ALPHAFORGE RESEARCH · COMPANY FILE · AI INFRASTRUCTURE & POWER

$APLD

Applied Digital Corp. · Nasdaq · SIC 7374 · CIK 1144879 · revision 5 as of 2026-09-19

All companies · Free for people and agents · JSON · Download model CSV · Operating scenarios

Business

Applied Digital develops and operates data centers. HPC leases generate base rent after delivery, while fit-out work and operating reimbursements add lower-margin revenue. Its legacy business hosts Bitcoin miners rather than mining Bitcoin itself. ChronoScale provides cloud services and remains consolidated because Applied Digital retains about 96% ownership. Project debt, restricted cash and preferred investors fund construction before leases reach full cash generation.

Three drivers

Accepted critical IT capacity and rent commencement
Recurring rent versus fit-out and pass-through revenue
Construction cash spending, coupons and preferred claims

Thesis

Our view

The signed lease portfolio supports a large rent ramp, but the underwriting hinges on delivered capacity and cash retained after construction and financing. Q4 revenue of $258.7M included $152.4M of fit-out work and only $44.1M of base rent. At July review, 1,410 MW was contracted while 175 MW had been delivered after June. The model separates those stages and keeps ChronoScale in consolidated revenue. More rent can coexist with a substantial financing requirement.

What changes it

Compare accepted IT MW, base rent, fit-out margin and construction cash spending with each quarterly case. Watch restricted cash, new debt and preferred capital separately; financing proceeds are not operating performance.

Scenario ranges

Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.

Model · 8 fiscal quarters (last eight)

Fiscal quarter	2025Q1 2024-08-31	2025Q2 2024-11-30	2025Q3 2025-02-28	2025Q4 2025-05-31	2026Q1 2025-08-31	2026Q2 2025-11-30	2026Q3 2026-02-28	2026Q4 2026-05-31
Revenue ($M)	34.8¹	36.2²	52.9³	20.3†⁴	64.2¹	126.6²	126.6³	258.7⁵
Gross profit ($M)	—	—	—	—	—	—	—	40.5†⁶
Operating income ($M)	25.3⁷	-12.8⁸	-18.9⁹	-65.7†¹⁰	-22.3⁷	-31.0⁸	-85.7⁹	-124.8¹¹
Net income ($M)	-4.2¹²	-138.7¹³	—	—	-16.9¹²	-14.4¹³	—	-82.4¹⁴
EPS, diluted ($)	-0.03¹⁵	-0.66¹⁶	-0.16¹⁷	—	-0.07¹⁵	-0.07¹⁶	-0.36¹⁷	-0.39¹⁸
Diluted shares (M)	149.1¹⁹	209.6²⁰	222.5²¹	—	255.9¹⁹	277.4²⁰	282.0²¹	285.7²²
Cash ($M)	58.2²³	286.2²⁴	68.7²⁵	44.0²⁶	73.9²⁷	1,913.4²⁸	1,730.4²⁹	1,592.0²⁶
Long-term debt ($M)	—	—	—	—	—	—	—	—
Cash from operations ($M)	-75.9³⁰	-52.3†³¹	5.9†³²	6.9†³³	-82.0³⁰	-15.8†³¹	55.0†³²	132.5†³³
Capex ($M)	—	—	—	—	—	—	—	—
Free cash flow ($M)	—	—	—	—	—	—	—	—

† derived (Q4 = fiscal year minus the first three quarters; year-to-date cash flows differenced; FCF = CFO − capex). Superscripts are the provenance notes below.

Estimates · base scenario

Period	Revenue ($M)	EPS ($)	As of	Basis
2027Q1	281.8	—	2026-09-19	Desk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance.
2027Q2	363.4	—	2026-09-19	Desk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance.
2027Q3	460.4	—	2026-09-19	Desk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance.
2027Q4	587.4	—	2026-09-19	Desk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance.

Delivered rent, fit-out work and financing claims

Operating scenarios · reviewed 2026-09-19 · USD millions unless labeled otherwise · our assumptions, not consensus

Drive rent from average revenue-producing critical IT MW and the reported Q4 rent per 100 MW baseline. Separately model low-margin tenant fit-out revenue, reimbursements, mining hosting and consolidated ChronoScale revenue. Deduct site cash costs, corporate costs and contractual coupons from cash contributions, then construction capex. Show the Macquarie preferred economic accrual separately from cash spending. FY2027-28 are desk scenarios, not company guidance.

Reported anchors and guidance

Measure	Period	Value	Basis
May unrestricted cash	2026-05-31	1,591.99	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-07-29
Total restricted cash	2026-05-31	2,561.44	derived. Current and other restricted cash; unavailable for unrestricted use.
Contracted critical IT MW	July 2026	1,410.00	reported. Five campuses including post-year-end commitments; not live capacity. Source · 2026-07-27
Delivered critical IT MW after June ramp	2026-06-30	175.00	reported. Initial 100 MW plus 75 MW of the second building. Source · 2026-07-27
Major debt principal	Post-June debt	6,540.00	derived. Four major instruments; not total consolidated obligations.
Major debt annual coupon accrual	Annual	486.18	derived. Includes the June issuance and excludes the repaid bridge; not a payment calendar.
Initial preferred annual economic accrual	Annual	232.69	derived. Simple initial capital times rate; not the redemption value or a cash payment forecast.
FY2026 CFO less asset purchases	FY2026	-2,776.08	derived. Excludes acquisitions and financing cash flows.

Downside scenario

Period	Cash construction capex ($M)	Tenant fit-out revenue ($M)	Consolidated revenue ($M)	HPC base rent ($M)	Cash after capex proxy ($M)	Cash before capex proxy ($M)	Preferred economic accrual ($M)
2027Q1	1,000.00	120.00	228.04	53.58	-1,127.42	-127.42	58.17
2027Q2	1,200.00	160.00	298.44	79.38	-1,305.40	-105.40	58.17
2027Q3	1,450.00	160.00	340.26	115.10	-1,525.93	-75.93	58.17
2027Q4	1,500.00	180.00	420.33	166.70	-1,532.89	-32.89	58.17
FY2027	5,150.00	620.00	1,287.08	414.76	-5,491.64	-341.64	232.69
FY2028	6,550.00	740.00	2,274.67	1,158.95	-6,274.51	275.49	232.69

Base scenario

Period	Cash construction capex ($M)	Tenant fit-out revenue ($M)	Consolidated revenue ($M)	HPC base rent ($M)	Cash after capex proxy ($M)	Cash before capex proxy ($M)	Preferred economic accrual ($M)
2027Q1	900.00	150.00	281.77	66.15	-989.96	-89.96	58.17
2027Q2	1,100.00	180.00	363.40	110.25	-1,149.06	-49.06	58.17
2027Q3	1,250.00	200.00	460.40	176.40	-1,238.76	11.24	58.17
2027Q4	1,350.00	250.00	587.39	242.55	-1,277.12	72.88	58.17
FY2027	4,600.00	780.00	1,692.96	595.35	-4,654.91	-54.91	232.69
FY2028	5,800.00	1,000.00	3,119.47	1,631.70	-4,914.50	885.50	232.69

Upside scenario

Period	Cash construction capex ($M)	Tenant fit-out revenue ($M)	Consolidated revenue ($M)	HPC base rent ($M)	Cash after capex proxy ($M)	Cash before capex proxy ($M)	Preferred economic accrual ($M)
2027Q1	850.00	170.00	318.31	74.09	-914.03	-64.03	58.17
2027Q2	1,000.00	210.00	433.96	138.92	-1,001.34	-1.34	58.17
2027Q3	1,200.00	240.00	555.59	217.63	-1,126.33	73.67	58.17
2027Q4	1,300.00	280.00	660.60	273.20	-1,172.26	127.74	58.17
FY2027	4,350.00	900.00	1,968.45	703.84	-4,213.96	136.04	232.69
FY2028	5,450.00	1,120.00	3,649.21	1,958.70	-4,133.73	1,316.27	232.69

All inputs and formulas — reproduce this model

Input / calculation	Period / case	Value / unit	Evidence or assumption
Quarter of annual amount quarter	Model / shared	25.0% ratio	assumption: Arithmetic time allocation.
Q4 consolidated revenue q4_revenue	2026Q4 / shared	258.75 USD_millions	reported: Reported consolidated or segment amount; rent, fit-out and hosting amounts are rounded company disclosures. Primary source · 2026-07-27
Q4 HPC base rent q4_rent	2026Q4 / shared	44.10 USD_millions	reported: Reported consolidated or segment amount; rent, fit-out and hosting amounts are rounded company disclosures. Primary source · 2026-07-27
Q4 tenant fit-out revenue q4_fitout	2026Q4 / shared	152.40 USD_millions	reported: Reported consolidated or segment amount; rent, fit-out and hosting amounts are rounded company disclosures. Primary source · 2026-07-27
Q4 tenant fit-out cost q4_fitout_cost	2026Q4 / shared	145.60 USD_millions	reported: Reported consolidated or segment amount; rent, fit-out and hosting amounts are rounded company disclosures. Primary source · 2026-07-27
Q4 mining hosting revenue q4_hosting	2026Q4 / shared	37.30 USD_millions	reported: Reported consolidated or segment amount; rent, fit-out and hosting amounts are rounded company disclosures. Primary source · 2026-07-27
Q4 consolidated ChronoScale revenue q4_cloud	2026Q4 / shared	18.40 USD_millions	reported: Reported consolidated or segment amount; rent, fit-out and hosting amounts are rounded company disclosures. Primary source · 2026-07-27
FY2026 GAAP CFO fy26_cfo	FY2026 / shared	89.69 USD_millions	reported: Reported consolidated or segment amount; rent, fit-out and hosting amounts are rounded company disclosures. Primary source · 2026-07-27
FY2026 PP&E and other asset purchases fy26_capex	FY2026 / shared	2,865.76 USD_millions	reported: Reported consolidated or segment amount; rent, fit-out and hosting amounts are rounded company disclosures. Primary source · 2026-07-27
May unrestricted cash cash	2026-05-31 / shared	1,591.99 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-29
May current restricted cash restricted_current	2026-05-31 / shared	2,381.03 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-29
May other restricted cash restricted_other	2026-05-31 / shared	180.41 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-29
Macquarie preferred capital contributions preferred_capital	2026-05-31 / shared	1,825.00 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-29
Redeemable NCI carrying value preferred_carrying	2026-05-31 / shared	1,956.30 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-29
Total restricted cash restricted_cash	2026-05-31 / shared	2,561.44 USD_millions	derived: Current and other restricted cash; unavailable for unrestricted use. Formula: sum(restricted_current, restricted_other).
FY2026 CFO less asset purchases fy26_cash_after_capex	FY2026 / shared	-2,776.08 USD_millions	derived: Excludes acquisitions and financing cash flows. Formula: subtract(fy26_cfo, fy26_capex).
Q4 rent-producing IT MW reference q4_rent_mw	2026Q4 / shared	100.00 MW	reported: First 100 MW building operating during Q4; baseline assumes full-quarter rent. Primary source · 2026-07-27
Contracted critical IT MW contracted_mw	July 2026 / shared	1,410.00 MW	reported: Five campuses including post-year-end commitments; not live capacity. Primary source · 2026-07-27
Delivered critical IT MW after June ramp delivered_mw	2026-06-30 / shared	175.00 MW	reported: Initial 100 MW plus 75 MW of the second building. Primary source · 2026-07-27
pf1 principal pf1_principal	Post-June debt / shared	2,350.00 USD_millions	reported: Major debt instruments following June issuance; the repaid $300M bridge is excluded. Smaller loans and finance leases are additional obligations. Primary source · 2026-07-29
pf1 annual coupon pf1_rate	Annual / shared	9.2% ratio	reported: Contractual coupon, excluding financing fees. Primary source · 2026-07-29
pf1 annual coupon expense pf1_coupon	Annual / shared	217.38 USD_millions	derived: Stated principal times annual rate. Formula: multiply(pf1_principal, pf1_rate).
pf2 principal pf2_principal	Post-June debt / shared	2,150.00 USD_millions	reported: Major debt instruments following June issuance; the repaid $300M bridge is excluded. Smaller loans and finance leases are additional obligations. Primary source · 2026-07-29
pf2 annual coupon pf2_rate	Annual / shared	6.8% ratio	reported: Contractual coupon, excluding financing fees. Primary source · 2026-07-29
pf2 annual coupon expense pf2_coupon	Annual / shared	145.12 USD_millions	derived: Stated principal times annual rate. Formula: multiply(pf2_principal, pf2_rate).
convert principal convert_principal	Post-June debt / shared	450.00 USD_millions	reported: Major debt instruments following June issuance; the repaid $300M bridge is excluded. Smaller loans and finance leases are additional obligations. Primary source · 2026-07-29
convert annual coupon convert_rate	Annual / shared	2.8% ratio	reported: Contractual coupon, excluding financing fees. Primary source · 2026-07-29
convert annual coupon expense convert_coupon	Annual / shared	12.38 USD_millions	derived: Stated principal times annual rate. Formula: multiply(convert_principal, convert_rate).
june_notes principal june_notes_principal	Post-June debt / shared	1,590.00 USD_millions	reported: Major debt instruments following June issuance; the repaid $300M bridge is excluded. Smaller loans and finance leases are additional obligations. Primary source · 2026-07-29
june_notes annual coupon june_notes_rate	Annual / shared	7.0% ratio	reported: Contractual coupon, excluding financing fees. Primary source · 2026-07-29
june_notes annual coupon expense june_notes_coupon	Annual / shared	111.30 USD_millions	derived: Stated principal times annual rate. Formula: multiply(june_notes_principal, june_notes_rate).
Major debt principal major_principal	Post-June debt / shared	6,540.00 USD_millions	derived: Four major instruments; not total consolidated obligations. Formula: sum(pf1_principal, pf2_principal, convert_principal, june_notes_principal).
Major debt annual coupon accrual annual_coupon	Annual / shared	486.18 USD_millions	derived: Includes the June issuance and excludes the repaid bridge; not a payment calendar. Formula: sum(pf1_coupon, pf2_coupon, convert_coupon, june_notes_coupon).
Major debt quarterly coupon accrual quarter_coupon	Forecast / shared	121.54 USD_millions	derived: Even quarterly coupon accrual; actual payments are uneven. Formula: multiply(annual_coupon, quarter).
Macquarie preferred annual return preferred_rate	Annual / shared	12.8% ratio	reported: 12.75% compounded semiannually; this simple baseline excludes compounding. Primary source · 2026-07-29
Initial preferred annual economic accrual preferred_annual	Annual / shared	232.69 USD_millions	derived: Simple initial capital times rate; not the redemption value or a cash payment forecast. Formula: multiply(preferred_capital, preferred_rate).
Initial preferred quarterly accrual preferred_quarter	Forecast / shared	58.17 USD_millions	derived: Separate economic claim; assume PIK within the disclosed election period, not cash CFO. Formula: multiply(preferred_annual, quarter).
Average revenue-producing critical IT MW downside_2027q1_mw	2027Q1 / downside	135.00 MW	assumption: Desk delivery/acceptance schedule, not quarter-end capacity. Delta Forge 2 contributes only near H1 calendar 2028.
Capacity / 100 MW reference downside_2027q1_mw_ratio	2027Q1 / downside	135.0% ratio	derived: Normalizes critical IT capacity without treating utility power as IT load. Formula: divide(downside_2027q1_mw, q4_rent_mw).
Rent at Q4 reference economics downside_2027q1_rent_at_reference	2027Q1 / downside	59.54 USD_millions	derived: Reported Q4 rent per 100 MW times average active capacity. Formula: multiply(downside_2027q1_mw_ratio, q4_rent).
Rent realization versus reference downside_2027q1_rent_realization	2027Q1 / downside	90.0% ratio	assumption: Desk assumption; not company guidance.
HPC base rent downside_2027q1_base_rent	2027Q1 / downside	53.58 USD_millions	derived: Desk rent mix/commencement sensitivity, not repricing signed leases. Formula: multiply(downside_2027q1_rent_at_reference, downside_2027q1_rent_realization).
Tenant fit-out revenue downside_2027q1_fitout	2027Q1 / downside	120.00 USD_millions	assumption: Low-margin nonrecurring installation work; not recurring rent.
Recoveries / base rent downside_2027q1_recovery_ratio	2027Q1 / downside	15.0% ratio	assumption: Desk assumption; not company guidance.
Tenant recoveries downside_2027q1_recoveries	2027Q1 / downside	8.04 USD_millions	derived: Pass-through operating recoveries modeled separately. Formula: multiply(downside_2027q1_base_rent, downside_2027q1_recovery_ratio).
Hosting revenue versus Q4 downside_2027q1_hosting_factor	2027Q1 / downside	85.0% ratio	assumption: Desk assumption; not company guidance.
Mining hosting revenue downside_2027q1_hosting	2027Q1 / downside	31.70 USD_millions	derived: Hosting services, not owned Bitcoin production. Formula: multiply(q4_hosting, downside_2027q1_hosting_factor).
Cloud revenue versus Q4 downside_2027q1_cloud_factor	2027Q1 / downside	80.0% ratio	assumption: Desk assumption; not company guidance.
Consolidated ChronoScale revenue downside_2027q1_cloud	2027Q1 / downside	14.72 USD_millions	derived: Still consolidated; no assumption of a full GAAP deconsolidation. Formula: multiply(q4_cloud, downside_2027q1_cloud_factor).
Consolidated revenue downside_2027q1_revenue	2027Q1 / downside	228.04 USD_millions	derived: Rent, fit-out, recoveries, hosting and cloud, without optional lease renewals. Formula: sum(downside_2027q1_base_rent, downside_2027q1_fitout, downside_2027q1_recoveries, downside_2027q1_hosting, downside_2027q1_cloud).
Cash contribution margin: rent downside_2027q1_rent_margin	2027Q1 / downside	83.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: rent downside_2027q1_rent_cash	2027Q1 / downside	44.47 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(downside_2027q1_base_rent, downside_2027q1_rent_margin).
Cash contribution margin: fitout downside_2027q1_fitout_margin	2027Q1 / downside	2.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: fitout downside_2027q1_fitout_cash	2027Q1 / downside	2.40 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(downside_2027q1_fitout, downside_2027q1_fitout_margin).
Cash contribution margin: recovery downside_2027q1_recovery_margin	2027Q1 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: recovery downside_2027q1_recovery_cash	2027Q1 / downside	0.00 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(downside_2027q1_recoveries, downside_2027q1_recovery_margin).
Cash contribution margin: hosting downside_2027q1_hosting_margin	2027Q1 / downside	25.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: hosting downside_2027q1_hosting_cash	2027Q1 / downside	7.93 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(downside_2027q1_hosting, downside_2027q1_hosting_margin).
Cash contribution margin: cloud downside_2027q1_cloud_margin	2027Q1 / downside	-25.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: cloud downside_2027q1_cloud_cash	2027Q1 / downside	-3.68 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(downside_2027q1_cloud, downside_2027q1_cloud_margin).
Combined business cash contribution downside_2027q1_site_cash	2027Q1 / downside	51.12 USD_millions	derived: Includes all consolidated businesses. Formula: sum(downside_2027q1_rent_cash, downside_2027q1_fitout_cash, downside_2027q1_recovery_cash, downside_2027q1_hosting_cash, downside_2027q1_cloud_cash).
Corporate cash overhead downside_2027q1_corp	2027Q1 / downside	35.00 USD_millions	assumption: Desk assumption; not company guidance.
Other net cash uses downside_2027q1_other	2027Q1 / downside	22.00 USD_millions	assumption: Net working capital, small-loan interest, taxes and interest income allowance. Lease principal excluded.
Corporate, coupon and other cash uses downside_2027q1_cash_uses	2027Q1 / downside	178.54 USD_millions	derived: Excludes noncash preferred accrual and financing principal. Formula: sum(quarter_coupon, downside_2027q1_corp, downside_2027q1_other).
Cash before capex proxy downside_2027q1_cash_before_capex	2027Q1 / downside	-127.42 USD_millions	derived: Analytical cash proxy; not consolidated GAAP CFO. Formula: subtract(downside_2027q1_site_cash, downside_2027q1_cash_uses).
Construction and asset purchases downside_2027q1_capex	2027Q1 / downside	1,000.00 USD_millions	assumption: Desk construction spending; delay case includes higher build costs. Not company guidance.
Cash after capex proxy downside_2027q1_cash_after_capex	2027Q1 / downside	-1,127.42 USD_millions	derived: Before financing proceeds, principal, acquisitions and restricted reserve transfers. Formula: subtract(downside_2027q1_cash_before_capex, downside_2027q1_capex).
Preferred economic accrual downside_2027q1_preferred_accrual	2027Q1 / downside	58.17 USD_millions	derived: Simple quarterly accrual; noncash PIK assumption, no compounding or redemption waterfall. Formula: multiply(preferred_annual, quarter).
Average revenue-producing critical IT MW downside_2027q2_mw	2027Q2 / downside	200.00 MW	assumption: Desk delivery/acceptance schedule, not quarter-end capacity. Delta Forge 2 contributes only near H1 calendar 2028.
Capacity / 100 MW reference downside_2027q2_mw_ratio	2027Q2 / downside	200.0% ratio	derived: Normalizes critical IT capacity without treating utility power as IT load. Formula: divide(downside_2027q2_mw, q4_rent_mw).
Rent at Q4 reference economics downside_2027q2_rent_at_reference	2027Q2 / downside	88.20 USD_millions	derived: Reported Q4 rent per 100 MW times average active capacity. Formula: multiply(downside_2027q2_mw_ratio, q4_rent).
Rent realization versus reference downside_2027q2_rent_realization	2027Q2 / downside	90.0% ratio	assumption: Desk assumption; not company guidance.
HPC base rent downside_2027q2_base_rent	2027Q2 / downside	79.38 USD_millions	derived: Desk rent mix/commencement sensitivity, not repricing signed leases. Formula: multiply(downside_2027q2_rent_at_reference, downside_2027q2_rent_realization).
Tenant fit-out revenue downside_2027q2_fitout	2027Q2 / downside	160.00 USD_millions	assumption: Low-margin nonrecurring installation work; not recurring rent.
Recoveries / base rent downside_2027q2_recovery_ratio	2027Q2 / downside	15.0% ratio	assumption: Desk assumption; not company guidance.
Tenant recoveries downside_2027q2_recoveries	2027Q2 / downside	11.91 USD_millions	derived: Pass-through operating recoveries modeled separately. Formula: multiply(downside_2027q2_base_rent, downside_2027q2_recovery_ratio).
Hosting revenue versus Q4 downside_2027q2_hosting_factor	2027Q2 / downside	85.0% ratio	assumption: Desk assumption; not company guidance.
Mining hosting revenue downside_2027q2_hosting	2027Q2 / downside	31.70 USD_millions	derived: Hosting services, not owned Bitcoin production. Formula: multiply(q4_hosting, downside_2027q2_hosting_factor).
Cloud revenue versus Q4 downside_2027q2_cloud_factor	2027Q2 / downside	84.0% ratio	assumption: Desk assumption; not company guidance.
Consolidated ChronoScale revenue downside_2027q2_cloud	2027Q2 / downside	15.45 USD_millions	derived: Still consolidated; no assumption of a full GAAP deconsolidation. Formula: multiply(q4_cloud, downside_2027q2_cloud_factor).
Consolidated revenue downside_2027q2_revenue	2027Q2 / downside	298.44 USD_millions	derived: Rent, fit-out, recoveries, hosting and cloud, without optional lease renewals. Formula: sum(downside_2027q2_base_rent, downside_2027q2_fitout, downside_2027q2_recoveries, downside_2027q2_hosting, downside_2027q2_cloud).
Cash contribution margin: rent downside_2027q2_rent_margin	2027Q2 / downside	83.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: rent downside_2027q2_rent_cash	2027Q2 / downside	65.89 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(downside_2027q2_base_rent, downside_2027q2_rent_margin).
Cash contribution margin: fitout downside_2027q2_fitout_margin	2027Q2 / downside	2.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: fitout downside_2027q2_fitout_cash	2027Q2 / downside	3.20 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(downside_2027q2_fitout, downside_2027q2_fitout_margin).
Cash contribution margin: recovery downside_2027q2_recovery_margin	2027Q2 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: recovery downside_2027q2_recovery_cash	2027Q2 / downside	0.00 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(downside_2027q2_recoveries, downside_2027q2_recovery_margin).
Cash contribution margin: hosting downside_2027q2_hosting_margin	2027Q2 / downside	25.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: hosting downside_2027q2_hosting_cash	2027Q2 / downside	7.93 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(downside_2027q2_hosting, downside_2027q2_hosting_margin).
Cash contribution margin: cloud downside_2027q2_cloud_margin	2027Q2 / downside	-25.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: cloud downside_2027q2_cloud_cash	2027Q2 / downside	-3.86 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(downside_2027q2_cloud, downside_2027q2_cloud_margin).
Combined business cash contribution downside_2027q2_site_cash	2027Q2 / downside	73.15 USD_millions	derived: Includes all consolidated businesses. Formula: sum(downside_2027q2_rent_cash, downside_2027q2_fitout_cash, downside_2027q2_recovery_cash, downside_2027q2_hosting_cash, downside_2027q2_cloud_cash).
Corporate cash overhead downside_2027q2_corp	2027Q2 / downside	35.00 USD_millions	assumption: Desk assumption; not company guidance.
Other net cash uses downside_2027q2_other	2027Q2 / downside	22.00 USD_millions	assumption: Net working capital, small-loan interest, taxes and interest income allowance. Lease principal excluded.
Corporate, coupon and other cash uses downside_2027q2_cash_uses	2027Q2 / downside	178.54 USD_millions	derived: Excludes noncash preferred accrual and financing principal. Formula: sum(quarter_coupon, downside_2027q2_corp, downside_2027q2_other).
Cash before capex proxy downside_2027q2_cash_before_capex	2027Q2 / downside	-105.40 USD_millions	derived: Analytical cash proxy; not consolidated GAAP CFO. Formula: subtract(downside_2027q2_site_cash, downside_2027q2_cash_uses).
Construction and asset purchases downside_2027q2_capex	2027Q2 / downside	1,200.00 USD_millions	assumption: Desk construction spending; delay case includes higher build costs. Not company guidance.
Cash after capex proxy downside_2027q2_cash_after_capex	2027Q2 / downside	-1,305.40 USD_millions	derived: Before financing proceeds, principal, acquisitions and restricted reserve transfers. Formula: subtract(downside_2027q2_cash_before_capex, downside_2027q2_capex).
Preferred economic accrual downside_2027q2_preferred_accrual	2027Q2 / downside	58.17 USD_millions	derived: Simple quarterly accrual; noncash PIK assumption, no compounding or redemption waterfall. Formula: multiply(preferred_annual, quarter).
Average revenue-producing critical IT MW downside_2027q3_mw	2027Q3 / downside	290.00 MW	assumption: Desk delivery/acceptance schedule, not quarter-end capacity. Delta Forge 2 contributes only near H1 calendar 2028.
Capacity / 100 MW reference downside_2027q3_mw_ratio	2027Q3 / downside	290.0% ratio	derived: Normalizes critical IT capacity without treating utility power as IT load. Formula: divide(downside_2027q3_mw, q4_rent_mw).
Rent at Q4 reference economics downside_2027q3_rent_at_reference	2027Q3 / downside	127.89 USD_millions	derived: Reported Q4 rent per 100 MW times average active capacity. Formula: multiply(downside_2027q3_mw_ratio, q4_rent).
Rent realization versus reference downside_2027q3_rent_realization	2027Q3 / downside	90.0% ratio	assumption: Desk assumption; not company guidance.
HPC base rent downside_2027q3_base_rent	2027Q3 / downside	115.10 USD_millions	derived: Desk rent mix/commencement sensitivity, not repricing signed leases. Formula: multiply(downside_2027q3_rent_at_reference, downside_2027q3_rent_realization).
Tenant fit-out revenue downside_2027q3_fitout	2027Q3 / downside	160.00 USD_millions	assumption: Low-margin nonrecurring installation work; not recurring rent.
Recoveries / base rent downside_2027q3_recovery_ratio	2027Q3 / downside	15.0% ratio	assumption: Desk assumption; not company guidance.
Tenant recoveries downside_2027q3_recoveries	2027Q3 / downside	17.27 USD_millions	derived: Pass-through operating recoveries modeled separately. Formula: multiply(downside_2027q3_base_rent, downside_2027q3_recovery_ratio).
Hosting revenue versus Q4 downside_2027q3_hosting_factor	2027Q3 / downside	85.0% ratio	assumption: Desk assumption; not company guidance.
Mining hosting revenue downside_2027q3_hosting	2027Q3 / downside	31.70 USD_millions	derived: Hosting services, not owned Bitcoin production. Formula: multiply(q4_hosting, downside_2027q3_hosting_factor).
Cloud revenue versus Q4 downside_2027q3_cloud_factor	2027Q3 / downside	88.0% ratio	assumption: Desk assumption; not company guidance.
Consolidated ChronoScale revenue downside_2027q3_cloud	2027Q3 / downside	16.19 USD_millions	derived: Still consolidated; no assumption of a full GAAP deconsolidation. Formula: multiply(q4_cloud, downside_2027q3_cloud_factor).
Consolidated revenue downside_2027q3_revenue	2027Q3 / downside	340.26 USD_millions	derived: Rent, fit-out, recoveries, hosting and cloud, without optional lease renewals. Formula: sum(downside_2027q3_base_rent, downside_2027q3_fitout, downside_2027q3_recoveries, downside_2027q3_hosting, downside_2027q3_cloud).
Cash contribution margin: rent downside_2027q3_rent_margin	2027Q3 / downside	83.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: rent downside_2027q3_rent_cash	2027Q3 / downside	95.53 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(downside_2027q3_base_rent, downside_2027q3_rent_margin).
Cash contribution margin: fitout downside_2027q3_fitout_margin	2027Q3 / downside	2.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: fitout downside_2027q3_fitout_cash	2027Q3 / downside	3.20 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(downside_2027q3_fitout, downside_2027q3_fitout_margin).
Cash contribution margin: recovery downside_2027q3_recovery_margin	2027Q3 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: recovery downside_2027q3_recovery_cash	2027Q3 / downside	0.00 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(downside_2027q3_recoveries, downside_2027q3_recovery_margin).
Cash contribution margin: hosting downside_2027q3_hosting_margin	2027Q3 / downside	25.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: hosting downside_2027q3_hosting_cash	2027Q3 / downside	7.93 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(downside_2027q3_hosting, downside_2027q3_hosting_margin).
Cash contribution margin: cloud downside_2027q3_cloud_margin	2027Q3 / downside	-25.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: cloud downside_2027q3_cloud_cash	2027Q3 / downside	-4.05 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(downside_2027q3_cloud, downside_2027q3_cloud_margin).
Combined business cash contribution downside_2027q3_site_cash	2027Q3 / downside	102.61 USD_millions	derived: Includes all consolidated businesses. Formula: sum(downside_2027q3_rent_cash, downside_2027q3_fitout_cash, downside_2027q3_recovery_cash, downside_2027q3_hosting_cash, downside_2027q3_cloud_cash).
Corporate cash overhead downside_2027q3_corp	2027Q3 / downside	35.00 USD_millions	assumption: Desk assumption; not company guidance.
Other net cash uses downside_2027q3_other	2027Q3 / downside	22.00 USD_millions	assumption: Net working capital, small-loan interest, taxes and interest income allowance. Lease principal excluded.
Corporate, coupon and other cash uses downside_2027q3_cash_uses	2027Q3 / downside	178.54 USD_millions	derived: Excludes noncash preferred accrual and financing principal. Formula: sum(quarter_coupon, downside_2027q3_corp, downside_2027q3_other).
Cash before capex proxy downside_2027q3_cash_before_capex	2027Q3 / downside	-75.93 USD_millions	derived: Analytical cash proxy; not consolidated GAAP CFO. Formula: subtract(downside_2027q3_site_cash, downside_2027q3_cash_uses).
Construction and asset purchases downside_2027q3_capex	2027Q3 / downside	1,450.00 USD_millions	assumption: Desk construction spending; delay case includes higher build costs. Not company guidance.
Cash after capex proxy downside_2027q3_cash_after_capex	2027Q3 / downside	-1,525.93 USD_millions	derived: Before financing proceeds, principal, acquisitions and restricted reserve transfers. Formula: subtract(downside_2027q3_cash_before_capex, downside_2027q3_capex).
Preferred economic accrual downside_2027q3_preferred_accrual	2027Q3 / downside	58.17 USD_millions	derived: Simple quarterly accrual; noncash PIK assumption, no compounding or redemption waterfall. Formula: multiply(preferred_annual, quarter).
Average revenue-producing critical IT MW downside_2027q4_mw	2027Q4 / downside	420.00 MW	assumption: Desk delivery/acceptance schedule, not quarter-end capacity. Delta Forge 2 contributes only near H1 calendar 2028.
Capacity / 100 MW reference downside_2027q4_mw_ratio	2027Q4 / downside	420.0% ratio	derived: Normalizes critical IT capacity without treating utility power as IT load. Formula: divide(downside_2027q4_mw, q4_rent_mw).
Rent at Q4 reference economics downside_2027q4_rent_at_reference	2027Q4 / downside	185.22 USD_millions	derived: Reported Q4 rent per 100 MW times average active capacity. Formula: multiply(downside_2027q4_mw_ratio, q4_rent).
Rent realization versus reference downside_2027q4_rent_realization	2027Q4 / downside	90.0% ratio	assumption: Desk assumption; not company guidance.
HPC base rent downside_2027q4_base_rent	2027Q4 / downside	166.70 USD_millions	derived: Desk rent mix/commencement sensitivity, not repricing signed leases. Formula: multiply(downside_2027q4_rent_at_reference, downside_2027q4_rent_realization).
Tenant fit-out revenue downside_2027q4_fitout	2027Q4 / downside	180.00 USD_millions	assumption: Low-margin nonrecurring installation work; not recurring rent.
Recoveries / base rent downside_2027q4_recovery_ratio	2027Q4 / downside	15.0% ratio	assumption: Desk assumption; not company guidance.
Tenant recoveries downside_2027q4_recoveries	2027Q4 / downside	25.00 USD_millions	derived: Pass-through operating recoveries modeled separately. Formula: multiply(downside_2027q4_base_rent, downside_2027q4_recovery_ratio).
Hosting revenue versus Q4 downside_2027q4_hosting_factor	2027Q4 / downside	85.0% ratio	assumption: Desk assumption; not company guidance.
Mining hosting revenue downside_2027q4_hosting	2027Q4 / downside	31.70 USD_millions	derived: Hosting services, not owned Bitcoin production. Formula: multiply(q4_hosting, downside_2027q4_hosting_factor).
Cloud revenue versus Q4 downside_2027q4_cloud_factor	2027Q4 / downside	92.0% ratio	assumption: Desk assumption; not company guidance.
Consolidated ChronoScale revenue downside_2027q4_cloud	2027Q4 / downside	16.92 USD_millions	derived: Still consolidated; no assumption of a full GAAP deconsolidation. Formula: multiply(q4_cloud, downside_2027q4_cloud_factor).
Consolidated revenue downside_2027q4_revenue	2027Q4 / downside	420.33 USD_millions	derived: Rent, fit-out, recoveries, hosting and cloud, without optional lease renewals. Formula: sum(downside_2027q4_base_rent, downside_2027q4_fitout, downside_2027q4_recoveries, downside_2027q4_hosting, downside_2027q4_cloud).
Cash contribution margin: rent downside_2027q4_rent_margin	2027Q4 / downside	83.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: rent downside_2027q4_rent_cash	2027Q4 / downside	138.36 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(downside_2027q4_base_rent, downside_2027q4_rent_margin).
Cash contribution margin: fitout downside_2027q4_fitout_margin	2027Q4 / downside	2.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: fitout downside_2027q4_fitout_cash	2027Q4 / downside	3.60 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(downside_2027q4_fitout, downside_2027q4_fitout_margin).
Cash contribution margin: recovery downside_2027q4_recovery_margin	2027Q4 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: recovery downside_2027q4_recovery_cash	2027Q4 / downside	0.00 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(downside_2027q4_recoveries, downside_2027q4_recovery_margin).
Cash contribution margin: hosting downside_2027q4_hosting_margin	2027Q4 / downside	25.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: hosting downside_2027q4_hosting_cash	2027Q4 / downside	7.93 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(downside_2027q4_hosting, downside_2027q4_hosting_margin).
Cash contribution margin: cloud downside_2027q4_cloud_margin	2027Q4 / downside	-25.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: cloud downside_2027q4_cloud_cash	2027Q4 / downside	-4.23 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(downside_2027q4_cloud, downside_2027q4_cloud_margin).
Combined business cash contribution downside_2027q4_site_cash	2027Q4 / downside	145.65 USD_millions	derived: Includes all consolidated businesses. Formula: sum(downside_2027q4_rent_cash, downside_2027q4_fitout_cash, downside_2027q4_recovery_cash, downside_2027q4_hosting_cash, downside_2027q4_cloud_cash).
Corporate cash overhead downside_2027q4_corp	2027Q4 / downside	35.00 USD_millions	assumption: Desk assumption; not company guidance.
Other net cash uses downside_2027q4_other	2027Q4 / downside	22.00 USD_millions	assumption: Net working capital, small-loan interest, taxes and interest income allowance. Lease principal excluded.
Corporate, coupon and other cash uses downside_2027q4_cash_uses	2027Q4 / downside	178.54 USD_millions	derived: Excludes noncash preferred accrual and financing principal. Formula: sum(quarter_coupon, downside_2027q4_corp, downside_2027q4_other).
Cash before capex proxy downside_2027q4_cash_before_capex	2027Q4 / downside	-32.89 USD_millions	derived: Analytical cash proxy; not consolidated GAAP CFO. Formula: subtract(downside_2027q4_site_cash, downside_2027q4_cash_uses).
Construction and asset purchases downside_2027q4_capex	2027Q4 / downside	1,500.00 USD_millions	assumption: Desk construction spending; delay case includes higher build costs. Not company guidance.
Cash after capex proxy downside_2027q4_cash_after_capex	2027Q4 / downside	-1,532.89 USD_millions	derived: Before financing proceeds, principal, acquisitions and restricted reserve transfers. Formula: subtract(downside_2027q4_cash_before_capex, downside_2027q4_capex).
Preferred economic accrual downside_2027q4_preferred_accrual	2027Q4 / downside	58.17 USD_millions	derived: Simple quarterly accrual; noncash PIK assumption, no compounding or redemption waterfall. Formula: multiply(preferred_annual, quarter).
Average revenue-producing critical IT MW downside_2028q1_mw	2028Q1 / downside	520.00 MW	assumption: Desk delivery/acceptance schedule, not quarter-end capacity. Delta Forge 2 contributes only near H1 calendar 2028.
Capacity / 100 MW reference downside_2028q1_mw_ratio	2028Q1 / downside	520.0% ratio	derived: Normalizes critical IT capacity without treating utility power as IT load. Formula: divide(downside_2028q1_mw, q4_rent_mw).
Rent at Q4 reference economics downside_2028q1_rent_at_reference	2028Q1 / downside	229.32 USD_millions	derived: Reported Q4 rent per 100 MW times average active capacity. Formula: multiply(downside_2028q1_mw_ratio, q4_rent).
Rent realization versus reference downside_2028q1_rent_realization	2028Q1 / downside	90.0% ratio	assumption: Desk assumption; not company guidance.
HPC base rent downside_2028q1_base_rent	2028Q1 / downside	206.39 USD_millions	derived: Desk rent mix/commencement sensitivity, not repricing signed leases. Formula: multiply(downside_2028q1_rent_at_reference, downside_2028q1_rent_realization).
Tenant fit-out revenue downside_2028q1_fitout	2028Q1 / downside	200.00 USD_millions	assumption: Low-margin nonrecurring installation work; not recurring rent.
Recoveries / base rent downside_2028q1_recovery_ratio	2028Q1 / downside	15.0% ratio	assumption: Desk assumption; not company guidance.
Tenant recoveries downside_2028q1_recoveries	2028Q1 / downside	30.96 USD_millions	derived: Pass-through operating recoveries modeled separately. Formula: multiply(downside_2028q1_base_rent, downside_2028q1_recovery_ratio).
Hosting revenue versus Q4 downside_2028q1_hosting_factor	2028Q1 / downside	85.0% ratio	assumption: Desk assumption; not company guidance.
Mining hosting revenue downside_2028q1_hosting	2028Q1 / downside	31.70 USD_millions	derived: Hosting services, not owned Bitcoin production. Formula: multiply(q4_hosting, downside_2028q1_hosting_factor).
Cloud revenue versus Q4 downside_2028q1_cloud_factor	2028Q1 / downside	96.0% ratio	assumption: Desk assumption; not company guidance.
Consolidated ChronoScale revenue downside_2028q1_cloud	2028Q1 / downside	17.66 USD_millions	derived: Still consolidated; no assumption of a full GAAP deconsolidation. Formula: multiply(q4_cloud, downside_2028q1_cloud_factor).
Consolidated revenue downside_2028q1_revenue	2028Q1 / downside	486.71 USD_millions	derived: Rent, fit-out, recoveries, hosting and cloud, without optional lease renewals. Formula: sum(downside_2028q1_base_rent, downside_2028q1_fitout, downside_2028q1_recoveries, downside_2028q1_hosting, downside_2028q1_cloud).
Cash contribution margin: rent downside_2028q1_rent_margin	2028Q1 / downside	83.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: rent downside_2028q1_rent_cash	2028Q1 / downside	171.30 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(downside_2028q1_base_rent, downside_2028q1_rent_margin).
Cash contribution margin: fitout downside_2028q1_fitout_margin	2028Q1 / downside	2.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: fitout downside_2028q1_fitout_cash	2028Q1 / downside	4.00 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(downside_2028q1_fitout, downside_2028q1_fitout_margin).
Cash contribution margin: recovery downside_2028q1_recovery_margin	2028Q1 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: recovery downside_2028q1_recovery_cash	2028Q1 / downside	0.00 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(downside_2028q1_recoveries, downside_2028q1_recovery_margin).
Cash contribution margin: hosting downside_2028q1_hosting_margin	2028Q1 / downside	25.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: hosting downside_2028q1_hosting_cash	2028Q1 / downside	7.93 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(downside_2028q1_hosting, downside_2028q1_hosting_margin).
Cash contribution margin: cloud downside_2028q1_cloud_margin	2028Q1 / downside	-25.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: cloud downside_2028q1_cloud_cash	2028Q1 / downside	-4.42 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(downside_2028q1_cloud, downside_2028q1_cloud_margin).
Combined business cash contribution downside_2028q1_site_cash	2028Q1 / downside	178.81 USD_millions	derived: Includes all consolidated businesses. Formula: sum(downside_2028q1_rent_cash, downside_2028q1_fitout_cash, downside_2028q1_recovery_cash, downside_2028q1_hosting_cash, downside_2028q1_cloud_cash).
Corporate cash overhead downside_2028q1_corp	2028Q1 / downside	35.00 USD_millions	assumption: Desk assumption; not company guidance.
Other net cash uses downside_2028q1_other	2028Q1 / downside	22.00 USD_millions	assumption: Net working capital, small-loan interest, taxes and interest income allowance. Lease principal excluded.
Corporate, coupon and other cash uses downside_2028q1_cash_uses	2028Q1 / downside	178.54 USD_millions	derived: Excludes noncash preferred accrual and financing principal. Formula: sum(quarter_coupon, downside_2028q1_corp, downside_2028q1_other).
Cash before capex proxy downside_2028q1_cash_before_capex	2028Q1 / downside	0.27 USD_millions	derived: Analytical cash proxy; not consolidated GAAP CFO. Formula: subtract(downside_2028q1_site_cash, downside_2028q1_cash_uses).
Construction and asset purchases downside_2028q1_capex	2028Q1 / downside	1,550.00 USD_millions	assumption: Desk construction spending; delay case includes higher build costs. Not company guidance.
Cash after capex proxy downside_2028q1_cash_after_capex	2028Q1 / downside	-1,549.73 USD_millions	derived: Before financing proceeds, principal, acquisitions and restricted reserve transfers. Formula: subtract(downside_2028q1_cash_before_capex, downside_2028q1_capex).
Preferred economic accrual downside_2028q1_preferred_accrual	2028Q1 / downside	58.17 USD_millions	derived: Simple quarterly accrual; noncash PIK assumption, no compounding or redemption waterfall. Formula: multiply(preferred_annual, quarter).
Average revenue-producing critical IT MW downside_2028q2_mw	2028Q2 / downside	650.00 MW	assumption: Desk delivery/acceptance schedule, not quarter-end capacity. Delta Forge 2 contributes only near H1 calendar 2028.
Capacity / 100 MW reference downside_2028q2_mw_ratio	2028Q2 / downside	650.0% ratio	derived: Normalizes critical IT capacity without treating utility power as IT load. Formula: divide(downside_2028q2_mw, q4_rent_mw).
Rent at Q4 reference economics downside_2028q2_rent_at_reference	2028Q2 / downside	286.65 USD_millions	derived: Reported Q4 rent per 100 MW times average active capacity. Formula: multiply(downside_2028q2_mw_ratio, q4_rent).
Rent realization versus reference downside_2028q2_rent_realization	2028Q2 / downside	90.0% ratio	assumption: Desk assumption; not company guidance.
HPC base rent downside_2028q2_base_rent	2028Q2 / downside	257.99 USD_millions	derived: Desk rent mix/commencement sensitivity, not repricing signed leases. Formula: multiply(downside_2028q2_rent_at_reference, downside_2028q2_rent_realization).
Tenant fit-out revenue downside_2028q2_fitout	2028Q2 / downside	210.00 USD_millions	assumption: Low-margin nonrecurring installation work; not recurring rent.
Recoveries / base rent downside_2028q2_recovery_ratio	2028Q2 / downside	15.0% ratio	assumption: Desk assumption; not company guidance.
Tenant recoveries downside_2028q2_recoveries	2028Q2 / downside	38.70 USD_millions	derived: Pass-through operating recoveries modeled separately. Formula: multiply(downside_2028q2_base_rent, downside_2028q2_recovery_ratio).
Hosting revenue versus Q4 downside_2028q2_hosting_factor	2028Q2 / downside	85.0% ratio	assumption: Desk assumption; not company guidance.
Mining hosting revenue downside_2028q2_hosting	2028Q2 / downside	31.70 USD_millions	derived: Hosting services, not owned Bitcoin production. Formula: multiply(q4_hosting, downside_2028q2_hosting_factor).
Cloud revenue versus Q4 downside_2028q2_cloud_factor	2028Q2 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Consolidated ChronoScale revenue downside_2028q2_cloud	2028Q2 / downside	18.40 USD_millions	derived: Still consolidated; no assumption of a full GAAP deconsolidation. Formula: multiply(q4_cloud, downside_2028q2_cloud_factor).
Consolidated revenue downside_2028q2_revenue	2028Q2 / downside	556.78 USD_millions	derived: Rent, fit-out, recoveries, hosting and cloud, without optional lease renewals. Formula: sum(downside_2028q2_base_rent, downside_2028q2_fitout, downside_2028q2_recoveries, downside_2028q2_hosting, downside_2028q2_cloud).
Cash contribution margin: rent downside_2028q2_rent_margin	2028Q2 / downside	83.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: rent downside_2028q2_rent_cash	2028Q2 / downside	214.13 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(downside_2028q2_base_rent, downside_2028q2_rent_margin).
Cash contribution margin: fitout downside_2028q2_fitout_margin	2028Q2 / downside	2.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: fitout downside_2028q2_fitout_cash	2028Q2 / downside	4.20 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(downside_2028q2_fitout, downside_2028q2_fitout_margin).
Cash contribution margin: recovery downside_2028q2_recovery_margin	2028Q2 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: recovery downside_2028q2_recovery_cash	2028Q2 / downside	0.00 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(downside_2028q2_recoveries, downside_2028q2_recovery_margin).
Cash contribution margin: hosting downside_2028q2_hosting_margin	2028Q2 / downside	25.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: hosting downside_2028q2_hosting_cash	2028Q2 / downside	7.93 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(downside_2028q2_hosting, downside_2028q2_hosting_margin).
Cash contribution margin: cloud downside_2028q2_cloud_margin	2028Q2 / downside	-25.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: cloud downside_2028q2_cloud_cash	2028Q2 / downside	-4.60 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(downside_2028q2_cloud, downside_2028q2_cloud_margin).
Combined business cash contribution downside_2028q2_site_cash	2028Q2 / downside	221.65 USD_millions	derived: Includes all consolidated businesses. Formula: sum(downside_2028q2_rent_cash, downside_2028q2_fitout_cash, downside_2028q2_recovery_cash, downside_2028q2_hosting_cash, downside_2028q2_cloud_cash).
Corporate cash overhead downside_2028q2_corp	2028Q2 / downside	35.00 USD_millions	assumption: Desk assumption; not company guidance.
Other net cash uses downside_2028q2_other	2028Q2 / downside	22.00 USD_millions	assumption: Net working capital, small-loan interest, taxes and interest income allowance. Lease principal excluded.
Corporate, coupon and other cash uses downside_2028q2_cash_uses	2028Q2 / downside	178.54 USD_millions	derived: Excludes noncash preferred accrual and financing principal. Formula: sum(quarter_coupon, downside_2028q2_corp, downside_2028q2_other).
Cash before capex proxy downside_2028q2_cash_before_capex	2028Q2 / downside	43.11 USD_millions	derived: Analytical cash proxy; not consolidated GAAP CFO. Formula: subtract(downside_2028q2_site_cash, downside_2028q2_cash_uses).
Construction and asset purchases downside_2028q2_capex	2028Q2 / downside	1,700.00 USD_millions	assumption: Desk construction spending; delay case includes higher build costs. Not company guidance.
Cash after capex proxy downside_2028q2_cash_after_capex	2028Q2 / downside	-1,656.89 USD_millions	derived: Before financing proceeds, principal, acquisitions and restricted reserve transfers. Formula: subtract(downside_2028q2_cash_before_capex, downside_2028q2_capex).
Preferred economic accrual downside_2028q2_preferred_accrual	2028Q2 / downside	58.17 USD_millions	derived: Simple quarterly accrual; noncash PIK assumption, no compounding or redemption waterfall. Formula: multiply(preferred_annual, quarter).
Average revenue-producing critical IT MW downside_2028q3_mw	2028Q3 / downside	800.00 MW	assumption: Desk delivery/acceptance schedule, not quarter-end capacity. Delta Forge 2 contributes only near H1 calendar 2028.
Capacity / 100 MW reference downside_2028q3_mw_ratio	2028Q3 / downside	800.0% ratio	derived: Normalizes critical IT capacity without treating utility power as IT load. Formula: divide(downside_2028q3_mw, q4_rent_mw).
Rent at Q4 reference economics downside_2028q3_rent_at_reference	2028Q3 / downside	352.80 USD_millions	derived: Reported Q4 rent per 100 MW times average active capacity. Formula: multiply(downside_2028q3_mw_ratio, q4_rent).
Rent realization versus reference downside_2028q3_rent_realization	2028Q3 / downside	90.0% ratio	assumption: Desk assumption; not company guidance.
HPC base rent downside_2028q3_base_rent	2028Q3 / downside	317.52 USD_millions	derived: Desk rent mix/commencement sensitivity, not repricing signed leases. Formula: multiply(downside_2028q3_rent_at_reference, downside_2028q3_rent_realization).
Tenant fit-out revenue downside_2028q3_fitout	2028Q3 / downside	180.00 USD_millions	assumption: Low-margin nonrecurring installation work; not recurring rent.
Recoveries / base rent downside_2028q3_recovery_ratio	2028Q3 / downside	15.0% ratio	assumption: Desk assumption; not company guidance.
Tenant recoveries downside_2028q3_recoveries	2028Q3 / downside	47.63 USD_millions	derived: Pass-through operating recoveries modeled separately. Formula: multiply(downside_2028q3_base_rent, downside_2028q3_recovery_ratio).
Hosting revenue versus Q4 downside_2028q3_hosting_factor	2028Q3 / downside	85.0% ratio	assumption: Desk assumption; not company guidance.
Mining hosting revenue downside_2028q3_hosting	2028Q3 / downside	31.70 USD_millions	derived: Hosting services, not owned Bitcoin production. Formula: multiply(q4_hosting, downside_2028q3_hosting_factor).
Cloud revenue versus Q4 downside_2028q3_cloud_factor	2028Q3 / downside	104.0% ratio	assumption: Desk assumption; not company guidance.
Consolidated ChronoScale revenue downside_2028q3_cloud	2028Q3 / downside	19.13 USD_millions	derived: Still consolidated; no assumption of a full GAAP deconsolidation. Formula: multiply(q4_cloud, downside_2028q3_cloud_factor).
Consolidated revenue downside_2028q3_revenue	2028Q3 / downside	595.98 USD_millions	derived: Rent, fit-out, recoveries, hosting and cloud, without optional lease renewals. Formula: sum(downside_2028q3_base_rent, downside_2028q3_fitout, downside_2028q3_recoveries, downside_2028q3_hosting, downside_2028q3_cloud).
Cash contribution margin: rent downside_2028q3_rent_margin	2028Q3 / downside	83.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: rent downside_2028q3_rent_cash	2028Q3 / downside	263.54 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(downside_2028q3_base_rent, downside_2028q3_rent_margin).
Cash contribution margin: fitout downside_2028q3_fitout_margin	2028Q3 / downside	2.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: fitout downside_2028q3_fitout_cash	2028Q3 / downside	3.60 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(downside_2028q3_fitout, downside_2028q3_fitout_margin).
Cash contribution margin: recovery downside_2028q3_recovery_margin	2028Q3 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: recovery downside_2028q3_recovery_cash	2028Q3 / downside	0.00 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(downside_2028q3_recoveries, downside_2028q3_recovery_margin).
Cash contribution margin: hosting downside_2028q3_hosting_margin	2028Q3 / downside	25.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: hosting downside_2028q3_hosting_cash	2028Q3 / downside	7.93 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(downside_2028q3_hosting, downside_2028q3_hosting_margin).
Cash contribution margin: cloud downside_2028q3_cloud_margin	2028Q3 / downside	-25.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: cloud downside_2028q3_cloud_cash	2028Q3 / downside	-4.78 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(downside_2028q3_cloud, downside_2028q3_cloud_margin).
Combined business cash contribution downside_2028q3_site_cash	2028Q3 / downside	270.28 USD_millions	derived: Includes all consolidated businesses. Formula: sum(downside_2028q3_rent_cash, downside_2028q3_fitout_cash, downside_2028q3_recovery_cash, downside_2028q3_hosting_cash, downside_2028q3_cloud_cash).
Corporate cash overhead downside_2028q3_corp	2028Q3 / downside	35.00 USD_millions	assumption: Desk assumption; not company guidance.
Other net cash uses downside_2028q3_other	2028Q3 / downside	22.00 USD_millions	assumption: Net working capital, small-loan interest, taxes and interest income allowance. Lease principal excluded.
Corporate, coupon and other cash uses downside_2028q3_cash_uses	2028Q3 / downside	178.54 USD_millions	derived: Excludes noncash preferred accrual and financing principal. Formula: sum(quarter_coupon, downside_2028q3_corp, downside_2028q3_other).
Cash before capex proxy downside_2028q3_cash_before_capex	2028Q3 / downside	91.74 USD_millions	derived: Analytical cash proxy; not consolidated GAAP CFO. Formula: subtract(downside_2028q3_site_cash, downside_2028q3_cash_uses).
Construction and asset purchases downside_2028q3_capex	2028Q3 / downside	1,700.00 USD_millions	assumption: Desk construction spending; delay case includes higher build costs. Not company guidance.
Cash after capex proxy downside_2028q3_cash_after_capex	2028Q3 / downside	-1,608.26 USD_millions	derived: Before financing proceeds, principal, acquisitions and restricted reserve transfers. Formula: subtract(downside_2028q3_cash_before_capex, downside_2028q3_capex).
Preferred economic accrual downside_2028q3_preferred_accrual	2028Q3 / downside	58.17 USD_millions	derived: Simple quarterly accrual; noncash PIK assumption, no compounding or redemption waterfall. Formula: multiply(preferred_annual, quarter).
Average revenue-producing critical IT MW downside_2028q4_mw	2028Q4 / downside	950.00 MW	assumption: Desk delivery/acceptance schedule, not quarter-end capacity. Delta Forge 2 contributes only near H1 calendar 2028.
Capacity / 100 MW reference downside_2028q4_mw_ratio	2028Q4 / downside	950.0% ratio	derived: Normalizes critical IT capacity without treating utility power as IT load. Formula: divide(downside_2028q4_mw, q4_rent_mw).
Rent at Q4 reference economics downside_2028q4_rent_at_reference	2028Q4 / downside	418.95 USD_millions	derived: Reported Q4 rent per 100 MW times average active capacity. Formula: multiply(downside_2028q4_mw_ratio, q4_rent).
Rent realization versus reference downside_2028q4_rent_realization	2028Q4 / downside	90.0% ratio	assumption: Desk assumption; not company guidance.
HPC base rent downside_2028q4_base_rent	2028Q4 / downside	377.06 USD_millions	derived: Desk rent mix/commencement sensitivity, not repricing signed leases. Formula: multiply(downside_2028q4_rent_at_reference, downside_2028q4_rent_realization).
Tenant fit-out revenue downside_2028q4_fitout	2028Q4 / downside	150.00 USD_millions	assumption: Low-margin nonrecurring installation work; not recurring rent.
Recoveries / base rent downside_2028q4_recovery_ratio	2028Q4 / downside	15.0% ratio	assumption: Desk assumption; not company guidance.
Tenant recoveries downside_2028q4_recoveries	2028Q4 / downside	56.56 USD_millions	derived: Pass-through operating recoveries modeled separately. Formula: multiply(downside_2028q4_base_rent, downside_2028q4_recovery_ratio).
Hosting revenue versus Q4 downside_2028q4_hosting_factor	2028Q4 / downside	85.0% ratio	assumption: Desk assumption; not company guidance.
Mining hosting revenue downside_2028q4_hosting	2028Q4 / downside	31.70 USD_millions	derived: Hosting services, not owned Bitcoin production. Formula: multiply(q4_hosting, downside_2028q4_hosting_factor).
Cloud revenue versus Q4 downside_2028q4_cloud_factor	2028Q4 / downside	108.0% ratio	assumption: Desk assumption; not company guidance.
Consolidated ChronoScale revenue downside_2028q4_cloud	2028Q4 / downside	19.87 USD_millions	derived: Still consolidated; no assumption of a full GAAP deconsolidation. Formula: multiply(q4_cloud, downside_2028q4_cloud_factor).
Consolidated revenue downside_2028q4_revenue	2028Q4 / downside	635.19 USD_millions	derived: Rent, fit-out, recoveries, hosting and cloud, without optional lease renewals. Formula: sum(downside_2028q4_base_rent, downside_2028q4_fitout, downside_2028q4_recoveries, downside_2028q4_hosting, downside_2028q4_cloud).
Cash contribution margin: rent downside_2028q4_rent_margin	2028Q4 / downside	83.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: rent downside_2028q4_rent_cash	2028Q4 / downside	312.96 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(downside_2028q4_base_rent, downside_2028q4_rent_margin).
Cash contribution margin: fitout downside_2028q4_fitout_margin	2028Q4 / downside	2.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: fitout downside_2028q4_fitout_cash	2028Q4 / downside	3.00 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(downside_2028q4_fitout, downside_2028q4_fitout_margin).
Cash contribution margin: recovery downside_2028q4_recovery_margin	2028Q4 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: recovery downside_2028q4_recovery_cash	2028Q4 / downside	0.00 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(downside_2028q4_recoveries, downside_2028q4_recovery_margin).
Cash contribution margin: hosting downside_2028q4_hosting_margin	2028Q4 / downside	25.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: hosting downside_2028q4_hosting_cash	2028Q4 / downside	7.93 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(downside_2028q4_hosting, downside_2028q4_hosting_margin).
Cash contribution margin: cloud downside_2028q4_cloud_margin	2028Q4 / downside	-25.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: cloud downside_2028q4_cloud_cash	2028Q4 / downside	-4.97 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(downside_2028q4_cloud, downside_2028q4_cloud_margin).
Combined business cash contribution downside_2028q4_site_cash	2028Q4 / downside	318.91 USD_millions	derived: Includes all consolidated businesses. Formula: sum(downside_2028q4_rent_cash, downside_2028q4_fitout_cash, downside_2028q4_recovery_cash, downside_2028q4_hosting_cash, downside_2028q4_cloud_cash).
Corporate cash overhead downside_2028q4_corp	2028Q4 / downside	35.00 USD_millions	assumption: Desk assumption; not company guidance.
Other net cash uses downside_2028q4_other	2028Q4 / downside	22.00 USD_millions	assumption: Net working capital, small-loan interest, taxes and interest income allowance. Lease principal excluded.
Corporate, coupon and other cash uses downside_2028q4_cash_uses	2028Q4 / downside	178.54 USD_millions	derived: Excludes noncash preferred accrual and financing principal. Formula: sum(quarter_coupon, downside_2028q4_corp, downside_2028q4_other).
Cash before capex proxy downside_2028q4_cash_before_capex	2028Q4 / downside	140.37 USD_millions	derived: Analytical cash proxy; not consolidated GAAP CFO. Formula: subtract(downside_2028q4_site_cash, downside_2028q4_cash_uses).
Construction and asset purchases downside_2028q4_capex	2028Q4 / downside	1,600.00 USD_millions	assumption: Desk construction spending; delay case includes higher build costs. Not company guidance.
Cash after capex proxy downside_2028q4_cash_after_capex	2028Q4 / downside	-1,459.63 USD_millions	derived: Before financing proceeds, principal, acquisitions and restricted reserve transfers. Formula: subtract(downside_2028q4_cash_before_capex, downside_2028q4_capex).
Preferred economic accrual downside_2028q4_preferred_accrual	2028Q4 / downside	58.17 USD_millions	derived: Simple quarterly accrual; noncash PIK assumption, no compounding or redemption waterfall. Formula: multiply(preferred_annual, quarter).
Consolidated revenue ($M) downside_fy2027_revenue	FY2027 / downside	1,287.08 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_revenue, downside_2027q2_revenue, downside_2027q3_revenue, downside_2027q4_revenue).
HPC base rent ($M) downside_fy2027_base_rent	FY2027 / downside	414.76 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_base_rent, downside_2027q2_base_rent, downside_2027q3_base_rent, downside_2027q4_base_rent).
Tenant fit-out revenue ($M) downside_fy2027_fitout	FY2027 / downside	620.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_fitout, downside_2027q2_fitout, downside_2027q3_fitout, downside_2027q4_fitout).
Cash before capex proxy ($M) downside_fy2027_cash_before_capex	FY2027 / downside	-341.64 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cash_before_capex, downside_2027q2_cash_before_capex, downside_2027q3_cash_before_capex, downside_2027q4_cash_before_capex).
Cash construction capex ($M) downside_fy2027_capex	FY2027 / downside	5,150.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_capex, downside_2027q2_capex, downside_2027q3_capex, downside_2027q4_capex).
Cash after capex proxy ($M) downside_fy2027_cash_after_capex	FY2027 / downside	-5,491.64 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cash_after_capex, downside_2027q2_cash_after_capex, downside_2027q3_cash_after_capex, downside_2027q4_cash_after_capex).
Preferred economic accrual ($M) downside_fy2027_preferred_accrual	FY2027 / downside	232.69 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_preferred_accrual, downside_2027q2_preferred_accrual, downside_2027q3_preferred_accrual, downside_2027q4_preferred_accrual).
Consolidated revenue ($M) downside_fy2028_revenue	FY2028 / downside	2,274.67 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_revenue, downside_2028q2_revenue, downside_2028q3_revenue, downside_2028q4_revenue).
HPC base rent ($M) downside_fy2028_base_rent	FY2028 / downside	1,158.95 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_base_rent, downside_2028q2_base_rent, downside_2028q3_base_rent, downside_2028q4_base_rent).
Tenant fit-out revenue ($M) downside_fy2028_fitout	FY2028 / downside	740.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_fitout, downside_2028q2_fitout, downside_2028q3_fitout, downside_2028q4_fitout).
Cash before capex proxy ($M) downside_fy2028_cash_before_capex	FY2028 / downside	275.49 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_cash_before_capex, downside_2028q2_cash_before_capex, downside_2028q3_cash_before_capex, downside_2028q4_cash_before_capex).
Cash construction capex ($M) downside_fy2028_capex	FY2028 / downside	6,550.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_capex, downside_2028q2_capex, downside_2028q3_capex, downside_2028q4_capex).
Cash after capex proxy ($M) downside_fy2028_cash_after_capex	FY2028 / downside	-6,274.51 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_cash_after_capex, downside_2028q2_cash_after_capex, downside_2028q3_cash_after_capex, downside_2028q4_cash_after_capex).
Preferred economic accrual ($M) downside_fy2028_preferred_accrual	FY2028 / downside	232.69 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_preferred_accrual, downside_2028q2_preferred_accrual, downside_2028q3_preferred_accrual, downside_2028q4_preferred_accrual).
Average revenue-producing critical IT MW base_2027q1_mw	2027Q1 / base	150.00 MW	assumption: Desk delivery/acceptance schedule, not quarter-end capacity. Delta Forge 2 contributes only near H1 calendar 2028.
Capacity / 100 MW reference base_2027q1_mw_ratio	2027Q1 / base	150.0% ratio	derived: Normalizes critical IT capacity without treating utility power as IT load. Formula: divide(base_2027q1_mw, q4_rent_mw).
Rent at Q4 reference economics base_2027q1_rent_at_reference	2027Q1 / base	66.15 USD_millions	derived: Reported Q4 rent per 100 MW times average active capacity. Formula: multiply(base_2027q1_mw_ratio, q4_rent).
Rent realization versus reference base_2027q1_rent_realization	2027Q1 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
HPC base rent base_2027q1_base_rent	2027Q1 / base	66.15 USD_millions	derived: Desk rent mix/commencement sensitivity, not repricing signed leases. Formula: multiply(base_2027q1_rent_at_reference, base_2027q1_rent_realization).
Tenant fit-out revenue base_2027q1_fitout	2027Q1 / base	150.00 USD_millions	assumption: Low-margin nonrecurring installation work; not recurring rent.
Recoveries / base rent base_2027q1_recovery_ratio	2027Q1 / base	15.0% ratio	assumption: Desk assumption; not company guidance.
Tenant recoveries base_2027q1_recoveries	2027Q1 / base	9.92 USD_millions	derived: Pass-through operating recoveries modeled separately. Formula: multiply(base_2027q1_base_rent, base_2027q1_recovery_ratio).
Hosting revenue versus Q4 base_2027q1_hosting_factor	2027Q1 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Mining hosting revenue base_2027q1_hosting	2027Q1 / base	37.30 USD_millions	derived: Hosting services, not owned Bitcoin production. Formula: multiply(q4_hosting, base_2027q1_hosting_factor).
Cloud revenue versus Q4 base_2027q1_cloud_factor	2027Q1 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Consolidated ChronoScale revenue base_2027q1_cloud	2027Q1 / base	18.40 USD_millions	derived: Still consolidated; no assumption of a full GAAP deconsolidation. Formula: multiply(q4_cloud, base_2027q1_cloud_factor).
Consolidated revenue base_2027q1_revenue	2027Q1 / base	281.77 USD_millions	derived: Rent, fit-out, recoveries, hosting and cloud, without optional lease renewals. Formula: sum(base_2027q1_base_rent, base_2027q1_fitout, base_2027q1_recoveries, base_2027q1_hosting, base_2027q1_cloud).
Cash contribution margin: rent base_2027q1_rent_margin	2027Q1 / base	90.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: rent base_2027q1_rent_cash	2027Q1 / base	59.54 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(base_2027q1_base_rent, base_2027q1_rent_margin).
Cash contribution margin: fitout base_2027q1_fitout_margin	2027Q1 / base	4.5% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: fitout base_2027q1_fitout_cash	2027Q1 / base	6.75 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(base_2027q1_fitout, base_2027q1_fitout_margin).
Cash contribution margin: recovery base_2027q1_recovery_margin	2027Q1 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: recovery base_2027q1_recovery_cash	2027Q1 / base	0.00 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(base_2027q1_recoveries, base_2027q1_recovery_margin).
Cash contribution margin: hosting base_2027q1_hosting_margin	2027Q1 / base	35.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: hosting base_2027q1_hosting_cash	2027Q1 / base	13.05 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(base_2027q1_hosting, base_2027q1_hosting_margin).
Cash contribution margin: cloud base_2027q1_cloud_margin	2027Q1 / base	-15.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: cloud base_2027q1_cloud_cash	2027Q1 / base	-2.76 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(base_2027q1_cloud, base_2027q1_cloud_margin).
Combined business cash contribution base_2027q1_site_cash	2027Q1 / base	76.58 USD_millions	derived: Includes all consolidated businesses. Formula: sum(base_2027q1_rent_cash, base_2027q1_fitout_cash, base_2027q1_recovery_cash, base_2027q1_hosting_cash, base_2027q1_cloud_cash).
Corporate cash overhead base_2027q1_corp	2027Q1 / base	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Other net cash uses base_2027q1_other	2027Q1 / base	15.00 USD_millions	assumption: Net working capital, small-loan interest, taxes and interest income allowance. Lease principal excluded.
Corporate, coupon and other cash uses base_2027q1_cash_uses	2027Q1 / base	166.54 USD_millions	derived: Excludes noncash preferred accrual and financing principal. Formula: sum(quarter_coupon, base_2027q1_corp, base_2027q1_other).
Cash before capex proxy base_2027q1_cash_before_capex	2027Q1 / base	-89.96 USD_millions	derived: Analytical cash proxy; not consolidated GAAP CFO. Formula: subtract(base_2027q1_site_cash, base_2027q1_cash_uses).
Construction and asset purchases base_2027q1_capex	2027Q1 / base	900.00 USD_millions	assumption: Desk construction spending; delay case includes higher build costs. Not company guidance.
Cash after capex proxy base_2027q1_cash_after_capex	2027Q1 / base	-989.96 USD_millions	derived: Before financing proceeds, principal, acquisitions and restricted reserve transfers. Formula: subtract(base_2027q1_cash_before_capex, base_2027q1_capex).
Preferred economic accrual base_2027q1_preferred_accrual	2027Q1 / base	58.17 USD_millions	derived: Simple quarterly accrual; noncash PIK assumption, no compounding or redemption waterfall. Formula: multiply(preferred_annual, quarter).
Average revenue-producing critical IT MW base_2027q2_mw	2027Q2 / base	250.00 MW	assumption: Desk delivery/acceptance schedule, not quarter-end capacity. Delta Forge 2 contributes only near H1 calendar 2028.
Capacity / 100 MW reference base_2027q2_mw_ratio	2027Q2 / base	250.0% ratio	derived: Normalizes critical IT capacity without treating utility power as IT load. Formula: divide(base_2027q2_mw, q4_rent_mw).
Rent at Q4 reference economics base_2027q2_rent_at_reference	2027Q2 / base	110.25 USD_millions	derived: Reported Q4 rent per 100 MW times average active capacity. Formula: multiply(base_2027q2_mw_ratio, q4_rent).
Rent realization versus reference base_2027q2_rent_realization	2027Q2 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
HPC base rent base_2027q2_base_rent	2027Q2 / base	110.25 USD_millions	derived: Desk rent mix/commencement sensitivity, not repricing signed leases. Formula: multiply(base_2027q2_rent_at_reference, base_2027q2_rent_realization).
Tenant fit-out revenue base_2027q2_fitout	2027Q2 / base	180.00 USD_millions	assumption: Low-margin nonrecurring installation work; not recurring rent.
Recoveries / base rent base_2027q2_recovery_ratio	2027Q2 / base	15.0% ratio	assumption: Desk assumption; not company guidance.
Tenant recoveries base_2027q2_recoveries	2027Q2 / base	16.54 USD_millions	derived: Pass-through operating recoveries modeled separately. Formula: multiply(base_2027q2_base_rent, base_2027q2_recovery_ratio).
Hosting revenue versus Q4 base_2027q2_hosting_factor	2027Q2 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Mining hosting revenue base_2027q2_hosting	2027Q2 / base	37.30 USD_millions	derived: Hosting services, not owned Bitcoin production. Formula: multiply(q4_hosting, base_2027q2_hosting_factor).
Cloud revenue versus Q4 base_2027q2_cloud_factor	2027Q2 / base	105.0% ratio	assumption: Desk assumption; not company guidance.
Consolidated ChronoScale revenue base_2027q2_cloud	2027Q2 / base	19.32 USD_millions	derived: Still consolidated; no assumption of a full GAAP deconsolidation. Formula: multiply(q4_cloud, base_2027q2_cloud_factor).
Consolidated revenue base_2027q2_revenue	2027Q2 / base	363.40 USD_millions	derived: Rent, fit-out, recoveries, hosting and cloud, without optional lease renewals. Formula: sum(base_2027q2_base_rent, base_2027q2_fitout, base_2027q2_recoveries, base_2027q2_hosting, base_2027q2_cloud).
Cash contribution margin: rent base_2027q2_rent_margin	2027Q2 / base	90.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: rent base_2027q2_rent_cash	2027Q2 / base	99.23 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(base_2027q2_base_rent, base_2027q2_rent_margin).
Cash contribution margin: fitout base_2027q2_fitout_margin	2027Q2 / base	4.5% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: fitout base_2027q2_fitout_cash	2027Q2 / base	8.10 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(base_2027q2_fitout, base_2027q2_fitout_margin).
Cash contribution margin: recovery base_2027q2_recovery_margin	2027Q2 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: recovery base_2027q2_recovery_cash	2027Q2 / base	0.00 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(base_2027q2_recoveries, base_2027q2_recovery_margin).
Cash contribution margin: hosting base_2027q2_hosting_margin	2027Q2 / base	35.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: hosting base_2027q2_hosting_cash	2027Q2 / base	13.05 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(base_2027q2_hosting, base_2027q2_hosting_margin).
Cash contribution margin: cloud base_2027q2_cloud_margin	2027Q2 / base	-15.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: cloud base_2027q2_cloud_cash	2027Q2 / base	-2.90 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(base_2027q2_cloud, base_2027q2_cloud_margin).
Combined business cash contribution base_2027q2_site_cash	2027Q2 / base	117.48 USD_millions	derived: Includes all consolidated businesses. Formula: sum(base_2027q2_rent_cash, base_2027q2_fitout_cash, base_2027q2_recovery_cash, base_2027q2_hosting_cash, base_2027q2_cloud_cash).
Corporate cash overhead base_2027q2_corp	2027Q2 / base	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Other net cash uses base_2027q2_other	2027Q2 / base	15.00 USD_millions	assumption: Net working capital, small-loan interest, taxes and interest income allowance. Lease principal excluded.
Corporate, coupon and other cash uses base_2027q2_cash_uses	2027Q2 / base	166.54 USD_millions	derived: Excludes noncash preferred accrual and financing principal. Formula: sum(quarter_coupon, base_2027q2_corp, base_2027q2_other).
Cash before capex proxy base_2027q2_cash_before_capex	2027Q2 / base	-49.06 USD_millions	derived: Analytical cash proxy; not consolidated GAAP CFO. Formula: subtract(base_2027q2_site_cash, base_2027q2_cash_uses).
Construction and asset purchases base_2027q2_capex	2027Q2 / base	1,100.00 USD_millions	assumption: Desk construction spending; delay case includes higher build costs. Not company guidance.
Cash after capex proxy base_2027q2_cash_after_capex	2027Q2 / base	-1,149.06 USD_millions	derived: Before financing proceeds, principal, acquisitions and restricted reserve transfers. Formula: subtract(base_2027q2_cash_before_capex, base_2027q2_capex).
Preferred economic accrual base_2027q2_preferred_accrual	2027Q2 / base	58.17 USD_millions	derived: Simple quarterly accrual; noncash PIK assumption, no compounding or redemption waterfall. Formula: multiply(preferred_annual, quarter).
Average revenue-producing critical IT MW base_2027q3_mw	2027Q3 / base	400.00 MW	assumption: Desk delivery/acceptance schedule, not quarter-end capacity. Delta Forge 2 contributes only near H1 calendar 2028.
Capacity / 100 MW reference base_2027q3_mw_ratio	2027Q3 / base	400.0% ratio	derived: Normalizes critical IT capacity without treating utility power as IT load. Formula: divide(base_2027q3_mw, q4_rent_mw).
Rent at Q4 reference economics base_2027q3_rent_at_reference	2027Q3 / base	176.40 USD_millions	derived: Reported Q4 rent per 100 MW times average active capacity. Formula: multiply(base_2027q3_mw_ratio, q4_rent).
Rent realization versus reference base_2027q3_rent_realization	2027Q3 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
HPC base rent base_2027q3_base_rent	2027Q3 / base	176.40 USD_millions	derived: Desk rent mix/commencement sensitivity, not repricing signed leases. Formula: multiply(base_2027q3_rent_at_reference, base_2027q3_rent_realization).
Tenant fit-out revenue base_2027q3_fitout	2027Q3 / base	200.00 USD_millions	assumption: Low-margin nonrecurring installation work; not recurring rent.
Recoveries / base rent base_2027q3_recovery_ratio	2027Q3 / base	15.0% ratio	assumption: Desk assumption; not company guidance.
Tenant recoveries base_2027q3_recoveries	2027Q3 / base	26.46 USD_millions	derived: Pass-through operating recoveries modeled separately. Formula: multiply(base_2027q3_base_rent, base_2027q3_recovery_ratio).
Hosting revenue versus Q4 base_2027q3_hosting_factor	2027Q3 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Mining hosting revenue base_2027q3_hosting	2027Q3 / base	37.30 USD_millions	derived: Hosting services, not owned Bitcoin production. Formula: multiply(q4_hosting, base_2027q3_hosting_factor).
Cloud revenue versus Q4 base_2027q3_cloud_factor	2027Q3 / base	110.0% ratio	assumption: Desk assumption; not company guidance.
Consolidated ChronoScale revenue base_2027q3_cloud	2027Q3 / base	20.24 USD_millions	derived: Still consolidated; no assumption of a full GAAP deconsolidation. Formula: multiply(q4_cloud, base_2027q3_cloud_factor).
Consolidated revenue base_2027q3_revenue	2027Q3 / base	460.40 USD_millions	derived: Rent, fit-out, recoveries, hosting and cloud, without optional lease renewals. Formula: sum(base_2027q3_base_rent, base_2027q3_fitout, base_2027q3_recoveries, base_2027q3_hosting, base_2027q3_cloud).
Cash contribution margin: rent base_2027q3_rent_margin	2027Q3 / base	90.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: rent base_2027q3_rent_cash	2027Q3 / base	158.76 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(base_2027q3_base_rent, base_2027q3_rent_margin).
Cash contribution margin: fitout base_2027q3_fitout_margin	2027Q3 / base	4.5% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: fitout base_2027q3_fitout_cash	2027Q3 / base	9.00 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(base_2027q3_fitout, base_2027q3_fitout_margin).
Cash contribution margin: recovery base_2027q3_recovery_margin	2027Q3 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: recovery base_2027q3_recovery_cash	2027Q3 / base	0.00 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(base_2027q3_recoveries, base_2027q3_recovery_margin).
Cash contribution margin: hosting base_2027q3_hosting_margin	2027Q3 / base	35.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: hosting base_2027q3_hosting_cash	2027Q3 / base	13.05 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(base_2027q3_hosting, base_2027q3_hosting_margin).
Cash contribution margin: cloud base_2027q3_cloud_margin	2027Q3 / base	-15.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: cloud base_2027q3_cloud_cash	2027Q3 / base	-3.04 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(base_2027q3_cloud, base_2027q3_cloud_margin).
Combined business cash contribution base_2027q3_site_cash	2027Q3 / base	177.78 USD_millions	derived: Includes all consolidated businesses. Formula: sum(base_2027q3_rent_cash, base_2027q3_fitout_cash, base_2027q3_recovery_cash, base_2027q3_hosting_cash, base_2027q3_cloud_cash).
Corporate cash overhead base_2027q3_corp	2027Q3 / base	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Other net cash uses base_2027q3_other	2027Q3 / base	15.00 USD_millions	assumption: Net working capital, small-loan interest, taxes and interest income allowance. Lease principal excluded.
Corporate, coupon and other cash uses base_2027q3_cash_uses	2027Q3 / base	166.54 USD_millions	derived: Excludes noncash preferred accrual and financing principal. Formula: sum(quarter_coupon, base_2027q3_corp, base_2027q3_other).
Cash before capex proxy base_2027q3_cash_before_capex	2027Q3 / base	11.24 USD_millions	derived: Analytical cash proxy; not consolidated GAAP CFO. Formula: subtract(base_2027q3_site_cash, base_2027q3_cash_uses).
Construction and asset purchases base_2027q3_capex	2027Q3 / base	1,250.00 USD_millions	assumption: Desk construction spending; delay case includes higher build costs. Not company guidance.
Cash after capex proxy base_2027q3_cash_after_capex	2027Q3 / base	-1,238.76 USD_millions	derived: Before financing proceeds, principal, acquisitions and restricted reserve transfers. Formula: subtract(base_2027q3_cash_before_capex, base_2027q3_capex).
Preferred economic accrual base_2027q3_preferred_accrual	2027Q3 / base	58.17 USD_millions	derived: Simple quarterly accrual; noncash PIK assumption, no compounding or redemption waterfall. Formula: multiply(preferred_annual, quarter).
Average revenue-producing critical IT MW base_2027q4_mw	2027Q4 / base	550.00 MW	assumption: Desk delivery/acceptance schedule, not quarter-end capacity. Delta Forge 2 contributes only near H1 calendar 2028.
Capacity / 100 MW reference base_2027q4_mw_ratio	2027Q4 / base	550.0% ratio	derived: Normalizes critical IT capacity without treating utility power as IT load. Formula: divide(base_2027q4_mw, q4_rent_mw).
Rent at Q4 reference economics base_2027q4_rent_at_reference	2027Q4 / base	242.55 USD_millions	derived: Reported Q4 rent per 100 MW times average active capacity. Formula: multiply(base_2027q4_mw_ratio, q4_rent).
Rent realization versus reference base_2027q4_rent_realization	2027Q4 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
HPC base rent base_2027q4_base_rent	2027Q4 / base	242.55 USD_millions	derived: Desk rent mix/commencement sensitivity, not repricing signed leases. Formula: multiply(base_2027q4_rent_at_reference, base_2027q4_rent_realization).
Tenant fit-out revenue base_2027q4_fitout	2027Q4 / base	250.00 USD_millions	assumption: Low-margin nonrecurring installation work; not recurring rent.
Recoveries / base rent base_2027q4_recovery_ratio	2027Q4 / base	15.0% ratio	assumption: Desk assumption; not company guidance.
Tenant recoveries base_2027q4_recoveries	2027Q4 / base	36.38 USD_millions	derived: Pass-through operating recoveries modeled separately. Formula: multiply(base_2027q4_base_rent, base_2027q4_recovery_ratio).
Hosting revenue versus Q4 base_2027q4_hosting_factor	2027Q4 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Mining hosting revenue base_2027q4_hosting	2027Q4 / base	37.30 USD_millions	derived: Hosting services, not owned Bitcoin production. Formula: multiply(q4_hosting, base_2027q4_hosting_factor).
Cloud revenue versus Q4 base_2027q4_cloud_factor	2027Q4 / base	115.0% ratio	assumption: Desk assumption; not company guidance.
Consolidated ChronoScale revenue base_2027q4_cloud	2027Q4 / base	21.16 USD_millions	derived: Still consolidated; no assumption of a full GAAP deconsolidation. Formula: multiply(q4_cloud, base_2027q4_cloud_factor).
Consolidated revenue base_2027q4_revenue	2027Q4 / base	587.39 USD_millions	derived: Rent, fit-out, recoveries, hosting and cloud, without optional lease renewals. Formula: sum(base_2027q4_base_rent, base_2027q4_fitout, base_2027q4_recoveries, base_2027q4_hosting, base_2027q4_cloud).
Cash contribution margin: rent base_2027q4_rent_margin	2027Q4 / base	90.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: rent base_2027q4_rent_cash	2027Q4 / base	218.30 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(base_2027q4_base_rent, base_2027q4_rent_margin).
Cash contribution margin: fitout base_2027q4_fitout_margin	2027Q4 / base	4.5% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: fitout base_2027q4_fitout_cash	2027Q4 / base	11.25 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(base_2027q4_fitout, base_2027q4_fitout_margin).
Cash contribution margin: recovery base_2027q4_recovery_margin	2027Q4 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: recovery base_2027q4_recovery_cash	2027Q4 / base	0.00 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(base_2027q4_recoveries, base_2027q4_recovery_margin).
Cash contribution margin: hosting base_2027q4_hosting_margin	2027Q4 / base	35.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: hosting base_2027q4_hosting_cash	2027Q4 / base	13.05 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(base_2027q4_hosting, base_2027q4_hosting_margin).
Cash contribution margin: cloud base_2027q4_cloud_margin	2027Q4 / base	-15.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: cloud base_2027q4_cloud_cash	2027Q4 / base	-3.17 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(base_2027q4_cloud, base_2027q4_cloud_margin).
Combined business cash contribution base_2027q4_site_cash	2027Q4 / base	239.43 USD_millions	derived: Includes all consolidated businesses. Formula: sum(base_2027q4_rent_cash, base_2027q4_fitout_cash, base_2027q4_recovery_cash, base_2027q4_hosting_cash, base_2027q4_cloud_cash).
Corporate cash overhead base_2027q4_corp	2027Q4 / base	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Other net cash uses base_2027q4_other	2027Q4 / base	15.00 USD_millions	assumption: Net working capital, small-loan interest, taxes and interest income allowance. Lease principal excluded.
Corporate, coupon and other cash uses base_2027q4_cash_uses	2027Q4 / base	166.54 USD_millions	derived: Excludes noncash preferred accrual and financing principal. Formula: sum(quarter_coupon, base_2027q4_corp, base_2027q4_other).
Cash before capex proxy base_2027q4_cash_before_capex	2027Q4 / base	72.88 USD_millions	derived: Analytical cash proxy; not consolidated GAAP CFO. Formula: subtract(base_2027q4_site_cash, base_2027q4_cash_uses).
Construction and asset purchases base_2027q4_capex	2027Q4 / base	1,350.00 USD_millions	assumption: Desk construction spending; delay case includes higher build costs. Not company guidance.
Cash after capex proxy base_2027q4_cash_after_capex	2027Q4 / base	-1,277.12 USD_millions	derived: Before financing proceeds, principal, acquisitions and restricted reserve transfers. Formula: subtract(base_2027q4_cash_before_capex, base_2027q4_capex).
Preferred economic accrual base_2027q4_preferred_accrual	2027Q4 / base	58.17 USD_millions	derived: Simple quarterly accrual; noncash PIK assumption, no compounding or redemption waterfall. Formula: multiply(preferred_annual, quarter).
Average revenue-producing critical IT MW base_2028q1_mw	2028Q1 / base	650.00 MW	assumption: Desk delivery/acceptance schedule, not quarter-end capacity. Delta Forge 2 contributes only near H1 calendar 2028.
Capacity / 100 MW reference base_2028q1_mw_ratio	2028Q1 / base	650.0% ratio	derived: Normalizes critical IT capacity without treating utility power as IT load. Formula: divide(base_2028q1_mw, q4_rent_mw).
Rent at Q4 reference economics base_2028q1_rent_at_reference	2028Q1 / base	286.65 USD_millions	derived: Reported Q4 rent per 100 MW times average active capacity. Formula: multiply(base_2028q1_mw_ratio, q4_rent).
Rent realization versus reference base_2028q1_rent_realization	2028Q1 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
HPC base rent base_2028q1_base_rent	2028Q1 / base	286.65 USD_millions	derived: Desk rent mix/commencement sensitivity, not repricing signed leases. Formula: multiply(base_2028q1_rent_at_reference, base_2028q1_rent_realization).
Tenant fit-out revenue base_2028q1_fitout	2028Q1 / base	250.00 USD_millions	assumption: Low-margin nonrecurring installation work; not recurring rent.
Recoveries / base rent base_2028q1_recovery_ratio	2028Q1 / base	15.0% ratio	assumption: Desk assumption; not company guidance.
Tenant recoveries base_2028q1_recoveries	2028Q1 / base	43.00 USD_millions	derived: Pass-through operating recoveries modeled separately. Formula: multiply(base_2028q1_base_rent, base_2028q1_recovery_ratio).
Hosting revenue versus Q4 base_2028q1_hosting_factor	2028Q1 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Mining hosting revenue base_2028q1_hosting	2028Q1 / base	37.30 USD_millions	derived: Hosting services, not owned Bitcoin production. Formula: multiply(q4_hosting, base_2028q1_hosting_factor).
Cloud revenue versus Q4 base_2028q1_cloud_factor	2028Q1 / base	120.0% ratio	assumption: Desk assumption; not company guidance.
Consolidated ChronoScale revenue base_2028q1_cloud	2028Q1 / base	22.08 USD_millions	derived: Still consolidated; no assumption of a full GAAP deconsolidation. Formula: multiply(q4_cloud, base_2028q1_cloud_factor).
Consolidated revenue base_2028q1_revenue	2028Q1 / base	639.02 USD_millions	derived: Rent, fit-out, recoveries, hosting and cloud, without optional lease renewals. Formula: sum(base_2028q1_base_rent, base_2028q1_fitout, base_2028q1_recoveries, base_2028q1_hosting, base_2028q1_cloud).
Cash contribution margin: rent base_2028q1_rent_margin	2028Q1 / base	90.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: rent base_2028q1_rent_cash	2028Q1 / base	257.99 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(base_2028q1_base_rent, base_2028q1_rent_margin).
Cash contribution margin: fitout base_2028q1_fitout_margin	2028Q1 / base	4.5% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: fitout base_2028q1_fitout_cash	2028Q1 / base	11.25 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(base_2028q1_fitout, base_2028q1_fitout_margin).
Cash contribution margin: recovery base_2028q1_recovery_margin	2028Q1 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: recovery base_2028q1_recovery_cash	2028Q1 / base	0.00 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(base_2028q1_recoveries, base_2028q1_recovery_margin).
Cash contribution margin: hosting base_2028q1_hosting_margin	2028Q1 / base	35.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: hosting base_2028q1_hosting_cash	2028Q1 / base	13.05 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(base_2028q1_hosting, base_2028q1_hosting_margin).
Cash contribution margin: cloud base_2028q1_cloud_margin	2028Q1 / base	-15.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: cloud base_2028q1_cloud_cash	2028Q1 / base	-3.31 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(base_2028q1_cloud, base_2028q1_cloud_margin).
Combined business cash contribution base_2028q1_site_cash	2028Q1 / base	278.98 USD_millions	derived: Includes all consolidated businesses. Formula: sum(base_2028q1_rent_cash, base_2028q1_fitout_cash, base_2028q1_recovery_cash, base_2028q1_hosting_cash, base_2028q1_cloud_cash).
Corporate cash overhead base_2028q1_corp	2028Q1 / base	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Other net cash uses base_2028q1_other	2028Q1 / base	15.00 USD_millions	assumption: Net working capital, small-loan interest, taxes and interest income allowance. Lease principal excluded.
Corporate, coupon and other cash uses base_2028q1_cash_uses	2028Q1 / base	166.54 USD_millions	derived: Excludes noncash preferred accrual and financing principal. Formula: sum(quarter_coupon, base_2028q1_corp, base_2028q1_other).
Cash before capex proxy base_2028q1_cash_before_capex	2028Q1 / base	112.43 USD_millions	derived: Analytical cash proxy; not consolidated GAAP CFO. Formula: subtract(base_2028q1_site_cash, base_2028q1_cash_uses).
Construction and asset purchases base_2028q1_capex	2028Q1 / base	1,400.00 USD_millions	assumption: Desk construction spending; delay case includes higher build costs. Not company guidance.
Cash after capex proxy base_2028q1_cash_after_capex	2028Q1 / base	-1,287.57 USD_millions	derived: Before financing proceeds, principal, acquisitions and restricted reserve transfers. Formula: subtract(base_2028q1_cash_before_capex, base_2028q1_capex).
Preferred economic accrual base_2028q1_preferred_accrual	2028Q1 / base	58.17 USD_millions	derived: Simple quarterly accrual; noncash PIK assumption, no compounding or redemption waterfall. Formula: multiply(preferred_annual, quarter).
Average revenue-producing critical IT MW base_2028q2_mw	2028Q2 / base	850.00 MW	assumption: Desk delivery/acceptance schedule, not quarter-end capacity. Delta Forge 2 contributes only near H1 calendar 2028.
Capacity / 100 MW reference base_2028q2_mw_ratio	2028Q2 / base	850.0% ratio	derived: Normalizes critical IT capacity without treating utility power as IT load. Formula: divide(base_2028q2_mw, q4_rent_mw).
Rent at Q4 reference economics base_2028q2_rent_at_reference	2028Q2 / base	374.85 USD_millions	derived: Reported Q4 rent per 100 MW times average active capacity. Formula: multiply(base_2028q2_mw_ratio, q4_rent).
Rent realization versus reference base_2028q2_rent_realization	2028Q2 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
HPC base rent base_2028q2_base_rent	2028Q2 / base	374.85 USD_millions	derived: Desk rent mix/commencement sensitivity, not repricing signed leases. Formula: multiply(base_2028q2_rent_at_reference, base_2028q2_rent_realization).
Tenant fit-out revenue base_2028q2_fitout	2028Q2 / base	280.00 USD_millions	assumption: Low-margin nonrecurring installation work; not recurring rent.
Recoveries / base rent base_2028q2_recovery_ratio	2028Q2 / base	15.0% ratio	assumption: Desk assumption; not company guidance.
Tenant recoveries base_2028q2_recoveries	2028Q2 / base	56.23 USD_millions	derived: Pass-through operating recoveries modeled separately. Formula: multiply(base_2028q2_base_rent, base_2028q2_recovery_ratio).
Hosting revenue versus Q4 base_2028q2_hosting_factor	2028Q2 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Mining hosting revenue base_2028q2_hosting	2028Q2 / base	37.30 USD_millions	derived: Hosting services, not owned Bitcoin production. Formula: multiply(q4_hosting, base_2028q2_hosting_factor).
Cloud revenue versus Q4 base_2028q2_cloud_factor	2028Q2 / base	125.0% ratio	assumption: Desk assumption; not company guidance.
Consolidated ChronoScale revenue base_2028q2_cloud	2028Q2 / base	23.00 USD_millions	derived: Still consolidated; no assumption of a full GAAP deconsolidation. Formula: multiply(q4_cloud, base_2028q2_cloud_factor).
Consolidated revenue base_2028q2_revenue	2028Q2 / base	771.37 USD_millions	derived: Rent, fit-out, recoveries, hosting and cloud, without optional lease renewals. Formula: sum(base_2028q2_base_rent, base_2028q2_fitout, base_2028q2_recoveries, base_2028q2_hosting, base_2028q2_cloud).
Cash contribution margin: rent base_2028q2_rent_margin	2028Q2 / base	90.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: rent base_2028q2_rent_cash	2028Q2 / base	337.37 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(base_2028q2_base_rent, base_2028q2_rent_margin).
Cash contribution margin: fitout base_2028q2_fitout_margin	2028Q2 / base	4.5% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: fitout base_2028q2_fitout_cash	2028Q2 / base	12.60 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(base_2028q2_fitout, base_2028q2_fitout_margin).
Cash contribution margin: recovery base_2028q2_recovery_margin	2028Q2 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: recovery base_2028q2_recovery_cash	2028Q2 / base	0.00 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(base_2028q2_recoveries, base_2028q2_recovery_margin).
Cash contribution margin: hosting base_2028q2_hosting_margin	2028Q2 / base	35.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: hosting base_2028q2_hosting_cash	2028Q2 / base	13.05 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(base_2028q2_hosting, base_2028q2_hosting_margin).
Cash contribution margin: cloud base_2028q2_cloud_margin	2028Q2 / base	-15.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: cloud base_2028q2_cloud_cash	2028Q2 / base	-3.45 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(base_2028q2_cloud, base_2028q2_cloud_margin).
Combined business cash contribution base_2028q2_site_cash	2028Q2 / base	359.57 USD_millions	derived: Includes all consolidated businesses. Formula: sum(base_2028q2_rent_cash, base_2028q2_fitout_cash, base_2028q2_recovery_cash, base_2028q2_hosting_cash, base_2028q2_cloud_cash).
Corporate cash overhead base_2028q2_corp	2028Q2 / base	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Other net cash uses base_2028q2_other	2028Q2 / base	15.00 USD_millions	assumption: Net working capital, small-loan interest, taxes and interest income allowance. Lease principal excluded.
Corporate, coupon and other cash uses base_2028q2_cash_uses	2028Q2 / base	166.54 USD_millions	derived: Excludes noncash preferred accrual and financing principal. Formula: sum(quarter_coupon, base_2028q2_corp, base_2028q2_other).
Cash before capex proxy base_2028q2_cash_before_capex	2028Q2 / base	193.03 USD_millions	derived: Analytical cash proxy; not consolidated GAAP CFO. Formula: subtract(base_2028q2_site_cash, base_2028q2_cash_uses).
Construction and asset purchases base_2028q2_capex	2028Q2 / base	1,500.00 USD_millions	assumption: Desk construction spending; delay case includes higher build costs. Not company guidance.
Cash after capex proxy base_2028q2_cash_after_capex	2028Q2 / base	-1,306.97 USD_millions	derived: Before financing proceeds, principal, acquisitions and restricted reserve transfers. Formula: subtract(base_2028q2_cash_before_capex, base_2028q2_capex).
Preferred economic accrual base_2028q2_preferred_accrual	2028Q2 / base	58.17 USD_millions	derived: Simple quarterly accrual; noncash PIK assumption, no compounding or redemption waterfall. Formula: multiply(preferred_annual, quarter).
Average revenue-producing critical IT MW base_2028q3_mw	2028Q3 / base	1,000.00 MW	assumption: Desk delivery/acceptance schedule, not quarter-end capacity. Delta Forge 2 contributes only near H1 calendar 2028.
Capacity / 100 MW reference base_2028q3_mw_ratio	2028Q3 / base	1,000.0% ratio	derived: Normalizes critical IT capacity without treating utility power as IT load. Formula: divide(base_2028q3_mw, q4_rent_mw).
Rent at Q4 reference economics base_2028q3_rent_at_reference	2028Q3 / base	441.00 USD_millions	derived: Reported Q4 rent per 100 MW times average active capacity. Formula: multiply(base_2028q3_mw_ratio, q4_rent).
Rent realization versus reference base_2028q3_rent_realization	2028Q3 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
HPC base rent base_2028q3_base_rent	2028Q3 / base	441.00 USD_millions	derived: Desk rent mix/commencement sensitivity, not repricing signed leases. Formula: multiply(base_2028q3_rent_at_reference, base_2028q3_rent_realization).
Tenant fit-out revenue base_2028q3_fitout	2028Q3 / base	250.00 USD_millions	assumption: Low-margin nonrecurring installation work; not recurring rent.
Recoveries / base rent base_2028q3_recovery_ratio	2028Q3 / base	15.0% ratio	assumption: Desk assumption; not company guidance.
Tenant recoveries base_2028q3_recoveries	2028Q3 / base	66.15 USD_millions	derived: Pass-through operating recoveries modeled separately. Formula: multiply(base_2028q3_base_rent, base_2028q3_recovery_ratio).
Hosting revenue versus Q4 base_2028q3_hosting_factor	2028Q3 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Mining hosting revenue base_2028q3_hosting	2028Q3 / base	37.30 USD_millions	derived: Hosting services, not owned Bitcoin production. Formula: multiply(q4_hosting, base_2028q3_hosting_factor).
Cloud revenue versus Q4 base_2028q3_cloud_factor	2028Q3 / base	130.0% ratio	assumption: Desk assumption; not company guidance.
Consolidated ChronoScale revenue base_2028q3_cloud	2028Q3 / base	23.91 USD_millions	derived: Still consolidated; no assumption of a full GAAP deconsolidation. Formula: multiply(q4_cloud, base_2028q3_cloud_factor).
Consolidated revenue base_2028q3_revenue	2028Q3 / base	818.36 USD_millions	derived: Rent, fit-out, recoveries, hosting and cloud, without optional lease renewals. Formula: sum(base_2028q3_base_rent, base_2028q3_fitout, base_2028q3_recoveries, base_2028q3_hosting, base_2028q3_cloud).
Cash contribution margin: rent base_2028q3_rent_margin	2028Q3 / base	90.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: rent base_2028q3_rent_cash	2028Q3 / base	396.90 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(base_2028q3_base_rent, base_2028q3_rent_margin).
Cash contribution margin: fitout base_2028q3_fitout_margin	2028Q3 / base	4.5% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: fitout base_2028q3_fitout_cash	2028Q3 / base	11.25 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(base_2028q3_fitout, base_2028q3_fitout_margin).
Cash contribution margin: recovery base_2028q3_recovery_margin	2028Q3 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: recovery base_2028q3_recovery_cash	2028Q3 / base	0.00 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(base_2028q3_recoveries, base_2028q3_recovery_margin).
Cash contribution margin: hosting base_2028q3_hosting_margin	2028Q3 / base	35.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: hosting base_2028q3_hosting_cash	2028Q3 / base	13.05 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(base_2028q3_hosting, base_2028q3_hosting_margin).
Cash contribution margin: cloud base_2028q3_cloud_margin	2028Q3 / base	-15.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: cloud base_2028q3_cloud_cash	2028Q3 / base	-3.59 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(base_2028q3_cloud, base_2028q3_cloud_margin).
Combined business cash contribution base_2028q3_site_cash	2028Q3 / base	417.62 USD_millions	derived: Includes all consolidated businesses. Formula: sum(base_2028q3_rent_cash, base_2028q3_fitout_cash, base_2028q3_recovery_cash, base_2028q3_hosting_cash, base_2028q3_cloud_cash).
Corporate cash overhead base_2028q3_corp	2028Q3 / base	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Other net cash uses base_2028q3_other	2028Q3 / base	15.00 USD_millions	assumption: Net working capital, small-loan interest, taxes and interest income allowance. Lease principal excluded.
Corporate, coupon and other cash uses base_2028q3_cash_uses	2028Q3 / base	166.54 USD_millions	derived: Excludes noncash preferred accrual and financing principal. Formula: sum(quarter_coupon, base_2028q3_corp, base_2028q3_other).
Cash before capex proxy base_2028q3_cash_before_capex	2028Q3 / base	251.07 USD_millions	derived: Analytical cash proxy; not consolidated GAAP CFO. Formula: subtract(base_2028q3_site_cash, base_2028q3_cash_uses).
Construction and asset purchases base_2028q3_capex	2028Q3 / base	1,500.00 USD_millions	assumption: Desk construction spending; delay case includes higher build costs. Not company guidance.
Cash after capex proxy base_2028q3_cash_after_capex	2028Q3 / base	-1,248.93 USD_millions	derived: Before financing proceeds, principal, acquisitions and restricted reserve transfers. Formula: subtract(base_2028q3_cash_before_capex, base_2028q3_capex).
Preferred economic accrual base_2028q3_preferred_accrual	2028Q3 / base	58.17 USD_millions	derived: Simple quarterly accrual; noncash PIK assumption, no compounding or redemption waterfall. Formula: multiply(preferred_annual, quarter).
Average revenue-producing critical IT MW base_2028q4_mw	2028Q4 / base	1,200.00 MW	assumption: Desk delivery/acceptance schedule, not quarter-end capacity. Delta Forge 2 contributes only near H1 calendar 2028.
Capacity / 100 MW reference base_2028q4_mw_ratio	2028Q4 / base	1,200.0% ratio	derived: Normalizes critical IT capacity without treating utility power as IT load. Formula: divide(base_2028q4_mw, q4_rent_mw).
Rent at Q4 reference economics base_2028q4_rent_at_reference	2028Q4 / base	529.20 USD_millions	derived: Reported Q4 rent per 100 MW times average active capacity. Formula: multiply(base_2028q4_mw_ratio, q4_rent).
Rent realization versus reference base_2028q4_rent_realization	2028Q4 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
HPC base rent base_2028q4_base_rent	2028Q4 / base	529.20 USD_millions	derived: Desk rent mix/commencement sensitivity, not repricing signed leases. Formula: multiply(base_2028q4_rent_at_reference, base_2028q4_rent_realization).
Tenant fit-out revenue base_2028q4_fitout	2028Q4 / base	220.00 USD_millions	assumption: Low-margin nonrecurring installation work; not recurring rent.
Recoveries / base rent base_2028q4_recovery_ratio	2028Q4 / base	15.0% ratio	assumption: Desk assumption; not company guidance.
Tenant recoveries base_2028q4_recoveries	2028Q4 / base	79.38 USD_millions	derived: Pass-through operating recoveries modeled separately. Formula: multiply(base_2028q4_base_rent, base_2028q4_recovery_ratio).
Hosting revenue versus Q4 base_2028q4_hosting_factor	2028Q4 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Mining hosting revenue base_2028q4_hosting	2028Q4 / base	37.30 USD_millions	derived: Hosting services, not owned Bitcoin production. Formula: multiply(q4_hosting, base_2028q4_hosting_factor).
Cloud revenue versus Q4 base_2028q4_cloud_factor	2028Q4 / base	135.0% ratio	assumption: Desk assumption; not company guidance.
Consolidated ChronoScale revenue base_2028q4_cloud	2028Q4 / base	24.83 USD_millions	derived: Still consolidated; no assumption of a full GAAP deconsolidation. Formula: multiply(q4_cloud, base_2028q4_cloud_factor).
Consolidated revenue base_2028q4_revenue	2028Q4 / base	890.71 USD_millions	derived: Rent, fit-out, recoveries, hosting and cloud, without optional lease renewals. Formula: sum(base_2028q4_base_rent, base_2028q4_fitout, base_2028q4_recoveries, base_2028q4_hosting, base_2028q4_cloud).
Cash contribution margin: rent base_2028q4_rent_margin	2028Q4 / base	90.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: rent base_2028q4_rent_cash	2028Q4 / base	476.28 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(base_2028q4_base_rent, base_2028q4_rent_margin).
Cash contribution margin: fitout base_2028q4_fitout_margin	2028Q4 / base	4.5% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: fitout base_2028q4_fitout_cash	2028Q4 / base	9.90 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(base_2028q4_fitout, base_2028q4_fitout_margin).
Cash contribution margin: recovery base_2028q4_recovery_margin	2028Q4 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: recovery base_2028q4_recovery_cash	2028Q4 / base	0.00 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(base_2028q4_recoveries, base_2028q4_recovery_margin).
Cash contribution margin: hosting base_2028q4_hosting_margin	2028Q4 / base	35.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: hosting base_2028q4_hosting_cash	2028Q4 / base	13.05 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(base_2028q4_hosting, base_2028q4_hosting_margin).
Cash contribution margin: cloud base_2028q4_cloud_margin	2028Q4 / base	-15.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: cloud base_2028q4_cloud_cash	2028Q4 / base	-3.73 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(base_2028q4_cloud, base_2028q4_cloud_margin).
Combined business cash contribution base_2028q4_site_cash	2028Q4 / base	495.51 USD_millions	derived: Includes all consolidated businesses. Formula: sum(base_2028q4_rent_cash, base_2028q4_fitout_cash, base_2028q4_recovery_cash, base_2028q4_hosting_cash, base_2028q4_cloud_cash).
Corporate cash overhead base_2028q4_corp	2028Q4 / base	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Other net cash uses base_2028q4_other	2028Q4 / base	15.00 USD_millions	assumption: Net working capital, small-loan interest, taxes and interest income allowance. Lease principal excluded.
Corporate, coupon and other cash uses base_2028q4_cash_uses	2028Q4 / base	166.54 USD_millions	derived: Excludes noncash preferred accrual and financing principal. Formula: sum(quarter_coupon, base_2028q4_corp, base_2028q4_other).
Cash before capex proxy base_2028q4_cash_before_capex	2028Q4 / base	328.97 USD_millions	derived: Analytical cash proxy; not consolidated GAAP CFO. Formula: subtract(base_2028q4_site_cash, base_2028q4_cash_uses).
Construction and asset purchases base_2028q4_capex	2028Q4 / base	1,400.00 USD_millions	assumption: Desk construction spending; delay case includes higher build costs. Not company guidance.
Cash after capex proxy base_2028q4_cash_after_capex	2028Q4 / base	-1,071.03 USD_millions	derived: Before financing proceeds, principal, acquisitions and restricted reserve transfers. Formula: subtract(base_2028q4_cash_before_capex, base_2028q4_capex).
Preferred economic accrual base_2028q4_preferred_accrual	2028Q4 / base	58.17 USD_millions	derived: Simple quarterly accrual; noncash PIK assumption, no compounding or redemption waterfall. Formula: multiply(preferred_annual, quarter).
Consolidated revenue ($M) base_fy2027_revenue	FY2027 / base	1,692.96 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_revenue, base_2027q2_revenue, base_2027q3_revenue, base_2027q4_revenue).
HPC base rent ($M) base_fy2027_base_rent	FY2027 / base	595.35 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_base_rent, base_2027q2_base_rent, base_2027q3_base_rent, base_2027q4_base_rent).
Tenant fit-out revenue ($M) base_fy2027_fitout	FY2027 / base	780.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_fitout, base_2027q2_fitout, base_2027q3_fitout, base_2027q4_fitout).
Cash before capex proxy ($M) base_fy2027_cash_before_capex	FY2027 / base	-54.91 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cash_before_capex, base_2027q2_cash_before_capex, base_2027q3_cash_before_capex, base_2027q4_cash_before_capex).
Cash construction capex ($M) base_fy2027_capex	FY2027 / base	4,600.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_capex, base_2027q2_capex, base_2027q3_capex, base_2027q4_capex).
Cash after capex proxy ($M) base_fy2027_cash_after_capex	FY2027 / base	-4,654.91 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cash_after_capex, base_2027q2_cash_after_capex, base_2027q3_cash_after_capex, base_2027q4_cash_after_capex).
Preferred economic accrual ($M) base_fy2027_preferred_accrual	FY2027 / base	232.69 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_preferred_accrual, base_2027q2_preferred_accrual, base_2027q3_preferred_accrual, base_2027q4_preferred_accrual).
Consolidated revenue ($M) base_fy2028_revenue	FY2028 / base	3,119.47 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_revenue, base_2028q2_revenue, base_2028q3_revenue, base_2028q4_revenue).
HPC base rent ($M) base_fy2028_base_rent	FY2028 / base	1,631.70 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_base_rent, base_2028q2_base_rent, base_2028q3_base_rent, base_2028q4_base_rent).
Tenant fit-out revenue ($M) base_fy2028_fitout	FY2028 / base	1,000.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_fitout, base_2028q2_fitout, base_2028q3_fitout, base_2028q4_fitout).
Cash before capex proxy ($M) base_fy2028_cash_before_capex	FY2028 / base	885.50 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_cash_before_capex, base_2028q2_cash_before_capex, base_2028q3_cash_before_capex, base_2028q4_cash_before_capex).
Cash construction capex ($M) base_fy2028_capex	FY2028 / base	5,800.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_capex, base_2028q2_capex, base_2028q3_capex, base_2028q4_capex).
Cash after capex proxy ($M) base_fy2028_cash_after_capex	FY2028 / base	-4,914.50 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_cash_after_capex, base_2028q2_cash_after_capex, base_2028q3_cash_after_capex, base_2028q4_cash_after_capex).
Preferred economic accrual ($M) base_fy2028_preferred_accrual	FY2028 / base	232.69 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_preferred_accrual, base_2028q2_preferred_accrual, base_2028q3_preferred_accrual, base_2028q4_preferred_accrual).
Average revenue-producing critical IT MW upside_2027q1_mw	2027Q1 / upside	160.00 MW	assumption: Desk delivery/acceptance schedule, not quarter-end capacity. Delta Forge 2 contributes only near H1 calendar 2028.
Capacity / 100 MW reference upside_2027q1_mw_ratio	2027Q1 / upside	160.0% ratio	derived: Normalizes critical IT capacity without treating utility power as IT load. Formula: divide(upside_2027q1_mw, q4_rent_mw).
Rent at Q4 reference economics upside_2027q1_rent_at_reference	2027Q1 / upside	70.56 USD_millions	derived: Reported Q4 rent per 100 MW times average active capacity. Formula: multiply(upside_2027q1_mw_ratio, q4_rent).
Rent realization versus reference upside_2027q1_rent_realization	2027Q1 / upside	105.0% ratio	assumption: Desk assumption; not company guidance.
HPC base rent upside_2027q1_base_rent	2027Q1 / upside	74.09 USD_millions	derived: Desk rent mix/commencement sensitivity, not repricing signed leases. Formula: multiply(upside_2027q1_rent_at_reference, upside_2027q1_rent_realization).
Tenant fit-out revenue upside_2027q1_fitout	2027Q1 / upside	170.00 USD_millions	assumption: Low-margin nonrecurring installation work; not recurring rent.
Recoveries / base rent upside_2027q1_recovery_ratio	2027Q1 / upside	15.0% ratio	assumption: Desk assumption; not company guidance.
Tenant recoveries upside_2027q1_recoveries	2027Q1 / upside	11.11 USD_millions	derived: Pass-through operating recoveries modeled separately. Formula: multiply(upside_2027q1_base_rent, upside_2027q1_recovery_ratio).
Hosting revenue versus Q4 upside_2027q1_hosting_factor	2027Q1 / upside	110.0% ratio	assumption: Desk assumption; not company guidance.
Mining hosting revenue upside_2027q1_hosting	2027Q1 / upside	41.03 USD_millions	derived: Hosting services, not owned Bitcoin production. Formula: multiply(q4_hosting, upside_2027q1_hosting_factor).
Cloud revenue versus Q4 upside_2027q1_cloud_factor	2027Q1 / upside	120.0% ratio	assumption: Desk assumption; not company guidance.
Consolidated ChronoScale revenue upside_2027q1_cloud	2027Q1 / upside	22.08 USD_millions	derived: Still consolidated; no assumption of a full GAAP deconsolidation. Formula: multiply(q4_cloud, upside_2027q1_cloud_factor).
Consolidated revenue upside_2027q1_revenue	2027Q1 / upside	318.31 USD_millions	derived: Rent, fit-out, recoveries, hosting and cloud, without optional lease renewals. Formula: sum(upside_2027q1_base_rent, upside_2027q1_fitout, upside_2027q1_recoveries, upside_2027q1_hosting, upside_2027q1_cloud).
Cash contribution margin: rent upside_2027q1_rent_margin	2027Q1 / upside	93.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: rent upside_2027q1_rent_cash	2027Q1 / upside	68.90 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(upside_2027q1_base_rent, upside_2027q1_rent_margin).
Cash contribution margin: fitout upside_2027q1_fitout_margin	2027Q1 / upside	6.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: fitout upside_2027q1_fitout_cash	2027Q1 / upside	10.20 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(upside_2027q1_fitout, upside_2027q1_fitout_margin).
Cash contribution margin: recovery upside_2027q1_recovery_margin	2027Q1 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: recovery upside_2027q1_recovery_cash	2027Q1 / upside	0.00 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(upside_2027q1_recoveries, upside_2027q1_recovery_margin).
Cash contribution margin: hosting upside_2027q1_hosting_margin	2027Q1 / upside	40.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: hosting upside_2027q1_hosting_cash	2027Q1 / upside	16.41 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(upside_2027q1_hosting, upside_2027q1_hosting_margin).
Cash contribution margin: cloud upside_2027q1_cloud_margin	2027Q1 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: cloud upside_2027q1_cloud_cash	2027Q1 / upside	0.00 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(upside_2027q1_cloud, upside_2027q1_cloud_margin).
Combined business cash contribution upside_2027q1_site_cash	2027Q1 / upside	95.51 USD_millions	derived: Includes all consolidated businesses. Formula: sum(upside_2027q1_rent_cash, upside_2027q1_fitout_cash, upside_2027q1_recovery_cash, upside_2027q1_hosting_cash, upside_2027q1_cloud_cash).
Corporate cash overhead upside_2027q1_corp	2027Q1 / upside	28.00 USD_millions	assumption: Desk assumption; not company guidance.
Other net cash uses upside_2027q1_other	2027Q1 / upside	10.00 USD_millions	assumption: Net working capital, small-loan interest, taxes and interest income allowance. Lease principal excluded.
Corporate, coupon and other cash uses upside_2027q1_cash_uses	2027Q1 / upside	159.54 USD_millions	derived: Excludes noncash preferred accrual and financing principal. Formula: sum(quarter_coupon, upside_2027q1_corp, upside_2027q1_other).
Cash before capex proxy upside_2027q1_cash_before_capex	2027Q1 / upside	-64.03 USD_millions	derived: Analytical cash proxy; not consolidated GAAP CFO. Formula: subtract(upside_2027q1_site_cash, upside_2027q1_cash_uses).
Construction and asset purchases upside_2027q1_capex	2027Q1 / upside	850.00 USD_millions	assumption: Desk construction spending; delay case includes higher build costs. Not company guidance.
Cash after capex proxy upside_2027q1_cash_after_capex	2027Q1 / upside	-914.03 USD_millions	derived: Before financing proceeds, principal, acquisitions and restricted reserve transfers. Formula: subtract(upside_2027q1_cash_before_capex, upside_2027q1_capex).
Preferred economic accrual upside_2027q1_preferred_accrual	2027Q1 / upside	58.17 USD_millions	derived: Simple quarterly accrual; noncash PIK assumption, no compounding or redemption waterfall. Formula: multiply(preferred_annual, quarter).
Average revenue-producing critical IT MW upside_2027q2_mw	2027Q2 / upside	300.00 MW	assumption: Desk delivery/acceptance schedule, not quarter-end capacity. Delta Forge 2 contributes only near H1 calendar 2028.
Capacity / 100 MW reference upside_2027q2_mw_ratio	2027Q2 / upside	300.0% ratio	derived: Normalizes critical IT capacity without treating utility power as IT load. Formula: divide(upside_2027q2_mw, q4_rent_mw).
Rent at Q4 reference economics upside_2027q2_rent_at_reference	2027Q2 / upside	132.30 USD_millions	derived: Reported Q4 rent per 100 MW times average active capacity. Formula: multiply(upside_2027q2_mw_ratio, q4_rent).
Rent realization versus reference upside_2027q2_rent_realization	2027Q2 / upside	105.0% ratio	assumption: Desk assumption; not company guidance.
HPC base rent upside_2027q2_base_rent	2027Q2 / upside	138.92 USD_millions	derived: Desk rent mix/commencement sensitivity, not repricing signed leases. Formula: multiply(upside_2027q2_rent_at_reference, upside_2027q2_rent_realization).
Tenant fit-out revenue upside_2027q2_fitout	2027Q2 / upside	210.00 USD_millions	assumption: Low-margin nonrecurring installation work; not recurring rent.
Recoveries / base rent upside_2027q2_recovery_ratio	2027Q2 / upside	15.0% ratio	assumption: Desk assumption; not company guidance.
Tenant recoveries upside_2027q2_recoveries	2027Q2 / upside	20.84 USD_millions	derived: Pass-through operating recoveries modeled separately. Formula: multiply(upside_2027q2_base_rent, upside_2027q2_recovery_ratio).
Hosting revenue versus Q4 upside_2027q2_hosting_factor	2027Q2 / upside	110.0% ratio	assumption: Desk assumption; not company guidance.
Mining hosting revenue upside_2027q2_hosting	2027Q2 / upside	41.03 USD_millions	derived: Hosting services, not owned Bitcoin production. Formula: multiply(q4_hosting, upside_2027q2_hosting_factor).
Cloud revenue versus Q4 upside_2027q2_cloud_factor	2027Q2 / upside	126.0% ratio	assumption: Desk assumption; not company guidance.
Consolidated ChronoScale revenue upside_2027q2_cloud	2027Q2 / upside	23.18 USD_millions	derived: Still consolidated; no assumption of a full GAAP deconsolidation. Formula: multiply(q4_cloud, upside_2027q2_cloud_factor).
Consolidated revenue upside_2027q2_revenue	2027Q2 / upside	433.96 USD_millions	derived: Rent, fit-out, recoveries, hosting and cloud, without optional lease renewals. Formula: sum(upside_2027q2_base_rent, upside_2027q2_fitout, upside_2027q2_recoveries, upside_2027q2_hosting, upside_2027q2_cloud).
Cash contribution margin: rent upside_2027q2_rent_margin	2027Q2 / upside	93.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: rent upside_2027q2_rent_cash	2027Q2 / upside	129.19 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(upside_2027q2_base_rent, upside_2027q2_rent_margin).
Cash contribution margin: fitout upside_2027q2_fitout_margin	2027Q2 / upside	6.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: fitout upside_2027q2_fitout_cash	2027Q2 / upside	12.60 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(upside_2027q2_fitout, upside_2027q2_fitout_margin).
Cash contribution margin: recovery upside_2027q2_recovery_margin	2027Q2 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: recovery upside_2027q2_recovery_cash	2027Q2 / upside	0.00 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(upside_2027q2_recoveries, upside_2027q2_recovery_margin).
Cash contribution margin: hosting upside_2027q2_hosting_margin	2027Q2 / upside	40.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: hosting upside_2027q2_hosting_cash	2027Q2 / upside	16.41 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(upside_2027q2_hosting, upside_2027q2_hosting_margin).
Cash contribution margin: cloud upside_2027q2_cloud_margin	2027Q2 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: cloud upside_2027q2_cloud_cash	2027Q2 / upside	0.00 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(upside_2027q2_cloud, upside_2027q2_cloud_margin).
Combined business cash contribution upside_2027q2_site_cash	2027Q2 / upside	158.20 USD_millions	derived: Includes all consolidated businesses. Formula: sum(upside_2027q2_rent_cash, upside_2027q2_fitout_cash, upside_2027q2_recovery_cash, upside_2027q2_hosting_cash, upside_2027q2_cloud_cash).
Corporate cash overhead upside_2027q2_corp	2027Q2 / upside	28.00 USD_millions	assumption: Desk assumption; not company guidance.
Other net cash uses upside_2027q2_other	2027Q2 / upside	10.00 USD_millions	assumption: Net working capital, small-loan interest, taxes and interest income allowance. Lease principal excluded.
Corporate, coupon and other cash uses upside_2027q2_cash_uses	2027Q2 / upside	159.54 USD_millions	derived: Excludes noncash preferred accrual and financing principal. Formula: sum(quarter_coupon, upside_2027q2_corp, upside_2027q2_other).
Cash before capex proxy upside_2027q2_cash_before_capex	2027Q2 / upside	-1.34 USD_millions	derived: Analytical cash proxy; not consolidated GAAP CFO. Formula: subtract(upside_2027q2_site_cash, upside_2027q2_cash_uses).
Construction and asset purchases upside_2027q2_capex	2027Q2 / upside	1,000.00 USD_millions	assumption: Desk construction spending; delay case includes higher build costs. Not company guidance.
Cash after capex proxy upside_2027q2_cash_after_capex	2027Q2 / upside	-1,001.34 USD_millions	derived: Before financing proceeds, principal, acquisitions and restricted reserve transfers. Formula: subtract(upside_2027q2_cash_before_capex, upside_2027q2_capex).
Preferred economic accrual upside_2027q2_preferred_accrual	2027Q2 / upside	58.17 USD_millions	derived: Simple quarterly accrual; noncash PIK assumption, no compounding or redemption waterfall. Formula: multiply(preferred_annual, quarter).
Average revenue-producing critical IT MW upside_2027q3_mw	2027Q3 / upside	470.00 MW	assumption: Desk delivery/acceptance schedule, not quarter-end capacity. Delta Forge 2 contributes only near H1 calendar 2028.
Capacity / 100 MW reference upside_2027q3_mw_ratio	2027Q3 / upside	470.0% ratio	derived: Normalizes critical IT capacity without treating utility power as IT load. Formula: divide(upside_2027q3_mw, q4_rent_mw).
Rent at Q4 reference economics upside_2027q3_rent_at_reference	2027Q3 / upside	207.27 USD_millions	derived: Reported Q4 rent per 100 MW times average active capacity. Formula: multiply(upside_2027q3_mw_ratio, q4_rent).
Rent realization versus reference upside_2027q3_rent_realization	2027Q3 / upside	105.0% ratio	assumption: Desk assumption; not company guidance.
HPC base rent upside_2027q3_base_rent	2027Q3 / upside	217.63 USD_millions	derived: Desk rent mix/commencement sensitivity, not repricing signed leases. Formula: multiply(upside_2027q3_rent_at_reference, upside_2027q3_rent_realization).
Tenant fit-out revenue upside_2027q3_fitout	2027Q3 / upside	240.00 USD_millions	assumption: Low-margin nonrecurring installation work; not recurring rent.
Recoveries / base rent upside_2027q3_recovery_ratio	2027Q3 / upside	15.0% ratio	assumption: Desk assumption; not company guidance.
Tenant recoveries upside_2027q3_recoveries	2027Q3 / upside	32.65 USD_millions	derived: Pass-through operating recoveries modeled separately. Formula: multiply(upside_2027q3_base_rent, upside_2027q3_recovery_ratio).
Hosting revenue versus Q4 upside_2027q3_hosting_factor	2027Q3 / upside	110.0% ratio	assumption: Desk assumption; not company guidance.
Mining hosting revenue upside_2027q3_hosting	2027Q3 / upside	41.03 USD_millions	derived: Hosting services, not owned Bitcoin production. Formula: multiply(q4_hosting, upside_2027q3_hosting_factor).
Cloud revenue versus Q4 upside_2027q3_cloud_factor	2027Q3 / upside	132.0% ratio	assumption: Desk assumption; not company guidance.
Consolidated ChronoScale revenue upside_2027q3_cloud	2027Q3 / upside	24.28 USD_millions	derived: Still consolidated; no assumption of a full GAAP deconsolidation. Formula: multiply(q4_cloud, upside_2027q3_cloud_factor).
Consolidated revenue upside_2027q3_revenue	2027Q3 / upside	555.59 USD_millions	derived: Rent, fit-out, recoveries, hosting and cloud, without optional lease renewals. Formula: sum(upside_2027q3_base_rent, upside_2027q3_fitout, upside_2027q3_recoveries, upside_2027q3_hosting, upside_2027q3_cloud).
Cash contribution margin: rent upside_2027q3_rent_margin	2027Q3 / upside	93.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: rent upside_2027q3_rent_cash	2027Q3 / upside	202.40 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(upside_2027q3_base_rent, upside_2027q3_rent_margin).
Cash contribution margin: fitout upside_2027q3_fitout_margin	2027Q3 / upside	6.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: fitout upside_2027q3_fitout_cash	2027Q3 / upside	14.40 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(upside_2027q3_fitout, upside_2027q3_fitout_margin).
Cash contribution margin: recovery upside_2027q3_recovery_margin	2027Q3 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: recovery upside_2027q3_recovery_cash	2027Q3 / upside	0.00 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(upside_2027q3_recoveries, upside_2027q3_recovery_margin).
Cash contribution margin: hosting upside_2027q3_hosting_margin	2027Q3 / upside	40.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: hosting upside_2027q3_hosting_cash	2027Q3 / upside	16.41 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(upside_2027q3_hosting, upside_2027q3_hosting_margin).
Cash contribution margin: cloud upside_2027q3_cloud_margin	2027Q3 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: cloud upside_2027q3_cloud_cash	2027Q3 / upside	0.00 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(upside_2027q3_cloud, upside_2027q3_cloud_margin).
Combined business cash contribution upside_2027q3_site_cash	2027Q3 / upside	233.21 USD_millions	derived: Includes all consolidated businesses. Formula: sum(upside_2027q3_rent_cash, upside_2027q3_fitout_cash, upside_2027q3_recovery_cash, upside_2027q3_hosting_cash, upside_2027q3_cloud_cash).
Corporate cash overhead upside_2027q3_corp	2027Q3 / upside	28.00 USD_millions	assumption: Desk assumption; not company guidance.
Other net cash uses upside_2027q3_other	2027Q3 / upside	10.00 USD_millions	assumption: Net working capital, small-loan interest, taxes and interest income allowance. Lease principal excluded.
Corporate, coupon and other cash uses upside_2027q3_cash_uses	2027Q3 / upside	159.54 USD_millions	derived: Excludes noncash preferred accrual and financing principal. Formula: sum(quarter_coupon, upside_2027q3_corp, upside_2027q3_other).
Cash before capex proxy upside_2027q3_cash_before_capex	2027Q3 / upside	73.67 USD_millions	derived: Analytical cash proxy; not consolidated GAAP CFO. Formula: subtract(upside_2027q3_site_cash, upside_2027q3_cash_uses).
Construction and asset purchases upside_2027q3_capex	2027Q3 / upside	1,200.00 USD_millions	assumption: Desk construction spending; delay case includes higher build costs. Not company guidance.
Cash after capex proxy upside_2027q3_cash_after_capex	2027Q3 / upside	-1,126.33 USD_millions	derived: Before financing proceeds, principal, acquisitions and restricted reserve transfers. Formula: subtract(upside_2027q3_cash_before_capex, upside_2027q3_capex).
Preferred economic accrual upside_2027q3_preferred_accrual	2027Q3 / upside	58.17 USD_millions	derived: Simple quarterly accrual; noncash PIK assumption, no compounding or redemption waterfall. Formula: multiply(preferred_annual, quarter).
Average revenue-producing critical IT MW upside_2027q4_mw	2027Q4 / upside	590.00 MW	assumption: Desk delivery/acceptance schedule, not quarter-end capacity. Delta Forge 2 contributes only near H1 calendar 2028.
Capacity / 100 MW reference upside_2027q4_mw_ratio	2027Q4 / upside	590.0% ratio	derived: Normalizes critical IT capacity without treating utility power as IT load. Formula: divide(upside_2027q4_mw, q4_rent_mw).
Rent at Q4 reference economics upside_2027q4_rent_at_reference	2027Q4 / upside	260.19 USD_millions	derived: Reported Q4 rent per 100 MW times average active capacity. Formula: multiply(upside_2027q4_mw_ratio, q4_rent).
Rent realization versus reference upside_2027q4_rent_realization	2027Q4 / upside	105.0% ratio	assumption: Desk assumption; not company guidance.
HPC base rent upside_2027q4_base_rent	2027Q4 / upside	273.20 USD_millions	derived: Desk rent mix/commencement sensitivity, not repricing signed leases. Formula: multiply(upside_2027q4_rent_at_reference, upside_2027q4_rent_realization).
Tenant fit-out revenue upside_2027q4_fitout	2027Q4 / upside	280.00 USD_millions	assumption: Low-margin nonrecurring installation work; not recurring rent.
Recoveries / base rent upside_2027q4_recovery_ratio	2027Q4 / upside	15.0% ratio	assumption: Desk assumption; not company guidance.
Tenant recoveries upside_2027q4_recoveries	2027Q4 / upside	40.98 USD_millions	derived: Pass-through operating recoveries modeled separately. Formula: multiply(upside_2027q4_base_rent, upside_2027q4_recovery_ratio).
Hosting revenue versus Q4 upside_2027q4_hosting_factor	2027Q4 / upside	110.0% ratio	assumption: Desk assumption; not company guidance.
Mining hosting revenue upside_2027q4_hosting	2027Q4 / upside	41.03 USD_millions	derived: Hosting services, not owned Bitcoin production. Formula: multiply(q4_hosting, upside_2027q4_hosting_factor).
Cloud revenue versus Q4 upside_2027q4_cloud_factor	2027Q4 / upside	138.0% ratio	assumption: Desk assumption; not company guidance.
Consolidated ChronoScale revenue upside_2027q4_cloud	2027Q4 / upside	25.39 USD_millions	derived: Still consolidated; no assumption of a full GAAP deconsolidation. Formula: multiply(q4_cloud, upside_2027q4_cloud_factor).
Consolidated revenue upside_2027q4_revenue	2027Q4 / upside	660.60 USD_millions	derived: Rent, fit-out, recoveries, hosting and cloud, without optional lease renewals. Formula: sum(upside_2027q4_base_rent, upside_2027q4_fitout, upside_2027q4_recoveries, upside_2027q4_hosting, upside_2027q4_cloud).
Cash contribution margin: rent upside_2027q4_rent_margin	2027Q4 / upside	93.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: rent upside_2027q4_rent_cash	2027Q4 / upside	254.08 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(upside_2027q4_base_rent, upside_2027q4_rent_margin).
Cash contribution margin: fitout upside_2027q4_fitout_margin	2027Q4 / upside	6.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: fitout upside_2027q4_fitout_cash	2027Q4 / upside	16.80 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(upside_2027q4_fitout, upside_2027q4_fitout_margin).
Cash contribution margin: recovery upside_2027q4_recovery_margin	2027Q4 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: recovery upside_2027q4_recovery_cash	2027Q4 / upside	0.00 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(upside_2027q4_recoveries, upside_2027q4_recovery_margin).
Cash contribution margin: hosting upside_2027q4_hosting_margin	2027Q4 / upside	40.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: hosting upside_2027q4_hosting_cash	2027Q4 / upside	16.41 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(upside_2027q4_hosting, upside_2027q4_hosting_margin).
Cash contribution margin: cloud upside_2027q4_cloud_margin	2027Q4 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: cloud upside_2027q4_cloud_cash	2027Q4 / upside	0.00 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(upside_2027q4_cloud, upside_2027q4_cloud_margin).
Combined business cash contribution upside_2027q4_site_cash	2027Q4 / upside	287.29 USD_millions	derived: Includes all consolidated businesses. Formula: sum(upside_2027q4_rent_cash, upside_2027q4_fitout_cash, upside_2027q4_recovery_cash, upside_2027q4_hosting_cash, upside_2027q4_cloud_cash).
Corporate cash overhead upside_2027q4_corp	2027Q4 / upside	28.00 USD_millions	assumption: Desk assumption; not company guidance.
Other net cash uses upside_2027q4_other	2027Q4 / upside	10.00 USD_millions	assumption: Net working capital, small-loan interest, taxes and interest income allowance. Lease principal excluded.
Corporate, coupon and other cash uses upside_2027q4_cash_uses	2027Q4 / upside	159.54 USD_millions	derived: Excludes noncash preferred accrual and financing principal. Formula: sum(quarter_coupon, upside_2027q4_corp, upside_2027q4_other).
Cash before capex proxy upside_2027q4_cash_before_capex	2027Q4 / upside	127.74 USD_millions	derived: Analytical cash proxy; not consolidated GAAP CFO. Formula: subtract(upside_2027q4_site_cash, upside_2027q4_cash_uses).
Construction and asset purchases upside_2027q4_capex	2027Q4 / upside	1,300.00 USD_millions	assumption: Desk construction spending; delay case includes higher build costs. Not company guidance.
Cash after capex proxy upside_2027q4_cash_after_capex	2027Q4 / upside	-1,172.26 USD_millions	derived: Before financing proceeds, principal, acquisitions and restricted reserve transfers. Formula: subtract(upside_2027q4_cash_before_capex, upside_2027q4_capex).
Preferred economic accrual upside_2027q4_preferred_accrual	2027Q4 / upside	58.17 USD_millions	derived: Simple quarterly accrual; noncash PIK assumption, no compounding or redemption waterfall. Formula: multiply(preferred_annual, quarter).
Average revenue-producing critical IT MW upside_2028q1_mw	2028Q1 / upside	750.00 MW	assumption: Desk delivery/acceptance schedule, not quarter-end capacity. Delta Forge 2 contributes only near H1 calendar 2028.
Capacity / 100 MW reference upside_2028q1_mw_ratio	2028Q1 / upside	750.0% ratio	derived: Normalizes critical IT capacity without treating utility power as IT load. Formula: divide(upside_2028q1_mw, q4_rent_mw).
Rent at Q4 reference economics upside_2028q1_rent_at_reference	2028Q1 / upside	330.75 USD_millions	derived: Reported Q4 rent per 100 MW times average active capacity. Formula: multiply(upside_2028q1_mw_ratio, q4_rent).
Rent realization versus reference upside_2028q1_rent_realization	2028Q1 / upside	105.0% ratio	assumption: Desk assumption; not company guidance.
HPC base rent upside_2028q1_base_rent	2028Q1 / upside	347.29 USD_millions	derived: Desk rent mix/commencement sensitivity, not repricing signed leases. Formula: multiply(upside_2028q1_rent_at_reference, upside_2028q1_rent_realization).
Tenant fit-out revenue upside_2028q1_fitout	2028Q1 / upside	300.00 USD_millions	assumption: Low-margin nonrecurring installation work; not recurring rent.
Recoveries / base rent upside_2028q1_recovery_ratio	2028Q1 / upside	15.0% ratio	assumption: Desk assumption; not company guidance.
Tenant recoveries upside_2028q1_recoveries	2028Q1 / upside	52.09 USD_millions	derived: Pass-through operating recoveries modeled separately. Formula: multiply(upside_2028q1_base_rent, upside_2028q1_recovery_ratio).
Hosting revenue versus Q4 upside_2028q1_hosting_factor	2028Q1 / upside	110.0% ratio	assumption: Desk assumption; not company guidance.
Mining hosting revenue upside_2028q1_hosting	2028Q1 / upside	41.03 USD_millions	derived: Hosting services, not owned Bitcoin production. Formula: multiply(q4_hosting, upside_2028q1_hosting_factor).
Cloud revenue versus Q4 upside_2028q1_cloud_factor	2028Q1 / upside	144.0% ratio	assumption: Desk assumption; not company guidance.
Consolidated ChronoScale revenue upside_2028q1_cloud	2028Q1 / upside	26.49 USD_millions	derived: Still consolidated; no assumption of a full GAAP deconsolidation. Formula: multiply(q4_cloud, upside_2028q1_cloud_factor).
Consolidated revenue upside_2028q1_revenue	2028Q1 / upside	766.90 USD_millions	derived: Rent, fit-out, recoveries, hosting and cloud, without optional lease renewals. Formula: sum(upside_2028q1_base_rent, upside_2028q1_fitout, upside_2028q1_recoveries, upside_2028q1_hosting, upside_2028q1_cloud).
Cash contribution margin: rent upside_2028q1_rent_margin	2028Q1 / upside	93.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: rent upside_2028q1_rent_cash	2028Q1 / upside	322.98 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(upside_2028q1_base_rent, upside_2028q1_rent_margin).
Cash contribution margin: fitout upside_2028q1_fitout_margin	2028Q1 / upside	6.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: fitout upside_2028q1_fitout_cash	2028Q1 / upside	18.00 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(upside_2028q1_fitout, upside_2028q1_fitout_margin).
Cash contribution margin: recovery upside_2028q1_recovery_margin	2028Q1 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: recovery upside_2028q1_recovery_cash	2028Q1 / upside	0.00 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(upside_2028q1_recoveries, upside_2028q1_recovery_margin).
Cash contribution margin: hosting upside_2028q1_hosting_margin	2028Q1 / upside	40.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: hosting upside_2028q1_hosting_cash	2028Q1 / upside	16.41 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(upside_2028q1_hosting, upside_2028q1_hosting_margin).
Cash contribution margin: cloud upside_2028q1_cloud_margin	2028Q1 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: cloud upside_2028q1_cloud_cash	2028Q1 / upside	0.00 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(upside_2028q1_cloud, upside_2028q1_cloud_margin).
Combined business cash contribution upside_2028q1_site_cash	2028Q1 / upside	357.39 USD_millions	derived: Includes all consolidated businesses. Formula: sum(upside_2028q1_rent_cash, upside_2028q1_fitout_cash, upside_2028q1_recovery_cash, upside_2028q1_hosting_cash, upside_2028q1_cloud_cash).
Corporate cash overhead upside_2028q1_corp	2028Q1 / upside	28.00 USD_millions	assumption: Desk assumption; not company guidance.
Other net cash uses upside_2028q1_other	2028Q1 / upside	10.00 USD_millions	assumption: Net working capital, small-loan interest, taxes and interest income allowance. Lease principal excluded.
Corporate, coupon and other cash uses upside_2028q1_cash_uses	2028Q1 / upside	159.54 USD_millions	derived: Excludes noncash preferred accrual and financing principal. Formula: sum(quarter_coupon, upside_2028q1_corp, upside_2028q1_other).
Cash before capex proxy upside_2028q1_cash_before_capex	2028Q1 / upside	197.85 USD_millions	derived: Analytical cash proxy; not consolidated GAAP CFO. Formula: subtract(upside_2028q1_site_cash, upside_2028q1_cash_uses).
Construction and asset purchases upside_2028q1_capex	2028Q1 / upside	1,350.00 USD_millions	assumption: Desk construction spending; delay case includes higher build costs. Not company guidance.
Cash after capex proxy upside_2028q1_cash_after_capex	2028Q1 / upside	-1,152.15 USD_millions	derived: Before financing proceeds, principal, acquisitions and restricted reserve transfers. Formula: subtract(upside_2028q1_cash_before_capex, upside_2028q1_capex).
Preferred economic accrual upside_2028q1_preferred_accrual	2028Q1 / upside	58.17 USD_millions	derived: Simple quarterly accrual; noncash PIK assumption, no compounding or redemption waterfall. Formula: multiply(preferred_annual, quarter).
Average revenue-producing critical IT MW upside_2028q2_mw	2028Q2 / upside	1,000.00 MW	assumption: Desk delivery/acceptance schedule, not quarter-end capacity. Delta Forge 2 contributes only near H1 calendar 2028.
Capacity / 100 MW reference upside_2028q2_mw_ratio	2028Q2 / upside	1,000.0% ratio	derived: Normalizes critical IT capacity without treating utility power as IT load. Formula: divide(upside_2028q2_mw, q4_rent_mw).
Rent at Q4 reference economics upside_2028q2_rent_at_reference	2028Q2 / upside	441.00 USD_millions	derived: Reported Q4 rent per 100 MW times average active capacity. Formula: multiply(upside_2028q2_mw_ratio, q4_rent).
Rent realization versus reference upside_2028q2_rent_realization	2028Q2 / upside	105.0% ratio	assumption: Desk assumption; not company guidance.
HPC base rent upside_2028q2_base_rent	2028Q2 / upside	463.05 USD_millions	derived: Desk rent mix/commencement sensitivity, not repricing signed leases. Formula: multiply(upside_2028q2_rent_at_reference, upside_2028q2_rent_realization).
Tenant fit-out revenue upside_2028q2_fitout	2028Q2 / upside	300.00 USD_millions	assumption: Low-margin nonrecurring installation work; not recurring rent.
Recoveries / base rent upside_2028q2_recovery_ratio	2028Q2 / upside	15.0% ratio	assumption: Desk assumption; not company guidance.
Tenant recoveries upside_2028q2_recoveries	2028Q2 / upside	69.46 USD_millions	derived: Pass-through operating recoveries modeled separately. Formula: multiply(upside_2028q2_base_rent, upside_2028q2_recovery_ratio).
Hosting revenue versus Q4 upside_2028q2_hosting_factor	2028Q2 / upside	110.0% ratio	assumption: Desk assumption; not company guidance.
Mining hosting revenue upside_2028q2_hosting	2028Q2 / upside	41.03 USD_millions	derived: Hosting services, not owned Bitcoin production. Formula: multiply(q4_hosting, upside_2028q2_hosting_factor).
Cloud revenue versus Q4 upside_2028q2_cloud_factor	2028Q2 / upside	150.0% ratio	assumption: Desk assumption; not company guidance.
Consolidated ChronoScale revenue upside_2028q2_cloud	2028Q2 / upside	27.59 USD_millions	derived: Still consolidated; no assumption of a full GAAP deconsolidation. Formula: multiply(q4_cloud, upside_2028q2_cloud_factor).
Consolidated revenue upside_2028q2_revenue	2028Q2 / upside	901.13 USD_millions	derived: Rent, fit-out, recoveries, hosting and cloud, without optional lease renewals. Formula: sum(upside_2028q2_base_rent, upside_2028q2_fitout, upside_2028q2_recoveries, upside_2028q2_hosting, upside_2028q2_cloud).
Cash contribution margin: rent upside_2028q2_rent_margin	2028Q2 / upside	93.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: rent upside_2028q2_rent_cash	2028Q2 / upside	430.64 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(upside_2028q2_base_rent, upside_2028q2_rent_margin).
Cash contribution margin: fitout upside_2028q2_fitout_margin	2028Q2 / upside	6.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: fitout upside_2028q2_fitout_cash	2028Q2 / upside	18.00 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(upside_2028q2_fitout, upside_2028q2_fitout_margin).
Cash contribution margin: recovery upside_2028q2_recovery_margin	2028Q2 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: recovery upside_2028q2_recovery_cash	2028Q2 / upside	0.00 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(upside_2028q2_recoveries, upside_2028q2_recovery_margin).
Cash contribution margin: hosting upside_2028q2_hosting_margin	2028Q2 / upside	40.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: hosting upside_2028q2_hosting_cash	2028Q2 / upside	16.41 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(upside_2028q2_hosting, upside_2028q2_hosting_margin).
Cash contribution margin: cloud upside_2028q2_cloud_margin	2028Q2 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: cloud upside_2028q2_cloud_cash	2028Q2 / upside	0.00 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(upside_2028q2_cloud, upside_2028q2_cloud_margin).
Combined business cash contribution upside_2028q2_site_cash	2028Q2 / upside	465.05 USD_millions	derived: Includes all consolidated businesses. Formula: sum(upside_2028q2_rent_cash, upside_2028q2_fitout_cash, upside_2028q2_recovery_cash, upside_2028q2_hosting_cash, upside_2028q2_cloud_cash).
Corporate cash overhead upside_2028q2_corp	2028Q2 / upside	28.00 USD_millions	assumption: Desk assumption; not company guidance.
Other net cash uses upside_2028q2_other	2028Q2 / upside	10.00 USD_millions	assumption: Net working capital, small-loan interest, taxes and interest income allowance. Lease principal excluded.
Corporate, coupon and other cash uses upside_2028q2_cash_uses	2028Q2 / upside	159.54 USD_millions	derived: Excludes noncash preferred accrual and financing principal. Formula: sum(quarter_coupon, upside_2028q2_corp, upside_2028q2_other).
Cash before capex proxy upside_2028q2_cash_before_capex	2028Q2 / upside	305.50 USD_millions	derived: Analytical cash proxy; not consolidated GAAP CFO. Formula: subtract(upside_2028q2_site_cash, upside_2028q2_cash_uses).
Construction and asset purchases upside_2028q2_capex	2028Q2 / upside	1,400.00 USD_millions	assumption: Desk construction spending; delay case includes higher build costs. Not company guidance.
Cash after capex proxy upside_2028q2_cash_after_capex	2028Q2 / upside	-1,094.50 USD_millions	derived: Before financing proceeds, principal, acquisitions and restricted reserve transfers. Formula: subtract(upside_2028q2_cash_before_capex, upside_2028q2_capex).
Preferred economic accrual upside_2028q2_preferred_accrual	2028Q2 / upside	58.17 USD_millions	derived: Simple quarterly accrual; noncash PIK assumption, no compounding or redemption waterfall. Formula: multiply(preferred_annual, quarter).
Average revenue-producing critical IT MW upside_2028q3_mw	2028Q3 / upside	1,180.00 MW	assumption: Desk delivery/acceptance schedule, not quarter-end capacity. Delta Forge 2 contributes only near H1 calendar 2028.
Capacity / 100 MW reference upside_2028q3_mw_ratio	2028Q3 / upside	1,180.0% ratio	derived: Normalizes critical IT capacity without treating utility power as IT load. Formula: divide(upside_2028q3_mw, q4_rent_mw).
Rent at Q4 reference economics upside_2028q3_rent_at_reference	2028Q3 / upside	520.38 USD_millions	derived: Reported Q4 rent per 100 MW times average active capacity. Formula: multiply(upside_2028q3_mw_ratio, q4_rent).
Rent realization versus reference upside_2028q3_rent_realization	2028Q3 / upside	105.0% ratio	assumption: Desk assumption; not company guidance.
HPC base rent upside_2028q3_base_rent	2028Q3 / upside	546.40 USD_millions	derived: Desk rent mix/commencement sensitivity, not repricing signed leases. Formula: multiply(upside_2028q3_rent_at_reference, upside_2028q3_rent_realization).
Tenant fit-out revenue upside_2028q3_fitout	2028Q3 / upside	280.00 USD_millions	assumption: Low-margin nonrecurring installation work; not recurring rent.
Recoveries / base rent upside_2028q3_recovery_ratio	2028Q3 / upside	15.0% ratio	assumption: Desk assumption; not company guidance.
Tenant recoveries upside_2028q3_recoveries	2028Q3 / upside	81.96 USD_millions	derived: Pass-through operating recoveries modeled separately. Formula: multiply(upside_2028q3_base_rent, upside_2028q3_recovery_ratio).
Hosting revenue versus Q4 upside_2028q3_hosting_factor	2028Q3 / upside	110.0% ratio	assumption: Desk assumption; not company guidance.
Mining hosting revenue upside_2028q3_hosting	2028Q3 / upside	41.03 USD_millions	derived: Hosting services, not owned Bitcoin production. Formula: multiply(q4_hosting, upside_2028q3_hosting_factor).
Cloud revenue versus Q4 upside_2028q3_cloud_factor	2028Q3 / upside	156.0% ratio	assumption: Desk assumption; not company guidance.
Consolidated ChronoScale revenue upside_2028q3_cloud	2028Q3 / upside	28.70 USD_millions	derived: Still consolidated; no assumption of a full GAAP deconsolidation. Formula: multiply(q4_cloud, upside_2028q3_cloud_factor).
Consolidated revenue upside_2028q3_revenue	2028Q3 / upside	978.09 USD_millions	derived: Rent, fit-out, recoveries, hosting and cloud, without optional lease renewals. Formula: sum(upside_2028q3_base_rent, upside_2028q3_fitout, upside_2028q3_recoveries, upside_2028q3_hosting, upside_2028q3_cloud).
Cash contribution margin: rent upside_2028q3_rent_margin	2028Q3 / upside	93.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: rent upside_2028q3_rent_cash	2028Q3 / upside	508.15 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(upside_2028q3_base_rent, upside_2028q3_rent_margin).
Cash contribution margin: fitout upside_2028q3_fitout_margin	2028Q3 / upside	6.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: fitout upside_2028q3_fitout_cash	2028Q3 / upside	16.80 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(upside_2028q3_fitout, upside_2028q3_fitout_margin).
Cash contribution margin: recovery upside_2028q3_recovery_margin	2028Q3 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: recovery upside_2028q3_recovery_cash	2028Q3 / upside	0.00 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(upside_2028q3_recoveries, upside_2028q3_recovery_margin).
Cash contribution margin: hosting upside_2028q3_hosting_margin	2028Q3 / upside	40.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: hosting upside_2028q3_hosting_cash	2028Q3 / upside	16.41 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(upside_2028q3_hosting, upside_2028q3_hosting_margin).
Cash contribution margin: cloud upside_2028q3_cloud_margin	2028Q3 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: cloud upside_2028q3_cloud_cash	2028Q3 / upside	0.00 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(upside_2028q3_cloud, upside_2028q3_cloud_margin).
Combined business cash contribution upside_2028q3_site_cash	2028Q3 / upside	541.36 USD_millions	derived: Includes all consolidated businesses. Formula: sum(upside_2028q3_rent_cash, upside_2028q3_fitout_cash, upside_2028q3_recovery_cash, upside_2028q3_hosting_cash, upside_2028q3_cloud_cash).
Corporate cash overhead upside_2028q3_corp	2028Q3 / upside	28.00 USD_millions	assumption: Desk assumption; not company guidance.
Other net cash uses upside_2028q3_other	2028Q3 / upside	10.00 USD_millions	assumption: Net working capital, small-loan interest, taxes and interest income allowance. Lease principal excluded.
Corporate, coupon and other cash uses upside_2028q3_cash_uses	2028Q3 / upside	159.54 USD_millions	derived: Excludes noncash preferred accrual and financing principal. Formula: sum(quarter_coupon, upside_2028q3_corp, upside_2028q3_other).
Cash before capex proxy upside_2028q3_cash_before_capex	2028Q3 / upside	381.82 USD_millions	derived: Analytical cash proxy; not consolidated GAAP CFO. Formula: subtract(upside_2028q3_site_cash, upside_2028q3_cash_uses).
Construction and asset purchases upside_2028q3_capex	2028Q3 / upside	1,400.00 USD_millions	assumption: Desk construction spending; delay case includes higher build costs. Not company guidance.
Cash after capex proxy upside_2028q3_cash_after_capex	2028Q3 / upside	-1,018.18 USD_millions	derived: Before financing proceeds, principal, acquisitions and restricted reserve transfers. Formula: subtract(upside_2028q3_cash_before_capex, upside_2028q3_capex).
Preferred economic accrual upside_2028q3_preferred_accrual	2028Q3 / upside	58.17 USD_millions	derived: Simple quarterly accrual; noncash PIK assumption, no compounding or redemption waterfall. Formula: multiply(preferred_annual, quarter).
Average revenue-producing critical IT MW upside_2028q4_mw	2028Q4 / upside	1,300.00 MW	assumption: Desk delivery/acceptance schedule, not quarter-end capacity. Delta Forge 2 contributes only near H1 calendar 2028.
Capacity / 100 MW reference upside_2028q4_mw_ratio	2028Q4 / upside	1,300.0% ratio	derived: Normalizes critical IT capacity without treating utility power as IT load. Formula: divide(upside_2028q4_mw, q4_rent_mw).
Rent at Q4 reference economics upside_2028q4_rent_at_reference	2028Q4 / upside	573.30 USD_millions	derived: Reported Q4 rent per 100 MW times average active capacity. Formula: multiply(upside_2028q4_mw_ratio, q4_rent).
Rent realization versus reference upside_2028q4_rent_realization	2028Q4 / upside	105.0% ratio	assumption: Desk assumption; not company guidance.
HPC base rent upside_2028q4_base_rent	2028Q4 / upside	601.97 USD_millions	derived: Desk rent mix/commencement sensitivity, not repricing signed leases. Formula: multiply(upside_2028q4_rent_at_reference, upside_2028q4_rent_realization).
Tenant fit-out revenue upside_2028q4_fitout	2028Q4 / upside	240.00 USD_millions	assumption: Low-margin nonrecurring installation work; not recurring rent.
Recoveries / base rent upside_2028q4_recovery_ratio	2028Q4 / upside	15.0% ratio	assumption: Desk assumption; not company guidance.
Tenant recoveries upside_2028q4_recoveries	2028Q4 / upside	90.29 USD_millions	derived: Pass-through operating recoveries modeled separately. Formula: multiply(upside_2028q4_base_rent, upside_2028q4_recovery_ratio).
Hosting revenue versus Q4 upside_2028q4_hosting_factor	2028Q4 / upside	110.0% ratio	assumption: Desk assumption; not company guidance.
Mining hosting revenue upside_2028q4_hosting	2028Q4 / upside	41.03 USD_millions	derived: Hosting services, not owned Bitcoin production. Formula: multiply(q4_hosting, upside_2028q4_hosting_factor).
Cloud revenue versus Q4 upside_2028q4_cloud_factor	2028Q4 / upside	162.0% ratio	assumption: Desk assumption; not company guidance.
Consolidated ChronoScale revenue upside_2028q4_cloud	2028Q4 / upside	29.80 USD_millions	derived: Still consolidated; no assumption of a full GAAP deconsolidation. Formula: multiply(q4_cloud, upside_2028q4_cloud_factor).
Consolidated revenue upside_2028q4_revenue	2028Q4 / upside	1,003.09 USD_millions	derived: Rent, fit-out, recoveries, hosting and cloud, without optional lease renewals. Formula: sum(upside_2028q4_base_rent, upside_2028q4_fitout, upside_2028q4_recoveries, upside_2028q4_hosting, upside_2028q4_cloud).
Cash contribution margin: rent upside_2028q4_rent_margin	2028Q4 / upside	93.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: rent upside_2028q4_rent_cash	2028Q4 / upside	559.83 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(upside_2028q4_base_rent, upside_2028q4_rent_margin).
Cash contribution margin: fitout upside_2028q4_fitout_margin	2028Q4 / upside	6.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: fitout upside_2028q4_fitout_cash	2028Q4 / upside	14.40 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(upside_2028q4_fitout, upside_2028q4_fitout_margin).
Cash contribution margin: recovery upside_2028q4_recovery_margin	2028Q4 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: recovery upside_2028q4_recovery_cash	2028Q4 / upside	0.00 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(upside_2028q4_recoveries, upside_2028q4_recovery_margin).
Cash contribution margin: hosting upside_2028q4_hosting_margin	2028Q4 / upside	40.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: hosting upside_2028q4_hosting_cash	2028Q4 / upside	16.41 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(upside_2028q4_hosting, upside_2028q4_hosting_margin).
Cash contribution margin: cloud upside_2028q4_cloud_margin	2028Q4 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
Cash contribution: cloud upside_2028q4_cloud_cash	2028Q4 / upside	0.00 USD_millions	derived: Desk cash contribution before corporate costs and financing; not GAAP gross profit. Formula: multiply(upside_2028q4_cloud, upside_2028q4_cloud_margin).
Combined business cash contribution upside_2028q4_site_cash	2028Q4 / upside	590.64 USD_millions	derived: Includes all consolidated businesses. Formula: sum(upside_2028q4_rent_cash, upside_2028q4_fitout_cash, upside_2028q4_recovery_cash, upside_2028q4_hosting_cash, upside_2028q4_cloud_cash).
Corporate cash overhead upside_2028q4_corp	2028Q4 / upside	28.00 USD_millions	assumption: Desk assumption; not company guidance.
Other net cash uses upside_2028q4_other	2028Q4 / upside	10.00 USD_millions	assumption: Net working capital, small-loan interest, taxes and interest income allowance. Lease principal excluded.
Corporate, coupon and other cash uses upside_2028q4_cash_uses	2028Q4 / upside	159.54 USD_millions	derived: Excludes noncash preferred accrual and financing principal. Formula: sum(quarter_coupon, upside_2028q4_corp, upside_2028q4_other).
Cash before capex proxy upside_2028q4_cash_before_capex	2028Q4 / upside	431.10 USD_millions	derived: Analytical cash proxy; not consolidated GAAP CFO. Formula: subtract(upside_2028q4_site_cash, upside_2028q4_cash_uses).
Construction and asset purchases upside_2028q4_capex	2028Q4 / upside	1,300.00 USD_millions	assumption: Desk construction spending; delay case includes higher build costs. Not company guidance.
Cash after capex proxy upside_2028q4_cash_after_capex	2028Q4 / upside	-868.90 USD_millions	derived: Before financing proceeds, principal, acquisitions and restricted reserve transfers. Formula: subtract(upside_2028q4_cash_before_capex, upside_2028q4_capex).
Preferred economic accrual upside_2028q4_preferred_accrual	2028Q4 / upside	58.17 USD_millions	derived: Simple quarterly accrual; noncash PIK assumption, no compounding or redemption waterfall. Formula: multiply(preferred_annual, quarter).
Consolidated revenue ($M) upside_fy2027_revenue	FY2027 / upside	1,968.45 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_revenue, upside_2027q2_revenue, upside_2027q3_revenue, upside_2027q4_revenue).
HPC base rent ($M) upside_fy2027_base_rent	FY2027 / upside	703.84 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_base_rent, upside_2027q2_base_rent, upside_2027q3_base_rent, upside_2027q4_base_rent).
Tenant fit-out revenue ($M) upside_fy2027_fitout	FY2027 / upside	900.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_fitout, upside_2027q2_fitout, upside_2027q3_fitout, upside_2027q4_fitout).
Cash before capex proxy ($M) upside_fy2027_cash_before_capex	FY2027 / upside	136.04 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cash_before_capex, upside_2027q2_cash_before_capex, upside_2027q3_cash_before_capex, upside_2027q4_cash_before_capex).
Cash construction capex ($M) upside_fy2027_capex	FY2027 / upside	4,350.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_capex, upside_2027q2_capex, upside_2027q3_capex, upside_2027q4_capex).
Cash after capex proxy ($M) upside_fy2027_cash_after_capex	FY2027 / upside	-4,213.96 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cash_after_capex, upside_2027q2_cash_after_capex, upside_2027q3_cash_after_capex, upside_2027q4_cash_after_capex).
Preferred economic accrual ($M) upside_fy2027_preferred_accrual	FY2027 / upside	232.69 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_preferred_accrual, upside_2027q2_preferred_accrual, upside_2027q3_preferred_accrual, upside_2027q4_preferred_accrual).
Consolidated revenue ($M) upside_fy2028_revenue	FY2028 / upside	3,649.21 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_revenue, upside_2028q2_revenue, upside_2028q3_revenue, upside_2028q4_revenue).
HPC base rent ($M) upside_fy2028_base_rent	FY2028 / upside	1,958.70 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_base_rent, upside_2028q2_base_rent, upside_2028q3_base_rent, upside_2028q4_base_rent).
Tenant fit-out revenue ($M) upside_fy2028_fitout	FY2028 / upside	1,120.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_fitout, upside_2028q2_fitout, upside_2028q3_fitout, upside_2028q4_fitout).
Cash before capex proxy ($M) upside_fy2028_cash_before_capex	FY2028 / upside	1,316.27 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_cash_before_capex, upside_2028q2_cash_before_capex, upside_2028q3_cash_before_capex, upside_2028q4_cash_before_capex).
Cash construction capex ($M) upside_fy2028_capex	FY2028 / upside	5,450.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_capex, upside_2028q2_capex, upside_2028q3_capex, upside_2028q4_capex).
Cash after capex proxy ($M) upside_fy2028_cash_after_capex	FY2028 / upside	-4,133.73 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_cash_after_capex, upside_2028q2_cash_after_capex, upside_2028q3_cash_after_capex, upside_2028q4_cash_after_capex).
Preferred economic accrual ($M) upside_fy2028_preferred_accrual	FY2028 / upside	232.69 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_preferred_accrual, upside_2028q2_preferred_accrual, upside_2028q3_preferred_accrual, upside_2028q4_preferred_accrual).

Model boundaries

Cash measures are analytical proxies, not GAAP CFO, EBITDA, distributable cash or a parent equity valuation. No complete project financing waterfall, debt maturities or dilution forecast is provided.
The 1,410 MW contracted portfolio includes projects signed after May 31. Contracted, quarter-end delivered and average rent-producing MW are different. Unsigned pipeline and optional renewals earn no modeled revenue.
ChronoScale remains consolidated at about 96% ownership after its May separation; adjusted company metrics excluding it do not equal consolidated revenue.
The preferred accrual uses the initial $1,825M capital contributions and 12.75% rate. Actual compounding, additional capital, minimum redemption multiples and common-unit participation can increase the claim. PIK is not free capital.
Cash capex includes modeled construction and other asset purchases. Proxies exclude acquisitions, financing proceeds, principal repayment, lease principal and restricted-reserve transfers; a negative result is a funding need, not a forecast cash balance.
FY2027 Q1 ended August 31 but was unreported at review. Historical cloud reclassification limits quarter comparability; directly reported Q4 operating loss corrects the incompatible annual-minus-interim feed calculation.

Turning signed capacity into cash after financing

Research reviewed 2026-09-19

Does rent growth outpace construction spending and senior capital claims?

FY2026 CFO was $89.7M against $2,865.8M of PP&E and other asset purchases. Of $4,153.4M cash and restricted cash, only $1,592.0M was unrestricted. The major post-June debt instruments carry approximately $486.2M annual coupons before smaller loans and lease obligations. Macquarie contributed $1,825M and earns a 12.75% preferred return with compounding and a minimum redemption multiple; paying that return in kind preserves near-term cash but increases the senior claim. Tenant fit-out work produced a small spread, while base rent is the recurring engine. ChronoScale is separately public but remains consolidated. The model uses actual rent per 100 MW as a transparent reference and exposes delivery, economics, overhead, capex and preferred accrual independently.

The competing explanation

Demand and signed leases may be strong while common equity cash remains distant. Delivery delays retain financing costs, more preferred capital can subordinate the common claim, and impressive total revenue may reflect fit-out timing rather than recurring rent.

Risks to track

Construction and tenant acceptance can delay rent.
Restricted project balances are not freely available parent cash.
Debt coupons, lease obligations and preferred claims precede common equity.
Fit-out work is low-margin and can reverse as a revenue mix benefit.
ChronoScale cash losses and future consolidation changes affect comparability.
Additional funding can dilute shareholders or raise senior capital claims.

Next checkpoints

Next quarterly results · FY2027 Q1 ended August 31; release date unconfirmed (estimated). Reconcile delivered MW, base rent and fit-out cash costs.
Polaris Forge 2 delivery · Initial delivery H2 2026; full delivery early 2027 company targets (estimated). Confirm acceptance and rent commencement rather than announced capacity.
Calendar 2027 campuses · Company initial-delivery targets for PF3 and Delta Forge 1 (estimated). Compare capex, restricted reserves and financing with the contracted schedule.

Data coverage and open work

Cash measures are analytical proxies, not GAAP CFO, EBITDA, distributable cash or a parent equity valuation. No complete project financing waterfall, debt maturities or dilution forecast is provided.
The 1,410 MW contracted portfolio includes projects signed after May 31. Contracted, quarter-end delivered and average rent-producing MW are different. Unsigned pipeline and optional renewals earn no modeled revenue.
ChronoScale remains consolidated at about 96% ownership after its May separation; adjusted company metrics excluding it do not equal consolidated revenue.
The preferred accrual uses the initial $1,825M capital contributions and 12.75% rate. Actual compounding, additional capital, minimum redemption multiples and common-unit participation can increase the claim. PIK is not free capital.
Cash capex includes modeled construction and other asset purchases. Proxies exclude acquisitions, financing proceeds, principal repayment, lease principal and restricted-reserve transfers; a negative result is a funding need, not a forecast cash balance.
FY2027 Q1 ended August 31 but was unreported at review. Historical cloud reclassification limits quarter comparability; directly reported Q4 operating loss corrects the incompatible annual-minus-interim feed calculation.

This review: First sourced operating scenarios. Separates recurring rent from tenant work, retains consolidated cloud revenue and adds a bounded correction to directly reported Q4 operating loss.

What the memory says

State as of the 2026-09-18 close: in a 120-day uptrend, below its 200-day, off the 52-week high, with overhead supply, ordinary volume, closed strong, and some peers moving

300 similar days

Vs the market, in points	Low	Middle	High	Share up
1 session	-2.5	+0.2	+2.2	57%
5 sessions	-4.3	+0.2	+5.0	54%
10 sessions	-6.8	+0.1	+7.5	52%

Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side.

Notes on this name

$APLD +5% premarket on a $50 initiation. The 1.4 GW was in July · 2026-09-17

Scorecard: 1 note scored

Next report date: not dated. Undated in the latest note (https://chartlibrary.io/research/views/apld-wells-50-initiation-20260917): fiscal first-quarter report, listed around October 8

Provenance

[1] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001144879-25-000069, 10-Q filed 2025-10-09; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001144879.json
[2] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001144879-26-000006, 10-Q filed 2026-01-08; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001144879.json
[3] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001144879-26-000030, 10-Q filed 2026-04-08; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001144879.json
[4] derived: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001144879-25-000021, 10-K filed 2025-07-30; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001144879.json
[5] reported: Q4 consolidated revenue; retrieved 2026-09-19T18:30:00+00:00 from https://www.sec.gov/Archives/edgar/data/1144879/000114487926000044/apldq426earningsreleaseasf.htm
[6] derived: 258.748M revenue - 193.121M services cost - 25.110M rental cost; retrieved 2026-09-19T18:30:00+00:00 from https://www.sec.gov/Archives/edgar/data/1144879/000114487926000044/apldq426earningsreleaseasf.htm
[7] reported: OperatingIncomeLoss, accession 0001144879-25-000069, 10-Q filed 2025-10-09; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001144879.json
[8] reported: OperatingIncomeLoss, accession 0001144879-26-000006, 10-Q filed 2026-01-08; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001144879.json
[9] reported: OperatingIncomeLoss, accession 0001144879-26-000030, 10-Q filed 2026-04-08; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001144879.json
[10] derived: OperatingIncomeLoss, accession 0001144879-26-000048, 10-K filed 2026-07-29; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001144879.json
[11] reported: Q4 consolidated operating_income; directly reported July 27 quarter reviewed against July 29 annual filing; replaces incompatible annual-minus-prior-quarter cloud scope; retrieved 2026-09-19T18:30:00+00:00 from https://www.sec.gov/Archives/edgar/data/1144879/000114487926000044/apldq426earningsreleaseasf.htm
[12] reported: NetIncomeLoss, accession 0001144879-25-000069, 10-Q filed 2025-10-09; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001144879.json
[13] reported: NetIncomeLoss, accession 0001144879-26-000006, 10-Q filed 2026-01-08; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001144879.json
[14] reported: Q4 consolidated net_income; retrieved 2026-09-19T18:30:00+00:00 from https://www.sec.gov/Archives/edgar/data/1144879/000114487926000044/apldq426earningsreleaseasf.htm
[15] reported: EarningsPerShareDiluted, accession 0001144879-25-000069, 10-Q filed 2025-10-09; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001144879.json
[16] reported: EarningsPerShareDiluted, accession 0001144879-26-000006, 10-Q filed 2026-01-08; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001144879.json
[17] reported: EarningsPerShareDiluted, accession 0001144879-26-000030, 10-Q filed 2026-04-08; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001144879.json
[18] reported: Q4 consolidated eps_diluted; retrieved 2026-09-19T18:30:00+00:00 from https://www.sec.gov/Archives/edgar/data/1144879/000114487926000044/apldq426earningsreleaseasf.htm
[19] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001144879-25-000069, 10-Q filed 2025-10-09; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001144879.json
[20] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001144879-26-000006, 10-Q filed 2026-01-08; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001144879.json
[21] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001144879-26-000030, 10-Q filed 2026-04-08; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001144879.json
[22] reported: Q4 consolidated shares_diluted; retrieved 2026-09-19T18:30:00+00:00 from https://www.sec.gov/Archives/edgar/data/1144879/000114487926000044/apldq426earningsreleaseasf.htm
[23] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001144879-24-000253, 10-Q filed 2024-10-09; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001144879.json
[24] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001144879-25-000006, 10-Q filed 2025-01-14; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001144879.json
[25] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001628280-25-017684, 10-Q filed 2025-04-14; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001144879.json
[26] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001144879-26-000048, 10-K filed 2026-07-29; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001144879.json
[27] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001144879-25-000069, 10-Q filed 2025-10-09; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001144879.json
[28] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001144879-26-000006, 10-Q filed 2026-01-08; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001144879.json
[29] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001144879-26-000030, 10-Q filed 2026-04-08; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001144879.json
[30] reported: NetCashProvidedByUsedInOperatingActivities, accession 0001144879-25-000069, 10-Q filed 2025-10-09; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001144879.json
[31] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001144879-26-000006, 10-Q filed 2026-01-08; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001144879.json
[32] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001144879-26-000030, 10-Q filed 2026-04-08; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001144879.json
[33] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001144879-26-000048, 10-K filed 2026-07-29; retrieved 2026-09-19T18:38:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001144879.json

What the author read

July 27 fiscal 2026 results: rent, fit-out and capacity · retrieved 2026-09-19
July 29 Form 10-K: consolidation, financing and preferred capital · retrieved 2026-09-19

Compiled 2026-09-19T18:38:35.436076+00:00 · authored 87f51cabbe6b · generated 41477d692638 · JSON

Daily notes · Scorecard