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$CBRS

Cerebras Systems Inc. · Nasdaq · SIC 3674 · CIK 2021728 · revision 3 as of 2026-09-20

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Research status

Evidence awaiting review · 223 pending evidence leads

Financial accounts through: 2026-06-30
Authored update: 2026-09-20
Source scan: 2026-10-12 09:40 ET
Full model review: Not recorded
Latest event review: Not recorded
Oldest pending lead: 2026-09-20 10:27 ET

Filings: checked | 2026-10-12 09:40 ET
News: checked | 2026-10-12 09:40 ET
Price: checked | 2026-10-12 09:40 ET

Open evidence leads

Top Cerebras Systems (CBRS) Competitors 2026 - MarketBeat
Cerebras Shares Are Coming Out of Lockup in Waves. Here's the Date That Matters Most. - AOL.com
Texas Instruments vs. Cerebras Systems: Which Chip Stock Has the Edge? - Yahoo Finance
Why Cerebras Systems (CBRS) Stock Is Up Today - Moomoo
CBRS Dips In Premarket: CEO Reportedly Says Working With All AI Component Makers Except Nvidia - Stocktwits

Leads require verification; they are not established material changes.

A published model and a successful scan do not establish a completed review. Status describes current monitoring; every promotion requires fresh checks.

Research status JSON

Business

Cerebras designs wafer-scale AI systems and sells hardware and cloud inference services. Its business is shifting toward contracted compute capacity, with significant construction, equipment and customer-concentration exposure. Customer warrants reduce GAAP revenue, and some OpenAI service billings repay previously funded infrastructure debt.

Three drivers

Hardware acceptance and utilized inference cloud capacity
Core-to-GAAP customer warrants and pass-through costs
Construction cash and services used to repay customer funding

Thesis

Our view

Demand visibility is substantial, but RPO and headline liquidity are not sufficient measures of capital efficiency. The key is usable cloud capacity, margin after customer incentives, and cash collected after prepaid funding is worked off.

What changes it

Compare delivered capacity, core/GAAP reconciliations, customer-loan offsets and construction spending each quarter.

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	2024Q3 2024-09-30	2024Q4 2024-12-31	2026Q1 2025-03-31	2026Q2 2025-06-30	2025Q3 2025-09-30	2025Q4 2025-12-31	2026Q1 2026-03-31	2026Q2 2026-06-30
Revenue ($M)	72.3¹	81.5¹	99.5²	103.3³	135.7¹	171.4¹	193.4²	180.1³
Gross profit ($M)	32.0¹	34.7¹	41.6⁴	32.1⁵	55.1¹	70.2¹	86.2⁴	25.6⁵
Operating income ($M)	-19.4¹	-40.2¹	-28.5⁶	-57.2⁷	-26.5¹	-33.7¹	-15.0⁶	-477.2⁷
Net income ($M)	-309.3¹	-105.7¹	-23.9⁸	309.5⁸	-22.2¹	-25.6¹	-14.0⁸	-450.5⁸
EPS, diluted ($)	—	—	-0.46⁹	1.91¹⁰	—	—	-0.22⁹	-2.98¹⁰
Diluted shares (M)	—	—	52.0¹¹	161.8¹²	—	—	62.8¹¹	151.0¹²
Cash ($M)	—	—	—	—	—	—	1,716.0¹³	6,742.2¹⁴
Long-term debt ($M)	—	—	—	—	—	—	361.6¹⁵	182.2¹⁶
Cash from operations ($M)	—	—	-54.9¹⁷	-68.9†¹⁸	—	—	12.3¹⁷	-59.8†¹⁸
Capex ($M)	—	—	98.2¹⁹	86.8†²⁰	—	—	132.0¹⁹	416.9†²⁰
Free cash flow ($M)	—	—	-153.2†²¹	-155.8†²²	—	—	-119.6†²¹	-476.7†²²

† 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
2026Q3	180.0	—	2026-09-20	Desk base scenario. Revenue basis: GAAP revenue proxy ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2026Q4	233.8	—	2026-09-20	Desk base scenario. Revenue basis: GAAP revenue proxy ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q1	410.0	—	2026-09-20	Desk base scenario. Revenue basis: GAAP revenue proxy ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q2	610.0	—	2026-09-20	Desk base scenario. Revenue basis: GAAP revenue proxy ($M). Calculated from the operating-model inputs below; not consensus or company guidance.

Inference cloud scale, customer warrants and prepaid compute

Operating scenarios · reviewed 2026-09-20 · USD millions unless labeled otherwise · our assumptions, not consensus

Build core hardware and cloud revenue from explicit reference activity and utilization. Reconcile core revenue to GAAP through pass-through services and customer-warrant amortization, then bridge core operating profit to GAAP with SBC and cash exclusions. Cash available for construction also reflects services used to repay the OpenAI working-capital loan: recognized revenue can retire debt without generating another receipt.

Reported anchors and guidance

Measure	Period	Value	Basis
Reported revenue	H1 2026	373.52	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-12
Reported core revenue	H1 2026	401.22	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-12
Reported warrant amort	H1 2026	46.31	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-12
Reported pass through	H1 2026	18.61	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-12
Reported core op	H1 2026	-37.12	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-12
Reported operating income	H1 2026	-492.27	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-12
H1 CFO less PP&E	H1 2026	-596.36	derived. Reported cash flow, excludes financing and purchases of treasury securities.
Cash plus short-term investments	June 30, 2026	7,921.55	derived. Excludes restricted cash and undrawn credit.
restricted	June 30, 2026	684.68	reported. USD millions. Revolver is undrawn capacity; RPO is not cash; warrant assets are future contra-revenue. Source · 2026-08-12
customer loan	June 30, 2026	918.24	reported. USD millions. Revolver is undrawn capacity; RPO is not cash; warrant assets are future contra-revenue. Source · 2026-08-12
current customer loan	June 30, 2026	736.04	reported. USD millions. Revolver is undrawn capacity; RPO is not cash; warrant assets are future contra-revenue. Source · 2026-08-12
Reported loan offsets	H1 2026	86.33	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-12
revolver	June 30, 2026	850.00	reported. USD millions. Revolver is undrawn capacity; RPO is not cash; warrant assets are future contra-revenue. Source · 2026-08-12
rpo	June 30, 2026	25,400.00	reported. USD millions. Revolver is undrawn capacity; RPO is not cash; warrant assets are future contra-revenue. Source · 2026-08-12
Q3 core revenue guidance midpoint	2026Q3	215.00	derived. Calculated midpoint of the company range; not an additional company forecast.
FY2026 core revenue guidance midpoint	FY2026	885.00	derived. Calculated midpoint of the company range; not an additional company forecast.

Downside scenario

Period	Cash PP&E ($M)	Core operating income ($M)	GAAP revenue proxy ($M)	Core cloud/services ($M)	Core revenue ($M)	Services credited against customer loan ($M)	Pass-through revenue ($M)	Core hardware ($M)	Customer-warrant revenue reduction ($M)	Cash after PP&E proxy ($M)	GAAP operating income proxy ($M)	Operating cash before construction proxy ($M)
2026Q3	630.00	-77.24	145.50	130.50	180.50	120.00	20.00	50.00	55.00	-769.74	-189.74	-139.74
2026Q4	900.00	-111.01	182.00	162.00	217.00	180.00	30.00	55.00	65.00	-1,134.26	-238.26	-234.26
2027Q1	990.00	-126.60	295.00	270.00	335.00	200.00	50.00	65.00	90.00	-1,260.35	-283.35	-270.35
2027Q2	1,080.00	-111.50	390.00	360.00	430.00	200.00	80.00	70.00	120.00	-1,335.50	-302.50	-255.50
FY2026	2,078.87	-225.38	701.02	500.01	798.72	386.33	68.61	298.70	166.31	-2,500.37	-920.28	-421.49
FY2027	4,140.00	-380.07	1,817.50	1,687.50	1,977.50	618.24	380.00	290.00	540.00	-4,914.82	-1,212.58	-774.82

Base scenario

Period	Cash PP&E ($M)	Core operating income ($M)	GAAP revenue proxy ($M)	Core cloud/services ($M)	Core revenue ($M)	Services credited against customer loan ($M)	Pass-through revenue ($M)	Core hardware ($M)	Customer-warrant revenue reduction ($M)	Cash after PP&E proxy ($M)	GAAP operating income proxy ($M)	Operating cash before construction proxy ($M)
2026Q3	700.00	-51.60	180.00	160.00	215.00	120.00	20.00	55.00	55.00	-809.10	-164.10	-109.10
2026Q4	1,000.00	-70.57	233.78	203.78	268.78	180.00	30.00	65.00	65.00	-1,186.82	-197.82	-186.82
2027Q1	1,100.00	-42.50	410.00	370.00	450.00	200.00	50.00	80.00	90.00	-1,277.25	-199.25	-177.25
2027Q2	1,200.00	29.00	610.00	560.00	650.00	200.00	80.00	90.00	120.00	-1,304.00	-162.00	-104.00
FY2026	2,248.87	-159.30	787.30	571.30	885.00	386.33	68.61	313.70	166.31	-2,592.28	-854.19	-343.41
FY2027	4,600.00	275.00	2,840.00	2,620.00	3,000.00	618.24	380.00	380.00	540.00	-4,671.74	-557.50	-71.74

Upside scenario

Period	Cash PP&E ($M)	Core operating income ($M)	GAAP revenue proxy ($M)	Core cloud/services ($M)	Core revenue ($M)	Services credited against customer loan ($M)	Pass-through revenue ($M)	Core hardware ($M)	Customer-warrant revenue reduction ($M)	Cash after PP&E proxy ($M)	GAAP operating income proxy ($M)	Operating cash before construction proxy ($M)
2026Q3	805.00	-47.15	203.50	178.50	238.50	120.00	20.00	60.00	55.00	-907.15	-159.65	-102.15
2026Q4	1,150.00	-59.46	271.00	231.00	306.00	180.00	30.00	75.00	65.00	-1,322.21	-186.71	-172.21
2027Q1	1,265.00	-10.11	496.25	446.25	536.25	200.00	50.00	90.00	90.00	-1,405.36	-166.86	-140.36
2027Q2	1,380.00	86.70	742.50	682.50	782.50	200.00	80.00	100.00	120.00	-1,420.80	-104.30	-40.80
FY2026	2,503.87	-143.73	848.02	617.01	945.72	386.33	68.61	328.70	166.31	-2,825.72	-838.62	-321.84
FY2027	5,290.00	599.24	3,541.25	3,281.25	3,701.25	618.24	380.00	420.00	540.00	-5,013.51	-233.26	276.49

All inputs and formulas — reproduce this model

Input / calculation	Period / case	Value / unit	Evidence or assumption
Reported revenue h1_revenue	H1 2026 / shared	373.52 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-12
Reported core revenue h1_core_revenue	H1 2026 / shared	401.22 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-12
Reported core hardware h1_core_hardware	H1 2026 / shared	193.70 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-12
Reported core cloud h1_core_cloud	H1 2026 / shared	207.51 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-12
Reported warrant amort h1_warrant_amort	H1 2026 / shared	46.31 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-12
Reported pass through h1_pass_through	H1 2026 / shared	18.61 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-12
Reported core op h1_core_op	H1 2026 / shared	-37.12 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-12
Reported operating income h1_operating_income	H1 2026 / shared	-492.27 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-12
Reported cash before capex h1_cash_before_capex	H1 2026 / shared	-47.49 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-12
Reported capex h1_capex	H1 2026 / shared	548.87 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-12
Reported loan offsets h1_loan_offsets	H1 2026 / shared	86.33 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-12
H1 CFO less PP&E h1_cash_after_capex	H1 2026 / shared	-596.36 USD_millions	derived: Reported cash flow, excludes financing and purchases of treasury securities. Formula: subtract(h1_cash_before_capex, h1_capex).
cash cash	June 30, 2026 / shared	6,742.16 USD_millions	reported: USD millions. Revolver is undrawn capacity; RPO is not cash; warrant assets are future contra-revenue. Primary source · 2026-08-12
investments investments	June 30, 2026 / shared	1,179.39 USD_millions	reported: USD millions. Revolver is undrawn capacity; RPO is not cash; warrant assets are future contra-revenue. Primary source · 2026-08-12
restricted restricted	June 30, 2026 / shared	684.68 USD_millions	reported: USD millions. Revolver is undrawn capacity; RPO is not cash; warrant assets are future contra-revenue. Primary source · 2026-08-12
customer loan customer_loan	June 30, 2026 / shared	918.24 USD_millions	reported: USD millions. Revolver is undrawn capacity; RPO is not cash; warrant assets are future contra-revenue. Primary source · 2026-08-12
current customer loan current_customer_loan	June 30, 2026 / shared	736.04 USD_millions	reported: USD millions. Revolver is undrawn capacity; RPO is not cash; warrant assets are future contra-revenue. Primary source · 2026-08-12
revolver revolver	June 30, 2026 / shared	850.00 USD_millions	reported: USD millions. Revolver is undrawn capacity; RPO is not cash; warrant assets are future contra-revenue. Primary source · 2026-08-12
rpo rpo	June 30, 2026 / shared	25,400.00 USD_millions	reported: USD millions. Revolver is undrawn capacity; RPO is not cash; warrant assets are future contra-revenue. Primary source · 2026-08-12
customer warrant assets customer_warrant_assets	June 30, 2026 / shared	1,128.40 USD_millions	reported: USD millions. Revolver is undrawn capacity; RPO is not cash; warrant assets are future contra-revenue. Primary source · 2026-08-12
Cash plus short-term investments unrestricted_liquidity	June 30, 2026 / shared	7,921.55 USD_millions	derived: Excludes restricted cash and undrawn credit. Formula: sum(cash, investments).
Q3 core revenue guidance low q3_core_guide_low	2026Q3 / shared	214.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-12
Q3 core revenue guidance high q3_core_guide_high	2026Q3 / shared	216.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-12
Midpoint divisor two	Model / shared	200.0% ratio	assumption: Arithmetic constant.
Q3 core revenue guidance endpoint sum q3_core_guide_sum	2026Q3 / shared	430.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(q3_core_guide_low, q3_core_guide_high).
Q3 core revenue guidance midpoint q3_core_guide	2026Q3 / shared	215.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(q3_core_guide_sum, two).
FY2026 core revenue guidance low fy26_core_guide_low	FY2026 / shared	880.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-12
FY2026 core revenue guidance high fy26_core_guide_high	FY2026 / shared	890.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-12
FY2026 core revenue guidance endpoint sum fy26_core_guide_sum	FY2026 / shared	1,770.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(fy26_core_guide_low, fy26_core_guide_high).
FY2026 core revenue guidance midpoint fy26_core_guide	FY2026 / shared	885.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(fy26_core_guide_sum, two).
Hardware delivered-work reference downside_2026q3_hardware_reference	2026Q3 / downside	50.00 USD_millions	assumption: Desk assumption; not company guidance.
Hardware acceptance share downside_2026q3_hardware_acceptance	2026Q3 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Core hardware sales downside_2026q3_core_hardware	2026Q3 / downside	50.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2026q3_hardware_reference, downside_2026q3_hardware_acceptance).
Cloud contracted-activity dollar reference downside_2026q3_cloud_reference	2026Q3 / downside	145.00 USD_millions	assumption: Desk assumption; not company guidance.
Activity realization downside_2026q3_cloud_utilization	2026Q3 / downside	90.0% ratio	assumption: Desk assumption; not company guidance.
Core cloud and services downside_2026q3_core_cloud	2026Q3 / downside	130.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2026q3_cloud_reference, downside_2026q3_cloud_utilization).
Core revenue downside_2026q3_core_revenue	2026Q3 / downside	180.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2026q3_core_hardware, downside_2026q3_core_cloud).
Customer-warrant contra-revenue downside_2026q3_warrant_amort	2026Q3 / downside	55.00 USD_millions	assumption: Desk assumption; not company guidance.
Data-center pass-through revenue downside_2026q3_pass_through	2026Q3 / downside	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Core and pass-through revenue downside_2026q3_before_warrants	2026Q3 / downside	200.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2026q3_core_revenue, downside_2026q3_pass_through).
GAAP revenue proxy downside_2026q3_revenue	2026Q3 / downside	145.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2026q3_before_warrants, downside_2026q3_warrant_amort).
Core gross margin downside_2026q3_core_gm	2026Q3 / downside	36.0% ratio	assumption: Desk assumption; not company guidance.
Core gross profit downside_2026q3_core_gross	2026Q3 / downside	64.98 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2026q3_core_revenue, downside_2026q3_core_gm).
Core operating expense downside_2026q3_core_opex	2026Q3 / downside	142.22 USD_millions	assumption: Desk assumption; not company guidance.
Core operating income downside_2026q3_core_op	2026Q3 / downside	-77.24 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2026q3_core_gross, downside_2026q3_core_opex).
Total stock-based compensation downside_2026q3_sbc	2026Q3 / downside	55.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash expenses excluded from core downside_2026q3_cash_adjustments	2026Q3 / downside	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Pass-through margin downside_2026q3_pass_margin	2026Q3 / downside	2.5% ratio	assumption: Desk assumption; not company guidance.
Pass-through gross contribution downside_2026q3_pass_profit	2026Q3 / downside	0.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2026q3_pass_through, downside_2026q3_pass_margin).
Core operating result and pass-through profit downside_2026q3_gaap_before_costs	2026Q3 / downside	-76.74 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2026q3_core_op, downside_2026q3_pass_profit).
Warrant amortization SBC and cash exclusions downside_2026q3_reconciliation_costs	2026Q3 / downside	113.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2026q3_warrant_amort, downside_2026q3_sbc, downside_2026q3_cash_adjustments).
GAAP operating income proxy downside_2026q3_operating_income	2026Q3 / downside	-189.74 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2026q3_gaap_before_costs, downside_2026q3_reconciliation_costs).
Services used to repay customer loan downside_2026q3_loan_offsets	2026Q3 / downside	120.00 USD_millions	assumption: Explicit noncash principal settlement assumption; do not count this service billing as another cash receipt.
Customer loan remaining principal downside_2026q3_ending_customer_loan	2026Q3 / downside	798.24 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(customer_loan, downside_2026q3_loan_offsets).
Depreciation and amortization downside_2026q3_da	2026Q3 / downside	35.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest income downside_2026q3_interest_income	2026Q3 / downside	60.00 USD_millions	assumption: Desk assumption; not company guidance.
Core operating income plus D&A and pass-through profit downside_2026q3_cash_earnings	2026Q3 / downside	18.26 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2026q3_core_op, downside_2026q3_da, downside_2026q3_pass_profit, downside_2026q3_interest_income).
Other net working-capital use downside_2026q3_wc	2026Q3 / downside	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest and taxes downside_2026q3_cash_interest_tax	2026Q3 / downside	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Noncash billing offsets and other cash requirements downside_2026q3_cash_requirements	2026Q3 / downside	158.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2026q3_loan_offsets, downside_2026q3_cash_adjustments, downside_2026q3_wc, downside_2026q3_cash_interest_tax).
Operating cash before construction proxy downside_2026q3_cash_before_capex	2026Q3 / downside	-139.74 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2026q3_cash_earnings, downside_2026q3_cash_requirements).
Cash construction and equipment downside_2026q3_capex	2026Q3 / downside	630.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after construction downside_2026q3_cash_after_capex	2026Q3 / downside	-769.74 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2026q3_cash_before_capex, downside_2026q3_capex).
Hardware delivered-work reference downside_2026q4_hardware_reference	2026Q4 / downside	55.00 USD_millions	assumption: Desk assumption; not company guidance.
Hardware acceptance share downside_2026q4_hardware_acceptance	2026Q4 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Core hardware sales downside_2026q4_core_hardware	2026Q4 / downside	55.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2026q4_hardware_reference, downside_2026q4_hardware_acceptance).
Cloud contracted-activity dollar reference downside_2026q4_cloud_reference	2026Q4 / downside	180.00 USD_millions	assumption: Desk assumption; not company guidance.
Activity realization downside_2026q4_cloud_utilization	2026Q4 / downside	90.0% ratio	assumption: Desk assumption; not company guidance.
Core cloud and services downside_2026q4_core_cloud	2026Q4 / downside	162.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2026q4_cloud_reference, downside_2026q4_cloud_utilization).
Core revenue downside_2026q4_core_revenue	2026Q4 / downside	217.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2026q4_core_hardware, downside_2026q4_core_cloud).
Customer-warrant contra-revenue downside_2026q4_warrant_amort	2026Q4 / downside	65.00 USD_millions	assumption: Desk assumption; not company guidance.
Data-center pass-through revenue downside_2026q4_pass_through	2026Q4 / downside	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Core and pass-through revenue downside_2026q4_before_warrants	2026Q4 / downside	247.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2026q4_core_revenue, downside_2026q4_pass_through).
GAAP revenue proxy downside_2026q4_revenue	2026Q4 / downside	182.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2026q4_before_warrants, downside_2026q4_warrant_amort).
Core gross margin downside_2026q4_core_gm	2026Q4 / downside	38.0% ratio	assumption: Desk assumption; not company guidance.
Core gross profit downside_2026q4_core_gross	2026Q4 / downside	82.46 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2026q4_core_revenue, downside_2026q4_core_gm).
Core operating expense downside_2026q4_core_opex	2026Q4 / downside	193.47 USD_millions	assumption: Desk assumption; not company guidance.
Core operating income downside_2026q4_core_op	2026Q4 / downside	-111.01 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2026q4_core_gross, downside_2026q4_core_opex).
Total stock-based compensation downside_2026q4_sbc	2026Q4 / downside	60.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash expenses excluded from core downside_2026q4_cash_adjustments	2026Q4 / downside	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Pass-through margin downside_2026q4_pass_margin	2026Q4 / downside	2.5% ratio	assumption: Desk assumption; not company guidance.
Pass-through gross contribution downside_2026q4_pass_profit	2026Q4 / downside	0.75 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2026q4_pass_through, downside_2026q4_pass_margin).
Core operating result and pass-through profit downside_2026q4_gaap_before_costs	2026Q4 / downside	-110.26 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2026q4_core_op, downside_2026q4_pass_profit).
Warrant amortization SBC and cash exclusions downside_2026q4_reconciliation_costs	2026Q4 / downside	128.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2026q4_warrant_amort, downside_2026q4_sbc, downside_2026q4_cash_adjustments).
GAAP operating income proxy downside_2026q4_operating_income	2026Q4 / downside	-238.26 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2026q4_gaap_before_costs, downside_2026q4_reconciliation_costs).
Services used to repay customer loan downside_2026q4_loan_offsets	2026Q4 / downside	180.00 USD_millions	assumption: Explicit noncash principal settlement assumption; do not count this service billing as another cash receipt.
Customer loan remaining principal downside_2026q4_ending_customer_loan	2026Q4 / downside	618.24 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2026q3_ending_customer_loan, downside_2026q4_loan_offsets).
Depreciation and amortization downside_2026q4_da	2026Q4 / downside	50.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest income downside_2026q4_interest_income	2026Q4 / downside	56.00 USD_millions	assumption: Desk assumption; not company guidance.
Core operating income plus D&A and pass-through profit downside_2026q4_cash_earnings	2026Q4 / downside	-4.26 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2026q4_core_op, downside_2026q4_da, downside_2026q4_pass_profit, downside_2026q4_interest_income).
Other net working-capital use downside_2026q4_wc	2026Q4 / downside	42.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest and taxes downside_2026q4_cash_interest_tax	2026Q4 / downside	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Noncash billing offsets and other cash requirements downside_2026q4_cash_requirements	2026Q4 / downside	230.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2026q4_loan_offsets, downside_2026q4_cash_adjustments, downside_2026q4_wc, downside_2026q4_cash_interest_tax).
Operating cash before construction proxy downside_2026q4_cash_before_capex	2026Q4 / downside	-234.26 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2026q4_cash_earnings, downside_2026q4_cash_requirements).
Cash construction and equipment downside_2026q4_capex	2026Q4 / downside	900.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after construction downside_2026q4_cash_after_capex	2026Q4 / downside	-1,134.26 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2026q4_cash_before_capex, downside_2026q4_capex).
Hardware delivered-work reference downside_2027q1_hardware_reference	2027Q1 / downside	65.00 USD_millions	assumption: Desk assumption; not company guidance.
Hardware acceptance share downside_2027q1_hardware_acceptance	2027Q1 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Core hardware sales downside_2027q1_core_hardware	2027Q1 / downside	65.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q1_hardware_reference, downside_2027q1_hardware_acceptance).
Cloud contracted-activity dollar reference downside_2027q1_cloud_reference	2027Q1 / downside	300.00 USD_millions	assumption: Desk assumption; not company guidance.
Activity realization downside_2027q1_cloud_utilization	2027Q1 / downside	90.0% ratio	assumption: Desk assumption; not company guidance.
Core cloud and services downside_2027q1_core_cloud	2027Q1 / downside	270.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q1_cloud_reference, downside_2027q1_cloud_utilization).
Core revenue downside_2027q1_core_revenue	2027Q1 / downside	335.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q1_core_hardware, downside_2027q1_core_cloud).
Customer-warrant contra-revenue downside_2027q1_warrant_amort	2027Q1 / downside	90.00 USD_millions	assumption: Desk assumption; not company guidance.
Data-center pass-through revenue downside_2027q1_pass_through	2027Q1 / downside	50.00 USD_millions	assumption: Desk assumption; not company guidance.
Core and pass-through revenue downside_2027q1_before_warrants	2027Q1 / downside	385.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q1_core_revenue, downside_2027q1_pass_through).
GAAP revenue proxy downside_2027q1_revenue	2027Q1 / downside	295.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q1_before_warrants, downside_2027q1_warrant_amort).
Core gross margin downside_2027q1_core_gm	2027Q1 / downside	39.0% ratio	assumption: Desk assumption; not company guidance.
Core gross profit downside_2027q1_core_gross	2027Q1 / downside	130.65 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q1_core_revenue, downside_2027q1_core_gm).
Core operating expense downside_2027q1_core_opex	2027Q1 / downside	257.25 USD_millions	assumption: Desk assumption; not company guidance.
Core operating income downside_2027q1_core_op	2027Q1 / downside	-126.60 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q1_core_gross, downside_2027q1_core_opex).
Total stock-based compensation downside_2027q1_sbc	2027Q1 / downside	65.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash expenses excluded from core downside_2027q1_cash_adjustments	2027Q1 / downside	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Pass-through margin downside_2027q1_pass_margin	2027Q1 / downside	2.5% ratio	assumption: Desk assumption; not company guidance.
Pass-through gross contribution downside_2027q1_pass_profit	2027Q1 / downside	1.25 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q1_pass_through, downside_2027q1_pass_margin).
Core operating result and pass-through profit downside_2027q1_gaap_before_costs	2027Q1 / downside	-125.35 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q1_core_op, downside_2027q1_pass_profit).
Warrant amortization SBC and cash exclusions downside_2027q1_reconciliation_costs	2027Q1 / downside	158.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q1_warrant_amort, downside_2027q1_sbc, downside_2027q1_cash_adjustments).
GAAP operating income proxy downside_2027q1_operating_income	2027Q1 / downside	-283.35 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q1_gaap_before_costs, downside_2027q1_reconciliation_costs).
Services used to repay customer loan downside_2027q1_loan_offsets	2027Q1 / downside	200.00 USD_millions	assumption: Explicit noncash principal settlement assumption; do not count this service billing as another cash receipt.
Customer loan remaining principal downside_2027q1_ending_customer_loan	2027Q1 / downside	418.24 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2026q4_ending_customer_loan, downside_2027q1_loan_offsets).
Depreciation and amortization downside_2027q1_da	2027Q1 / downside	65.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest income downside_2027q1_interest_income	2027Q1 / downside	52.00 USD_millions	assumption: Desk assumption; not company guidance.
Core operating income plus D&A and pass-through profit downside_2027q1_cash_earnings	2027Q1 / downside	-8.35 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q1_core_op, downside_2027q1_da, downside_2027q1_pass_profit, downside_2027q1_interest_income).
Other net working-capital use downside_2027q1_wc	2027Q1 / downside	54.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest and taxes downside_2027q1_cash_interest_tax	2027Q1 / downside	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Noncash billing offsets and other cash requirements downside_2027q1_cash_requirements	2027Q1 / downside	262.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q1_loan_offsets, downside_2027q1_cash_adjustments, downside_2027q1_wc, downside_2027q1_cash_interest_tax).
Operating cash before construction proxy downside_2027q1_cash_before_capex	2027Q1 / downside	-270.35 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q1_cash_earnings, downside_2027q1_cash_requirements).
Cash construction and equipment downside_2027q1_capex	2027Q1 / downside	990.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after construction downside_2027q1_cash_after_capex	2027Q1 / downside	-1,260.35 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q1_cash_before_capex, downside_2027q1_capex).
Hardware delivered-work reference downside_2027q2_hardware_reference	2027Q2 / downside	70.00 USD_millions	assumption: Desk assumption; not company guidance.
Hardware acceptance share downside_2027q2_hardware_acceptance	2027Q2 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Core hardware sales downside_2027q2_core_hardware	2027Q2 / downside	70.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q2_hardware_reference, downside_2027q2_hardware_acceptance).
Cloud contracted-activity dollar reference downside_2027q2_cloud_reference	2027Q2 / downside	400.00 USD_millions	assumption: Desk assumption; not company guidance.
Activity realization downside_2027q2_cloud_utilization	2027Q2 / downside	90.0% ratio	assumption: Desk assumption; not company guidance.
Core cloud and services downside_2027q2_core_cloud	2027Q2 / downside	360.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q2_cloud_reference, downside_2027q2_cloud_utilization).
Core revenue downside_2027q2_core_revenue	2027Q2 / downside	430.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q2_core_hardware, downside_2027q2_core_cloud).
Customer-warrant contra-revenue downside_2027q2_warrant_amort	2027Q2 / downside	120.00 USD_millions	assumption: Desk assumption; not company guidance.
Data-center pass-through revenue downside_2027q2_pass_through	2027Q2 / downside	80.00 USD_millions	assumption: Desk assumption; not company guidance.
Core and pass-through revenue downside_2027q2_before_warrants	2027Q2 / downside	510.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q2_core_revenue, downside_2027q2_pass_through).
GAAP revenue proxy downside_2027q2_revenue	2027Q2 / downside	390.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q2_before_warrants, downside_2027q2_warrant_amort).
Core gross margin downside_2027q2_core_gm	2027Q2 / downside	40.0% ratio	assumption: Desk assumption; not company guidance.
Core gross profit downside_2027q2_core_gross	2027Q2 / downside	172.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q2_core_revenue, downside_2027q2_core_gm).
Core operating expense downside_2027q2_core_opex	2027Q2 / downside	283.50 USD_millions	assumption: Desk assumption; not company guidance.
Core operating income downside_2027q2_core_op	2027Q2 / downside	-111.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q2_core_gross, downside_2027q2_core_opex).
Total stock-based compensation downside_2027q2_sbc	2027Q2 / downside	70.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash expenses excluded from core downside_2027q2_cash_adjustments	2027Q2 / downside	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Pass-through margin downside_2027q2_pass_margin	2027Q2 / downside	2.5% ratio	assumption: Desk assumption; not company guidance.
Pass-through gross contribution downside_2027q2_pass_profit	2027Q2 / downside	2.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q2_pass_through, downside_2027q2_pass_margin).
Core operating result and pass-through profit downside_2027q2_gaap_before_costs	2027Q2 / downside	-109.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q2_core_op, downside_2027q2_pass_profit).
Warrant amortization SBC and cash exclusions downside_2027q2_reconciliation_costs	2027Q2 / downside	193.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q2_warrant_amort, downside_2027q2_sbc, downside_2027q2_cash_adjustments).
GAAP operating income proxy downside_2027q2_operating_income	2027Q2 / downside	-302.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q2_gaap_before_costs, downside_2027q2_reconciliation_costs).
Services used to repay customer loan downside_2027q2_loan_offsets	2027Q2 / downside	200.00 USD_millions	assumption: Explicit noncash principal settlement assumption; do not count this service billing as another cash receipt.
Customer loan remaining principal downside_2027q2_ending_customer_loan	2027Q2 / downside	218.24 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q1_ending_customer_loan, downside_2027q2_loan_offsets).
Depreciation and amortization downside_2027q2_da	2027Q2 / downside	80.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest income downside_2027q2_interest_income	2027Q2 / downside	48.00 USD_millions	assumption: Desk assumption; not company guidance.
Core operating income plus D&A and pass-through profit downside_2027q2_cash_earnings	2027Q2 / downside	18.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q2_core_op, downside_2027q2_da, downside_2027q2_pass_profit, downside_2027q2_interest_income).
Other net working-capital use downside_2027q2_wc	2027Q2 / downside	66.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest and taxes downside_2027q2_cash_interest_tax	2027Q2 / downside	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Noncash billing offsets and other cash requirements downside_2027q2_cash_requirements	2027Q2 / downside	274.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q2_loan_offsets, downside_2027q2_cash_adjustments, downside_2027q2_wc, downside_2027q2_cash_interest_tax).
Operating cash before construction proxy downside_2027q2_cash_before_capex	2027Q2 / downside	-255.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q2_cash_earnings, downside_2027q2_cash_requirements).
Cash construction and equipment downside_2027q2_capex	2027Q2 / downside	1,080.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after construction downside_2027q2_cash_after_capex	2027Q2 / downside	-1,335.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q2_cash_before_capex, downside_2027q2_capex).
Hardware delivered-work reference downside_2027q3_hardware_reference	2027Q3 / downside	75.00 USD_millions	assumption: Desk assumption; not company guidance.
Hardware acceptance share downside_2027q3_hardware_acceptance	2027Q3 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Core hardware sales downside_2027q3_core_hardware	2027Q3 / downside	75.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q3_hardware_reference, downside_2027q3_hardware_acceptance).
Cloud contracted-activity dollar reference downside_2027q3_cloud_reference	2027Q3 / downside	525.00 USD_millions	assumption: Desk assumption; not company guidance.
Activity realization downside_2027q3_cloud_utilization	2027Q3 / downside	90.0% ratio	assumption: Desk assumption; not company guidance.
Core cloud and services downside_2027q3_core_cloud	2027Q3 / downside	472.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q3_cloud_reference, downside_2027q3_cloud_utilization).
Core revenue downside_2027q3_core_revenue	2027Q3 / downside	547.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q3_core_hardware, downside_2027q3_core_cloud).
Customer-warrant contra-revenue downside_2027q3_warrant_amort	2027Q3 / downside	150.00 USD_millions	assumption: Desk assumption; not company guidance.
Data-center pass-through revenue downside_2027q3_pass_through	2027Q3 / downside	110.00 USD_millions	assumption: Desk assumption; not company guidance.
Core and pass-through revenue downside_2027q3_before_warrants	2027Q3 / downside	657.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q3_core_revenue, downside_2027q3_pass_through).
GAAP revenue proxy downside_2027q3_revenue	2027Q3 / downside	507.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q3_before_warrants, downside_2027q3_warrant_amort).
Core gross margin downside_2027q3_core_gm	2027Q3 / downside	41.0% ratio	assumption: Desk assumption; not company guidance.
Core gross profit downside_2027q3_core_gross	2027Q3 / downside	224.47 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q3_core_revenue, downside_2027q3_core_gm).
Core operating expense downside_2027q3_core_opex	2027Q3 / downside	309.75 USD_millions	assumption: Desk assumption; not company guidance.
Core operating income downside_2027q3_core_op	2027Q3 / downside	-85.28 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q3_core_gross, downside_2027q3_core_opex).
Total stock-based compensation downside_2027q3_sbc	2027Q3 / downside	75.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash expenses excluded from core downside_2027q3_cash_adjustments	2027Q3 / downside	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Pass-through margin downside_2027q3_pass_margin	2027Q3 / downside	2.5% ratio	assumption: Desk assumption; not company guidance.
Pass-through gross contribution downside_2027q3_pass_profit	2027Q3 / downside	2.75 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q3_pass_through, downside_2027q3_pass_margin).
Core operating result and pass-through profit downside_2027q3_gaap_before_costs	2027Q3 / downside	-82.53 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q3_core_op, downside_2027q3_pass_profit).
Warrant amortization SBC and cash exclusions downside_2027q3_reconciliation_costs	2027Q3 / downside	228.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q3_warrant_amort, downside_2027q3_sbc, downside_2027q3_cash_adjustments).
GAAP operating income proxy downside_2027q3_operating_income	2027Q3 / downside	-310.52 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q3_gaap_before_costs, downside_2027q3_reconciliation_costs).
Services used to repay customer loan downside_2027q3_loan_offsets	2027Q3 / downside	150.00 USD_millions	assumption: Explicit noncash principal settlement assumption; do not count this service billing as another cash receipt.
Customer loan remaining principal downside_2027q3_ending_customer_loan	2027Q3 / downside	68.24 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q2_ending_customer_loan, downside_2027q3_loan_offsets).
Depreciation and amortization downside_2027q3_da	2027Q3 / downside	95.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest income downside_2027q3_interest_income	2027Q3 / downside	44.00 USD_millions	assumption: Desk assumption; not company guidance.
Core operating income plus D&A and pass-through profit downside_2027q3_cash_earnings	2027Q3 / downside	56.47 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q3_core_op, downside_2027q3_da, downside_2027q3_pass_profit, downside_2027q3_interest_income).
Other net working-capital use downside_2027q3_wc	2027Q3 / downside	78.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest and taxes downside_2027q3_cash_interest_tax	2027Q3 / downside	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Noncash billing offsets and other cash requirements downside_2027q3_cash_requirements	2027Q3 / downside	236.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q3_loan_offsets, downside_2027q3_cash_adjustments, downside_2027q3_wc, downside_2027q3_cash_interest_tax).
Operating cash before construction proxy downside_2027q3_cash_before_capex	2027Q3 / downside	-179.53 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q3_cash_earnings, downside_2027q3_cash_requirements).
Cash construction and equipment downside_2027q3_capex	2027Q3 / downside	1,080.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after construction downside_2027q3_cash_after_capex	2027Q3 / downside	-1,259.53 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q3_cash_before_capex, downside_2027q3_capex).
Hardware delivered-work reference downside_2027q4_hardware_reference	2027Q4 / downside	80.00 USD_millions	assumption: Desk assumption; not company guidance.
Hardware acceptance share downside_2027q4_hardware_acceptance	2027Q4 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Core hardware sales downside_2027q4_core_hardware	2027Q4 / downside	80.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q4_hardware_reference, downside_2027q4_hardware_acceptance).
Cloud contracted-activity dollar reference downside_2027q4_cloud_reference	2027Q4 / downside	650.00 USD_millions	assumption: Desk assumption; not company guidance.
Activity realization downside_2027q4_cloud_utilization	2027Q4 / downside	90.0% ratio	assumption: Desk assumption; not company guidance.
Core cloud and services downside_2027q4_core_cloud	2027Q4 / downside	585.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q4_cloud_reference, downside_2027q4_cloud_utilization).
Core revenue downside_2027q4_core_revenue	2027Q4 / downside	665.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q4_core_hardware, downside_2027q4_core_cloud).
Customer-warrant contra-revenue downside_2027q4_warrant_amort	2027Q4 / downside	180.00 USD_millions	assumption: Desk assumption; not company guidance.
Data-center pass-through revenue downside_2027q4_pass_through	2027Q4 / downside	140.00 USD_millions	assumption: Desk assumption; not company guidance.
Core and pass-through revenue downside_2027q4_before_warrants	2027Q4 / downside	805.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q4_core_revenue, downside_2027q4_pass_through).
GAAP revenue proxy downside_2027q4_revenue	2027Q4 / downside	625.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q4_before_warrants, downside_2027q4_warrant_amort).
Core gross margin downside_2027q4_core_gm	2027Q4 / downside	42.0% ratio	assumption: Desk assumption; not company guidance.
Core gross profit downside_2027q4_core_gross	2027Q4 / downside	279.30 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q4_core_revenue, downside_2027q4_core_gm).
Core operating expense downside_2027q4_core_opex	2027Q4 / downside	336.00 USD_millions	assumption: Desk assumption; not company guidance.
Core operating income downside_2027q4_core_op	2027Q4 / downside	-56.70 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q4_core_gross, downside_2027q4_core_opex).
Total stock-based compensation downside_2027q4_sbc	2027Q4 / downside	80.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash expenses excluded from core downside_2027q4_cash_adjustments	2027Q4 / downside	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Pass-through margin downside_2027q4_pass_margin	2027Q4 / downside	2.5% ratio	assumption: Desk assumption; not company guidance.
Pass-through gross contribution downside_2027q4_pass_profit	2027Q4 / downside	3.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q4_pass_through, downside_2027q4_pass_margin).
Core operating result and pass-through profit downside_2027q4_gaap_before_costs	2027Q4 / downside	-53.20 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q4_core_op, downside_2027q4_pass_profit).
Warrant amortization SBC and cash exclusions downside_2027q4_reconciliation_costs	2027Q4 / downside	263.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q4_warrant_amort, downside_2027q4_sbc, downside_2027q4_cash_adjustments).
GAAP operating income proxy downside_2027q4_operating_income	2027Q4 / downside	-316.20 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q4_gaap_before_costs, downside_2027q4_reconciliation_costs).
Services used to repay customer loan downside_2027q4_loan_offsets	2027Q4 / downside	68.24 USD_millions	assumption: Explicit noncash principal settlement assumption; do not count this service billing as another cash receipt.
Customer loan remaining principal downside_2027q4_ending_customer_loan	2027Q4 / downside	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q3_ending_customer_loan, downside_2027q4_loan_offsets).
Depreciation and amortization downside_2027q4_da	2027Q4 / downside	110.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest income downside_2027q4_interest_income	2027Q4 / downside	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Core operating income plus D&A and pass-through profit downside_2027q4_cash_earnings	2027Q4 / downside	96.80 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q4_core_op, downside_2027q4_da, downside_2027q4_pass_profit, downside_2027q4_interest_income).
Other net working-capital use downside_2027q4_wc	2027Q4 / downside	90.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest and taxes downside_2027q4_cash_interest_tax	2027Q4 / downside	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Noncash billing offsets and other cash requirements downside_2027q4_cash_requirements	2027Q4 / downside	166.24 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q4_loan_offsets, downside_2027q4_cash_adjustments, downside_2027q4_wc, downside_2027q4_cash_interest_tax).
Operating cash before construction proxy downside_2027q4_cash_before_capex	2027Q4 / downside	-69.44 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q4_cash_earnings, downside_2027q4_cash_requirements).
Cash construction and equipment downside_2027q4_capex	2027Q4 / downside	990.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after construction downside_2027q4_cash_after_capex	2027Q4 / downside	-1,059.44 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q4_cash_before_capex, downside_2027q4_capex).
GAAP revenue proxy ($M) downside_fy2026_revenue	FY2026 / downside	701.02 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, downside_2026q3_revenue, downside_2026q4_revenue).
Core revenue ($M) downside_fy2026_core_revenue	FY2026 / downside	798.72 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_core_revenue, downside_2026q3_core_revenue, downside_2026q4_core_revenue).
Core hardware ($M) downside_fy2026_core_hardware	FY2026 / downside	298.70 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_core_hardware, downside_2026q3_core_hardware, downside_2026q4_core_hardware).
Core cloud/services ($M) downside_fy2026_core_cloud	FY2026 / downside	500.01 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_core_cloud, downside_2026q3_core_cloud, downside_2026q4_core_cloud).
Customer-warrant revenue reduction ($M) downside_fy2026_warrant_amort	FY2026 / downside	166.31 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_warrant_amort, downside_2026q3_warrant_amort, downside_2026q4_warrant_amort).
Pass-through revenue ($M) downside_fy2026_pass_through	FY2026 / downside	68.61 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_pass_through, downside_2026q3_pass_through, downside_2026q4_pass_through).
Core operating income ($M) downside_fy2026_core_op	FY2026 / downside	-225.38 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_core_op, downside_2026q3_core_op, downside_2026q4_core_op).
GAAP operating income proxy ($M) downside_fy2026_operating_income	FY2026 / downside	-920.28 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, downside_2026q3_operating_income, downside_2026q4_operating_income).
Operating cash before construction proxy ($M) downside_fy2026_cash_before_capex	FY2026 / downside	-421.49 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_before_capex, downside_2026q3_cash_before_capex, downside_2026q4_cash_before_capex).
Cash PP&E ($M) downside_fy2026_capex	FY2026 / downside	2,078.87 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, downside_2026q3_capex, downside_2026q4_capex).
Cash after PP&E proxy ($M) downside_fy2026_cash_after_capex	FY2026 / downside	-2,500.37 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_capex, downside_2026q3_cash_after_capex, downside_2026q4_cash_after_capex).
Services credited against customer loan ($M) downside_fy2026_loan_offsets	FY2026 / downside	386.33 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_loan_offsets, downside_2026q3_loan_offsets, downside_2026q4_loan_offsets).
GAAP revenue proxy ($M) downside_fy2027_revenue	FY2027 / downside	1,817.50 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_revenue, downside_2027q2_revenue, downside_2027q3_revenue, downside_2027q4_revenue).
Core revenue ($M) downside_fy2027_core_revenue	FY2027 / downside	1,977.50 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_core_revenue, downside_2027q2_core_revenue, downside_2027q3_core_revenue, downside_2027q4_core_revenue).
Core hardware ($M) downside_fy2027_core_hardware	FY2027 / downside	290.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_core_hardware, downside_2027q2_core_hardware, downside_2027q3_core_hardware, downside_2027q4_core_hardware).
Core cloud/services ($M) downside_fy2027_core_cloud	FY2027 / downside	1,687.50 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_core_cloud, downside_2027q2_core_cloud, downside_2027q3_core_cloud, downside_2027q4_core_cloud).
Customer-warrant revenue reduction ($M) downside_fy2027_warrant_amort	FY2027 / downside	540.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_warrant_amort, downside_2027q2_warrant_amort, downside_2027q3_warrant_amort, downside_2027q4_warrant_amort).
Pass-through revenue ($M) downside_fy2027_pass_through	FY2027 / downside	380.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_pass_through, downside_2027q2_pass_through, downside_2027q3_pass_through, downside_2027q4_pass_through).
Core operating income ($M) downside_fy2027_core_op	FY2027 / downside	-380.07 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_core_op, downside_2027q2_core_op, downside_2027q3_core_op, downside_2027q4_core_op).
GAAP operating income proxy ($M) downside_fy2027_operating_income	FY2027 / downside	-1,212.58 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_operating_income, downside_2027q2_operating_income, downside_2027q3_operating_income, downside_2027q4_operating_income).
Operating cash before construction proxy ($M) downside_fy2027_cash_before_capex	FY2027 / downside	-774.82 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cash_before_capex, downside_2027q2_cash_before_capex, downside_2027q3_cash_before_capex, downside_2027q4_cash_before_capex).
Cash PP&E ($M) downside_fy2027_capex	FY2027 / downside	4,140.00 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 PP&E proxy ($M) downside_fy2027_cash_after_capex	FY2027 / downside	-4,914.82 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cash_after_capex, downside_2027q2_cash_after_capex, downside_2027q3_cash_after_capex, downside_2027q4_cash_after_capex).
Services credited against customer loan ($M) downside_fy2027_loan_offsets	FY2027 / downside	618.24 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_loan_offsets, downside_2027q2_loan_offsets, downside_2027q3_loan_offsets, downside_2027q4_loan_offsets).
Hardware delivered-work reference base_2026q3_hardware_reference	2026Q3 / base	55.00 USD_millions	assumption: Desk assumption; not company guidance.
Hardware acceptance share base_2026q3_hardware_acceptance	2026Q3 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Core hardware sales base_2026q3_core_hardware	2026Q3 / base	55.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2026q3_hardware_reference, base_2026q3_hardware_acceptance).
Cloud contracted-activity dollar reference base_2026q3_cloud_reference	2026Q3 / base	160.00 USD_millions	assumption: Desk assumption; not company guidance.
Activity realization base_2026q3_cloud_utilization	2026Q3 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Core cloud and services base_2026q3_core_cloud	2026Q3 / base	160.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2026q3_cloud_reference, base_2026q3_cloud_utilization).
Core revenue base_2026q3_core_revenue	2026Q3 / base	215.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2026q3_core_hardware, base_2026q3_core_cloud).
Customer-warrant contra-revenue base_2026q3_warrant_amort	2026Q3 / base	55.00 USD_millions	assumption: Desk assumption; not company guidance.
Data-center pass-through revenue base_2026q3_pass_through	2026Q3 / base	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Core and pass-through revenue base_2026q3_before_warrants	2026Q3 / base	235.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2026q3_core_revenue, base_2026q3_pass_through).
GAAP revenue proxy base_2026q3_revenue	2026Q3 / base	180.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2026q3_before_warrants, base_2026q3_warrant_amort).
Core gross margin base_2026q3_core_gm	2026Q3 / base	39.0% ratio	assumption: Desk assumption; not company guidance.
Core gross profit base_2026q3_core_gross	2026Q3 / base	83.85 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2026q3_core_revenue, base_2026q3_core_gm).
Core operating expense base_2026q3_core_opex	2026Q3 / base	135.45 USD_millions	assumption: Desk assumption; not company guidance.
Core operating income base_2026q3_core_op	2026Q3 / base	-51.60 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2026q3_core_gross, base_2026q3_core_opex).
Total stock-based compensation base_2026q3_sbc	2026Q3 / base	55.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash expenses excluded from core base_2026q3_cash_adjustments	2026Q3 / base	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Pass-through margin base_2026q3_pass_margin	2026Q3 / base	2.5% ratio	assumption: Desk assumption; not company guidance.
Pass-through gross contribution base_2026q3_pass_profit	2026Q3 / base	0.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2026q3_pass_through, base_2026q3_pass_margin).
Core operating result and pass-through profit base_2026q3_gaap_before_costs	2026Q3 / base	-51.10 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2026q3_core_op, base_2026q3_pass_profit).
Warrant amortization SBC and cash exclusions base_2026q3_reconciliation_costs	2026Q3 / base	113.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2026q3_warrant_amort, base_2026q3_sbc, base_2026q3_cash_adjustments).
GAAP operating income proxy base_2026q3_operating_income	2026Q3 / base	-164.10 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2026q3_gaap_before_costs, base_2026q3_reconciliation_costs).
Services used to repay customer loan base_2026q3_loan_offsets	2026Q3 / base	120.00 USD_millions	assumption: Explicit noncash principal settlement assumption; do not count this service billing as another cash receipt.
Customer loan remaining principal base_2026q3_ending_customer_loan	2026Q3 / base	798.24 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(customer_loan, base_2026q3_loan_offsets).
Depreciation and amortization base_2026q3_da	2026Q3 / base	35.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest income base_2026q3_interest_income	2026Q3 / base	60.00 USD_millions	assumption: Desk assumption; not company guidance.
Core operating income plus D&A and pass-through profit base_2026q3_cash_earnings	2026Q3 / base	43.90 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2026q3_core_op, base_2026q3_da, base_2026q3_pass_profit, base_2026q3_interest_income).
Other net working-capital use base_2026q3_wc	2026Q3 / base	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest and taxes base_2026q3_cash_interest_tax	2026Q3 / base	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Noncash billing offsets and other cash requirements base_2026q3_cash_requirements	2026Q3 / base	153.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2026q3_loan_offsets, base_2026q3_cash_adjustments, base_2026q3_wc, base_2026q3_cash_interest_tax).
Operating cash before construction proxy base_2026q3_cash_before_capex	2026Q3 / base	-109.10 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2026q3_cash_earnings, base_2026q3_cash_requirements).
Cash construction and equipment base_2026q3_capex	2026Q3 / base	700.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after construction base_2026q3_cash_after_capex	2026Q3 / base	-809.10 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2026q3_cash_before_capex, base_2026q3_capex).
Hardware delivered-work reference base_2026q4_hardware_reference	2026Q4 / base	65.00 USD_millions	assumption: Desk assumption; not company guidance.
Hardware acceptance share base_2026q4_hardware_acceptance	2026Q4 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Core hardware sales base_2026q4_core_hardware	2026Q4 / base	65.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2026q4_hardware_reference, base_2026q4_hardware_acceptance).
Cloud contracted-activity dollar reference base_2026q4_cloud_reference	2026Q4 / base	203.78 USD_millions	assumption: Desk assumption; not company guidance.
Activity realization base_2026q4_cloud_utilization	2026Q4 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Core cloud and services base_2026q4_core_cloud	2026Q4 / base	203.78 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2026q4_cloud_reference, base_2026q4_cloud_utilization).
Core revenue base_2026q4_core_revenue	2026Q4 / base	268.78 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2026q4_core_hardware, base_2026q4_core_cloud).
Customer-warrant contra-revenue base_2026q4_warrant_amort	2026Q4 / base	65.00 USD_millions	assumption: Desk assumption; not company guidance.
Data-center pass-through revenue base_2026q4_pass_through	2026Q4 / base	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Core and pass-through revenue base_2026q4_before_warrants	2026Q4 / base	298.78 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2026q4_core_revenue, base_2026q4_pass_through).
GAAP revenue proxy base_2026q4_revenue	2026Q4 / base	233.78 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2026q4_before_warrants, base_2026q4_warrant_amort).
Core gross margin base_2026q4_core_gm	2026Q4 / base	42.3% ratio	assumption: Desk assumption; not company guidance.
Core gross profit base_2026q4_core_gross	2026Q4 / base	113.69 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2026q4_core_revenue, base_2026q4_core_gm).
Core operating expense base_2026q4_core_opex	2026Q4 / base	184.26 USD_millions	assumption: Desk assumption; not company guidance.
Core operating income base_2026q4_core_op	2026Q4 / base	-70.57 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2026q4_core_gross, base_2026q4_core_opex).
Total stock-based compensation base_2026q4_sbc	2026Q4 / base	60.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash expenses excluded from core base_2026q4_cash_adjustments	2026Q4 / base	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Pass-through margin base_2026q4_pass_margin	2026Q4 / base	2.5% ratio	assumption: Desk assumption; not company guidance.
Pass-through gross contribution base_2026q4_pass_profit	2026Q4 / base	0.75 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2026q4_pass_through, base_2026q4_pass_margin).
Core operating result and pass-through profit base_2026q4_gaap_before_costs	2026Q4 / base	-69.82 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2026q4_core_op, base_2026q4_pass_profit).
Warrant amortization SBC and cash exclusions base_2026q4_reconciliation_costs	2026Q4 / base	128.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2026q4_warrant_amort, base_2026q4_sbc, base_2026q4_cash_adjustments).
GAAP operating income proxy base_2026q4_operating_income	2026Q4 / base	-197.82 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2026q4_gaap_before_costs, base_2026q4_reconciliation_costs).
Services used to repay customer loan base_2026q4_loan_offsets	2026Q4 / base	180.00 USD_millions	assumption: Explicit noncash principal settlement assumption; do not count this service billing as another cash receipt.
Customer loan remaining principal base_2026q4_ending_customer_loan	2026Q4 / base	618.24 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2026q3_ending_customer_loan, base_2026q4_loan_offsets).
Depreciation and amortization base_2026q4_da	2026Q4 / base	50.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest income base_2026q4_interest_income	2026Q4 / base	56.00 USD_millions	assumption: Desk assumption; not company guidance.
Core operating income plus D&A and pass-through profit base_2026q4_cash_earnings	2026Q4 / base	36.18 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2026q4_core_op, base_2026q4_da, base_2026q4_pass_profit, base_2026q4_interest_income).
Other net working-capital use base_2026q4_wc	2026Q4 / base	35.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest and taxes base_2026q4_cash_interest_tax	2026Q4 / base	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Noncash billing offsets and other cash requirements base_2026q4_cash_requirements	2026Q4 / base	223.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2026q4_loan_offsets, base_2026q4_cash_adjustments, base_2026q4_wc, base_2026q4_cash_interest_tax).
Operating cash before construction proxy base_2026q4_cash_before_capex	2026Q4 / base	-186.82 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2026q4_cash_earnings, base_2026q4_cash_requirements).
Cash construction and equipment base_2026q4_capex	2026Q4 / base	1,000.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after construction base_2026q4_cash_after_capex	2026Q4 / base	-1,186.82 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2026q4_cash_before_capex, base_2026q4_capex).
Hardware delivered-work reference base_2027q1_hardware_reference	2027Q1 / base	80.00 USD_millions	assumption: Desk assumption; not company guidance.
Hardware acceptance share base_2027q1_hardware_acceptance	2027Q1 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Core hardware sales base_2027q1_core_hardware	2027Q1 / base	80.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q1_hardware_reference, base_2027q1_hardware_acceptance).
Cloud contracted-activity dollar reference base_2027q1_cloud_reference	2027Q1 / base	370.00 USD_millions	assumption: Desk assumption; not company guidance.
Activity realization base_2027q1_cloud_utilization	2027Q1 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Core cloud and services base_2027q1_core_cloud	2027Q1 / base	370.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q1_cloud_reference, base_2027q1_cloud_utilization).
Core revenue base_2027q1_core_revenue	2027Q1 / base	450.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q1_core_hardware, base_2027q1_core_cloud).
Customer-warrant contra-revenue base_2027q1_warrant_amort	2027Q1 / base	90.00 USD_millions	assumption: Desk assumption; not company guidance.
Data-center pass-through revenue base_2027q1_pass_through	2027Q1 / base	50.00 USD_millions	assumption: Desk assumption; not company guidance.
Core and pass-through revenue base_2027q1_before_warrants	2027Q1 / base	500.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q1_core_revenue, base_2027q1_pass_through).
GAAP revenue proxy base_2027q1_revenue	2027Q1 / base	410.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q1_before_warrants, base_2027q1_warrant_amort).
Core gross margin base_2027q1_core_gm	2027Q1 / base	45.0% ratio	assumption: Desk assumption; not company guidance.
Core gross profit base_2027q1_core_gross	2027Q1 / base	202.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q1_core_revenue, base_2027q1_core_gm).
Core operating expense base_2027q1_core_opex	2027Q1 / base	245.00 USD_millions	assumption: Desk assumption; not company guidance.
Core operating income base_2027q1_core_op	2027Q1 / base	-42.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q1_core_gross, base_2027q1_core_opex).
Total stock-based compensation base_2027q1_sbc	2027Q1 / base	65.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash expenses excluded from core base_2027q1_cash_adjustments	2027Q1 / base	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Pass-through margin base_2027q1_pass_margin	2027Q1 / base	2.5% ratio	assumption: Desk assumption; not company guidance.
Pass-through gross contribution base_2027q1_pass_profit	2027Q1 / base	1.25 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q1_pass_through, base_2027q1_pass_margin).
Core operating result and pass-through profit base_2027q1_gaap_before_costs	2027Q1 / base	-41.25 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q1_core_op, base_2027q1_pass_profit).
Warrant amortization SBC and cash exclusions base_2027q1_reconciliation_costs	2027Q1 / base	158.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q1_warrant_amort, base_2027q1_sbc, base_2027q1_cash_adjustments).
GAAP operating income proxy base_2027q1_operating_income	2027Q1 / base	-199.25 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q1_gaap_before_costs, base_2027q1_reconciliation_costs).
Services used to repay customer loan base_2027q1_loan_offsets	2027Q1 / base	200.00 USD_millions	assumption: Explicit noncash principal settlement assumption; do not count this service billing as another cash receipt.
Customer loan remaining principal base_2027q1_ending_customer_loan	2027Q1 / base	418.24 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2026q4_ending_customer_loan, base_2027q1_loan_offsets).
Depreciation and amortization base_2027q1_da	2027Q1 / base	65.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest income base_2027q1_interest_income	2027Q1 / base	52.00 USD_millions	assumption: Desk assumption; not company guidance.
Core operating income plus D&A and pass-through profit base_2027q1_cash_earnings	2027Q1 / base	75.75 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q1_core_op, base_2027q1_da, base_2027q1_pass_profit, base_2027q1_interest_income).
Other net working-capital use base_2027q1_wc	2027Q1 / base	45.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest and taxes base_2027q1_cash_interest_tax	2027Q1 / base	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Noncash billing offsets and other cash requirements base_2027q1_cash_requirements	2027Q1 / base	253.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q1_loan_offsets, base_2027q1_cash_adjustments, base_2027q1_wc, base_2027q1_cash_interest_tax).
Operating cash before construction proxy base_2027q1_cash_before_capex	2027Q1 / base	-177.25 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q1_cash_earnings, base_2027q1_cash_requirements).
Cash construction and equipment base_2027q1_capex	2027Q1 / base	1,100.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after construction base_2027q1_cash_after_capex	2027Q1 / base	-1,277.25 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q1_cash_before_capex, base_2027q1_capex).
Hardware delivered-work reference base_2027q2_hardware_reference	2027Q2 / base	90.00 USD_millions	assumption: Desk assumption; not company guidance.
Hardware acceptance share base_2027q2_hardware_acceptance	2027Q2 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Core hardware sales base_2027q2_core_hardware	2027Q2 / base	90.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q2_hardware_reference, base_2027q2_hardware_acceptance).
Cloud contracted-activity dollar reference base_2027q2_cloud_reference	2027Q2 / base	560.00 USD_millions	assumption: Desk assumption; not company guidance.
Activity realization base_2027q2_cloud_utilization	2027Q2 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Core cloud and services base_2027q2_core_cloud	2027Q2 / base	560.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q2_cloud_reference, base_2027q2_cloud_utilization).
Core revenue base_2027q2_core_revenue	2027Q2 / base	650.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q2_core_hardware, base_2027q2_core_cloud).
Customer-warrant contra-revenue base_2027q2_warrant_amort	2027Q2 / base	120.00 USD_millions	assumption: Desk assumption; not company guidance.
Data-center pass-through revenue base_2027q2_pass_through	2027Q2 / base	80.00 USD_millions	assumption: Desk assumption; not company guidance.
Core and pass-through revenue base_2027q2_before_warrants	2027Q2 / base	730.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q2_core_revenue, base_2027q2_pass_through).
GAAP revenue proxy base_2027q2_revenue	2027Q2 / base	610.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q2_before_warrants, base_2027q2_warrant_amort).
Core gross margin base_2027q2_core_gm	2027Q2 / base	46.0% ratio	assumption: Desk assumption; not company guidance.
Core gross profit base_2027q2_core_gross	2027Q2 / base	299.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q2_core_revenue, base_2027q2_core_gm).
Core operating expense base_2027q2_core_opex	2027Q2 / base	270.00 USD_millions	assumption: Desk assumption; not company guidance.
Core operating income base_2027q2_core_op	2027Q2 / base	29.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q2_core_gross, base_2027q2_core_opex).
Total stock-based compensation base_2027q2_sbc	2027Q2 / base	70.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash expenses excluded from core base_2027q2_cash_adjustments	2027Q2 / base	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Pass-through margin base_2027q2_pass_margin	2027Q2 / base	2.5% ratio	assumption: Desk assumption; not company guidance.
Pass-through gross contribution base_2027q2_pass_profit	2027Q2 / base	2.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q2_pass_through, base_2027q2_pass_margin).
Core operating result and pass-through profit base_2027q2_gaap_before_costs	2027Q2 / base	31.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q2_core_op, base_2027q2_pass_profit).
Warrant amortization SBC and cash exclusions base_2027q2_reconciliation_costs	2027Q2 / base	193.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q2_warrant_amort, base_2027q2_sbc, base_2027q2_cash_adjustments).
GAAP operating income proxy base_2027q2_operating_income	2027Q2 / base	-162.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q2_gaap_before_costs, base_2027q2_reconciliation_costs).
Services used to repay customer loan base_2027q2_loan_offsets	2027Q2 / base	200.00 USD_millions	assumption: Explicit noncash principal settlement assumption; do not count this service billing as another cash receipt.
Customer loan remaining principal base_2027q2_ending_customer_loan	2027Q2 / base	218.24 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q1_ending_customer_loan, base_2027q2_loan_offsets).
Depreciation and amortization base_2027q2_da	2027Q2 / base	80.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest income base_2027q2_interest_income	2027Q2 / base	48.00 USD_millions	assumption: Desk assumption; not company guidance.
Core operating income plus D&A and pass-through profit base_2027q2_cash_earnings	2027Q2 / base	159.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q2_core_op, base_2027q2_da, base_2027q2_pass_profit, base_2027q2_interest_income).
Other net working-capital use base_2027q2_wc	2027Q2 / base	55.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest and taxes base_2027q2_cash_interest_tax	2027Q2 / base	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Noncash billing offsets and other cash requirements base_2027q2_cash_requirements	2027Q2 / base	263.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q2_loan_offsets, base_2027q2_cash_adjustments, base_2027q2_wc, base_2027q2_cash_interest_tax).
Operating cash before construction proxy base_2027q2_cash_before_capex	2027Q2 / base	-104.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q2_cash_earnings, base_2027q2_cash_requirements).
Cash construction and equipment base_2027q2_capex	2027Q2 / base	1,200.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after construction base_2027q2_cash_after_capex	2027Q2 / base	-1,304.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q2_cash_before_capex, base_2027q2_capex).
Hardware delivered-work reference base_2027q3_hardware_reference	2027Q3 / base	100.00 USD_millions	assumption: Desk assumption; not company guidance.
Hardware acceptance share base_2027q3_hardware_acceptance	2027Q3 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Core hardware sales base_2027q3_core_hardware	2027Q3 / base	100.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q3_hardware_reference, base_2027q3_hardware_acceptance).
Cloud contracted-activity dollar reference base_2027q3_cloud_reference	2027Q3 / base	750.00 USD_millions	assumption: Desk assumption; not company guidance.
Activity realization base_2027q3_cloud_utilization	2027Q3 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Core cloud and services base_2027q3_core_cloud	2027Q3 / base	750.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q3_cloud_reference, base_2027q3_cloud_utilization).
Core revenue base_2027q3_core_revenue	2027Q3 / base	850.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q3_core_hardware, base_2027q3_core_cloud).
Customer-warrant contra-revenue base_2027q3_warrant_amort	2027Q3 / base	150.00 USD_millions	assumption: Desk assumption; not company guidance.
Data-center pass-through revenue base_2027q3_pass_through	2027Q3 / base	110.00 USD_millions	assumption: Desk assumption; not company guidance.
Core and pass-through revenue base_2027q3_before_warrants	2027Q3 / base	960.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q3_core_revenue, base_2027q3_pass_through).
GAAP revenue proxy base_2027q3_revenue	2027Q3 / base	810.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q3_before_warrants, base_2027q3_warrant_amort).
Core gross margin base_2027q3_core_gm	2027Q3 / base	47.0% ratio	assumption: Desk assumption; not company guidance.
Core gross profit base_2027q3_core_gross	2027Q3 / base	399.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q3_core_revenue, base_2027q3_core_gm).
Core operating expense base_2027q3_core_opex	2027Q3 / base	295.00 USD_millions	assumption: Desk assumption; not company guidance.
Core operating income base_2027q3_core_op	2027Q3 / base	104.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q3_core_gross, base_2027q3_core_opex).
Total stock-based compensation base_2027q3_sbc	2027Q3 / base	75.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash expenses excluded from core base_2027q3_cash_adjustments	2027Q3 / base	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Pass-through margin base_2027q3_pass_margin	2027Q3 / base	2.5% ratio	assumption: Desk assumption; not company guidance.
Pass-through gross contribution base_2027q3_pass_profit	2027Q3 / base	2.75 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q3_pass_through, base_2027q3_pass_margin).
Core operating result and pass-through profit base_2027q3_gaap_before_costs	2027Q3 / base	107.25 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q3_core_op, base_2027q3_pass_profit).
Warrant amortization SBC and cash exclusions base_2027q3_reconciliation_costs	2027Q3 / base	228.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q3_warrant_amort, base_2027q3_sbc, base_2027q3_cash_adjustments).
GAAP operating income proxy base_2027q3_operating_income	2027Q3 / base	-120.75 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q3_gaap_before_costs, base_2027q3_reconciliation_costs).
Services used to repay customer loan base_2027q3_loan_offsets	2027Q3 / base	150.00 USD_millions	assumption: Explicit noncash principal settlement assumption; do not count this service billing as another cash receipt.
Customer loan remaining principal base_2027q3_ending_customer_loan	2027Q3 / base	68.24 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q2_ending_customer_loan, base_2027q3_loan_offsets).
Depreciation and amortization base_2027q3_da	2027Q3 / base	95.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest income base_2027q3_interest_income	2027Q3 / base	44.00 USD_millions	assumption: Desk assumption; not company guidance.
Core operating income plus D&A and pass-through profit base_2027q3_cash_earnings	2027Q3 / base	246.25 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q3_core_op, base_2027q3_da, base_2027q3_pass_profit, base_2027q3_interest_income).
Other net working-capital use base_2027q3_wc	2027Q3 / base	65.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest and taxes base_2027q3_cash_interest_tax	2027Q3 / base	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Noncash billing offsets and other cash requirements base_2027q3_cash_requirements	2027Q3 / base	223.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q3_loan_offsets, base_2027q3_cash_adjustments, base_2027q3_wc, base_2027q3_cash_interest_tax).
Operating cash before construction proxy base_2027q3_cash_before_capex	2027Q3 / base	23.25 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q3_cash_earnings, base_2027q3_cash_requirements).
Cash construction and equipment base_2027q3_capex	2027Q3 / base	1,200.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after construction base_2027q3_cash_after_capex	2027Q3 / base	-1,176.75 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q3_cash_before_capex, base_2027q3_capex).
Hardware delivered-work reference base_2027q4_hardware_reference	2027Q4 / base	110.00 USD_millions	assumption: Desk assumption; not company guidance.
Hardware acceptance share base_2027q4_hardware_acceptance	2027Q4 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Core hardware sales base_2027q4_core_hardware	2027Q4 / base	110.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q4_hardware_reference, base_2027q4_hardware_acceptance).
Cloud contracted-activity dollar reference base_2027q4_cloud_reference	2027Q4 / base	940.00 USD_millions	assumption: Desk assumption; not company guidance.
Activity realization base_2027q4_cloud_utilization	2027Q4 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Core cloud and services base_2027q4_core_cloud	2027Q4 / base	940.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q4_cloud_reference, base_2027q4_cloud_utilization).
Core revenue base_2027q4_core_revenue	2027Q4 / base	1,050.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q4_core_hardware, base_2027q4_core_cloud).
Customer-warrant contra-revenue base_2027q4_warrant_amort	2027Q4 / base	180.00 USD_millions	assumption: Desk assumption; not company guidance.
Data-center pass-through revenue base_2027q4_pass_through	2027Q4 / base	140.00 USD_millions	assumption: Desk assumption; not company guidance.
Core and pass-through revenue base_2027q4_before_warrants	2027Q4 / base	1,190.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q4_core_revenue, base_2027q4_pass_through).
GAAP revenue proxy base_2027q4_revenue	2027Q4 / base	1,010.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q4_before_warrants, base_2027q4_warrant_amort).
Core gross margin base_2027q4_core_gm	2027Q4 / base	48.0% ratio	assumption: Desk assumption; not company guidance.
Core gross profit base_2027q4_core_gross	2027Q4 / base	504.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q4_core_revenue, base_2027q4_core_gm).
Core operating expense base_2027q4_core_opex	2027Q4 / base	320.00 USD_millions	assumption: Desk assumption; not company guidance.
Core operating income base_2027q4_core_op	2027Q4 / base	184.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q4_core_gross, base_2027q4_core_opex).
Total stock-based compensation base_2027q4_sbc	2027Q4 / base	80.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash expenses excluded from core base_2027q4_cash_adjustments	2027Q4 / base	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Pass-through margin base_2027q4_pass_margin	2027Q4 / base	2.5% ratio	assumption: Desk assumption; not company guidance.
Pass-through gross contribution base_2027q4_pass_profit	2027Q4 / base	3.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q4_pass_through, base_2027q4_pass_margin).
Core operating result and pass-through profit base_2027q4_gaap_before_costs	2027Q4 / base	187.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q4_core_op, base_2027q4_pass_profit).
Warrant amortization SBC and cash exclusions base_2027q4_reconciliation_costs	2027Q4 / base	263.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q4_warrant_amort, base_2027q4_sbc, base_2027q4_cash_adjustments).
GAAP operating income proxy base_2027q4_operating_income	2027Q4 / base	-75.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q4_gaap_before_costs, base_2027q4_reconciliation_costs).
Services used to repay customer loan base_2027q4_loan_offsets	2027Q4 / base	68.24 USD_millions	assumption: Explicit noncash principal settlement assumption; do not count this service billing as another cash receipt.
Customer loan remaining principal base_2027q4_ending_customer_loan	2027Q4 / base	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q3_ending_customer_loan, base_2027q4_loan_offsets).
Depreciation and amortization base_2027q4_da	2027Q4 / base	110.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest income base_2027q4_interest_income	2027Q4 / base	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Core operating income plus D&A and pass-through profit base_2027q4_cash_earnings	2027Q4 / base	337.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q4_core_op, base_2027q4_da, base_2027q4_pass_profit, base_2027q4_interest_income).
Other net working-capital use base_2027q4_wc	2027Q4 / base	75.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest and taxes base_2027q4_cash_interest_tax	2027Q4 / base	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Noncash billing offsets and other cash requirements base_2027q4_cash_requirements	2027Q4 / base	151.24 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q4_loan_offsets, base_2027q4_cash_adjustments, base_2027q4_wc, base_2027q4_cash_interest_tax).
Operating cash before construction proxy base_2027q4_cash_before_capex	2027Q4 / base	186.26 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q4_cash_earnings, base_2027q4_cash_requirements).
Cash construction and equipment base_2027q4_capex	2027Q4 / base	1,100.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after construction base_2027q4_cash_after_capex	2027Q4 / base	-913.74 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q4_cash_before_capex, base_2027q4_capex).
GAAP revenue proxy ($M) base_fy2026_revenue	FY2026 / base	787.30 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, base_2026q3_revenue, base_2026q4_revenue).
Core revenue ($M) base_fy2026_core_revenue	FY2026 / base	885.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_core_revenue, base_2026q3_core_revenue, base_2026q4_core_revenue).
Core hardware ($M) base_fy2026_core_hardware	FY2026 / base	313.70 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_core_hardware, base_2026q3_core_hardware, base_2026q4_core_hardware).
Core cloud/services ($M) base_fy2026_core_cloud	FY2026 / base	571.30 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_core_cloud, base_2026q3_core_cloud, base_2026q4_core_cloud).
Customer-warrant revenue reduction ($M) base_fy2026_warrant_amort	FY2026 / base	166.31 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_warrant_amort, base_2026q3_warrant_amort, base_2026q4_warrant_amort).
Pass-through revenue ($M) base_fy2026_pass_through	FY2026 / base	68.61 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_pass_through, base_2026q3_pass_through, base_2026q4_pass_through).
Core operating income ($M) base_fy2026_core_op	FY2026 / base	-159.30 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_core_op, base_2026q3_core_op, base_2026q4_core_op).
GAAP operating income proxy ($M) base_fy2026_operating_income	FY2026 / base	-854.19 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, base_2026q3_operating_income, base_2026q4_operating_income).
Operating cash before construction proxy ($M) base_fy2026_cash_before_capex	FY2026 / base	-343.41 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_before_capex, base_2026q3_cash_before_capex, base_2026q4_cash_before_capex).
Cash PP&E ($M) base_fy2026_capex	FY2026 / base	2,248.87 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, base_2026q3_capex, base_2026q4_capex).
Cash after PP&E proxy ($M) base_fy2026_cash_after_capex	FY2026 / base	-2,592.28 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_capex, base_2026q3_cash_after_capex, base_2026q4_cash_after_capex).
Services credited against customer loan ($M) base_fy2026_loan_offsets	FY2026 / base	386.33 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_loan_offsets, base_2026q3_loan_offsets, base_2026q4_loan_offsets).
GAAP revenue proxy ($M) base_fy2027_revenue	FY2027 / base	2,840.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_revenue, base_2027q2_revenue, base_2027q3_revenue, base_2027q4_revenue).
Core revenue ($M) base_fy2027_core_revenue	FY2027 / base	3,000.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_core_revenue, base_2027q2_core_revenue, base_2027q3_core_revenue, base_2027q4_core_revenue).
Core hardware ($M) base_fy2027_core_hardware	FY2027 / base	380.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_core_hardware, base_2027q2_core_hardware, base_2027q3_core_hardware, base_2027q4_core_hardware).
Core cloud/services ($M) base_fy2027_core_cloud	FY2027 / base	2,620.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_core_cloud, base_2027q2_core_cloud, base_2027q3_core_cloud, base_2027q4_core_cloud).
Customer-warrant revenue reduction ($M) base_fy2027_warrant_amort	FY2027 / base	540.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_warrant_amort, base_2027q2_warrant_amort, base_2027q3_warrant_amort, base_2027q4_warrant_amort).
Pass-through revenue ($M) base_fy2027_pass_through	FY2027 / base	380.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_pass_through, base_2027q2_pass_through, base_2027q3_pass_through, base_2027q4_pass_through).
Core operating income ($M) base_fy2027_core_op	FY2027 / base	275.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_core_op, base_2027q2_core_op, base_2027q3_core_op, base_2027q4_core_op).
GAAP operating income proxy ($M) base_fy2027_operating_income	FY2027 / base	-557.50 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_operating_income, base_2027q2_operating_income, base_2027q3_operating_income, base_2027q4_operating_income).
Operating cash before construction proxy ($M) base_fy2027_cash_before_capex	FY2027 / base	-71.74 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cash_before_capex, base_2027q2_cash_before_capex, base_2027q3_cash_before_capex, base_2027q4_cash_before_capex).
Cash PP&E ($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 PP&E proxy ($M) base_fy2027_cash_after_capex	FY2027 / base	-4,671.74 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cash_after_capex, base_2027q2_cash_after_capex, base_2027q3_cash_after_capex, base_2027q4_cash_after_capex).
Services credited against customer loan ($M) base_fy2027_loan_offsets	FY2027 / base	618.24 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_loan_offsets, base_2027q2_loan_offsets, base_2027q3_loan_offsets, base_2027q4_loan_offsets).
Hardware delivered-work reference upside_2026q3_hardware_reference	2026Q3 / upside	60.00 USD_millions	assumption: Desk assumption; not company guidance.
Hardware acceptance share upside_2026q3_hardware_acceptance	2026Q3 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Core hardware sales upside_2026q3_core_hardware	2026Q3 / upside	60.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2026q3_hardware_reference, upside_2026q3_hardware_acceptance).
Cloud contracted-activity dollar reference upside_2026q3_cloud_reference	2026Q3 / upside	170.00 USD_millions	assumption: Desk assumption; not company guidance.
Activity realization upside_2026q3_cloud_utilization	2026Q3 / upside	105.0% ratio	assumption: Desk assumption; not company guidance.
Core cloud and services upside_2026q3_core_cloud	2026Q3 / upside	178.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2026q3_cloud_reference, upside_2026q3_cloud_utilization).
Core revenue upside_2026q3_core_revenue	2026Q3 / upside	238.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2026q3_core_hardware, upside_2026q3_core_cloud).
Customer-warrant contra-revenue upside_2026q3_warrant_amort	2026Q3 / upside	55.00 USD_millions	assumption: Desk assumption; not company guidance.
Data-center pass-through revenue upside_2026q3_pass_through	2026Q3 / upside	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Core and pass-through revenue upside_2026q3_before_warrants	2026Q3 / upside	258.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2026q3_core_revenue, upside_2026q3_pass_through).
GAAP revenue proxy upside_2026q3_revenue	2026Q3 / upside	203.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2026q3_before_warrants, upside_2026q3_warrant_amort).
Core gross margin upside_2026q3_core_gm	2026Q3 / upside	41.0% ratio	assumption: Desk assumption; not company guidance.
Core gross profit upside_2026q3_core_gross	2026Q3 / upside	97.78 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2026q3_core_revenue, upside_2026q3_core_gm).
Core operating expense upside_2026q3_core_opex	2026Q3 / upside	144.93 USD_millions	assumption: Desk assumption; not company guidance.
Core operating income upside_2026q3_core_op	2026Q3 / upside	-47.15 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2026q3_core_gross, upside_2026q3_core_opex).
Total stock-based compensation upside_2026q3_sbc	2026Q3 / upside	55.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash expenses excluded from core upside_2026q3_cash_adjustments	2026Q3 / upside	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Pass-through margin upside_2026q3_pass_margin	2026Q3 / upside	2.5% ratio	assumption: Desk assumption; not company guidance.
Pass-through gross contribution upside_2026q3_pass_profit	2026Q3 / upside	0.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2026q3_pass_through, upside_2026q3_pass_margin).
Core operating result and pass-through profit upside_2026q3_gaap_before_costs	2026Q3 / upside	-46.65 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2026q3_core_op, upside_2026q3_pass_profit).
Warrant amortization SBC and cash exclusions upside_2026q3_reconciliation_costs	2026Q3 / upside	113.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2026q3_warrant_amort, upside_2026q3_sbc, upside_2026q3_cash_adjustments).
GAAP operating income proxy upside_2026q3_operating_income	2026Q3 / upside	-159.65 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2026q3_gaap_before_costs, upside_2026q3_reconciliation_costs).
Services used to repay customer loan upside_2026q3_loan_offsets	2026Q3 / upside	120.00 USD_millions	assumption: Explicit noncash principal settlement assumption; do not count this service billing as another cash receipt.
Customer loan remaining principal upside_2026q3_ending_customer_loan	2026Q3 / upside	798.24 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(customer_loan, upside_2026q3_loan_offsets).
Depreciation and amortization upside_2026q3_da	2026Q3 / upside	35.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest income upside_2026q3_interest_income	2026Q3 / upside	60.00 USD_millions	assumption: Desk assumption; not company guidance.
Core operating income plus D&A and pass-through profit upside_2026q3_cash_earnings	2026Q3 / upside	48.35 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2026q3_core_op, upside_2026q3_da, upside_2026q3_pass_profit, upside_2026q3_interest_income).
Other net working-capital use upside_2026q3_wc	2026Q3 / upside	22.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest and taxes upside_2026q3_cash_interest_tax	2026Q3 / upside	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Noncash billing offsets and other cash requirements upside_2026q3_cash_requirements	2026Q3 / upside	150.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2026q3_loan_offsets, upside_2026q3_cash_adjustments, upside_2026q3_wc, upside_2026q3_cash_interest_tax).
Operating cash before construction proxy upside_2026q3_cash_before_capex	2026Q3 / upside	-102.15 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2026q3_cash_earnings, upside_2026q3_cash_requirements).
Cash construction and equipment upside_2026q3_capex	2026Q3 / upside	805.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after construction upside_2026q3_cash_after_capex	2026Q3 / upside	-907.15 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2026q3_cash_before_capex, upside_2026q3_capex).
Hardware delivered-work reference upside_2026q4_hardware_reference	2026Q4 / upside	75.00 USD_millions	assumption: Desk assumption; not company guidance.
Hardware acceptance share upside_2026q4_hardware_acceptance	2026Q4 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Core hardware sales upside_2026q4_core_hardware	2026Q4 / upside	75.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2026q4_hardware_reference, upside_2026q4_hardware_acceptance).
Cloud contracted-activity dollar reference upside_2026q4_cloud_reference	2026Q4 / upside	220.00 USD_millions	assumption: Desk assumption; not company guidance.
Activity realization upside_2026q4_cloud_utilization	2026Q4 / upside	105.0% ratio	assumption: Desk assumption; not company guidance.
Core cloud and services upside_2026q4_core_cloud	2026Q4 / upside	231.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2026q4_cloud_reference, upside_2026q4_cloud_utilization).
Core revenue upside_2026q4_core_revenue	2026Q4 / upside	306.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2026q4_core_hardware, upside_2026q4_core_cloud).
Customer-warrant contra-revenue upside_2026q4_warrant_amort	2026Q4 / upside	65.00 USD_millions	assumption: Desk assumption; not company guidance.
Data-center pass-through revenue upside_2026q4_pass_through	2026Q4 / upside	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Core and pass-through revenue upside_2026q4_before_warrants	2026Q4 / upside	336.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2026q4_core_revenue, upside_2026q4_pass_through).
GAAP revenue proxy upside_2026q4_revenue	2026Q4 / upside	271.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2026q4_before_warrants, upside_2026q4_warrant_amort).
Core gross margin upside_2026q4_core_gm	2026Q4 / upside	45.0% ratio	assumption: Desk assumption; not company guidance.
Core gross profit upside_2026q4_core_gross	2026Q4 / upside	137.70 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2026q4_core_revenue, upside_2026q4_core_gm).
Core operating expense upside_2026q4_core_opex	2026Q4 / upside	197.16 USD_millions	assumption: Desk assumption; not company guidance.
Core operating income upside_2026q4_core_op	2026Q4 / upside	-59.46 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2026q4_core_gross, upside_2026q4_core_opex).
Total stock-based compensation upside_2026q4_sbc	2026Q4 / upside	60.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash expenses excluded from core upside_2026q4_cash_adjustments	2026Q4 / upside	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Pass-through margin upside_2026q4_pass_margin	2026Q4 / upside	2.5% ratio	assumption: Desk assumption; not company guidance.
Pass-through gross contribution upside_2026q4_pass_profit	2026Q4 / upside	0.75 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2026q4_pass_through, upside_2026q4_pass_margin).
Core operating result and pass-through profit upside_2026q4_gaap_before_costs	2026Q4 / upside	-58.71 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2026q4_core_op, upside_2026q4_pass_profit).
Warrant amortization SBC and cash exclusions upside_2026q4_reconciliation_costs	2026Q4 / upside	128.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2026q4_warrant_amort, upside_2026q4_sbc, upside_2026q4_cash_adjustments).
GAAP operating income proxy upside_2026q4_operating_income	2026Q4 / upside	-186.71 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2026q4_gaap_before_costs, upside_2026q4_reconciliation_costs).
Services used to repay customer loan upside_2026q4_loan_offsets	2026Q4 / upside	180.00 USD_millions	assumption: Explicit noncash principal settlement assumption; do not count this service billing as another cash receipt.
Customer loan remaining principal upside_2026q4_ending_customer_loan	2026Q4 / upside	618.24 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2026q3_ending_customer_loan, upside_2026q4_loan_offsets).
Depreciation and amortization upside_2026q4_da	2026Q4 / upside	50.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest income upside_2026q4_interest_income	2026Q4 / upside	56.00 USD_millions	assumption: Desk assumption; not company guidance.
Core operating income plus D&A and pass-through profit upside_2026q4_cash_earnings	2026Q4 / upside	47.29 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2026q4_core_op, upside_2026q4_da, upside_2026q4_pass_profit, upside_2026q4_interest_income).
Other net working-capital use upside_2026q4_wc	2026Q4 / upside	31.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest and taxes upside_2026q4_cash_interest_tax	2026Q4 / upside	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Noncash billing offsets and other cash requirements upside_2026q4_cash_requirements	2026Q4 / upside	219.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2026q4_loan_offsets, upside_2026q4_cash_adjustments, upside_2026q4_wc, upside_2026q4_cash_interest_tax).
Operating cash before construction proxy upside_2026q4_cash_before_capex	2026Q4 / upside	-172.21 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2026q4_cash_earnings, upside_2026q4_cash_requirements).
Cash construction and equipment upside_2026q4_capex	2026Q4 / upside	1,150.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after construction upside_2026q4_cash_after_capex	2026Q4 / upside	-1,322.21 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2026q4_cash_before_capex, upside_2026q4_capex).
Hardware delivered-work reference upside_2027q1_hardware_reference	2027Q1 / upside	90.00 USD_millions	assumption: Desk assumption; not company guidance.
Hardware acceptance share upside_2027q1_hardware_acceptance	2027Q1 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Core hardware sales upside_2027q1_core_hardware	2027Q1 / upside	90.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q1_hardware_reference, upside_2027q1_hardware_acceptance).
Cloud contracted-activity dollar reference upside_2027q1_cloud_reference	2027Q1 / upside	425.00 USD_millions	assumption: Desk assumption; not company guidance.
Activity realization upside_2027q1_cloud_utilization	2027Q1 / upside	105.0% ratio	assumption: Desk assumption; not company guidance.
Core cloud and services upside_2027q1_core_cloud	2027Q1 / upside	446.25 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q1_cloud_reference, upside_2027q1_cloud_utilization).
Core revenue upside_2027q1_core_revenue	2027Q1 / upside	536.25 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q1_core_hardware, upside_2027q1_core_cloud).
Customer-warrant contra-revenue upside_2027q1_warrant_amort	2027Q1 / upside	90.00 USD_millions	assumption: Desk assumption; not company guidance.
Data-center pass-through revenue upside_2027q1_pass_through	2027Q1 / upside	50.00 USD_millions	assumption: Desk assumption; not company guidance.
Core and pass-through revenue upside_2027q1_before_warrants	2027Q1 / upside	586.25 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q1_core_revenue, upside_2027q1_pass_through).
GAAP revenue proxy upside_2027q1_revenue	2027Q1 / upside	496.25 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q1_before_warrants, upside_2027q1_warrant_amort).
Core gross margin upside_2027q1_core_gm	2027Q1 / upside	47.0% ratio	assumption: Desk assumption; not company guidance.
Core gross profit upside_2027q1_core_gross	2027Q1 / upside	252.04 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q1_core_revenue, upside_2027q1_core_gm).
Core operating expense upside_2027q1_core_opex	2027Q1 / upside	262.15 USD_millions	assumption: Desk assumption; not company guidance.
Core operating income upside_2027q1_core_op	2027Q1 / upside	-10.11 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q1_core_gross, upside_2027q1_core_opex).
Total stock-based compensation upside_2027q1_sbc	2027Q1 / upside	65.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash expenses excluded from core upside_2027q1_cash_adjustments	2027Q1 / upside	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Pass-through margin upside_2027q1_pass_margin	2027Q1 / upside	2.5% ratio	assumption: Desk assumption; not company guidance.
Pass-through gross contribution upside_2027q1_pass_profit	2027Q1 / upside	1.25 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q1_pass_through, upside_2027q1_pass_margin).
Core operating result and pass-through profit upside_2027q1_gaap_before_costs	2027Q1 / upside	-8.86 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q1_core_op, upside_2027q1_pass_profit).
Warrant amortization SBC and cash exclusions upside_2027q1_reconciliation_costs	2027Q1 / upside	158.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q1_warrant_amort, upside_2027q1_sbc, upside_2027q1_cash_adjustments).
GAAP operating income proxy upside_2027q1_operating_income	2027Q1 / upside	-166.86 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q1_gaap_before_costs, upside_2027q1_reconciliation_costs).
Services used to repay customer loan upside_2027q1_loan_offsets	2027Q1 / upside	200.00 USD_millions	assumption: Explicit noncash principal settlement assumption; do not count this service billing as another cash receipt.
Customer loan remaining principal upside_2027q1_ending_customer_loan	2027Q1 / upside	418.24 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2026q4_ending_customer_loan, upside_2027q1_loan_offsets).
Depreciation and amortization upside_2027q1_da	2027Q1 / upside	65.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest income upside_2027q1_interest_income	2027Q1 / upside	52.00 USD_millions	assumption: Desk assumption; not company guidance.
Core operating income plus D&A and pass-through profit upside_2027q1_cash_earnings	2027Q1 / upside	108.14 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q1_core_op, upside_2027q1_da, upside_2027q1_pass_profit, upside_2027q1_interest_income).
Other net working-capital use upside_2027q1_wc	2027Q1 / upside	40.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest and taxes upside_2027q1_cash_interest_tax	2027Q1 / upside	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Noncash billing offsets and other cash requirements upside_2027q1_cash_requirements	2027Q1 / upside	248.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q1_loan_offsets, upside_2027q1_cash_adjustments, upside_2027q1_wc, upside_2027q1_cash_interest_tax).
Operating cash before construction proxy upside_2027q1_cash_before_capex	2027Q1 / upside	-140.36 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q1_cash_earnings, upside_2027q1_cash_requirements).
Cash construction and equipment upside_2027q1_capex	2027Q1 / upside	1,265.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after construction upside_2027q1_cash_after_capex	2027Q1 / upside	-1,405.36 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q1_cash_before_capex, upside_2027q1_capex).
Hardware delivered-work reference upside_2027q2_hardware_reference	2027Q2 / upside	100.00 USD_millions	assumption: Desk assumption; not company guidance.
Hardware acceptance share upside_2027q2_hardware_acceptance	2027Q2 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Core hardware sales upside_2027q2_core_hardware	2027Q2 / upside	100.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q2_hardware_reference, upside_2027q2_hardware_acceptance).
Cloud contracted-activity dollar reference upside_2027q2_cloud_reference	2027Q2 / upside	650.00 USD_millions	assumption: Desk assumption; not company guidance.
Activity realization upside_2027q2_cloud_utilization	2027Q2 / upside	105.0% ratio	assumption: Desk assumption; not company guidance.
Core cloud and services upside_2027q2_core_cloud	2027Q2 / upside	682.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q2_cloud_reference, upside_2027q2_cloud_utilization).
Core revenue upside_2027q2_core_revenue	2027Q2 / upside	782.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q2_core_hardware, upside_2027q2_core_cloud).
Customer-warrant contra-revenue upside_2027q2_warrant_amort	2027Q2 / upside	120.00 USD_millions	assumption: Desk assumption; not company guidance.
Data-center pass-through revenue upside_2027q2_pass_through	2027Q2 / upside	80.00 USD_millions	assumption: Desk assumption; not company guidance.
Core and pass-through revenue upside_2027q2_before_warrants	2027Q2 / upside	862.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q2_core_revenue, upside_2027q2_pass_through).
GAAP revenue proxy upside_2027q2_revenue	2027Q2 / upside	742.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q2_before_warrants, upside_2027q2_warrant_amort).
Core gross margin upside_2027q2_core_gm	2027Q2 / upside	48.0% ratio	assumption: Desk assumption; not company guidance.
Core gross profit upside_2027q2_core_gross	2027Q2 / upside	375.60 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q2_core_revenue, upside_2027q2_core_gm).
Core operating expense upside_2027q2_core_opex	2027Q2 / upside	288.90 USD_millions	assumption: Desk assumption; not company guidance.
Core operating income upside_2027q2_core_op	2027Q2 / upside	86.70 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q2_core_gross, upside_2027q2_core_opex).
Total stock-based compensation upside_2027q2_sbc	2027Q2 / upside	70.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash expenses excluded from core upside_2027q2_cash_adjustments	2027Q2 / upside	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Pass-through margin upside_2027q2_pass_margin	2027Q2 / upside	2.5% ratio	assumption: Desk assumption; not company guidance.
Pass-through gross contribution upside_2027q2_pass_profit	2027Q2 / upside	2.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q2_pass_through, upside_2027q2_pass_margin).
Core operating result and pass-through profit upside_2027q2_gaap_before_costs	2027Q2 / upside	88.70 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q2_core_op, upside_2027q2_pass_profit).
Warrant amortization SBC and cash exclusions upside_2027q2_reconciliation_costs	2027Q2 / upside	193.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q2_warrant_amort, upside_2027q2_sbc, upside_2027q2_cash_adjustments).
GAAP operating income proxy upside_2027q2_operating_income	2027Q2 / upside	-104.30 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q2_gaap_before_costs, upside_2027q2_reconciliation_costs).
Services used to repay customer loan upside_2027q2_loan_offsets	2027Q2 / upside	200.00 USD_millions	assumption: Explicit noncash principal settlement assumption; do not count this service billing as another cash receipt.
Customer loan remaining principal upside_2027q2_ending_customer_loan	2027Q2 / upside	218.24 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q1_ending_customer_loan, upside_2027q2_loan_offsets).
Depreciation and amortization upside_2027q2_da	2027Q2 / upside	80.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest income upside_2027q2_interest_income	2027Q2 / upside	48.00 USD_millions	assumption: Desk assumption; not company guidance.
Core operating income plus D&A and pass-through profit upside_2027q2_cash_earnings	2027Q2 / upside	216.70 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q2_core_op, upside_2027q2_da, upside_2027q2_pass_profit, upside_2027q2_interest_income).
Other net working-capital use upside_2027q2_wc	2027Q2 / upside	49.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest and taxes upside_2027q2_cash_interest_tax	2027Q2 / upside	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Noncash billing offsets and other cash requirements upside_2027q2_cash_requirements	2027Q2 / upside	257.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q2_loan_offsets, upside_2027q2_cash_adjustments, upside_2027q2_wc, upside_2027q2_cash_interest_tax).
Operating cash before construction proxy upside_2027q2_cash_before_capex	2027Q2 / upside	-40.80 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q2_cash_earnings, upside_2027q2_cash_requirements).
Cash construction and equipment upside_2027q2_capex	2027Q2 / upside	1,380.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after construction upside_2027q2_cash_after_capex	2027Q2 / upside	-1,420.80 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q2_cash_before_capex, upside_2027q2_capex).
Hardware delivered-work reference upside_2027q3_hardware_reference	2027Q3 / upside	110.00 USD_millions	assumption: Desk assumption; not company guidance.
Hardware acceptance share upside_2027q3_hardware_acceptance	2027Q3 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Core hardware sales upside_2027q3_core_hardware	2027Q3 / upside	110.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q3_hardware_reference, upside_2027q3_hardware_acceptance).
Cloud contracted-activity dollar reference upside_2027q3_cloud_reference	2027Q3 / upside	900.00 USD_millions	assumption: Desk assumption; not company guidance.
Activity realization upside_2027q3_cloud_utilization	2027Q3 / upside	105.0% ratio	assumption: Desk assumption; not company guidance.
Core cloud and services upside_2027q3_core_cloud	2027Q3 / upside	945.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q3_cloud_reference, upside_2027q3_cloud_utilization).
Core revenue upside_2027q3_core_revenue	2027Q3 / upside	1,055.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q3_core_hardware, upside_2027q3_core_cloud).
Customer-warrant contra-revenue upside_2027q3_warrant_amort	2027Q3 / upside	150.00 USD_millions	assumption: Desk assumption; not company guidance.
Data-center pass-through revenue upside_2027q3_pass_through	2027Q3 / upside	110.00 USD_millions	assumption: Desk assumption; not company guidance.
Core and pass-through revenue upside_2027q3_before_warrants	2027Q3 / upside	1,165.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q3_core_revenue, upside_2027q3_pass_through).
GAAP revenue proxy upside_2027q3_revenue	2027Q3 / upside	1,015.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q3_before_warrants, upside_2027q3_warrant_amort).
Core gross margin upside_2027q3_core_gm	2027Q3 / upside	49.0% ratio	assumption: Desk assumption; not company guidance.
Core gross profit upside_2027q3_core_gross	2027Q3 / upside	516.95 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q3_core_revenue, upside_2027q3_core_gm).
Core operating expense upside_2027q3_core_opex	2027Q3 / upside	315.65 USD_millions	assumption: Desk assumption; not company guidance.
Core operating income upside_2027q3_core_op	2027Q3 / upside	201.30 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q3_core_gross, upside_2027q3_core_opex).
Total stock-based compensation upside_2027q3_sbc	2027Q3 / upside	75.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash expenses excluded from core upside_2027q3_cash_adjustments	2027Q3 / upside	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Pass-through margin upside_2027q3_pass_margin	2027Q3 / upside	2.5% ratio	assumption: Desk assumption; not company guidance.
Pass-through gross contribution upside_2027q3_pass_profit	2027Q3 / upside	2.75 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q3_pass_through, upside_2027q3_pass_margin).
Core operating result and pass-through profit upside_2027q3_gaap_before_costs	2027Q3 / upside	204.05 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q3_core_op, upside_2027q3_pass_profit).
Warrant amortization SBC and cash exclusions upside_2027q3_reconciliation_costs	2027Q3 / upside	228.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q3_warrant_amort, upside_2027q3_sbc, upside_2027q3_cash_adjustments).
GAAP operating income proxy upside_2027q3_operating_income	2027Q3 / upside	-23.95 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q3_gaap_before_costs, upside_2027q3_reconciliation_costs).
Services used to repay customer loan upside_2027q3_loan_offsets	2027Q3 / upside	150.00 USD_millions	assumption: Explicit noncash principal settlement assumption; do not count this service billing as another cash receipt.
Customer loan remaining principal upside_2027q3_ending_customer_loan	2027Q3 / upside	68.24 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q2_ending_customer_loan, upside_2027q3_loan_offsets).
Depreciation and amortization upside_2027q3_da	2027Q3 / upside	95.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest income upside_2027q3_interest_income	2027Q3 / upside	44.00 USD_millions	assumption: Desk assumption; not company guidance.
Core operating income plus D&A and pass-through profit upside_2027q3_cash_earnings	2027Q3 / upside	343.05 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q3_core_op, upside_2027q3_da, upside_2027q3_pass_profit, upside_2027q3_interest_income).
Other net working-capital use upside_2027q3_wc	2027Q3 / upside	58.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest and taxes upside_2027q3_cash_interest_tax	2027Q3 / upside	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Noncash billing offsets and other cash requirements upside_2027q3_cash_requirements	2027Q3 / upside	216.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q3_loan_offsets, upside_2027q3_cash_adjustments, upside_2027q3_wc, upside_2027q3_cash_interest_tax).
Operating cash before construction proxy upside_2027q3_cash_before_capex	2027Q3 / upside	126.55 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q3_cash_earnings, upside_2027q3_cash_requirements).
Cash construction and equipment upside_2027q3_capex	2027Q3 / upside	1,380.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after construction upside_2027q3_cash_after_capex	2027Q3 / upside	-1,253.45 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q3_cash_before_capex, upside_2027q3_capex).
Hardware delivered-work reference upside_2027q4_hardware_reference	2027Q4 / upside	120.00 USD_millions	assumption: Desk assumption; not company guidance.
Hardware acceptance share upside_2027q4_hardware_acceptance	2027Q4 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Core hardware sales upside_2027q4_core_hardware	2027Q4 / upside	120.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q4_hardware_reference, upside_2027q4_hardware_acceptance).
Cloud contracted-activity dollar reference upside_2027q4_cloud_reference	2027Q4 / upside	1,150.00 USD_millions	assumption: Desk assumption; not company guidance.
Activity realization upside_2027q4_cloud_utilization	2027Q4 / upside	105.0% ratio	assumption: Desk assumption; not company guidance.
Core cloud and services upside_2027q4_core_cloud	2027Q4 / upside	1,207.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q4_cloud_reference, upside_2027q4_cloud_utilization).
Core revenue upside_2027q4_core_revenue	2027Q4 / upside	1,327.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q4_core_hardware, upside_2027q4_core_cloud).
Customer-warrant contra-revenue upside_2027q4_warrant_amort	2027Q4 / upside	180.00 USD_millions	assumption: Desk assumption; not company guidance.
Data-center pass-through revenue upside_2027q4_pass_through	2027Q4 / upside	140.00 USD_millions	assumption: Desk assumption; not company guidance.
Core and pass-through revenue upside_2027q4_before_warrants	2027Q4 / upside	1,467.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q4_core_revenue, upside_2027q4_pass_through).
GAAP revenue proxy upside_2027q4_revenue	2027Q4 / upside	1,287.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q4_before_warrants, upside_2027q4_warrant_amort).
Core gross margin upside_2027q4_core_gm	2027Q4 / upside	50.0% ratio	assumption: Desk assumption; not company guidance.
Core gross profit upside_2027q4_core_gross	2027Q4 / upside	663.75 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q4_core_revenue, upside_2027q4_core_gm).
Core operating expense upside_2027q4_core_opex	2027Q4 / upside	342.40 USD_millions	assumption: Desk assumption; not company guidance.
Core operating income upside_2027q4_core_op	2027Q4 / upside	321.35 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q4_core_gross, upside_2027q4_core_opex).
Total stock-based compensation upside_2027q4_sbc	2027Q4 / upside	80.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash expenses excluded from core upside_2027q4_cash_adjustments	2027Q4 / upside	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Pass-through margin upside_2027q4_pass_margin	2027Q4 / upside	2.5% ratio	assumption: Desk assumption; not company guidance.
Pass-through gross contribution upside_2027q4_pass_profit	2027Q4 / upside	3.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q4_pass_through, upside_2027q4_pass_margin).
Core operating result and pass-through profit upside_2027q4_gaap_before_costs	2027Q4 / upside	324.85 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q4_core_op, upside_2027q4_pass_profit).
Warrant amortization SBC and cash exclusions upside_2027q4_reconciliation_costs	2027Q4 / upside	263.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q4_warrant_amort, upside_2027q4_sbc, upside_2027q4_cash_adjustments).
GAAP operating income proxy upside_2027q4_operating_income	2027Q4 / upside	61.85 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q4_gaap_before_costs, upside_2027q4_reconciliation_costs).
Services used to repay customer loan upside_2027q4_loan_offsets	2027Q4 / upside	68.24 USD_millions	assumption: Explicit noncash principal settlement assumption; do not count this service billing as another cash receipt.
Customer loan remaining principal upside_2027q4_ending_customer_loan	2027Q4 / upside	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q3_ending_customer_loan, upside_2027q4_loan_offsets).
Depreciation and amortization upside_2027q4_da	2027Q4 / upside	110.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest income upside_2027q4_interest_income	2027Q4 / upside	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Core operating income plus D&A and pass-through profit upside_2027q4_cash_earnings	2027Q4 / upside	474.85 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q4_core_op, upside_2027q4_da, upside_2027q4_pass_profit, upside_2027q4_interest_income).
Other net working-capital use upside_2027q4_wc	2027Q4 / upside	67.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash interest and taxes upside_2027q4_cash_interest_tax	2027Q4 / upside	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Noncash billing offsets and other cash requirements upside_2027q4_cash_requirements	2027Q4 / upside	143.74 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q4_loan_offsets, upside_2027q4_cash_adjustments, upside_2027q4_wc, upside_2027q4_cash_interest_tax).
Operating cash before construction proxy upside_2027q4_cash_before_capex	2027Q4 / upside	331.11 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q4_cash_earnings, upside_2027q4_cash_requirements).
Cash construction and equipment upside_2027q4_capex	2027Q4 / upside	1,265.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after construction upside_2027q4_cash_after_capex	2027Q4 / upside	-933.89 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q4_cash_before_capex, upside_2027q4_capex).
GAAP revenue proxy ($M) upside_fy2026_revenue	FY2026 / upside	848.02 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, upside_2026q3_revenue, upside_2026q4_revenue).
Core revenue ($M) upside_fy2026_core_revenue	FY2026 / upside	945.72 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_core_revenue, upside_2026q3_core_revenue, upside_2026q4_core_revenue).
Core hardware ($M) upside_fy2026_core_hardware	FY2026 / upside	328.70 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_core_hardware, upside_2026q3_core_hardware, upside_2026q4_core_hardware).
Core cloud/services ($M) upside_fy2026_core_cloud	FY2026 / upside	617.01 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_core_cloud, upside_2026q3_core_cloud, upside_2026q4_core_cloud).
Customer-warrant revenue reduction ($M) upside_fy2026_warrant_amort	FY2026 / upside	166.31 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_warrant_amort, upside_2026q3_warrant_amort, upside_2026q4_warrant_amort).
Pass-through revenue ($M) upside_fy2026_pass_through	FY2026 / upside	68.61 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_pass_through, upside_2026q3_pass_through, upside_2026q4_pass_through).
Core operating income ($M) upside_fy2026_core_op	FY2026 / upside	-143.73 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_core_op, upside_2026q3_core_op, upside_2026q4_core_op).
GAAP operating income proxy ($M) upside_fy2026_operating_income	FY2026 / upside	-838.62 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, upside_2026q3_operating_income, upside_2026q4_operating_income).
Operating cash before construction proxy ($M) upside_fy2026_cash_before_capex	FY2026 / upside	-321.84 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_before_capex, upside_2026q3_cash_before_capex, upside_2026q4_cash_before_capex).
Cash PP&E ($M) upside_fy2026_capex	FY2026 / upside	2,503.87 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, upside_2026q3_capex, upside_2026q4_capex).
Cash after PP&E proxy ($M) upside_fy2026_cash_after_capex	FY2026 / upside	-2,825.72 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_capex, upside_2026q3_cash_after_capex, upside_2026q4_cash_after_capex).
Services credited against customer loan ($M) upside_fy2026_loan_offsets	FY2026 / upside	386.33 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_loan_offsets, upside_2026q3_loan_offsets, upside_2026q4_loan_offsets).
GAAP revenue proxy ($M) upside_fy2027_revenue	FY2027 / upside	3,541.25 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_revenue, upside_2027q2_revenue, upside_2027q3_revenue, upside_2027q4_revenue).
Core revenue ($M) upside_fy2027_core_revenue	FY2027 / upside	3,701.25 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_core_revenue, upside_2027q2_core_revenue, upside_2027q3_core_revenue, upside_2027q4_core_revenue).
Core hardware ($M) upside_fy2027_core_hardware	FY2027 / upside	420.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_core_hardware, upside_2027q2_core_hardware, upside_2027q3_core_hardware, upside_2027q4_core_hardware).
Core cloud/services ($M) upside_fy2027_core_cloud	FY2027 / upside	3,281.25 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_core_cloud, upside_2027q2_core_cloud, upside_2027q3_core_cloud, upside_2027q4_core_cloud).
Customer-warrant revenue reduction ($M) upside_fy2027_warrant_amort	FY2027 / upside	540.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_warrant_amort, upside_2027q2_warrant_amort, upside_2027q3_warrant_amort, upside_2027q4_warrant_amort).
Pass-through revenue ($M) upside_fy2027_pass_through	FY2027 / upside	380.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_pass_through, upside_2027q2_pass_through, upside_2027q3_pass_through, upside_2027q4_pass_through).
Core operating income ($M) upside_fy2027_core_op	FY2027 / upside	599.24 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_core_op, upside_2027q2_core_op, upside_2027q3_core_op, upside_2027q4_core_op).
GAAP operating income proxy ($M) upside_fy2027_operating_income	FY2027 / upside	-233.26 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_operating_income, upside_2027q2_operating_income, upside_2027q3_operating_income, upside_2027q4_operating_income).
Operating cash before construction proxy ($M) upside_fy2027_cash_before_capex	FY2027 / upside	276.49 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cash_before_capex, upside_2027q2_cash_before_capex, upside_2027q3_cash_before_capex, upside_2027q4_cash_before_capex).
Cash PP&E ($M) upside_fy2027_capex	FY2027 / upside	5,290.00 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 PP&E proxy ($M) upside_fy2027_cash_after_capex	FY2027 / upside	-5,013.51 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cash_after_capex, upside_2027q2_cash_after_capex, upside_2027q3_cash_after_capex, upside_2027q4_cash_after_capex).
Services credited against customer loan ($M) upside_fy2027_loan_offsets	FY2027 / upside	618.24 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_loan_offsets, upside_2027q2_loan_offsets, upside_2027q3_loan_offsets, upside_2027q4_loan_offsets).

Model boundaries

Core metrics exclude customer-warrant amortization, pass-through revenue/cost and other adjustments. They are not GAAP revenue or cash receipts. Forecast reconciliation amounts are desk sensitivities.
Core cloud activity is modeled directly in dollar capacity rather than inventing undisclosed delivered MW, token pricing or utilization history. Contracted capacity, usable capacity and billable activity remain distinct.
June RPO $25.4B includes long-duration commitments and some pass-through amounts. Its 22% expected recognition within 24 months is not an annual run rate; no automatic conversion of all RPO into sales.
The $918.244M OpenAI loan can be repaid with service and other noncash credits. Forecast offsets exhaust that June principal only; contractual cash repayment and future draws are not predicted.
Cash-before-construction is an operating funding proxy, not a full GAAP cash-flow forecast. It excludes new financing, restricted-cash releases, debt principal paid in cash and acquisitions; those require a separate funding decision.
June cash $6.742B and investments $1.179B exclude $684.680M restricted cash. The undrawn $850M revolver is contingent capacity, not present cash.
September Finland agreement covers phased 165 MW with initial 50 MW construction. Regional investment estimates belong to the project context, not a disclosed Cerebras capex commitment or immediate revenue.
No complete EPS, share-class, warrant dilution or valuation bridge. Eight quarterly income histories include directly reported IPO-prospectus comparatives; unavailable earlier cash flows stay unknown.

Inference growth through the warrant and infrastructure cash bridge

Research reviewed 2026-09-20

Can contracted AI demand scale into profitable cloud activity without overstating revenue quality or available cash?

Q2 GAAP revenue was $180.1M versus core revenue $209.9M: $14.5M pass-through revenue is removed and $44.3M customer-warrant amortization added back. Core operating loss was $33.6M versus GAAP $477.2M, heavily affected by IPO compensation. H1 CFO was negative $47.5M and PP&E cash purchases $548.9M. June cash and investments totaled $7.922B, excluding $684.7M restricted cash. The OpenAI working-capital loan balance was $918.2M after $86.3M noncash service credits; $736.0M is current. FY2026 core revenue guidance is $880-890M. September 1 added a phased Finland capacity agreement; 165 MW is contracted capacity, not currently billable revenue.

The competing explanation

Concentrated customers and ambitious delivery schedules can leave costly capacity underused. Core revenue excludes substantial shareholder incentives, and service-funded loan repayment separates accounting revenue from new cash receipts.

Risks to track

OpenAI and other major-customer concentration.
Construction availability, acceptance and utilization.
Customer-warrant dilution and contra-revenue.
Noncash debt settlement and restricted funding.
Fixed infrastructure commitments versus changing inference demand.

Next checkpoints

Q3 core-to-GAAP reconciliation · Next results; date unconfirmed (estimated). Check $214-216M core revenue against warrants, pass-through and cash collections.
Infrastructure delivery · Each contracted-capacity update (estimated). Verify commissioned and utilized capacity, including phased Finland service orders.
Customer loan and capital program · Each quarterly filing (estimated). Reconcile noncash billings, remaining principal, restricted balances and cash PP&E.

Data coverage and open work

Core metrics exclude customer-warrant amortization, pass-through revenue/cost and other adjustments. They are not GAAP revenue or cash receipts. Forecast reconciliation amounts are desk sensitivities.
Core cloud activity is modeled directly in dollar capacity rather than inventing undisclosed delivered MW, token pricing or utilization history. Contracted capacity, usable capacity and billable activity remain distinct.
June RPO $25.4B includes long-duration commitments and some pass-through amounts. Its 22% expected recognition within 24 months is not an annual run rate; no automatic conversion of all RPO into sales.
The $918.244M OpenAI loan can be repaid with service and other noncash credits. Forecast offsets exhaust that June principal only; contractual cash repayment and future draws are not predicted.
Cash-before-construction is an operating funding proxy, not a full GAAP cash-flow forecast. It excludes new financing, restricted-cash releases, debt principal paid in cash and acquisitions; those require a separate funding decision.
June cash $6.742B and investments $1.179B exclude $684.680M restricted cash. The undrawn $850M revolver is contingent capacity, not present cash.
September Finland agreement covers phased 165 MW with initial 50 MW construction. Regional investment estimates belong to the project context, not a disclosed Cerebras capex commitment or immediate revenue.
No complete EPS, share-class, warrant dilution or valuation bridge. Eight quarterly income histories include directly reported IPO-prospectus comparatives; unavailable earlier cash flows stay unknown.

This review: Added separate core/GAAP bridges, noncash OpenAI service settlement and September Finland capacity context.

What the memory says

No comparison for CBRS: No built market state is available for CBRS.

Notes on this name

No published notes on this name yet.

Scorecard: 0 notes scored

Next report: 2026-11-10 (source: estimated from 10-Q filed 2026-08-12 plus 90 days)

Provenance

[1] reported: IPO prospectus directly reported quarterly consolidated result; not attributable common EPS; retrieved 2026-09-20T14:10:07.291034+00:00 from https://www.sec.gov/Archives/edgar/data/2021728/000162828026033143/cerebras-sx1a2.htm
[2] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001628280-26-044981, 10-Q filed 2026-06-24; retrieved 2026-09-20T14:19:00+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002021728.json
[3] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001628280-26-056357, 10-Q filed 2026-08-12; retrieved 2026-09-20T14:19:00+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002021728.json
[4] reported: GrossProfit, accession 0001628280-26-044981, 10-Q filed 2026-06-24; retrieved 2026-09-20T14:19:00+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002021728.json
[5] reported: GrossProfit, accession 0001628280-26-056357, 10-Q filed 2026-08-12; retrieved 2026-09-20T14:19:00+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002021728.json
[6] reported: OperatingIncomeLoss, accession 0001628280-26-044981, 10-Q filed 2026-06-24; retrieved 2026-09-20T14:19:00+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002021728.json
[7] reported: OperatingIncomeLoss, accession 0001628280-26-056357, 10-Q filed 2026-08-12; retrieved 2026-09-20T14:19:00+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002021728.json
[8] reported: NetIncomeLoss, accession 0001628280-26-056357, 10-Q filed 2026-08-12; retrieved 2026-09-20T14:19:00+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002021728.json
[9] reported: EarningsPerShareDiluted, accession 0001628280-26-044981, 10-Q filed 2026-06-24; retrieved 2026-09-20T14:19:00+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002021728.json
[10] reported: EarningsPerShareDiluted, accession 0001628280-26-056357, 10-Q filed 2026-08-12; retrieved 2026-09-20T14:19:00+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002021728.json
[11] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001628280-26-044981, 10-Q filed 2026-06-24; retrieved 2026-09-20T14:19:00+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002021728.json
[12] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001628280-26-056357, 10-Q filed 2026-08-12; retrieved 2026-09-20T14:19:00+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002021728.json
[13] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001628280-26-044981, 10-Q filed 2026-06-24; retrieved 2026-09-20T14:19:00+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002021728.json
[14] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001628280-26-056357, 10-Q filed 2026-08-12; retrieved 2026-09-20T14:19:00+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002021728.json
[15] reported: LongTermDebtNoncurrent, accession 0001628280-26-044981, 10-Q filed 2026-06-24; retrieved 2026-09-20T14:19:00+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002021728.json
[16] reported: LongTermDebtNoncurrent, accession 0001628280-26-056357, 10-Q filed 2026-08-12; retrieved 2026-09-20T14:19:00+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002021728.json
[17] reported: NetCashProvidedByUsedInOperatingActivities, accession 0001628280-26-044981, 10-Q filed 2026-06-24; retrieved 2026-09-20T14:19:00+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002021728.json
[18] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001628280-26-056357, 10-Q filed 2026-08-12; retrieved 2026-09-20T14:19:00+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002021728.json
[19] reported: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001628280-26-044981, 10-Q filed 2026-06-24; retrieved 2026-09-20T14:19:00+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002021728.json
[20] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001628280-26-056357, 10-Q filed 2026-08-12; retrieved 2026-09-20T14:19:00+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002021728.json
[21] derived: CFO - capex; NetCashProvidedByUsedInOperatingActivities [https://data.sec.gov/api/xbrl/companyfacts/CIK0002021728.json; filed 2026-06-24] ; PaymentsToAcquirePropertyPlantAndEquipment [https://data.sec.gov/api/xbrl/companyfacts/CIK0002021728.json; filed 2026-06-24], accession 0001628280-26-044981, 10-Q filed 2026-06-24; retrieved 2026-09-20T14:19:00+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002021728.json
[22] derived: CFO - capex; NetCashProvidedByUsedInOperatingActivities [https://data.sec.gov/api/xbrl/companyfacts/CIK0002021728.json; filed 2026-08-12] ; PaymentsToAcquirePropertyPlantAndEquipment [https://data.sec.gov/api/xbrl/companyfacts/CIK0002021728.json; filed 2026-08-12], accession 0001628280-26-056357, 10-Q filed 2026-08-12; retrieved 2026-09-20T14:19:00+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002021728.json

What the author read

June accounts, OpenAI loan and RPO · retrieved 2026-09-20
Q2 results and core-metric reconciliation/outlook · retrieved 2026-09-20
September 1 phased Finland capacity agreement · retrieved 2026-09-20
IPO prospectus quarterly financial history · retrieved 2026-09-20

Compiled 2026-09-20T14:19:00.266363+00:00 · authored 45bdc599e0c4 · generated c9d78f85360d · JSON

Daily notes · Scorecard