upside/formula/refs/1Noneupside_2027q2_capex
/operating_model/cells/upside_2027q2_cash_after_capex:upside/idNoneupside_2027q2_cash_after_capex
/operating_model/cells/upside_2027q2_cash_after_capex:upside/kindNonederived
/operating_model/cells/upside_2027q2_cash_after_capex:upside/labelNoneCash after capex proxy
/operating_model/cells/upside_2027q2_cash_after_capex:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_cash_after_capex:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_cash_after_capex:upside/valueNone-755.9965
/operating_model/cells/upside_2027q2_cash_before_capex:upside/basisNoneAnalytical cash economics including mining sales; not GAAP CFO.
/operating_model/cells/upside_2027q2_cash_before_capex:upside/caseNoneupside
/operating_model/cells/upside_2027q2_cash_before_capex:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q2_cash_before_capex:upside/formula/refs/0Noneupside_2027q2_site_cash
/operating_model/cells/upside_2027q2_cash_before_capex:upside/formula/refs/1Noneupside_2027q2_uses
/operating_model/cells/upside_2027q2_cash_before_capex:upside/idNoneupside_2027q2_cash_before_capex
/operating_model/cells/upside_2027q2_cash_before_capex:upside/kindNonederived
/operating_model/cells/upside_2027q2_cash_before_capex:upside/labelNoneCash before capex proxy
/operating_model/cells/upside_2027q2_cash_before_capex:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_cash_before_capex:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_cash_before_capex:upside/valueNone94.00350000000003
/operating_model/cells/upside_2027q2_corp:upside/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/upside_2027q2_corp:upside/caseNoneupside
/operating_model/cells/upside_2027q2_corp:upside/idNoneupside_2027q2_corp
/operating_model/cells/upside_2027q2_corp:upside/kindNoneassumption
/operating_model/cells/upside_2027q2_corp:upside/labelNoneCash corporate overhead
/operating_model/cells/upside_2027q2_corp:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_corp:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_corp:upside/valueNone28.0
/operating_model/cells/upside_2027q2_hpc_cash:upside/basisNoneHPC revenue times explicitly assumed ramp cash margin.
/operating_model/cells/upside_2027q2_hpc_cash:upside/caseNoneupside
/operating_model/cells/upside_2027q2_hpc_cash:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q2_hpc_cash:upside/formula/refs/0Noneupside_2027q2_hpc_revenue
/operating_model/cells/upside_2027q2_hpc_cash:upside/formula/refs/1Noneupside_2027q2_hpc_margin
/operating_model/cells/upside_2027q2_hpc_cash:upside/idNoneupside_2027q2_hpc_cash
/operating_model/cells/upside_2027q2_hpc_cash:upside/kindNonederived
/operating_model/cells/upside_2027q2_hpc_cash:upside/labelNoneHPC cash contribution
/operating_model/cells/upside_2027q2_hpc_cash:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_hpc_cash:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_hpc_cash:upside/valueNone192.72000000000003
/operating_model/cells/upside_2027q2_hpc_margin:upside/basisNoneDesk ramp margin after site cash operating costs; excludes depreciation and corporate costs. Not GAAP segment profit.
/operating_model/cells/upside_2027q2_hpc_margin:upside/caseNoneupside
/operating_model/cells/upside_2027q2_hpc_margin:upside/idNoneupside_2027q2_hpc_margin
/operating_model/cells/upside_2027q2_hpc_margin:upside/kindNoneassumption
/operating_model/cells/upside_2027q2_hpc_margin:upside/labelNoneHPC cash contribution margin
/operating_model/cells/upside_2027q2_hpc_margin:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_hpc_margin:upside/unitNoneratio
/operating_model/cells/upside_2027q2_hpc_margin:upside/valueNone0.8
/operating_model/cells/upside_2027q2_hpc_revenue:upside/basisNoneModeled rental and variable billings from Lake Mariner and Justified only.
/operating_model/cells/upside_2027q2_hpc_revenue:upside/caseNoneupside
/operating_model/cells/upside_2027q2_hpc_revenue:upside/formula/opNonesum
/operating_model/cells/upside_2027q2_hpc_revenue:upside/formula/refs/0Noneupside_2027q2_lake_revenue
/operating_model/cells/upside_2027q2_hpc_revenue:upside/formula/refs/1Noneupside_2027q2_justified_revenue
/operating_model/cells/upside_2027q2_hpc_revenue:upside/idNoneupside_2027q2_hpc_revenue
/operating_model/cells/upside_2027q2_hpc_revenue:upside/kindNonederived
/operating_model/cells/upside_2027q2_hpc_revenue:upside/labelNoneHPC revenue
/operating_model/cells/upside_2027q2_hpc_revenue:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_hpc_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_hpc_revenue:upside/valueNone240.9
/operating_model/cells/upside_2027q2_interest:upside/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/upside_2027q2_interest:upside/caseNoneupside
/operating_model/cells/upside_2027q2_interest:upside/idNoneupside_2027q2_interest
/operating_model/cells/upside_2027q2_interest:upside/kindNoneassumption
/operating_model/cells/upside_2027q2_interest:upside/labelNoneNet cash interest allowance
/operating_model/cells/upside_2027q2_interest:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_interest:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_interest:upside/valueNone65.0
/operating_model/cells/upside_2027q2_justified_fraction:upside/basisNoneAverage delivered MW divided by contracted 401 MW.
/operating_model/cells/upside_2027q2_justified_fraction:upside/caseNoneupside
/operating_model/cells/upside_2027q2_justified_fraction:upside/formula/opNonedivide
/operating_model/cells/upside_2027q2_justified_fraction:upside/formula/refs/0Noneupside_2027q2_justified_mw
/operating_model/cells/upside_2027q2_justified_fraction:upside/formula/refs/1Nonejustified_full
/operating_model/cells/upside_2027q2_justified_fraction:upside/idNoneupside_2027q2_justified_fraction
/operating_model/cells/upside_2027q2_justified_fraction:upside/kindNonederived
/operating_model/cells/upside_2027q2_justified_fraction:upside/labelNoneJustified active share of full IT capacity
/operating_model/cells/upside_2027q2_justified_fraction:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_justified_fraction:upside/unitNoneratio
/operating_model/cells/upside_2027q2_justified_fraction:upside/valueNone0.0
/operating_model/cells/upside_2027q2_justified_mw:upside/basisNoneDesk commissioning scenario. Company targets first capacity H2 2027 and full delivery starting 2028.
/operating_model/cells/upside_2027q2_justified_mw:upside/caseNoneupside
/operating_model/cells/upside_2027q2_justified_mw:upside/idNoneupside_2027q2_justified_mw
/operating_model/cells/upside_2027q2_justified_mw:upside/kindNoneassumption
/operating_model/cells/upside_2027q2_justified_mw:upside/labelNoneAverage rent-producing Justified IT MW
/operating_model/cells/upside_2027q2_justified_mw:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_justified_mw:upside/unitNoneMW
/operating_model/cells/upside_2027q2_justified_mw:upside/valueNone0.0
/operating_model/cells/upside_2027q2_justified_realization:upside/basisNoneDesk discount to lifetime-average revenue to avoid treating 20-year contract average as first-year rent.
/operating_model/cells/upside_2027q2_justified_realization:upside/caseNoneupside
/operating_model/cells/upside_2027q2_justified_realization:upside/idNoneupside_2027q2_justified_realization
/operating_model/cells/upside_2027q2_justified_realization:upside/kindNoneassumption
/operating_model/cells/upside_2027q2_justified_realization:upside/labelNoneInitial rent / lifetime-average rent
/operating_model/cells/upside_2027q2_justified_realization:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_justified_realization:upside/unitNoneratio
/operating_model/cells/upside_2027q2_justified_realization:upside/valueNone0.9
/operating_model/cells/upside_2027q2_justified_revenue:upside/basisNoneLifetime-average annual contract revenue scaled for active MW, time and initial-rent realization.
/operating_model/cells/upside_2027q2_justified_revenue:upside/caseNoneupside
/operating_model/cells/upside_2027q2_justified_revenue:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q2_justified_revenue:upside/formula/refs/0Nonejustified_annual_average
/operating_model/cells/upside_2027q2_justified_revenue:upside/formula/refs/1Noneupside_2027q2_justified_fraction
/operating_model/cells/upside_2027q2_justified_revenue:upside/formula/refs/2Nonequarter
/operating_model/cells/upside_2027q2_justified_revenue:upside/formula/refs/3Noneupside_2027q2_justified_realization
/operating_model/cells/upside_2027q2_justified_revenue:upside/idNoneupside_2027q2_justified_revenue
/operating_model/cells/upside_2027q2_justified_revenue:upside/kindNonederived
/operating_model/cells/upside_2027q2_justified_revenue:upside/labelNoneJustified revenue
/operating_model/cells/upside_2027q2_justified_revenue:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_justified_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_justified_revenue:upside/valueNone0.0
/operating_model/cells/upside_2027q2_lake_mw:upside/basisNoneDesk within-quarter delivery/acceptance assumption; capped at disclosed 438 MW full capacity.
/operating_model/cells/upside_2027q2_lake_mw:upside/caseNoneupside
/operating_model/cells/upside_2027q2_lake_mw:upside/idNoneupside_2027q2_lake_mw
/operating_model/cells/upside_2027q2_lake_mw:upside/kindNoneassumption
/operating_model/cells/upside_2027q2_lake_mw:upside/labelNoneAverage rent-producing Lake Mariner IT MW
/operating_model/cells/upside_2027q2_lake_mw:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_lake_mw:upside/unitNoneMW
/operating_model/cells/upside_2027q2_lake_mw:upside/valueNone438.0
/operating_model/cells/upside_2027q2_lake_revenue:upside/basisNoneAverage MW times annual revenue per MW times one quarter.
/operating_model/cells/upside_2027q2_lake_revenue:upside/caseNoneupside
/operating_model/cells/upside_2027q2_lake_revenue:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q2_lake_revenue:upside/formula/refs/0Noneupside_2027q2_lake_units
/operating_model/cells/upside_2027q2_lake_revenue:upside/formula/refs/1Noneupside_2027q2_rent_per_mw
/operating_model/cells/upside_2027q2_lake_revenue:upside/formula/refs/2Nonequarter
/operating_model/cells/upside_2027q2_lake_revenue:upside/idNoneupside_2027q2_lake_revenue
/operating_model/cells/upside_2027q2_lake_revenue:upside/kindNonederived
/operating_model/cells/upside_2027q2_lake_revenue:upside/labelNoneLake Mariner revenue
/operating_model/cells/upside_2027q2_lake_revenue:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_lake_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_lake_revenue:upside/valueNone240.9
/operating_model/cells/upside_2027q2_lake_units:upside/basisNoneNormalize critical IT capacity for per-MW rental economics.
/operating_model/cells/upside_2027q2_lake_units:upside/caseNoneupside
/operating_model/cells/upside_2027q2_lake_units:upside/formula/opNonedivide
/operating_model/cells/upside_2027q2_lake_units:upside/formula/refs/0Noneupside_2027q2_lake_mw
/operating_model/cells/upside_2027q2_lake_units:upside/formula/refs/1Noneone_mw
/operating_model/cells/upside_2027q2_lake_units:upside/idNoneupside_2027q2_lake_units
/operating_model/cells/upside_2027q2_lake_units:upside/kindNonederived
/operating_model/cells/upside_2027q2_lake_units:upside/labelNoneLake Mariner MW / one MW
/operating_model/cells/upside_2027q2_lake_units:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_lake_units:upside/unitNoneratio
/operating_model/cells/upside_2027q2_lake_units:upside/valueNone438.0
/operating_model/cells/upside_2027q2_mining:upside/basisNoneReported Q2 mining revenue times desk remaining-business factor.
/operating_model/cells/upside_2027q2_mining:upside/caseNoneupside
/operating_model/cells/upside_2027q2_mining:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q2_mining:upside/formula/refs/0Noneh1_q2_mining
/operating_model/cells/upside_2027q2_mining:upside/formula/refs/1Noneupside_2027q2_mining_factor
/operating_model/cells/upside_2027q2_mining:upside/idNoneupside_2027q2_mining
/operating_model/cells/upside_2027q2_mining:upside/kindNonederived
/operating_model/cells/upside_2027q2_mining:upside/labelNoneMining revenue
/operating_model/cells/upside_2027q2_mining:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_mining:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_mining:upside/valueNone6.4175
/operating_model/cells/upside_2027q2_mining_cash:upside/basisNoneAssumes produced Bitcoin is monetized in the same quarter.
/operating_model/cells/upside_2027q2_mining_cash:upside/caseNoneupside
/operating_model/cells/upside_2027q2_mining_cash:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q2_mining_cash:upside/formula/refs/0Noneupside_2027q2_mining
/operating_model/cells/upside_2027q2_mining_cash:upside/formula/refs/1Noneupside_2027q2_mining_margin
/operating_model/cells/upside_2027q2_mining_cash:upside/idNoneupside_2027q2_mining_cash
/operating_model/cells/upside_2027q2_mining_cash:upside/kindNonederived
/operating_model/cells/upside_2027q2_mining_cash:upside/labelNoneMining cash contribution
/operating_model/cells/upside_2027q2_mining_cash:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_mining_cash:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_mining_cash:upside/valueNone1.2835
/operating_model/cells/upside_2027q2_mining_factor:upside/basisNoneDesk remaining mining footprint and hashprice assumption as the site moves toward HPC.
/operating_model/cells/upside_2027q2_mining_factor:upside/caseNoneupside
/operating_model/cells/upside_2027q2_mining_factor:upside/idNoneupside_2027q2_mining_factor
/operating_model/cells/upside_2027q2_mining_factor:upside/kindNoneassumption
/operating_model/cells/upside_2027q2_mining_factor:upside/labelNoneMining revenue / Q2 baseline
/operating_model/cells/upside_2027q2_mining_factor:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_mining_factor:upside/unitNoneratio
/operating_model/cells/upside_2027q2_mining_factor:upside/valueNone0.5
/operating_model/cells/upside_2027q2_mining_margin:upside/basisNoneDesk cash mining contribution before corporate and financing costs.
/operating_model/cells/upside_2027q2_mining_margin:upside/caseNoneupside
/operating_model/cells/upside_2027q2_mining_margin:upside/idNoneupside_2027q2_mining_margin
/operating_model/cells/upside_2027q2_mining_margin:upside/kindNoneassumption
/operating_model/cells/upside_2027q2_mining_margin:upside/labelNoneMining cash contribution margin
/operating_model/cells/upside_2027q2_mining_margin:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_mining_margin:upside/unitNoneratio
/operating_model/cells/upside_2027q2_mining_margin:upside/valueNone0.2
/operating_model/cells/upside_2027q2_other:upside/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/upside_2027q2_other:upside/caseNoneupside
/operating_model/cells/upside_2027q2_other:upside/idNoneupside_2027q2_other
/operating_model/cells/upside_2027q2_other:upside/kindNoneassumption
/operating_model/cells/upside_2027q2_other:upside/labelNoneOther working-capital and tax uses
/operating_model/cells/upside_2027q2_other:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_other:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_other:upside/valueNone7.0
/operating_model/cells/upside_2027q2_rent_per_mw:upside/basisNoneDesk effective revenue per critical IT MW including lease and variable billings. This is not a disclosed contractual rent or a forecast contract repricing.
/operating_model/cells/upside_2027q2_rent_per_mw:upside/caseNoneupside
/operating_model/cells/upside_2027q2_rent_per_mw:upside/idNoneupside_2027q2_rent_per_mw
/operating_model/cells/upside_2027q2_rent_per_mw:upside/kindNoneassumption
/operating_model/cells/upside_2027q2_rent_per_mw:upside/labelNoneAnnual HPC revenue per Lake Mariner MW
/operating_model/cells/upside_2027q2_rent_per_mw:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_rent_per_mw:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_rent_per_mw:upside/valueNone2.2
/operating_model/cells/upside_2027q2_revenue:upside/basisNoneHPC plus mining; no revenue for long-dated power pipeline.
/operating_model/cells/upside_2027q2_revenue:upside/caseNoneupside
/operating_model/cells/upside_2027q2_revenue:upside/formula/opNonesum
/operating_model/cells/upside_2027q2_revenue:upside/formula/refs/0Noneupside_2027q2_hpc_revenue
/operating_model/cells/upside_2027q2_revenue:upside/formula/refs/1Noneupside_2027q2_mining
/operating_model/cells/upside_2027q2_revenue:upside/idNoneupside_2027q2_revenue
/operating_model/cells/upside_2027q2_revenue:upside/kindNonederived
/operating_model/cells/upside_2027q2_revenue:upside/labelNoneConsolidated revenue
/operating_model/cells/upside_2027q2_revenue:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_revenue:upside/valueNone247.3175
/operating_model/cells/upside_2027q2_site_cash:upside/basisNoneBefore corporate costs and financing.
/operating_model/cells/upside_2027q2_site_cash:upside/caseNoneupside
/operating_model/cells/upside_2027q2_site_cash:upside/formula/opNonesum
/operating_model/cells/upside_2027q2_site_cash:upside/formula/refs/0Noneupside_2027q2_hpc_cash
/operating_model/cells/upside_2027q2_site_cash:upside/formula/refs/1Noneupside_2027q2_mining_cash
/operating_model/cells/upside_2027q2_site_cash:upside/idNoneupside_2027q2_site_cash
/operating_model/cells/upside_2027q2_site_cash:upside/kindNonederived
/operating_model/cells/upside_2027q2_site_cash:upside/labelNoneSite cash contribution
/operating_model/cells/upside_2027q2_site_cash:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_site_cash:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_site_cash:upside/valueNone194.00350000000003
/operating_model/cells/upside_2027q2_uses:upside/basisNonePositive cash uses; excludes debt principal and acquisitions.
/operating_model/cells/upside_2027q2_uses:upside/caseNoneupside
/operating_model/cells/upside_2027q2_uses:upside/formula/opNonesum
/operating_model/cells/upside_2027q2_uses:upside/formula/refs/0Noneupside_2027q2_corp
/operating_model/cells/upside_2027q2_uses:upside/formula/refs/1Noneupside_2027q2_interest
/operating_model/cells/upside_2027q2_uses:upside/formula/refs/2Noneupside_2027q2_other
/operating_model/cells/upside_2027q2_uses:upside/idNoneupside_2027q2_uses
/operating_model/cells/upside_2027q2_uses:upside/kindNonederived
/operating_model/cells/upside_2027q2_uses:upside/labelNoneCorporate and other cash uses
/operating_model/cells/upside_2027q2_uses:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_uses:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_uses:upside/valueNone100.0
/operating_model/cells/upside_2027q3_capex:upside/basisNoneDesk construction-spend scenario across existing and newly contracted sites; not guidance. Delay/overrun costs exceed early revenue effects in downside.
/operating_model/cells/upside_2027q3_capex:upside/caseNoneupside
/operating_model/cells/upside_2027q3_capex:upside/idNoneupside_2027q3_capex
/operating_model/cells/upside_2027q3_capex:upside/kindNoneassumption
/operating_model/cells/upside_2027q3_capex:upside/labelNoneConstruction cash capex and deposits
/operating_model/cells/upside_2027q3_capex:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_capex:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_capex:upside/valueNone900.0
/operating_model/cells/upside_2027q3_cash_after_capex:upside/basisNoneBefore asset sales, acquisitions, new financing, restricted reserves and debt principal.
/operating_model/cells/upside_2027q3_cash_after_capex:upside/caseNoneupside
/operating_model/cells/upside_2027q3_cash_after_capex:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q3_cash_after_capex:upside/formula/refs/0Noneupside_2027q3_cash_before_capex
/operating_model/cells/upside_2027q3_cash_after_capex:upside/formula/refs/1Noneupside_2027q3_capex
/operating_model/cells/upside_2027q3_cash_after_capex:upside/idNoneupside_2027q3_cash_after_capex
/operating_model/cells/upside_2027q3_cash_after_capex:upside/kindNonederived
/operating_model/cells/upside_2027q3_cash_after_capex:upside/labelNoneCash after capex proxy
/operating_model/cells/upside_2027q3_cash_after_capex:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_cash_after_capex:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_cash_after_capex:upside/valueNone-780.9238650872817
/operating_model/cells/upside_2027q3_cash_before_capex:upside/basisNoneAnalytical cash economics including mining sales; not GAAP CFO.
/operating_model/cells/upside_2027q3_cash_before_capex:upside/caseNoneupside
/operating_model/cells/upside_2027q3_cash_before_capex:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q3_cash_before_capex:upside/formula/refs/0Noneupside_2027q3_site_cash
/operating_model/cells/upside_2027q3_cash_before_capex:upside/formula/refs/1Noneupside_2027q3_uses
/operating_model/cells/upside_2027q3_cash_before_capex:upside/idNoneupside_2027q3_cash_before_capex
/operating_model/cells/upside_2027q3_cash_before_capex:upside/kindNonederived
/operating_model/cells/upside_2027q3_cash_before_capex:upside/labelNoneCash before capex proxy
/operating_model/cells/upside_2027q3_cash_before_capex:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_cash_before_capex:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_cash_before_capex:upside/valueNone119.07613491271826
/operating_model/cells/upside_2027q3_corp:upside/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/upside_2027q3_corp:upside/caseNoneupside
/operating_model/cells/upside_2027q3_corp:upside/idNoneupside_2027q3_corp
/operating_model/cells/upside_2027q3_corp:upside/kindNoneassumption
/operating_model/cells/upside_2027q3_corp:upside/labelNoneCash corporate overhead
/operating_model/cells/upside_2027q3_corp:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_corp:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_corp:upside/valueNone28.0
/operating_model/cells/upside_2027q3_hpc_cash:upside/basisNoneHPC revenue times explicitly assumed ramp cash margin.
/operating_model/cells/upside_2027q3_hpc_cash:upside/caseNoneupside
/operating_model/cells/upside_2027q3_hpc_cash:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q3_hpc_cash:upside/formula/refs/0Noneupside_2027q3_hpc_revenue
/operating_model/cells/upside_2027q3_hpc_cash:upside/formula/refs/1Noneupside_2027q3_hpc_margin
/operating_model/cells/upside_2027q3_hpc_cash:upside/idNoneupside_2027q3_hpc_cash
/operating_model/cells/upside_2027q3_hpc_cash:upside/kindNonederived
/operating_model/cells/upside_2027q3_hpc_cash:upside/labelNoneHPC cash contribution
/operating_model/cells/upside_2027q3_hpc_cash:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_hpc_cash:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_hpc_cash:upside/valueNone218.30603491271825
/operating_model/cells/upside_2027q3_hpc_margin:upside/basisNoneDesk ramp margin after site cash operating costs; excludes depreciation and corporate costs. Not GAAP segment profit.
/operating_model/cells/upside_2027q3_hpc_margin:upside/caseNoneupside
/operating_model/cells/upside_2027q3_hpc_margin:upside/idNoneupside_2027q3_hpc_margin
/operating_model/cells/upside_2027q3_hpc_margin:upside/kindNoneassumption
/operating_model/cells/upside_2027q3_hpc_margin:upside/labelNoneHPC cash contribution margin
/operating_model/cells/upside_2027q3_hpc_margin:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_hpc_margin:upside/unitNoneratio
/operating_model/cells/upside_2027q3_hpc_margin:upside/valueNone0.8
/operating_model/cells/upside_2027q3_hpc_revenue:upside/basisNoneModeled rental and variable billings from Lake Mariner and Justified only.
/operating_model/cells/upside_2027q3_hpc_revenue:upside/caseNoneupside
/operating_model/cells/upside_2027q3_hpc_revenue:upside/formula/opNonesum
/operating_model/cells/upside_2027q3_hpc_revenue:upside/formula/refs/0Noneupside_2027q3_lake_revenue
/operating_model/cells/upside_2027q3_hpc_revenue:upside/formula/refs/1Noneupside_2027q3_justified_revenue
/operating_model/cells/upside_2027q3_hpc_revenue:upside/idNoneupside_2027q3_hpc_revenue
/operating_model/cells/upside_2027q3_hpc_revenue:upside/kindNonederived
/operating_model/cells/upside_2027q3_hpc_revenue:upside/labelNoneHPC revenue
/operating_model/cells/upside_2027q3_hpc_revenue:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_hpc_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_hpc_revenue:upside/valueNone272.8825436408978
/operating_model/cells/upside_2027q3_interest:upside/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/upside_2027q3_interest:upside/caseNoneupside
/operating_model/cells/upside_2027q3_interest:upside/idNoneupside_2027q3_interest
/operating_model/cells/upside_2027q3_interest:upside/kindNoneassumption
/operating_model/cells/upside_2027q3_interest:upside/labelNoneNet cash interest allowance
/operating_model/cells/upside_2027q3_interest:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_interest:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_interest:upside/valueNone65.0
/operating_model/cells/upside_2027q3_justified_fraction:upside/basisNoneAverage delivered MW divided by contracted 401 MW.
/operating_model/cells/upside_2027q3_justified_fraction:upside/caseNoneupside
/operating_model/cells/upside_2027q3_justified_fraction:upside/formula/opNonedivide
/operating_model/cells/upside_2027q3_justified_fraction:upside/formula/refs/0Noneupside_2027q3_justified_mw
/operating_model/cells/upside_2027q3_justified_fraction:upside/formula/refs/1Nonejustified_full
/operating_model/cells/upside_2027q3_justified_fraction:upside/idNoneupside_2027q3_justified_fraction
/operating_model/cells/upside_2027q3_justified_fraction:upside/kindNonederived
/operating_model/cells/upside_2027q3_justified_fraction:upside/labelNoneJustified active share of full IT capacity
/operating_model/cells/upside_2027q3_justified_fraction:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_justified_fraction:upside/unitNoneratio
/operating_model/cells/upside_2027q3_justified_fraction:upside/valueNone0.14962593516209477
/operating_model/cells/upside_2027q3_justified_mw:upside/basisNoneDesk commissioning scenario. Company targets first capacity H2 2027 and full delivery starting 2028.
/operating_model/cells/upside_2027q3_justified_mw:upside/caseNoneupside
/operating_model/cells/upside_2027q3_justified_mw:upside/idNoneupside_2027q3_justified_mw
/operating_model/cells/upside_2027q3_justified_mw:upside/kindNoneassumption
/operating_model/cells/upside_2027q3_justified_mw:upside/labelNoneAverage rent-producing Justified IT MW
/operating_model/cells/upside_2027q3_justified_mw:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_justified_mw:upside/unitNoneMW
/operating_model/cells/upside_2027q3_justified_mw:upside/valueNone60.0
/operating_model/cells/upside_2027q3_justified_realization:upside/basisNoneDesk discount to lifetime-average revenue to avoid treating 20-year contract average as first-year rent.
/operating_model/cells/upside_2027q3_justified_realization:upside/caseNoneupside
/operating_model/cells/upside_2027q3_justified_realization:upside/idNoneupside_2027q3_justified_realization
/operating_model/cells/upside_2027q3_justified_realization:upside/kindNoneassumption
/operating_model/cells/upside_2027q3_justified_realization:upside/labelNoneInitial rent / lifetime-average rent
/operating_model/cells/upside_2027q3_justified_realization:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_justified_realization:upside/unitNoneratio
/operating_model/cells/upside_2027q3_justified_realization:upside/valueNone0.9
/operating_model/cells/upside_2027q3_justified_revenue:upside/basisNoneLifetime-average annual contract revenue scaled for active MW, time and initial-rent realization.
/operating_model/cells/upside_2027q3_justified_revenue:upside/caseNoneupside
/operating_model/cells/upside_2027q3_justified_revenue:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q3_justified_revenue:upside/formula/refs/0Nonejustified_annual_average
/operating_model/cells/upside_2027q3_justified_revenue:upside/formula/refs/1Noneupside_2027q3_justified_fraction
/operating_model/cells/upside_2027q3_justified_revenue:upside/formula/refs/2Nonequarter
/operating_model/cells/upside_2027q3_justified_revenue:upside/formula/refs/3Noneupside_2027q3_justified_realization
/operating_model/cells/upside_2027q3_justified_revenue:upside/idNoneupside_2027q3_justified_revenue
/operating_model/cells/upside_2027q3_justified_revenue:upside/kindNonederived
/operating_model/cells/upside_2027q3_justified_revenue:upside/labelNoneJustified revenue
/operating_model/cells/upside_2027q3_justified_revenue:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_justified_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_justified_revenue:upside/valueNone31.982543640897756
/operating_model/cells/upside_2027q3_lake_mw:upside/basisNoneDesk within-quarter delivery/acceptance assumption; capped at disclosed 438 MW full capacity.
/operating_model/cells/upside_2027q3_lake_mw:upside/caseNoneupside
/operating_model/cells/upside_2027q3_lake_mw:upside/idNoneupside_2027q3_lake_mw
/operating_model/cells/upside_2027q3_lake_mw:upside/kindNoneassumption
/operating_model/cells/upside_2027q3_lake_mw:upside/labelNoneAverage rent-producing Lake Mariner IT MW
/operating_model/cells/upside_2027q3_lake_mw:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_lake_mw:upside/unitNoneMW
/operating_model/cells/upside_2027q3_lake_mw:upside/valueNone438.0
/operating_model/cells/upside_2027q3_lake_revenue:upside/basisNoneAverage MW times annual revenue per MW times one quarter.
/operating_model/cells/upside_2027q3_lake_revenue:upside/caseNoneupside
/operating_model/cells/upside_2027q3_lake_revenue:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q3_lake_revenue:upside/formula/refs/0Noneupside_2027q3_lake_units
/operating_model/cells/upside_2027q3_lake_revenue:upside/formula/refs/1Noneupside_2027q3_rent_per_mw
/operating_model/cells/upside_2027q3_lake_revenue:upside/formula/refs/2Nonequarter
/operating_model/cells/upside_2027q3_lake_revenue:upside/idNoneupside_2027q3_lake_revenue
/operating_model/cells/upside_2027q3_lake_revenue:upside/kindNonederived
/operating_model/cells/upside_2027q3_lake_revenue:upside/labelNoneLake Mariner revenue
/operating_model/cells/upside_2027q3_lake_revenue:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_lake_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_lake_revenue:upside/valueNone240.9
/operating_model/cells/upside_2027q3_lake_units:upside/basisNoneNormalize critical IT capacity for per-MW rental economics.
/operating_model/cells/upside_2027q3_lake_units:upside/caseNoneupside
/operating_model/cells/upside_2027q3_lake_units:upside/formula/opNonedivide
/operating_model/cells/upside_2027q3_lake_units:upside/formula/refs/0Noneupside_2027q3_lake_mw
/operating_model/cells/upside_2027q3_lake_units:upside/formula/refs/1Noneone_mw
/operating_model/cells/upside_2027q3_lake_units:upside/idNoneupside_2027q3_lake_units
/operating_model/cells/upside_2027q3_lake_units:upside/kindNonederived
/operating_model/cells/upside_2027q3_lake_units:upside/labelNoneLake Mariner MW / one MW
/operating_model/cells/upside_2027q3_lake_units:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_lake_units:upside/unitNoneratio
/operating_model/cells/upside_2027q3_lake_units:upside/valueNone438.0
/operating_model/cells/upside_2027q3_mining:upside/basisNoneReported Q2 mining revenue times desk remaining-business factor.
/operating_model/cells/upside_2027q3_mining:upside/caseNoneupside
/operating_model/cells/upside_2027q3_mining:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q3_mining:upside/formula/refs/0Noneh1_q2_mining
/operating_model/cells/upside_2027q3_mining:upside/formula/refs/1Noneupside_2027q3_mining_factor
/operating_model/cells/upside_2027q3_mining:upside/idNoneupside_2027q3_mining
/operating_model/cells/upside_2027q3_mining:upside/kindNonederived
/operating_model/cells/upside_2027q3_mining:upside/labelNoneMining revenue
/operating_model/cells/upside_2027q3_mining:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_mining:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_mining:upside/valueNone3.8505000000000003
/operating_model/cells/upside_2027q3_mining_cash:upside/basisNoneAssumes produced Bitcoin is monetized in the same quarter.
/operating_model/cells/upside_2027q3_mining_cash:upside/caseNoneupside
/operating_model/cells/upside_2027q3_mining_cash:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q3_mining_cash:upside/formula/refs/0Noneupside_2027q3_mining
/operating_model/cells/upside_2027q3_mining_cash:upside/formula/refs/1Noneupside_2027q3_mining_margin
/operating_model/cells/upside_2027q3_mining_cash:upside/idNoneupside_2027q3_mining_cash
/operating_model/cells/upside_2027q3_mining_cash:upside/kindNonederived
/operating_model/cells/upside_2027q3_mining_cash:upside/labelNoneMining cash contribution
/operating_model/cells/upside_2027q3_mining_cash:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_mining_cash:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_mining_cash:upside/valueNone0.7701000000000001
/operating_model/cells/upside_2027q3_mining_factor:upside/basisNoneDesk remaining mining footprint and hashprice assumption as the site moves toward HPC.
/operating_model/cells/upside_2027q3_mining_factor:upside/caseNoneupside
/operating_model/cells/upside_2027q3_mining_factor:upside/idNoneupside_2027q3_mining_factor
/operating_model/cells/upside_2027q3_mining_factor:upside/kindNoneassumption
/operating_model/cells/upside_2027q3_mining_factor:upside/labelNoneMining revenue / Q2 baseline
/operating_model/cells/upside_2027q3_mining_factor:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_mining_factor:upside/unitNoneratio
/operating_model/cells/upside_2027q3_mining_factor:upside/valueNone0.3
/operating_model/cells/upside_2027q3_mining_margin:upside/basisNoneDesk cash mining contribution before corporate and financing costs.
/operating_model/cells/upside_2027q3_mining_margin:upside/caseNoneupside
/operating_model/cells/upside_2027q3_mining_margin:upside/idNoneupside_2027q3_mining_margin
/operating_model/cells/upside_2027q3_mining_margin:upside/kindNoneassumption
/operating_model/cells/upside_2027q3_mining_margin:upside/labelNoneMining cash contribution margin
/operating_model/cells/upside_2027q3_mining_margin:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_mining_margin:upside/unitNoneratio
/operating_model/cells/upside_2027q3_mining_margin:upside/valueNone0.2
/operating_model/cells/upside_2027q3_other:upside/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/upside_2027q3_other:upside/caseNoneupside
/operating_model/cells/upside_2027q3_other:upside/idNoneupside_2027q3_other
/operating_model/cells/upside_2027q3_other:upside/kindNoneassumption
/operating_model/cells/upside_2027q3_other:upside/labelNoneOther working-capital and tax uses
/operating_model/cells/upside_2027q3_other:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_other:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_other:upside/valueNone7.0
/operating_model/cells/upside_2027q3_rent_per_mw:upside/basisNoneDesk effective revenue per critical IT MW including lease and variable billings. This is not a disclosed contractual rent or a forecast contract repricing.
/operating_model/cells/upside_2027q3_rent_per_mw:upside/caseNoneupside
/operating_model/cells/upside_2027q3_rent_per_mw:upside/idNoneupside_2027q3_rent_per_mw
/operating_model/cells/upside_2027q3_rent_per_mw:upside/kindNoneassumption
/operating_model/cells/upside_2027q3_rent_per_mw:upside/labelNoneAnnual HPC revenue per Lake Mariner MW
/operating_model/cells/upside_2027q3_rent_per_mw:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_rent_per_mw:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_rent_per_mw:upside/valueNone2.2
/operating_model/cells/upside_2027q3_revenue:upside/basisNoneHPC plus mining; no revenue for long-dated power pipeline.
/operating_model/cells/upside_2027q3_revenue:upside/caseNoneupside
/operating_model/cells/upside_2027q3_revenue:upside/formula/opNonesum
/operating_model/cells/upside_2027q3_revenue:upside/formula/refs/0Noneupside_2027q3_hpc_revenue
/operating_model/cells/upside_2027q3_revenue:upside/formula/refs/1Noneupside_2027q3_mining
/operating_model/cells/upside_2027q3_revenue:upside/idNoneupside_2027q3_revenue
/operating_model/cells/upside_2027q3_revenue:upside/kindNonederived
/operating_model/cells/upside_2027q3_revenue:upside/labelNoneConsolidated revenue
/operating_model/cells/upside_2027q3_revenue:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_revenue:upside/valueNone276.7330436408978
/operating_model/cells/upside_2027q3_site_cash:upside/basisNoneBefore corporate costs and financing.
/operating_model/cells/upside_2027q3_site_cash:upside/caseNoneupside
/operating_model/cells/upside_2027q3_site_cash:upside/formula/opNonesum
/operating_model/cells/upside_2027q3_site_cash:upside/formula/refs/0Noneupside_2027q3_hpc_cash
/operating_model/cells/upside_2027q3_site_cash:upside/formula/refs/1Noneupside_2027q3_mining_cash
/operating_model/cells/upside_2027q3_site_cash:upside/idNoneupside_2027q3_site_cash
/operating_model/cells/upside_2027q3_site_cash:upside/kindNonederived
/operating_model/cells/upside_2027q3_site_cash:upside/labelNoneSite cash contribution
/operating_model/cells/upside_2027q3_site_cash:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_site_cash:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_site_cash:upside/valueNone219.07613491271826
/operating_model/cells/upside_2027q3_uses:upside/basisNonePositive cash uses; excludes debt principal and acquisitions.
/operating_model/cells/upside_2027q3_uses:upside/caseNoneupside
/operating_model/cells/upside_2027q3_uses:upside/formula/opNonesum
/operating_model/cells/upside_2027q3_uses:upside/formula/refs/0Noneupside_2027q3_corp
/operating_model/cells/upside_2027q3_uses:upside/formula/refs/1Noneupside_2027q3_interest
/operating_model/cells/upside_2027q3_uses:upside/formula/refs/2Noneupside_2027q3_other
/operating_model/cells/upside_2027q3_uses:upside/idNoneupside_2027q3_uses
/operating_model/cells/upside_2027q3_uses:upside/kindNonederived
/operating_model/cells/upside_2027q3_uses:upside/labelNoneCorporate and other cash uses
/operating_model/cells/upside_2027q3_uses:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_uses:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_uses:upside/valueNone100.0
/operating_model/cells/upside_2027q4_capex:upside/basisNoneDesk construction-spend scenario across existing and newly contracted sites; not guidance. Delay/overrun costs exceed early revenue effects in downside.
/operating_model/cells/upside_2027q4_capex:upside/caseNoneupside
/operating_model/cells/upside_2027q4_capex:upside/idNoneupside_2027q4_capex
/operating_model/cells/upside_2027q4_capex:upside/kindNoneassumption
/operating_model/cells/upside_2027q4_capex:upside/labelNoneConstruction cash capex and deposits
/operating_model/cells/upside_2027q4_capex:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_capex:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_capex:upside/valueNone850.0
/operating_model/cells/upside_2027q4_cash_after_capex:upside/basisNoneBefore asset sales, acquisitions, new financing, restricted reserves and debt principal.
/operating_model/cells/upside_2027q4_cash_after_capex:upside/caseNoneupside
/operating_model/cells/upside_2027q4_cash_after_capex:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q4_cash_after_capex:upside/formula/refs/0Noneupside_2027q4_cash_before_capex
/operating_model/cells/upside_2027q4_cash_after_capex:upside/formula/refs/1Noneupside_2027q4_capex
/operating_model/cells/upside_2027q4_cash_after_capex:upside/idNoneupside_2027q4_cash_after_capex
/operating_model/cells/upside_2027q4_cash_after_capex:upside/kindNonederived
/operating_model/cells/upside_2027q4_cash_after_capex:upside/labelNoneCash after capex proxy
/operating_model/cells/upside_2027q4_cash_after_capex:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_cash_after_capex:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_cash_after_capex:upside/valueNone-671.479816957606
/operating_model/cells/upside_2027q4_cash_before_capex:upside/basisNoneAnalytical cash economics including mining sales; not GAAP CFO.
/operating_model/cells/upside_2027q4_cash_before_capex:upside/caseNoneupside
/operating_model/cells/upside_2027q4_cash_before_capex:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q4_cash_before_capex:upside/formula/refs/0Noneupside_2027q4_site_cash
/operating_model/cells/upside_2027q4_cash_before_capex:upside/formula/refs/1Noneupside_2027q4_uses
/operating_model/cells/upside_2027q4_cash_before_capex:upside/idNoneupside_2027q4_cash_before_capex
/operating_model/cells/upside_2027q4_cash_before_capex:upside/kindNonederived
/operating_model/cells/upside_2027q4_cash_before_capex:upside/labelNoneCash before capex proxy
/operating_model/cells/upside_2027q4_cash_before_capex:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_cash_before_capex:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_cash_before_capex:upside/valueNone178.52018304239402
/operating_model/cells/upside_2027q4_corp:upside/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/upside_2027q4_corp:upside/caseNoneupside
/operating_model/cells/upside_2027q4_corp:upside/idNoneupside_2027q4_corp
/operating_model/cells/upside_2027q4_corp:upside/kindNoneassumption
/operating_model/cells/upside_2027q4_corp:upside/labelNoneCash corporate overhead
/operating_model/cells/upside_2027q4_corp:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_corp:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_corp:upside/valueNone28.0
/operating_model/cells/upside_2027q4_hpc_cash:upside/basisNoneHPC revenue times explicitly assumed ramp cash margin.
/operating_model/cells/upside_2027q4_hpc_cash:upside/caseNoneupside
/operating_model/cells/upside_2027q4_hpc_cash:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q4_hpc_cash:upside/formula/refs/0Noneupside_2027q4_hpc_revenue
/operating_model/cells/upside_2027q4_hpc_cash:upside/formula/refs/1Noneupside_2027q4_hpc_margin
/operating_model/cells/upside_2027q4_hpc_cash:upside/idNoneupside_2027q4_hpc_cash
/operating_model/cells/upside_2027q4_hpc_cash:upside/kindNonederived
/operating_model/cells/upside_2027q4_hpc_cash:upside/labelNoneHPC cash contribution
/operating_model/cells/upside_2027q4_hpc_cash:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_hpc_cash:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_hpc_cash:upside/valueNone278.00678304239403
/operating_model/cells/upside_2027q4_hpc_margin:upside/basisNoneDesk ramp margin after site cash operating costs; excludes depreciation and corporate costs. Not GAAP segment profit.
/operating_model/cells/upside_2027q4_hpc_margin:upside/caseNoneupside
/operating_model/cells/upside_2027q4_hpc_margin:upside/idNoneupside_2027q4_hpc_margin
/operating_model/cells/upside_2027q4_hpc_margin:upside/kindNoneassumption
/operating_model/cells/upside_2027q4_hpc_margin:upside/labelNoneHPC cash contribution margin
/operating_model/cells/upside_2027q4_hpc_margin:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_hpc_margin:upside/unitNoneratio
/operating_model/cells/upside_2027q4_hpc_margin:upside/valueNone0.8
/operating_model/cells/upside_2027q4_hpc_revenue:upside/basisNoneModeled rental and variable billings from Lake Mariner and Justified only.
/operating_model/cells/upside_2027q4_hpc_revenue:upside/caseNoneupside
/operating_model/cells/upside_2027q4_hpc_revenue:upside/formula/opNonesum
/operating_model/cells/upside_2027q4_hpc_revenue:upside/formula/refs/0Noneupside_2027q4_lake_revenue
/operating_model/cells/upside_2027q4_hpc_revenue:upside/formula/refs/1Noneupside_2027q4_justified_revenue
/operating_model/cells/upside_2027q4_hpc_revenue:upside/idNoneupside_2027q4_hpc_revenue
/operating_model/cells/upside_2027q4_hpc_revenue:upside/kindNonederived
/operating_model/cells/upside_2027q4_hpc_revenue:upside/labelNoneHPC revenue
/operating_model/cells/upside_2027q4_hpc_revenue:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_hpc_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_hpc_revenue:upside/valueNone347.5084788029925
/operating_model/cells/upside_2027q4_interest:upside/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/upside_2027q4_interest:upside/caseNoneupside
/operating_model/cells/upside_2027q4_interest:upside/idNoneupside_2027q4_interest
/operating_model/cells/upside_2027q4_interest:upside/kindNoneassumption
/operating_model/cells/upside_2027q4_interest:upside/labelNoneNet cash interest allowance
/operating_model/cells/upside_2027q4_interest:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_interest:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_interest:upside/valueNone65.0
/operating_model/cells/upside_2027q4_justified_fraction:upside/basisNoneAverage delivered MW divided by contracted 401 MW.
/operating_model/cells/upside_2027q4_justified_fraction:upside/caseNoneupside
/operating_model/cells/upside_2027q4_justified_fraction:upside/formula/opNonedivide
/operating_model/cells/upside_2027q4_justified_fraction:upside/formula/refs/0Noneupside_2027q4_justified_mw
/operating_model/cells/upside_2027q4_justified_fraction:upside/formula/refs/1Nonejustified_full
/operating_model/cells/upside_2027q4_justified_fraction:upside/idNoneupside_2027q4_justified_fraction
/operating_model/cells/upside_2027q4_justified_fraction:upside/kindNonederived
/operating_model/cells/upside_2027q4_justified_fraction:upside/labelNoneJustified active share of full IT capacity
/operating_model/cells/upside_2027q4_justified_fraction:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_justified_fraction:upside/unitNoneratio
/operating_model/cells/upside_2027q4_justified_fraction:upside/valueNone0.49875311720698257
/operating_model/cells/upside_2027q4_justified_mw:upside/basisNoneDesk commissioning scenario. Company targets first capacity H2 2027 and full delivery starting 2028.
/operating_model/cells/upside_2027q4_justified_mw:upside/caseNoneupside
/operating_model/cells/upside_2027q4_justified_mw:upside/idNoneupside_2027q4_justified_mw
/operating_model/cells/upside_2027q4_justified_mw:upside/kindNoneassumption
/operating_model/cells/upside_2027q4_justified_mw:upside/labelNoneAverage rent-producing Justified IT MW
/operating_model/cells/upside_2027q4_justified_mw:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_justified_mw:upside/unitNoneMW
/operating_model/cells/upside_2027q4_justified_mw:upside/valueNone200.0
/operating_model/cells/upside_2027q4_justified_realization:upside/basisNoneDesk discount to lifetime-average revenue to avoid treating 20-year contract average as first-year rent.
/operating_model/cells/upside_2027q4_justified_realization:upside/caseNoneupside
/operating_model/cells/upside_2027q4_justified_realization:upside/idNoneupside_2027q4_justified_realization
/operating_model/cells/upside_2027q4_justified_realization:upside/kindNoneassumption
/operating_model/cells/upside_2027q4_justified_realization:upside/labelNoneInitial rent / lifetime-average rent
/operating_model/cells/upside_2027q4_justified_realization:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_justified_realization:upside/unitNoneratio
/operating_model/cells/upside_2027q4_justified_realization:upside/valueNone0.9
/operating_model/cells/upside_2027q4_justified_revenue:upside/basisNoneLifetime-average annual contract revenue scaled for active MW, time and initial-rent realization.
/operating_model/cells/upside_2027q4_justified_revenue:upside/caseNoneupside
/operating_model/cells/upside_2027q4_justified_revenue:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q4_justified_revenue:upside/formula/refs/0Nonejustified_annual_average
/operating_model/cells/upside_2027q4_justified_revenue:upside/formula/refs/1Noneupside_2027q4_justified_fraction
/operating_model/cells/upside_2027q4_justified_revenue:upside/formula/refs/2Nonequarter
/operating_model/cells/upside_2027q4_justified_revenue:upside/formula/refs/3Noneupside_2027q4_justified_realization
/operating_model/cells/upside_2027q4_justified_revenue:upside/idNoneupside_2027q4_justified_revenue
/operating_model/cells/upside_2027q4_justified_revenue:upside/kindNonederived
/operating_model/cells/upside_2027q4_justified_revenue:upside/labelNoneJustified revenue
/operating_model/cells/upside_2027q4_justified_revenue:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_justified_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_justified_revenue:upside/valueNone106.60847880299252
/operating_model/cells/upside_2027q4_lake_mw:upside/basisNoneDesk within-quarter delivery/acceptance assumption; capped at disclosed 438 MW full capacity.
/operating_model/cells/upside_2027q4_lake_mw:upside/caseNoneupside
/operating_model/cells/upside_2027q4_lake_mw:upside/idNoneupside_2027q4_lake_mw
/operating_model/cells/upside_2027q4_lake_mw:upside/kindNoneassumption
/operating_model/cells/upside_2027q4_lake_mw:upside/labelNoneAverage rent-producing Lake Mariner IT MW
/operating_model/cells/upside_2027q4_lake_mw:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_lake_mw:upside/unitNoneMW
/operating_model/cells/upside_2027q4_lake_mw:upside/valueNone438.0
/operating_model/cells/upside_2027q4_lake_revenue:upside/basisNoneAverage MW times annual revenue per MW times one quarter.
/operating_model/cells/upside_2027q4_lake_revenue:upside/caseNoneupside
/operating_model/cells/upside_2027q4_lake_revenue:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q4_lake_revenue:upside/formula/refs/0Noneupside_2027q4_lake_units
/operating_model/cells/upside_2027q4_lake_revenue:upside/formula/refs/1Noneupside_2027q4_rent_per_mw
/operating_model/cells/upside_2027q4_lake_revenue:upside/formula/refs/2Nonequarter
/operating_model/cells/upside_2027q4_lake_revenue:upside/idNoneupside_2027q4_lake_revenue
/operating_model/cells/upside_2027q4_lake_revenue:upside/kindNonederived
/operating_model/cells/upside_2027q4_lake_revenue:upside/labelNoneLake Mariner revenue
/operating_model/cells/upside_2027q4_lake_revenue:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_lake_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_lake_revenue:upside/valueNone240.9
/operating_model/cells/upside_2027q4_lake_units:upside/basisNoneNormalize critical IT capacity for per-MW rental economics.
/operating_model/cells/upside_2027q4_lake_units:upside/caseNoneupside
/operating_model/cells/upside_2027q4_lake_units:upside/formula/opNonedivide
/operating_model/cells/upside_2027q4_lake_units:upside/formula/refs/0Noneupside_2027q4_lake_mw
/operating_model/cells/upside_2027q4_lake_units:upside/formula/refs/1Noneone_mw
/operating_model/cells/upside_2027q4_lake_units:upside/idNoneupside_2027q4_lake_units
/operating_model/cells/upside_2027q4_lake_units:upside/kindNonederived
/operating_model/cells/upside_2027q4_lake_units:upside/labelNoneLake Mariner MW / one MW
/operating_model/cells/upside_2027q4_lake_units:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_lake_units:upside/unitNoneratio
/operating_model/cells/upside_2027q4_lake_units:upside/valueNone438.0
/operating_model/cells/upside_2027q4_mining:upside/basisNoneReported Q2 mining revenue times desk remaining-business factor.
/operating_model/cells/upside_2027q4_mining:upside/caseNoneupside
/operating_model/cells/upside_2027q4_mining:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q4_mining:upside/formula/refs/0Noneh1_q2_mining
/operating_model/cells/upside_2027q4_mining:upside/formula/refs/1Noneupside_2027q4_mining_factor
/operating_model/cells/upside_2027q4_mining:upside/idNoneupside_2027q4_mining
/operating_model/cells/upside_2027q4_mining:upside/kindNonederived
/operating_model/cells/upside_2027q4_mining:upside/labelNoneMining revenue
/operating_model/cells/upside_2027q4_mining:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_mining:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_mining:upside/valueNone2.567
/operating_model/cells/upside_2027q4_mining_cash:upside/basisNoneAssumes produced Bitcoin is monetized in the same quarter.
/operating_model/cells/upside_2027q4_mining_cash:upside/caseNoneupside
/operating_model/cells/upside_2027q4_mining_cash:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q4_mining_cash:upside/formula/refs/0Noneupside_2027q4_mining
/operating_model/cells/upside_2027q4_mining_cash:upside/formula/refs/1Noneupside_2027q4_mining_margin
/operating_model/cells/upside_2027q4_mining_cash:upside/idNoneupside_2027q4_mining_cash
/operating_model/cells/upside_2027q4_mining_cash:upside/kindNonederived
/operating_model/cells/upside_2027q4_mining_cash:upside/labelNoneMining cash contribution
/operating_model/cells/upside_2027q4_mining_cash:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_mining_cash:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_mining_cash:upside/valueNone0.5134000000000001
/operating_model/cells/upside_2027q4_mining_factor:upside/basisNoneDesk remaining mining footprint and hashprice assumption as the site moves toward HPC.
/operating_model/cells/upside_2027q4_mining_factor:upside/caseNoneupside
/operating_model/cells/upside_2027q4_mining_factor:upside/idNoneupside_2027q4_mining_factor
/operating_model/cells/upside_2027q4_mining_factor:upside/kindNoneassumption
/operating_model/cells/upside_2027q4_mining_factor:upside/labelNoneMining revenue / Q2 baseline
/operating_model/cells/upside_2027q4_mining_factor:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_mining_factor:upside/unitNoneratio
/operating_model/cells/upside_2027q4_mining_factor:upside/valueNone0.2
/operating_model/cells/upside_2027q4_mining_margin:upside/basisNoneDesk cash mining contribution before corporate and financing costs.
/operating_model/cells/upside_2027q4_mining_margin:upside/caseNoneupside
/operating_model/cells/upside_2027q4_mining_margin:upside/idNoneupside_2027q4_mining_margin
/operating_model/cells/upside_2027q4_mining_margin:upside/kindNoneassumption
/operating_model/cells/upside_2027q4_mining_margin:upside/labelNoneMining cash contribution margin
/operating_model/cells/upside_2027q4_mining_margin:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_mining_margin:upside/unitNoneratio
/operating_model/cells/upside_2027q4_mining_margin:upside/valueNone0.2
/operating_model/cells/upside_2027q4_other:upside/basisNoneDesk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
/operating_model/cells/upside_2027q4_other:upside/caseNoneupside
/operating_model/cells/upside_2027q4_other:upside/idNoneupside_2027q4_other
/operating_model/cells/upside_2027q4_other:upside/kindNoneassumption
/operating_model/cells/upside_2027q4_other:upside/labelNoneOther working-capital and tax uses
/operating_model/cells/upside_2027q4_other:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_other:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_other:upside/valueNone7.0
/operating_model/cells/upside_2027q4_rent_per_mw:upside/basisNoneDesk effective revenue per critical IT MW including lease and variable billings. This is not a disclosed contractual rent or a forecast contract repricing.
/operating_model/cells/upside_2027q4_rent_per_mw:upside/caseNoneupside
/operating_model/cells/upside_2027q4_rent_per_mw:upside/idNoneupside_2027q4_rent_per_mw
/operating_model/cells/upside_2027q4_rent_per_mw:upside/kindNoneassumption
/operating_model/cells/upside_2027q4_rent_per_mw:upside/labelNoneAnnual HPC revenue per Lake Mariner MW
/operating_model/cells/upside_2027q4_rent_per_mw:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_rent_per_mw:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_rent_per_mw:upside/valueNone2.2
/operating_model/cells/upside_2027q4_revenue:upside/basisNoneHPC plus mining; no revenue for long-dated power pipeline.
/operating_model/cells/upside_2027q4_revenue:upside/caseNoneupside
/operating_model/cells/upside_2027q4_revenue:upside/formula/opNonesum
/operating_model/cells/upside_2027q4_revenue:upside/formula/refs/0Noneupside_2027q4_hpc_revenue
/operating_model/cells/upside_2027q4_revenue:upside/formula/refs/1Noneupside_2027q4_mining
/operating_model/cells/upside_2027q4_revenue:upside/idNoneupside_2027q4_revenue
/operating_model/cells/upside_2027q4_revenue:upside/kindNonederived
/operating_model/cells/upside_2027q4_revenue:upside/labelNoneConsolidated revenue
/operating_model/cells/upside_2027q4_revenue:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_revenue:upside/valueNone350.0754788029925
/operating_model/cells/upside_2027q4_site_cash:upside/basisNoneBefore corporate costs and financing.
/operating_model/cells/upside_2027q4_site_cash:upside/caseNoneupside
/operating_model/cells/upside_2027q4_site_cash:upside/formula/opNonesum
/operating_model/cells/upside_2027q4_site_cash:upside/formula/refs/0Noneupside_2027q4_hpc_cash
/operating_model/cells/upside_2027q4_site_cash:upside/formula/refs/1Noneupside_2027q4_mining_cash
/operating_model/cells/upside_2027q4_site_cash:upside/idNoneupside_2027q4_site_cash
/operating_model/cells/upside_2027q4_site_cash:upside/kindNonederived
/operating_model/cells/upside_2027q4_site_cash:upside/labelNoneSite cash contribution
/operating_model/cells/upside_2027q4_site_cash:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_site_cash:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_site_cash:upside/valueNone278.520183042394
/operating_model/cells/upside_2027q4_uses:upside/basisNonePositive cash uses; excludes debt principal and acquisitions.
/operating_model/cells/upside_2027q4_uses:upside/caseNoneupside
/operating_model/cells/upside_2027q4_uses:upside/formula/opNonesum
/operating_model/cells/upside_2027q4_uses:upside/formula/refs/0Noneupside_2027q4_corp
/operating_model/cells/upside_2027q4_uses:upside/formula/refs/1Noneupside_2027q4_interest
/operating_model/cells/upside_2027q4_uses:upside/formula/refs/2Noneupside_2027q4_other
/operating_model/cells/upside_2027q4_uses:upside/idNoneupside_2027q4_uses
/operating_model/cells/upside_2027q4_uses:upside/kindNonederived
/operating_model/cells/upside_2027q4_uses:upside/labelNoneCorporate and other cash uses
/operating_model/cells/upside_2027q4_uses:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_uses:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_uses:upside/valueNone100.0
/operating_model/cells/upside_fy2026_capex:upside/basisNoneSum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027.
/operating_model/cells/upside_fy2026_capex:upside/caseNoneupside
/operating_model/cells/upside_fy2026_capex:upside/formula/opNonesum
/operating_model/cells/upside_fy2026_capex:upside/formula/refs/0Noneh1_capex
/operating_model/cells/upside_fy2026_capex:upside/formula/refs/1Noneupside_2026q3_capex
/operating_model/cells/upside_fy2026_capex:upside/formula/refs/2Noneupside_2026q4_capex
/operating_model/cells/upside_fy2026_capex:upside/idNoneupside_fy2026_capex
/operating_model/cells/upside_fy2026_capex:upside/kindNonederived
/operating_model/cells/upside_fy2026_capex:upside/labelNoneFY2026 Cash construction capex ($M)
/operating_model/cells/upside_fy2026_capex:upside/periodNoneFY2026
/operating_model/cells/upside_fy2026_capex:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2026_capex:upside/valueNone2678.514
/operating_model/cells/upside_fy2026_cash_after_capex:upside/basisNoneSum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027.
/operating_model/cells/upside_fy2026_cash_after_capex:upside/caseNoneupside
/operating_model/cells/upside_fy2026_cash_after_capex:upside/formula/opNonesum
/operating_model/cells/upside_fy2026_cash_after_capex:upside/formula/refs/0Noneh1_cash_after_capex
/operating_model/cells/upside_fy2026_cash_after_capex:upside/formula/refs/1Noneupside_2026q3_cash_after_capex
/operating_model/cells/upside_fy2026_cash_after_capex:upside/formula/refs/2Noneupside_2026q4_cash_after_capex
/operating_model/cells/upside_fy2026_cash_after_capex:upside/idNoneupside_fy2026_cash_after_capex
/operating_model/cells/upside_fy2026_cash_after_capex:upside/kindNonederived
/operating_model/cells/upside_fy2026_cash_after_capex:upside/labelNoneFY2026 Cash after capex proxy ($M)
/operating_model/cells/upside_fy2026_cash_after_capex:upside/periodNoneFY2026
/operating_model/cells/upside_fy2026_cash_after_capex:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2026_cash_after_capex:upside/valueNone-2841.3553
/operating_model/cells/upside_fy2026_cash_before_capex:upside/basisNoneSum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027.
/operating_model/cells/upside_fy2026_cash_before_capex:upside/caseNoneupside
/operating_model/cells/upside_fy2026_cash_before_capex:upside/formula/opNonesum
/operating_model/cells/upside_fy2026_cash_before_capex:upside/formula/refs/0Noneh1_cash_before_capex
/operating_model/cells/upside_fy2026_cash_before_capex:upside/formula/refs/1Noneupside_2026q3_cash_before_capex
/operating_model/cells/upside_fy2026_cash_before_capex:upside/formula/refs/2Noneupside_2026q4_cash_before_capex
/operating_model/cells/upside_fy2026_cash_before_capex:upside/idNoneupside_fy2026_cash_before_capex
/operating_model/cells/upside_fy2026_cash_before_capex:upside/kindNonederived
/operating_model/cells/upside_fy2026_cash_before_capex:upside/labelNoneFY2026 Cash before capex proxy ($M)
/operating_model/cells/upside_fy2026_cash_before_capex:upside/periodNoneFY2026
/operating_model/cells/upside_fy2026_cash_before_capex:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2026_cash_before_capex:upside/valueNone-162.8413
/operating_model/cells/upside_fy2026_hpc_revenue:upside/basisNoneSum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027.
/operating_model/cells/upside_fy2026_hpc_revenue:upside/caseNoneupside
/operating_model/cells/upside_fy2026_hpc_revenue:upside/formula/opNonesum
/operating_model/cells/upside_fy2026_hpc_revenue:upside/formula/refs/0Noneh1_hpc_revenue
/operating_model/cells/upside_fy2026_hpc_revenue:upside/formula/refs/1Noneupside_2026q3_hpc_revenue
/operating_model/cells/upside_fy2026_hpc_revenue:upside/formula/refs/2Noneupside_2026q4_hpc_revenue
/operating_model/cells/upside_fy2026_hpc_revenue:upside/idNoneupside_fy2026_hpc_revenue
/operating_model/cells/upside_fy2026_hpc_revenue:upside/kindNonederived
/operating_model/cells/upside_fy2026_hpc_revenue:upside/labelNoneFY2026 HPC revenue ($M)
/operating_model/cells/upside_fy2026_hpc_revenue:upside/periodNoneFY2026
/operating_model/cells/upside_fy2026_hpc_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2026_hpc_revenue:upside/valueNone289.454
/operating_model/cells/upside_fy2026_revenue:upside/basisNoneSum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027.
/operating_model/cells/upside_fy2026_revenue:upside/caseNoneupside
/operating_model/cells/upside_fy2026_revenue:upside/formula/opNonesum
/operating_model/cells/upside_fy2026_revenue:upside/formula/refs/0Noneh1_revenue
/operating_model/cells/upside_fy2026_revenue:upside/formula/refs/1Noneupside_2026q3_revenue
/operating_model/cells/upside_fy2026_revenue:upside/formula/refs/2Noneupside_2026q4_revenue
/operating_model/cells/upside_fy2026_revenue:upside/idNoneupside_fy2026_revenue
/operating_model/cells/upside_fy2026_revenue:upside/kindNonederived
/operating_model/cells/upside_fy2026_revenue:upside/labelNoneFY2026 Revenue ($M)
/operating_model/cells/upside_fy2026_revenue:upside/periodNoneFY2026
/operating_model/cells/upside_fy2026_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2026_revenue:upside/valueNone342.23249999999996
/operating_model/cells/upside_fy2027_capex:upside/basisNoneSum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027.
/operating_model/cells/upside_fy2027_capex:upside/caseNoneupside
/operating_model/cells/upside_fy2027_capex:upside/formula/opNonesum
/operating_model/cells/upside_fy2027_capex:upside/formula/refs/0Noneupside_2027q1_capex
/operating_model/cells/upside_fy2027_capex:upside/formula/refs/1Noneupside_2027q2_capex
/operating_model/cells/upside_fy2027_capex:upside/formula/refs/2Noneupside_2027q3_capex
/operating_model/cells/upside_fy2027_capex:upside/formula/refs/3Noneupside_2027q4_capex
/operating_model/cells/upside_fy2027_capex:upside/idNoneupside_fy2027_capex
/operating_model/cells/upside_fy2027_capex:upside/kindNonederived
/operating_model/cells/upside_fy2027_capex:upside/labelNoneFY2027 Cash construction capex ($M)
/operating_model/cells/upside_fy2027_capex:upside/periodNoneFY2027
/operating_model/cells/upside_fy2027_capex:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2027_capex:upside/valueNone3350.0
/operating_model/cells/upside_fy2027_cash_after_capex:upside/basisNoneSum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027.
/operating_model/cells/upside_fy2027_cash_after_capex:upside/caseNoneupside
/operating_model/cells/upside_fy2027_cash_after_capex:upside/formula/opNonesum
/operating_model/cells/upside_fy2027_cash_after_capex:upside/formula/refs/0Noneupside_2027q1_cash_after_capex
/operating_model/cells/upside_fy2027_cash_after_capex:upside/formula/refs/1Noneupside_2027q2_cash_after_capex
/operating_model/cells/upside_fy2027_cash_after_capex:upside/formula/refs/2Noneupside_2027q3_cash_after_capex
/operating_model/cells/upside_fy2027_cash_after_capex:upside/formula/refs/3Noneupside_2027q4_cash_after_capex
/operating_model/cells/upside_fy2027_cash_after_capex:upside/idNoneupside_fy2027_cash_after_capex
/operating_model/cells/upside_fy2027_cash_after_capex:upside/kindNonederived
/operating_model/cells/upside_fy2027_cash_after_capex:upside/labelNoneFY2027 Cash after capex proxy ($M)
/operating_model/cells/upside_fy2027_cash_after_capex:upside/periodNoneFY2027
/operating_model/cells/upside_fy2027_cash_after_capex:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2027_cash_after_capex:upside/valueNone-2899.7249320448877
/operating_model/cells/upside_fy2027_cash_before_capex:upside/basisNoneSum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027.
/operating_model/cells/upside_fy2027_cash_before_capex:upside/caseNoneupside
/operating_model/cells/upside_fy2027_cash_before_capex:upside/formula/opNonesum
/operating_model/cells/upside_fy2027_cash_before_capex:upside/formula/refs/0Noneupside_2027q1_cash_before_capex
/operating_model/cells/upside_fy2027_cash_before_capex:upside/formula/refs/1Noneupside_2027q2_cash_before_capex
/operating_model/cells/upside_fy2027_cash_before_capex:upside/formula/refs/2Noneupside_2027q3_cash_before_capex
/operating_model/cells/upside_fy2027_cash_before_capex:upside/formula/refs/3Noneupside_2027q4_cash_before_capex
/operating_model/cells/upside_fy2027_cash_before_capex:upside/idNoneupside_fy2027_cash_before_capex
/operating_model/cells/upside_fy2027_cash_before_capex:upside/kindNonederived
/operating_model/cells/upside_fy2027_cash_before_capex:upside/labelNoneFY2027 Cash before capex proxy ($M)
/operating_model/cells/upside_fy2027_cash_before_capex:upside/periodNoneFY2027
/operating_model/cells/upside_fy2027_cash_before_capex:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2027_cash_before_capex:upside/valueNone450.2750679551124
/operating_model/cells/upside_fy2027_hpc_revenue:upside/basisNoneSum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027.
/operating_model/cells/upside_fy2027_hpc_revenue:upside/caseNoneupside
/operating_model/cells/upside_fy2027_hpc_revenue:upside/formula/opNonesum
/operating_model/cells/upside_fy2027_hpc_revenue:upside/formula/refs/0Noneupside_2027q1_hpc_revenue
/operating_model/cells/upside_fy2027_hpc_revenue:upside/formula/refs/1Noneupside_2027q2_hpc_revenue
/operating_model/cells/upside_fy2027_hpc_revenue:upside/formula/refs/2Noneupside_2027q3_hpc_revenue
/operating_model/cells/upside_fy2027_hpc_revenue:upside/formula/refs/3Noneupside_2027q4_hpc_revenue
/operating_model/cells/upside_fy2027_hpc_revenue:upside/idNoneupside_fy2027_hpc_revenue
/operating_model/cells/upside_fy2027_hpc_revenue:upside/kindNonederived
/operating_model/cells/upside_fy2027_hpc_revenue:upside/labelNoneFY2027 HPC revenue ($M)
/operating_model/cells/upside_fy2027_hpc_revenue:upside/periodNoneFY2027
/operating_model/cells/upside_fy2027_hpc_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2027_hpc_revenue:upside/valueNone1070.2910224438901
/operating_model/cells/upside_fy2027_revenue:upside/basisNoneSum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027.
/operating_model/cells/upside_fy2027_revenue:upside/caseNoneupside
/operating_model/cells/upside_fy2027_revenue:upside/formula/opNonesum
/operating_model/cells/upside_fy2027_revenue:upside/formula/refs/0Noneupside_2027q1_revenue
/operating_model/cells/upside_fy2027_revenue:upside/formula/refs/1Noneupside_2027q2_revenue
/operating_model/cells/upside_fy2027_revenue:upside/formula/refs/2Noneupside_2027q3_revenue
/operating_model/cells/upside_fy2027_revenue:upside/formula/refs/3Noneupside_2027q4_revenue
/operating_model/cells/upside_fy2027_revenue:upside/idNoneupside_fy2027_revenue
/operating_model/cells/upside_fy2027_revenue:upside/kindNonederived
/operating_model/cells/upside_fy2027_revenue:upside/labelNoneFY2027 Revenue ($M)
/operating_model/cells/upside_fy2027_revenue:upside/periodNoneFY2027
/operating_model/cells/upside_fy2027_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2027_revenue:upside/valueNone1092.7522724438904
/operating_model/highlights/0Nonelake_july
/operating_model/highlights/1Nonelake_full
/operating_model/highlights/2Nonejustified_full
/operating_model/highlights/3Nonejustified_contract
/operating_model/highlights/4Noneh1_cash
/operating_model/highlights/5Noneh1_restricted_cash
/operating_model/highlights/6Noneh1_cash_after_capex
/operating_model/limitations/0NoneInitial operating scenarios without full GAAP earnings, a debt maturity schedule or equity valuation.
/operating_model/limitations/1NoneAverage critical IT MW is distinct from utility power MW, nameplate capacity and quarter-end announced capacity. Lease activation schedules and initial contractual rent per MW are not fully disclosed.
/operating_model/limitations/2NoneThe Justified lifetime average is not contractual first-year rent. An explicit realization factor approximates escalators and ramp effects; no optional extensions are included.
/operating_model/limitations/3NoneCash proxies include mining monetization and exclude acquisitions, divestiture receipts, new financing, principal repayment and restricted reserve movements.
/operating_model/limitations/4NoneThe agreed Abernathy divestiture is not assumed closed cash. Muskie, Chesapeake and Hawkeye do not earn modeled 2026-27 revenue.
/operating_model/methodNoneModel Lake Mariner and Justified separately using average rent-producing critical IT MW in each quarter. Lake Mariner uses an explicit assumed annual rent per MW. Justified starts with disclosed base contract value divided by its 20-year term and scales by active capacity, with a haircut for early-year rent versus lifetime average. Add mining, then deduct cash site costs, overhead, net interest and other cash uses. FY2026 includes reported H1; FY2027 is a desk extension.
/operating_model/metrics/capexNoneCash construction capex ($M)
/operating_model/metrics/cash_after_capexNoneCash after capex proxy ($M)
/operating_model/metrics/cash_before_capexNoneCash before capex proxy ($M)
/operating_model/metrics/hpc_revenueNoneHPC revenue ($M)
/operating_model/metrics/revenueNoneRevenue ($M)
/operating_model/outputs/2026Q3:base/caseNonebase
/operating_model/outputs/2026Q3:base/frequencyNonequarter
/operating_model/outputs/2026Q3:base/metrics/capexNonebase_2026q3_capex
/operating_model/outputs/2026Q3:base/metrics/cash_after_capexNonebase_2026q3_cash_after_capex
/operating_model/outputs/2026Q3:base/metrics/cash_before_capexNonebase_2026q3_cash_before_capex
/operating_model/outputs/2026Q3:base/metrics/hpc_revenueNonebase_2026q3_hpc_revenue
/operating_model/outputs/2026Q3:base/metrics/revenueNonebase_2026q3_revenue
/operating_model/outputs/2026Q3:base/periodNone2026Q3
/operating_model/outputs/2026Q3:base/period_endNone2026-09-30
/operating_model/outputs/2026Q3:base/values/capexNone700.0
/operating_model/outputs/2026Q3:base/values/cash_after_capexNone-773.2165
/operating_model/outputs/2026Q3:base/values/cash_before_capexNone-73.2165
/operating_model/outputs/2026Q3:base/values/hpc_revenueNone60.0
/operating_model/outputs/2026Q3:base/values/revenueNone72.83500000000001
/operating_model/outputs/2026Q3:downside/caseNonedownside
/operating_model/outputs/2026Q3:downside/frequencyNonequarter
/operating_model/outputs/2026Q3:downside/metrics/capexNonedownside_2026q3_capex
/operating_model/outputs/2026Q3:downside/metrics/cash_after_capexNonedownside_2026q3_cash_after_capex
/operating_model/outputs/2026Q3:downside/metrics/cash_before_capexNonedownside_2026q3_cash_before_capex
/operating_model/outputs/2026Q3:downside/metrics/hpc_revenueNonedownside_2026q3_hpc_revenue
/operating_model/outputs/2026Q3:downside/metrics/revenueNonedownside_2026q3_revenue
/operating_model/outputs/2026Q3:downside/periodNone2026Q3
/operating_model/outputs/2026Q3:downside/period_endNone2026-09-30
/operating_model/outputs/2026Q3:downside/values/capexNone800.0
/operating_model/outputs/2026Q3:downside/values/cash_after_capexNone-907.9
/operating_model/outputs/2026Q3:downside/values/cash_before_capexNone-107.9
/operating_model/outputs/2026Q3:downside/values/hpc_revenueNone42.75
/operating_model/outputs/2026Q3:downside/values/revenueNone53.65975
/operating_model/outputs/2026Q3:upside/caseNoneupside
/operating_model/outputs/2026Q3:upside/frequencyNonequarter
/operating_model/outputs/2026Q3:upside/metrics/capexNoneupside_2026q3_capex
/operating_model/outputs/2026Q3:upside/metrics/cash_after_capexNoneupside_2026q3_cash_after_capex
/operating_model/outputs/2026Q3:upside/metrics/cash_before_capexNoneupside_2026q3_cash_before_capex
/operating_model/outputs/2026Q3:upside/metrics/hpc_revenueNoneupside_2026q3_hpc_revenue
/operating_model/outputs/2026Q3:upside/metrics/revenueNoneupside_2026q3_revenue
/operating_model/outputs/2026Q3:upside/periodNone2026Q3
/operating_model/outputs/2026Q3:upside/period_endNone2026-09-30
/operating_model/outputs/2026Q3:upside/values/capexNone650.0
/operating_model/outputs/2026Q3:upside/values/cash_after_capexNone-693.42295
/operating_model/outputs/2026Q3:upside/values/cash_before_capexNone-43.42295
/operating_model/outputs/2026Q3:upside/values/hpc_revenueNone82.5
/operating_model/outputs/2026Q3:upside/values/revenueNone97.26025
/operating_model/outputs/2026Q4:base/caseNonebase
/operating_model/outputs/2026Q4:base/frequencyNonequarter
/operating_model/outputs/2026Q4:base/metrics/capexNonebase_2026q4_capex
/operating_model/outputs/2026Q4:base/metrics/cash_after_capexNonebase_2026q4_cash_after_capex
/operating_model/outputs/2026Q4:base/metrics/cash_before_capexNonebase_2026q4_cash_before_capex
/operating_model/outputs/2026Q4:base/metrics/hpc_revenueNonebase_2026q4_hpc_revenue
/operating_model/outputs/2026Q4:base/metrics/revenueNonebase_2026q4_revenue
/operating_model/outputs/2026Q4:base/periodNone2026Q4
/operating_model/outputs/2026Q4:base/period_endNone2026-12-31
/operating_model/outputs/2026Q4:base/values/capexNone700.0
/operating_model/outputs/2026Q4:base/values/cash_after_capexNone-734.9732
/operating_model/outputs/2026Q4:base/values/cash_before_capexNone-34.973200000000006
/operating_model/outputs/2026Q4:base/values/hpc_revenueNone110.0
/operating_model/outputs/2026Q4:base/values/revenueNone120.268
/operating_model/outputs/2026Q4:downside/caseNonedownside
/operating_model/outputs/2026Q4:downside/frequencyNonequarter
/operating_model/outputs/2026Q4:downside/metrics/capexNonedownside_2026q4_capex
/operating_model/outputs/2026Q4:downside/metrics/cash_after_capexNonedownside_2026q4_cash_after_capex
/operating_model/outputs/2026Q4:downside/metrics/cash_before_capexNonedownside_2026q4_cash_before_capex
/operating_model/outputs/2026Q4:downside/metrics/hpc_revenueNonedownside_2026q4_hpc_revenue
/operating_model/outputs/2026Q4:downside/metrics/revenueNonedownside_2026q4_revenue
/operating_model/outputs/2026Q4:downside/periodNone2026Q4
/operating_model/outputs/2026Q4:downside/period_endNone2026-12-31
/operating_model/outputs/2026Q4:downside/values/capexNone850.0
/operating_model/outputs/2026Q4:downside/values/cash_after_capexNone-940.575
/operating_model/outputs/2026Q4:downside/values/cash_before_capexNone-90.57499999999999
/operating_model/outputs/2026Q4:downside/values/hpc_revenueNone76.5
/operating_model/outputs/2026Q4:downside/values/revenueNone84.84275
/operating_model/outputs/2026Q4:upside/caseNoneupside
/operating_model/outputs/2026Q4:upside/frequencyNonequarter
/operating_model/outputs/2026Q4:upside/metrics/capexNoneupside_2026q4_capex
/operating_model/outputs/2026Q4:upside/metrics/cash_after_capexNoneupside_2026q4_cash_after_capex
/operating_model/outputs/2026Q4:upside/metrics/cash_before_capexNoneupside_2026q4_cash_before_capex
/operating_model/outputs/2026Q4:upside/metrics/hpc_revenueNoneupside_2026q4_hpc_revenue
/operating_model/outputs/2026Q4:upside/metrics/revenueNoneupside_2026q4_revenue
/operating_model/outputs/2026Q4:upside/periodNone2026Q4
/operating_model/outputs/2026Q4:upside/period_endNone2026-12-31
/operating_model/outputs/2026Q4:upside/values/capexNone650.0
/operating_model/outputs/2026Q4:upside/values/cash_after_capexNone-639.76135
/operating_model/outputs/2026Q4:upside/values/cash_before_capexNone10.238649999999993
/operating_model/outputs/2026Q4:upside/values/hpc_revenueNone154.0
/operating_model/outputs/2026Q4:upside/values/revenueNone166.19325
/operating_model/outputs/2027Q1:base/caseNonebase
/operating_model/outputs/2027Q1:base/frequencyNonequarter
/operating_model/outputs/2027Q1:base/metrics/capexNonebase_2027q1_capex
/operating_model/outputs/2027Q1:base/metrics/cash_after_capexNonebase_2027q1_cash_after_capex
/operating_model/outputs/2027Q1:base/metrics/cash_before_capexNonebase_2027q1_cash_before_capex
/operating_model/outputs/2027Q1:base/metrics/hpc_revenueNonebase_2027q1_hpc_revenue
/operating_model/outputs/2027Q1:base/metrics/revenueNonebase_2027q1_revenue
/operating_model/outputs/2027Q1:base/periodNone2027Q1
/operating_model/outputs/2027Q1:base/period_endNone2027-03-31
/operating_model/outputs/2027Q1:base/values/capexNone800.0
/operating_model/outputs/2027Q1:base/values/cash_after_capexNone-791.2299
/operating_model/outputs/2027Q1:base/values/cash_before_capexNone8.770099999999985
/operating_model/outputs/2027Q1:base/values/hpc_revenueNone165.0
/operating_model/outputs/2027Q1:base/values/revenueNone172.701
/operating_model/outputs/2027Q1:downside/caseNonedownside
/operating_model/outputs/2027Q1:downside/frequencyNonequarter
/operating_model/outputs/2027Q1:downside/metrics/capexNonedownside_2027q1_capex
/operating_model/outputs/2027Q1:downside/metrics/cash_after_capexNonedownside_2027q1_cash_after_capex
/operating_model/outputs/2027Q1:downside/metrics/cash_before_capexNonedownside_2027q1_cash_before_capex
/operating_model/outputs/2027Q1:downside/metrics/hpc_revenueNonedownside_2027q1_hpc_revenue
/operating_model/outputs/2027Q1:downside/metrics/revenueNonedownside_2027q1_revenue
/operating_model/outputs/2027Q1:downside/periodNone2027Q1
/operating_model/outputs/2027Q1:downside/period_endNone2027-03-31
/operating_model/outputs/2027Q1:downside/values/capexNone1000.0
/operating_model/outputs/2027Q1:downside/values/cash_after_capexNone-1063.125
/operating_model/outputs/2027Q1:downside/values/cash_before_capexNone-63.12499999999999
/operating_model/outputs/2027Q1:downside/values/hpc_revenueNone112.5
/operating_model/outputs/2027Q1:downside/values/revenueNone118.9175
/operating_model/outputs/2027Q1:upside/caseNoneupside
/operating_model/outputs/2027Q1:upside/frequencyNonequarter
/operating_model/outputs/2027Q1:upside/metrics/capexNoneupside_2027q1_capex
/operating_model/outputs/2027Q1:upside/metrics/cash_after_capexNoneupside_2027q1_cash_after_capex
/operating_model/outputs/2027Q1:upside/metrics/cash_before_capexNoneupside_2027q1_cash_before_capex
/operating_model/outputs/2027Q1:upside/metrics/hpc_revenueNoneupside_2027q1_hpc_revenue
/operating_model/outputs/2027Q1:upside/metrics/revenueNoneupside_2027q1_revenue
/operating_model/outputs/2027Q1:upside/periodNone2027Q1
/operating_model/outputs/2027Q1:upside/period_endNone2027-03-31
/operating_model/outputs/2027Q1:upside/values/capexNone750.0
/operating_model/outputs/2027Q1:upside/values/cash_after_capexNone-691.32475
/operating_model/outputs/2027Q1:upside/values/cash_before_capexNone58.675250000000034
/operating_model/outputs/2027Q1:upside/values/hpc_revenueNone209.00000000000003
/operating_model/outputs/2027Q1:upside/values/revenueNone218.62625000000003
/operating_model/outputs/2027Q2:base/caseNonebase
/operating_model/outputs/2027Q2:base/frequencyNonequarter
/operating_model/outputs/2027Q2:base/metrics/capexNonebase_2027q2_capex
/operating_model/outputs/2027Q2:base/metrics/cash_after_capexNonebase_2027q2_cash_after_capex
/operating_model/outputs/2027Q2:base/metrics/cash_before_capexNonebase_2027q2_cash_before_capex
/operating_model/outputs/2027Q2:base/metrics/hpc_revenueNonebase_2027q2_hpc_revenue
/operating_model/outputs/2027Q2:base/metrics/revenueNonebase_2027q2_revenue
/operating_model/outputs/2027Q2:base/periodNone2027Q2
/operating_model/outputs/2027Q2:base/period_endNone2027-06-30
/operating_model/outputs/2027Q2:base/values/capexNone900.0
/operating_model/outputs/2027Q2:base/values/cash_after_capexNone-853.2366
/operating_model/outputs/2027Q2:base/values/cash_before_capexNone46.76339999999999
/operating_model/outputs/2027Q2:base/values/hpc_revenueNone205.0
/operating_model/outputs/2027Q2:base/values/revenueNone210.13400000000001
/operating_model/outputs/2027Q2:downside/caseNonedownside
/operating_model/outputs/2027Q2:downside/frequencyNonequarter
/operating_model/outputs/2027Q2:downside/metrics/capexNonedownside_2027q2_capex
/operating_model/outputs/2027Q2:downside/metrics/cash_after_capexNonedownside_2027q2_cash_after_capex
/operating_model/outputs/2027Q2:downside/metrics/cash_before_capexNonedownside_2027q2_cash_before_capex
/operating_model/outputs/2027Q2:downside/metrics/hpc_revenueNonedownside_2027q2_hpc_revenue
/operating_model/outputs/2027Q2:downside/metrics/revenueNonedownside_2027q2_revenue
/operating_model/outputs/2027Q2:downside/periodNone2027Q2
/operating_model/outputs/2027Q2:downside/period_endNone2027-06-30
/operating_model/outputs/2027Q2:downside/values/capexNone1100.0
/operating_model/outputs/2027Q2:downside/values/cash_after_capexNone-1144.0
/operating_model/outputs/2027Q2:downside/values/cash_before_capexNone-44.0
/operating_model/outputs/2027Q2:downside/values/hpc_revenueNone135.0
/operating_model/outputs/2027Q2:downside/values/revenueNone139.49225
/operating_model/outputs/2027Q2:upside/caseNoneupside
/operating_model/outputs/2027Q2:upside/frequencyNonequarter
/operating_model/outputs/2027Q2:upside/metrics/capexNoneupside_2027q2_capex
/operating_model/outputs/2027Q2:upside/metrics/cash_after_capexNoneupside_2027q2_cash_after_capex
/operating_model/outputs/2027Q2:upside/metrics/cash_before_capexNoneupside_2027q2_cash_before_capex
/operating_model/outputs/2027Q2:upside/metrics/hpc_revenueNoneupside_2027q2_hpc_revenue
/operating_model/outputs/2027Q2:upside/metrics/revenueNoneupside_2027q2_revenue
/operating_model/outputs/2027Q2:upside/periodNone2027Q2
/operating_model/outputs/2027Q2:upside/period_endNone2027-06-30
/operating_model/outputs/2027Q2:upside/values/capexNone850.0
/operating_model/outputs/2027Q2:upside/values/cash_after_capexNone-755.9965
/operating_model/outputs/2027Q2:upside/values/cash_before_capexNone94.00350000000003
/operating_model/outputs/2027Q2:upside/values/hpc_revenueNone240.9
/operating_model/outputs/2027Q2:upside/values/revenueNone247.3175
/operating_model/outputs/FY2026:base/caseNonebase
/operating_model/outputs/FY2026:base/frequencyNoneyear
/operating_model/outputs/FY2026:base/metrics/capexNonebase_fy2026_capex
/operating_model/outputs/FY2026:base/metrics/cash_after_capexNonebase_fy2026_cash_after_capex
/operating_model/outputs/FY2026:base/metrics/cash_before_capexNonebase_fy2026_cash_before_capex
/operating_model/outputs/FY2026:base/metrics/hpc_revenueNonebase_fy2026_hpc_revenue
/operating_model/outputs/FY2026:base/metrics/revenueNonebase_fy2026_revenue
/operating_model/outputs/FY2026:base/periodNoneFY2026
/operating_model/outputs/FY2026:base/period_endNone2026-12-31
/operating_model/outputs/FY2026:base/values/capexNone2778.514
/operating_model/outputs/FY2026:base/values/cash_after_capexNone-3016.3606999999997
/operating_model/outputs/FY2026:base/values/cash_before_capexNone-237.8467
/operating_model/outputs/FY2026:base/values/hpc_revenueNone222.954
/operating_model/outputs/FY2026:base/values/revenueNone271.882
/operating_model/outputs/FY2026:downside/caseNonedownside
/operating_model/outputs/FY2026:downside/frequencyNoneyear
/operating_model/outputs/FY2026:downside/metrics/capexNonedownside_fy2026_capex
/operating_model/outputs/FY2026:downside/metrics/cash_after_capexNonedownside_fy2026_cash_after_capex
/operating_model/outputs/FY2026:downside/metrics/cash_before_capexNonedownside_fy2026_cash_before_capex
/operating_model/outputs/FY2026:downside/metrics/hpc_revenueNonedownside_fy2026_hpc_revenue
/operating_model/outputs/FY2026:downside/metrics/revenueNonedownside_fy2026_revenue
/operating_model/outputs/FY2026:downside/periodNoneFY2026
/operating_model/outputs/FY2026:downside/period_endNone2026-12-31
/operating_model/outputs/FY2026:downside/values/capexNone3028.514
/operating_model/outputs/FY2026:downside/values/cash_after_capexNone-3356.6459999999997
/operating_model/outputs/FY2026:downside/values/cash_before_capexNone-328.132
/operating_model/outputs/FY2026:downside/values/hpc_revenueNone172.204
/operating_model/outputs/FY2026:downside/values/revenueNone217.2815
/operating_model/outputs/FY2026:upside/caseNoneupside
/operating_model/outputs/FY2026:upside/frequencyNoneyear
/operating_model/outputs/FY2026:upside/metrics/capexNoneupside_fy2026_capex
/operating_model/outputs/FY2026:upside/metrics/cash_after_capexNoneupside_fy2026_cash_after_capex
/operating_model/outputs/FY2026:upside/metrics/cash_before_capexNoneupside_fy2026_cash_before_capex
/operating_model/outputs/FY2026:upside/metrics/hpc_revenueNoneupside_fy2026_hpc_revenue
/operating_model/outputs/FY2026:upside/metrics/revenueNoneupside_fy2026_revenue
/operating_model/outputs/FY2026:upside/periodNoneFY2026
/operating_model/outputs/FY2026:upside/period_endNone2026-12-31
/operating_model/outputs/FY2026:upside/values/capexNone2678.514
/operating_model/outputs/FY2026:upside/values/cash_after_capexNone-2841.3553
/operating_model/outputs/FY2026:upside/values/cash_before_capexNone-162.8413
/operating_model/outputs/FY2026:upside/values/hpc_revenueNone289.454
/operating_model/outputs/FY2026:upside/values/revenueNone342.23249999999996
/operating_model/outputs/FY2027:base/caseNonebase
/operating_model/outputs/FY2027:base/frequencyNoneyear
/operating_model/outputs/FY2027:base/metrics/capexNonebase_fy2027_capex
/operating_model/outputs/FY2027:base/metrics/cash_after_capexNonebase_fy2027_cash_after_capex
/operating_model/outputs/FY2027:base/metrics/cash_before_capexNonebase_fy2027_cash_before_capex
/operating_model/outputs/FY2027:base/metrics/hpc_revenueNonebase_fy2027_hpc_revenue
/operating_model/outputs/FY2027:base/metrics/revenueNonebase_fy2027_revenue
/operating_model/outputs/FY2027:base/periodNoneFY2027
/operating_model/outputs/FY2027:base/period_endNone2027-12-31
/operating_model/outputs/FY2027:base/values/capexNone3600.0
/operating_model/outputs/FY2027:base/values/cash_after_capexNone-3385.144496508728
/operating_model/outputs/FY2027:base/values/cash_before_capexNone214.85550349127183
/operating_model/outputs/FY2027:base/values/hpc_revenueNone868.4114713216957
/operating_model/outputs/FY2027:base/values/revenueNone886.3804713216957
/operating_model/outputs/FY2027:downside/caseNonedownside
/operating_model/outputs/FY2027:downside/frequencyNoneyear
/operating_model/outputs/FY2027:downside/metrics/capexNonedownside_fy2027_capex
/operating_model/outputs/FY2027:downside/metrics/cash_after_capexNonedownside_fy2027_cash_after_capex
/operating_model/outputs/FY2027:downside/metrics/cash_before_capexNonedownside_fy2027_cash_before_capex
/operating_model/outputs/FY2027:downside/metrics/hpc_revenueNonedownside_fy2027_hpc_revenue
/operating_model/outputs/FY2027:downside/metrics/revenueNonedownside_fy2027_revenue
/operating_model/outputs/FY2027:downside/periodNoneFY2027
/operating_model/outputs/FY2027:downside/period_endNone2027-12-31
/operating_model/outputs/FY2027:downside/values/capexNone4250.0
/operating_model/outputs/FY2027:downside/values/cash_after_capexNone-4401.925
/operating_model/outputs/FY2027:downside/values/cash_before_capexNone-151.925
/operating_model/outputs/FY2027:downside/values/hpc_revenueNone589.5
/operating_model/outputs/FY2027:downside/values/revenueNone604.26025
/operating_model/outputs/FY2027:upside/caseNoneupside
/operating_model/outputs/FY2027:upside/frequencyNoneyear
/operating_model/outputs/FY2027:upside/metrics/capexNoneupside_fy2027_capex
/operating_model/outputs/FY2027:upside/metrics/cash_after_capexNoneupside_fy2027_cash_after_capex
/operating_model/outputs/FY2027:upside/metrics/cash_before_capexNoneupside_fy2027_cash_before_capex
/operating_model/outputs/FY2027:upside/metrics/hpc_revenueNoneupside_fy2027_hpc_revenue
/operating_model/outputs/FY2027:upside/metrics/revenueNoneupside_fy2027_revenue
/operating_model/outputs/FY2027:upside/periodNoneFY2027
/operating_model/outputs/FY2027:upside/period_endNone2027-12-31
/operating_model/outputs/FY2027:upside/values/capexNone3350.0
/operating_model/outputs/FY2027:upside/values/cash_after_capexNone-2899.7249320448877
/operating_model/outputs/FY2027:upside/values/cash_before_capexNone450.2750679551124
/operating_model/outputs/FY2027:upside/values/hpc_revenueNone1070.2910224438901
/operating_model/outputs/FY2027:upside/values/revenueNone1092.7522724438904
/operating_model/reviewed_atNone2026-09-19
/operating_model/schema_versionNoneoperating_model.v1
/operating_model/titleNoneDelivered IT capacity, rental economics and build funding
/research/change_noteNoneFirst authored review through September 19, including August results and August 24 power approval. Corrects historical fiscal labels when a newer revenue tag first appears in comparative filings.
/research/checkpoints/0/date_statusNoneestimated
/research/checkpoints/0/eventNoneLake Mariner CB4 phased delivery
/research/checkpoints/0/timingNoneSecond half of 2026 company target
/research/checkpoints/0/watchNoneCompare delivered critical IT MW, first rent and construction cash used.
/research/checkpoints/1/date_statusNoneestimated
/research/checkpoints/1/eventNoneLake Mariner CB5 phased delivery
/research/checkpoints/1/timingNoneEarly 2027 company target
/research/checkpoints/1/watchNoneConfirm remaining capacity enters service and site cash margins improve.
/research/checkpoints/2/date_statusNoneestimated
/research/checkpoints/2/eventNoneJustified first capacity
/research/checkpoints/2/timingNoneSecond half of 2027 company target
/research/checkpoints/2/watchNoneTrack power readiness, financing, tenant acceptance and first-year rent.
/research/checkpoints/3/date_statusNoneevent_driven
/research/checkpoints/3/eventNoneAbernathy divestiture
/research/checkpoints/3/timingNoneClosing event; no assumed date
/research/checkpoints/3/watchNoneRecognize cash only after a confirmed closing and net-proceeds disclosure.
/research/countercaseNoneA large contracted backlog can coexist with substantial funding needs and little near-term cash retained. Rental economics can be attractive at full utilization while phased commissioning, startup costs, interest and construction deposits consume cash. Faster delivery can still require more financing before it improves shareholder economics.
/research/economicsNoneJune 30 Lake Mariner capacity was 81 MW of critical IT; CB3 raised that to 102 MW in July. Another 336 MW under construction would bring the site to 438 MW. Justified adds a contracted 401 MW of critical IT under a 20-year base agreement of roughly $19B. Kentucky approved 482 MW of utility power on August 24; this is a different measure from usable IT MW. Initial Justified delivery targets H2 2027. H1 GAAP CFO was negative $154.3M, Bitcoin sales contributed $24.6M in investing, and PP&E purchases/deposits used $1,378.5M. Even strong revenue growth therefore needs a financing bridge. The model does not count the agreed Abernathy sale as cash already received.
/research/limitations/0NoneInitial operating scenarios without full GAAP earnings, a debt maturity schedule or equity valuation.
/research/limitations/1NoneAverage critical IT MW is distinct from utility power MW, nameplate capacity and quarter-end announced capacity. Lease activation schedules and initial contractual rent per MW are not fully disclosed.
/research/limitations/2NoneThe Justified lifetime average is not contractual first-year rent. An explicit realization factor approximates escalators and ramp effects; no optional extensions are included.
/research/limitations/3NoneCash proxies include mining monetization and exclude acquisitions, divestiture receipts, new financing, principal repayment and restricted reserve movements.
/research/limitations/4NoneThe agreed Abernathy divestiture is not assumed closed cash. Muskie, Chesapeake and Hawkeye do not earn modeled 2026-27 revenue.
/research/questionNoneHow quickly does delivered HPC capacity cover the cash needed to build the next phase?
/research/reviewed_atNone2026-09-19
/research/risks/0NoneConstruction or utility delays push rent beyond the modeled quarters.
/research/risks/1NoneCritical IT capacity and gross utility power are not interchangeable.
/research/risks/2NoneLifetime contract revenue does not disclose first-year rental economics.
/research/risks/3NoneNew debt, warrants or equity can dilute the benefit of higher property income.
/research/risks/4NoneAsset-sale closing and proceeds remain separate from recurring operations.
/research/titleNoneTurning power and construction into leased IT capacity
/sources/0/retrievedNone2026-09-19
/sources/0/titleNoneAugust 5 Form 10-Q: segment revenue, cash flow and debt
/sources/0/urlNonehttps://www.sec.gov/Archives/edgar/data/1083301/000108330126000166/wulf-20260630.htm
/sources/1/retrievedNone2026-09-19
/sources/1/titleNoneAugust 5 Q2 results and contracted campus delivery schedule
/sources/1/urlNonehttps://investors.terawulf.com/news-events/press-releases/detail/144/terawulf-reports-second-quarter-2026-results
/sources/2/retrievedNone2026-09-19
/sources/2/titleNoneAugust 24 Kentucky power agreement approval
/sources/2/urlNonehttps://investors.terawulf.com/news-events/press-releases/detail/145/kentucky-psc-approves-482-mw-power-agreement-for-terawulfs-justified-data-campus
/thesis/scenario_rangesNoneNamed downside/base/upside operating assumptions; not probabilities, price targets or the short-horizon market-memory bands.
/thesis/viewThe transition is already visible in revenue: HPC contributed $31.9M of $44.8M Q2 revenue. The next question is how the 102 MW delivered after CB3 becomes 438 MW at Lake Mariner and how much funding is consumed before the 401 MW Justified project produces rent. A power agreement improves project readiness but does not equal rent-producing capacity. Our scenarios connect delivery timing to rental income, site cash margins and construction spending.
/thesis/what_changes_itAccepted critical IT MW, initial rent and cash capex are the deciding evidence. Delayed CB4/CB5 delivery, weaker initial rent realization or a more expensive funding mix weaken the case; predictable commissioning and cash conversion strengthen it.