ALPHAFORGE RESEARCH · COMPANY FILE · AI INFRASTRUCTURE & POWER

$WULF

TERAWULF INC. · Nasdaq · SIC 6199 · CIK 1083301 · revision 3 as of 2026-09-19

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Business

TeraWulf develops power-connected data centers and is transitioning Lake Mariner from Bitcoin mining to long-term HPC hosting. New projects expand the contracted footprint, but utility power approval, construction completion, delivered IT capacity and rent commencement occur at different times. The near-term model is driven by Lake Mariner commissioning and the later Justified campus ramp.

Three drivers

Average critical IT MW accepted by paying tenants
Rental revenue and site cash margins during the ramp
Construction commitments, financing and retained cash

Thesis

Our view

The transition is already visible in revenue: HPC contributed $31.9M of $44.8M Q2 revenue. The next question is how the 102 MW delivered after CB3 becomes 438 MW at Lake Mariner and how much funding is consumed before the 401 MW Justified project produces rent. A power agreement improves project readiness but does not equal rent-producing capacity. Our scenarios connect delivery timing to rental income, site cash margins and construction spending.

What changes it

Accepted critical IT MW, initial rent and cash capex are the deciding evidence. Delayed CB4/CB5 delivery, weaker initial rent realization or a more expensive funding mix weaken the case; predictable commissioning and cash conversion strengthen it.

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 ($M)	27.1¹	35.0†²	34.4³	47.6⁴	50.6¹	35.8†²	34.0³	44.8⁴
Gross profit ($M)	10.8⁵	9.3†⁶	7.0⁷	22.0⁸	29.0⁵	8.1†⁶	20.4⁷	8.9⁸
Operating income ($M)	-15.7⁹	-51.4†¹⁰	-59.6¹¹	-15.6¹²	-24.7⁹	-86.3†¹⁰	-162.1¹¹	-140.4¹²
Net income ($M)	-22.7¹³	-29.2†¹⁴	-61.4¹⁵	-18.4¹⁶	-455.1¹³	-126.6†¹⁴	-427.6¹⁵	-939.9¹⁶
EPS, diluted ($)	-0.06¹⁷	—	-0.16¹⁸	-0.05¹⁹	-1.13¹⁷	—	-1.01¹⁸	-1.94¹⁹
Diluted shares (M)	382.1²⁰	—	383.1²¹	386.9²²	401.6²⁰	—	423.0²¹	485.7²²
Cash ($M)	23.9²³	274.1²⁴	218.2²⁵	90.0²⁶	711.3²⁷	3,266.4²⁸	2,630.0²⁹	2,619.2²⁸
Long-term debt ($M)	0.0³⁰	0.0³¹	—	—	—	3,052.2³²	3,060.2³²	—
Cash from operations ($M)	-20.9†³³	-42.7†³⁴	56.5³⁵	-54.8†³⁶	-36.7†³³	-88.2†³⁴	-17.6³⁵	-136.7†³⁶
Capex ($M)	20.7†³⁷	153.6†³⁸	93.7³⁹	119.9†⁴⁰	231.6†³⁷	615.0†³⁸	523.0³⁹	855.6†⁴⁰
Free cash flow ($M)	-41.7†⁴¹	-196.4†⁴²	-37.2†⁴³	-174.8†⁴⁴	-268.3†⁴¹	-703.2†⁴²	-540.5†⁴³	-992.3†⁴⁴

† 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	72.8	—	2026-09-19	Desk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance.
2026Q4	120.3	—	2026-09-19	Desk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance.
2027Q1	172.7	—	2026-09-19	Desk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance.
2027Q2	210.1	—	2026-09-19	Desk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance.

Delivered IT capacity, rental economics and build funding

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

Model Lake Mariner and Justified separately using average rent-producing critical IT MW in each quarter. Lake Mariner uses an explicit assumed annual rent per MW. Justified starts with disclosed base contract value divided by its 20-year term and scales by active capacity, with a haircut for early-year rent versus lifetime average. Add mining, then deduct cash site costs, overhead, net interest and other cash uses. FY2026 includes reported H1; FY2027 is a desk extension.

Reported anchors and guidance

Measure	Period	Value	Basis
Lake Mariner critical IT MW after CB3	Disclosed capacity	102.00	reported. Critical IT capacity; only delivered and rent-producing capacity generates modeled revenue. Source · 2026-08-05
Lake Mariner full contracted critical IT MW	Disclosed capacity	438.00	reported. Critical IT capacity; only delivered and rent-producing capacity generates modeled revenue. Source · 2026-08-05
Justified contracted critical IT MW	Disclosed capacity	401.00	reported. Critical IT capacity; only delivered and rent-producing capacity generates modeled revenue. Source · 2026-08-05
Justified base contract revenue	20-year term	19,000.00	reported. Approximately $19B base contract value; extensions are excluded. Source · 2026-08-05
June unrestricted cash	2026Q2	2,619.19	reported. 10-Q reported amount converted from thousands to millions. Source · 2026-08-05
June total restricted cash	2026Q2	409.42	derived. Current and noncurrent restricted balances; not unrestricted parent cash.
H1 cash after PP&E and deposits	H1 2026	-1,508.17	derived. Excludes $231.350M asset acquisitions and financing cash flows.

Downside scenario

Period	Cash construction capex ($M)	Revenue ($M)	HPC revenue ($M)	Cash after capex proxy ($M)	Cash before capex proxy ($M)
2026Q3	800.00	53.66	42.75	-907.90	-107.90
2026Q4	850.00	84.84	76.50	-940.58	-90.57
2027Q1	1,000.00	118.92	112.50	-1,063.12	-63.12
2027Q2	1,100.00	139.49	135.00	-1,144.00	-44.00
FY2026	3,028.51	217.28	172.20	-3,356.65	-328.13
FY2027	4,250.00	604.26	589.50	-4,401.93	-151.93

Base scenario

Period	Cash construction capex ($M)	Revenue ($M)	HPC revenue ($M)	Cash after capex proxy ($M)	Cash before capex proxy ($M)
2026Q3	700.00	72.84	60.00	-773.22	-73.22
2026Q4	700.00	120.27	110.00	-734.97	-34.97
2027Q1	800.00	172.70	165.00	-791.23	8.77
2027Q2	900.00	210.13	205.00	-853.24	46.76
FY2026	2,778.51	271.88	222.95	-3,016.36	-237.85
FY2027	3,600.00	886.38	868.41	-3,385.14	214.86

Upside scenario

Period	Cash construction capex ($M)	Revenue ($M)	HPC revenue ($M)	Cash after capex proxy ($M)	Cash before capex proxy ($M)
2026Q3	650.00	97.26	82.50	-693.42	-43.42
2026Q4	650.00	166.19	154.00	-639.76	10.24
2027Q1	750.00	218.63	209.00	-691.32	58.68
2027Q2	850.00	247.32	240.90	-756.00	94.00
FY2026	2,678.51	342.23	289.45	-2,841.36	-162.84
FY2027	3,350.00	1,092.75	1,070.29	-2,899.72	450.28

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 consolidated revenue h1_revenue	H1 2026 / shared	78.78 USD_millions	reported: 10-Q reported amount converted from thousands to millions. Primary source · 2026-08-05
H1 HPC revenue h1_hpc_revenue	H1 2026 / shared	52.95 USD_millions	reported: 10-Q reported amount converted from thousands to millions. Primary source · 2026-08-05
H1 GAAP operating cash flow h1_cfo	H1 2026 / shared	-154.30 USD_millions	reported: 10-Q reported amount converted from thousands to millions. Primary source · 2026-08-05
H1 Bitcoin sale proceeds, investing h1_btc_sales	H1 2026 / shared	24.64 USD_millions	reported: 10-Q reported amount converted from thousands to millions. Primary source · 2026-08-05
H1 PP&E purchases and deposits h1_capex	H1 2026 / shared	1,378.51 USD_millions	reported: 10-Q reported amount converted from thousands to millions. Primary source · 2026-08-05
June unrestricted cash h1_cash	2026Q2 / shared	2,619.19 USD_millions	reported: 10-Q reported amount converted from thousands to millions. Primary source · 2026-08-05
June current restricted cash h1_restricted_current	2026Q2 / shared	142.94 USD_millions	reported: 10-Q reported amount converted from thousands to millions. Primary source · 2026-08-05
June noncurrent restricted cash h1_restricted_noncurrent	2026Q2 / shared	266.48 USD_millions	reported: 10-Q reported amount converted from thousands to millions. Primary source · 2026-08-05
Q2 mining revenue h1_q2_mining	2026Q2 / shared	12.84 USD_millions	reported: 10-Q reported amount converted from thousands to millions. Primary source · 2026-08-05
H1 cash interest paid h1_cash_interest	H1 2026 / shared	131.07 USD_millions	reported: 10-Q reported amount converted from thousands to millions. Primary source · 2026-08-05
June total restricted cash h1_restricted_cash	2026Q2 / shared	409.42 USD_millions	derived: Current and noncurrent restricted balances; not unrestricted parent cash. Formula: sum(h1_restricted_current, h1_restricted_noncurrent).
H1 operating cash plus Bitcoin proceeds h1_cash_before_capex	H1 2026 / shared	-129.66 USD_millions	derived: Bitcoin-sale proceeds are classified in investing, so this is not GAAP CFO. Formula: sum(h1_cfo, h1_btc_sales).
H1 cash after PP&E and deposits h1_cash_after_capex	H1 2026 / shared	-1,508.17 USD_millions	derived: Excludes $231.350M asset acquisitions and financing cash flows. Formula: subtract(h1_cash_before_capex, h1_capex).
Lake Mariner critical IT MW at June 30 lake_june	Disclosed capacity / shared	81.00 MW	reported: Critical IT capacity; only delivered and rent-producing capacity generates modeled revenue. Primary source · 2026-08-05
Lake Mariner critical IT MW after CB3 lake_july	Disclosed capacity / shared	102.00 MW	reported: Critical IT capacity; only delivered and rent-producing capacity generates modeled revenue. Primary source · 2026-08-05
Lake Mariner full contracted critical IT MW lake_full	Disclosed capacity / shared	438.00 MW	reported: Critical IT capacity; only delivered and rent-producing capacity generates modeled revenue. Primary source · 2026-08-05
Justified contracted critical IT MW justified_full	Disclosed capacity / shared	401.00 MW	reported: Critical IT capacity; only delivered and rent-producing capacity generates modeled revenue. Primary source · 2026-08-05
One MW normalization one_mw	Model / shared	1.00 MW	assumption: Arithmetic unit normalization; not additional capacity.
Justified base contract revenue justified_contract	20-year term / shared	19,000.00 USD_millions	reported: Approximately $19B base contract value; extensions are excluded. Primary source · 2026-08-05
Justified base contract years justified_term	Contract / shared	2,000.0% ratio	reported: Disclosed base term; used only to compute a lifetime average. Primary source · 2026-08-05
Justified lifetime-average annual revenue justified_annual_average	Annual / shared	950.00 USD_millions	derived: Base contract value divided by years; NOT first-year contractual rent. Formula: divide(justified_contract, justified_term).
Average rent-producing Lake Mariner IT MW downside_2026q3_lake_mw	2026Q3 / downside	95.00 MW	assumption: Desk within-quarter delivery/acceptance assumption; capped at disclosed 438 MW full capacity.
Lake Mariner MW / one MW downside_2026q3_lake_units	2026Q3 / downside	9,500.0% ratio	derived: Normalize critical IT capacity for per-MW rental economics. Formula: divide(downside_2026q3_lake_mw, one_mw).
Annual HPC revenue per Lake Mariner MW downside_2026q3_rent_per_mw	2026Q3 / downside	1.80 USD_millions	assumption: Desk effective revenue per critical IT MW including lease and variable billings. This is not a disclosed contractual rent or a forecast contract repricing.
Lake Mariner revenue downside_2026q3_lake_revenue	2026Q3 / downside	42.75 USD_millions	derived: Average MW times annual revenue per MW times one quarter. Formula: multiply(downside_2026q3_lake_units, downside_2026q3_rent_per_mw, quarter).
Average rent-producing Justified IT MW downside_2026q3_justified_mw	2026Q3 / downside	0.00 MW	assumption: Desk commissioning scenario. Company targets first capacity H2 2027 and full delivery starting 2028.
Justified active share of full IT capacity downside_2026q3_justified_fraction	2026Q3 / downside	0.0% ratio	derived: Average delivered MW divided by contracted 401 MW. Formula: divide(downside_2026q3_justified_mw, justified_full).
Initial rent / lifetime-average rent downside_2026q3_justified_realization	2026Q3 / downside	80.0% ratio	assumption: Desk discount to lifetime-average revenue to avoid treating 20-year contract average as first-year rent.
Justified revenue downside_2026q3_justified_revenue	2026Q3 / downside	0.00 USD_millions	derived: Lifetime-average annual contract revenue scaled for active MW, time and initial-rent realization. Formula: multiply(justified_annual_average, downside_2026q3_justified_fraction, quarter, downside_2026q3_justified_realization).
HPC revenue downside_2026q3_hpc_revenue	2026Q3 / downside	42.75 USD_millions	derived: Modeled rental and variable billings from Lake Mariner and Justified only. Formula: sum(downside_2026q3_lake_revenue, downside_2026q3_justified_revenue).
Mining revenue / Q2 baseline downside_2026q3_mining_factor	2026Q3 / downside	85.0% ratio	assumption: Desk remaining mining footprint and hashprice assumption as the site moves toward HPC.
Mining revenue downside_2026q3_mining	2026Q3 / downside	10.91 USD_millions	derived: Reported Q2 mining revenue times desk remaining-business factor. Formula: multiply(h1_q2_mining, downside_2026q3_mining_factor).
Consolidated revenue downside_2026q3_revenue	2026Q3 / downside	53.66 USD_millions	derived: HPC plus mining; no revenue for long-dated power pipeline. Formula: sum(downside_2026q3_hpc_revenue, downside_2026q3_mining).
HPC cash contribution margin downside_2026q3_hpc_margin	2026Q3 / downside	40.0% ratio	assumption: Desk ramp margin after site cash operating costs; excludes depreciation and corporate costs. Not GAAP segment profit.
HPC cash contribution downside_2026q3_hpc_cash	2026Q3 / downside	17.10 USD_millions	derived: HPC revenue times explicitly assumed ramp cash margin. Formula: multiply(downside_2026q3_hpc_revenue, downside_2026q3_hpc_margin).
Mining cash contribution margin downside_2026q3_mining_margin	2026Q3 / downside	0.0% ratio	assumption: Desk cash mining contribution before corporate and financing costs.
Mining cash contribution downside_2026q3_mining_cash	2026Q3 / downside	0.00 USD_millions	derived: Assumes produced Bitcoin is monetized in the same quarter. Formula: multiply(downside_2026q3_mining, downside_2026q3_mining_margin).
Site cash contribution downside_2026q3_site_cash	2026Q3 / downside	17.10 USD_millions	derived: Before corporate costs and financing. Formula: sum(downside_2026q3_hpc_cash, downside_2026q3_mining_cash).
Cash corporate overhead downside_2026q3_corp	2026Q3 / downside	35.00 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Net cash interest allowance downside_2026q3_interest	2026Q3 / downside	75.00 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Other working-capital and tax uses downside_2026q3_other	2026Q3 / downside	15.00 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Corporate and other cash uses downside_2026q3_uses	2026Q3 / downside	125.00 USD_millions	derived: Positive cash uses; excludes debt principal and acquisitions. Formula: sum(downside_2026q3_corp, downside_2026q3_interest, downside_2026q3_other).
Cash before capex proxy downside_2026q3_cash_before_capex	2026Q3 / downside	-107.90 USD_millions	derived: Analytical cash economics including mining sales; not GAAP CFO. Formula: subtract(downside_2026q3_site_cash, downside_2026q3_uses).
Construction cash capex and deposits downside_2026q3_capex	2026Q3 / downside	800.00 USD_millions	assumption: Desk construction-spend scenario across existing and newly contracted sites; not guidance. Delay/overrun costs exceed early revenue effects in downside.
Cash after capex proxy downside_2026q3_cash_after_capex	2026Q3 / downside	-907.90 USD_millions	derived: Before asset sales, acquisitions, new financing, restricted reserves and debt principal. Formula: subtract(downside_2026q3_cash_before_capex, downside_2026q3_capex).
Average rent-producing Lake Mariner IT MW downside_2026q4_lake_mw	2026Q4 / downside	170.00 MW	assumption: Desk within-quarter delivery/acceptance assumption; capped at disclosed 438 MW full capacity.
Lake Mariner MW / one MW downside_2026q4_lake_units	2026Q4 / downside	17,000.0% ratio	derived: Normalize critical IT capacity for per-MW rental economics. Formula: divide(downside_2026q4_lake_mw, one_mw).
Annual HPC revenue per Lake Mariner MW downside_2026q4_rent_per_mw	2026Q4 / downside	1.80 USD_millions	assumption: Desk effective revenue per critical IT MW including lease and variable billings. This is not a disclosed contractual rent or a forecast contract repricing.
Lake Mariner revenue downside_2026q4_lake_revenue	2026Q4 / downside	76.50 USD_millions	derived: Average MW times annual revenue per MW times one quarter. Formula: multiply(downside_2026q4_lake_units, downside_2026q4_rent_per_mw, quarter).
Average rent-producing Justified IT MW downside_2026q4_justified_mw	2026Q4 / downside	0.00 MW	assumption: Desk commissioning scenario. Company targets first capacity H2 2027 and full delivery starting 2028.
Justified active share of full IT capacity downside_2026q4_justified_fraction	2026Q4 / downside	0.0% ratio	derived: Average delivered MW divided by contracted 401 MW. Formula: divide(downside_2026q4_justified_mw, justified_full).
Initial rent / lifetime-average rent downside_2026q4_justified_realization	2026Q4 / downside	80.0% ratio	assumption: Desk discount to lifetime-average revenue to avoid treating 20-year contract average as first-year rent.
Justified revenue downside_2026q4_justified_revenue	2026Q4 / downside	0.00 USD_millions	derived: Lifetime-average annual contract revenue scaled for active MW, time and initial-rent realization. Formula: multiply(justified_annual_average, downside_2026q4_justified_fraction, quarter, downside_2026q4_justified_realization).
HPC revenue downside_2026q4_hpc_revenue	2026Q4 / downside	76.50 USD_millions	derived: Modeled rental and variable billings from Lake Mariner and Justified only. Formula: sum(downside_2026q4_lake_revenue, downside_2026q4_justified_revenue).
Mining revenue / Q2 baseline downside_2026q4_mining_factor	2026Q4 / downside	65.0% ratio	assumption: Desk remaining mining footprint and hashprice assumption as the site moves toward HPC.
Mining revenue downside_2026q4_mining	2026Q4 / downside	8.34 USD_millions	derived: Reported Q2 mining revenue times desk remaining-business factor. Formula: multiply(h1_q2_mining, downside_2026q4_mining_factor).
Consolidated revenue downside_2026q4_revenue	2026Q4 / downside	84.84 USD_millions	derived: HPC plus mining; no revenue for long-dated power pipeline. Formula: sum(downside_2026q4_hpc_revenue, downside_2026q4_mining).
HPC cash contribution margin downside_2026q4_hpc_margin	2026Q4 / downside	45.0% ratio	assumption: Desk ramp margin after site cash operating costs; excludes depreciation and corporate costs. Not GAAP segment profit.
HPC cash contribution downside_2026q4_hpc_cash	2026Q4 / downside	34.43 USD_millions	derived: HPC revenue times explicitly assumed ramp cash margin. Formula: multiply(downside_2026q4_hpc_revenue, downside_2026q4_hpc_margin).
Mining cash contribution margin downside_2026q4_mining_margin	2026Q4 / downside	0.0% ratio	assumption: Desk cash mining contribution before corporate and financing costs.
Mining cash contribution downside_2026q4_mining_cash	2026Q4 / downside	0.00 USD_millions	derived: Assumes produced Bitcoin is monetized in the same quarter. Formula: multiply(downside_2026q4_mining, downside_2026q4_mining_margin).
Site cash contribution downside_2026q4_site_cash	2026Q4 / downside	34.43 USD_millions	derived: Before corporate costs and financing. Formula: sum(downside_2026q4_hpc_cash, downside_2026q4_mining_cash).
Cash corporate overhead downside_2026q4_corp	2026Q4 / downside	35.00 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Net cash interest allowance downside_2026q4_interest	2026Q4 / downside	75.00 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Other working-capital and tax uses downside_2026q4_other	2026Q4 / downside	15.00 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Corporate and other cash uses downside_2026q4_uses	2026Q4 / downside	125.00 USD_millions	derived: Positive cash uses; excludes debt principal and acquisitions. Formula: sum(downside_2026q4_corp, downside_2026q4_interest, downside_2026q4_other).
Cash before capex proxy downside_2026q4_cash_before_capex	2026Q4 / downside	-90.57 USD_millions	derived: Analytical cash economics including mining sales; not GAAP CFO. Formula: subtract(downside_2026q4_site_cash, downside_2026q4_uses).
Construction cash capex and deposits downside_2026q4_capex	2026Q4 / downside	850.00 USD_millions	assumption: Desk construction-spend scenario across existing and newly contracted sites; not guidance. Delay/overrun costs exceed early revenue effects in downside.
Cash after capex proxy downside_2026q4_cash_after_capex	2026Q4 / downside	-940.58 USD_millions	derived: Before asset sales, acquisitions, new financing, restricted reserves and debt principal. Formula: subtract(downside_2026q4_cash_before_capex, downside_2026q4_capex).
Average rent-producing Lake Mariner IT MW downside_2027q1_lake_mw	2027Q1 / downside	250.00 MW	assumption: Desk within-quarter delivery/acceptance assumption; capped at disclosed 438 MW full capacity.
Lake Mariner MW / one MW downside_2027q1_lake_units	2027Q1 / downside	25,000.0% ratio	derived: Normalize critical IT capacity for per-MW rental economics. Formula: divide(downside_2027q1_lake_mw, one_mw).
Annual HPC revenue per Lake Mariner MW downside_2027q1_rent_per_mw	2027Q1 / downside	1.80 USD_millions	assumption: Desk effective revenue per critical IT MW including lease and variable billings. This is not a disclosed contractual rent or a forecast contract repricing.
Lake Mariner revenue downside_2027q1_lake_revenue	2027Q1 / downside	112.50 USD_millions	derived: Average MW times annual revenue per MW times one quarter. Formula: multiply(downside_2027q1_lake_units, downside_2027q1_rent_per_mw, quarter).
Average rent-producing Justified IT MW downside_2027q1_justified_mw	2027Q1 / downside	0.00 MW	assumption: Desk commissioning scenario. Company targets first capacity H2 2027 and full delivery starting 2028.
Justified active share of full IT capacity downside_2027q1_justified_fraction	2027Q1 / downside	0.0% ratio	derived: Average delivered MW divided by contracted 401 MW. Formula: divide(downside_2027q1_justified_mw, justified_full).
Initial rent / lifetime-average rent downside_2027q1_justified_realization	2027Q1 / downside	80.0% ratio	assumption: Desk discount to lifetime-average revenue to avoid treating 20-year contract average as first-year rent.
Justified revenue downside_2027q1_justified_revenue	2027Q1 / downside	0.00 USD_millions	derived: Lifetime-average annual contract revenue scaled for active MW, time and initial-rent realization. Formula: multiply(justified_annual_average, downside_2027q1_justified_fraction, quarter, downside_2027q1_justified_realization).
HPC revenue downside_2027q1_hpc_revenue	2027Q1 / downside	112.50 USD_millions	derived: Modeled rental and variable billings from Lake Mariner and Justified only. Formula: sum(downside_2027q1_lake_revenue, downside_2027q1_justified_revenue).
Mining revenue / Q2 baseline downside_2027q1_mining_factor	2027Q1 / downside	50.0% ratio	assumption: Desk remaining mining footprint and hashprice assumption as the site moves toward HPC.
Mining revenue downside_2027q1_mining	2027Q1 / downside	6.42 USD_millions	derived: Reported Q2 mining revenue times desk remaining-business factor. Formula: multiply(h1_q2_mining, downside_2027q1_mining_factor).
Consolidated revenue downside_2027q1_revenue	2027Q1 / downside	118.92 USD_millions	derived: HPC plus mining; no revenue for long-dated power pipeline. Formula: sum(downside_2027q1_hpc_revenue, downside_2027q1_mining).
HPC cash contribution margin downside_2027q1_hpc_margin	2027Q1 / downside	55.0% ratio	assumption: Desk ramp margin after site cash operating costs; excludes depreciation and corporate costs. Not GAAP segment profit.
HPC cash contribution downside_2027q1_hpc_cash	2027Q1 / downside	61.88 USD_millions	derived: HPC revenue times explicitly assumed ramp cash margin. Formula: multiply(downside_2027q1_hpc_revenue, downside_2027q1_hpc_margin).
Mining cash contribution margin downside_2027q1_mining_margin	2027Q1 / downside	0.0% ratio	assumption: Desk cash mining contribution before corporate and financing costs.
Mining cash contribution downside_2027q1_mining_cash	2027Q1 / downside	0.00 USD_millions	derived: Assumes produced Bitcoin is monetized in the same quarter. Formula: multiply(downside_2027q1_mining, downside_2027q1_mining_margin).
Site cash contribution downside_2027q1_site_cash	2027Q1 / downside	61.88 USD_millions	derived: Before corporate costs and financing. Formula: sum(downside_2027q1_hpc_cash, downside_2027q1_mining_cash).
Cash corporate overhead downside_2027q1_corp	2027Q1 / downside	35.00 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Net cash interest allowance downside_2027q1_interest	2027Q1 / downside	75.00 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Other working-capital and tax uses downside_2027q1_other	2027Q1 / downside	15.00 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Corporate and other cash uses downside_2027q1_uses	2027Q1 / downside	125.00 USD_millions	derived: Positive cash uses; excludes debt principal and acquisitions. Formula: sum(downside_2027q1_corp, downside_2027q1_interest, downside_2027q1_other).
Cash before capex proxy downside_2027q1_cash_before_capex	2027Q1 / downside	-63.12 USD_millions	derived: Analytical cash economics including mining sales; not GAAP CFO. Formula: subtract(downside_2027q1_site_cash, downside_2027q1_uses).
Construction cash capex and deposits downside_2027q1_capex	2027Q1 / downside	1,000.00 USD_millions	assumption: Desk construction-spend scenario across existing and newly contracted sites; not guidance. Delay/overrun costs exceed early revenue effects in downside.
Cash after capex proxy downside_2027q1_cash_after_capex	2027Q1 / downside	-1,063.12 USD_millions	derived: Before asset sales, acquisitions, new financing, restricted reserves and debt principal. Formula: subtract(downside_2027q1_cash_before_capex, downside_2027q1_capex).
Average rent-producing Lake Mariner IT MW downside_2027q2_lake_mw	2027Q2 / downside	300.00 MW	assumption: Desk within-quarter delivery/acceptance assumption; capped at disclosed 438 MW full capacity.
Lake Mariner MW / one MW downside_2027q2_lake_units	2027Q2 / downside	30,000.0% ratio	derived: Normalize critical IT capacity for per-MW rental economics. Formula: divide(downside_2027q2_lake_mw, one_mw).
Annual HPC revenue per Lake Mariner MW downside_2027q2_rent_per_mw	2027Q2 / downside	1.80 USD_millions	assumption: Desk effective revenue per critical IT MW including lease and variable billings. This is not a disclosed contractual rent or a forecast contract repricing.
Lake Mariner revenue downside_2027q2_lake_revenue	2027Q2 / downside	135.00 USD_millions	derived: Average MW times annual revenue per MW times one quarter. Formula: multiply(downside_2027q2_lake_units, downside_2027q2_rent_per_mw, quarter).
Average rent-producing Justified IT MW downside_2027q2_justified_mw	2027Q2 / downside	0.00 MW	assumption: Desk commissioning scenario. Company targets first capacity H2 2027 and full delivery starting 2028.
Justified active share of full IT capacity downside_2027q2_justified_fraction	2027Q2 / downside	0.0% ratio	derived: Average delivered MW divided by contracted 401 MW. Formula: divide(downside_2027q2_justified_mw, justified_full).
Initial rent / lifetime-average rent downside_2027q2_justified_realization	2027Q2 / downside	80.0% ratio	assumption: Desk discount to lifetime-average revenue to avoid treating 20-year contract average as first-year rent.
Justified revenue downside_2027q2_justified_revenue	2027Q2 / downside	0.00 USD_millions	derived: Lifetime-average annual contract revenue scaled for active MW, time and initial-rent realization. Formula: multiply(justified_annual_average, downside_2027q2_justified_fraction, quarter, downside_2027q2_justified_realization).
HPC revenue downside_2027q2_hpc_revenue	2027Q2 / downside	135.00 USD_millions	derived: Modeled rental and variable billings from Lake Mariner and Justified only. Formula: sum(downside_2027q2_lake_revenue, downside_2027q2_justified_revenue).
Mining revenue / Q2 baseline downside_2027q2_mining_factor	2027Q2 / downside	35.0% ratio	assumption: Desk remaining mining footprint and hashprice assumption as the site moves toward HPC.
Mining revenue downside_2027q2_mining	2027Q2 / downside	4.49 USD_millions	derived: Reported Q2 mining revenue times desk remaining-business factor. Formula: multiply(h1_q2_mining, downside_2027q2_mining_factor).
Consolidated revenue downside_2027q2_revenue	2027Q2 / downside	139.49 USD_millions	derived: HPC plus mining; no revenue for long-dated power pipeline. Formula: sum(downside_2027q2_hpc_revenue, downside_2027q2_mining).
HPC cash contribution margin downside_2027q2_hpc_margin	2027Q2 / downside	60.0% ratio	assumption: Desk ramp margin after site cash operating costs; excludes depreciation and corporate costs. Not GAAP segment profit.
HPC cash contribution downside_2027q2_hpc_cash	2027Q2 / downside	81.00 USD_millions	derived: HPC revenue times explicitly assumed ramp cash margin. Formula: multiply(downside_2027q2_hpc_revenue, downside_2027q2_hpc_margin).
Mining cash contribution margin downside_2027q2_mining_margin	2027Q2 / downside	0.0% ratio	assumption: Desk cash mining contribution before corporate and financing costs.
Mining cash contribution downside_2027q2_mining_cash	2027Q2 / downside	0.00 USD_millions	derived: Assumes produced Bitcoin is monetized in the same quarter. Formula: multiply(downside_2027q2_mining, downside_2027q2_mining_margin).
Site cash contribution downside_2027q2_site_cash	2027Q2 / downside	81.00 USD_millions	derived: Before corporate costs and financing. Formula: sum(downside_2027q2_hpc_cash, downside_2027q2_mining_cash).
Cash corporate overhead downside_2027q2_corp	2027Q2 / downside	35.00 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Net cash interest allowance downside_2027q2_interest	2027Q2 / downside	75.00 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Other working-capital and tax uses downside_2027q2_other	2027Q2 / downside	15.00 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Corporate and other cash uses downside_2027q2_uses	2027Q2 / downside	125.00 USD_millions	derived: Positive cash uses; excludes debt principal and acquisitions. Formula: sum(downside_2027q2_corp, downside_2027q2_interest, downside_2027q2_other).
Cash before capex proxy downside_2027q2_cash_before_capex	2027Q2 / downside	-44.00 USD_millions	derived: Analytical cash economics including mining sales; not GAAP CFO. Formula: subtract(downside_2027q2_site_cash, downside_2027q2_uses).
Construction cash capex and deposits downside_2027q2_capex	2027Q2 / downside	1,100.00 USD_millions	assumption: Desk construction-spend scenario across existing and newly contracted sites; not guidance. Delay/overrun costs exceed early revenue effects in downside.
Cash after capex proxy downside_2027q2_cash_after_capex	2027Q2 / downside	-1,144.00 USD_millions	derived: Before asset sales, acquisitions, new financing, restricted reserves and debt principal. Formula: subtract(downside_2027q2_cash_before_capex, downside_2027q2_capex).
Average rent-producing Lake Mariner IT MW downside_2027q3_lake_mw	2027Q3 / downside	360.00 MW	assumption: Desk within-quarter delivery/acceptance assumption; capped at disclosed 438 MW full capacity.
Lake Mariner MW / one MW downside_2027q3_lake_units	2027Q3 / downside	36,000.0% ratio	derived: Normalize critical IT capacity for per-MW rental economics. Formula: divide(downside_2027q3_lake_mw, one_mw).
Annual HPC revenue per Lake Mariner MW downside_2027q3_rent_per_mw	2027Q3 / downside	1.80 USD_millions	assumption: Desk effective revenue per critical IT MW including lease and variable billings. This is not a disclosed contractual rent or a forecast contract repricing.
Lake Mariner revenue downside_2027q3_lake_revenue	2027Q3 / downside	162.00 USD_millions	derived: Average MW times annual revenue per MW times one quarter. Formula: multiply(downside_2027q3_lake_units, downside_2027q3_rent_per_mw, quarter).
Average rent-producing Justified IT MW downside_2027q3_justified_mw	2027Q3 / downside	0.00 MW	assumption: Desk commissioning scenario. Company targets first capacity H2 2027 and full delivery starting 2028.
Justified active share of full IT capacity downside_2027q3_justified_fraction	2027Q3 / downside	0.0% ratio	derived: Average delivered MW divided by contracted 401 MW. Formula: divide(downside_2027q3_justified_mw, justified_full).
Initial rent / lifetime-average rent downside_2027q3_justified_realization	2027Q3 / downside	80.0% ratio	assumption: Desk discount to lifetime-average revenue to avoid treating 20-year contract average as first-year rent.
Justified revenue downside_2027q3_justified_revenue	2027Q3 / downside	0.00 USD_millions	derived: Lifetime-average annual contract revenue scaled for active MW, time and initial-rent realization. Formula: multiply(justified_annual_average, downside_2027q3_justified_fraction, quarter, downside_2027q3_justified_realization).
HPC revenue downside_2027q3_hpc_revenue	2027Q3 / downside	162.00 USD_millions	derived: Modeled rental and variable billings from Lake Mariner and Justified only. Formula: sum(downside_2027q3_lake_revenue, downside_2027q3_justified_revenue).
Mining revenue / Q2 baseline downside_2027q3_mining_factor	2027Q3 / downside	20.0% ratio	assumption: Desk remaining mining footprint and hashprice assumption as the site moves toward HPC.
Mining revenue downside_2027q3_mining	2027Q3 / downside	2.57 USD_millions	derived: Reported Q2 mining revenue times desk remaining-business factor. Formula: multiply(h1_q2_mining, downside_2027q3_mining_factor).
Consolidated revenue downside_2027q3_revenue	2027Q3 / downside	164.57 USD_millions	derived: HPC plus mining; no revenue for long-dated power pipeline. Formula: sum(downside_2027q3_hpc_revenue, downside_2027q3_mining).
HPC cash contribution margin downside_2027q3_hpc_margin	2027Q3 / downside	60.0% ratio	assumption: Desk ramp margin after site cash operating costs; excludes depreciation and corporate costs. Not GAAP segment profit.
HPC cash contribution downside_2027q3_hpc_cash	2027Q3 / downside	97.20 USD_millions	derived: HPC revenue times explicitly assumed ramp cash margin. Formula: multiply(downside_2027q3_hpc_revenue, downside_2027q3_hpc_margin).
Mining cash contribution margin downside_2027q3_mining_margin	2027Q3 / downside	0.0% ratio	assumption: Desk cash mining contribution before corporate and financing costs.
Mining cash contribution downside_2027q3_mining_cash	2027Q3 / downside	0.00 USD_millions	derived: Assumes produced Bitcoin is monetized in the same quarter. Formula: multiply(downside_2027q3_mining, downside_2027q3_mining_margin).
Site cash contribution downside_2027q3_site_cash	2027Q3 / downside	97.20 USD_millions	derived: Before corporate costs and financing. Formula: sum(downside_2027q3_hpc_cash, downside_2027q3_mining_cash).
Cash corporate overhead downside_2027q3_corp	2027Q3 / downside	35.00 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Net cash interest allowance downside_2027q3_interest	2027Q3 / downside	75.00 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Other working-capital and tax uses downside_2027q3_other	2027Q3 / downside	15.00 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Corporate and other cash uses downside_2027q3_uses	2027Q3 / downside	125.00 USD_millions	derived: Positive cash uses; excludes debt principal and acquisitions. Formula: sum(downside_2027q3_corp, downside_2027q3_interest, downside_2027q3_other).
Cash before capex proxy downside_2027q3_cash_before_capex	2027Q3 / downside	-27.80 USD_millions	derived: Analytical cash economics including mining sales; not GAAP CFO. Formula: subtract(downside_2027q3_site_cash, downside_2027q3_uses).
Construction cash capex and deposits downside_2027q3_capex	2027Q3 / downside	1,150.00 USD_millions	assumption: Desk construction-spend scenario across existing and newly contracted sites; not guidance. Delay/overrun costs exceed early revenue effects in downside.
Cash after capex proxy downside_2027q3_cash_after_capex	2027Q3 / downside	-1,177.80 USD_millions	derived: Before asset sales, acquisitions, new financing, restricted reserves and debt principal. Formula: subtract(downside_2027q3_cash_before_capex, downside_2027q3_capex).
Average rent-producing Lake Mariner IT MW downside_2027q4_lake_mw	2027Q4 / downside	400.00 MW	assumption: Desk within-quarter delivery/acceptance assumption; capped at disclosed 438 MW full capacity.
Lake Mariner MW / one MW downside_2027q4_lake_units	2027Q4 / downside	40,000.0% ratio	derived: Normalize critical IT capacity for per-MW rental economics. Formula: divide(downside_2027q4_lake_mw, one_mw).
Annual HPC revenue per Lake Mariner MW downside_2027q4_rent_per_mw	2027Q4 / downside	1.80 USD_millions	assumption: Desk effective revenue per critical IT MW including lease and variable billings. This is not a disclosed contractual rent or a forecast contract repricing.
Lake Mariner revenue downside_2027q4_lake_revenue	2027Q4 / downside	180.00 USD_millions	derived: Average MW times annual revenue per MW times one quarter. Formula: multiply(downside_2027q4_lake_units, downside_2027q4_rent_per_mw, quarter).
Average rent-producing Justified IT MW downside_2027q4_justified_mw	2027Q4 / downside	0.00 MW	assumption: Desk commissioning scenario. Company targets first capacity H2 2027 and full delivery starting 2028.
Justified active share of full IT capacity downside_2027q4_justified_fraction	2027Q4 / downside	0.0% ratio	derived: Average delivered MW divided by contracted 401 MW. Formula: divide(downside_2027q4_justified_mw, justified_full).
Initial rent / lifetime-average rent downside_2027q4_justified_realization	2027Q4 / downside	80.0% ratio	assumption: Desk discount to lifetime-average revenue to avoid treating 20-year contract average as first-year rent.
Justified revenue downside_2027q4_justified_revenue	2027Q4 / downside	0.00 USD_millions	derived: Lifetime-average annual contract revenue scaled for active MW, time and initial-rent realization. Formula: multiply(justified_annual_average, downside_2027q4_justified_fraction, quarter, downside_2027q4_justified_realization).
HPC revenue downside_2027q4_hpc_revenue	2027Q4 / downside	180.00 USD_millions	derived: Modeled rental and variable billings from Lake Mariner and Justified only. Formula: sum(downside_2027q4_lake_revenue, downside_2027q4_justified_revenue).
Mining revenue / Q2 baseline downside_2027q4_mining_factor	2027Q4 / downside	10.0% ratio	assumption: Desk remaining mining footprint and hashprice assumption as the site moves toward HPC.
Mining revenue downside_2027q4_mining	2027Q4 / downside	1.28 USD_millions	derived: Reported Q2 mining revenue times desk remaining-business factor. Formula: multiply(h1_q2_mining, downside_2027q4_mining_factor).
Consolidated revenue downside_2027q4_revenue	2027Q4 / downside	181.28 USD_millions	derived: HPC plus mining; no revenue for long-dated power pipeline. Formula: sum(downside_2027q4_hpc_revenue, downside_2027q4_mining).
HPC cash contribution margin downside_2027q4_hpc_margin	2027Q4 / downside	60.0% ratio	assumption: Desk ramp margin after site cash operating costs; excludes depreciation and corporate costs. Not GAAP segment profit.
HPC cash contribution downside_2027q4_hpc_cash	2027Q4 / downside	108.00 USD_millions	derived: HPC revenue times explicitly assumed ramp cash margin. Formula: multiply(downside_2027q4_hpc_revenue, downside_2027q4_hpc_margin).
Mining cash contribution margin downside_2027q4_mining_margin	2027Q4 / downside	0.0% ratio	assumption: Desk cash mining contribution before corporate and financing costs.
Mining cash contribution downside_2027q4_mining_cash	2027Q4 / downside	0.00 USD_millions	derived: Assumes produced Bitcoin is monetized in the same quarter. Formula: multiply(downside_2027q4_mining, downside_2027q4_mining_margin).
Site cash contribution downside_2027q4_site_cash	2027Q4 / downside	108.00 USD_millions	derived: Before corporate costs and financing. Formula: sum(downside_2027q4_hpc_cash, downside_2027q4_mining_cash).
Cash corporate overhead downside_2027q4_corp	2027Q4 / downside	35.00 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Net cash interest allowance downside_2027q4_interest	2027Q4 / downside	75.00 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Other working-capital and tax uses downside_2027q4_other	2027Q4 / downside	15.00 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Corporate and other cash uses downside_2027q4_uses	2027Q4 / downside	125.00 USD_millions	derived: Positive cash uses; excludes debt principal and acquisitions. Formula: sum(downside_2027q4_corp, downside_2027q4_interest, downside_2027q4_other).
Cash before capex proxy downside_2027q4_cash_before_capex	2027Q4 / downside	-17.00 USD_millions	derived: Analytical cash economics including mining sales; not GAAP CFO. Formula: subtract(downside_2027q4_site_cash, downside_2027q4_uses).
Construction cash capex and deposits downside_2027q4_capex	2027Q4 / downside	1,000.00 USD_millions	assumption: Desk construction-spend scenario across existing and newly contracted sites; not guidance. Delay/overrun costs exceed early revenue effects in downside.
Cash after capex proxy downside_2027q4_cash_after_capex	2027Q4 / downside	-1,017.00 USD_millions	derived: Before asset sales, acquisitions, new financing, restricted reserves and debt principal. Formula: subtract(downside_2027q4_cash_before_capex, downside_2027q4_capex).
FY2026 Revenue ($M) downside_fy2026_revenue	FY2026 / downside	217.28 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 revenue ($M) downside_fy2026_hpc_revenue	FY2026 / downside	172.20 USD_millions	derived: Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. Formula: sum(h1_hpc_revenue, downside_2026q3_hpc_revenue, downside_2026q4_hpc_revenue).
FY2026 Cash before capex proxy ($M) downside_fy2026_cash_before_capex	FY2026 / downside	-328.13 USD_millions	derived: Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. Formula: sum(h1_cash_before_capex, downside_2026q3_cash_before_capex, downside_2026q4_cash_before_capex).
FY2026 Cash construction capex ($M) downside_fy2026_capex	FY2026 / downside	3,028.51 USD_millions	derived: Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. Formula: sum(h1_capex, downside_2026q3_capex, downside_2026q4_capex).
FY2026 Cash after capex proxy ($M) downside_fy2026_cash_after_capex	FY2026 / downside	-3,356.65 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 ($M) downside_fy2027_revenue	FY2027 / downside	604.26 USD_millions	derived: Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. Formula: sum(downside_2027q1_revenue, downside_2027q2_revenue, downside_2027q3_revenue, downside_2027q4_revenue).
FY2027 HPC revenue ($M) downside_fy2027_hpc_revenue	FY2027 / downside	589.50 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_revenue, downside_2027q2_hpc_revenue, downside_2027q3_hpc_revenue, downside_2027q4_hpc_revenue).
FY2027 Cash before capex proxy ($M) downside_fy2027_cash_before_capex	FY2027 / downside	-151.93 USD_millions	derived: Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. Formula: sum(downside_2027q1_cash_before_capex, downside_2027q2_cash_before_capex, downside_2027q3_cash_before_capex, downside_2027q4_cash_before_capex).
FY2027 Cash construction capex ($M) downside_fy2027_capex	FY2027 / downside	4,250.00 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	-4,401.93 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).
Average rent-producing Lake Mariner IT MW base_2026q3_lake_mw	2026Q3 / base	120.00 MW	assumption: Desk within-quarter delivery/acceptance assumption; capped at disclosed 438 MW full capacity.
Lake Mariner MW / one MW base_2026q3_lake_units	2026Q3 / base	12,000.0% ratio	derived: Normalize critical IT capacity for per-MW rental economics. Formula: divide(base_2026q3_lake_mw, one_mw).
Annual HPC revenue per Lake Mariner MW base_2026q3_rent_per_mw	2026Q3 / base	2.00 USD_millions	assumption: Desk effective revenue per critical IT MW including lease and variable billings. This is not a disclosed contractual rent or a forecast contract repricing.
Lake Mariner revenue base_2026q3_lake_revenue	2026Q3 / base	60.00 USD_millions	derived: Average MW times annual revenue per MW times one quarter. Formula: multiply(base_2026q3_lake_units, base_2026q3_rent_per_mw, quarter).
Average rent-producing Justified IT MW base_2026q3_justified_mw	2026Q3 / base	0.00 MW	assumption: Desk commissioning scenario. Company targets first capacity H2 2027 and full delivery starting 2028.
Justified active share of full IT capacity base_2026q3_justified_fraction	2026Q3 / base	0.0% ratio	derived: Average delivered MW divided by contracted 401 MW. Formula: divide(base_2026q3_justified_mw, justified_full).
Initial rent / lifetime-average rent base_2026q3_justified_realization	2026Q3 / base	85.0% ratio	assumption: Desk discount to lifetime-average revenue to avoid treating 20-year contract average as first-year rent.
Justified revenue base_2026q3_justified_revenue	2026Q3 / base	0.00 USD_millions	derived: Lifetime-average annual contract revenue scaled for active MW, time and initial-rent realization. Formula: multiply(justified_annual_average, base_2026q3_justified_fraction, quarter, base_2026q3_justified_realization).
HPC revenue base_2026q3_hpc_revenue	2026Q3 / base	60.00 USD_millions	derived: Modeled rental and variable billings from Lake Mariner and Justified only. Formula: sum(base_2026q3_lake_revenue, base_2026q3_justified_revenue).
Mining revenue / Q2 baseline base_2026q3_mining_factor	2026Q3 / base	100.0% ratio	assumption: Desk remaining mining footprint and hashprice assumption as the site moves toward HPC.
Mining revenue base_2026q3_mining	2026Q3 / base	12.84 USD_millions	derived: Reported Q2 mining revenue times desk remaining-business factor. Formula: multiply(h1_q2_mining, base_2026q3_mining_factor).
Consolidated revenue base_2026q3_revenue	2026Q3 / base	72.84 USD_millions	derived: HPC plus mining; no revenue for long-dated power pipeline. Formula: sum(base_2026q3_hpc_revenue, base_2026q3_mining).
HPC cash contribution margin base_2026q3_hpc_margin	2026Q3 / base	55.0% ratio	assumption: Desk ramp margin after site cash operating costs; excludes depreciation and corporate costs. Not GAAP segment profit.
HPC cash contribution base_2026q3_hpc_cash	2026Q3 / base	33.00 USD_millions	derived: HPC revenue times explicitly assumed ramp cash margin. Formula: multiply(base_2026q3_hpc_revenue, base_2026q3_hpc_margin).
Mining cash contribution margin base_2026q3_mining_margin	2026Q3 / base	10.0% ratio	assumption: Desk cash mining contribution before corporate and financing costs.
Mining cash contribution base_2026q3_mining_cash	2026Q3 / base	1.28 USD_millions	derived: Assumes produced Bitcoin is monetized in the same quarter. Formula: multiply(base_2026q3_mining, base_2026q3_mining_margin).
Site cash contribution base_2026q3_site_cash	2026Q3 / base	34.28 USD_millions	derived: Before corporate costs and financing. Formula: sum(base_2026q3_hpc_cash, base_2026q3_mining_cash).
Cash corporate overhead base_2026q3_corp	2026Q3 / base	30.00 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Net cash interest allowance base_2026q3_interest	2026Q3 / base	67.50 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Other working-capital and tax uses base_2026q3_other	2026Q3 / base	10.00 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Corporate and other cash uses base_2026q3_uses	2026Q3 / base	107.50 USD_millions	derived: Positive cash uses; excludes debt principal and acquisitions. Formula: sum(base_2026q3_corp, base_2026q3_interest, base_2026q3_other).
Cash before capex proxy base_2026q3_cash_before_capex	2026Q3 / base	-73.22 USD_millions	derived: Analytical cash economics including mining sales; not GAAP CFO. Formula: subtract(base_2026q3_site_cash, base_2026q3_uses).
Construction cash capex and deposits base_2026q3_capex	2026Q3 / base	700.00 USD_millions	assumption: Desk construction-spend scenario across existing and newly contracted sites; not guidance. Delay/overrun costs exceed early revenue effects in downside.
Cash after capex proxy base_2026q3_cash_after_capex	2026Q3 / base	-773.22 USD_millions	derived: Before asset sales, acquisitions, new financing, restricted reserves and debt principal. Formula: subtract(base_2026q3_cash_before_capex, base_2026q3_capex).
Average rent-producing Lake Mariner IT MW base_2026q4_lake_mw	2026Q4 / base	220.00 MW	assumption: Desk within-quarter delivery/acceptance assumption; capped at disclosed 438 MW full capacity.
Lake Mariner MW / one MW base_2026q4_lake_units	2026Q4 / base	22,000.0% ratio	derived: Normalize critical IT capacity for per-MW rental economics. Formula: divide(base_2026q4_lake_mw, one_mw).
Annual HPC revenue per Lake Mariner MW base_2026q4_rent_per_mw	2026Q4 / base	2.00 USD_millions	assumption: Desk effective revenue per critical IT MW including lease and variable billings. This is not a disclosed contractual rent or a forecast contract repricing.
Lake Mariner revenue base_2026q4_lake_revenue	2026Q4 / base	110.00 USD_millions	derived: Average MW times annual revenue per MW times one quarter. Formula: multiply(base_2026q4_lake_units, base_2026q4_rent_per_mw, quarter).
Average rent-producing Justified IT MW base_2026q4_justified_mw	2026Q4 / base	0.00 MW	assumption: Desk commissioning scenario. Company targets first capacity H2 2027 and full delivery starting 2028.
Justified active share of full IT capacity base_2026q4_justified_fraction	2026Q4 / base	0.0% ratio	derived: Average delivered MW divided by contracted 401 MW. Formula: divide(base_2026q4_justified_mw, justified_full).
Initial rent / lifetime-average rent base_2026q4_justified_realization	2026Q4 / base	85.0% ratio	assumption: Desk discount to lifetime-average revenue to avoid treating 20-year contract average as first-year rent.
Justified revenue base_2026q4_justified_revenue	2026Q4 / base	0.00 USD_millions	derived: Lifetime-average annual contract revenue scaled for active MW, time and initial-rent realization. Formula: multiply(justified_annual_average, base_2026q4_justified_fraction, quarter, base_2026q4_justified_realization).
HPC revenue base_2026q4_hpc_revenue	2026Q4 / base	110.00 USD_millions	derived: Modeled rental and variable billings from Lake Mariner and Justified only. Formula: sum(base_2026q4_lake_revenue, base_2026q4_justified_revenue).
Mining revenue / Q2 baseline base_2026q4_mining_factor	2026Q4 / base	80.0% ratio	assumption: Desk remaining mining footprint and hashprice assumption as the site moves toward HPC.
Mining revenue base_2026q4_mining	2026Q4 / base	10.27 USD_millions	derived: Reported Q2 mining revenue times desk remaining-business factor. Formula: multiply(h1_q2_mining, base_2026q4_mining_factor).
Consolidated revenue base_2026q4_revenue	2026Q4 / base	120.27 USD_millions	derived: HPC plus mining; no revenue for long-dated power pipeline. Formula: sum(base_2026q4_hpc_revenue, base_2026q4_mining).
HPC cash contribution margin base_2026q4_hpc_margin	2026Q4 / base	65.0% ratio	assumption: Desk ramp margin after site cash operating costs; excludes depreciation and corporate costs. Not GAAP segment profit.
HPC cash contribution base_2026q4_hpc_cash	2026Q4 / base	71.50 USD_millions	derived: HPC revenue times explicitly assumed ramp cash margin. Formula: multiply(base_2026q4_hpc_revenue, base_2026q4_hpc_margin).
Mining cash contribution margin base_2026q4_mining_margin	2026Q4 / base	10.0% ratio	assumption: Desk cash mining contribution before corporate and financing costs.
Mining cash contribution base_2026q4_mining_cash	2026Q4 / base	1.03 USD_millions	derived: Assumes produced Bitcoin is monetized in the same quarter. Formula: multiply(base_2026q4_mining, base_2026q4_mining_margin).
Site cash contribution base_2026q4_site_cash	2026Q4 / base	72.53 USD_millions	derived: Before corporate costs and financing. Formula: sum(base_2026q4_hpc_cash, base_2026q4_mining_cash).
Cash corporate overhead base_2026q4_corp	2026Q4 / base	30.00 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Net cash interest allowance base_2026q4_interest	2026Q4 / base	67.50 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Other working-capital and tax uses base_2026q4_other	2026Q4 / base	10.00 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Corporate and other cash uses base_2026q4_uses	2026Q4 / base	107.50 USD_millions	derived: Positive cash uses; excludes debt principal and acquisitions. Formula: sum(base_2026q4_corp, base_2026q4_interest, base_2026q4_other).
Cash before capex proxy base_2026q4_cash_before_capex	2026Q4 / base	-34.97 USD_millions	derived: Analytical cash economics including mining sales; not GAAP CFO. Formula: subtract(base_2026q4_site_cash, base_2026q4_uses).
Construction cash capex and deposits base_2026q4_capex	2026Q4 / base	700.00 USD_millions	assumption: Desk construction-spend scenario across existing and newly contracted sites; not guidance. Delay/overrun costs exceed early revenue effects in downside.
Cash after capex proxy base_2026q4_cash_after_capex	2026Q4 / base	-734.97 USD_millions	derived: Before asset sales, acquisitions, new financing, restricted reserves and debt principal. Formula: subtract(base_2026q4_cash_before_capex, base_2026q4_capex).
Average rent-producing Lake Mariner IT MW base_2027q1_lake_mw	2027Q1 / base	330.00 MW	assumption: Desk within-quarter delivery/acceptance assumption; capped at disclosed 438 MW full capacity.
Lake Mariner MW / one MW base_2027q1_lake_units	2027Q1 / base	33,000.0% ratio	derived: Normalize critical IT capacity for per-MW rental economics. Formula: divide(base_2027q1_lake_mw, one_mw).
Annual HPC revenue per Lake Mariner MW base_2027q1_rent_per_mw	2027Q1 / base	2.00 USD_millions	assumption: Desk effective revenue per critical IT MW including lease and variable billings. This is not a disclosed contractual rent or a forecast contract repricing.
Lake Mariner revenue base_2027q1_lake_revenue	2027Q1 / base	165.00 USD_millions	derived: Average MW times annual revenue per MW times one quarter. Formula: multiply(base_2027q1_lake_units, base_2027q1_rent_per_mw, quarter).
Average rent-producing Justified IT MW base_2027q1_justified_mw	2027Q1 / base	0.00 MW	assumption: Desk commissioning scenario. Company targets first capacity H2 2027 and full delivery starting 2028.
Justified active share of full IT capacity base_2027q1_justified_fraction	2027Q1 / base	0.0% ratio	derived: Average delivered MW divided by contracted 401 MW. Formula: divide(base_2027q1_justified_mw, justified_full).
Initial rent / lifetime-average rent base_2027q1_justified_realization	2027Q1 / base	85.0% ratio	assumption: Desk discount to lifetime-average revenue to avoid treating 20-year contract average as first-year rent.
Justified revenue base_2027q1_justified_revenue	2027Q1 / base	0.00 USD_millions	derived: Lifetime-average annual contract revenue scaled for active MW, time and initial-rent realization. Formula: multiply(justified_annual_average, base_2027q1_justified_fraction, quarter, base_2027q1_justified_realization).
HPC revenue base_2027q1_hpc_revenue	2027Q1 / base	165.00 USD_millions	derived: Modeled rental and variable billings from Lake Mariner and Justified only. Formula: sum(base_2027q1_lake_revenue, base_2027q1_justified_revenue).
Mining revenue / Q2 baseline base_2027q1_mining_factor	2027Q1 / base	60.0% ratio	assumption: Desk remaining mining footprint and hashprice assumption as the site moves toward HPC.
Mining revenue base_2027q1_mining	2027Q1 / base	7.70 USD_millions	derived: Reported Q2 mining revenue times desk remaining-business factor. Formula: multiply(h1_q2_mining, base_2027q1_mining_factor).
Consolidated revenue base_2027q1_revenue	2027Q1 / base	172.70 USD_millions	derived: HPC plus mining; no revenue for long-dated power pipeline. Formula: sum(base_2027q1_hpc_revenue, base_2027q1_mining).
HPC cash contribution margin base_2027q1_hpc_margin	2027Q1 / base	70.0% ratio	assumption: Desk ramp margin after site cash operating costs; excludes depreciation and corporate costs. Not GAAP segment profit.
HPC cash contribution base_2027q1_hpc_cash	2027Q1 / base	115.50 USD_millions	derived: HPC revenue times explicitly assumed ramp cash margin. Formula: multiply(base_2027q1_hpc_revenue, base_2027q1_hpc_margin).
Mining cash contribution margin base_2027q1_mining_margin	2027Q1 / base	10.0% ratio	assumption: Desk cash mining contribution before corporate and financing costs.
Mining cash contribution base_2027q1_mining_cash	2027Q1 / base	0.77 USD_millions	derived: Assumes produced Bitcoin is monetized in the same quarter. Formula: multiply(base_2027q1_mining, base_2027q1_mining_margin).
Site cash contribution base_2027q1_site_cash	2027Q1 / base	116.27 USD_millions	derived: Before corporate costs and financing. Formula: sum(base_2027q1_hpc_cash, base_2027q1_mining_cash).
Cash corporate overhead base_2027q1_corp	2027Q1 / base	30.00 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Net cash interest allowance base_2027q1_interest	2027Q1 / base	67.50 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Other working-capital and tax uses base_2027q1_other	2027Q1 / base	10.00 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Corporate and other cash uses base_2027q1_uses	2027Q1 / base	107.50 USD_millions	derived: Positive cash uses; excludes debt principal and acquisitions. Formula: sum(base_2027q1_corp, base_2027q1_interest, base_2027q1_other).
Cash before capex proxy base_2027q1_cash_before_capex	2027Q1 / base	8.77 USD_millions	derived: Analytical cash economics including mining sales; not GAAP CFO. Formula: subtract(base_2027q1_site_cash, base_2027q1_uses).
Construction cash capex and deposits base_2027q1_capex	2027Q1 / base	800.00 USD_millions	assumption: Desk construction-spend scenario across existing and newly contracted sites; not guidance. Delay/overrun costs exceed early revenue effects in downside.
Cash after capex proxy base_2027q1_cash_after_capex	2027Q1 / base	-791.23 USD_millions	derived: Before asset sales, acquisitions, new financing, restricted reserves and debt principal. Formula: subtract(base_2027q1_cash_before_capex, base_2027q1_capex).
Average rent-producing Lake Mariner IT MW base_2027q2_lake_mw	2027Q2 / base	410.00 MW	assumption: Desk within-quarter delivery/acceptance assumption; capped at disclosed 438 MW full capacity.
Lake Mariner MW / one MW base_2027q2_lake_units	2027Q2 / base	41,000.0% ratio	derived: Normalize critical IT capacity for per-MW rental economics. Formula: divide(base_2027q2_lake_mw, one_mw).
Annual HPC revenue per Lake Mariner MW base_2027q2_rent_per_mw	2027Q2 / base	2.00 USD_millions	assumption: Desk effective revenue per critical IT MW including lease and variable billings. This is not a disclosed contractual rent or a forecast contract repricing.
Lake Mariner revenue base_2027q2_lake_revenue	2027Q2 / base	205.00 USD_millions	derived: Average MW times annual revenue per MW times one quarter. Formula: multiply(base_2027q2_lake_units, base_2027q2_rent_per_mw, quarter).
Average rent-producing Justified IT MW base_2027q2_justified_mw	2027Q2 / base	0.00 MW	assumption: Desk commissioning scenario. Company targets first capacity H2 2027 and full delivery starting 2028.
Justified active share of full IT capacity base_2027q2_justified_fraction	2027Q2 / base	0.0% ratio	derived: Average delivered MW divided by contracted 401 MW. Formula: divide(base_2027q2_justified_mw, justified_full).
Initial rent / lifetime-average rent base_2027q2_justified_realization	2027Q2 / base	85.0% ratio	assumption: Desk discount to lifetime-average revenue to avoid treating 20-year contract average as first-year rent.
Justified revenue base_2027q2_justified_revenue	2027Q2 / base	0.00 USD_millions	derived: Lifetime-average annual contract revenue scaled for active MW, time and initial-rent realization. Formula: multiply(justified_annual_average, base_2027q2_justified_fraction, quarter, base_2027q2_justified_realization).
HPC revenue base_2027q2_hpc_revenue	2027Q2 / base	205.00 USD_millions	derived: Modeled rental and variable billings from Lake Mariner and Justified only. Formula: sum(base_2027q2_lake_revenue, base_2027q2_justified_revenue).
Mining revenue / Q2 baseline base_2027q2_mining_factor	2027Q2 / base	40.0% ratio	assumption: Desk remaining mining footprint and hashprice assumption as the site moves toward HPC.
Mining revenue base_2027q2_mining	2027Q2 / base	5.13 USD_millions	derived: Reported Q2 mining revenue times desk remaining-business factor. Formula: multiply(h1_q2_mining, base_2027q2_mining_factor).
Consolidated revenue base_2027q2_revenue	2027Q2 / base	210.13 USD_millions	derived: HPC plus mining; no revenue for long-dated power pipeline. Formula: sum(base_2027q2_hpc_revenue, base_2027q2_mining).
HPC cash contribution margin base_2027q2_hpc_margin	2027Q2 / base	75.0% ratio	assumption: Desk ramp margin after site cash operating costs; excludes depreciation and corporate costs. Not GAAP segment profit.
HPC cash contribution base_2027q2_hpc_cash	2027Q2 / base	153.75 USD_millions	derived: HPC revenue times explicitly assumed ramp cash margin. Formula: multiply(base_2027q2_hpc_revenue, base_2027q2_hpc_margin).
Mining cash contribution margin base_2027q2_mining_margin	2027Q2 / base	10.0% ratio	assumption: Desk cash mining contribution before corporate and financing costs.
Mining cash contribution base_2027q2_mining_cash	2027Q2 / base	0.51 USD_millions	derived: Assumes produced Bitcoin is monetized in the same quarter. Formula: multiply(base_2027q2_mining, base_2027q2_mining_margin).
Site cash contribution base_2027q2_site_cash	2027Q2 / base	154.26 USD_millions	derived: Before corporate costs and financing. Formula: sum(base_2027q2_hpc_cash, base_2027q2_mining_cash).
Cash corporate overhead base_2027q2_corp	2027Q2 / base	30.00 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Net cash interest allowance base_2027q2_interest	2027Q2 / base	67.50 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Other working-capital and tax uses base_2027q2_other	2027Q2 / base	10.00 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Corporate and other cash uses base_2027q2_uses	2027Q2 / base	107.50 USD_millions	derived: Positive cash uses; excludes debt principal and acquisitions. Formula: sum(base_2027q2_corp, base_2027q2_interest, base_2027q2_other).
Cash before capex proxy base_2027q2_cash_before_capex	2027Q2 / base	46.76 USD_millions	derived: Analytical cash economics including mining sales; not GAAP CFO. Formula: subtract(base_2027q2_site_cash, base_2027q2_uses).
Construction cash capex and deposits base_2027q2_capex	2027Q2 / base	900.00 USD_millions	assumption: Desk construction-spend scenario across existing and newly contracted sites; not guidance. Delay/overrun costs exceed early revenue effects in downside.
Cash after capex proxy base_2027q2_cash_after_capex	2027Q2 / base	-853.24 USD_millions	derived: Before asset sales, acquisitions, new financing, restricted reserves and debt principal. Formula: subtract(base_2027q2_cash_before_capex, base_2027q2_capex).
Average rent-producing Lake Mariner IT MW base_2027q3_lake_mw	2027Q3 / base	438.00 MW	assumption: Desk within-quarter delivery/acceptance assumption; capped at disclosed 438 MW full capacity.
Lake Mariner MW / one MW base_2027q3_lake_units	2027Q3 / base	43,800.0% ratio	derived: Normalize critical IT capacity for per-MW rental economics. Formula: divide(base_2027q3_lake_mw, one_mw).
Annual HPC revenue per Lake Mariner MW base_2027q3_rent_per_mw	2027Q3 / base	2.00 USD_millions	assumption: Desk effective revenue per critical IT MW including lease and variable billings. This is not a disclosed contractual rent or a forecast contract repricing.
Lake Mariner revenue base_2027q3_lake_revenue	2027Q3 / base	219.00 USD_millions	derived: Average MW times annual revenue per MW times one quarter. Formula: multiply(base_2027q3_lake_units, base_2027q3_rent_per_mw, quarter).
Average rent-producing Justified IT MW base_2027q3_justified_mw	2027Q3 / base	20.00 MW	assumption: Desk commissioning scenario. Company targets first capacity H2 2027 and full delivery starting 2028.
Justified active share of full IT capacity base_2027q3_justified_fraction	2027Q3 / base	5.0% ratio	derived: Average delivered MW divided by contracted 401 MW. Formula: divide(base_2027q3_justified_mw, justified_full).
Initial rent / lifetime-average rent base_2027q3_justified_realization	2027Q3 / base	85.0% ratio	assumption: Desk discount to lifetime-average revenue to avoid treating 20-year contract average as first-year rent.
Justified revenue base_2027q3_justified_revenue	2027Q3 / base	10.07 USD_millions	derived: Lifetime-average annual contract revenue scaled for active MW, time and initial-rent realization. Formula: multiply(justified_annual_average, base_2027q3_justified_fraction, quarter, base_2027q3_justified_realization).
HPC revenue base_2027q3_hpc_revenue	2027Q3 / base	229.07 USD_millions	derived: Modeled rental and variable billings from Lake Mariner and Justified only. Formula: sum(base_2027q3_lake_revenue, base_2027q3_justified_revenue).
Mining revenue / Q2 baseline base_2027q3_mining_factor	2027Q3 / base	25.0% ratio	assumption: Desk remaining mining footprint and hashprice assumption as the site moves toward HPC.
Mining revenue base_2027q3_mining	2027Q3 / base	3.21 USD_millions	derived: Reported Q2 mining revenue times desk remaining-business factor. Formula: multiply(h1_q2_mining, base_2027q3_mining_factor).
Consolidated revenue base_2027q3_revenue	2027Q3 / base	232.28 USD_millions	derived: HPC plus mining; no revenue for long-dated power pipeline. Formula: sum(base_2027q3_hpc_revenue, base_2027q3_mining).
HPC cash contribution margin base_2027q3_hpc_margin	2027Q3 / base	75.0% ratio	assumption: Desk ramp margin after site cash operating costs; excludes depreciation and corporate costs. Not GAAP segment profit.
HPC cash contribution base_2027q3_hpc_cash	2027Q3 / base	171.80 USD_millions	derived: HPC revenue times explicitly assumed ramp cash margin. Formula: multiply(base_2027q3_hpc_revenue, base_2027q3_hpc_margin).
Mining cash contribution margin base_2027q3_mining_margin	2027Q3 / base	10.0% ratio	assumption: Desk cash mining contribution before corporate and financing costs.
Mining cash contribution base_2027q3_mining_cash	2027Q3 / base	0.32 USD_millions	derived: Assumes produced Bitcoin is monetized in the same quarter. Formula: multiply(base_2027q3_mining, base_2027q3_mining_margin).
Site cash contribution base_2027q3_site_cash	2027Q3 / base	172.12 USD_millions	derived: Before corporate costs and financing. Formula: sum(base_2027q3_hpc_cash, base_2027q3_mining_cash).
Cash corporate overhead base_2027q3_corp	2027Q3 / base	30.00 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Net cash interest allowance base_2027q3_interest	2027Q3 / base	67.50 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Other working-capital and tax uses base_2027q3_other	2027Q3 / base	10.00 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Corporate and other cash uses base_2027q3_uses	2027Q3 / base	107.50 USD_millions	derived: Positive cash uses; excludes debt principal and acquisitions. Formula: sum(base_2027q3_corp, base_2027q3_interest, base_2027q3_other).
Cash before capex proxy base_2027q3_cash_before_capex	2027Q3 / base	64.62 USD_millions	derived: Analytical cash economics including mining sales; not GAAP CFO. Formula: subtract(base_2027q3_site_cash, base_2027q3_uses).
Construction cash capex and deposits base_2027q3_capex	2027Q3 / base	1,000.00 USD_millions	assumption: Desk construction-spend scenario across existing and newly contracted sites; not guidance. Delay/overrun costs exceed early revenue effects in downside.
Cash after capex proxy base_2027q3_cash_after_capex	2027Q3 / base	-935.38 USD_millions	derived: Before asset sales, acquisitions, new financing, restricted reserves and debt principal. Formula: subtract(base_2027q3_cash_before_capex, base_2027q3_capex).
Average rent-producing Lake Mariner IT MW base_2027q4_lake_mw	2027Q4 / base	438.00 MW	assumption: Desk within-quarter delivery/acceptance assumption; capped at disclosed 438 MW full capacity.
Lake Mariner MW / one MW base_2027q4_lake_units	2027Q4 / base	43,800.0% ratio	derived: Normalize critical IT capacity for per-MW rental economics. Formula: divide(base_2027q4_lake_mw, one_mw).
Annual HPC revenue per Lake Mariner MW base_2027q4_rent_per_mw	2027Q4 / base	2.00 USD_millions	assumption: Desk effective revenue per critical IT MW including lease and variable billings. This is not a disclosed contractual rent or a forecast contract repricing.
Lake Mariner revenue base_2027q4_lake_revenue	2027Q4 / base	219.00 USD_millions	derived: Average MW times annual revenue per MW times one quarter. Formula: multiply(base_2027q4_lake_units, base_2027q4_rent_per_mw, quarter).
Average rent-producing Justified IT MW base_2027q4_justified_mw	2027Q4 / base	100.00 MW	assumption: Desk commissioning scenario. Company targets first capacity H2 2027 and full delivery starting 2028.
Justified active share of full IT capacity base_2027q4_justified_fraction	2027Q4 / base	24.9% ratio	derived: Average delivered MW divided by contracted 401 MW. Formula: divide(base_2027q4_justified_mw, justified_full).
Initial rent / lifetime-average rent base_2027q4_justified_realization	2027Q4 / base	85.0% ratio	assumption: Desk discount to lifetime-average revenue to avoid treating 20-year contract average as first-year rent.
Justified revenue base_2027q4_justified_revenue	2027Q4 / base	50.34 USD_millions	derived: Lifetime-average annual contract revenue scaled for active MW, time and initial-rent realization. Formula: multiply(justified_annual_average, base_2027q4_justified_fraction, quarter, base_2027q4_justified_realization).
HPC revenue base_2027q4_hpc_revenue	2027Q4 / base	269.34 USD_millions	derived: Modeled rental and variable billings from Lake Mariner and Justified only. Formula: sum(base_2027q4_lake_revenue, base_2027q4_justified_revenue).
Mining revenue / Q2 baseline base_2027q4_mining_factor	2027Q4 / base	15.0% ratio	assumption: Desk remaining mining footprint and hashprice assumption as the site moves toward HPC.
Mining revenue base_2027q4_mining	2027Q4 / base	1.93 USD_millions	derived: Reported Q2 mining revenue times desk remaining-business factor. Formula: multiply(h1_q2_mining, base_2027q4_mining_factor).
Consolidated revenue base_2027q4_revenue	2027Q4 / base	271.27 USD_millions	derived: HPC plus mining; no revenue for long-dated power pipeline. Formula: sum(base_2027q4_hpc_revenue, base_2027q4_mining).
HPC cash contribution margin base_2027q4_hpc_margin	2027Q4 / base	75.0% ratio	assumption: Desk ramp margin after site cash operating costs; excludes depreciation and corporate costs. Not GAAP segment profit.
HPC cash contribution base_2027q4_hpc_cash	2027Q4 / base	202.01 USD_millions	derived: HPC revenue times explicitly assumed ramp cash margin. Formula: multiply(base_2027q4_hpc_revenue, base_2027q4_hpc_margin).
Mining cash contribution margin base_2027q4_mining_margin	2027Q4 / base	10.0% ratio	assumption: Desk cash mining contribution before corporate and financing costs.
Mining cash contribution base_2027q4_mining_cash	2027Q4 / base	0.19 USD_millions	derived: Assumes produced Bitcoin is monetized in the same quarter. Formula: multiply(base_2027q4_mining, base_2027q4_mining_margin).
Site cash contribution base_2027q4_site_cash	2027Q4 / base	202.20 USD_millions	derived: Before corporate costs and financing. Formula: sum(base_2027q4_hpc_cash, base_2027q4_mining_cash).
Cash corporate overhead base_2027q4_corp	2027Q4 / base	30.00 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Net cash interest allowance base_2027q4_interest	2027Q4 / base	67.50 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Other working-capital and tax uses base_2027q4_other	2027Q4 / base	10.00 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Corporate and other cash uses base_2027q4_uses	2027Q4 / base	107.50 USD_millions	derived: Positive cash uses; excludes debt principal and acquisitions. Formula: sum(base_2027q4_corp, base_2027q4_interest, base_2027q4_other).
Cash before capex proxy base_2027q4_cash_before_capex	2027Q4 / base	94.70 USD_millions	derived: Analytical cash economics including mining sales; not GAAP CFO. Formula: subtract(base_2027q4_site_cash, base_2027q4_uses).
Construction cash capex and deposits base_2027q4_capex	2027Q4 / base	900.00 USD_millions	assumption: Desk construction-spend scenario across existing and newly contracted sites; not guidance. Delay/overrun costs exceed early revenue effects in downside.
Cash after capex proxy base_2027q4_cash_after_capex	2027Q4 / base	-805.30 USD_millions	derived: Before asset sales, acquisitions, new financing, restricted reserves and debt principal. Formula: subtract(base_2027q4_cash_before_capex, base_2027q4_capex).
FY2026 Revenue ($M) base_fy2026_revenue	FY2026 / base	271.88 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 revenue ($M) base_fy2026_hpc_revenue	FY2026 / base	222.95 USD_millions	derived: Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. Formula: sum(h1_hpc_revenue, base_2026q3_hpc_revenue, base_2026q4_hpc_revenue).
FY2026 Cash before capex proxy ($M) base_fy2026_cash_before_capex	FY2026 / base	-237.85 USD_millions	derived: Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. Formula: sum(h1_cash_before_capex, base_2026q3_cash_before_capex, base_2026q4_cash_before_capex).
FY2026 Cash construction capex ($M) base_fy2026_capex	FY2026 / base	2,778.51 USD_millions	derived: Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. Formula: sum(h1_capex, base_2026q3_capex, base_2026q4_capex).
FY2026 Cash after capex proxy ($M) base_fy2026_cash_after_capex	FY2026 / base	-3,016.36 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 ($M) base_fy2027_revenue	FY2027 / base	886.38 USD_millions	derived: Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. Formula: sum(base_2027q1_revenue, base_2027q2_revenue, base_2027q3_revenue, base_2027q4_revenue).
FY2027 HPC revenue ($M) base_fy2027_hpc_revenue	FY2027 / base	868.41 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_revenue, base_2027q2_hpc_revenue, base_2027q3_hpc_revenue, base_2027q4_hpc_revenue).
FY2027 Cash before capex proxy ($M) base_fy2027_cash_before_capex	FY2027 / base	214.86 USD_millions	derived: Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. Formula: sum(base_2027q1_cash_before_capex, base_2027q2_cash_before_capex, base_2027q3_cash_before_capex, base_2027q4_cash_before_capex).
FY2027 Cash construction capex ($M) base_fy2027_capex	FY2027 / base	3,600.00 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	-3,385.14 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_after_capex, base_2027q2_cash_after_capex, base_2027q3_cash_after_capex, base_2027q4_cash_after_capex).
Average rent-producing Lake Mariner IT MW upside_2026q3_lake_mw	2026Q3 / upside	150.00 MW	assumption: Desk within-quarter delivery/acceptance assumption; capped at disclosed 438 MW full capacity.
Lake Mariner MW / one MW upside_2026q3_lake_units	2026Q3 / upside	15,000.0% ratio	derived: Normalize critical IT capacity for per-MW rental economics. Formula: divide(upside_2026q3_lake_mw, one_mw).
Annual HPC revenue per Lake Mariner MW upside_2026q3_rent_per_mw	2026Q3 / upside	2.20 USD_millions	assumption: Desk effective revenue per critical IT MW including lease and variable billings. This is not a disclosed contractual rent or a forecast contract repricing.
Lake Mariner revenue upside_2026q3_lake_revenue	2026Q3 / upside	82.50 USD_millions	derived: Average MW times annual revenue per MW times one quarter. Formula: multiply(upside_2026q3_lake_units, upside_2026q3_rent_per_mw, quarter).
Average rent-producing Justified IT MW upside_2026q3_justified_mw	2026Q3 / upside	0.00 MW	assumption: Desk commissioning scenario. Company targets first capacity H2 2027 and full delivery starting 2028.
Justified active share of full IT capacity upside_2026q3_justified_fraction	2026Q3 / upside	0.0% ratio	derived: Average delivered MW divided by contracted 401 MW. Formula: divide(upside_2026q3_justified_mw, justified_full).
Initial rent / lifetime-average rent upside_2026q3_justified_realization	2026Q3 / upside	90.0% ratio	assumption: Desk discount to lifetime-average revenue to avoid treating 20-year contract average as first-year rent.
Justified revenue upside_2026q3_justified_revenue	2026Q3 / upside	0.00 USD_millions	derived: Lifetime-average annual contract revenue scaled for active MW, time and initial-rent realization. Formula: multiply(justified_annual_average, upside_2026q3_justified_fraction, quarter, upside_2026q3_justified_realization).
HPC revenue upside_2026q3_hpc_revenue	2026Q3 / upside	82.50 USD_millions	derived: Modeled rental and variable billings from Lake Mariner and Justified only. Formula: sum(upside_2026q3_lake_revenue, upside_2026q3_justified_revenue).
Mining revenue / Q2 baseline upside_2026q3_mining_factor	2026Q3 / upside	115.0% ratio	assumption: Desk remaining mining footprint and hashprice assumption as the site moves toward HPC.
Mining revenue upside_2026q3_mining	2026Q3 / upside	14.76 USD_millions	derived: Reported Q2 mining revenue times desk remaining-business factor. Formula: multiply(h1_q2_mining, upside_2026q3_mining_factor).
Consolidated revenue upside_2026q3_revenue	2026Q3 / upside	97.26 USD_millions	derived: HPC plus mining; no revenue for long-dated power pipeline. Formula: sum(upside_2026q3_hpc_revenue, upside_2026q3_mining).
HPC cash contribution margin upside_2026q3_hpc_margin	2026Q3 / upside	65.0% ratio	assumption: Desk ramp margin after site cash operating costs; excludes depreciation and corporate costs. Not GAAP segment profit.
HPC cash contribution upside_2026q3_hpc_cash	2026Q3 / upside	53.62 USD_millions	derived: HPC revenue times explicitly assumed ramp cash margin. Formula: multiply(upside_2026q3_hpc_revenue, upside_2026q3_hpc_margin).
Mining cash contribution margin upside_2026q3_mining_margin	2026Q3 / upside	20.0% ratio	assumption: Desk cash mining contribution before corporate and financing costs.
Mining cash contribution upside_2026q3_mining_cash	2026Q3 / upside	2.95 USD_millions	derived: Assumes produced Bitcoin is monetized in the same quarter. Formula: multiply(upside_2026q3_mining, upside_2026q3_mining_margin).
Site cash contribution upside_2026q3_site_cash	2026Q3 / upside	56.58 USD_millions	derived: Before corporate costs and financing. Formula: sum(upside_2026q3_hpc_cash, upside_2026q3_mining_cash).
Cash corporate overhead upside_2026q3_corp	2026Q3 / upside	28.00 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Net cash interest allowance upside_2026q3_interest	2026Q3 / upside	65.00 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Other working-capital and tax uses upside_2026q3_other	2026Q3 / upside	7.00 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Corporate and other cash uses upside_2026q3_uses	2026Q3 / upside	100.00 USD_millions	derived: Positive cash uses; excludes debt principal and acquisitions. Formula: sum(upside_2026q3_corp, upside_2026q3_interest, upside_2026q3_other).
Cash before capex proxy upside_2026q3_cash_before_capex	2026Q3 / upside	-43.42 USD_millions	derived: Analytical cash economics including mining sales; not GAAP CFO. Formula: subtract(upside_2026q3_site_cash, upside_2026q3_uses).
Construction cash capex and deposits upside_2026q3_capex	2026Q3 / upside	650.00 USD_millions	assumption: Desk construction-spend scenario across existing and newly contracted sites; not guidance. Delay/overrun costs exceed early revenue effects in downside.
Cash after capex proxy upside_2026q3_cash_after_capex	2026Q3 / upside	-693.42 USD_millions	derived: Before asset sales, acquisitions, new financing, restricted reserves and debt principal. Formula: subtract(upside_2026q3_cash_before_capex, upside_2026q3_capex).
Average rent-producing Lake Mariner IT MW upside_2026q4_lake_mw	2026Q4 / upside	280.00 MW	assumption: Desk within-quarter delivery/acceptance assumption; capped at disclosed 438 MW full capacity.
Lake Mariner MW / one MW upside_2026q4_lake_units	2026Q4 / upside	28,000.0% ratio	derived: Normalize critical IT capacity for per-MW rental economics. Formula: divide(upside_2026q4_lake_mw, one_mw).
Annual HPC revenue per Lake Mariner MW upside_2026q4_rent_per_mw	2026Q4 / upside	2.20 USD_millions	assumption: Desk effective revenue per critical IT MW including lease and variable billings. This is not a disclosed contractual rent or a forecast contract repricing.
Lake Mariner revenue upside_2026q4_lake_revenue	2026Q4 / upside	154.00 USD_millions	derived: Average MW times annual revenue per MW times one quarter. Formula: multiply(upside_2026q4_lake_units, upside_2026q4_rent_per_mw, quarter).
Average rent-producing Justified IT MW upside_2026q4_justified_mw	2026Q4 / upside	0.00 MW	assumption: Desk commissioning scenario. Company targets first capacity H2 2027 and full delivery starting 2028.
Justified active share of full IT capacity upside_2026q4_justified_fraction	2026Q4 / upside	0.0% ratio	derived: Average delivered MW divided by contracted 401 MW. Formula: divide(upside_2026q4_justified_mw, justified_full).
Initial rent / lifetime-average rent upside_2026q4_justified_realization	2026Q4 / upside	90.0% ratio	assumption: Desk discount to lifetime-average revenue to avoid treating 20-year contract average as first-year rent.
Justified revenue upside_2026q4_justified_revenue	2026Q4 / upside	0.00 USD_millions	derived: Lifetime-average annual contract revenue scaled for active MW, time and initial-rent realization. Formula: multiply(justified_annual_average, upside_2026q4_justified_fraction, quarter, upside_2026q4_justified_realization).
HPC revenue upside_2026q4_hpc_revenue	2026Q4 / upside	154.00 USD_millions	derived: Modeled rental and variable billings from Lake Mariner and Justified only. Formula: sum(upside_2026q4_lake_revenue, upside_2026q4_justified_revenue).
Mining revenue / Q2 baseline upside_2026q4_mining_factor	2026Q4 / upside	95.0% ratio	assumption: Desk remaining mining footprint and hashprice assumption as the site moves toward HPC.
Mining revenue upside_2026q4_mining	2026Q4 / upside	12.19 USD_millions	derived: Reported Q2 mining revenue times desk remaining-business factor. Formula: multiply(h1_q2_mining, upside_2026q4_mining_factor).
Consolidated revenue upside_2026q4_revenue	2026Q4 / upside	166.19 USD_millions	derived: HPC plus mining; no revenue for long-dated power pipeline. Formula: sum(upside_2026q4_hpc_revenue, upside_2026q4_mining).
HPC cash contribution margin upside_2026q4_hpc_margin	2026Q4 / upside	70.0% ratio	assumption: Desk ramp margin after site cash operating costs; excludes depreciation and corporate costs. Not GAAP segment profit.
HPC cash contribution upside_2026q4_hpc_cash	2026Q4 / upside	107.80 USD_millions	derived: HPC revenue times explicitly assumed ramp cash margin. Formula: multiply(upside_2026q4_hpc_revenue, upside_2026q4_hpc_margin).
Mining cash contribution margin upside_2026q4_mining_margin	2026Q4 / upside	20.0% ratio	assumption: Desk cash mining contribution before corporate and financing costs.
Mining cash contribution upside_2026q4_mining_cash	2026Q4 / upside	2.44 USD_millions	derived: Assumes produced Bitcoin is monetized in the same quarter. Formula: multiply(upside_2026q4_mining, upside_2026q4_mining_margin).
Site cash contribution upside_2026q4_site_cash	2026Q4 / upside	110.24 USD_millions	derived: Before corporate costs and financing. Formula: sum(upside_2026q4_hpc_cash, upside_2026q4_mining_cash).
Cash corporate overhead upside_2026q4_corp	2026Q4 / upside	28.00 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Net cash interest allowance upside_2026q4_interest	2026Q4 / upside	65.00 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Other working-capital and tax uses upside_2026q4_other	2026Q4 / upside	7.00 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Corporate and other cash uses upside_2026q4_uses	2026Q4 / upside	100.00 USD_millions	derived: Positive cash uses; excludes debt principal and acquisitions. Formula: sum(upside_2026q4_corp, upside_2026q4_interest, upside_2026q4_other).
Cash before capex proxy upside_2026q4_cash_before_capex	2026Q4 / upside	10.24 USD_millions	derived: Analytical cash economics including mining sales; not GAAP CFO. Formula: subtract(upside_2026q4_site_cash, upside_2026q4_uses).
Construction cash capex and deposits upside_2026q4_capex	2026Q4 / upside	650.00 USD_millions	assumption: Desk construction-spend scenario across existing and newly contracted sites; not guidance. Delay/overrun costs exceed early revenue effects in downside.
Cash after capex proxy upside_2026q4_cash_after_capex	2026Q4 / upside	-639.76 USD_millions	derived: Before asset sales, acquisitions, new financing, restricted reserves and debt principal. Formula: subtract(upside_2026q4_cash_before_capex, upside_2026q4_capex).
Average rent-producing Lake Mariner IT MW upside_2027q1_lake_mw	2027Q1 / upside	380.00 MW	assumption: Desk within-quarter delivery/acceptance assumption; capped at disclosed 438 MW full capacity.
Lake Mariner MW / one MW upside_2027q1_lake_units	2027Q1 / upside	38,000.0% ratio	derived: Normalize critical IT capacity for per-MW rental economics. Formula: divide(upside_2027q1_lake_mw, one_mw).
Annual HPC revenue per Lake Mariner MW upside_2027q1_rent_per_mw	2027Q1 / upside	2.20 USD_millions	assumption: Desk effective revenue per critical IT MW including lease and variable billings. This is not a disclosed contractual rent or a forecast contract repricing.
Lake Mariner revenue upside_2027q1_lake_revenue	2027Q1 / upside	209.00 USD_millions	derived: Average MW times annual revenue per MW times one quarter. Formula: multiply(upside_2027q1_lake_units, upside_2027q1_rent_per_mw, quarter).
Average rent-producing Justified IT MW upside_2027q1_justified_mw	2027Q1 / upside	0.00 MW	assumption: Desk commissioning scenario. Company targets first capacity H2 2027 and full delivery starting 2028.
Justified active share of full IT capacity upside_2027q1_justified_fraction	2027Q1 / upside	0.0% ratio	derived: Average delivered MW divided by contracted 401 MW. Formula: divide(upside_2027q1_justified_mw, justified_full).
Initial rent / lifetime-average rent upside_2027q1_justified_realization	2027Q1 / upside	90.0% ratio	assumption: Desk discount to lifetime-average revenue to avoid treating 20-year contract average as first-year rent.
Justified revenue upside_2027q1_justified_revenue	2027Q1 / upside	0.00 USD_millions	derived: Lifetime-average annual contract revenue scaled for active MW, time and initial-rent realization. Formula: multiply(justified_annual_average, upside_2027q1_justified_fraction, quarter, upside_2027q1_justified_realization).
HPC revenue upside_2027q1_hpc_revenue	2027Q1 / upside	209.00 USD_millions	derived: Modeled rental and variable billings from Lake Mariner and Justified only. Formula: sum(upside_2027q1_lake_revenue, upside_2027q1_justified_revenue).
Mining revenue / Q2 baseline upside_2027q1_mining_factor	2027Q1 / upside	75.0% ratio	assumption: Desk remaining mining footprint and hashprice assumption as the site moves toward HPC.
Mining revenue upside_2027q1_mining	2027Q1 / upside	9.63 USD_millions	derived: Reported Q2 mining revenue times desk remaining-business factor. Formula: multiply(h1_q2_mining, upside_2027q1_mining_factor).
Consolidated revenue upside_2027q1_revenue	2027Q1 / upside	218.63 USD_millions	derived: HPC plus mining; no revenue for long-dated power pipeline. Formula: sum(upside_2027q1_hpc_revenue, upside_2027q1_mining).
HPC cash contribution margin upside_2027q1_hpc_margin	2027Q1 / upside	75.0% ratio	assumption: Desk ramp margin after site cash operating costs; excludes depreciation and corporate costs. Not GAAP segment profit.
HPC cash contribution upside_2027q1_hpc_cash	2027Q1 / upside	156.75 USD_millions	derived: HPC revenue times explicitly assumed ramp cash margin. Formula: multiply(upside_2027q1_hpc_revenue, upside_2027q1_hpc_margin).
Mining cash contribution margin upside_2027q1_mining_margin	2027Q1 / upside	20.0% ratio	assumption: Desk cash mining contribution before corporate and financing costs.
Mining cash contribution upside_2027q1_mining_cash	2027Q1 / upside	1.93 USD_millions	derived: Assumes produced Bitcoin is monetized in the same quarter. Formula: multiply(upside_2027q1_mining, upside_2027q1_mining_margin).
Site cash contribution upside_2027q1_site_cash	2027Q1 / upside	158.68 USD_millions	derived: Before corporate costs and financing. Formula: sum(upside_2027q1_hpc_cash, upside_2027q1_mining_cash).
Cash corporate overhead upside_2027q1_corp	2027Q1 / upside	28.00 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Net cash interest allowance upside_2027q1_interest	2027Q1 / upside	65.00 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Other working-capital and tax uses upside_2027q1_other	2027Q1 / upside	7.00 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Corporate and other cash uses upside_2027q1_uses	2027Q1 / upside	100.00 USD_millions	derived: Positive cash uses; excludes debt principal and acquisitions. Formula: sum(upside_2027q1_corp, upside_2027q1_interest, upside_2027q1_other).
Cash before capex proxy upside_2027q1_cash_before_capex	2027Q1 / upside	58.68 USD_millions	derived: Analytical cash economics including mining sales; not GAAP CFO. Formula: subtract(upside_2027q1_site_cash, upside_2027q1_uses).
Construction cash capex and deposits upside_2027q1_capex	2027Q1 / upside	750.00 USD_millions	assumption: Desk construction-spend scenario across existing and newly contracted sites; not guidance. Delay/overrun costs exceed early revenue effects in downside.
Cash after capex proxy upside_2027q1_cash_after_capex	2027Q1 / upside	-691.32 USD_millions	derived: Before asset sales, acquisitions, new financing, restricted reserves and debt principal. Formula: subtract(upside_2027q1_cash_before_capex, upside_2027q1_capex).
Average rent-producing Lake Mariner IT MW upside_2027q2_lake_mw	2027Q2 / upside	438.00 MW	assumption: Desk within-quarter delivery/acceptance assumption; capped at disclosed 438 MW full capacity.
Lake Mariner MW / one MW upside_2027q2_lake_units	2027Q2 / upside	43,800.0% ratio	derived: Normalize critical IT capacity for per-MW rental economics. Formula: divide(upside_2027q2_lake_mw, one_mw).
Annual HPC revenue per Lake Mariner MW upside_2027q2_rent_per_mw	2027Q2 / upside	2.20 USD_millions	assumption: Desk effective revenue per critical IT MW including lease and variable billings. This is not a disclosed contractual rent or a forecast contract repricing.
Lake Mariner revenue upside_2027q2_lake_revenue	2027Q2 / upside	240.90 USD_millions	derived: Average MW times annual revenue per MW times one quarter. Formula: multiply(upside_2027q2_lake_units, upside_2027q2_rent_per_mw, quarter).
Average rent-producing Justified IT MW upside_2027q2_justified_mw	2027Q2 / upside	0.00 MW	assumption: Desk commissioning scenario. Company targets first capacity H2 2027 and full delivery starting 2028.
Justified active share of full IT capacity upside_2027q2_justified_fraction	2027Q2 / upside	0.0% ratio	derived: Average delivered MW divided by contracted 401 MW. Formula: divide(upside_2027q2_justified_mw, justified_full).
Initial rent / lifetime-average rent upside_2027q2_justified_realization	2027Q2 / upside	90.0% ratio	assumption: Desk discount to lifetime-average revenue to avoid treating 20-year contract average as first-year rent.
Justified revenue upside_2027q2_justified_revenue	2027Q2 / upside	0.00 USD_millions	derived: Lifetime-average annual contract revenue scaled for active MW, time and initial-rent realization. Formula: multiply(justified_annual_average, upside_2027q2_justified_fraction, quarter, upside_2027q2_justified_realization).
HPC revenue upside_2027q2_hpc_revenue	2027Q2 / upside	240.90 USD_millions	derived: Modeled rental and variable billings from Lake Mariner and Justified only. Formula: sum(upside_2027q2_lake_revenue, upside_2027q2_justified_revenue).
Mining revenue / Q2 baseline upside_2027q2_mining_factor	2027Q2 / upside	50.0% ratio	assumption: Desk remaining mining footprint and hashprice assumption as the site moves toward HPC.
Mining revenue upside_2027q2_mining	2027Q2 / upside	6.42 USD_millions	derived: Reported Q2 mining revenue times desk remaining-business factor. Formula: multiply(h1_q2_mining, upside_2027q2_mining_factor).
Consolidated revenue upside_2027q2_revenue	2027Q2 / upside	247.32 USD_millions	derived: HPC plus mining; no revenue for long-dated power pipeline. Formula: sum(upside_2027q2_hpc_revenue, upside_2027q2_mining).
HPC cash contribution margin upside_2027q2_hpc_margin	2027Q2 / upside	80.0% ratio	assumption: Desk ramp margin after site cash operating costs; excludes depreciation and corporate costs. Not GAAP segment profit.
HPC cash contribution upside_2027q2_hpc_cash	2027Q2 / upside	192.72 USD_millions	derived: HPC revenue times explicitly assumed ramp cash margin. Formula: multiply(upside_2027q2_hpc_revenue, upside_2027q2_hpc_margin).
Mining cash contribution margin upside_2027q2_mining_margin	2027Q2 / upside	20.0% ratio	assumption: Desk cash mining contribution before corporate and financing costs.
Mining cash contribution upside_2027q2_mining_cash	2027Q2 / upside	1.28 USD_millions	derived: Assumes produced Bitcoin is monetized in the same quarter. Formula: multiply(upside_2027q2_mining, upside_2027q2_mining_margin).
Site cash contribution upside_2027q2_site_cash	2027Q2 / upside	194.00 USD_millions	derived: Before corporate costs and financing. Formula: sum(upside_2027q2_hpc_cash, upside_2027q2_mining_cash).
Cash corporate overhead upside_2027q2_corp	2027Q2 / upside	28.00 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Net cash interest allowance upside_2027q2_interest	2027Q2 / upside	65.00 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Other working-capital and tax uses upside_2027q2_other	2027Q2 / upside	7.00 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Corporate and other cash uses upside_2027q2_uses	2027Q2 / upside	100.00 USD_millions	derived: Positive cash uses; excludes debt principal and acquisitions. Formula: sum(upside_2027q2_corp, upside_2027q2_interest, upside_2027q2_other).
Cash before capex proxy upside_2027q2_cash_before_capex	2027Q2 / upside	94.00 USD_millions	derived: Analytical cash economics including mining sales; not GAAP CFO. Formula: subtract(upside_2027q2_site_cash, upside_2027q2_uses).
Construction cash capex and deposits upside_2027q2_capex	2027Q2 / upside	850.00 USD_millions	assumption: Desk construction-spend scenario across existing and newly contracted sites; not guidance. Delay/overrun costs exceed early revenue effects in downside.
Cash after capex proxy upside_2027q2_cash_after_capex	2027Q2 / upside	-756.00 USD_millions	derived: Before asset sales, acquisitions, new financing, restricted reserves and debt principal. Formula: subtract(upside_2027q2_cash_before_capex, upside_2027q2_capex).
Average rent-producing Lake Mariner IT MW upside_2027q3_lake_mw	2027Q3 / upside	438.00 MW	assumption: Desk within-quarter delivery/acceptance assumption; capped at disclosed 438 MW full capacity.
Lake Mariner MW / one MW upside_2027q3_lake_units	2027Q3 / upside	43,800.0% ratio	derived: Normalize critical IT capacity for per-MW rental economics. Formula: divide(upside_2027q3_lake_mw, one_mw).
Annual HPC revenue per Lake Mariner MW upside_2027q3_rent_per_mw	2027Q3 / upside	2.20 USD_millions	assumption: Desk effective revenue per critical IT MW including lease and variable billings. This is not a disclosed contractual rent or a forecast contract repricing.
Lake Mariner revenue upside_2027q3_lake_revenue	2027Q3 / upside	240.90 USD_millions	derived: Average MW times annual revenue per MW times one quarter. Formula: multiply(upside_2027q3_lake_units, upside_2027q3_rent_per_mw, quarter).
Average rent-producing Justified IT MW upside_2027q3_justified_mw	2027Q3 / upside	60.00 MW	assumption: Desk commissioning scenario. Company targets first capacity H2 2027 and full delivery starting 2028.
Justified active share of full IT capacity upside_2027q3_justified_fraction	2027Q3 / upside	15.0% ratio	derived: Average delivered MW divided by contracted 401 MW. Formula: divide(upside_2027q3_justified_mw, justified_full).
Initial rent / lifetime-average rent upside_2027q3_justified_realization	2027Q3 / upside	90.0% ratio	assumption: Desk discount to lifetime-average revenue to avoid treating 20-year contract average as first-year rent.
Justified revenue upside_2027q3_justified_revenue	2027Q3 / upside	31.98 USD_millions	derived: Lifetime-average annual contract revenue scaled for active MW, time and initial-rent realization. Formula: multiply(justified_annual_average, upside_2027q3_justified_fraction, quarter, upside_2027q3_justified_realization).
HPC revenue upside_2027q3_hpc_revenue	2027Q3 / upside	272.88 USD_millions	derived: Modeled rental and variable billings from Lake Mariner and Justified only. Formula: sum(upside_2027q3_lake_revenue, upside_2027q3_justified_revenue).
Mining revenue / Q2 baseline upside_2027q3_mining_factor	2027Q3 / upside	30.0% ratio	assumption: Desk remaining mining footprint and hashprice assumption as the site moves toward HPC.
Mining revenue upside_2027q3_mining	2027Q3 / upside	3.85 USD_millions	derived: Reported Q2 mining revenue times desk remaining-business factor. Formula: multiply(h1_q2_mining, upside_2027q3_mining_factor).
Consolidated revenue upside_2027q3_revenue	2027Q3 / upside	276.73 USD_millions	derived: HPC plus mining; no revenue for long-dated power pipeline. Formula: sum(upside_2027q3_hpc_revenue, upside_2027q3_mining).
HPC cash contribution margin upside_2027q3_hpc_margin	2027Q3 / upside	80.0% ratio	assumption: Desk ramp margin after site cash operating costs; excludes depreciation and corporate costs. Not GAAP segment profit.
HPC cash contribution upside_2027q3_hpc_cash	2027Q3 / upside	218.31 USD_millions	derived: HPC revenue times explicitly assumed ramp cash margin. Formula: multiply(upside_2027q3_hpc_revenue, upside_2027q3_hpc_margin).
Mining cash contribution margin upside_2027q3_mining_margin	2027Q3 / upside	20.0% ratio	assumption: Desk cash mining contribution before corporate and financing costs.
Mining cash contribution upside_2027q3_mining_cash	2027Q3 / upside	0.77 USD_millions	derived: Assumes produced Bitcoin is monetized in the same quarter. Formula: multiply(upside_2027q3_mining, upside_2027q3_mining_margin).
Site cash contribution upside_2027q3_site_cash	2027Q3 / upside	219.08 USD_millions	derived: Before corporate costs and financing. Formula: sum(upside_2027q3_hpc_cash, upside_2027q3_mining_cash).
Cash corporate overhead upside_2027q3_corp	2027Q3 / upside	28.00 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Net cash interest allowance upside_2027q3_interest	2027Q3 / upside	65.00 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Other working-capital and tax uses upside_2027q3_other	2027Q3 / upside	7.00 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Corporate and other cash uses upside_2027q3_uses	2027Q3 / upside	100.00 USD_millions	derived: Positive cash uses; excludes debt principal and acquisitions. Formula: sum(upside_2027q3_corp, upside_2027q3_interest, upside_2027q3_other).
Cash before capex proxy upside_2027q3_cash_before_capex	2027Q3 / upside	119.08 USD_millions	derived: Analytical cash economics including mining sales; not GAAP CFO. Formula: subtract(upside_2027q3_site_cash, upside_2027q3_uses).
Construction cash capex and deposits upside_2027q3_capex	2027Q3 / upside	900.00 USD_millions	assumption: Desk construction-spend scenario across existing and newly contracted sites; not guidance. Delay/overrun costs exceed early revenue effects in downside.
Cash after capex proxy upside_2027q3_cash_after_capex	2027Q3 / upside	-780.92 USD_millions	derived: Before asset sales, acquisitions, new financing, restricted reserves and debt principal. Formula: subtract(upside_2027q3_cash_before_capex, upside_2027q3_capex).
Average rent-producing Lake Mariner IT MW upside_2027q4_lake_mw	2027Q4 / upside	438.00 MW	assumption: Desk within-quarter delivery/acceptance assumption; capped at disclosed 438 MW full capacity.
Lake Mariner MW / one MW upside_2027q4_lake_units	2027Q4 / upside	43,800.0% ratio	derived: Normalize critical IT capacity for per-MW rental economics. Formula: divide(upside_2027q4_lake_mw, one_mw).
Annual HPC revenue per Lake Mariner MW upside_2027q4_rent_per_mw	2027Q4 / upside	2.20 USD_millions	assumption: Desk effective revenue per critical IT MW including lease and variable billings. This is not a disclosed contractual rent or a forecast contract repricing.
Lake Mariner revenue upside_2027q4_lake_revenue	2027Q4 / upside	240.90 USD_millions	derived: Average MW times annual revenue per MW times one quarter. Formula: multiply(upside_2027q4_lake_units, upside_2027q4_rent_per_mw, quarter).
Average rent-producing Justified IT MW upside_2027q4_justified_mw	2027Q4 / upside	200.00 MW	assumption: Desk commissioning scenario. Company targets first capacity H2 2027 and full delivery starting 2028.
Justified active share of full IT capacity upside_2027q4_justified_fraction	2027Q4 / upside	49.9% ratio	derived: Average delivered MW divided by contracted 401 MW. Formula: divide(upside_2027q4_justified_mw, justified_full).
Initial rent / lifetime-average rent upside_2027q4_justified_realization	2027Q4 / upside	90.0% ratio	assumption: Desk discount to lifetime-average revenue to avoid treating 20-year contract average as first-year rent.
Justified revenue upside_2027q4_justified_revenue	2027Q4 / upside	106.61 USD_millions	derived: Lifetime-average annual contract revenue scaled for active MW, time and initial-rent realization. Formula: multiply(justified_annual_average, upside_2027q4_justified_fraction, quarter, upside_2027q4_justified_realization).
HPC revenue upside_2027q4_hpc_revenue	2027Q4 / upside	347.51 USD_millions	derived: Modeled rental and variable billings from Lake Mariner and Justified only. Formula: sum(upside_2027q4_lake_revenue, upside_2027q4_justified_revenue).
Mining revenue / Q2 baseline upside_2027q4_mining_factor	2027Q4 / upside	20.0% ratio	assumption: Desk remaining mining footprint and hashprice assumption as the site moves toward HPC.
Mining revenue upside_2027q4_mining	2027Q4 / upside	2.57 USD_millions	derived: Reported Q2 mining revenue times desk remaining-business factor. Formula: multiply(h1_q2_mining, upside_2027q4_mining_factor).
Consolidated revenue upside_2027q4_revenue	2027Q4 / upside	350.08 USD_millions	derived: HPC plus mining; no revenue for long-dated power pipeline. Formula: sum(upside_2027q4_hpc_revenue, upside_2027q4_mining).
HPC cash contribution margin upside_2027q4_hpc_margin	2027Q4 / upside	80.0% ratio	assumption: Desk ramp margin after site cash operating costs; excludes depreciation and corporate costs. Not GAAP segment profit.
HPC cash contribution upside_2027q4_hpc_cash	2027Q4 / upside	278.01 USD_millions	derived: HPC revenue times explicitly assumed ramp cash margin. Formula: multiply(upside_2027q4_hpc_revenue, upside_2027q4_hpc_margin).
Mining cash contribution margin upside_2027q4_mining_margin	2027Q4 / upside	20.0% ratio	assumption: Desk cash mining contribution before corporate and financing costs.
Mining cash contribution upside_2027q4_mining_cash	2027Q4 / upside	0.51 USD_millions	derived: Assumes produced Bitcoin is monetized in the same quarter. Formula: multiply(upside_2027q4_mining, upside_2027q4_mining_margin).
Site cash contribution upside_2027q4_site_cash	2027Q4 / upside	278.52 USD_millions	derived: Before corporate costs and financing. Formula: sum(upside_2027q4_hpc_cash, upside_2027q4_mining_cash).
Cash corporate overhead upside_2027q4_corp	2027Q4 / upside	28.00 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Net cash interest allowance upside_2027q4_interest	2027Q4 / upside	65.00 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Other working-capital and tax uses upside_2027q4_other	2027Q4 / upside	7.00 USD_millions	assumption: Desk cash-use assumption; interest begins from H1 cash interest of $131.072M but does not forecast exact debt draws or payment dates.
Corporate and other cash uses upside_2027q4_uses	2027Q4 / upside	100.00 USD_millions	derived: Positive cash uses; excludes debt principal and acquisitions. Formula: sum(upside_2027q4_corp, upside_2027q4_interest, upside_2027q4_other).
Cash before capex proxy upside_2027q4_cash_before_capex	2027Q4 / upside	178.52 USD_millions	derived: Analytical cash economics including mining sales; not GAAP CFO. Formula: subtract(upside_2027q4_site_cash, upside_2027q4_uses).
Construction cash capex and deposits upside_2027q4_capex	2027Q4 / upside	850.00 USD_millions	assumption: Desk construction-spend scenario across existing and newly contracted sites; not guidance. Delay/overrun costs exceed early revenue effects in downside.
Cash after capex proxy upside_2027q4_cash_after_capex	2027Q4 / upside	-671.48 USD_millions	derived: Before asset sales, acquisitions, new financing, restricted reserves and debt principal. Formula: subtract(upside_2027q4_cash_before_capex, upside_2027q4_capex).
FY2026 Revenue ($M) upside_fy2026_revenue	FY2026 / upside	342.23 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 revenue ($M) upside_fy2026_hpc_revenue	FY2026 / upside	289.45 USD_millions	derived: Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. Formula: sum(h1_hpc_revenue, upside_2026q3_hpc_revenue, upside_2026q4_hpc_revenue).
FY2026 Cash before capex proxy ($M) upside_fy2026_cash_before_capex	FY2026 / upside	-162.84 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 ($M) upside_fy2026_capex	FY2026 / upside	2,678.51 USD_millions	derived: Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. Formula: sum(h1_capex, upside_2026q3_capex, upside_2026q4_capex).
FY2026 Cash after capex proxy ($M) upside_fy2026_cash_after_capex	FY2026 / upside	-2,841.36 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 ($M) upside_fy2027_revenue	FY2027 / upside	1,092.75 USD_millions	derived: Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. Formula: sum(upside_2027q1_revenue, upside_2027q2_revenue, upside_2027q3_revenue, upside_2027q4_revenue).
FY2027 HPC revenue ($M) upside_fy2027_hpc_revenue	FY2027 / upside	1,070.29 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_revenue, upside_2027q2_hpc_revenue, upside_2027q3_hpc_revenue, upside_2027q4_hpc_revenue).
FY2027 Cash before capex proxy ($M) upside_fy2027_cash_before_capex	FY2027 / upside	450.28 USD_millions	derived: Sum of first-half reported bridge and forecast H2 for 2026; sum of four modeled quarters for 2027. Formula: sum(upside_2027q1_cash_before_capex, upside_2027q2_cash_before_capex, upside_2027q3_cash_before_capex, upside_2027q4_cash_before_capex).
FY2027 Cash construction capex ($M) upside_fy2027_capex	FY2027 / upside	3,350.00 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	-2,899.72 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).

Model boundaries

Initial operating scenarios without full GAAP earnings, a debt maturity schedule or equity valuation.
Average critical IT MW is distinct from utility power MW, nameplate capacity and quarter-end announced capacity. Lease activation schedules and initial contractual rent per MW are not fully disclosed.
The Justified lifetime average is not contractual first-year rent. An explicit realization factor approximates escalators and ramp effects; no optional extensions are included.
Cash proxies include mining monetization and exclude acquisitions, divestiture receipts, new financing, principal repayment and restricted reserve movements.
The agreed Abernathy divestiture is not assumed closed cash. Muskie, Chesapeake and Hawkeye do not earn modeled 2026-27 revenue.

Turning power and construction into leased IT capacity

Research reviewed 2026-09-19

How quickly does delivered HPC capacity cover the cash needed to build the next phase?

June 30 Lake Mariner capacity was 81 MW of critical IT; CB3 raised that to 102 MW in July. Another 336 MW under construction would bring the site to 438 MW. Justified adds a contracted 401 MW of critical IT under a 20-year base agreement of roughly $19B. Kentucky approved 482 MW of utility power on August 24; this is a different measure from usable IT MW. Initial Justified delivery targets H2 2027. H1 GAAP CFO was negative $154.3M, Bitcoin sales contributed $24.6M in investing, and PP&E purchases/deposits used $1,378.5M. Even strong revenue growth therefore needs a financing bridge. The model does not count the agreed Abernathy sale as cash already received.

The competing explanation

A large contracted backlog can coexist with substantial funding needs and little near-term cash retained. Rental economics can be attractive at full utilization while phased commissioning, startup costs, interest and construction deposits consume cash. Faster delivery can still require more financing before it improves shareholder economics.

Risks to track

Construction or utility delays push rent beyond the modeled quarters.
Critical IT capacity and gross utility power are not interchangeable.
Lifetime contract revenue does not disclose first-year rental economics.
New debt, warrants or equity can dilute the benefit of higher property income.
Asset-sale closing and proceeds remain separate from recurring operations.

Next checkpoints

Lake Mariner CB4 phased delivery · Second half of 2026 company target (estimated). Compare delivered critical IT MW, first rent and construction cash used.
Lake Mariner CB5 phased delivery · Early 2027 company target (estimated). Confirm remaining capacity enters service and site cash margins improve.
Justified first capacity · Second half of 2027 company target (estimated). Track power readiness, financing, tenant acceptance and first-year rent.
Abernathy divestiture · Closing event; no assumed date (event driven). Recognize cash only after a confirmed closing and net-proceeds disclosure.

Data coverage and open work

Initial operating scenarios without full GAAP earnings, a debt maturity schedule or equity valuation.
Average critical IT MW is distinct from utility power MW, nameplate capacity and quarter-end announced capacity. Lease activation schedules and initial contractual rent per MW are not fully disclosed.
The Justified lifetime average is not contractual first-year rent. An explicit realization factor approximates escalators and ramp effects; no optional extensions are included.
Cash proxies include mining monetization and exclude acquisitions, divestiture receipts, new financing, principal repayment and restricted reserve movements.
The agreed Abernathy divestiture is not assumed closed cash. Muskie, Chesapeake and Hawkeye do not earn modeled 2026-27 revenue.

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

What the memory says

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

300 similar days

Vs the market, in points	Low	Middle	High	Share up
1 session	-2.2	+0.0	+2.1	52%
5 sessions	-4.9	-0.2	+4.3	47%
10 sessions	-6.5	+0.0	+5.6	50%

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

Notes on this name

No published notes on this name yet.

Scorecard: 0 notes scored

Next report: 2026-11-03 (source: estimated from 10-Q filed 2026-08-05 plus 90 days)

Provenance

[1] reported: Revenues, accession 0001083301-25-000099, 10-Q filed 2025-11-10; retrieved 2026-09-19T17:52:05+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001083301.json
[2] derived: Revenues, accession 0001083301-26-000031, 10-K filed 2026-02-27; retrieved 2026-09-19T17:52:05+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001083301.json
[3] reported: Revenues, accession 0001083301-26-000092, 10-Q filed 2026-05-08; retrieved 2026-09-19T17:52:05+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001083301.json
[4] reported: Revenues, accession 0001083301-26-000166, 10-Q filed 2026-08-05; retrieved 2026-09-19T17:52:05+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001083301.json
[5] reported: GrossProfit, accession 0001083301-25-000099, 10-Q filed 2025-11-10; retrieved 2026-09-19T17:52:05+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001083301.json
[6] derived: GrossProfit, accession 0001083301-26-000031, 10-K filed 2026-02-27; retrieved 2026-09-19T17:52:05+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001083301.json
[7] reported: GrossProfit, accession 0001083301-26-000092, 10-Q filed 2026-05-08; retrieved 2026-09-19T17:52:05+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001083301.json
[8] reported: GrossProfit, accession 0001083301-26-000166, 10-Q filed 2026-08-05; retrieved 2026-09-19T17:52:05+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001083301.json
[9] reported: OperatingIncomeLoss, accession 0001083301-25-000099, 10-Q filed 2025-11-10; retrieved 2026-09-19T17:52:05+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001083301.json
[10] derived: OperatingIncomeLoss, accession 0001083301-26-000031, 10-K filed 2026-02-27; retrieved 2026-09-19T17:52:05+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001083301.json
[11] reported: OperatingIncomeLoss, accession 0001083301-26-000092, 10-Q filed 2026-05-08; retrieved 2026-09-19T17:52:05+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001083301.json
[12] reported: OperatingIncomeLoss, accession 0001083301-26-000166, 10-Q filed 2026-08-05; retrieved 2026-09-19T17:52:05+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001083301.json
[13] reported: NetIncomeLoss, accession 0001083301-25-000099, 10-Q filed 2025-11-10; retrieved 2026-09-19T17:52:05+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001083301.json
[14] derived: NetIncomeLoss, accession 0001083301-26-000031, 10-K filed 2026-02-27; retrieved 2026-09-19T17:52:05+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001083301.json
[15] reported: NetIncomeLoss, accession 0001083301-26-000092, 10-Q filed 2026-05-08; retrieved 2026-09-19T17:52:05+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001083301.json
[16] reported: NetIncomeLoss, accession 0001083301-26-000166, 10-Q filed 2026-08-05; retrieved 2026-09-19T17:52:05+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001083301.json
[17] reported: EarningsPerShareDiluted, accession 0001083301-25-000099, 10-Q filed 2025-11-10; retrieved 2026-09-19T17:52:05+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001083301.json
[18] reported: EarningsPerShareDiluted, accession 0001083301-26-000092, 10-Q filed 2026-05-08; retrieved 2026-09-19T17:52:05+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001083301.json
[19] reported: EarningsPerShareDiluted, accession 0001083301-26-000166, 10-Q filed 2026-08-05; retrieved 2026-09-19T17:52:05+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001083301.json
[20] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001083301-25-000099, 10-Q filed 2025-11-10; retrieved 2026-09-19T17:52:05+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001083301.json
[21] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001083301-26-000092, 10-Q filed 2026-05-08; retrieved 2026-09-19T17:52:05+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001083301.json
[22] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001083301-26-000166, 10-Q filed 2026-08-05; retrieved 2026-09-19T17:52:05+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001083301.json
[23] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001083301-24-000147, 10-Q filed 2024-11-12; retrieved 2026-09-19T17:52:05+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001083301.json
[24] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001083301-26-000031, 10-K filed 2026-02-27; retrieved 2026-09-19T17:52:05+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001083301.json
[25] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001083301-25-000038, 10-Q filed 2025-05-09; retrieved 2026-09-19T17:52:05+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001083301.json
[26] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001083301-25-000061, 10-Q filed 2025-08-08; retrieved 2026-09-19T17:52:05+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001083301.json
[27] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001083301-25-000099, 10-Q filed 2025-11-10; retrieved 2026-09-19T17:52:05+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001083301.json
[28] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001083301-26-000166, 10-Q filed 2026-08-05; retrieved 2026-09-19T17:52:05+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001083301.json
[29] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001083301-26-000092, 10-Q filed 2026-05-08; retrieved 2026-09-19T17:52:05+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001083301.json
[30] reported: LongTermDebtNoncurrent, accession 0001083301-24-000147, 10-Q filed 2024-11-12; retrieved 2026-09-19T17:52:05+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001083301.json
[31] reported: LongTermDebtNoncurrent, accession 0001083301-26-000031, 10-K filed 2026-02-27; retrieved 2026-09-19T17:52:05+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001083301.json
[32] reported: LongTermDebtNoncurrent, accession 0001083301-26-000092, 10-Q filed 2026-05-08; retrieved 2026-09-19T17:52:05+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001083301.json
[33] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001083301-25-000099, 10-Q filed 2025-11-10; retrieved 2026-09-19T17:52:05+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001083301.json
[34] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001083301-26-000031, 10-K filed 2026-02-27; retrieved 2026-09-19T17:52:05+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001083301.json
[35] reported: NetCashProvidedByUsedInOperatingActivities, accession 0001083301-26-000092, 10-Q filed 2026-05-08; retrieved 2026-09-19T17:52:05+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001083301.json
[36] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001083301-26-000166, 10-Q filed 2026-08-05; retrieved 2026-09-19T17:52:05+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001083301.json
[37] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001083301-25-000099, 10-Q filed 2025-11-10; retrieved 2026-09-19T17:52:05+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001083301.json
[38] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001083301-26-000031, 10-K filed 2026-02-27; retrieved 2026-09-19T17:52:05+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001083301.json
[39] reported: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001083301-26-000092, 10-Q filed 2026-05-08; retrieved 2026-09-19T17:52:05+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001083301.json
[40] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001083301-26-000166, 10-Q filed 2026-08-05; retrieved 2026-09-19T17:52:05+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001083301.json
[41] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001083301-25-000099, 10-Q filed 2025-11-10; retrieved 2026-09-19T17:52:05+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001083301.json
[42] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001083301-26-000031, 10-K filed 2026-02-27; retrieved 2026-09-19T17:52:05+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001083301.json
[43] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001083301-26-000092, 10-Q filed 2026-05-08; retrieved 2026-09-19T17:52:05+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001083301.json
[44] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001083301-26-000166, 10-Q filed 2026-08-05; retrieved 2026-09-19T17:52:05+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001083301.json

What the author read

August 5 Form 10-Q: segment revenue, cash flow and debt · retrieved 2026-09-19
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August 24 Kentucky power agreement approval · retrieved 2026-09-19

Compiled 2026-09-19T17:52:05.576125+00:00 · authored a4cb7160236c · generated 2999a2cf6e1d · JSON

Daily notes · Scorecard