ALPHAFORGE RESEARCH · COMPANY FILE · AI INFRASTRUCTURE & POWER

$CIFR

Cipher Digital Inc. · Nasdaq · SIC 6199 · CIK 1819989 · revision 11 as of 2026-09-28

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Research status

Evidence awaiting review · 217 pending evidence leads

Financial accounts through: 2026-06-30
Authored update: 2026-09-28
Source scan: 2026-10-12 09:40 ET
Full model review: 2026-09-20 14:09 ET
Latest event review: 2026-09-28 21:30 ET
Oldest pending lead: 2026-09-21 09:40 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

Cipher Mining Slides as New Coverage Flags Debt Risks - TipRanks
Freedom Capital Markets Maintains Cipher Digital(CIFR.US) With Hold Rating, Maintains Target Price $22 - Moomoo
Cipher Mining initiated with a Neutral at Rothschild & Co Redburn - TipRanks
Rothschild Redburn initiates Cipher Mining stock with neutral rating By Investing.com - Investing.com Nigeria
Rothschild & Co Redburn Initiates Cipher Digital at Neutral - marketscreener.com

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

Cipher Digital is converting a Bitcoin-mining platform into a developer and owner of HPC data centers. Long leases can produce recurring property income, but revenue starts only after tenant delivery and acceptance. Mining remains a smaller source of cash while construction, project debt and restricted reserves dominate the funding picture.

Three drivers

Contracted capacity delivered and accepted on time
Property NOI retained after overhead and financing
Construction spending, restricted cash and debt service

Thesis

Our view

The useful underwriting question is whether the existing contracted projects start rent on schedule and retain enough cash after financing. The company schedule rises from $97M HPC NOI in 2026 to $686M in 2027, but these are property economics, not parent free cash flow. A large restricted cash balance finances a large construction obligation. Successful delivery can change the earnings mix quickly; it does not automatically remove the need for disciplined financing. September power-access developments add options, subject to regulatory conditions and funding, rather than new contracted rent in this model.

What changes it

Track rent commencement, construction cash and unrestricted cash. Delay at Barber Lake or Stingray, weaker mining economics or capex overruns weaken the case; accepted capacity and NOI on schedule strengthen it. Verify the grid audit, power rights and gas-lateral cash obligations. Reconcile restricted-fund releases with construction, principal and any Google warrant settlement before reading NOI as owner cash. The September 24 amendment moves Barber Lake rent to Q4 2026 and adds a ten-year follow-on lease; verify the amended rent schedule before changing lease cells.

Scenario ranges

Named downside/base/upside operating assumptions; not probabilities, price targets or the short-horizon market-memory bands.

Model · 8 fiscal quarters (last eight)

Fiscal quarter	2024Q3 2024-09-30	2024Q4 2024-12-31	2025Q1 2025-03-31	2025Q2 2025-06-30	2025Q3 2025-09-30	2025Q4 2025-12-31	2026Q1 2026-03-31	2026Q2 2026-06-30
Revenue ($M)	24.1¹	42.2†²	49.0³	43.6⁴	71.7¹	59.7†²	34.8³	24.8⁴
Gross profit ($M)	—	—	—	—	—	—	—	—
Operating income ($M)	-91.4⁵	17.1†⁶	-38.1⁷	-45.2⁸	-37.6⁵	-300.6†⁶	-114.6⁷	-78.5⁸
Net income ($M)	-86.8⁹	17.5†¹⁰	-39.0¹¹	-45.8¹²	-3.3⁹	-734.2†¹⁰	-114.3¹¹	-267.5¹²
EPS, diluted ($)	-0.26¹³	—	-0.11¹⁴	-0.12¹⁵	-0.01¹³	—	-0.28¹⁴	-0.65¹⁵
Diluted shares (M)	332.7¹⁶	—	360.5¹⁷	375.1¹⁸	393.2¹⁶	—	405.1¹⁷	409.4¹⁸
Cash ($M)	25.3¹⁹	5.6²⁰	23.2²¹	62.7²²	1,207.4¹⁹	628.3²²	715.2²¹	831.8²²
Long-term debt ($M)	—	0.0²³	—	167.1²⁴	1,023.1²⁵	2,711.6²⁶	4,376.8²⁷	5,446.9²⁶
Cash from operations ($M)	-6.5†²⁸	-29.0†²⁹	-47.2³⁰	-56.2†³¹	-50.1†²⁸	-54.4†²⁹	91.5³⁰	-243.5†³¹
Capex ($M)	76.6†³²	47.1†³³	99.7³⁴	118.6†³⁵	43.8†³²	225.9†³³	554.0³⁴	410.3†³⁵
Free cash flow ($M)	-83.2†³⁶	-76.1†³⁷	-146.9†³⁸	-174.8†³⁹	-93.8†³⁶	-280.3†³⁷	-462.5†³⁸	-653.8†³⁹

† 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	33.5	—	2026-09-20	Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2026Q4	124.0	—	2026-09-20	Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q1	153.2	—	2026-09-20	Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q2	197.7	—	2026-09-20	Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.

Contracted rent, delivery timing and project cash

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

Use the company annual contracted HPC NOI schedule as the reference, then vary delivery, quarterly phasing and the NOI-to-revenue conversion. Add separately modeled Bitcoin revenue. Subtract cash overhead, contractual coupon accrual and other cash uses, then construction spending. Historical H1 cash includes Bitcoin-sale proceeds classified in investing activities. Cash metrics are analytical proxies, not GAAP cash flow or distributable cash. FY2026 combines reported H1 with two forecast quarters; FY2027 sums four desk quarters. September conditional grid capacity and proposed generation are monitored in checkpoints and contribute no additional modeled revenue; incremental expansion costs remain unquantified. A separate funding roll-forward reconciles June unrestricted cash, operating cash after capex, restricted releases, dated net financing and principal/other cash uses. Annual funding balances use Q4 stocks. Negative values show unfilled financing needs, not feasible negative cash accounts.

Reported anchors and guidance

Measure	Period	Value	Basis
June unrestricted cash	2026Q2	831.83	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-04
Total restricted cash	2026Q2	3,727.96	derived. Current plus noncurrent restricted cash; not available corporate liquidity.
Total debt principal	2026Q2	6,015.50	derived. Five disclosed instruments; excludes undrawn revolver.
Annual contractual coupon run rate	Annual	297.60	derived. Static June debt principal times stated rates; economic accrual, not payment calendar.
Company contracted NOI schedule 2026	FY2026	97.00	management guidance. Company schedule on presentation slide 4; non-GAAP property NOI, not revenue or a guaranteed payment. Source · 2026-08-04
Company contracted NOI schedule 2027	FY2027	686.00	management guidance. Company schedule on presentation slide 4; non-GAAP property NOI, not revenue or a guaranteed payment. Source · 2026-08-04
H1 cash after PP&E including Bitcoin sales	H1 2026	-992.84	derived. Analytical cash bridge; Bitcoin sales are investing cash flow.
Scheduled principal: remainder of 2026	H2 2026	18.48	reported. 10-Q debt maturity table; excludes future borrowing, early conversion settlement and lease principal. Source · 2026-08-04
Scheduled principal: 2027	FY2027	217.10	reported. 10-Q debt maturity table; annual contractual total, not a quarterly payment forecast. Source · 2026-08-04
June common shares outstanding	2026Q2	414.25	reported. Point-in-time outstanding common shares, excluding treasury stock; not weighted-average EPS shares. Source · 2026-08-04
June disclosed potential additional shares	2026Q2	204.70	derived. Sum of separately disclosed excluded instruments; no probability or GAAP dilution claim.
June Google warrant shares	2026Q2	24.18	reported. Warrants at $0.01 exercise price. Additional shares and/or cash may be owed under the $430M minimum-value provision before exercise commences. Source · 2026-08-04
Google warrant minimum-value condition	Lease commencement	430.00	reported. Contractual minimum before the exercise period: a shortfall may require extra shares and/or cash. No current liability settlement forecast is inferred. Source · 2026-08-04

Downside scenario

Period	Cash construction capex ($M)	HPC property NOI ($M)	Revenue ($M)	Funding balance under stated assumptions ($M)	Cash after capex proxy ($M)	Cash before capex proxy ($M)	Remaining restricted cash in funding bridge ($M)
2026Q3	650.00	2.18	22.44	526.60	-760.23	-110.23	3,272.96
2026Q4	650.00	70.57	100.41	271.03	-692.09	-42.09	2,817.96
2027Q1	400.00	65.86	93.62	49.83	-446.93	-46.93	2,537.96
2027Q2	350.00	120.74	156.94	-101.62	-342.17	7.83	2,292.96
FY2026	2,264.26	72.75	182.52	271.03	-2,445.16	-180.90	2,817.96
FY2027	1,200.00	548.80	702.77	-209.16	-1,103.08	96.92	1,977.96

Base scenario

Period	Cash construction capex ($M)	HPC property NOI ($M)	Revenue ($M)	Funding balance under stated assumptions ($M)	Cash after capex proxy ($M)	Cash before capex proxy ($M)	Remaining restricted cash in funding bridge ($M)
2026Q3	600.00	7.76	33.46	679.40	-692.43	-92.43	3,187.96
2026Q4	600.00	89.24	123.99	589.97	-610.95	-10.95	2,647.96
2027Q1	350.00	116.62	153.17	516.82	-333.88	16.12	2,332.96
2027Q2	300.00	157.78	197.66	489.51	-243.03	56.97	2,062.96
FY2026	2,164.26	97.00	217.13	589.97	-2,296.22	-131.96	2,647.96
FY2027	1,000.00	686.00	849.15	555.01	-717.86	282.14	1,747.96

Upside scenario

Period	Cash construction capex ($M)	HPC property NOI ($M)	Revenue ($M)	Funding balance under stated assumptions ($M)	Cash after capex proxy ($M)	Cash before capex proxy ($M)	Remaining restricted cash in funding bridge ($M)
2026Q3	550.00	12.22	43.09	752.57	-629.25	-79.25	3,177.96
2026Q4	550.00	89.63	127.23	732.25	-551.85	-1.85	2,627.96
2027Q1	300.00	141.32	182.17	727.32	-250.66	49.34	2,327.96
2027Q2	250.00	169.58	211.65	750.15	-172.89	77.11	2,077.96
FY2026	2,064.26	101.85	229.99	732.25	-2,173.94	-109.68	2,627.96
FY2027	800.00	706.58	874.82	850.85	-464.30	335.70	1,827.96

All inputs and formulas — reproduce this model

Input / calculation	Period / case	Value / unit	Evidence or assumption
One quarter of a year quarter	Model / shared	25.0% ratio	assumption: Arithmetic time conversion.
Average divisor two	Model / shared	200.0% ratio	assumption: Arithmetic constant.
H1 revenue h1_revenue	H1 2026 / shared	59.67 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 GAAP operating cash flow h1_cfo	H1 2026 / shared	-152.01 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 Bitcoin sale proceeds, investing h1_btc_sales	H1 2026 / shared	123.43 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 cash PP&E purchases h1_capex	H1 2026 / shared	964.26 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
June unrestricted cash h1_cash	2026Q2 / shared	831.83 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
June current restricted cash h1_restricted_current	2026Q2 / shared	3,188.45 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
June noncurrent restricted cash h1_restricted_noncurrent	2026Q2 / shared	539.51 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
Q2 mining revenue h1_q2_mining	2026Q2 / shared	24.84 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
Total restricted cash restricted_cash	2026Q2 / shared	3,727.96 USD_millions	derived: Current plus noncurrent restricted cash; not available corporate liquidity. Formula: sum(h1_restricted_current, h1_restricted_noncurrent).
H1 cash before PP&E including Bitcoin sales h1_cash_before_capex	H1 2026 / shared	-28.58 USD_millions	derived: GAAP CFO plus separately classified Bitcoin-sale proceeds. Formula: sum(h1_cfo, h1_btc_sales).
H1 cash after PP&E including Bitcoin sales h1_cash_after_capex	H1 2026 / shared	-992.84 USD_millions	derived: Analytical cash bridge; Bitcoin sales are investing cash flow. Formula: subtract(h1_cash_before_capex, h1_capex).
H1 HPC NOI before first lease commencement h1_hpc_noi	H1 2026 / shared	0.00 USD_millions	assumption: Desk inference of no HPC NOI before first HPC rent commencement in August; H1 reported revenue was mining. See August business update. Primary source · 2026-08-04
Company contracted NOI schedule 2026 noi_schedule_2026	FY2026 / shared	97.00 USD_millions	management guidance: Company schedule on presentation slide 4; non-GAAP property NOI, not revenue or a guaranteed payment. Primary source · 2026-08-04
Company contracted NOI schedule 2027 noi_schedule_2027	FY2027 / shared	686.00 USD_millions	management guidance: Company schedule on presentation slide 4; non-GAAP property NOI, not revenue or a guaranteed payment. Primary source · 2026-08-04
barber debt principal barber_principal	2026Q2 / shared	1,733.00 USD_millions	reported: Debt table principal, not balance-sheet carrying value. Primary source · 2026-08-04
barber coupon rate barber_coupon_rate	Annual / shared	7.1% ratio	reported: Contractual coupon; excludes financing fees and principal. Primary source · 2026-08-04
barber annual coupon barber_coupon	Annual / shared	123.48 USD_millions	derived: Principal times stated coupon. Formula: multiply(barber_principal, barber_coupon_rate).
black pearl debt principal black_pearl_principal	2026Q2 / shared	2,000.00 USD_millions	reported: Debt table principal, not balance-sheet carrying value. Primary source · 2026-08-04
black pearl coupon rate black_pearl_coupon_rate	Annual / shared	6.1% ratio	reported: Contractual coupon; excludes financing fees and principal. Primary source · 2026-08-04
black pearl annual coupon black_pearl_coupon	Annual / shared	122.50 USD_millions	derived: Principal times stated coupon. Formula: multiply(black_pearl_principal, black_pearl_coupon_rate).
stingray debt principal stingray_principal	2026Q2 / shared	810.00 USD_millions	reported: Debt table principal, not balance-sheet carrying value. Primary source · 2026-08-04
stingray coupon rate stingray_coupon_rate	Annual / shared	6.0% ratio	reported: Contractual coupon; excludes financing fees and principal. Primary source · 2026-08-04
stingray annual coupon stingray_coupon	Annual / shared	48.60 USD_millions	derived: Principal times stated coupon. Formula: multiply(stingray_principal, stingray_coupon_rate).
convert 2030 debt principal convert_2030_principal	2026Q2 / shared	172.50 USD_millions	reported: Debt table principal, not balance-sheet carrying value. Primary source · 2026-08-04
convert 2030 coupon rate convert_2030_coupon_rate	Annual / shared	1.8% ratio	reported: Contractual coupon; excludes financing fees and principal. Primary source · 2026-08-04
convert 2030 annual coupon convert_2030_coupon	Annual / shared	3.02 USD_millions	derived: Principal times stated coupon. Formula: multiply(convert_2030_principal, convert_2030_coupon_rate).
convert 2031 debt principal convert_2031_principal	2026Q2 / shared	1,300.00 USD_millions	reported: Debt table principal, not balance-sheet carrying value. Primary source · 2026-08-04
convert 2031 coupon rate convert_2031_coupon_rate	Annual / shared	0.0% ratio	reported: Contractual coupon; excludes financing fees and principal. Primary source · 2026-08-04
convert 2031 annual coupon convert_2031_coupon	Annual / shared	0.00 USD_millions	derived: Principal times stated coupon. Formula: multiply(convert_2031_principal, convert_2031_coupon_rate).
Total debt principal debt_principal	2026Q2 / shared	6,015.50 USD_millions	derived: Five disclosed instruments; excludes undrawn revolver. Formula: sum(barber_principal, black_pearl_principal, stingray_principal, convert_2030_principal, convert_2031_principal).
Annual contractual coupon run rate annual_coupon	Annual / shared	297.60 USD_millions	derived: Static June debt principal times stated rates; economic accrual, not payment calendar. Formula: sum(barber_coupon, black_pearl_coupon, stingray_coupon, convert_2030_coupon, convert_2031_coupon).
Quarterly coupon accrual quarter_coupon	Forecast / shared	74.40 USD_millions	derived: Even quarterly coupon burden; capex excludes debt principal. Formula: multiply(annual_coupon, quarter).
Contracted NOI realization factor downside_2026_delivery	FY2026 / downside	75.0% ratio	assumption: Desk sensitivity to delivery and ramp timing versus company contracted NOI schedule; not added capacity.
Annual scenario HPC NOI downside_2026_noi	FY2026 / downside	72.75 USD_millions	derived: Company reference times desk realization factor. Formula: multiply(noi_schedule_2026, downside_2026_delivery).
Contracted NOI realization factor downside_2027_delivery	FY2027 / downside	80.0% ratio	assumption: Desk sensitivity to delivery and ramp timing versus company contracted NOI schedule; not added capacity.
Annual scenario HPC NOI downside_2027_noi	FY2027 / downside	548.80 USD_millions	derived: Company reference times desk realization factor. Formula: multiply(noi_schedule_2027, downside_2027_delivery).
Share of annual HPC NOI downside_2026q3_noi_weight	2026Q3 / downside	3.0% ratio	assumption: Desk lease-commencement phasing; shares sum to one within each calendar year.
HPC property NOI downside_2026q3_hpc_noi	2026Q3 / downside	2.18 USD_millions	derived: Annual NOI scenario times quarterly allocation. Formula: multiply(downside_2026_noi, downside_2026q3_noi_weight).
NOI / HPC revenue assumption downside_2026q3_property_margin	2026Q3 / downside	85.0% ratio	assumption: Assumed property cash margin; not disclosed contract pricing or GAAP margin.
Implied HPC revenue downside_2026q3_hpc_revenue	2026Q3 / downside	2.57 USD_millions	derived: NOI divided by assumed property margin; gross-revenue proxy. Formula: divide(downside_2026q3_hpc_noi, downside_2026q3_property_margin).
Mining revenue / Q2 baseline downside_2026q3_mining_factor	2026Q3 / downside	80.0% ratio	assumption: Desk Bitcoin price, hashprice and remaining mining-capacity sensitivity; no unsigned HPC reuse.
Mining revenue downside_2026q3_mining	2026Q3 / downside	19.87 USD_millions	derived: Reported Q2 revenue times desk mining factor. Formula: multiply(h1_q2_mining, downside_2026q3_mining_factor).
Total revenue downside_2026q3_revenue	2026Q3 / downside	22.44 USD_millions	derived: HPC revenue proxy plus mining revenue. Formula: sum(downside_2026q3_hpc_revenue, downside_2026q3_mining).
Mining cash contribution margin downside_2026q3_mining_margin	2026Q3 / downside	10.0% ratio	assumption: Desk cash margin before corporate overhead and financing; not GAAP segment profit.
Mining cash contribution downside_2026q3_mining_cash	2026Q3 / downside	1.99 USD_millions	derived: Modeled mining cash economics assuming production monetized in the quarter. Formula: multiply(downside_2026q3_mining, downside_2026q3_mining_margin).
HPC and mining cash contribution downside_2026q3_property_cash	2026Q3 / downside	4.17 USD_millions	derived: Property cash contribution before corporate and financing costs. Formula: sum(downside_2026q3_hpc_noi, downside_2026q3_mining_cash).
Cash corporate overhead downside_2026q3_corp	2026Q3 / downside	28.00 USD_millions	assumption: Desk recurring cash overhead; excludes noncash stock compensation and valuation changes.
Other net operating cash uses downside_2026q3_other	2026Q3 / downside	12.00 USD_millions	assumption: Desk net tax, working-capital and interest-income allowance; positive is a cash use.
Corporate, coupon and other cash uses downside_2026q3_cash_uses	2026Q3 / downside	114.40 USD_millions	derived: Debt principal, restricted reserves and new financing excluded. Formula: sum(downside_2026q3_corp, quarter_coupon, downside_2026q3_other).
Cash before capex proxy downside_2026q3_cash_before_capex	2026Q3 / downside	-110.23 USD_millions	derived: Analytical cash economics including mining monetization; not GAAP CFO. Formula: subtract(downside_2026q3_property_cash, downside_2026q3_cash_uses).
Cash construction capex downside_2026q3_capex	2026Q3 / downside	650.00 USD_millions	assumption: Desk remaining project-spend timing; not company guidance. Downside includes delay/overrun costs.
Cash after capex proxy downside_2026q3_cash_after_capex	2026Q3 / downside	-760.23 USD_millions	derived: Pre-financing, before debt principal, acquisitions and project reserve movements. Formula: subtract(downside_2026q3_cash_before_capex, downside_2026q3_capex).
Share of annual HPC NOI downside_2026q4_noi_weight	2026Q4 / downside	97.0% ratio	assumption: Desk lease-commencement phasing; shares sum to one within each calendar year.
HPC property NOI downside_2026q4_hpc_noi	2026Q4 / downside	70.57 USD_millions	derived: Annual NOI scenario times quarterly allocation. Formula: multiply(downside_2026_noi, downside_2026q4_noi_weight).
NOI / HPC revenue assumption downside_2026q4_property_margin	2026Q4 / downside	85.0% ratio	assumption: Assumed property cash margin; not disclosed contract pricing or GAAP margin.
Implied HPC revenue downside_2026q4_hpc_revenue	2026Q4 / downside	83.02 USD_millions	derived: NOI divided by assumed property margin; gross-revenue proxy. Formula: divide(downside_2026q4_hpc_noi, downside_2026q4_property_margin).
Mining revenue / Q2 baseline downside_2026q4_mining_factor	2026Q4 / downside	70.0% ratio	assumption: Desk Bitcoin price, hashprice and remaining mining-capacity sensitivity; no unsigned HPC reuse.
Mining revenue downside_2026q4_mining	2026Q4 / downside	17.39 USD_millions	derived: Reported Q2 revenue times desk mining factor. Formula: multiply(h1_q2_mining, downside_2026q4_mining_factor).
Total revenue downside_2026q4_revenue	2026Q4 / downside	100.41 USD_millions	derived: HPC revenue proxy plus mining revenue. Formula: sum(downside_2026q4_hpc_revenue, downside_2026q4_mining).
Mining cash contribution margin downside_2026q4_mining_margin	2026Q4 / downside	10.0% ratio	assumption: Desk cash margin before corporate overhead and financing; not GAAP segment profit.
Mining cash contribution downside_2026q4_mining_cash	2026Q4 / downside	1.74 USD_millions	derived: Modeled mining cash economics assuming production monetized in the quarter. Formula: multiply(downside_2026q4_mining, downside_2026q4_mining_margin).
HPC and mining cash contribution downside_2026q4_property_cash	2026Q4 / downside	72.31 USD_millions	derived: Property cash contribution before corporate and financing costs. Formula: sum(downside_2026q4_hpc_noi, downside_2026q4_mining_cash).
Cash corporate overhead downside_2026q4_corp	2026Q4 / downside	28.00 USD_millions	assumption: Desk recurring cash overhead; excludes noncash stock compensation and valuation changes.
Other net operating cash uses downside_2026q4_other	2026Q4 / downside	12.00 USD_millions	assumption: Desk net tax, working-capital and interest-income allowance; positive is a cash use.
Corporate, coupon and other cash uses downside_2026q4_cash_uses	2026Q4 / downside	114.40 USD_millions	derived: Debt principal, restricted reserves and new financing excluded. Formula: sum(downside_2026q4_corp, quarter_coupon, downside_2026q4_other).
Cash before capex proxy downside_2026q4_cash_before_capex	2026Q4 / downside	-42.09 USD_millions	derived: Analytical cash economics including mining monetization; not GAAP CFO. Formula: subtract(downside_2026q4_property_cash, downside_2026q4_cash_uses).
Cash construction capex downside_2026q4_capex	2026Q4 / downside	650.00 USD_millions	assumption: Desk remaining project-spend timing; not company guidance. Downside includes delay/overrun costs.
Cash after capex proxy downside_2026q4_cash_after_capex	2026Q4 / downside	-692.09 USD_millions	derived: Pre-financing, before debt principal, acquisitions and project reserve movements. Formula: subtract(downside_2026q4_cash_before_capex, downside_2026q4_capex).
Share of annual HPC NOI downside_2027q1_noi_weight	2027Q1 / downside	12.0% ratio	assumption: Desk lease-commencement phasing; shares sum to one within each calendar year.
HPC property NOI downside_2027q1_hpc_noi	2027Q1 / downside	65.86 USD_millions	derived: Annual NOI scenario times quarterly allocation. Formula: multiply(downside_2027_noi, downside_2027q1_noi_weight).
NOI / HPC revenue assumption downside_2027q1_property_margin	2027Q1 / downside	85.0% ratio	assumption: Assumed property cash margin; not disclosed contract pricing or GAAP margin.
Implied HPC revenue downside_2027q1_hpc_revenue	2027Q1 / downside	77.48 USD_millions	derived: NOI divided by assumed property margin; gross-revenue proxy. Formula: divide(downside_2027q1_hpc_noi, downside_2027q1_property_margin).
Mining revenue / Q2 baseline downside_2027q1_mining_factor	2027Q1 / downside	65.0% ratio	assumption: Desk Bitcoin price, hashprice and remaining mining-capacity sensitivity; no unsigned HPC reuse.
Mining revenue downside_2027q1_mining	2027Q1 / downside	16.14 USD_millions	derived: Reported Q2 revenue times desk mining factor. Formula: multiply(h1_q2_mining, downside_2027q1_mining_factor).
Total revenue downside_2027q1_revenue	2027Q1 / downside	93.62 USD_millions	derived: HPC revenue proxy plus mining revenue. Formula: sum(downside_2027q1_hpc_revenue, downside_2027q1_mining).
Mining cash contribution margin downside_2027q1_mining_margin	2027Q1 / downside	10.0% ratio	assumption: Desk cash margin before corporate overhead and financing; not GAAP segment profit.
Mining cash contribution downside_2027q1_mining_cash	2027Q1 / downside	1.61 USD_millions	derived: Modeled mining cash economics assuming production monetized in the quarter. Formula: multiply(downside_2027q1_mining, downside_2027q1_mining_margin).
HPC and mining cash contribution downside_2027q1_property_cash	2027Q1 / downside	67.47 USD_millions	derived: Property cash contribution before corporate and financing costs. Formula: sum(downside_2027q1_hpc_noi, downside_2027q1_mining_cash).
Cash corporate overhead downside_2027q1_corp	2027Q1 / downside	28.00 USD_millions	assumption: Desk recurring cash overhead; excludes noncash stock compensation and valuation changes.
Other net operating cash uses downside_2027q1_other	2027Q1 / downside	12.00 USD_millions	assumption: Desk net tax, working-capital and interest-income allowance; positive is a cash use.
Corporate, coupon and other cash uses downside_2027q1_cash_uses	2027Q1 / downside	114.40 USD_millions	derived: Debt principal, restricted reserves and new financing excluded. Formula: sum(downside_2027q1_corp, quarter_coupon, downside_2027q1_other).
Cash before capex proxy downside_2027q1_cash_before_capex	2027Q1 / downside	-46.93 USD_millions	derived: Analytical cash economics including mining monetization; not GAAP CFO. Formula: subtract(downside_2027q1_property_cash, downside_2027q1_cash_uses).
Cash construction capex downside_2027q1_capex	2027Q1 / downside	400.00 USD_millions	assumption: Desk remaining project-spend timing; not company guidance. Downside includes delay/overrun costs.
Cash after capex proxy downside_2027q1_cash_after_capex	2027Q1 / downside	-446.93 USD_millions	derived: Pre-financing, before debt principal, acquisitions and project reserve movements. Formula: subtract(downside_2027q1_cash_before_capex, downside_2027q1_capex).
Share of annual HPC NOI downside_2027q2_noi_weight	2027Q2 / downside	22.0% ratio	assumption: Desk lease-commencement phasing; shares sum to one within each calendar year.
HPC property NOI downside_2027q2_hpc_noi	2027Q2 / downside	120.74 USD_millions	derived: Annual NOI scenario times quarterly allocation. Formula: multiply(downside_2027_noi, downside_2027q2_noi_weight).
NOI / HPC revenue assumption downside_2027q2_property_margin	2027Q2 / downside	85.0% ratio	assumption: Assumed property cash margin; not disclosed contract pricing or GAAP margin.
Implied HPC revenue downside_2027q2_hpc_revenue	2027Q2 / downside	142.04 USD_millions	derived: NOI divided by assumed property margin; gross-revenue proxy. Formula: divide(downside_2027q2_hpc_noi, downside_2027q2_property_margin).
Mining revenue / Q2 baseline downside_2027q2_mining_factor	2027Q2 / downside	60.0% ratio	assumption: Desk Bitcoin price, hashprice and remaining mining-capacity sensitivity; no unsigned HPC reuse.
Mining revenue downside_2027q2_mining	2027Q2 / downside	14.90 USD_millions	derived: Reported Q2 revenue times desk mining factor. Formula: multiply(h1_q2_mining, downside_2027q2_mining_factor).
Total revenue downside_2027q2_revenue	2027Q2 / downside	156.94 USD_millions	derived: HPC revenue proxy plus mining revenue. Formula: sum(downside_2027q2_hpc_revenue, downside_2027q2_mining).
Mining cash contribution margin downside_2027q2_mining_margin	2027Q2 / downside	10.0% ratio	assumption: Desk cash margin before corporate overhead and financing; not GAAP segment profit.
Mining cash contribution downside_2027q2_mining_cash	2027Q2 / downside	1.49 USD_millions	derived: Modeled mining cash economics assuming production monetized in the quarter. Formula: multiply(downside_2027q2_mining, downside_2027q2_mining_margin).
HPC and mining cash contribution downside_2027q2_property_cash	2027Q2 / downside	122.23 USD_millions	derived: Property cash contribution before corporate and financing costs. Formula: sum(downside_2027q2_hpc_noi, downside_2027q2_mining_cash).
Cash corporate overhead downside_2027q2_corp	2027Q2 / downside	28.00 USD_millions	assumption: Desk recurring cash overhead; excludes noncash stock compensation and valuation changes.
Other net operating cash uses downside_2027q2_other	2027Q2 / downside	12.00 USD_millions	assumption: Desk net tax, working-capital and interest-income allowance; positive is a cash use.
Corporate, coupon and other cash uses downside_2027q2_cash_uses	2027Q2 / downside	114.40 USD_millions	derived: Debt principal, restricted reserves and new financing excluded. Formula: sum(downside_2027q2_corp, quarter_coupon, downside_2027q2_other).
Cash before capex proxy downside_2027q2_cash_before_capex	2027Q2 / downside	7.83 USD_millions	derived: Analytical cash economics including mining monetization; not GAAP CFO. Formula: subtract(downside_2027q2_property_cash, downside_2027q2_cash_uses).
Cash construction capex downside_2027q2_capex	2027Q2 / downside	350.00 USD_millions	assumption: Desk remaining project-spend timing; not company guidance. Downside includes delay/overrun costs.
Cash after capex proxy downside_2027q2_cash_after_capex	2027Q2 / downside	-342.17 USD_millions	derived: Pre-financing, before debt principal, acquisitions and project reserve movements. Formula: subtract(downside_2027q2_cash_before_capex, downside_2027q2_capex).
Share of annual HPC NOI downside_2027q3_noi_weight	2027Q3 / downside	31.0% ratio	assumption: Desk lease-commencement phasing; shares sum to one within each calendar year.
HPC property NOI downside_2027q3_hpc_noi	2027Q3 / downside	170.13 USD_millions	derived: Annual NOI scenario times quarterly allocation. Formula: multiply(downside_2027_noi, downside_2027q3_noi_weight).
NOI / HPC revenue assumption downside_2027q3_property_margin	2027Q3 / downside	85.0% ratio	assumption: Assumed property cash margin; not disclosed contract pricing or GAAP margin.
Implied HPC revenue downside_2027q3_hpc_revenue	2027Q3 / downside	200.15 USD_millions	derived: NOI divided by assumed property margin; gross-revenue proxy. Formula: divide(downside_2027q3_hpc_noi, downside_2027q3_property_margin).
Mining revenue / Q2 baseline downside_2027q3_mining_factor	2027Q3 / downside	55.0% ratio	assumption: Desk Bitcoin price, hashprice and remaining mining-capacity sensitivity; no unsigned HPC reuse.
Mining revenue downside_2027q3_mining	2027Q3 / downside	13.66 USD_millions	derived: Reported Q2 revenue times desk mining factor. Formula: multiply(h1_q2_mining, downside_2027q3_mining_factor).
Total revenue downside_2027q3_revenue	2027Q3 / downside	213.81 USD_millions	derived: HPC revenue proxy plus mining revenue. Formula: sum(downside_2027q3_hpc_revenue, downside_2027q3_mining).
Mining cash contribution margin downside_2027q3_mining_margin	2027Q3 / downside	10.0% ratio	assumption: Desk cash margin before corporate overhead and financing; not GAAP segment profit.
Mining cash contribution downside_2027q3_mining_cash	2027Q3 / downside	1.37 USD_millions	derived: Modeled mining cash economics assuming production monetized in the quarter. Formula: multiply(downside_2027q3_mining, downside_2027q3_mining_margin).
HPC and mining cash contribution downside_2027q3_property_cash	2027Q3 / downside	171.49 USD_millions	derived: Property cash contribution before corporate and financing costs. Formula: sum(downside_2027q3_hpc_noi, downside_2027q3_mining_cash).
Cash corporate overhead downside_2027q3_corp	2027Q3 / downside	28.00 USD_millions	assumption: Desk recurring cash overhead; excludes noncash stock compensation and valuation changes.
Other net operating cash uses downside_2027q3_other	2027Q3 / downside	12.00 USD_millions	assumption: Desk net tax, working-capital and interest-income allowance; positive is a cash use.
Corporate, coupon and other cash uses downside_2027q3_cash_uses	2027Q3 / downside	114.40 USD_millions	derived: Debt principal, restricted reserves and new financing excluded. Formula: sum(downside_2027q3_corp, quarter_coupon, downside_2027q3_other).
Cash before capex proxy downside_2027q3_cash_before_capex	2027Q3 / downside	57.10 USD_millions	derived: Analytical cash economics including mining monetization; not GAAP CFO. Formula: subtract(downside_2027q3_property_cash, downside_2027q3_cash_uses).
Cash construction capex downside_2027q3_capex	2027Q3 / downside	250.00 USD_millions	assumption: Desk remaining project-spend timing; not company guidance. Downside includes delay/overrun costs.
Cash after capex proxy downside_2027q3_cash_after_capex	2027Q3 / downside	-192.90 USD_millions	derived: Pre-financing, before debt principal, acquisitions and project reserve movements. Formula: subtract(downside_2027q3_cash_before_capex, downside_2027q3_capex).
Share of annual HPC NOI downside_2027q4_noi_weight	2027Q4 / downside	35.0% ratio	assumption: Desk lease-commencement phasing; shares sum to one within each calendar year.
HPC property NOI downside_2027q4_hpc_noi	2027Q4 / downside	192.08 USD_millions	derived: Annual NOI scenario times quarterly allocation. Formula: multiply(downside_2027_noi, downside_2027q4_noi_weight).
NOI / HPC revenue assumption downside_2027q4_property_margin	2027Q4 / downside	85.0% ratio	assumption: Assumed property cash margin; not disclosed contract pricing or GAAP margin.
Implied HPC revenue downside_2027q4_hpc_revenue	2027Q4 / downside	225.98 USD_millions	derived: NOI divided by assumed property margin; gross-revenue proxy. Formula: divide(downside_2027q4_hpc_noi, downside_2027q4_property_margin).
Mining revenue / Q2 baseline downside_2027q4_mining_factor	2027Q4 / downside	50.0% ratio	assumption: Desk Bitcoin price, hashprice and remaining mining-capacity sensitivity; no unsigned HPC reuse.
Mining revenue downside_2027q4_mining	2027Q4 / downside	12.42 USD_millions	derived: Reported Q2 revenue times desk mining factor. Formula: multiply(h1_q2_mining, downside_2027q4_mining_factor).
Total revenue downside_2027q4_revenue	2027Q4 / downside	238.39 USD_millions	derived: HPC revenue proxy plus mining revenue. Formula: sum(downside_2027q4_hpc_revenue, downside_2027q4_mining).
Mining cash contribution margin downside_2027q4_mining_margin	2027Q4 / downside	10.0% ratio	assumption: Desk cash margin before corporate overhead and financing; not GAAP segment profit.
Mining cash contribution downside_2027q4_mining_cash	2027Q4 / downside	1.24 USD_millions	derived: Modeled mining cash economics assuming production monetized in the quarter. Formula: multiply(downside_2027q4_mining, downside_2027q4_mining_margin).
HPC and mining cash contribution downside_2027q4_property_cash	2027Q4 / downside	193.32 USD_millions	derived: Property cash contribution before corporate and financing costs. Formula: sum(downside_2027q4_hpc_noi, downside_2027q4_mining_cash).
Cash corporate overhead downside_2027q4_corp	2027Q4 / downside	28.00 USD_millions	assumption: Desk recurring cash overhead; excludes noncash stock compensation and valuation changes.
Other net operating cash uses downside_2027q4_other	2027Q4 / downside	12.00 USD_millions	assumption: Desk net tax, working-capital and interest-income allowance; positive is a cash use.
Corporate, coupon and other cash uses downside_2027q4_cash_uses	2027Q4 / downside	114.40 USD_millions	derived: Debt principal, restricted reserves and new financing excluded. Formula: sum(downside_2027q4_corp, quarter_coupon, downside_2027q4_other).
Cash before capex proxy downside_2027q4_cash_before_capex	2027Q4 / downside	78.92 USD_millions	derived: Analytical cash economics including mining monetization; not GAAP CFO. Formula: subtract(downside_2027q4_property_cash, downside_2027q4_cash_uses).
Cash construction capex downside_2027q4_capex	2027Q4 / downside	200.00 USD_millions	assumption: Desk remaining project-spend timing; not company guidance. Downside includes delay/overrun costs.
Cash after capex proxy downside_2027q4_cash_after_capex	2027Q4 / downside	-121.08 USD_millions	derived: Pre-financing, before debt principal, acquisitions and project reserve movements. Formula: subtract(downside_2027q4_cash_before_capex, downside_2027q4_capex).
FY2026 Revenue ($M) downside_fy2026_revenue	FY2026 / downside	182.52 USD_millions	derived: Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. Formula: sum(h1_revenue, downside_2026q3_revenue, downside_2026q4_revenue).
FY2026 HPC property NOI ($M) downside_fy2026_hpc_noi	FY2026 / downside	72.75 USD_millions	derived: Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. Formula: sum(h1_hpc_noi, downside_2026q3_hpc_noi, downside_2026q4_hpc_noi).
FY2026 Cash before capex proxy ($M) downside_fy2026_cash_before_capex	FY2026 / downside	-180.90 USD_millions	derived: Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. Formula: sum(h1_cash_before_capex, downside_2026q3_cash_before_capex, downside_2026q4_cash_before_capex).
FY2026 Cash construction capex ($M) downside_fy2026_capex	FY2026 / downside	2,264.26 USD_millions	derived: Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. Formula: sum(h1_capex, downside_2026q3_capex, downside_2026q4_capex).
FY2026 Cash after capex proxy ($M) downside_fy2026_cash_after_capex	FY2026 / downside	-2,445.16 USD_millions	derived: Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. Formula: sum(h1_cash_after_capex, downside_2026q3_cash_after_capex, downside_2026q4_cash_after_capex).
FY2027 Revenue ($M) downside_fy2027_revenue	FY2027 / downside	702.77 USD_millions	derived: Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. Formula: sum(downside_2027q1_revenue, downside_2027q2_revenue, downside_2027q3_revenue, downside_2027q4_revenue).
FY2027 HPC property NOI ($M) downside_fy2027_hpc_noi	FY2027 / downside	548.80 USD_millions	derived: Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. Formula: sum(downside_2027q1_hpc_noi, downside_2027q2_hpc_noi, downside_2027q3_hpc_noi, downside_2027q4_hpc_noi).
FY2027 Cash before capex proxy ($M) downside_fy2027_cash_before_capex	FY2027 / downside	96.92 USD_millions	derived: Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. Formula: sum(downside_2027q1_cash_before_capex, downside_2027q2_cash_before_capex, downside_2027q3_cash_before_capex, downside_2027q4_cash_before_capex).
FY2027 Cash construction capex ($M) downside_fy2027_capex	FY2027 / downside	1,200.00 USD_millions	derived: Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. Formula: sum(downside_2027q1_capex, downside_2027q2_capex, downside_2027q3_capex, downside_2027q4_capex).
FY2027 Cash after capex proxy ($M) downside_fy2027_cash_after_capex	FY2027 / downside	-1,103.08 USD_millions	derived: Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. Formula: sum(downside_2027q1_cash_after_capex, downside_2027q2_cash_after_capex, downside_2027q3_cash_after_capex, downside_2027q4_cash_after_capex).
Contracted NOI realization factor base_2026_delivery	FY2026 / base	100.0% ratio	assumption: Desk sensitivity to delivery and ramp timing versus company contracted NOI schedule; not added capacity.
Annual scenario HPC NOI base_2026_noi	FY2026 / base	97.00 USD_millions	derived: Company reference times desk realization factor. Formula: multiply(noi_schedule_2026, base_2026_delivery).
Contracted NOI realization factor base_2027_delivery	FY2027 / base	100.0% ratio	assumption: Desk sensitivity to delivery and ramp timing versus company contracted NOI schedule; not added capacity.
Annual scenario HPC NOI base_2027_noi	FY2027 / base	686.00 USD_millions	derived: Company reference times desk realization factor. Formula: multiply(noi_schedule_2027, base_2027_delivery).
Share of annual HPC NOI base_2026q3_noi_weight	2026Q3 / base	8.0% ratio	assumption: Desk lease-commencement phasing; shares sum to one within each calendar year.
HPC property NOI base_2026q3_hpc_noi	2026Q3 / base	7.76 USD_millions	derived: Annual NOI scenario times quarterly allocation. Formula: multiply(base_2026_noi, base_2026q3_noi_weight).
NOI / HPC revenue assumption base_2026q3_property_margin	2026Q3 / base	90.0% ratio	assumption: Assumed property cash margin; not disclosed contract pricing or GAAP margin.
Implied HPC revenue base_2026q3_hpc_revenue	2026Q3 / base	8.62 USD_millions	derived: NOI divided by assumed property margin; gross-revenue proxy. Formula: divide(base_2026q3_hpc_noi, base_2026q3_property_margin).
Mining revenue / Q2 baseline base_2026q3_mining_factor	2026Q3 / base	100.0% ratio	assumption: Desk Bitcoin price, hashprice and remaining mining-capacity sensitivity; no unsigned HPC reuse.
Mining revenue base_2026q3_mining	2026Q3 / base	24.84 USD_millions	derived: Reported Q2 revenue times desk mining factor. Formula: multiply(h1_q2_mining, base_2026q3_mining_factor).
Total revenue base_2026q3_revenue	2026Q3 / base	33.46 USD_millions	derived: HPC revenue proxy plus mining revenue. Formula: sum(base_2026q3_hpc_revenue, base_2026q3_mining).
Mining cash contribution margin base_2026q3_mining_margin	2026Q3 / base	25.0% ratio	assumption: Desk cash margin before corporate overhead and financing; not GAAP segment profit.
Mining cash contribution base_2026q3_mining_cash	2026Q3 / base	6.21 USD_millions	derived: Modeled mining cash economics assuming production monetized in the quarter. Formula: multiply(base_2026q3_mining, base_2026q3_mining_margin).
HPC and mining cash contribution base_2026q3_property_cash	2026Q3 / base	13.97 USD_millions	derived: Property cash contribution before corporate and financing costs. Formula: sum(base_2026q3_hpc_noi, base_2026q3_mining_cash).
Cash corporate overhead base_2026q3_corp	2026Q3 / base	25.00 USD_millions	assumption: Desk recurring cash overhead; excludes noncash stock compensation and valuation changes.
Other net operating cash uses base_2026q3_other	2026Q3 / base	7.00 USD_millions	assumption: Desk net tax, working-capital and interest-income allowance; positive is a cash use.
Corporate, coupon and other cash uses base_2026q3_cash_uses	2026Q3 / base	106.40 USD_millions	derived: Debt principal, restricted reserves and new financing excluded. Formula: sum(base_2026q3_corp, quarter_coupon, base_2026q3_other).
Cash before capex proxy base_2026q3_cash_before_capex	2026Q3 / base	-92.43 USD_millions	derived: Analytical cash economics including mining monetization; not GAAP CFO. Formula: subtract(base_2026q3_property_cash, base_2026q3_cash_uses).
Cash construction capex base_2026q3_capex	2026Q3 / base	600.00 USD_millions	assumption: Desk remaining project-spend timing; not company guidance. Downside includes delay/overrun costs.
Cash after capex proxy base_2026q3_cash_after_capex	2026Q3 / base	-692.43 USD_millions	derived: Pre-financing, before debt principal, acquisitions and project reserve movements. Formula: subtract(base_2026q3_cash_before_capex, base_2026q3_capex).
Share of annual HPC NOI base_2026q4_noi_weight	2026Q4 / base	92.0% ratio	assumption: Desk lease-commencement phasing; shares sum to one within each calendar year.
HPC property NOI base_2026q4_hpc_noi	2026Q4 / base	89.24 USD_millions	derived: Annual NOI scenario times quarterly allocation. Formula: multiply(base_2026_noi, base_2026q4_noi_weight).
NOI / HPC revenue assumption base_2026q4_property_margin	2026Q4 / base	90.0% ratio	assumption: Assumed property cash margin; not disclosed contract pricing or GAAP margin.
Implied HPC revenue base_2026q4_hpc_revenue	2026Q4 / base	99.16 USD_millions	derived: NOI divided by assumed property margin; gross-revenue proxy. Formula: divide(base_2026q4_hpc_noi, base_2026q4_property_margin).
Mining revenue / Q2 baseline base_2026q4_mining_factor	2026Q4 / base	100.0% ratio	assumption: Desk Bitcoin price, hashprice and remaining mining-capacity sensitivity; no unsigned HPC reuse.
Mining revenue base_2026q4_mining	2026Q4 / base	24.84 USD_millions	derived: Reported Q2 revenue times desk mining factor. Formula: multiply(h1_q2_mining, base_2026q4_mining_factor).
Total revenue base_2026q4_revenue	2026Q4 / base	123.99 USD_millions	derived: HPC revenue proxy plus mining revenue. Formula: sum(base_2026q4_hpc_revenue, base_2026q4_mining).
Mining cash contribution margin base_2026q4_mining_margin	2026Q4 / base	25.0% ratio	assumption: Desk cash margin before corporate overhead and financing; not GAAP segment profit.
Mining cash contribution base_2026q4_mining_cash	2026Q4 / base	6.21 USD_millions	derived: Modeled mining cash economics assuming production monetized in the quarter. Formula: multiply(base_2026q4_mining, base_2026q4_mining_margin).
HPC and mining cash contribution base_2026q4_property_cash	2026Q4 / base	95.45 USD_millions	derived: Property cash contribution before corporate and financing costs. Formula: sum(base_2026q4_hpc_noi, base_2026q4_mining_cash).
Cash corporate overhead base_2026q4_corp	2026Q4 / base	25.00 USD_millions	assumption: Desk recurring cash overhead; excludes noncash stock compensation and valuation changes.
Other net operating cash uses base_2026q4_other	2026Q4 / base	7.00 USD_millions	assumption: Desk net tax, working-capital and interest-income allowance; positive is a cash use.
Corporate, coupon and other cash uses base_2026q4_cash_uses	2026Q4 / base	106.40 USD_millions	derived: Debt principal, restricted reserves and new financing excluded. Formula: sum(base_2026q4_corp, quarter_coupon, base_2026q4_other).
Cash before capex proxy base_2026q4_cash_before_capex	2026Q4 / base	-10.95 USD_millions	derived: Analytical cash economics including mining monetization; not GAAP CFO. Formula: subtract(base_2026q4_property_cash, base_2026q4_cash_uses).
Cash construction capex base_2026q4_capex	2026Q4 / base	600.00 USD_millions	assumption: Desk remaining project-spend timing; not company guidance. Downside includes delay/overrun costs.
Cash after capex proxy base_2026q4_cash_after_capex	2026Q4 / base	-610.95 USD_millions	derived: Pre-financing, before debt principal, acquisitions and project reserve movements. Formula: subtract(base_2026q4_cash_before_capex, base_2026q4_capex).
Share of annual HPC NOI base_2027q1_noi_weight	2027Q1 / base	17.0% ratio	assumption: Desk lease-commencement phasing; shares sum to one within each calendar year.
HPC property NOI base_2027q1_hpc_noi	2027Q1 / base	116.62 USD_millions	derived: Annual NOI scenario times quarterly allocation. Formula: multiply(base_2027_noi, base_2027q1_noi_weight).
NOI / HPC revenue assumption base_2027q1_property_margin	2027Q1 / base	90.0% ratio	assumption: Assumed property cash margin; not disclosed contract pricing or GAAP margin.
Implied HPC revenue base_2027q1_hpc_revenue	2027Q1 / base	129.58 USD_millions	derived: NOI divided by assumed property margin; gross-revenue proxy. Formula: divide(base_2027q1_hpc_noi, base_2027q1_property_margin).
Mining revenue / Q2 baseline base_2027q1_mining_factor	2027Q1 / base	95.0% ratio	assumption: Desk Bitcoin price, hashprice and remaining mining-capacity sensitivity; no unsigned HPC reuse.
Mining revenue base_2027q1_mining	2027Q1 / base	23.60 USD_millions	derived: Reported Q2 revenue times desk mining factor. Formula: multiply(h1_q2_mining, base_2027q1_mining_factor).
Total revenue base_2027q1_revenue	2027Q1 / base	153.17 USD_millions	derived: HPC revenue proxy plus mining revenue. Formula: sum(base_2027q1_hpc_revenue, base_2027q1_mining).
Mining cash contribution margin base_2027q1_mining_margin	2027Q1 / base	25.0% ratio	assumption: Desk cash margin before corporate overhead and financing; not GAAP segment profit.
Mining cash contribution base_2027q1_mining_cash	2027Q1 / base	5.90 USD_millions	derived: Modeled mining cash economics assuming production monetized in the quarter. Formula: multiply(base_2027q1_mining, base_2027q1_mining_margin).
HPC and mining cash contribution base_2027q1_property_cash	2027Q1 / base	122.52 USD_millions	derived: Property cash contribution before corporate and financing costs. Formula: sum(base_2027q1_hpc_noi, base_2027q1_mining_cash).
Cash corporate overhead base_2027q1_corp	2027Q1 / base	25.00 USD_millions	assumption: Desk recurring cash overhead; excludes noncash stock compensation and valuation changes.
Other net operating cash uses base_2027q1_other	2027Q1 / base	7.00 USD_millions	assumption: Desk net tax, working-capital and interest-income allowance; positive is a cash use.
Corporate, coupon and other cash uses base_2027q1_cash_uses	2027Q1 / base	106.40 USD_millions	derived: Debt principal, restricted reserves and new financing excluded. Formula: sum(base_2027q1_corp, quarter_coupon, base_2027q1_other).
Cash before capex proxy base_2027q1_cash_before_capex	2027Q1 / base	16.12 USD_millions	derived: Analytical cash economics including mining monetization; not GAAP CFO. Formula: subtract(base_2027q1_property_cash, base_2027q1_cash_uses).
Cash construction capex base_2027q1_capex	2027Q1 / base	350.00 USD_millions	assumption: Desk remaining project-spend timing; not company guidance. Downside includes delay/overrun costs.
Cash after capex proxy base_2027q1_cash_after_capex	2027Q1 / base	-333.88 USD_millions	derived: Pre-financing, before debt principal, acquisitions and project reserve movements. Formula: subtract(base_2027q1_cash_before_capex, base_2027q1_capex).
Share of annual HPC NOI base_2027q2_noi_weight	2027Q2 / base	23.0% ratio	assumption: Desk lease-commencement phasing; shares sum to one within each calendar year.
HPC property NOI base_2027q2_hpc_noi	2027Q2 / base	157.78 USD_millions	derived: Annual NOI scenario times quarterly allocation. Formula: multiply(base_2027_noi, base_2027q2_noi_weight).
NOI / HPC revenue assumption base_2027q2_property_margin	2027Q2 / base	90.0% ratio	assumption: Assumed property cash margin; not disclosed contract pricing or GAAP margin.
Implied HPC revenue base_2027q2_hpc_revenue	2027Q2 / base	175.31 USD_millions	derived: NOI divided by assumed property margin; gross-revenue proxy. Formula: divide(base_2027q2_hpc_noi, base_2027q2_property_margin).
Mining revenue / Q2 baseline base_2027q2_mining_factor	2027Q2 / base	90.0% ratio	assumption: Desk Bitcoin price, hashprice and remaining mining-capacity sensitivity; no unsigned HPC reuse.
Mining revenue base_2027q2_mining	2027Q2 / base	22.35 USD_millions	derived: Reported Q2 revenue times desk mining factor. Formula: multiply(h1_q2_mining, base_2027q2_mining_factor).
Total revenue base_2027q2_revenue	2027Q2 / base	197.66 USD_millions	derived: HPC revenue proxy plus mining revenue. Formula: sum(base_2027q2_hpc_revenue, base_2027q2_mining).
Mining cash contribution margin base_2027q2_mining_margin	2027Q2 / base	25.0% ratio	assumption: Desk cash margin before corporate overhead and financing; not GAAP segment profit.
Mining cash contribution base_2027q2_mining_cash	2027Q2 / base	5.59 USD_millions	derived: Modeled mining cash economics assuming production monetized in the quarter. Formula: multiply(base_2027q2_mining, base_2027q2_mining_margin).
HPC and mining cash contribution base_2027q2_property_cash	2027Q2 / base	163.37 USD_millions	derived: Property cash contribution before corporate and financing costs. Formula: sum(base_2027q2_hpc_noi, base_2027q2_mining_cash).
Cash corporate overhead base_2027q2_corp	2027Q2 / base	25.00 USD_millions	assumption: Desk recurring cash overhead; excludes noncash stock compensation and valuation changes.
Other net operating cash uses base_2027q2_other	2027Q2 / base	7.00 USD_millions	assumption: Desk net tax, working-capital and interest-income allowance; positive is a cash use.
Corporate, coupon and other cash uses base_2027q2_cash_uses	2027Q2 / base	106.40 USD_millions	derived: Debt principal, restricted reserves and new financing excluded. Formula: sum(base_2027q2_corp, quarter_coupon, base_2027q2_other).
Cash before capex proxy base_2027q2_cash_before_capex	2027Q2 / base	56.97 USD_millions	derived: Analytical cash economics including mining monetization; not GAAP CFO. Formula: subtract(base_2027q2_property_cash, base_2027q2_cash_uses).
Cash construction capex base_2027q2_capex	2027Q2 / base	300.00 USD_millions	assumption: Desk remaining project-spend timing; not company guidance. Downside includes delay/overrun costs.
Cash after capex proxy base_2027q2_cash_after_capex	2027Q2 / base	-243.03 USD_millions	derived: Pre-financing, before debt principal, acquisitions and project reserve movements. Formula: subtract(base_2027q2_cash_before_capex, base_2027q2_capex).
Share of annual HPC NOI base_2027q3_noi_weight	2027Q3 / base	29.0% ratio	assumption: Desk lease-commencement phasing; shares sum to one within each calendar year.
HPC property NOI base_2027q3_hpc_noi	2027Q3 / base	198.94 USD_millions	derived: Annual NOI scenario times quarterly allocation. Formula: multiply(base_2027_noi, base_2027q3_noi_weight).
NOI / HPC revenue assumption base_2027q3_property_margin	2027Q3 / base	90.0% ratio	assumption: Assumed property cash margin; not disclosed contract pricing or GAAP margin.
Implied HPC revenue base_2027q3_hpc_revenue	2027Q3 / base	221.04 USD_millions	derived: NOI divided by assumed property margin; gross-revenue proxy. Formula: divide(base_2027q3_hpc_noi, base_2027q3_property_margin).
Mining revenue / Q2 baseline base_2027q3_mining_factor	2027Q3 / base	85.0% ratio	assumption: Desk Bitcoin price, hashprice and remaining mining-capacity sensitivity; no unsigned HPC reuse.
Mining revenue base_2027q3_mining	2027Q3 / base	21.11 USD_millions	derived: Reported Q2 revenue times desk mining factor. Formula: multiply(h1_q2_mining, base_2027q3_mining_factor).
Total revenue base_2027q3_revenue	2027Q3 / base	242.16 USD_millions	derived: HPC revenue proxy plus mining revenue. Formula: sum(base_2027q3_hpc_revenue, base_2027q3_mining).
Mining cash contribution margin base_2027q3_mining_margin	2027Q3 / base	25.0% ratio	assumption: Desk cash margin before corporate overhead and financing; not GAAP segment profit.
Mining cash contribution base_2027q3_mining_cash	2027Q3 / base	5.28 USD_millions	derived: Modeled mining cash economics assuming production monetized in the quarter. Formula: multiply(base_2027q3_mining, base_2027q3_mining_margin).
HPC and mining cash contribution base_2027q3_property_cash	2027Q3 / base	204.22 USD_millions	derived: Property cash contribution before corporate and financing costs. Formula: sum(base_2027q3_hpc_noi, base_2027q3_mining_cash).
Cash corporate overhead base_2027q3_corp	2027Q3 / base	25.00 USD_millions	assumption: Desk recurring cash overhead; excludes noncash stock compensation and valuation changes.
Other net operating cash uses base_2027q3_other	2027Q3 / base	7.00 USD_millions	assumption: Desk net tax, working-capital and interest-income allowance; positive is a cash use.
Corporate, coupon and other cash uses base_2027q3_cash_uses	2027Q3 / base	106.40 USD_millions	derived: Debt principal, restricted reserves and new financing excluded. Formula: sum(base_2027q3_corp, quarter_coupon, base_2027q3_other).
Cash before capex proxy base_2027q3_cash_before_capex	2027Q3 / base	97.82 USD_millions	derived: Analytical cash economics including mining monetization; not GAAP CFO. Formula: subtract(base_2027q3_property_cash, base_2027q3_cash_uses).
Cash construction capex base_2027q3_capex	2027Q3 / base	200.00 USD_millions	assumption: Desk remaining project-spend timing; not company guidance. Downside includes delay/overrun costs.
Cash after capex proxy base_2027q3_cash_after_capex	2027Q3 / base	-102.18 USD_millions	derived: Pre-financing, before debt principal, acquisitions and project reserve movements. Formula: subtract(base_2027q3_cash_before_capex, base_2027q3_capex).
Share of annual HPC NOI base_2027q4_noi_weight	2027Q4 / base	31.0% ratio	assumption: Desk lease-commencement phasing; shares sum to one within each calendar year.
HPC property NOI base_2027q4_hpc_noi	2027Q4 / base	212.66 USD_millions	derived: Annual NOI scenario times quarterly allocation. Formula: multiply(base_2027_noi, base_2027q4_noi_weight).
NOI / HPC revenue assumption base_2027q4_property_margin	2027Q4 / base	90.0% ratio	assumption: Assumed property cash margin; not disclosed contract pricing or GAAP margin.
Implied HPC revenue base_2027q4_hpc_revenue	2027Q4 / base	236.29 USD_millions	derived: NOI divided by assumed property margin; gross-revenue proxy. Formula: divide(base_2027q4_hpc_noi, base_2027q4_property_margin).
Mining revenue / Q2 baseline base_2027q4_mining_factor	2027Q4 / base	80.0% ratio	assumption: Desk Bitcoin price, hashprice and remaining mining-capacity sensitivity; no unsigned HPC reuse.
Mining revenue base_2027q4_mining	2027Q4 / base	19.87 USD_millions	derived: Reported Q2 revenue times desk mining factor. Formula: multiply(h1_q2_mining, base_2027q4_mining_factor).
Total revenue base_2027q4_revenue	2027Q4 / base	256.16 USD_millions	derived: HPC revenue proxy plus mining revenue. Formula: sum(base_2027q4_hpc_revenue, base_2027q4_mining).
Mining cash contribution margin base_2027q4_mining_margin	2027Q4 / base	25.0% ratio	assumption: Desk cash margin before corporate overhead and financing; not GAAP segment profit.
Mining cash contribution base_2027q4_mining_cash	2027Q4 / base	4.97 USD_millions	derived: Modeled mining cash economics assuming production monetized in the quarter. Formula: multiply(base_2027q4_mining, base_2027q4_mining_margin).
HPC and mining cash contribution base_2027q4_property_cash	2027Q4 / base	217.63 USD_millions	derived: Property cash contribution before corporate and financing costs. Formula: sum(base_2027q4_hpc_noi, base_2027q4_mining_cash).
Cash corporate overhead base_2027q4_corp	2027Q4 / base	25.00 USD_millions	assumption: Desk recurring cash overhead; excludes noncash stock compensation and valuation changes.
Other net operating cash uses base_2027q4_other	2027Q4 / base	7.00 USD_millions	assumption: Desk net tax, working-capital and interest-income allowance; positive is a cash use.
Corporate, coupon and other cash uses base_2027q4_cash_uses	2027Q4 / base	106.40 USD_millions	derived: Debt principal, restricted reserves and new financing excluded. Formula: sum(base_2027q4_corp, quarter_coupon, base_2027q4_other).
Cash before capex proxy base_2027q4_cash_before_capex	2027Q4 / base	111.23 USD_millions	derived: Analytical cash economics including mining monetization; not GAAP CFO. Formula: subtract(base_2027q4_property_cash, base_2027q4_cash_uses).
Cash construction capex base_2027q4_capex	2027Q4 / base	150.00 USD_millions	assumption: Desk remaining project-spend timing; not company guidance. Downside includes delay/overrun costs.
Cash after capex proxy base_2027q4_cash_after_capex	2027Q4 / base	-38.77 USD_millions	derived: Pre-financing, before debt principal, acquisitions and project reserve movements. Formula: subtract(base_2027q4_cash_before_capex, base_2027q4_capex).
FY2026 Revenue ($M) base_fy2026_revenue	FY2026 / base	217.13 USD_millions	derived: Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. Formula: sum(h1_revenue, base_2026q3_revenue, base_2026q4_revenue).
FY2026 HPC property NOI ($M) base_fy2026_hpc_noi	FY2026 / base	97.00 USD_millions	derived: Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. Formula: sum(h1_hpc_noi, base_2026q3_hpc_noi, base_2026q4_hpc_noi).
FY2026 Cash before capex proxy ($M) base_fy2026_cash_before_capex	FY2026 / base	-131.96 USD_millions	derived: Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. Formula: sum(h1_cash_before_capex, base_2026q3_cash_before_capex, base_2026q4_cash_before_capex).
FY2026 Cash construction capex ($M) base_fy2026_capex	FY2026 / base	2,164.26 USD_millions	derived: Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. Formula: sum(h1_capex, base_2026q3_capex, base_2026q4_capex).
FY2026 Cash after capex proxy ($M) base_fy2026_cash_after_capex	FY2026 / base	-2,296.22 USD_millions	derived: Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. Formula: sum(h1_cash_after_capex, base_2026q3_cash_after_capex, base_2026q4_cash_after_capex).
FY2027 Revenue ($M) base_fy2027_revenue	FY2027 / base	849.15 USD_millions	derived: Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. Formula: sum(base_2027q1_revenue, base_2027q2_revenue, base_2027q3_revenue, base_2027q4_revenue).
FY2027 HPC property NOI ($M) base_fy2027_hpc_noi	FY2027 / base	686.00 USD_millions	derived: Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. Formula: sum(base_2027q1_hpc_noi, base_2027q2_hpc_noi, base_2027q3_hpc_noi, base_2027q4_hpc_noi).
FY2027 Cash before capex proxy ($M) base_fy2027_cash_before_capex	FY2027 / base	282.14 USD_millions	derived: Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. Formula: sum(base_2027q1_cash_before_capex, base_2027q2_cash_before_capex, base_2027q3_cash_before_capex, base_2027q4_cash_before_capex).
FY2027 Cash construction capex ($M) base_fy2027_capex	FY2027 / base	1,000.00 USD_millions	derived: Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. Formula: sum(base_2027q1_capex, base_2027q2_capex, base_2027q3_capex, base_2027q4_capex).
FY2027 Cash after capex proxy ($M) base_fy2027_cash_after_capex	FY2027 / base	-717.86 USD_millions	derived: Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. Formula: sum(base_2027q1_cash_after_capex, base_2027q2_cash_after_capex, base_2027q3_cash_after_capex, base_2027q4_cash_after_capex).
Contracted NOI realization factor upside_2026_delivery	FY2026 / upside	105.0% ratio	assumption: Desk sensitivity to delivery and ramp timing versus company contracted NOI schedule; not added capacity.
Annual scenario HPC NOI upside_2026_noi	FY2026 / upside	101.85 USD_millions	derived: Company reference times desk realization factor. Formula: multiply(noi_schedule_2026, upside_2026_delivery).
Contracted NOI realization factor upside_2027_delivery	FY2027 / upside	103.0% ratio	assumption: Desk sensitivity to delivery and ramp timing versus company contracted NOI schedule; not added capacity.
Annual scenario HPC NOI upside_2027_noi	FY2027 / upside	706.58 USD_millions	derived: Company reference times desk realization factor. Formula: multiply(noi_schedule_2027, upside_2027_delivery).
Share of annual HPC NOI upside_2026q3_noi_weight	2026Q3 / upside	12.0% ratio	assumption: Desk lease-commencement phasing; shares sum to one within each calendar year.
HPC property NOI upside_2026q3_hpc_noi	2026Q3 / upside	12.22 USD_millions	derived: Annual NOI scenario times quarterly allocation. Formula: multiply(upside_2026_noi, upside_2026q3_noi_weight).
NOI / HPC revenue assumption upside_2026q3_property_margin	2026Q3 / upside	92.0% ratio	assumption: Assumed property cash margin; not disclosed contract pricing or GAAP margin.
Implied HPC revenue upside_2026q3_hpc_revenue	2026Q3 / upside	13.28 USD_millions	derived: NOI divided by assumed property margin; gross-revenue proxy. Formula: divide(upside_2026q3_hpc_noi, upside_2026q3_property_margin).
Mining revenue / Q2 baseline upside_2026q3_mining_factor	2026Q3 / upside	120.0% ratio	assumption: Desk Bitcoin price, hashprice and remaining mining-capacity sensitivity; no unsigned HPC reuse.
Mining revenue upside_2026q3_mining	2026Q3 / upside	29.80 USD_millions	derived: Reported Q2 revenue times desk mining factor. Formula: multiply(h1_q2_mining, upside_2026q3_mining_factor).
Total revenue upside_2026q3_revenue	2026Q3 / upside	43.09 USD_millions	derived: HPC revenue proxy plus mining revenue. Formula: sum(upside_2026q3_hpc_revenue, upside_2026q3_mining).
Mining cash contribution margin upside_2026q3_mining_margin	2026Q3 / upside	40.0% ratio	assumption: Desk cash margin before corporate overhead and financing; not GAAP segment profit.
Mining cash contribution upside_2026q3_mining_cash	2026Q3 / upside	11.92 USD_millions	derived: Modeled mining cash economics assuming production monetized in the quarter. Formula: multiply(upside_2026q3_mining, upside_2026q3_mining_margin).
HPC and mining cash contribution upside_2026q3_property_cash	2026Q3 / upside	24.14 USD_millions	derived: Property cash contribution before corporate and financing costs. Formula: sum(upside_2026q3_hpc_noi, upside_2026q3_mining_cash).
Cash corporate overhead upside_2026q3_corp	2026Q3 / upside	24.00 USD_millions	assumption: Desk recurring cash overhead; excludes noncash stock compensation and valuation changes.
Other net operating cash uses upside_2026q3_other	2026Q3 / upside	5.00 USD_millions	assumption: Desk net tax, working-capital and interest-income allowance; positive is a cash use.
Corporate, coupon and other cash uses upside_2026q3_cash_uses	2026Q3 / upside	103.40 USD_millions	derived: Debt principal, restricted reserves and new financing excluded. Formula: sum(upside_2026q3_corp, quarter_coupon, upside_2026q3_other).
Cash before capex proxy upside_2026q3_cash_before_capex	2026Q3 / upside	-79.25 USD_millions	derived: Analytical cash economics including mining monetization; not GAAP CFO. Formula: subtract(upside_2026q3_property_cash, upside_2026q3_cash_uses).
Cash construction capex upside_2026q3_capex	2026Q3 / upside	550.00 USD_millions	assumption: Desk remaining project-spend timing; not company guidance. Downside includes delay/overrun costs.
Cash after capex proxy upside_2026q3_cash_after_capex	2026Q3 / upside	-629.25 USD_millions	derived: Pre-financing, before debt principal, acquisitions and project reserve movements. Formula: subtract(upside_2026q3_cash_before_capex, upside_2026q3_capex).
Share of annual HPC NOI upside_2026q4_noi_weight	2026Q4 / upside	88.0% ratio	assumption: Desk lease-commencement phasing; shares sum to one within each calendar year.
HPC property NOI upside_2026q4_hpc_noi	2026Q4 / upside	89.63 USD_millions	derived: Annual NOI scenario times quarterly allocation. Formula: multiply(upside_2026_noi, upside_2026q4_noi_weight).
NOI / HPC revenue assumption upside_2026q4_property_margin	2026Q4 / upside	92.0% ratio	assumption: Assumed property cash margin; not disclosed contract pricing or GAAP margin.
Implied HPC revenue upside_2026q4_hpc_revenue	2026Q4 / upside	97.42 USD_millions	derived: NOI divided by assumed property margin; gross-revenue proxy. Formula: divide(upside_2026q4_hpc_noi, upside_2026q4_property_margin).
Mining revenue / Q2 baseline upside_2026q4_mining_factor	2026Q4 / upside	120.0% ratio	assumption: Desk Bitcoin price, hashprice and remaining mining-capacity sensitivity; no unsigned HPC reuse.
Mining revenue upside_2026q4_mining	2026Q4 / upside	29.80 USD_millions	derived: Reported Q2 revenue times desk mining factor. Formula: multiply(h1_q2_mining, upside_2026q4_mining_factor).
Total revenue upside_2026q4_revenue	2026Q4 / upside	127.23 USD_millions	derived: HPC revenue proxy plus mining revenue. Formula: sum(upside_2026q4_hpc_revenue, upside_2026q4_mining).
Mining cash contribution margin upside_2026q4_mining_margin	2026Q4 / upside	40.0% ratio	assumption: Desk cash margin before corporate overhead and financing; not GAAP segment profit.
Mining cash contribution upside_2026q4_mining_cash	2026Q4 / upside	11.92 USD_millions	derived: Modeled mining cash economics assuming production monetized in the quarter. Formula: multiply(upside_2026q4_mining, upside_2026q4_mining_margin).
HPC and mining cash contribution upside_2026q4_property_cash	2026Q4 / upside	101.55 USD_millions	derived: Property cash contribution before corporate and financing costs. Formula: sum(upside_2026q4_hpc_noi, upside_2026q4_mining_cash).
Cash corporate overhead upside_2026q4_corp	2026Q4 / upside	24.00 USD_millions	assumption: Desk recurring cash overhead; excludes noncash stock compensation and valuation changes.
Other net operating cash uses upside_2026q4_other	2026Q4 / upside	5.00 USD_millions	assumption: Desk net tax, working-capital and interest-income allowance; positive is a cash use.
Corporate, coupon and other cash uses upside_2026q4_cash_uses	2026Q4 / upside	103.40 USD_millions	derived: Debt principal, restricted reserves and new financing excluded. Formula: sum(upside_2026q4_corp, quarter_coupon, upside_2026q4_other).
Cash before capex proxy upside_2026q4_cash_before_capex	2026Q4 / upside	-1.85 USD_millions	derived: Analytical cash economics including mining monetization; not GAAP CFO. Formula: subtract(upside_2026q4_property_cash, upside_2026q4_cash_uses).
Cash construction capex upside_2026q4_capex	2026Q4 / upside	550.00 USD_millions	assumption: Desk remaining project-spend timing; not company guidance. Downside includes delay/overrun costs.
Cash after capex proxy upside_2026q4_cash_after_capex	2026Q4 / upside	-551.85 USD_millions	derived: Pre-financing, before debt principal, acquisitions and project reserve movements. Formula: subtract(upside_2026q4_cash_before_capex, upside_2026q4_capex).
Share of annual HPC NOI upside_2027q1_noi_weight	2027Q1 / upside	20.0% ratio	assumption: Desk lease-commencement phasing; shares sum to one within each calendar year.
HPC property NOI upside_2027q1_hpc_noi	2027Q1 / upside	141.32 USD_millions	derived: Annual NOI scenario times quarterly allocation. Formula: multiply(upside_2027_noi, upside_2027q1_noi_weight).
NOI / HPC revenue assumption upside_2027q1_property_margin	2027Q1 / upside	92.0% ratio	assumption: Assumed property cash margin; not disclosed contract pricing or GAAP margin.
Implied HPC revenue upside_2027q1_hpc_revenue	2027Q1 / upside	153.60 USD_millions	derived: NOI divided by assumed property margin; gross-revenue proxy. Formula: divide(upside_2027q1_hpc_noi, upside_2027q1_property_margin).
Mining revenue / Q2 baseline upside_2027q1_mining_factor	2027Q1 / upside	115.0% ratio	assumption: Desk Bitcoin price, hashprice and remaining mining-capacity sensitivity; no unsigned HPC reuse.
Mining revenue upside_2027q1_mining	2027Q1 / upside	28.56 USD_millions	derived: Reported Q2 revenue times desk mining factor. Formula: multiply(h1_q2_mining, upside_2027q1_mining_factor).
Total revenue upside_2027q1_revenue	2027Q1 / upside	182.17 USD_millions	derived: HPC revenue proxy plus mining revenue. Formula: sum(upside_2027q1_hpc_revenue, upside_2027q1_mining).
Mining cash contribution margin upside_2027q1_mining_margin	2027Q1 / upside	40.0% ratio	assumption: Desk cash margin before corporate overhead and financing; not GAAP segment profit.
Mining cash contribution upside_2027q1_mining_cash	2027Q1 / upside	11.43 USD_millions	derived: Modeled mining cash economics assuming production monetized in the quarter. Formula: multiply(upside_2027q1_mining, upside_2027q1_mining_margin).
HPC and mining cash contribution upside_2027q1_property_cash	2027Q1 / upside	152.74 USD_millions	derived: Property cash contribution before corporate and financing costs. Formula: sum(upside_2027q1_hpc_noi, upside_2027q1_mining_cash).
Cash corporate overhead upside_2027q1_corp	2027Q1 / upside	24.00 USD_millions	assumption: Desk recurring cash overhead; excludes noncash stock compensation and valuation changes.
Other net operating cash uses upside_2027q1_other	2027Q1 / upside	5.00 USD_millions	assumption: Desk net tax, working-capital and interest-income allowance; positive is a cash use.
Corporate, coupon and other cash uses upside_2027q1_cash_uses	2027Q1 / upside	103.40 USD_millions	derived: Debt principal, restricted reserves and new financing excluded. Formula: sum(upside_2027q1_corp, quarter_coupon, upside_2027q1_other).
Cash before capex proxy upside_2027q1_cash_before_capex	2027Q1 / upside	49.34 USD_millions	derived: Analytical cash economics including mining monetization; not GAAP CFO. Formula: subtract(upside_2027q1_property_cash, upside_2027q1_cash_uses).
Cash construction capex upside_2027q1_capex	2027Q1 / upside	300.00 USD_millions	assumption: Desk remaining project-spend timing; not company guidance. Downside includes delay/overrun costs.
Cash after capex proxy upside_2027q1_cash_after_capex	2027Q1 / upside	-250.66 USD_millions	derived: Pre-financing, before debt principal, acquisitions and project reserve movements. Formula: subtract(upside_2027q1_cash_before_capex, upside_2027q1_capex).
Share of annual HPC NOI upside_2027q2_noi_weight	2027Q2 / upside	24.0% ratio	assumption: Desk lease-commencement phasing; shares sum to one within each calendar year.
HPC property NOI upside_2027q2_hpc_noi	2027Q2 / upside	169.58 USD_millions	derived: Annual NOI scenario times quarterly allocation. Formula: multiply(upside_2027_noi, upside_2027q2_noi_weight).
NOI / HPC revenue assumption upside_2027q2_property_margin	2027Q2 / upside	92.0% ratio	assumption: Assumed property cash margin; not disclosed contract pricing or GAAP margin.
Implied HPC revenue upside_2027q2_hpc_revenue	2027Q2 / upside	184.33 USD_millions	derived: NOI divided by assumed property margin; gross-revenue proxy. Formula: divide(upside_2027q2_hpc_noi, upside_2027q2_property_margin).
Mining revenue / Q2 baseline upside_2027q2_mining_factor	2027Q2 / upside	110.0% ratio	assumption: Desk Bitcoin price, hashprice and remaining mining-capacity sensitivity; no unsigned HPC reuse.
Mining revenue upside_2027q2_mining	2027Q2 / upside	27.32 USD_millions	derived: Reported Q2 revenue times desk mining factor. Formula: multiply(h1_q2_mining, upside_2027q2_mining_factor).
Total revenue upside_2027q2_revenue	2027Q2 / upside	211.65 USD_millions	derived: HPC revenue proxy plus mining revenue. Formula: sum(upside_2027q2_hpc_revenue, upside_2027q2_mining).
Mining cash contribution margin upside_2027q2_mining_margin	2027Q2 / upside	40.0% ratio	assumption: Desk cash margin before corporate overhead and financing; not GAAP segment profit.
Mining cash contribution upside_2027q2_mining_cash	2027Q2 / upside	10.93 USD_millions	derived: Modeled mining cash economics assuming production monetized in the quarter. Formula: multiply(upside_2027q2_mining, upside_2027q2_mining_margin).
HPC and mining cash contribution upside_2027q2_property_cash	2027Q2 / upside	180.51 USD_millions	derived: Property cash contribution before corporate and financing costs. Formula: sum(upside_2027q2_hpc_noi, upside_2027q2_mining_cash).
Cash corporate overhead upside_2027q2_corp	2027Q2 / upside	24.00 USD_millions	assumption: Desk recurring cash overhead; excludes noncash stock compensation and valuation changes.
Other net operating cash uses upside_2027q2_other	2027Q2 / upside	5.00 USD_millions	assumption: Desk net tax, working-capital and interest-income allowance; positive is a cash use.
Corporate, coupon and other cash uses upside_2027q2_cash_uses	2027Q2 / upside	103.40 USD_millions	derived: Debt principal, restricted reserves and new financing excluded. Formula: sum(upside_2027q2_corp, quarter_coupon, upside_2027q2_other).
Cash before capex proxy upside_2027q2_cash_before_capex	2027Q2 / upside	77.11 USD_millions	derived: Analytical cash economics including mining monetization; not GAAP CFO. Formula: subtract(upside_2027q2_property_cash, upside_2027q2_cash_uses).
Cash construction capex upside_2027q2_capex	2027Q2 / upside	250.00 USD_millions	assumption: Desk remaining project-spend timing; not company guidance. Downside includes delay/overrun costs.
Cash after capex proxy upside_2027q2_cash_after_capex	2027Q2 / upside	-172.89 USD_millions	derived: Pre-financing, before debt principal, acquisitions and project reserve movements. Formula: subtract(upside_2027q2_cash_before_capex, upside_2027q2_capex).
Share of annual HPC NOI upside_2027q3_noi_weight	2027Q3 / upside	28.0% ratio	assumption: Desk lease-commencement phasing; shares sum to one within each calendar year.
HPC property NOI upside_2027q3_hpc_noi	2027Q3 / upside	197.84 USD_millions	derived: Annual NOI scenario times quarterly allocation. Formula: multiply(upside_2027_noi, upside_2027q3_noi_weight).
NOI / HPC revenue assumption upside_2027q3_property_margin	2027Q3 / upside	92.0% ratio	assumption: Assumed property cash margin; not disclosed contract pricing or GAAP margin.
Implied HPC revenue upside_2027q3_hpc_revenue	2027Q3 / upside	215.05 USD_millions	derived: NOI divided by assumed property margin; gross-revenue proxy. Formula: divide(upside_2027q3_hpc_noi, upside_2027q3_property_margin).
Mining revenue / Q2 baseline upside_2027q3_mining_factor	2027Q3 / upside	105.0% ratio	assumption: Desk Bitcoin price, hashprice and remaining mining-capacity sensitivity; no unsigned HPC reuse.
Mining revenue upside_2027q3_mining	2027Q3 / upside	26.08 USD_millions	derived: Reported Q2 revenue times desk mining factor. Formula: multiply(h1_q2_mining, upside_2027q3_mining_factor).
Total revenue upside_2027q3_revenue	2027Q3 / upside	241.12 USD_millions	derived: HPC revenue proxy plus mining revenue. Formula: sum(upside_2027q3_hpc_revenue, upside_2027q3_mining).
Mining cash contribution margin upside_2027q3_mining_margin	2027Q3 / upside	40.0% ratio	assumption: Desk cash margin before corporate overhead and financing; not GAAP segment profit.
Mining cash contribution upside_2027q3_mining_cash	2027Q3 / upside	10.43 USD_millions	derived: Modeled mining cash economics assuming production monetized in the quarter. Formula: multiply(upside_2027q3_mining, upside_2027q3_mining_margin).
HPC and mining cash contribution upside_2027q3_property_cash	2027Q3 / upside	208.27 USD_millions	derived: Property cash contribution before corporate and financing costs. Formula: sum(upside_2027q3_hpc_noi, upside_2027q3_mining_cash).
Cash corporate overhead upside_2027q3_corp	2027Q3 / upside	24.00 USD_millions	assumption: Desk recurring cash overhead; excludes noncash stock compensation and valuation changes.
Other net operating cash uses upside_2027q3_other	2027Q3 / upside	5.00 USD_millions	assumption: Desk net tax, working-capital and interest-income allowance; positive is a cash use.
Corporate, coupon and other cash uses upside_2027q3_cash_uses	2027Q3 / upside	103.40 USD_millions	derived: Debt principal, restricted reserves and new financing excluded. Formula: sum(upside_2027q3_corp, quarter_coupon, upside_2027q3_other).
Cash before capex proxy upside_2027q3_cash_before_capex	2027Q3 / upside	104.88 USD_millions	derived: Analytical cash economics including mining monetization; not GAAP CFO. Formula: subtract(upside_2027q3_property_cash, upside_2027q3_cash_uses).
Cash construction capex upside_2027q3_capex	2027Q3 / upside	150.00 USD_millions	assumption: Desk remaining project-spend timing; not company guidance. Downside includes delay/overrun costs.
Cash after capex proxy upside_2027q3_cash_after_capex	2027Q3 / upside	-45.12 USD_millions	derived: Pre-financing, before debt principal, acquisitions and project reserve movements. Formula: subtract(upside_2027q3_cash_before_capex, upside_2027q3_capex).
Share of annual HPC NOI upside_2027q4_noi_weight	2027Q4 / upside	28.0% ratio	assumption: Desk lease-commencement phasing; shares sum to one within each calendar year.
HPC property NOI upside_2027q4_hpc_noi	2027Q4 / upside	197.84 USD_millions	derived: Annual NOI scenario times quarterly allocation. Formula: multiply(upside_2027_noi, upside_2027q4_noi_weight).
NOI / HPC revenue assumption upside_2027q4_property_margin	2027Q4 / upside	92.0% ratio	assumption: Assumed property cash margin; not disclosed contract pricing or GAAP margin.
Implied HPC revenue upside_2027q4_hpc_revenue	2027Q4 / upside	215.05 USD_millions	derived: NOI divided by assumed property margin; gross-revenue proxy. Formula: divide(upside_2027q4_hpc_noi, upside_2027q4_property_margin).
Mining revenue / Q2 baseline upside_2027q4_mining_factor	2027Q4 / upside	100.0% ratio	assumption: Desk Bitcoin price, hashprice and remaining mining-capacity sensitivity; no unsigned HPC reuse.
Mining revenue upside_2027q4_mining	2027Q4 / upside	24.84 USD_millions	derived: Reported Q2 revenue times desk mining factor. Formula: multiply(h1_q2_mining, upside_2027q4_mining_factor).
Total revenue upside_2027q4_revenue	2027Q4 / upside	239.88 USD_millions	derived: HPC revenue proxy plus mining revenue. Formula: sum(upside_2027q4_hpc_revenue, upside_2027q4_mining).
Mining cash contribution margin upside_2027q4_mining_margin	2027Q4 / upside	40.0% ratio	assumption: Desk cash margin before corporate overhead and financing; not GAAP segment profit.
Mining cash contribution upside_2027q4_mining_cash	2027Q4 / upside	9.93 USD_millions	derived: Modeled mining cash economics assuming production monetized in the quarter. Formula: multiply(upside_2027q4_mining, upside_2027q4_mining_margin).
HPC and mining cash contribution upside_2027q4_property_cash	2027Q4 / upside	207.78 USD_millions	derived: Property cash contribution before corporate and financing costs. Formula: sum(upside_2027q4_hpc_noi, upside_2027q4_mining_cash).
Cash corporate overhead upside_2027q4_corp	2027Q4 / upside	24.00 USD_millions	assumption: Desk recurring cash overhead; excludes noncash stock compensation and valuation changes.
Other net operating cash uses upside_2027q4_other	2027Q4 / upside	5.00 USD_millions	assumption: Desk net tax, working-capital and interest-income allowance; positive is a cash use.
Corporate, coupon and other cash uses upside_2027q4_cash_uses	2027Q4 / upside	103.40 USD_millions	derived: Debt principal, restricted reserves and new financing excluded. Formula: sum(upside_2027q4_corp, quarter_coupon, upside_2027q4_other).
Cash before capex proxy upside_2027q4_cash_before_capex	2027Q4 / upside	104.38 USD_millions	derived: Analytical cash economics including mining monetization; not GAAP CFO. Formula: subtract(upside_2027q4_property_cash, upside_2027q4_cash_uses).
Cash construction capex upside_2027q4_capex	2027Q4 / upside	100.00 USD_millions	assumption: Desk remaining project-spend timing; not company guidance. Downside includes delay/overrun costs.
Cash after capex proxy upside_2027q4_cash_after_capex	2027Q4 / upside	4.38 USD_millions	derived: Pre-financing, before debt principal, acquisitions and project reserve movements. Formula: subtract(upside_2027q4_cash_before_capex, upside_2027q4_capex).
FY2026 Revenue ($M) upside_fy2026_revenue	FY2026 / upside	229.99 USD_millions	derived: Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. Formula: sum(h1_revenue, upside_2026q3_revenue, upside_2026q4_revenue).
FY2026 HPC property NOI ($M) upside_fy2026_hpc_noi	FY2026 / upside	101.85 USD_millions	derived: Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. Formula: sum(h1_hpc_noi, upside_2026q3_hpc_noi, upside_2026q4_hpc_noi).
FY2026 Cash before capex proxy ($M) upside_fy2026_cash_before_capex	FY2026 / upside	-109.68 USD_millions	derived: Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. Formula: sum(h1_cash_before_capex, upside_2026q3_cash_before_capex, upside_2026q4_cash_before_capex).
FY2026 Cash construction capex ($M) upside_fy2026_capex	FY2026 / upside	2,064.26 USD_millions	derived: Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. Formula: sum(h1_capex, upside_2026q3_capex, upside_2026q4_capex).
FY2026 Cash after capex proxy ($M) upside_fy2026_cash_after_capex	FY2026 / upside	-2,173.94 USD_millions	derived: Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. Formula: sum(h1_cash_after_capex, upside_2026q3_cash_after_capex, upside_2026q4_cash_after_capex).
FY2027 Revenue ($M) upside_fy2027_revenue	FY2027 / upside	874.82 USD_millions	derived: Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. Formula: sum(upside_2027q1_revenue, upside_2027q2_revenue, upside_2027q3_revenue, upside_2027q4_revenue).
FY2027 HPC property NOI ($M) upside_fy2027_hpc_noi	FY2027 / upside	706.58 USD_millions	derived: Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. Formula: sum(upside_2027q1_hpc_noi, upside_2027q2_hpc_noi, upside_2027q3_hpc_noi, upside_2027q4_hpc_noi).
FY2027 Cash before capex proxy ($M) upside_fy2027_cash_before_capex	FY2027 / upside	335.70 USD_millions	derived: Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. Formula: sum(upside_2027q1_cash_before_capex, upside_2027q2_cash_before_capex, upside_2027q3_cash_before_capex, upside_2027q4_cash_before_capex).
FY2027 Cash construction capex ($M) upside_fy2027_capex	FY2027 / upside	800.00 USD_millions	derived: Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. Formula: sum(upside_2027q1_capex, upside_2027q2_capex, upside_2027q3_capex, upside_2027q4_capex).
FY2027 Cash after capex proxy ($M) upside_fy2027_cash_after_capex	FY2027 / upside	-464.30 USD_millions	derived: Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. Formula: sum(upside_2027q1_cash_after_capex, upside_2027q2_cash_after_capex, upside_2027q3_cash_after_capex, upside_2027q4_cash_after_capex).
No additional cash movement funding_zero	Model / shared	0.00 USD_millions	assumption: Arithmetic zero; not a reported missing cash flow.
Scheduled principal: remainder of 2026 scheduled_h2_principal	H2 2026 / shared	18.48 USD_millions	reported: 10-Q debt maturity table; excludes future borrowing, early conversion settlement and lease principal. Primary source · 2026-08-04
Scheduled principal: 2027 scheduled_2027_principal	FY2027 / shared	217.10 USD_millions	reported: 10-Q debt maturity table; annual contractual total, not a quarterly payment forecast. Primary source · 2026-08-04
June common shares outstanding june_common_shares	2026Q2 / shared	414.25 shares_millions	reported: Point-in-time outstanding common shares, excluding treasury stock; not weighted-average EPS shares. Primary source · 2026-08-04
June antidilutive note-conversion shares june_conversion_shares	2026Q2 / shared	161.93 shares_millions	reported: EPS note excluded instruments. Settlement, conversion terms and future exercise determine actual dilution; not a forward diluted denominator. Primary source · 2026-08-04
June Google warrant shares june_google_warrants	2026Q2 / shared	24.18 shares_millions	reported: Warrants at $0.01 exercise price. Additional shares and/or cash may be owed under the $430M minimum-value provision before exercise commences. Primary source · 2026-08-04
June unvested RSU and PSU shares june_unvested_awards	2026Q2 / shared	18.59 shares_millions	reported: EPS note excluded unvested awards; vesting and performance conditions apply. Primary source · 2026-08-04
June disclosed potential additional shares june_potential_claims	2026Q2 / shared	204.70 shares_millions	derived: Sum of separately disclosed excluded instruments; no probability or GAAP dilution claim. Formula: sum(june_conversion_shares, june_google_warrants, june_unvested_awards).
Google warrant minimum-value condition google_minimum_value	Lease commencement / shared	430.00 USD_millions	reported: Contractual minimum before the exercise period: a shortfall may require extra shares and/or cash. No current liability settlement forecast is inferred. Primary source · 2026-08-04
Restricted funds used for qualifying spending downside_2026q3_restricted_release	2026Q3 / downside	455.00 USD_millions	derived: Modeled construction capex times eligible restricted-funding fraction; existing project cash funds an eligible use, not corporate income. Published cases preserve the noncurrent reserve and never release more than construction spending. Formula: multiply(downside_2026q3_capex, downside_2026q3_eligible_restricted_fraction).
Share of dated annual principal schedule downside_2026q3_principal_weight	2026Q3 / downside	0.0% ratio	assumption: Desk timing of disclosed maturity total; CIFR 2027 is spread evenly as a planning proxy across different project instruments. Annual principal reconciles, but this is not an exact payment calendar.
Scheduled principal cash use downside_2026q3_principal_cash	2026Q3 / downside	0.00 USD_millions	derived: Annual disclosed maturity times explicit quarterly allocation. No second deduction of operating coupon costs. Formula: multiply(scheduled_h2_principal, downside_2026q3_principal_weight).
Additional net financing assumed downside_2026q3_external_net_funding	2026Q3 / downside	0.00 USD_millions	assumption: No unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
Asset-sale cash assumed downside_2026q3_asset_sale_cash	2026Q3 / downside	0.00 USD_millions	assumption: No other asset sales assumed; no sale revenue is counted as recurring operating cash.
Additional investing, fees and outside-owner cash uses downside_2026q3_other_funding_uses	2026Q3 / downside	0.00 USD_millions	assumption: Explicit desk allowance outside operating cash/capex: includes $10M assumed sale costs only for WULF upside closing. Zero otherwise leaves undisclosed acquisitions, contingent settlements and minority distributions unmodeled, not known absent. Construction reimbursements already included in capex are not deducted again.
Funding inflows outside operating model downside_2026q3_funding_sources	2026Q3 / downside	455.00 USD_millions	derived: Transfers from restricted cash, dated financing and conditional disposals stay distinct from revenue. Formula: sum(downside_2026q3_restricted_release, downside_2026q3_external_net_funding, downside_2026q3_asset_sale_cash).
Cash uses outside operating model downside_2026q3_funding_uses	2026Q3 / downside	0.00 USD_millions	derived: Principal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge. Formula: sum(downside_2026q3_principal_cash, downside_2026q3_other_funding_uses).
Operating cash after capex plus funding downside_2026q3_cash_with_funding	2026Q3 / downside	-305.23 USD_millions	derived: Combines the operating model with explicit financing/restricted-fund assumptions once. Formula: sum(downside_2026q3_cash_after_capex, downside_2026q3_funding_sources).
Net modeled funding change downside_2026q3_funding_change	2026Q3 / downside	-305.23 USD_millions	derived: Funding inflows less explicit cash uses; not a full GAAP cash-flow statement. Formula: subtract(downside_2026q3_cash_with_funding, downside_2026q3_funding_uses).
Funding balance under stated assumptions downside_2026q3_funding_balance	2026Q3 / downside	526.60 USD_millions	derived: June unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim. Formula: sum(h1_cash, downside_2026q3_funding_change).
Remaining restricted cash in funding bridge downside_2026q3_restricted_remaining	2026Q3 / downside	3,272.96 USD_millions	derived: Opening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims. Formula: subtract(restricted_cash, downside_2026q3_restricted_release).
Restricted funds used for qualifying spending downside_2026q4_restricted_release	2026Q4 / downside	455.00 USD_millions	derived: Modeled construction capex times eligible restricted-funding fraction; existing project cash funds an eligible use, not corporate income. Published cases preserve the noncurrent reserve and never release more than construction spending. Formula: multiply(downside_2026q4_capex, downside_2026q4_eligible_restricted_fraction).
Share of dated annual principal schedule downside_2026q4_principal_weight	2026Q4 / downside	100.0% ratio	assumption: Desk timing of disclosed maturity total; CIFR 2027 is spread evenly as a planning proxy across different project instruments. Annual principal reconciles, but this is not an exact payment calendar.
Scheduled principal cash use downside_2026q4_principal_cash	2026Q4 / downside	18.48 USD_millions	derived: Annual disclosed maturity times explicit quarterly allocation. No second deduction of operating coupon costs. Formula: multiply(scheduled_h2_principal, downside_2026q4_principal_weight).
Additional net financing assumed downside_2026q4_external_net_funding	2026Q4 / downside	0.00 USD_millions	assumption: No unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
Asset-sale cash assumed downside_2026q4_asset_sale_cash	2026Q4 / downside	0.00 USD_millions	assumption: No other asset sales assumed; no sale revenue is counted as recurring operating cash.
Additional investing, fees and outside-owner cash uses downside_2026q4_other_funding_uses	2026Q4 / downside	0.00 USD_millions	assumption: Explicit desk allowance outside operating cash/capex: includes $10M assumed sale costs only for WULF upside closing. Zero otherwise leaves undisclosed acquisitions, contingent settlements and minority distributions unmodeled, not known absent. Construction reimbursements already included in capex are not deducted again.
Funding inflows outside operating model downside_2026q4_funding_sources	2026Q4 / downside	455.00 USD_millions	derived: Transfers from restricted cash, dated financing and conditional disposals stay distinct from revenue. Formula: sum(downside_2026q4_restricted_release, downside_2026q4_external_net_funding, downside_2026q4_asset_sale_cash).
Cash uses outside operating model downside_2026q4_funding_uses	2026Q4 / downside	18.48 USD_millions	derived: Principal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge. Formula: sum(downside_2026q4_principal_cash, downside_2026q4_other_funding_uses).
Operating cash after capex plus funding downside_2026q4_cash_with_funding	2026Q4 / downside	-237.09 USD_millions	derived: Combines the operating model with explicit financing/restricted-fund assumptions once. Formula: sum(downside_2026q4_cash_after_capex, downside_2026q4_funding_sources).
Net modeled funding change downside_2026q4_funding_change	2026Q4 / downside	-255.57 USD_millions	derived: Funding inflows less explicit cash uses; not a full GAAP cash-flow statement. Formula: subtract(downside_2026q4_cash_with_funding, downside_2026q4_funding_uses).
Funding balance under stated assumptions downside_2026q4_funding_balance	2026Q4 / downside	271.03 USD_millions	derived: June unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim. Formula: sum(downside_2026q3_funding_balance, downside_2026q4_funding_change).
Remaining restricted cash in funding bridge downside_2026q4_restricted_remaining	2026Q4 / downside	2,817.96 USD_millions	derived: Opening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims. Formula: subtract(downside_2026q3_restricted_remaining, downside_2026q4_restricted_release).
Restricted funds used for qualifying spending downside_2027q1_restricted_release	2027Q1 / downside	280.00 USD_millions	derived: Modeled construction capex times eligible restricted-funding fraction; existing project cash funds an eligible use, not corporate income. Published cases preserve the noncurrent reserve and never release more than construction spending. Formula: multiply(downside_2027q1_capex, downside_2027q1_eligible_restricted_fraction).
Share of dated annual principal schedule downside_2027q1_principal_weight	2027Q1 / downside	25.0% ratio	assumption: Desk timing of disclosed maturity total; CIFR 2027 is spread evenly as a planning proxy across different project instruments. Annual principal reconciles, but this is not an exact payment calendar.
Scheduled principal cash use downside_2027q1_principal_cash	2027Q1 / downside	54.28 USD_millions	derived: Annual disclosed maturity times explicit quarterly allocation. No second deduction of operating coupon costs. Formula: multiply(scheduled_2027_principal, downside_2027q1_principal_weight).
Additional net financing assumed downside_2027q1_external_net_funding	2027Q1 / downside	0.00 USD_millions	assumption: No unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
Asset-sale cash assumed downside_2027q1_asset_sale_cash	2027Q1 / downside	0.00 USD_millions	assumption: No other asset sales assumed; no sale revenue is counted as recurring operating cash.
Additional investing, fees and outside-owner cash uses downside_2027q1_other_funding_uses	2027Q1 / downside	0.00 USD_millions	assumption: Explicit desk allowance outside operating cash/capex: includes $10M assumed sale costs only for WULF upside closing. Zero otherwise leaves undisclosed acquisitions, contingent settlements and minority distributions unmodeled, not known absent. Construction reimbursements already included in capex are not deducted again.
Funding inflows outside operating model downside_2027q1_funding_sources	2027Q1 / downside	280.00 USD_millions	derived: Transfers from restricted cash, dated financing and conditional disposals stay distinct from revenue. Formula: sum(downside_2027q1_restricted_release, downside_2027q1_external_net_funding, downside_2027q1_asset_sale_cash).
Cash uses outside operating model downside_2027q1_funding_uses	2027Q1 / downside	54.28 USD_millions	derived: Principal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge. Formula: sum(downside_2027q1_principal_cash, downside_2027q1_other_funding_uses).
Operating cash after capex plus funding downside_2027q1_cash_with_funding	2027Q1 / downside	-166.93 USD_millions	derived: Combines the operating model with explicit financing/restricted-fund assumptions once. Formula: sum(downside_2027q1_cash_after_capex, downside_2027q1_funding_sources).
Net modeled funding change downside_2027q1_funding_change	2027Q1 / downside	-221.20 USD_millions	derived: Funding inflows less explicit cash uses; not a full GAAP cash-flow statement. Formula: subtract(downside_2027q1_cash_with_funding, downside_2027q1_funding_uses).
Funding balance under stated assumptions downside_2027q1_funding_balance	2027Q1 / downside	49.83 USD_millions	derived: June unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim. Formula: sum(downside_2026q4_funding_balance, downside_2027q1_funding_change).
Remaining restricted cash in funding bridge downside_2027q1_restricted_remaining	2027Q1 / downside	2,537.96 USD_millions	derived: Opening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims. Formula: subtract(downside_2026q4_restricted_remaining, downside_2027q1_restricted_release).
Restricted funds used for qualifying spending downside_2027q2_restricted_release	2027Q2 / downside	245.00 USD_millions	derived: Modeled construction capex times eligible restricted-funding fraction; existing project cash funds an eligible use, not corporate income. Published cases preserve the noncurrent reserve and never release more than construction spending. Formula: multiply(downside_2027q2_capex, downside_2027q2_eligible_restricted_fraction).
Share of dated annual principal schedule downside_2027q2_principal_weight	2027Q2 / downside	25.0% ratio	assumption: Desk timing of disclosed maturity total; CIFR 2027 is spread evenly as a planning proxy across different project instruments. Annual principal reconciles, but this is not an exact payment calendar.
Scheduled principal cash use downside_2027q2_principal_cash	2027Q2 / downside	54.28 USD_millions	derived: Annual disclosed maturity times explicit quarterly allocation. No second deduction of operating coupon costs. Formula: multiply(scheduled_2027_principal, downside_2027q2_principal_weight).
Additional net financing assumed downside_2027q2_external_net_funding	2027Q2 / downside	0.00 USD_millions	assumption: No unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
Asset-sale cash assumed downside_2027q2_asset_sale_cash	2027Q2 / downside	0.00 USD_millions	assumption: No other asset sales assumed; no sale revenue is counted as recurring operating cash.
Additional investing, fees and outside-owner cash uses downside_2027q2_other_funding_uses	2027Q2 / downside	0.00 USD_millions	assumption: Explicit desk allowance outside operating cash/capex: includes $10M assumed sale costs only for WULF upside closing. Zero otherwise leaves undisclosed acquisitions, contingent settlements and minority distributions unmodeled, not known absent. Construction reimbursements already included in capex are not deducted again.
Funding inflows outside operating model downside_2027q2_funding_sources	2027Q2 / downside	245.00 USD_millions	derived: Transfers from restricted cash, dated financing and conditional disposals stay distinct from revenue. Formula: sum(downside_2027q2_restricted_release, downside_2027q2_external_net_funding, downside_2027q2_asset_sale_cash).
Cash uses outside operating model downside_2027q2_funding_uses	2027Q2 / downside	54.28 USD_millions	derived: Principal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge. Formula: sum(downside_2027q2_principal_cash, downside_2027q2_other_funding_uses).
Operating cash after capex plus funding downside_2027q2_cash_with_funding	2027Q2 / downside	-97.17 USD_millions	derived: Combines the operating model with explicit financing/restricted-fund assumptions once. Formula: sum(downside_2027q2_cash_after_capex, downside_2027q2_funding_sources).
Net modeled funding change downside_2027q2_funding_change	2027Q2 / downside	-151.45 USD_millions	derived: Funding inflows less explicit cash uses; not a full GAAP cash-flow statement. Formula: subtract(downside_2027q2_cash_with_funding, downside_2027q2_funding_uses).
Funding balance under stated assumptions downside_2027q2_funding_balance	2027Q2 / downside	-101.62 USD_millions	derived: June unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim. Formula: sum(downside_2027q1_funding_balance, downside_2027q2_funding_change).
Remaining restricted cash in funding bridge downside_2027q2_restricted_remaining	2027Q2 / downside	2,292.96 USD_millions	derived: Opening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims. Formula: subtract(downside_2027q1_restricted_remaining, downside_2027q2_restricted_release).
Restricted funds used for qualifying spending downside_2027q3_restricted_release	2027Q3 / downside	175.00 USD_millions	derived: Modeled construction capex times eligible restricted-funding fraction; existing project cash funds an eligible use, not corporate income. Published cases preserve the noncurrent reserve and never release more than construction spending. Formula: multiply(downside_2027q3_capex, downside_2027q3_eligible_restricted_fraction).
Share of dated annual principal schedule downside_2027q3_principal_weight	2027Q3 / downside	25.0% ratio	assumption: Desk timing of disclosed maturity total; CIFR 2027 is spread evenly as a planning proxy across different project instruments. Annual principal reconciles, but this is not an exact payment calendar.
Scheduled principal cash use downside_2027q3_principal_cash	2027Q3 / downside	54.28 USD_millions	derived: Annual disclosed maturity times explicit quarterly allocation. No second deduction of operating coupon costs. Formula: multiply(scheduled_2027_principal, downside_2027q3_principal_weight).
Additional net financing assumed downside_2027q3_external_net_funding	2027Q3 / downside	0.00 USD_millions	assumption: No unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
Asset-sale cash assumed downside_2027q3_asset_sale_cash	2027Q3 / downside	0.00 USD_millions	assumption: No other asset sales assumed; no sale revenue is counted as recurring operating cash.
Additional investing, fees and outside-owner cash uses downside_2027q3_other_funding_uses	2027Q3 / downside	0.00 USD_millions	assumption: Explicit desk allowance outside operating cash/capex: includes $10M assumed sale costs only for WULF upside closing. Zero otherwise leaves undisclosed acquisitions, contingent settlements and minority distributions unmodeled, not known absent. Construction reimbursements already included in capex are not deducted again.
Funding inflows outside operating model downside_2027q3_funding_sources	2027Q3 / downside	175.00 USD_millions	derived: Transfers from restricted cash, dated financing and conditional disposals stay distinct from revenue. Formula: sum(downside_2027q3_restricted_release, downside_2027q3_external_net_funding, downside_2027q3_asset_sale_cash).
Cash uses outside operating model downside_2027q3_funding_uses	2027Q3 / downside	54.28 USD_millions	derived: Principal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge. Formula: sum(downside_2027q3_principal_cash, downside_2027q3_other_funding_uses).
Operating cash after capex plus funding downside_2027q3_cash_with_funding	2027Q3 / downside	-17.90 USD_millions	derived: Combines the operating model with explicit financing/restricted-fund assumptions once. Formula: sum(downside_2027q3_cash_after_capex, downside_2027q3_funding_sources).
Net modeled funding change downside_2027q3_funding_change	2027Q3 / downside	-72.18 USD_millions	derived: Funding inflows less explicit cash uses; not a full GAAP cash-flow statement. Formula: subtract(downside_2027q3_cash_with_funding, downside_2027q3_funding_uses).
Funding balance under stated assumptions downside_2027q3_funding_balance	2027Q3 / downside	-173.80 USD_millions	derived: June unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim. Formula: sum(downside_2027q2_funding_balance, downside_2027q3_funding_change).
Remaining restricted cash in funding bridge downside_2027q3_restricted_remaining	2027Q3 / downside	2,117.96 USD_millions	derived: Opening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims. Formula: subtract(downside_2027q2_restricted_remaining, downside_2027q3_restricted_release).
Restricted funds used for qualifying spending downside_2027q4_restricted_release	2027Q4 / downside	140.00 USD_millions	derived: Modeled construction capex times eligible restricted-funding fraction; existing project cash funds an eligible use, not corporate income. Published cases preserve the noncurrent reserve and never release more than construction spending. Formula: multiply(downside_2027q4_capex, downside_2027q4_eligible_restricted_fraction).
Share of dated annual principal schedule downside_2027q4_principal_weight	2027Q4 / downside	25.0% ratio	assumption: Desk timing of disclosed maturity total; CIFR 2027 is spread evenly as a planning proxy across different project instruments. Annual principal reconciles, but this is not an exact payment calendar.
Scheduled principal cash use downside_2027q4_principal_cash	2027Q4 / downside	54.28 USD_millions	derived: Annual disclosed maturity times explicit quarterly allocation. No second deduction of operating coupon costs. Formula: multiply(scheduled_2027_principal, downside_2027q4_principal_weight).
Additional net financing assumed downside_2027q4_external_net_funding	2027Q4 / downside	0.00 USD_millions	assumption: No unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
Asset-sale cash assumed downside_2027q4_asset_sale_cash	2027Q4 / downside	0.00 USD_millions	assumption: No other asset sales assumed; no sale revenue is counted as recurring operating cash.
Additional investing, fees and outside-owner cash uses downside_2027q4_other_funding_uses	2027Q4 / downside	0.00 USD_millions	assumption: Explicit desk allowance outside operating cash/capex: includes $10M assumed sale costs only for WULF upside closing. Zero otherwise leaves undisclosed acquisitions, contingent settlements and minority distributions unmodeled, not known absent. Construction reimbursements already included in capex are not deducted again.
Funding inflows outside operating model downside_2027q4_funding_sources	2027Q4 / downside	140.00 USD_millions	derived: Transfers from restricted cash, dated financing and conditional disposals stay distinct from revenue. Formula: sum(downside_2027q4_restricted_release, downside_2027q4_external_net_funding, downside_2027q4_asset_sale_cash).
Cash uses outside operating model downside_2027q4_funding_uses	2027Q4 / downside	54.28 USD_millions	derived: Principal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge. Formula: sum(downside_2027q4_principal_cash, downside_2027q4_other_funding_uses).
Operating cash after capex plus funding downside_2027q4_cash_with_funding	2027Q4 / downside	18.92 USD_millions	derived: Combines the operating model with explicit financing/restricted-fund assumptions once. Formula: sum(downside_2027q4_cash_after_capex, downside_2027q4_funding_sources).
Net modeled funding change downside_2027q4_funding_change	2027Q4 / downside	-35.35 USD_millions	derived: Funding inflows less explicit cash uses; not a full GAAP cash-flow statement. Formula: subtract(downside_2027q4_cash_with_funding, downside_2027q4_funding_uses).
Funding balance under stated assumptions downside_2027q4_funding_balance	2027Q4 / downside	-209.16 USD_millions	derived: June unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim. Formula: sum(downside_2027q3_funding_balance, downside_2027q4_funding_change).
Remaining restricted cash in funding bridge downside_2027q4_restricted_remaining	2027Q4 / downside	1,977.96 USD_millions	derived: Opening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims. Formula: subtract(downside_2027q3_restricted_remaining, downside_2027q4_restricted_release).
Year-end Funding balance under stated assumptions ($M) downside_fy2026_funding_balance	FY2026 / downside	271.03 USD_millions	derived: Year-end stock equals Q4 ending balance; quarterly balances are never summed. Formula: sum(downside_2026q4_funding_balance, funding_zero).
Year-end Remaining restricted cash in funding bridge ($M) downside_fy2026_restricted_remaining	FY2026 / downside	2,817.96 USD_millions	derived: Year-end stock equals Q4 ending balance; quarterly balances are never summed. Formula: sum(downside_2026q4_restricted_remaining, funding_zero).
Year-end Funding balance under stated assumptions ($M) downside_fy2027_funding_balance	FY2027 / downside	-209.16 USD_millions	derived: Year-end stock equals Q4 ending balance; quarterly balances are never summed. Formula: sum(downside_2027q4_funding_balance, funding_zero).
Year-end Remaining restricted cash in funding bridge ($M) downside_fy2027_restricted_remaining	FY2027 / downside	1,977.96 USD_millions	derived: Year-end stock equals Q4 ending balance; quarterly balances are never summed. Formula: sum(downside_2027q4_restricted_remaining, funding_zero).
Restricted funds used for qualifying spending base_2026q3_restricted_release	2026Q3 / base	540.00 USD_millions	derived: Modeled construction capex times eligible restricted-funding fraction; existing project cash funds an eligible use, not corporate income. Published cases preserve the noncurrent reserve and never release more than construction spending. Formula: multiply(base_2026q3_capex, base_2026q3_eligible_restricted_fraction).
Share of dated annual principal schedule base_2026q3_principal_weight	2026Q3 / base	0.0% ratio	assumption: Desk timing of disclosed maturity total; CIFR 2027 is spread evenly as a planning proxy across different project instruments. Annual principal reconciles, but this is not an exact payment calendar.
Scheduled principal cash use base_2026q3_principal_cash	2026Q3 / base	0.00 USD_millions	derived: Annual disclosed maturity times explicit quarterly allocation. No second deduction of operating coupon costs. Formula: multiply(scheduled_h2_principal, base_2026q3_principal_weight).
Additional net financing assumed base_2026q3_external_net_funding	2026Q3 / base	0.00 USD_millions	assumption: No unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
Asset-sale cash assumed base_2026q3_asset_sale_cash	2026Q3 / base	0.00 USD_millions	assumption: No other asset sales assumed; no sale revenue is counted as recurring operating cash.
Additional investing, fees and outside-owner cash uses base_2026q3_other_funding_uses	2026Q3 / base	0.00 USD_millions	assumption: Explicit desk allowance outside operating cash/capex: includes $10M assumed sale costs only for WULF upside closing. Zero otherwise leaves undisclosed acquisitions, contingent settlements and minority distributions unmodeled, not known absent. Construction reimbursements already included in capex are not deducted again.
Funding inflows outside operating model base_2026q3_funding_sources	2026Q3 / base	540.00 USD_millions	derived: Transfers from restricted cash, dated financing and conditional disposals stay distinct from revenue. Formula: sum(base_2026q3_restricted_release, base_2026q3_external_net_funding, base_2026q3_asset_sale_cash).
Cash uses outside operating model base_2026q3_funding_uses	2026Q3 / base	0.00 USD_millions	derived: Principal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge. Formula: sum(base_2026q3_principal_cash, base_2026q3_other_funding_uses).
Operating cash after capex plus funding base_2026q3_cash_with_funding	2026Q3 / base	-152.43 USD_millions	derived: Combines the operating model with explicit financing/restricted-fund assumptions once. Formula: sum(base_2026q3_cash_after_capex, base_2026q3_funding_sources).
Net modeled funding change base_2026q3_funding_change	2026Q3 / base	-152.43 USD_millions	derived: Funding inflows less explicit cash uses; not a full GAAP cash-flow statement. Formula: subtract(base_2026q3_cash_with_funding, base_2026q3_funding_uses).
Funding balance under stated assumptions base_2026q3_funding_balance	2026Q3 / base	679.40 USD_millions	derived: June unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim. Formula: sum(h1_cash, base_2026q3_funding_change).
Remaining restricted cash in funding bridge base_2026q3_restricted_remaining	2026Q3 / base	3,187.96 USD_millions	derived: Opening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims. Formula: subtract(restricted_cash, base_2026q3_restricted_release).
Restricted funds used for qualifying spending base_2026q4_restricted_release	2026Q4 / base	540.00 USD_millions	derived: Modeled construction capex times eligible restricted-funding fraction; existing project cash funds an eligible use, not corporate income. Published cases preserve the noncurrent reserve and never release more than construction spending. Formula: multiply(base_2026q4_capex, base_2026q4_eligible_restricted_fraction).
Share of dated annual principal schedule base_2026q4_principal_weight	2026Q4 / base	100.0% ratio	assumption: Desk timing of disclosed maturity total; CIFR 2027 is spread evenly as a planning proxy across different project instruments. Annual principal reconciles, but this is not an exact payment calendar.
Scheduled principal cash use base_2026q4_principal_cash	2026Q4 / base	18.48 USD_millions	derived: Annual disclosed maturity times explicit quarterly allocation. No second deduction of operating coupon costs. Formula: multiply(scheduled_h2_principal, base_2026q4_principal_weight).
Additional net financing assumed base_2026q4_external_net_funding	2026Q4 / base	0.00 USD_millions	assumption: No unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
Asset-sale cash assumed base_2026q4_asset_sale_cash	2026Q4 / base	0.00 USD_millions	assumption: No other asset sales assumed; no sale revenue is counted as recurring operating cash.
Additional investing, fees and outside-owner cash uses base_2026q4_other_funding_uses	2026Q4 / base	0.00 USD_millions	assumption: Explicit desk allowance outside operating cash/capex: includes $10M assumed sale costs only for WULF upside closing. Zero otherwise leaves undisclosed acquisitions, contingent settlements and minority distributions unmodeled, not known absent. Construction reimbursements already included in capex are not deducted again.
Funding inflows outside operating model base_2026q4_funding_sources	2026Q4 / base	540.00 USD_millions	derived: Transfers from restricted cash, dated financing and conditional disposals stay distinct from revenue. Formula: sum(base_2026q4_restricted_release, base_2026q4_external_net_funding, base_2026q4_asset_sale_cash).
Cash uses outside operating model base_2026q4_funding_uses	2026Q4 / base	18.48 USD_millions	derived: Principal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge. Formula: sum(base_2026q4_principal_cash, base_2026q4_other_funding_uses).
Operating cash after capex plus funding base_2026q4_cash_with_funding	2026Q4 / base	-70.95 USD_millions	derived: Combines the operating model with explicit financing/restricted-fund assumptions once. Formula: sum(base_2026q4_cash_after_capex, base_2026q4_funding_sources).
Net modeled funding change base_2026q4_funding_change	2026Q4 / base	-89.43 USD_millions	derived: Funding inflows less explicit cash uses; not a full GAAP cash-flow statement. Formula: subtract(base_2026q4_cash_with_funding, base_2026q4_funding_uses).
Funding balance under stated assumptions base_2026q4_funding_balance	2026Q4 / base	589.97 USD_millions	derived: June unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim. Formula: sum(base_2026q3_funding_balance, base_2026q4_funding_change).
Remaining restricted cash in funding bridge base_2026q4_restricted_remaining	2026Q4 / base	2,647.96 USD_millions	derived: Opening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims. Formula: subtract(base_2026q3_restricted_remaining, base_2026q4_restricted_release).
Restricted funds used for qualifying spending base_2027q1_restricted_release	2027Q1 / base	315.00 USD_millions	derived: Modeled construction capex times eligible restricted-funding fraction; existing project cash funds an eligible use, not corporate income. Published cases preserve the noncurrent reserve and never release more than construction spending. Formula: multiply(base_2027q1_capex, base_2027q1_eligible_restricted_fraction).
Share of dated annual principal schedule base_2027q1_principal_weight	2027Q1 / base	25.0% ratio	assumption: Desk timing of disclosed maturity total; CIFR 2027 is spread evenly as a planning proxy across different project instruments. Annual principal reconciles, but this is not an exact payment calendar.
Scheduled principal cash use base_2027q1_principal_cash	2027Q1 / base	54.28 USD_millions	derived: Annual disclosed maturity times explicit quarterly allocation. No second deduction of operating coupon costs. Formula: multiply(scheduled_2027_principal, base_2027q1_principal_weight).
Additional net financing assumed base_2027q1_external_net_funding	2027Q1 / base	0.00 USD_millions	assumption: No unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
Asset-sale cash assumed base_2027q1_asset_sale_cash	2027Q1 / base	0.00 USD_millions	assumption: No other asset sales assumed; no sale revenue is counted as recurring operating cash.
Additional investing, fees and outside-owner cash uses base_2027q1_other_funding_uses	2027Q1 / base	0.00 USD_millions	assumption: Explicit desk allowance outside operating cash/capex: includes $10M assumed sale costs only for WULF upside closing. Zero otherwise leaves undisclosed acquisitions, contingent settlements and minority distributions unmodeled, not known absent. Construction reimbursements already included in capex are not deducted again.
Funding inflows outside operating model base_2027q1_funding_sources	2027Q1 / base	315.00 USD_millions	derived: Transfers from restricted cash, dated financing and conditional disposals stay distinct from revenue. Formula: sum(base_2027q1_restricted_release, base_2027q1_external_net_funding, base_2027q1_asset_sale_cash).
Cash uses outside operating model base_2027q1_funding_uses	2027Q1 / base	54.28 USD_millions	derived: Principal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge. Formula: sum(base_2027q1_principal_cash, base_2027q1_other_funding_uses).
Operating cash after capex plus funding base_2027q1_cash_with_funding	2027Q1 / base	-18.88 USD_millions	derived: Combines the operating model with explicit financing/restricted-fund assumptions once. Formula: sum(base_2027q1_cash_after_capex, base_2027q1_funding_sources).
Net modeled funding change base_2027q1_funding_change	2027Q1 / base	-73.16 USD_millions	derived: Funding inflows less explicit cash uses; not a full GAAP cash-flow statement. Formula: subtract(base_2027q1_cash_with_funding, base_2027q1_funding_uses).
Funding balance under stated assumptions base_2027q1_funding_balance	2027Q1 / base	516.82 USD_millions	derived: June unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim. Formula: sum(base_2026q4_funding_balance, base_2027q1_funding_change).
Remaining restricted cash in funding bridge base_2027q1_restricted_remaining	2027Q1 / base	2,332.96 USD_millions	derived: Opening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims. Formula: subtract(base_2026q4_restricted_remaining, base_2027q1_restricted_release).
Restricted funds used for qualifying spending base_2027q2_restricted_release	2027Q2 / base	270.00 USD_millions	derived: Modeled construction capex times eligible restricted-funding fraction; existing project cash funds an eligible use, not corporate income. Published cases preserve the noncurrent reserve and never release more than construction spending. Formula: multiply(base_2027q2_capex, base_2027q2_eligible_restricted_fraction).
Share of dated annual principal schedule base_2027q2_principal_weight	2027Q2 / base	25.0% ratio	assumption: Desk timing of disclosed maturity total; CIFR 2027 is spread evenly as a planning proxy across different project instruments. Annual principal reconciles, but this is not an exact payment calendar.
Scheduled principal cash use base_2027q2_principal_cash	2027Q2 / base	54.28 USD_millions	derived: Annual disclosed maturity times explicit quarterly allocation. No second deduction of operating coupon costs. Formula: multiply(scheduled_2027_principal, base_2027q2_principal_weight).
Additional net financing assumed base_2027q2_external_net_funding	2027Q2 / base	0.00 USD_millions	assumption: No unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
Asset-sale cash assumed base_2027q2_asset_sale_cash	2027Q2 / base	0.00 USD_millions	assumption: No other asset sales assumed; no sale revenue is counted as recurring operating cash.
Additional investing, fees and outside-owner cash uses base_2027q2_other_funding_uses	2027Q2 / base	0.00 USD_millions	assumption: Explicit desk allowance outside operating cash/capex: includes $10M assumed sale costs only for WULF upside closing. Zero otherwise leaves undisclosed acquisitions, contingent settlements and minority distributions unmodeled, not known absent. Construction reimbursements already included in capex are not deducted again.
Funding inflows outside operating model base_2027q2_funding_sources	2027Q2 / base	270.00 USD_millions	derived: Transfers from restricted cash, dated financing and conditional disposals stay distinct from revenue. Formula: sum(base_2027q2_restricted_release, base_2027q2_external_net_funding, base_2027q2_asset_sale_cash).
Cash uses outside operating model base_2027q2_funding_uses	2027Q2 / base	54.28 USD_millions	derived: Principal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge. Formula: sum(base_2027q2_principal_cash, base_2027q2_other_funding_uses).
Operating cash after capex plus funding base_2027q2_cash_with_funding	2027Q2 / base	26.97 USD_millions	derived: Combines the operating model with explicit financing/restricted-fund assumptions once. Formula: sum(base_2027q2_cash_after_capex, base_2027q2_funding_sources).
Net modeled funding change base_2027q2_funding_change	2027Q2 / base	-27.31 USD_millions	derived: Funding inflows less explicit cash uses; not a full GAAP cash-flow statement. Formula: subtract(base_2027q2_cash_with_funding, base_2027q2_funding_uses).
Funding balance under stated assumptions base_2027q2_funding_balance	2027Q2 / base	489.51 USD_millions	derived: June unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim. Formula: sum(base_2027q1_funding_balance, base_2027q2_funding_change).
Remaining restricted cash in funding bridge base_2027q2_restricted_remaining	2027Q2 / base	2,062.96 USD_millions	derived: Opening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims. Formula: subtract(base_2027q1_restricted_remaining, base_2027q2_restricted_release).
Restricted funds used for qualifying spending base_2027q3_restricted_release	2027Q3 / base	180.00 USD_millions	derived: Modeled construction capex times eligible restricted-funding fraction; existing project cash funds an eligible use, not corporate income. Published cases preserve the noncurrent reserve and never release more than construction spending. Formula: multiply(base_2027q3_capex, base_2027q3_eligible_restricted_fraction).
Share of dated annual principal schedule base_2027q3_principal_weight	2027Q3 / base	25.0% ratio	assumption: Desk timing of disclosed maturity total; CIFR 2027 is spread evenly as a planning proxy across different project instruments. Annual principal reconciles, but this is not an exact payment calendar.
Scheduled principal cash use base_2027q3_principal_cash	2027Q3 / base	54.28 USD_millions	derived: Annual disclosed maturity times explicit quarterly allocation. No second deduction of operating coupon costs. Formula: multiply(scheduled_2027_principal, base_2027q3_principal_weight).
Additional net financing assumed base_2027q3_external_net_funding	2027Q3 / base	0.00 USD_millions	assumption: No unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
Asset-sale cash assumed base_2027q3_asset_sale_cash	2027Q3 / base	0.00 USD_millions	assumption: No other asset sales assumed; no sale revenue is counted as recurring operating cash.
Additional investing, fees and outside-owner cash uses base_2027q3_other_funding_uses	2027Q3 / base	0.00 USD_millions	assumption: Explicit desk allowance outside operating cash/capex: includes $10M assumed sale costs only for WULF upside closing. Zero otherwise leaves undisclosed acquisitions, contingent settlements and minority distributions unmodeled, not known absent. Construction reimbursements already included in capex are not deducted again.
Funding inflows outside operating model base_2027q3_funding_sources	2027Q3 / base	180.00 USD_millions	derived: Transfers from restricted cash, dated financing and conditional disposals stay distinct from revenue. Formula: sum(base_2027q3_restricted_release, base_2027q3_external_net_funding, base_2027q3_asset_sale_cash).
Cash uses outside operating model base_2027q3_funding_uses	2027Q3 / base	54.28 USD_millions	derived: Principal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge. Formula: sum(base_2027q3_principal_cash, base_2027q3_other_funding_uses).
Operating cash after capex plus funding base_2027q3_cash_with_funding	2027Q3 / base	77.82 USD_millions	derived: Combines the operating model with explicit financing/restricted-fund assumptions once. Formula: sum(base_2027q3_cash_after_capex, base_2027q3_funding_sources).
Net modeled funding change base_2027q3_funding_change	2027Q3 / base	23.54 USD_millions	derived: Funding inflows less explicit cash uses; not a full GAAP cash-flow statement. Formula: subtract(base_2027q3_cash_with_funding, base_2027q3_funding_uses).
Funding balance under stated assumptions base_2027q3_funding_balance	2027Q3 / base	513.05 USD_millions	derived: June unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim. Formula: sum(base_2027q2_funding_balance, base_2027q3_funding_change).
Remaining restricted cash in funding bridge base_2027q3_restricted_remaining	2027Q3 / base	1,882.96 USD_millions	derived: Opening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims. Formula: subtract(base_2027q2_restricted_remaining, base_2027q3_restricted_release).
Restricted funds used for qualifying spending base_2027q4_restricted_release	2027Q4 / base	135.00 USD_millions	derived: Modeled construction capex times eligible restricted-funding fraction; existing project cash funds an eligible use, not corporate income. Published cases preserve the noncurrent reserve and never release more than construction spending. Formula: multiply(base_2027q4_capex, base_2027q4_eligible_restricted_fraction).
Share of dated annual principal schedule base_2027q4_principal_weight	2027Q4 / base	25.0% ratio	assumption: Desk timing of disclosed maturity total; CIFR 2027 is spread evenly as a planning proxy across different project instruments. Annual principal reconciles, but this is not an exact payment calendar.
Scheduled principal cash use base_2027q4_principal_cash	2027Q4 / base	54.28 USD_millions	derived: Annual disclosed maturity times explicit quarterly allocation. No second deduction of operating coupon costs. Formula: multiply(scheduled_2027_principal, base_2027q4_principal_weight).
Additional net financing assumed base_2027q4_external_net_funding	2027Q4 / base	0.00 USD_millions	assumption: No unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
Asset-sale cash assumed base_2027q4_asset_sale_cash	2027Q4 / base	0.00 USD_millions	assumption: No other asset sales assumed; no sale revenue is counted as recurring operating cash.
Additional investing, fees and outside-owner cash uses base_2027q4_other_funding_uses	2027Q4 / base	0.00 USD_millions	assumption: Explicit desk allowance outside operating cash/capex: includes $10M assumed sale costs only for WULF upside closing. Zero otherwise leaves undisclosed acquisitions, contingent settlements and minority distributions unmodeled, not known absent. Construction reimbursements already included in capex are not deducted again.
Funding inflows outside operating model base_2027q4_funding_sources	2027Q4 / base	135.00 USD_millions	derived: Transfers from restricted cash, dated financing and conditional disposals stay distinct from revenue. Formula: sum(base_2027q4_restricted_release, base_2027q4_external_net_funding, base_2027q4_asset_sale_cash).
Cash uses outside operating model base_2027q4_funding_uses	2027Q4 / base	54.28 USD_millions	derived: Principal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge. Formula: sum(base_2027q4_principal_cash, base_2027q4_other_funding_uses).
Operating cash after capex plus funding base_2027q4_cash_with_funding	2027Q4 / base	96.23 USD_millions	derived: Combines the operating model with explicit financing/restricted-fund assumptions once. Formula: sum(base_2027q4_cash_after_capex, base_2027q4_funding_sources).
Net modeled funding change base_2027q4_funding_change	2027Q4 / base	41.95 USD_millions	derived: Funding inflows less explicit cash uses; not a full GAAP cash-flow statement. Formula: subtract(base_2027q4_cash_with_funding, base_2027q4_funding_uses).
Funding balance under stated assumptions base_2027q4_funding_balance	2027Q4 / base	555.01 USD_millions	derived: June unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim. Formula: sum(base_2027q3_funding_balance, base_2027q4_funding_change).
Remaining restricted cash in funding bridge base_2027q4_restricted_remaining	2027Q4 / base	1,747.96 USD_millions	derived: Opening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims. Formula: subtract(base_2027q3_restricted_remaining, base_2027q4_restricted_release).
Year-end Funding balance under stated assumptions ($M) base_fy2026_funding_balance	FY2026 / base	589.97 USD_millions	derived: Year-end stock equals Q4 ending balance; quarterly balances are never summed. Formula: sum(base_2026q4_funding_balance, funding_zero).
Year-end Remaining restricted cash in funding bridge ($M) base_fy2026_restricted_remaining	FY2026 / base	2,647.96 USD_millions	derived: Year-end stock equals Q4 ending balance; quarterly balances are never summed. Formula: sum(base_2026q4_restricted_remaining, funding_zero).
Year-end Funding balance under stated assumptions ($M) base_fy2027_funding_balance	FY2027 / base	555.01 USD_millions	derived: Year-end stock equals Q4 ending balance; quarterly balances are never summed. Formula: sum(base_2027q4_funding_balance, funding_zero).
Year-end Remaining restricted cash in funding bridge ($M) base_fy2027_restricted_remaining	FY2027 / base	1,747.96 USD_millions	derived: Year-end stock equals Q4 ending balance; quarterly balances are never summed. Formula: sum(base_2027q4_restricted_remaining, funding_zero).
Restricted funds used for qualifying spending upside_2026q3_restricted_release	2026Q3 / upside	550.00 USD_millions	derived: Modeled construction capex times eligible restricted-funding fraction; existing project cash funds an eligible use, not corporate income. Published cases preserve the noncurrent reserve and never release more than construction spending. Formula: multiply(upside_2026q3_capex, upside_2026q3_eligible_restricted_fraction).
Share of dated annual principal schedule upside_2026q3_principal_weight	2026Q3 / upside	0.0% ratio	assumption: Desk timing of disclosed maturity total; CIFR 2027 is spread evenly as a planning proxy across different project instruments. Annual principal reconciles, but this is not an exact payment calendar.
Scheduled principal cash use upside_2026q3_principal_cash	2026Q3 / upside	0.00 USD_millions	derived: Annual disclosed maturity times explicit quarterly allocation. No second deduction of operating coupon costs. Formula: multiply(scheduled_h2_principal, upside_2026q3_principal_weight).
Additional net financing assumed upside_2026q3_external_net_funding	2026Q3 / upside	0.00 USD_millions	assumption: No unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
Asset-sale cash assumed upside_2026q3_asset_sale_cash	2026Q3 / upside	0.00 USD_millions	assumption: No other asset sales assumed; no sale revenue is counted as recurring operating cash.
Additional investing, fees and outside-owner cash uses upside_2026q3_other_funding_uses	2026Q3 / upside	0.00 USD_millions	assumption: Explicit desk allowance outside operating cash/capex: includes $10M assumed sale costs only for WULF upside closing. Zero otherwise leaves undisclosed acquisitions, contingent settlements and minority distributions unmodeled, not known absent. Construction reimbursements already included in capex are not deducted again.
Funding inflows outside operating model upside_2026q3_funding_sources	2026Q3 / upside	550.00 USD_millions	derived: Transfers from restricted cash, dated financing and conditional disposals stay distinct from revenue. Formula: sum(upside_2026q3_restricted_release, upside_2026q3_external_net_funding, upside_2026q3_asset_sale_cash).
Cash uses outside operating model upside_2026q3_funding_uses	2026Q3 / upside	0.00 USD_millions	derived: Principal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge. Formula: sum(upside_2026q3_principal_cash, upside_2026q3_other_funding_uses).
Operating cash after capex plus funding upside_2026q3_cash_with_funding	2026Q3 / upside	-79.25 USD_millions	derived: Combines the operating model with explicit financing/restricted-fund assumptions once. Formula: sum(upside_2026q3_cash_after_capex, upside_2026q3_funding_sources).
Net modeled funding change upside_2026q3_funding_change	2026Q3 / upside	-79.25 USD_millions	derived: Funding inflows less explicit cash uses; not a full GAAP cash-flow statement. Formula: subtract(upside_2026q3_cash_with_funding, upside_2026q3_funding_uses).
Funding balance under stated assumptions upside_2026q3_funding_balance	2026Q3 / upside	752.57 USD_millions	derived: June unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim. Formula: sum(h1_cash, upside_2026q3_funding_change).
Remaining restricted cash in funding bridge upside_2026q3_restricted_remaining	2026Q3 / upside	3,177.96 USD_millions	derived: Opening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims. Formula: subtract(restricted_cash, upside_2026q3_restricted_release).
Restricted funds used for qualifying spending upside_2026q4_restricted_release	2026Q4 / upside	550.00 USD_millions	derived: Modeled construction capex times eligible restricted-funding fraction; existing project cash funds an eligible use, not corporate income. Published cases preserve the noncurrent reserve and never release more than construction spending. Formula: multiply(upside_2026q4_capex, upside_2026q4_eligible_restricted_fraction).
Share of dated annual principal schedule upside_2026q4_principal_weight	2026Q4 / upside	100.0% ratio	assumption: Desk timing of disclosed maturity total; CIFR 2027 is spread evenly as a planning proxy across different project instruments. Annual principal reconciles, but this is not an exact payment calendar.
Scheduled principal cash use upside_2026q4_principal_cash	2026Q4 / upside	18.48 USD_millions	derived: Annual disclosed maturity times explicit quarterly allocation. No second deduction of operating coupon costs. Formula: multiply(scheduled_h2_principal, upside_2026q4_principal_weight).
Additional net financing assumed upside_2026q4_external_net_funding	2026Q4 / upside	0.00 USD_millions	assumption: No unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
Asset-sale cash assumed upside_2026q4_asset_sale_cash	2026Q4 / upside	0.00 USD_millions	assumption: No other asset sales assumed; no sale revenue is counted as recurring operating cash.
Additional investing, fees and outside-owner cash uses upside_2026q4_other_funding_uses	2026Q4 / upside	0.00 USD_millions	assumption: Explicit desk allowance outside operating cash/capex: includes $10M assumed sale costs only for WULF upside closing. Zero otherwise leaves undisclosed acquisitions, contingent settlements and minority distributions unmodeled, not known absent. Construction reimbursements already included in capex are not deducted again.
Funding inflows outside operating model upside_2026q4_funding_sources	2026Q4 / upside	550.00 USD_millions	derived: Transfers from restricted cash, dated financing and conditional disposals stay distinct from revenue. Formula: sum(upside_2026q4_restricted_release, upside_2026q4_external_net_funding, upside_2026q4_asset_sale_cash).
Cash uses outside operating model upside_2026q4_funding_uses	2026Q4 / upside	18.48 USD_millions	derived: Principal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge. Formula: sum(upside_2026q4_principal_cash, upside_2026q4_other_funding_uses).
Operating cash after capex plus funding upside_2026q4_cash_with_funding	2026Q4 / upside	-1.85 USD_millions	derived: Combines the operating model with explicit financing/restricted-fund assumptions once. Formula: sum(upside_2026q4_cash_after_capex, upside_2026q4_funding_sources).
Net modeled funding change upside_2026q4_funding_change	2026Q4 / upside	-20.32 USD_millions	derived: Funding inflows less explicit cash uses; not a full GAAP cash-flow statement. Formula: subtract(upside_2026q4_cash_with_funding, upside_2026q4_funding_uses).
Funding balance under stated assumptions upside_2026q4_funding_balance	2026Q4 / upside	732.25 USD_millions	derived: June unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim. Formula: sum(upside_2026q3_funding_balance, upside_2026q4_funding_change).
Remaining restricted cash in funding bridge upside_2026q4_restricted_remaining	2026Q4 / upside	2,627.96 USD_millions	derived: Opening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims. Formula: subtract(upside_2026q3_restricted_remaining, upside_2026q4_restricted_release).
Restricted funds used for qualifying spending upside_2027q1_restricted_release	2027Q1 / upside	300.00 USD_millions	derived: Modeled construction capex times eligible restricted-funding fraction; existing project cash funds an eligible use, not corporate income. Published cases preserve the noncurrent reserve and never release more than construction spending. Formula: multiply(upside_2027q1_capex, upside_2027q1_eligible_restricted_fraction).
Share of dated annual principal schedule upside_2027q1_principal_weight	2027Q1 / upside	25.0% ratio	assumption: Desk timing of disclosed maturity total; CIFR 2027 is spread evenly as a planning proxy across different project instruments. Annual principal reconciles, but this is not an exact payment calendar.
Scheduled principal cash use upside_2027q1_principal_cash	2027Q1 / upside	54.28 USD_millions	derived: Annual disclosed maturity times explicit quarterly allocation. No second deduction of operating coupon costs. Formula: multiply(scheduled_2027_principal, upside_2027q1_principal_weight).
Additional net financing assumed upside_2027q1_external_net_funding	2027Q1 / upside	0.00 USD_millions	assumption: No unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
Asset-sale cash assumed upside_2027q1_asset_sale_cash	2027Q1 / upside	0.00 USD_millions	assumption: No other asset sales assumed; no sale revenue is counted as recurring operating cash.
Additional investing, fees and outside-owner cash uses upside_2027q1_other_funding_uses	2027Q1 / upside	0.00 USD_millions	assumption: Explicit desk allowance outside operating cash/capex: includes $10M assumed sale costs only for WULF upside closing. Zero otherwise leaves undisclosed acquisitions, contingent settlements and minority distributions unmodeled, not known absent. Construction reimbursements already included in capex are not deducted again.
Funding inflows outside operating model upside_2027q1_funding_sources	2027Q1 / upside	300.00 USD_millions	derived: Transfers from restricted cash, dated financing and conditional disposals stay distinct from revenue. Formula: sum(upside_2027q1_restricted_release, upside_2027q1_external_net_funding, upside_2027q1_asset_sale_cash).
Cash uses outside operating model upside_2027q1_funding_uses	2027Q1 / upside	54.28 USD_millions	derived: Principal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge. Formula: sum(upside_2027q1_principal_cash, upside_2027q1_other_funding_uses).
Operating cash after capex plus funding upside_2027q1_cash_with_funding	2027Q1 / upside	49.34 USD_millions	derived: Combines the operating model with explicit financing/restricted-fund assumptions once. Formula: sum(upside_2027q1_cash_after_capex, upside_2027q1_funding_sources).
Net modeled funding change upside_2027q1_funding_change	2027Q1 / upside	-4.93 USD_millions	derived: Funding inflows less explicit cash uses; not a full GAAP cash-flow statement. Formula: subtract(upside_2027q1_cash_with_funding, upside_2027q1_funding_uses).
Funding balance under stated assumptions upside_2027q1_funding_balance	2027Q1 / upside	727.32 USD_millions	derived: June unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim. Formula: sum(upside_2026q4_funding_balance, upside_2027q1_funding_change).
Remaining restricted cash in funding bridge upside_2027q1_restricted_remaining	2027Q1 / upside	2,327.96 USD_millions	derived: Opening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims. Formula: subtract(upside_2026q4_restricted_remaining, upside_2027q1_restricted_release).
Restricted funds used for qualifying spending upside_2027q2_restricted_release	2027Q2 / upside	250.00 USD_millions	derived: Modeled construction capex times eligible restricted-funding fraction; existing project cash funds an eligible use, not corporate income. Published cases preserve the noncurrent reserve and never release more than construction spending. Formula: multiply(upside_2027q2_capex, upside_2027q2_eligible_restricted_fraction).
Share of dated annual principal schedule upside_2027q2_principal_weight	2027Q2 / upside	25.0% ratio	assumption: Desk timing of disclosed maturity total; CIFR 2027 is spread evenly as a planning proxy across different project instruments. Annual principal reconciles, but this is not an exact payment calendar.
Scheduled principal cash use upside_2027q2_principal_cash	2027Q2 / upside	54.28 USD_millions	derived: Annual disclosed maturity times explicit quarterly allocation. No second deduction of operating coupon costs. Formula: multiply(scheduled_2027_principal, upside_2027q2_principal_weight).
Additional net financing assumed upside_2027q2_external_net_funding	2027Q2 / upside	0.00 USD_millions	assumption: No unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
Asset-sale cash assumed upside_2027q2_asset_sale_cash	2027Q2 / upside	0.00 USD_millions	assumption: No other asset sales assumed; no sale revenue is counted as recurring operating cash.
Additional investing, fees and outside-owner cash uses upside_2027q2_other_funding_uses	2027Q2 / upside	0.00 USD_millions	assumption: Explicit desk allowance outside operating cash/capex: includes $10M assumed sale costs only for WULF upside closing. Zero otherwise leaves undisclosed acquisitions, contingent settlements and minority distributions unmodeled, not known absent. Construction reimbursements already included in capex are not deducted again.
Funding inflows outside operating model upside_2027q2_funding_sources	2027Q2 / upside	250.00 USD_millions	derived: Transfers from restricted cash, dated financing and conditional disposals stay distinct from revenue. Formula: sum(upside_2027q2_restricted_release, upside_2027q2_external_net_funding, upside_2027q2_asset_sale_cash).
Cash uses outside operating model upside_2027q2_funding_uses	2027Q2 / upside	54.28 USD_millions	derived: Principal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge. Formula: sum(upside_2027q2_principal_cash, upside_2027q2_other_funding_uses).
Operating cash after capex plus funding upside_2027q2_cash_with_funding	2027Q2 / upside	77.11 USD_millions	derived: Combines the operating model with explicit financing/restricted-fund assumptions once. Formula: sum(upside_2027q2_cash_after_capex, upside_2027q2_funding_sources).
Net modeled funding change upside_2027q2_funding_change	2027Q2 / upside	22.83 USD_millions	derived: Funding inflows less explicit cash uses; not a full GAAP cash-flow statement. Formula: subtract(upside_2027q2_cash_with_funding, upside_2027q2_funding_uses).
Funding balance under stated assumptions upside_2027q2_funding_balance	2027Q2 / upside	750.15 USD_millions	derived: June unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim. Formula: sum(upside_2027q1_funding_balance, upside_2027q2_funding_change).
Remaining restricted cash in funding bridge upside_2027q2_restricted_remaining	2027Q2 / upside	2,077.96 USD_millions	derived: Opening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims. Formula: subtract(upside_2027q1_restricted_remaining, upside_2027q2_restricted_release).
Restricted funds used for qualifying spending upside_2027q3_restricted_release	2027Q3 / upside	150.00 USD_millions	derived: Modeled construction capex times eligible restricted-funding fraction; existing project cash funds an eligible use, not corporate income. Published cases preserve the noncurrent reserve and never release more than construction spending. Formula: multiply(upside_2027q3_capex, upside_2027q3_eligible_restricted_fraction).
Share of dated annual principal schedule upside_2027q3_principal_weight	2027Q3 / upside	25.0% ratio	assumption: Desk timing of disclosed maturity total; CIFR 2027 is spread evenly as a planning proxy across different project instruments. Annual principal reconciles, but this is not an exact payment calendar.
Scheduled principal cash use upside_2027q3_principal_cash	2027Q3 / upside	54.28 USD_millions	derived: Annual disclosed maturity times explicit quarterly allocation. No second deduction of operating coupon costs. Formula: multiply(scheduled_2027_principal, upside_2027q3_principal_weight).
Additional net financing assumed upside_2027q3_external_net_funding	2027Q3 / upside	0.00 USD_millions	assumption: No unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
Asset-sale cash assumed upside_2027q3_asset_sale_cash	2027Q3 / upside	0.00 USD_millions	assumption: No other asset sales assumed; no sale revenue is counted as recurring operating cash.
Additional investing, fees and outside-owner cash uses upside_2027q3_other_funding_uses	2027Q3 / upside	0.00 USD_millions	assumption: Explicit desk allowance outside operating cash/capex: includes $10M assumed sale costs only for WULF upside closing. Zero otherwise leaves undisclosed acquisitions, contingent settlements and minority distributions unmodeled, not known absent. Construction reimbursements already included in capex are not deducted again.
Funding inflows outside operating model upside_2027q3_funding_sources	2027Q3 / upside	150.00 USD_millions	derived: Transfers from restricted cash, dated financing and conditional disposals stay distinct from revenue. Formula: sum(upside_2027q3_restricted_release, upside_2027q3_external_net_funding, upside_2027q3_asset_sale_cash).
Cash uses outside operating model upside_2027q3_funding_uses	2027Q3 / upside	54.28 USD_millions	derived: Principal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge. Formula: sum(upside_2027q3_principal_cash, upside_2027q3_other_funding_uses).
Operating cash after capex plus funding upside_2027q3_cash_with_funding	2027Q3 / upside	104.88 USD_millions	derived: Combines the operating model with explicit financing/restricted-fund assumptions once. Formula: sum(upside_2027q3_cash_after_capex, upside_2027q3_funding_sources).
Net modeled funding change upside_2027q3_funding_change	2027Q3 / upside	50.60 USD_millions	derived: Funding inflows less explicit cash uses; not a full GAAP cash-flow statement. Formula: subtract(upside_2027q3_cash_with_funding, upside_2027q3_funding_uses).
Funding balance under stated assumptions upside_2027q3_funding_balance	2027Q3 / upside	800.75 USD_millions	derived: June unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim. Formula: sum(upside_2027q2_funding_balance, upside_2027q3_funding_change).
Remaining restricted cash in funding bridge upside_2027q3_restricted_remaining	2027Q3 / upside	1,927.96 USD_millions	derived: Opening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims. Formula: subtract(upside_2027q2_restricted_remaining, upside_2027q3_restricted_release).
Restricted funds used for qualifying spending upside_2027q4_restricted_release	2027Q4 / upside	100.00 USD_millions	derived: Modeled construction capex times eligible restricted-funding fraction; existing project cash funds an eligible use, not corporate income. Published cases preserve the noncurrent reserve and never release more than construction spending. Formula: multiply(upside_2027q4_capex, upside_2027q4_eligible_restricted_fraction).
Share of dated annual principal schedule upside_2027q4_principal_weight	2027Q4 / upside	25.0% ratio	assumption: Desk timing of disclosed maturity total; CIFR 2027 is spread evenly as a planning proxy across different project instruments. Annual principal reconciles, but this is not an exact payment calendar.
Scheduled principal cash use upside_2027q4_principal_cash	2027Q4 / upside	54.28 USD_millions	derived: Annual disclosed maturity times explicit quarterly allocation. No second deduction of operating coupon costs. Formula: multiply(scheduled_2027_principal, upside_2027q4_principal_weight).
Additional net financing assumed upside_2027q4_external_net_funding	2027Q4 / upside	0.00 USD_millions	assumption: No unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
Asset-sale cash assumed upside_2027q4_asset_sale_cash	2027Q4 / upside	0.00 USD_millions	assumption: No other asset sales assumed; no sale revenue is counted as recurring operating cash.
Additional investing, fees and outside-owner cash uses upside_2027q4_other_funding_uses	2027Q4 / upside	0.00 USD_millions	assumption: Explicit desk allowance outside operating cash/capex: includes $10M assumed sale costs only for WULF upside closing. Zero otherwise leaves undisclosed acquisitions, contingent settlements and minority distributions unmodeled, not known absent. Construction reimbursements already included in capex are not deducted again.
Funding inflows outside operating model upside_2027q4_funding_sources	2027Q4 / upside	100.00 USD_millions	derived: Transfers from restricted cash, dated financing and conditional disposals stay distinct from revenue. Formula: sum(upside_2027q4_restricted_release, upside_2027q4_external_net_funding, upside_2027q4_asset_sale_cash).
Cash uses outside operating model upside_2027q4_funding_uses	2027Q4 / upside	54.28 USD_millions	derived: Principal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge. Formula: sum(upside_2027q4_principal_cash, upside_2027q4_other_funding_uses).
Operating cash after capex plus funding upside_2027q4_cash_with_funding	2027Q4 / upside	104.38 USD_millions	derived: Combines the operating model with explicit financing/restricted-fund assumptions once. Formula: sum(upside_2027q4_cash_after_capex, upside_2027q4_funding_sources).
Net modeled funding change upside_2027q4_funding_change	2027Q4 / upside	50.10 USD_millions	derived: Funding inflows less explicit cash uses; not a full GAAP cash-flow statement. Formula: subtract(upside_2027q4_cash_with_funding, upside_2027q4_funding_uses).
Funding balance under stated assumptions upside_2027q4_funding_balance	2027Q4 / upside	850.85 USD_millions	derived: June unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim. Formula: sum(upside_2027q3_funding_balance, upside_2027q4_funding_change).
Remaining restricted cash in funding bridge upside_2027q4_restricted_remaining	2027Q4 / upside	1,827.96 USD_millions	derived: Opening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims. Formula: subtract(upside_2027q3_restricted_remaining, upside_2027q4_restricted_release).
Year-end Funding balance under stated assumptions ($M) upside_fy2026_funding_balance	FY2026 / upside	732.25 USD_millions	derived: Year-end stock equals Q4 ending balance; quarterly balances are never summed. Formula: sum(upside_2026q4_funding_balance, funding_zero).
Year-end Remaining restricted cash in funding bridge ($M) upside_fy2026_restricted_remaining	FY2026 / upside	2,627.96 USD_millions	derived: Year-end stock equals Q4 ending balance; quarterly balances are never summed. Formula: sum(upside_2026q4_restricted_remaining, funding_zero).
Year-end Funding balance under stated assumptions ($M) upside_fy2027_funding_balance	FY2027 / upside	850.85 USD_millions	derived: Year-end stock equals Q4 ending balance; quarterly balances are never summed. Formula: sum(upside_2027q4_funding_balance, funding_zero).
Year-end Remaining restricted cash in funding bridge ($M) upside_fy2027_restricted_remaining	FY2027 / upside	1,827.96 USD_millions	derived: Year-end stock equals Q4 ending balance; quarterly balances are never summed. Formula: sum(upside_2027q4_restricted_remaining, funding_zero).
Construction spending eligible for restricted funding downside_2026q3_eligible_restricted_fraction	2026Q3 / downside	70.0% ratio	assumption: Desk fraction of modeled construction cash paid from existing eligible project funds. Must be between zero and one, cannot exceed available restricted funds, and never releases noncurrent reserves.
Construction spending eligible for restricted funding downside_2026q4_eligible_restricted_fraction	2026Q4 / downside	70.0% ratio	assumption: Desk fraction of modeled construction cash paid from existing eligible project funds. Must be between zero and one, cannot exceed available restricted funds, and never releases noncurrent reserves.
Construction spending eligible for restricted funding downside_2027q1_eligible_restricted_fraction	2027Q1 / downside	70.0% ratio	assumption: Desk fraction of modeled construction cash paid from existing eligible project funds. Must be between zero and one, cannot exceed available restricted funds, and never releases noncurrent reserves.
Construction spending eligible for restricted funding downside_2027q2_eligible_restricted_fraction	2027Q2 / downside	70.0% ratio	assumption: Desk fraction of modeled construction cash paid from existing eligible project funds. Must be between zero and one, cannot exceed available restricted funds, and never releases noncurrent reserves.
Construction spending eligible for restricted funding downside_2027q3_eligible_restricted_fraction	2027Q3 / downside	70.0% ratio	assumption: Desk fraction of modeled construction cash paid from existing eligible project funds. Must be between zero and one, cannot exceed available restricted funds, and never releases noncurrent reserves.
Construction spending eligible for restricted funding downside_2027q4_eligible_restricted_fraction	2027Q4 / downside	70.0% ratio	assumption: Desk fraction of modeled construction cash paid from existing eligible project funds. Must be between zero and one, cannot exceed available restricted funds, and never releases noncurrent reserves.
Construction spending eligible for restricted funding base_2026q3_eligible_restricted_fraction	2026Q3 / base	90.0% ratio	assumption: Desk fraction of modeled construction cash paid from existing eligible project funds. Must be between zero and one, cannot exceed available restricted funds, and never releases noncurrent reserves.
Construction spending eligible for restricted funding base_2026q4_eligible_restricted_fraction	2026Q4 / base	90.0% ratio	assumption: Desk fraction of modeled construction cash paid from existing eligible project funds. Must be between zero and one, cannot exceed available restricted funds, and never releases noncurrent reserves.
Construction spending eligible for restricted funding base_2027q1_eligible_restricted_fraction	2027Q1 / base	90.0% ratio	assumption: Desk fraction of modeled construction cash paid from existing eligible project funds. Must be between zero and one, cannot exceed available restricted funds, and never releases noncurrent reserves.
Construction spending eligible for restricted funding base_2027q2_eligible_restricted_fraction	2027Q2 / base	90.0% ratio	assumption: Desk fraction of modeled construction cash paid from existing eligible project funds. Must be between zero and one, cannot exceed available restricted funds, and never releases noncurrent reserves.
Construction spending eligible for restricted funding base_2027q3_eligible_restricted_fraction	2027Q3 / base	90.0% ratio	assumption: Desk fraction of modeled construction cash paid from existing eligible project funds. Must be between zero and one, cannot exceed available restricted funds, and never releases noncurrent reserves.
Construction spending eligible for restricted funding base_2027q4_eligible_restricted_fraction	2027Q4 / base	90.0% ratio	assumption: Desk fraction of modeled construction cash paid from existing eligible project funds. Must be between zero and one, cannot exceed available restricted funds, and never releases noncurrent reserves.
Construction spending eligible for restricted funding upside_2026q3_eligible_restricted_fraction	2026Q3 / upside	100.0% ratio	assumption: Desk fraction of modeled construction cash paid from existing eligible project funds. Must be between zero and one, cannot exceed available restricted funds, and never releases noncurrent reserves.
Construction spending eligible for restricted funding upside_2026q4_eligible_restricted_fraction	2026Q4 / upside	100.0% ratio	assumption: Desk fraction of modeled construction cash paid from existing eligible project funds. Must be between zero and one, cannot exceed available restricted funds, and never releases noncurrent reserves.
Construction spending eligible for restricted funding upside_2027q1_eligible_restricted_fraction	2027Q1 / upside	100.0% ratio	assumption: Desk fraction of modeled construction cash paid from existing eligible project funds. Must be between zero and one, cannot exceed available restricted funds, and never releases noncurrent reserves.
Construction spending eligible for restricted funding upside_2027q2_eligible_restricted_fraction	2027Q2 / upside	100.0% ratio	assumption: Desk fraction of modeled construction cash paid from existing eligible project funds. Must be between zero and one, cannot exceed available restricted funds, and never releases noncurrent reserves.
Construction spending eligible for restricted funding upside_2027q3_eligible_restricted_fraction	2027Q3 / upside	100.0% ratio	assumption: Desk fraction of modeled construction cash paid from existing eligible project funds. Must be between zero and one, cannot exceed available restricted funds, and never releases noncurrent reserves.
Construction spending eligible for restricted funding upside_2027q4_eligible_restricted_fraction	2027Q4 / upside	100.0% ratio	assumption: Desk fraction of modeled construction cash paid from existing eligible project funds. Must be between zero and one, cannot exceed available restricted funds, and never releases noncurrent reserves.

Model boundaries

Funding balances are conditional planning arithmetic from June cash, not present cash or a reconciled GAAP balance sheet. Negative balances identify unfilled funding needs. New issuance, early conversion, contingent claims, cash sweeps, acquisitions and minority distributions remain explicit gaps; no fully diluted EPS or equity valuation is claimed.
HPC NOI is a company non-GAAP property measure. Converting NOI to revenue requires an assumed property margin; lease-accounting revenue, escalators and reimbursements are not reconstructed.
Coupon expense is spread evenly for economic comparison. Actual payment dates, interest income, debt amortization, reserves and restricted-project cash waterfalls are not fully modeled.
Pipeline power, the Apollo option and unsigned Odessa HPC reuse generate no forecast rent. Historical SEC gross-profit and debt mappings are incomplete.
September gas-lateral development and the shared $10M water commitment are disclosed, but Cipher-specific incremental costs and payment timing are unquantified. They are not separately forecast; contracted-project cash-after-capex can overstate retained cash if these add spending. Conditional pipeline capacity remains outside forecast rent.
CIFR releases only modeled eligible current restricted project funds; noncurrent reserves remain unavailable. Coupon burden is an even economic accrual and 2027 principal timing is a planning allocation, so funding balances are not bank-account forecasts. Additional Google cash/share protection and minority claims are not assigned invented settlements.

From contracted HPC capacity to cash retained

Research reviewed 2026-09-28

How much of the contracted property NOI survives construction spending and financing?

The August update says Black Pearl began delivery and rent earlier than planned, while Barber Lake targets initial September delivery and October rent. The three contracted projects total 700 MW gross, not 700 MW already earning rent. The 10-Q reports $831.8M unrestricted cash and $3,728.0M restricted cash at June 30 against about $6,015.5M debt principal. H1 GAAP CFO was negative $152.0M; adding $123.4M of Bitcoin sales classified as investing still leaves negative $992.8M after $964.3M cash PP&E. Contracted NOI is therefore the starting point of the cash bridge. The model exposes delivery, property margin, mining, corporate cost, coupons and construction spending separately. September developments concern future power access and spending: conditional grid classifications and gas laterals do not establish new rent or tenant acceptance. The existing contracted-project scenarios remain the numerical base. On September 24 (filed September 25) Cipher amended the Fluidstack lease at Barber Lake and secured a binding commitment for a ten-year extension lease with an AI lab, extending the aggregate contracted term for the facility to twenty years, with modified phased delivery in Q4 2026 through Q1 2027 and rent commencement starting in Q4 2026. The company puts incremental contracted revenue from the extension at $5.2B over its term, and the amendment sets a $359.3M cost threshold above which the tenant reimburses 50% of overages. Contracted term and reimbursement rights are not delivered capacity or received rent; the model's Barber Lake cells still follow the original lease schedule until the amended rent schedule is disclosed.

The competing explanation

Contracted demand and tenant credit support reduce demand uncertainty but do not eliminate construction execution, payment conditions or parent financing risk. Power options and land can remain uneconomic if incremental funding costs or build costs exceed the eventual lease return. Conditional grid treatment can change after verification; planned gas supply does not establish generation completion, firm power availability or signed tenant revenue.

Risks to track

Delayed acceptance shifts rent while debt costs continue.
Restricted project cash cannot be treated as free parent liquidity.
Property NOI omits overhead, debt service and ongoing capital needs.
Mining cash depends on Bitcoin prices, difficulty and power costs.
Future projects can require new equity or debt; no dilution forecast is complete.
The September grid designations remain conditional: 1.1 GW base load and 2.1 GW studied load are not blanket energization approvals. Failure to satisfy verification or modeling conditions can remove projects from Batch Zero.
New gas-lateral spending and community contributions may use cash beyond the contracted-project capex assumptions; company-specific amounts and payment timing were not disclosed.
Google warrant protection can require additional shares or cash if its contractual minimum value is not met before exercise begins. June excluded convertible/award shares are potential claims, not a completed forward EPS denominator.

Next checkpoints

Barber Lake rent commencement and follow-on tenant · Rent from Q4 2026 under the September 24 amendment; phased delivery Q4 2026 through Q1 2027; ten-year extension after the amended Fluidstack term (estimated). Confirm tenant acceptance, first billed rent and remaining delivery obligations under the amended phases, and obtain the amended rent schedule before changing the original lease cells. For the follow-on commitment, identify the tenant, the executed lease and its rent, any conditions on the $5.2B incremental contracted revenue, and construction cost against the $359.3M threshold with 50% tenant reimbursement above it. Contracted term is not delivered capacity.
Stingray delivery · First half of 2027 company target (estimated). Track construction cash used and contracted delivery conditions.
Next quarterly cash reconciliation · Next results; date unconfirmed (estimated). Separate unrestricted cash, restricted balances, project capex and principal repayments.
ERCOT conditional classifications and audit · December 2026 company update expectation; date unconfirmed (estimated). Verify final conditions and site status. Cipher lists Stingray 100 MW and Colchis 1 GW as conditional base load; Mikeska 500 MW, Apollo 900 MW, Stingray II 200 MW and McLennan 500 MW as conditional studied load. The first three studied sites are PCLR-qualified; do not equate that with firm unrestricted power.
Gas laterals and incremental funding · New power before end-2027 company objective; date unconfirmed (estimated). Track pipeline cost, funding responsibilities, power-provider agreements, permits and commissioning before adding revenue. The September 3 plan supports up to 2.5 GW of prospective generation, not installed capacity.
Colorado City water contribution · Committed September 14, 2026; cash-payment schedule unconfirmed (estimated). Determine Cipher's portion and timing of the combined $10M commitment with Fluidstack and Anthropic. Barber Lake uses its own on-site supply. Do not assign the whole joint commitment to Cipher or assume it has already been paid.

Data coverage and open work

Funding balances are conditional planning arithmetic from June cash, not present cash or a reconciled GAAP balance sheet. Negative balances identify unfilled funding needs. New issuance, early conversion, contingent claims, cash sweeps, acquisitions and minority distributions remain explicit gaps; no fully diluted EPS or equity valuation is claimed.
HPC NOI is a company non-GAAP property measure. Converting NOI to revenue requires an assumed property margin; lease-accounting revenue, escalators and reimbursements are not reconstructed.
Coupon expense is spread evenly for economic comparison. Actual payment dates, interest income, debt amortization, reserves and restricted-project cash waterfalls are not fully modeled.
Pipeline power, the Apollo option and unsigned Odessa HPC reuse generate no forecast rent. Historical SEC gross-profit and debt mappings are incomplete.
September gas-lateral development and the shared $10M water commitment are disclosed, but Cipher-specific incremental costs and payment timing are unquantified. They are not separately forecast; contracted-project cash-after-capex can overstate retained cash if these add spending. Conditional pipeline capacity remains outside forecast rent.
CIFR releases only modeled eligible current restricted project funds; noncurrent reserves remain unavailable. Coupon burden is an even economic accrual and 2027 principal timing is a planning allocation, so funding balances are not bank-account forecasts. Additional Google cash/share protection and minority claims are not assigned invented settlements.
The September 24 Barber Lake amendment and the binding ten-year follow-on commitment (aggregate contracted term twenty years, $5.2B incremental contracted revenue stated by the company, $359.3M cost threshold with 50% tenant reimbursement above it) are disclosed but not yet in the operating-model cells. Barber Lake rent, delivery timing and construction cash remain at the September 20 calibration on the original lease schedule; the extension's rent begins after the amended Fluidstack term and is not near-term cash.

This review: September 28 review: recorded the September 24 Barber Lake lease amendment (phased delivery Q4 2026 through Q1 2027, rent from Q4 2026) and the binding ten-year follow-on tenant commitment as checkpoints, with a limitation that the amended schedule, the $5.2B contracted figure and the cost-sharing threshold are not yet in the cells. No forecast cell changed.

What the memory says

State as of the 2026-09-28 close: in a 120-day uptrend, below its 200-day, off the 52-week high, with overhead supply, quiet volume, closed weak, and some peers moving

300 similar days

Vs the market, in points	Low	Middle	High	Share up
1 session	-5.3	+0.0	+5.2	50%
5 sessions	-9.9	+0.1	+10.7	52%
10 sessions	-16.8	-1.0	+17.0	45%
1 month (21 sessions)	-20.0	-0.7	+17.8	48%
3 months (63 sessions)	-50.4	-6.1	+41.7	36%
6 months (126 sessions)	-68.8	-15.9	+70.2	37%
1 year (252 sessions)	-78.5	-13.0	+68.9	35%

Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side. In the D7 test (403 anchors, 2023-2025) the 1-month band held 76% of outcomes, 3-month 77%, 6-month 76%, 1-year 75%, against a nominal 80%; the analog pool under-represents names that later delisted.

Notes on this name

No published notes on this name yet.

Scorecard: 0 notes scored

Next report: 2026-11-02 (source: estimated from 10-Q filed 2026-08-04 plus 90 days)

Provenance

[1] reported: Revenues, accession 0001819989-25-000112, 10-Q filed 2025-11-03; retrieved 2026-09-29T01:25:53+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001819989.json
[2] derived: Revenues, accession 0001819989-26-000009, 10-K filed 2026-02-24; retrieved 2026-09-29T01:25:53+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001819989.json
[3] reported: Revenues, accession 0001819989-26-000028, 10-Q filed 2026-05-05; retrieved 2026-09-29T01:25:53+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001819989.json
[4] reported: Revenues, accession 0001819989-26-000041, 10-Q filed 2026-08-04; retrieved 2026-09-29T01:25:53+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001819989.json
[5] reported: OperatingIncomeLoss, accession 0001819989-25-000112, 10-Q filed 2025-11-03; retrieved 2026-09-29T01:25:53+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001819989.json
[6] derived: OperatingIncomeLoss, accession 0001819989-26-000009, 10-K filed 2026-02-24; retrieved 2026-09-29T01:25:53+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001819989.json
[7] reported: OperatingIncomeLoss, accession 0001819989-26-000028, 10-Q filed 2026-05-05; retrieved 2026-09-29T01:25:53+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001819989.json
[8] reported: OperatingIncomeLoss, accession 0001819989-26-000041, 10-Q filed 2026-08-04; retrieved 2026-09-29T01:25:53+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001819989.json
[9] reported: NetIncomeLoss, accession 0001819989-25-000112, 10-Q filed 2025-11-03; retrieved 2026-09-29T01:25:53+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001819989.json
[10] derived: NetIncomeLoss, accession 0001819989-26-000009, 10-K filed 2026-02-24; retrieved 2026-09-29T01:25:53+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001819989.json
[11] reported: NetIncomeLoss, accession 0001819989-26-000028, 10-Q filed 2026-05-05; retrieved 2026-09-29T01:25:53+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001819989.json
[12] reported: NetIncomeLoss, accession 0001819989-26-000041, 10-Q filed 2026-08-04; retrieved 2026-09-29T01:25:53+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001819989.json
[13] reported: EarningsPerShareDiluted, accession 0001819989-25-000112, 10-Q filed 2025-11-03; retrieved 2026-09-29T01:25:53+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001819989.json
[14] reported: EarningsPerShareDiluted, accession 0001819989-26-000028, 10-Q filed 2026-05-05; retrieved 2026-09-29T01:25:53+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001819989.json
[15] reported: EarningsPerShareDiluted, accession 0001819989-26-000041, 10-Q filed 2026-08-04; retrieved 2026-09-29T01:25:53+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001819989.json
[16] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001819989-25-000112, 10-Q filed 2025-11-03; retrieved 2026-09-29T01:25:53+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001819989.json
[17] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001819989-26-000028, 10-Q filed 2026-05-05; retrieved 2026-09-29T01:25:53+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001819989.json
[18] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001819989-26-000041, 10-Q filed 2026-08-04; retrieved 2026-09-29T01:25:53+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001819989.json
[19] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001819989-25-000112, 10-Q filed 2025-11-03; retrieved 2026-09-29T01:25:53+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001819989.json
[20] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001819989-26-000009, 10-K filed 2026-02-24; retrieved 2026-09-29T01:25:53+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001819989.json
[21] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001819989-26-000028, 10-Q filed 2026-05-05; retrieved 2026-09-29T01:25:53+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001819989.json
[22] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001819989-26-000041, 10-Q filed 2026-08-04; retrieved 2026-09-29T01:25:53+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001819989.json
[23] reported: LongTermDebtNoncurrent, accession 0001819989-26-000009, 10-K filed 2026-02-24; retrieved 2026-09-29T01:25:53+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001819989.json
[24] reported: LongTermDebtNoncurrent, accession 0001819989-25-000081, 10-Q filed 2025-08-07; retrieved 2026-09-29T01:25:53+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001819989.json
[25] reported: LongTermDebtNoncurrent, accession 0001819989-25-000112, 10-Q filed 2025-11-03; retrieved 2026-09-29T01:25:53+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001819989.json
[26] reported: LongTermDebtNoncurrent, accession 0001819989-26-000041, 10-Q filed 2026-08-04; retrieved 2026-09-29T01:25:53+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001819989.json
[27] reported: LongTermDebtNoncurrent, accession 0001819989-26-000028, 10-Q filed 2026-05-05; retrieved 2026-09-29T01:25:53+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001819989.json
[28] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001819989-25-000112, 10-Q filed 2025-11-03; retrieved 2026-09-29T01:25:53+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001819989.json
[29] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001819989-26-000009, 10-K filed 2026-02-24; retrieved 2026-09-29T01:25:53+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001819989.json
[30] reported: NetCashProvidedByUsedInOperatingActivities, accession 0001819989-26-000028, 10-Q filed 2026-05-05; retrieved 2026-09-29T01:25:53+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001819989.json
[31] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001819989-26-000041, 10-Q filed 2026-08-04; retrieved 2026-09-29T01:25:53+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001819989.json
[32] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001819989-25-000112, 10-Q filed 2025-11-03; retrieved 2026-09-29T01:25:53+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001819989.json
[33] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001819989-26-000009, 10-K filed 2026-02-24; retrieved 2026-09-29T01:25:53+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001819989.json
[34] reported: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001819989-26-000028, 10-Q filed 2026-05-05; retrieved 2026-09-29T01:25:53+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001819989.json
[35] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001819989-26-000041, 10-Q filed 2026-08-04; retrieved 2026-09-29T01:25:53+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001819989.json
[36] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001819989-25-000112, 10-Q filed 2025-11-03; retrieved 2026-09-29T01:25:53+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001819989.json
[37] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001819989-26-000009, 10-K filed 2026-02-24; retrieved 2026-09-29T01:25:53+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001819989.json
[38] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001819989-26-000028, 10-Q filed 2026-05-05; retrieved 2026-09-29T01:25:53+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001819989.json
[39] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001819989-26-000041, 10-Q filed 2026-08-04; retrieved 2026-09-29T01:25:53+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001819989.json

What the author read

August 4 Form 10-Q: cash, Bitcoin proceeds and debt · retrieved 2026-09-20
August 4 Q2 results and project delivery update · retrieved 2026-09-19
August 4 presentation: contracted NOI schedule and funding · retrieved 2026-09-19
September 3 gas-lateral development plan; capacity is prospective · retrieved 2026-09-20
September 14 joint water commitment; company allocation undisclosed · retrieved 2026-09-20
September 15 official company site-by-site conditional grid designations; authenticated X read · retrieved 2026-09-20
September 3 ERCOT notice: conditions can disqualify provisional Batch Zero loads · retrieved 2026-09-20
September 25 Form 8-K: Barber Lake lease amendment and binding follow-on tenant commitment · retrieved 2026-09-28

Compiled 2026-09-29T01:30:14.412695+00:00 · authored 0c9ff6fa9754 · generated 9672c50bf955 · JSON

Daily notes · Scorecard