ALPHAFORGE RESEARCH · COMPANY FILE · AI INFRASTRUCTURE & POWER

$WULF

TERAWULF INC. · Nasdaq · SIC 6199 · CIK 1083301 · revision 9 as of 2026-09-26

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Research status

Evidence awaiting review · 234 pending evidence leads

Financial accounts through: 2026-06-30
Authored update: 2026-09-20
Source scan: 2026-10-12 09:40 ET
Full model review: 2026-09-20 14:09 ET
Latest event review: 2026-09-21 10:16 ET
Oldest pending lead: 2026-09-21 09:40 ET

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

Open evidence leads

8-K filed 2026-10-05
Bloomberg warns AI slowdown threatens $33T in stock gains - Crypto Briefing
Rothschild Redburn initiates TeraWulf at Neutral with $15 price target - Crypto Briefing
Bitcoin News | Bitcoin Hashrate Turns Higher as Price Clears $85,000 - Binance
Before you say yes to a data center, listen to this advice from coal country - Kentucky Lantern

Leads require verification; they are not established material changes.

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

Research status JSON

Business

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. Check parent cash after completion support, note amortization and outside-owner claims; reconcile collection of the July 6 effective Abernathy sale installments, separately from the sale date.

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	—	2026-09-20	Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2026Q4	120.3	—	2026-09-20	Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q1	172.7	—	2026-09-20	Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q2	210.1	—	2026-09-20	Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.

Delivered IT capacity, rental economics and build funding

Operating scenarios · reviewed 2026-09-20 · 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. A separate funding roll-forward reconciles June unrestricted cash, operating cash after capex, restricted releases, dated net financing and principal/other cash uses. Annual funding balances use Q4 stocks. Negative values show unfilled financing needs, not feasible negative cash accounts.

Reported anchors and guidance

Measure	Period	Value	Basis
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.
June aggregate debt principal	2026Q2	5,725.00	reported. 10-Q principal maturity total, distinct from carrying values and derivative liabilities. Source · 2026-08-05
Scheduled principal: 2027	FY2027	222.89	reported. 10-Q debt maturity table; modeled half in each April/October payment quarter. Source · 2026-08-05
June common shares outstanding	2026Q2	498.93	reported. Balance-sheet outstanding shares, not issued shares or quarterly weighted-average EPS shares. Source · 2026-08-05
June common stock warrants	2026Q2	77.70	reported. 10-Q EPS note; weighted-average strike $0.10. Includes warrants already listed in that note; do not add Google again. Source · 2026-08-05
Justified outside equity interest	2026Q2	6.8%	reported. Seller retained a 6.8% minority equity interest in the Justified development entity. Consolidated revenue is not automatically parent cash. Source · 2026-08-05
Effective July 6 sale: total consideration	July 6 effective sale	530.00	reported. 10-Q Note 11: sale effective July 6, 2026; ownership disposed. Approximately $530M payable in three installments, not one closing cash payment. Source · 2026-08-05

Downside scenario

Period	Cash construction capex ($M)	Revenue ($M)	HPC revenue ($M)	Funding balance under stated assumptions ($M)	Cash after capex proxy ($M)	Cash before capex proxy ($M)	Remaining restricted cash in funding bridge ($M)
2026Q3	800.00	53.66	42.75	1,833.79	-907.90	-107.90	409.42
2026Q4	850.00	84.84	76.50	952.87	-940.58	-90.57	409.42
2027Q1	1,000.00	118.92	112.50	-110.26	-1,063.12	-63.12	409.42
2027Q2	1,100.00	139.49	135.00	-1,302.00	-1,144.00	-44.00	409.42
FY2026	3,028.51	217.28	172.20	952.87	-3,356.65	-328.13	409.42
FY2027	4,250.00	604.26	589.50	-3,608.25	-4,401.93	-151.93	409.42

Base scenario

Period	Cash construction capex ($M)	Revenue ($M)	HPC revenue ($M)	Funding balance under stated assumptions ($M)	Cash after capex proxy ($M)	Cash before capex proxy ($M)	Remaining restricted cash in funding bridge ($M)
2026Q3	700.00	72.84	60.00	2,090.97	-773.22	-73.22	409.42
2026Q4	700.00	120.27	110.00	1,489.15	-734.97	-34.97	409.42
2027Q1	800.00	172.70	165.00	697.92	-791.23	8.77	409.42
2027Q2	900.00	210.13	205.00	-139.36	-853.24	46.76	409.42
FY2026	2,778.51	271.88	222.95	1,489.15	-3,016.36	-237.85	409.42
FY2027	3,600.00	886.38	868.41	-1,991.48	-3,385.14	214.86	409.42

Upside scenario

Period	Cash construction capex ($M)	Revenue ($M)	HPC revenue ($M)	Funding balance under stated assumptions ($M)	Cash after capex proxy ($M)	Cash before capex proxy ($M)	Remaining restricted cash in funding bridge ($M)
2026Q3	650.00	97.26	82.50	2,170.77	-693.42	-43.42	409.42
2026Q4	650.00	166.19	154.00	1,664.16	-639.76	10.24	409.42
2027Q1	750.00	218.63	209.00	972.83	-691.32	58.68	409.42
2027Q2	850.00	247.32	240.90	232.79	-756.00	94.00	409.42
FY2026	2,678.51	342.23	289.45	1,664.16	-2,841.36	-162.84	409.42
FY2027	3,350.00	1,092.75	1,070.29	-1,331.06	-2,899.72	450.28	409.42

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).
No additional cash movement funding_zero	Model / shared	0.00 USD_millions	assumption: Arithmetic zero; not a reported missing cash flow.
Scheduled principal: remainder of 2026 scheduled_h2_principal	H2 2026 / shared	13.85 USD_millions	reported: 10-Q debt maturity table; excludes optional early convertible settlement, cash sweeps, leases and new borrowing. Primary source · 2026-08-05
Scheduled principal: 2027 scheduled_2027_principal	FY2027 / shared	222.89 USD_millions	reported: 10-Q debt maturity table; modeled half in each April/October payment quarter. Primary source · 2026-08-05
June aggregate debt principal june_debt_principal	2026Q2 / shared	5,725.00 USD_millions	reported: 10-Q principal maturity total, distinct from carrying values and derivative liabilities. Primary source · 2026-08-05
June common shares outstanding june_common_shares	2026Q2 / shared	498.93 shares_millions	reported: Balance-sheet outstanding shares, not issued shares or quarterly weighted-average EPS shares. Primary source · 2026-08-05
June common stock warrants june_warrants	2026Q2 / shared	77.70 shares_millions	reported: 10-Q EPS note; weighted-average strike $0.10. Includes warrants already listed in that note; do not add Google again. Primary source · 2026-08-05
June restricted stock units june_rsus	2026Q2 / shared	36.22 shares_millions	reported: Unvested/participating equity claims; excludes the convertible note settlement alternatives. Primary source · 2026-08-05
Justified outside equity interest justified_outside_interest	2026Q2 / shared	6.8% ratio	reported: Seller retained a 6.8% minority equity interest in the Justified development entity. Consolidated revenue is not automatically parent cash. Primary source · 2026-08-05
Whole ownership ownership_one	Model / shared	100.0% ratio	assumption: Arithmetic whole.
Justified parent equity interest justified_parent_interest	2026Q2 / shared	93.2% ratio	derived: One less the disclosed 6.8% minority interest; no assumption that project cash is distributable. Formula: subtract(ownership_one, justified_outside_interest).
Effective July 6 sale: total consideration abernathy_expected_proceeds	July 6 effective sale / shared	530.00 USD_millions	reported: 10-Q Note 11: sale effective July 6, 2026; ownership disposed. Approximately $530M payable in three installments, not one closing cash payment. Primary source · 2026-08-05
Restricted funds used for qualifying spending downside_2026q3_restricted_release	2026Q3 / downside	0.00 USD_millions	assumption: No restricted funds assumed available for general funding. Change only with source-backed release conditions; this balance is not free parent cash.
Share of dated annual principal schedule downside_2026q3_principal_weight	2026Q3 / downside	0.0% ratio	assumption: Disclosed secured-note semiannual April/October payment quarters; optional early conversion and excess-cash-flow sweeps are not modeled.
Scheduled principal cash use downside_2026q3_principal_cash	2026Q3 / downside	0.00 USD_millions	derived: Annual disclosed maturity times explicit quarterly allocation. No second deduction of operating coupon costs. Formula: multiply(scheduled_h2_principal, downside_2026q3_principal_weight).
Additional net financing assumed downside_2026q3_external_net_funding	2026Q3 / downside	0.00 USD_millions	assumption: No unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
Modeled installment cash collection downside_2026q3_asset_sale_cash	2026Q3 / downside	125.00 USD_millions	derived: Contractual due amount times explicit collection assumption; divestiture effective July 6, not recurring operating revenue. Formula: multiply(abernathy_due_2026q3, downside_2026q3_sale_receipt_fraction).
Additional investing, fees and outside-owner cash uses downside_2026q3_other_funding_uses	2026Q3 / downside	0.00 USD_millions	assumption: Zero leaves unspecified future acquisitions, minority put/distributions and cash sweeps unmodeled, not known absent. Sale costs are a separate explicit assumption; construction already in capex is not deducted twice.
Funding inflows outside operating model downside_2026q3_funding_sources	2026Q3 / downside	125.00 USD_millions	derived: Transfers from restricted cash, dated financing and conditional disposals stay distinct from revenue. Formula: sum(downside_2026q3_restricted_release, downside_2026q3_external_net_funding, downside_2026q3_asset_sale_cash).
Cash uses outside operating model downside_2026q3_funding_uses	2026Q3 / downside	2.50 USD_millions	derived: Principal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge. Formula: sum(downside_2026q3_principal_cash, downside_2026q3_other_funding_uses, downside_2026q3_asset_sale_fees).
Operating cash after capex plus funding downside_2026q3_cash_with_funding	2026Q3 / downside	-782.90 USD_millions	derived: Combines the operating model with explicit financing/restricted-fund assumptions once. Formula: sum(downside_2026q3_cash_after_capex, downside_2026q3_funding_sources).
Net modeled funding change downside_2026q3_funding_change	2026Q3 / downside	-785.40 USD_millions	derived: Funding inflows less explicit cash uses; not a full GAAP cash-flow statement. Formula: subtract(downside_2026q3_cash_with_funding, downside_2026q3_funding_uses).
Funding balance under stated assumptions downside_2026q3_funding_balance	2026Q3 / downside	1,833.79 USD_millions	derived: June unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim. Formula: sum(h1_cash, downside_2026q3_funding_change).
Remaining restricted cash in funding bridge downside_2026q3_restricted_remaining	2026Q3 / downside	409.42 USD_millions	derived: Opening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims. Formula: subtract(h1_restricted_cash, downside_2026q3_restricted_release).
Restricted funds used for qualifying spending downside_2026q4_restricted_release	2026Q4 / downside	0.00 USD_millions	assumption: No restricted funds assumed available for general funding. Change only with source-backed release conditions; this balance is not free parent cash.
Share of dated annual principal schedule downside_2026q4_principal_weight	2026Q4 / downside	100.0% ratio	assumption: Disclosed secured-note semiannual April/October payment quarters; optional early conversion and excess-cash-flow sweeps are not modeled.
Scheduled principal cash use downside_2026q4_principal_cash	2026Q4 / downside	13.85 USD_millions	derived: Annual disclosed maturity times explicit quarterly allocation. No second deduction of operating coupon costs. Formula: multiply(scheduled_h2_principal, downside_2026q4_principal_weight).
Additional net financing assumed downside_2026q4_external_net_funding	2026Q4 / downside	0.00 USD_millions	assumption: No unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
Assumed collection of scheduled installment downside_2026q4_sale_receipt_fraction	2026Q4 / downside	50.0% ratio	assumption: Base/upside collect the contractual installment in its due quarter; downside collects half without an assumed catch-up. Collection timing and final adjustments are uncertain; these are forward assumptions, not verified bank receipts.
Modeled installment cash collection downside_2026q4_asset_sale_cash	2026Q4 / downside	75.00 USD_millions	derived: Contractual due amount times explicit collection assumption; divestiture effective July 6, not recurring operating revenue. Formula: multiply(abernathy_due_2026q4, downside_2026q4_sale_receipt_fraction).
Additional investing, fees and outside-owner cash uses downside_2026q4_other_funding_uses	2026Q4 / downside	0.00 USD_millions	assumption: Zero leaves unspecified future acquisitions, minority put/distributions and cash sweeps unmodeled, not known absent. Sale costs are a separate explicit assumption; construction already in capex is not deducted twice.
Funding inflows outside operating model downside_2026q4_funding_sources	2026Q4 / downside	75.00 USD_millions	derived: Transfers from restricted cash, dated financing and conditional disposals stay distinct from revenue. Formula: sum(downside_2026q4_restricted_release, downside_2026q4_external_net_funding, downside_2026q4_asset_sale_cash).
Cash uses outside operating model downside_2026q4_funding_uses	2026Q4 / downside	15.35 USD_millions	derived: Principal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge. Formula: sum(downside_2026q4_principal_cash, downside_2026q4_other_funding_uses, downside_2026q4_asset_sale_fees).
Operating cash after capex plus funding downside_2026q4_cash_with_funding	2026Q4 / downside	-865.58 USD_millions	derived: Combines the operating model with explicit financing/restricted-fund assumptions once. Formula: sum(downside_2026q4_cash_after_capex, downside_2026q4_funding_sources).
Net modeled funding change downside_2026q4_funding_change	2026Q4 / downside	-880.93 USD_millions	derived: Funding inflows less explicit cash uses; not a full GAAP cash-flow statement. Formula: subtract(downside_2026q4_cash_with_funding, downside_2026q4_funding_uses).
Funding balance under stated assumptions downside_2026q4_funding_balance	2026Q4 / downside	952.87 USD_millions	derived: June unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim. Formula: sum(downside_2026q3_funding_balance, downside_2026q4_funding_change).
Remaining restricted cash in funding bridge downside_2026q4_restricted_remaining	2026Q4 / downside	409.42 USD_millions	derived: Opening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims. Formula: subtract(downside_2026q3_restricted_remaining, downside_2026q4_restricted_release).
Restricted funds used for qualifying spending downside_2027q1_restricted_release	2027Q1 / downside	0.00 USD_millions	assumption: No restricted funds assumed available for general funding. Change only with source-backed release conditions; this balance is not free parent cash.
Share of dated annual principal schedule downside_2027q1_principal_weight	2027Q1 / downside	0.0% ratio	assumption: Disclosed secured-note semiannual April/October payment quarters; optional early conversion and excess-cash-flow sweeps are not modeled.
Scheduled principal cash use downside_2027q1_principal_cash	2027Q1 / downside	0.00 USD_millions	derived: Annual disclosed maturity times explicit quarterly allocation. No second deduction of operating coupon costs. Formula: multiply(scheduled_2027_principal, downside_2027q1_principal_weight).
Additional net financing assumed downside_2027q1_external_net_funding	2027Q1 / downside	0.00 USD_millions	assumption: No unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
Asset-sale cash assumed downside_2027q1_asset_sale_cash	2027Q1 / downside	0.00 USD_millions	assumption: No other asset sales assumed; no sale revenue is counted as recurring operating cash.
Additional investing, fees and outside-owner cash uses downside_2027q1_other_funding_uses	2027Q1 / downside	0.00 USD_millions	assumption: Zero leaves unspecified future acquisitions, minority put/distributions and cash sweeps unmodeled, not known absent. Sale costs are a separate explicit assumption; construction already in capex is not deducted twice.
Funding inflows outside operating model downside_2027q1_funding_sources	2027Q1 / downside	0.00 USD_millions	derived: Transfers from restricted cash, dated financing and conditional disposals stay distinct from revenue. Formula: sum(downside_2027q1_restricted_release, downside_2027q1_external_net_funding, downside_2027q1_asset_sale_cash).
Cash uses outside operating model downside_2027q1_funding_uses	2027Q1 / downside	0.00 USD_millions	derived: Principal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge. Formula: sum(downside_2027q1_principal_cash, downside_2027q1_other_funding_uses).
Operating cash after capex plus funding downside_2027q1_cash_with_funding	2027Q1 / downside	-1,063.12 USD_millions	derived: Combines the operating model with explicit financing/restricted-fund assumptions once. Formula: sum(downside_2027q1_cash_after_capex, downside_2027q1_funding_sources).
Net modeled funding change downside_2027q1_funding_change	2027Q1 / downside	-1,063.12 USD_millions	derived: Funding inflows less explicit cash uses; not a full GAAP cash-flow statement. Formula: subtract(downside_2027q1_cash_with_funding, downside_2027q1_funding_uses).
Funding balance under stated assumptions downside_2027q1_funding_balance	2027Q1 / downside	-110.26 USD_millions	derived: June unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim. Formula: sum(downside_2026q4_funding_balance, downside_2027q1_funding_change).
Remaining restricted cash in funding bridge downside_2027q1_restricted_remaining	2027Q1 / downside	409.42 USD_millions	derived: Opening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims. Formula: subtract(downside_2026q4_restricted_remaining, downside_2027q1_restricted_release).
Restricted funds used for qualifying spending downside_2027q2_restricted_release	2027Q2 / downside	0.00 USD_millions	assumption: No restricted funds assumed available for general funding. Change only with source-backed release conditions; this balance is not free parent cash.
Share of dated annual principal schedule downside_2027q2_principal_weight	2027Q2 / downside	50.0% ratio	assumption: Disclosed secured-note semiannual April/October payment quarters; optional early conversion and excess-cash-flow sweeps are not modeled.
Scheduled principal cash use downside_2027q2_principal_cash	2027Q2 / downside	111.44 USD_millions	derived: Annual disclosed maturity times explicit quarterly allocation. No second deduction of operating coupon costs. Formula: multiply(scheduled_2027_principal, downside_2027q2_principal_weight).
Additional net financing assumed downside_2027q2_external_net_funding	2027Q2 / downside	0.00 USD_millions	assumption: No unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
Modeled installment cash collection downside_2027q2_asset_sale_cash	2027Q2 / downside	65.00 USD_millions	derived: Contractual due amount times explicit collection assumption; divestiture effective July 6, not recurring operating revenue. Formula: multiply(abernathy_due_2027q2, downside_2027q2_sale_receipt_fraction).
Additional investing, fees and outside-owner cash uses downside_2027q2_other_funding_uses	2027Q2 / downside	0.00 USD_millions	assumption: Zero leaves unspecified future acquisitions, minority put/distributions and cash sweeps unmodeled, not known absent. Sale costs are a separate explicit assumption; construction already in capex is not deducted twice.
Funding inflows outside operating model downside_2027q2_funding_sources	2027Q2 / downside	65.00 USD_millions	derived: Transfers from restricted cash, dated financing and conditional disposals stay distinct from revenue. Formula: sum(downside_2027q2_restricted_release, downside_2027q2_external_net_funding, downside_2027q2_asset_sale_cash).
Cash uses outside operating model downside_2027q2_funding_uses	2027Q2 / downside	112.74 USD_millions	derived: Principal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge. Formula: sum(downside_2027q2_principal_cash, downside_2027q2_other_funding_uses, downside_2027q2_asset_sale_fees).
Operating cash after capex plus funding downside_2027q2_cash_with_funding	2027Q2 / downside	-1,079.00 USD_millions	derived: Combines the operating model with explicit financing/restricted-fund assumptions once. Formula: sum(downside_2027q2_cash_after_capex, downside_2027q2_funding_sources).
Net modeled funding change downside_2027q2_funding_change	2027Q2 / downside	-1,191.74 USD_millions	derived: Funding inflows less explicit cash uses; not a full GAAP cash-flow statement. Formula: subtract(downside_2027q2_cash_with_funding, downside_2027q2_funding_uses).
Funding balance under stated assumptions downside_2027q2_funding_balance	2027Q2 / downside	-1,302.00 USD_millions	derived: June unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim. Formula: sum(downside_2027q1_funding_balance, downside_2027q2_funding_change).
Remaining restricted cash in funding bridge downside_2027q2_restricted_remaining	2027Q2 / downside	409.42 USD_millions	derived: Opening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims. Formula: subtract(downside_2027q1_restricted_remaining, downside_2027q2_restricted_release).
Restricted funds used for qualifying spending downside_2027q3_restricted_release	2027Q3 / downside	0.00 USD_millions	assumption: No restricted funds assumed available for general funding. Change only with source-backed release conditions; this balance is not free parent cash.
Share of dated annual principal schedule downside_2027q3_principal_weight	2027Q3 / downside	0.0% ratio	assumption: Disclosed secured-note semiannual April/October payment quarters; optional early conversion and excess-cash-flow sweeps are not modeled.
Scheduled principal cash use downside_2027q3_principal_cash	2027Q3 / downside	0.00 USD_millions	derived: Annual disclosed maturity times explicit quarterly allocation. No second deduction of operating coupon costs. Formula: multiply(scheduled_2027_principal, downside_2027q3_principal_weight).
Additional net financing assumed downside_2027q3_external_net_funding	2027Q3 / downside	0.00 USD_millions	assumption: No unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
Asset-sale cash assumed downside_2027q3_asset_sale_cash	2027Q3 / downside	0.00 USD_millions	assumption: No other asset sales assumed; no sale revenue is counted as recurring operating cash.
Additional investing, fees and outside-owner cash uses downside_2027q3_other_funding_uses	2027Q3 / downside	0.00 USD_millions	assumption: Zero leaves unspecified future acquisitions, minority put/distributions and cash sweeps unmodeled, not known absent. Sale costs are a separate explicit assumption; construction already in capex is not deducted twice.
Funding inflows outside operating model downside_2027q3_funding_sources	2027Q3 / downside	0.00 USD_millions	derived: Transfers from restricted cash, dated financing and conditional disposals stay distinct from revenue. Formula: sum(downside_2027q3_restricted_release, downside_2027q3_external_net_funding, downside_2027q3_asset_sale_cash).
Cash uses outside operating model downside_2027q3_funding_uses	2027Q3 / downside	0.00 USD_millions	derived: Principal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge. Formula: sum(downside_2027q3_principal_cash, downside_2027q3_other_funding_uses).
Operating cash after capex plus funding downside_2027q3_cash_with_funding	2027Q3 / downside	-1,177.80 USD_millions	derived: Combines the operating model with explicit financing/restricted-fund assumptions once. Formula: sum(downside_2027q3_cash_after_capex, downside_2027q3_funding_sources).
Net modeled funding change downside_2027q3_funding_change	2027Q3 / downside	-1,177.80 USD_millions	derived: Funding inflows less explicit cash uses; not a full GAAP cash-flow statement. Formula: subtract(downside_2027q3_cash_with_funding, downside_2027q3_funding_uses).
Funding balance under stated assumptions downside_2027q3_funding_balance	2027Q3 / downside	-2,479.80 USD_millions	derived: June unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim. Formula: sum(downside_2027q2_funding_balance, downside_2027q3_funding_change).
Remaining restricted cash in funding bridge downside_2027q3_restricted_remaining	2027Q3 / downside	409.42 USD_millions	derived: Opening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims. Formula: subtract(downside_2027q2_restricted_remaining, downside_2027q3_restricted_release).
Restricted funds used for qualifying spending downside_2027q4_restricted_release	2027Q4 / downside	0.00 USD_millions	assumption: No restricted funds assumed available for general funding. Change only with source-backed release conditions; this balance is not free parent cash.
Share of dated annual principal schedule downside_2027q4_principal_weight	2027Q4 / downside	50.0% ratio	assumption: Disclosed secured-note semiannual April/October payment quarters; optional early conversion and excess-cash-flow sweeps are not modeled.
Scheduled principal cash use downside_2027q4_principal_cash	2027Q4 / downside	111.44 USD_millions	derived: Annual disclosed maturity times explicit quarterly allocation. No second deduction of operating coupon costs. Formula: multiply(scheduled_2027_principal, downside_2027q4_principal_weight).
Additional net financing assumed downside_2027q4_external_net_funding	2027Q4 / downside	0.00 USD_millions	assumption: No unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
Asset-sale cash assumed downside_2027q4_asset_sale_cash	2027Q4 / downside	0.00 USD_millions	assumption: No other asset sales assumed; no sale revenue is counted as recurring operating cash.
Additional investing, fees and outside-owner cash uses downside_2027q4_other_funding_uses	2027Q4 / downside	0.00 USD_millions	assumption: Zero leaves unspecified future acquisitions, minority put/distributions and cash sweeps unmodeled, not known absent. Sale costs are a separate explicit assumption; construction already in capex is not deducted twice.
Funding inflows outside operating model downside_2027q4_funding_sources	2027Q4 / downside	0.00 USD_millions	derived: Transfers from restricted cash, dated financing and conditional disposals stay distinct from revenue. Formula: sum(downside_2027q4_restricted_release, downside_2027q4_external_net_funding, downside_2027q4_asset_sale_cash).
Cash uses outside operating model downside_2027q4_funding_uses	2027Q4 / downside	111.44 USD_millions	derived: Principal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge. Formula: sum(downside_2027q4_principal_cash, downside_2027q4_other_funding_uses).
Operating cash after capex plus funding downside_2027q4_cash_with_funding	2027Q4 / downside	-1,017.00 USD_millions	derived: Combines the operating model with explicit financing/restricted-fund assumptions once. Formula: sum(downside_2027q4_cash_after_capex, downside_2027q4_funding_sources).
Net modeled funding change downside_2027q4_funding_change	2027Q4 / downside	-1,128.44 USD_millions	derived: Funding inflows less explicit cash uses; not a full GAAP cash-flow statement. Formula: subtract(downside_2027q4_cash_with_funding, downside_2027q4_funding_uses).
Funding balance under stated assumptions downside_2027q4_funding_balance	2027Q4 / downside	-3,608.25 USD_millions	derived: June unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim. Formula: sum(downside_2027q3_funding_balance, downside_2027q4_funding_change).
Remaining restricted cash in funding bridge downside_2027q4_restricted_remaining	2027Q4 / downside	409.42 USD_millions	derived: Opening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims. Formula: subtract(downside_2027q3_restricted_remaining, downside_2027q4_restricted_release).
Year-end Funding balance under stated assumptions ($M) downside_fy2026_funding_balance	FY2026 / downside	952.87 USD_millions	derived: Year-end stock equals Q4 ending balance; quarterly balances are never summed. Formula: sum(downside_2026q4_funding_balance, funding_zero).
Year-end Remaining restricted cash in funding bridge ($M) downside_fy2026_restricted_remaining	FY2026 / downside	409.42 USD_millions	derived: Year-end stock equals Q4 ending balance; quarterly balances are never summed. Formula: sum(downside_2026q4_restricted_remaining, funding_zero).
Year-end Funding balance under stated assumptions ($M) downside_fy2027_funding_balance	FY2027 / downside	-3,608.25 USD_millions	derived: Year-end stock equals Q4 ending balance; quarterly balances are never summed. Formula: sum(downside_2027q4_funding_balance, funding_zero).
Year-end Remaining restricted cash in funding bridge ($M) downside_fy2027_restricted_remaining	FY2027 / downside	409.42 USD_millions	derived: Year-end stock equals Q4 ending balance; quarterly balances are never summed. Formula: sum(downside_2027q4_restricted_remaining, funding_zero).
Restricted funds used for qualifying spending base_2026q3_restricted_release	2026Q3 / base	0.00 USD_millions	assumption: No restricted funds assumed available for general funding. Change only with source-backed release conditions; this balance is not free parent cash.
Share of dated annual principal schedule base_2026q3_principal_weight	2026Q3 / base	0.0% ratio	assumption: Disclosed secured-note semiannual April/October payment quarters; optional early conversion and excess-cash-flow sweeps are not modeled.
Scheduled principal cash use base_2026q3_principal_cash	2026Q3 / base	0.00 USD_millions	derived: Annual disclosed maturity times explicit quarterly allocation. No second deduction of operating coupon costs. Formula: multiply(scheduled_h2_principal, base_2026q3_principal_weight).
Additional net financing assumed base_2026q3_external_net_funding	2026Q3 / base	0.00 USD_millions	assumption: No unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
Modeled installment cash collection base_2026q3_asset_sale_cash	2026Q3 / base	250.00 USD_millions	derived: Contractual due amount times explicit collection assumption; divestiture effective July 6, not recurring operating revenue. Formula: multiply(abernathy_due_2026q3, base_2026q3_sale_receipt_fraction).
Additional investing, fees and outside-owner cash uses base_2026q3_other_funding_uses	2026Q3 / base	0.00 USD_millions	assumption: Zero leaves unspecified future acquisitions, minority put/distributions and cash sweeps unmodeled, not known absent. Sale costs are a separate explicit assumption; construction already in capex is not deducted twice.
Funding inflows outside operating model base_2026q3_funding_sources	2026Q3 / base	250.00 USD_millions	derived: Transfers from restricted cash, dated financing and conditional disposals stay distinct from revenue. Formula: sum(base_2026q3_restricted_release, base_2026q3_external_net_funding, base_2026q3_asset_sale_cash).
Cash uses outside operating model base_2026q3_funding_uses	2026Q3 / base	5.00 USD_millions	derived: Principal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge. Formula: sum(base_2026q3_principal_cash, base_2026q3_other_funding_uses, base_2026q3_asset_sale_fees).
Operating cash after capex plus funding base_2026q3_cash_with_funding	2026Q3 / base	-523.22 USD_millions	derived: Combines the operating model with explicit financing/restricted-fund assumptions once. Formula: sum(base_2026q3_cash_after_capex, base_2026q3_funding_sources).
Net modeled funding change base_2026q3_funding_change	2026Q3 / base	-528.22 USD_millions	derived: Funding inflows less explicit cash uses; not a full GAAP cash-flow statement. Formula: subtract(base_2026q3_cash_with_funding, base_2026q3_funding_uses).
Funding balance under stated assumptions base_2026q3_funding_balance	2026Q3 / base	2,090.97 USD_millions	derived: June unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim. Formula: sum(h1_cash, base_2026q3_funding_change).
Remaining restricted cash in funding bridge base_2026q3_restricted_remaining	2026Q3 / base	409.42 USD_millions	derived: Opening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims. Formula: subtract(h1_restricted_cash, base_2026q3_restricted_release).
Restricted funds used for qualifying spending base_2026q4_restricted_release	2026Q4 / base	0.00 USD_millions	assumption: No restricted funds assumed available for general funding. Change only with source-backed release conditions; this balance is not free parent cash.
Share of dated annual principal schedule base_2026q4_principal_weight	2026Q4 / base	100.0% ratio	assumption: Disclosed secured-note semiannual April/October payment quarters; optional early conversion and excess-cash-flow sweeps are not modeled.
Scheduled principal cash use base_2026q4_principal_cash	2026Q4 / base	13.85 USD_millions	derived: Annual disclosed maturity times explicit quarterly allocation. No second deduction of operating coupon costs. Formula: multiply(scheduled_h2_principal, base_2026q4_principal_weight).
Additional net financing assumed base_2026q4_external_net_funding	2026Q4 / base	0.00 USD_millions	assumption: No unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
Assumed collection of scheduled installment base_2026q4_sale_receipt_fraction	2026Q4 / base	100.0% ratio	assumption: Base/upside collect the contractual installment in its due quarter; downside collects half without an assumed catch-up. Collection timing and final adjustments are uncertain; these are forward assumptions, not verified bank receipts.
Modeled installment cash collection base_2026q4_asset_sale_cash	2026Q4 / base	150.00 USD_millions	derived: Contractual due amount times explicit collection assumption; divestiture effective July 6, not recurring operating revenue. Formula: multiply(abernathy_due_2026q4, base_2026q4_sale_receipt_fraction).
Additional investing, fees and outside-owner cash uses base_2026q4_other_funding_uses	2026Q4 / base	0.00 USD_millions	assumption: Zero leaves unspecified future acquisitions, minority put/distributions and cash sweeps unmodeled, not known absent. Sale costs are a separate explicit assumption; construction already in capex is not deducted twice.
Funding inflows outside operating model base_2026q4_funding_sources	2026Q4 / base	150.00 USD_millions	derived: Transfers from restricted cash, dated financing and conditional disposals stay distinct from revenue. Formula: sum(base_2026q4_restricted_release, base_2026q4_external_net_funding, base_2026q4_asset_sale_cash).
Cash uses outside operating model base_2026q4_funding_uses	2026Q4 / base	16.85 USD_millions	derived: Principal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge. Formula: sum(base_2026q4_principal_cash, base_2026q4_other_funding_uses, base_2026q4_asset_sale_fees).
Operating cash after capex plus funding base_2026q4_cash_with_funding	2026Q4 / base	-584.97 USD_millions	derived: Combines the operating model with explicit financing/restricted-fund assumptions once. Formula: sum(base_2026q4_cash_after_capex, base_2026q4_funding_sources).
Net modeled funding change base_2026q4_funding_change	2026Q4 / base	-601.82 USD_millions	derived: Funding inflows less explicit cash uses; not a full GAAP cash-flow statement. Formula: subtract(base_2026q4_cash_with_funding, base_2026q4_funding_uses).
Funding balance under stated assumptions base_2026q4_funding_balance	2026Q4 / base	1,489.15 USD_millions	derived: June unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim. Formula: sum(base_2026q3_funding_balance, base_2026q4_funding_change).
Remaining restricted cash in funding bridge base_2026q4_restricted_remaining	2026Q4 / base	409.42 USD_millions	derived: Opening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims. Formula: subtract(base_2026q3_restricted_remaining, base_2026q4_restricted_release).
Restricted funds used for qualifying spending base_2027q1_restricted_release	2027Q1 / base	0.00 USD_millions	assumption: No restricted funds assumed available for general funding. Change only with source-backed release conditions; this balance is not free parent cash.
Share of dated annual principal schedule base_2027q1_principal_weight	2027Q1 / base	0.0% ratio	assumption: Disclosed secured-note semiannual April/October payment quarters; optional early conversion and excess-cash-flow sweeps are not modeled.
Scheduled principal cash use base_2027q1_principal_cash	2027Q1 / base	0.00 USD_millions	derived: Annual disclosed maturity times explicit quarterly allocation. No second deduction of operating coupon costs. Formula: multiply(scheduled_2027_principal, base_2027q1_principal_weight).
Additional net financing assumed base_2027q1_external_net_funding	2027Q1 / base	0.00 USD_millions	assumption: No unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
Asset-sale cash assumed base_2027q1_asset_sale_cash	2027Q1 / base	0.00 USD_millions	assumption: No other asset sales assumed; no sale revenue is counted as recurring operating cash.
Additional investing, fees and outside-owner cash uses base_2027q1_other_funding_uses	2027Q1 / base	0.00 USD_millions	assumption: Zero leaves unspecified future acquisitions, minority put/distributions and cash sweeps unmodeled, not known absent. Sale costs are a separate explicit assumption; construction already in capex is not deducted twice.
Funding inflows outside operating model base_2027q1_funding_sources	2027Q1 / base	0.00 USD_millions	derived: Transfers from restricted cash, dated financing and conditional disposals stay distinct from revenue. Formula: sum(base_2027q1_restricted_release, base_2027q1_external_net_funding, base_2027q1_asset_sale_cash).
Cash uses outside operating model base_2027q1_funding_uses	2027Q1 / base	0.00 USD_millions	derived: Principal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge. Formula: sum(base_2027q1_principal_cash, base_2027q1_other_funding_uses).
Operating cash after capex plus funding base_2027q1_cash_with_funding	2027Q1 / base	-791.23 USD_millions	derived: Combines the operating model with explicit financing/restricted-fund assumptions once. Formula: sum(base_2027q1_cash_after_capex, base_2027q1_funding_sources).
Net modeled funding change base_2027q1_funding_change	2027Q1 / base	-791.23 USD_millions	derived: Funding inflows less explicit cash uses; not a full GAAP cash-flow statement. Formula: subtract(base_2027q1_cash_with_funding, base_2027q1_funding_uses).
Funding balance under stated assumptions base_2027q1_funding_balance	2027Q1 / base	697.92 USD_millions	derived: June unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim. Formula: sum(base_2026q4_funding_balance, base_2027q1_funding_change).
Remaining restricted cash in funding bridge base_2027q1_restricted_remaining	2027Q1 / base	409.42 USD_millions	derived: Opening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims. Formula: subtract(base_2026q4_restricted_remaining, base_2027q1_restricted_release).
Restricted funds used for qualifying spending base_2027q2_restricted_release	2027Q2 / base	0.00 USD_millions	assumption: No restricted funds assumed available for general funding. Change only with source-backed release conditions; this balance is not free parent cash.
Share of dated annual principal schedule base_2027q2_principal_weight	2027Q2 / base	50.0% ratio	assumption: Disclosed secured-note semiannual April/October payment quarters; optional early conversion and excess-cash-flow sweeps are not modeled.
Scheduled principal cash use base_2027q2_principal_cash	2027Q2 / base	111.44 USD_millions	derived: Annual disclosed maturity times explicit quarterly allocation. No second deduction of operating coupon costs. Formula: multiply(scheduled_2027_principal, base_2027q2_principal_weight).
Additional net financing assumed base_2027q2_external_net_funding	2027Q2 / base	0.00 USD_millions	assumption: No unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
Modeled installment cash collection base_2027q2_asset_sale_cash	2027Q2 / base	130.00 USD_millions	derived: Contractual due amount times explicit collection assumption; divestiture effective July 6, not recurring operating revenue. Formula: multiply(abernathy_due_2027q2, base_2027q2_sale_receipt_fraction).
Additional investing, fees and outside-owner cash uses base_2027q2_other_funding_uses	2027Q2 / base	0.00 USD_millions	assumption: Zero leaves unspecified future acquisitions, minority put/distributions and cash sweeps unmodeled, not known absent. Sale costs are a separate explicit assumption; construction already in capex is not deducted twice.
Funding inflows outside operating model base_2027q2_funding_sources	2027Q2 / base	130.00 USD_millions	derived: Transfers from restricted cash, dated financing and conditional disposals stay distinct from revenue. Formula: sum(base_2027q2_restricted_release, base_2027q2_external_net_funding, base_2027q2_asset_sale_cash).
Cash uses outside operating model base_2027q2_funding_uses	2027Q2 / base	114.04 USD_millions	derived: Principal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge. Formula: sum(base_2027q2_principal_cash, base_2027q2_other_funding_uses, base_2027q2_asset_sale_fees).
Operating cash after capex plus funding base_2027q2_cash_with_funding	2027Q2 / base	-723.24 USD_millions	derived: Combines the operating model with explicit financing/restricted-fund assumptions once. Formula: sum(base_2027q2_cash_after_capex, base_2027q2_funding_sources).
Net modeled funding change base_2027q2_funding_change	2027Q2 / base	-837.28 USD_millions	derived: Funding inflows less explicit cash uses; not a full GAAP cash-flow statement. Formula: subtract(base_2027q2_cash_with_funding, base_2027q2_funding_uses).
Funding balance under stated assumptions base_2027q2_funding_balance	2027Q2 / base	-139.36 USD_millions	derived: June unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim. Formula: sum(base_2027q1_funding_balance, base_2027q2_funding_change).
Remaining restricted cash in funding bridge base_2027q2_restricted_remaining	2027Q2 / base	409.42 USD_millions	derived: Opening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims. Formula: subtract(base_2027q1_restricted_remaining, base_2027q2_restricted_release).
Restricted funds used for qualifying spending base_2027q3_restricted_release	2027Q3 / base	0.00 USD_millions	assumption: No restricted funds assumed available for general funding. Change only with source-backed release conditions; this balance is not free parent cash.
Share of dated annual principal schedule base_2027q3_principal_weight	2027Q3 / base	0.0% ratio	assumption: Disclosed secured-note semiannual April/October payment quarters; optional early conversion and excess-cash-flow sweeps are not modeled.
Scheduled principal cash use base_2027q3_principal_cash	2027Q3 / base	0.00 USD_millions	derived: Annual disclosed maturity times explicit quarterly allocation. No second deduction of operating coupon costs. Formula: multiply(scheduled_2027_principal, base_2027q3_principal_weight).
Additional net financing assumed base_2027q3_external_net_funding	2027Q3 / base	0.00 USD_millions	assumption: No unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
Asset-sale cash assumed base_2027q3_asset_sale_cash	2027Q3 / base	0.00 USD_millions	assumption: No other asset sales assumed; no sale revenue is counted as recurring operating cash.
Additional investing, fees and outside-owner cash uses base_2027q3_other_funding_uses	2027Q3 / base	0.00 USD_millions	assumption: Zero leaves unspecified future acquisitions, minority put/distributions and cash sweeps unmodeled, not known absent. Sale costs are a separate explicit assumption; construction already in capex is not deducted twice.
Funding inflows outside operating model base_2027q3_funding_sources	2027Q3 / base	0.00 USD_millions	derived: Transfers from restricted cash, dated financing and conditional disposals stay distinct from revenue. Formula: sum(base_2027q3_restricted_release, base_2027q3_external_net_funding, base_2027q3_asset_sale_cash).
Cash uses outside operating model base_2027q3_funding_uses	2027Q3 / base	0.00 USD_millions	derived: Principal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge. Formula: sum(base_2027q3_principal_cash, base_2027q3_other_funding_uses).
Operating cash after capex plus funding base_2027q3_cash_with_funding	2027Q3 / base	-935.38 USD_millions	derived: Combines the operating model with explicit financing/restricted-fund assumptions once. Formula: sum(base_2027q3_cash_after_capex, base_2027q3_funding_sources).
Net modeled funding change base_2027q3_funding_change	2027Q3 / base	-935.38 USD_millions	derived: Funding inflows less explicit cash uses; not a full GAAP cash-flow statement. Formula: subtract(base_2027q3_cash_with_funding, base_2027q3_funding_uses).
Funding balance under stated assumptions base_2027q3_funding_balance	2027Q3 / base	-1,074.74 USD_millions	derived: June unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim. Formula: sum(base_2027q2_funding_balance, base_2027q3_funding_change).
Remaining restricted cash in funding bridge base_2027q3_restricted_remaining	2027Q3 / base	409.42 USD_millions	derived: Opening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims. Formula: subtract(base_2027q2_restricted_remaining, base_2027q3_restricted_release).
Restricted funds used for qualifying spending base_2027q4_restricted_release	2027Q4 / base	0.00 USD_millions	assumption: No restricted funds assumed available for general funding. Change only with source-backed release conditions; this balance is not free parent cash.
Share of dated annual principal schedule base_2027q4_principal_weight	2027Q4 / base	50.0% ratio	assumption: Disclosed secured-note semiannual April/October payment quarters; optional early conversion and excess-cash-flow sweeps are not modeled.
Scheduled principal cash use base_2027q4_principal_cash	2027Q4 / base	111.44 USD_millions	derived: Annual disclosed maturity times explicit quarterly allocation. No second deduction of operating coupon costs. Formula: multiply(scheduled_2027_principal, base_2027q4_principal_weight).
Additional net financing assumed base_2027q4_external_net_funding	2027Q4 / base	0.00 USD_millions	assumption: No unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
Asset-sale cash assumed base_2027q4_asset_sale_cash	2027Q4 / base	0.00 USD_millions	assumption: No other asset sales assumed; no sale revenue is counted as recurring operating cash.
Additional investing, fees and outside-owner cash uses base_2027q4_other_funding_uses	2027Q4 / base	0.00 USD_millions	assumption: Zero leaves unspecified future acquisitions, minority put/distributions and cash sweeps unmodeled, not known absent. Sale costs are a separate explicit assumption; construction already in capex is not deducted twice.
Funding inflows outside operating model base_2027q4_funding_sources	2027Q4 / base	0.00 USD_millions	derived: Transfers from restricted cash, dated financing and conditional disposals stay distinct from revenue. Formula: sum(base_2027q4_restricted_release, base_2027q4_external_net_funding, base_2027q4_asset_sale_cash).
Cash uses outside operating model base_2027q4_funding_uses	2027Q4 / base	111.44 USD_millions	derived: Principal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge. Formula: sum(base_2027q4_principal_cash, base_2027q4_other_funding_uses).
Operating cash after capex plus funding base_2027q4_cash_with_funding	2027Q4 / base	-805.30 USD_millions	derived: Combines the operating model with explicit financing/restricted-fund assumptions once. Formula: sum(base_2027q4_cash_after_capex, base_2027q4_funding_sources).
Net modeled funding change base_2027q4_funding_change	2027Q4 / base	-916.75 USD_millions	derived: Funding inflows less explicit cash uses; not a full GAAP cash-flow statement. Formula: subtract(base_2027q4_cash_with_funding, base_2027q4_funding_uses).
Funding balance under stated assumptions base_2027q4_funding_balance	2027Q4 / base	-1,991.48 USD_millions	derived: June unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim. Formula: sum(base_2027q3_funding_balance, base_2027q4_funding_change).
Remaining restricted cash in funding bridge base_2027q4_restricted_remaining	2027Q4 / base	409.42 USD_millions	derived: Opening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims. Formula: subtract(base_2027q3_restricted_remaining, base_2027q4_restricted_release).
Year-end Funding balance under stated assumptions ($M) base_fy2026_funding_balance	FY2026 / base	1,489.15 USD_millions	derived: Year-end stock equals Q4 ending balance; quarterly balances are never summed. Formula: sum(base_2026q4_funding_balance, funding_zero).
Year-end Remaining restricted cash in funding bridge ($M) base_fy2026_restricted_remaining	FY2026 / base	409.42 USD_millions	derived: Year-end stock equals Q4 ending balance; quarterly balances are never summed. Formula: sum(base_2026q4_restricted_remaining, funding_zero).
Year-end Funding balance under stated assumptions ($M) base_fy2027_funding_balance	FY2027 / base	-1,991.48 USD_millions	derived: Year-end stock equals Q4 ending balance; quarterly balances are never summed. Formula: sum(base_2027q4_funding_balance, funding_zero).
Year-end Remaining restricted cash in funding bridge ($M) base_fy2027_restricted_remaining	FY2027 / base	409.42 USD_millions	derived: Year-end stock equals Q4 ending balance; quarterly balances are never summed. Formula: sum(base_2027q4_restricted_remaining, funding_zero).
Restricted funds used for qualifying spending upside_2026q3_restricted_release	2026Q3 / upside	0.00 USD_millions	assumption: No restricted funds assumed available for general funding. Change only with source-backed release conditions; this balance is not free parent cash.
Share of dated annual principal schedule upside_2026q3_principal_weight	2026Q3 / upside	0.0% ratio	assumption: Disclosed secured-note semiannual April/October payment quarters; optional early conversion and excess-cash-flow sweeps are not modeled.
Scheduled principal cash use upside_2026q3_principal_cash	2026Q3 / upside	0.00 USD_millions	derived: Annual disclosed maturity times explicit quarterly allocation. No second deduction of operating coupon costs. Formula: multiply(scheduled_h2_principal, upside_2026q3_principal_weight).
Additional net financing assumed upside_2026q3_external_net_funding	2026Q3 / upside	0.00 USD_millions	assumption: No unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
Modeled installment cash collection upside_2026q3_asset_sale_cash	2026Q3 / upside	250.00 USD_millions	derived: Contractual due amount times explicit collection assumption; divestiture effective July 6, not recurring operating revenue. Formula: multiply(abernathy_due_2026q3, upside_2026q3_sale_receipt_fraction).
Additional investing, fees and outside-owner cash uses upside_2026q3_other_funding_uses	2026Q3 / upside	0.00 USD_millions	assumption: Zero leaves unspecified future acquisitions, minority put/distributions and cash sweeps unmodeled, not known absent. Sale costs are a separate explicit assumption; construction already in capex is not deducted twice.
Funding inflows outside operating model upside_2026q3_funding_sources	2026Q3 / upside	250.00 USD_millions	derived: Transfers from restricted cash, dated financing and conditional disposals stay distinct from revenue. Formula: sum(upside_2026q3_restricted_release, upside_2026q3_external_net_funding, upside_2026q3_asset_sale_cash).
Cash uses outside operating model upside_2026q3_funding_uses	2026Q3 / upside	5.00 USD_millions	derived: Principal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge. Formula: sum(upside_2026q3_principal_cash, upside_2026q3_other_funding_uses, upside_2026q3_asset_sale_fees).
Operating cash after capex plus funding upside_2026q3_cash_with_funding	2026Q3 / upside	-443.42 USD_millions	derived: Combines the operating model with explicit financing/restricted-fund assumptions once. Formula: sum(upside_2026q3_cash_after_capex, upside_2026q3_funding_sources).
Net modeled funding change upside_2026q3_funding_change	2026Q3 / upside	-448.42 USD_millions	derived: Funding inflows less explicit cash uses; not a full GAAP cash-flow statement. Formula: subtract(upside_2026q3_cash_with_funding, upside_2026q3_funding_uses).
Funding balance under stated assumptions upside_2026q3_funding_balance	2026Q3 / upside	2,170.77 USD_millions	derived: June unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim. Formula: sum(h1_cash, upside_2026q3_funding_change).
Remaining restricted cash in funding bridge upside_2026q3_restricted_remaining	2026Q3 / upside	409.42 USD_millions	derived: Opening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims. Formula: subtract(h1_restricted_cash, upside_2026q3_restricted_release).
Restricted funds used for qualifying spending upside_2026q4_restricted_release	2026Q4 / upside	0.00 USD_millions	assumption: No restricted funds assumed available for general funding. Change only with source-backed release conditions; this balance is not free parent cash.
Share of dated annual principal schedule upside_2026q4_principal_weight	2026Q4 / upside	100.0% ratio	assumption: Disclosed secured-note semiannual April/October payment quarters; optional early conversion and excess-cash-flow sweeps are not modeled.
Scheduled principal cash use upside_2026q4_principal_cash	2026Q4 / upside	13.85 USD_millions	derived: Annual disclosed maturity times explicit quarterly allocation. No second deduction of operating coupon costs. Formula: multiply(scheduled_h2_principal, upside_2026q4_principal_weight).
Additional net financing assumed upside_2026q4_external_net_funding	2026Q4 / upside	0.00 USD_millions	assumption: No unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
Assumed collection of scheduled installment upside_2026q4_sale_receipt_fraction	2026Q4 / upside	100.0% ratio	assumption: Base/upside collect the contractual installment in its due quarter; downside collects half without an assumed catch-up. Collection timing and final adjustments are uncertain; these are forward assumptions, not verified bank receipts.
Modeled installment cash collection upside_2026q4_asset_sale_cash	2026Q4 / upside	150.00 USD_millions	derived: Contractual due amount times explicit collection assumption; divestiture effective July 6, not recurring operating revenue. Formula: multiply(abernathy_due_2026q4, upside_2026q4_sale_receipt_fraction).
Additional investing, fees and outside-owner cash uses upside_2026q4_other_funding_uses	2026Q4 / upside	0.00 USD_millions	assumption: Zero leaves unspecified future acquisitions, minority put/distributions and cash sweeps unmodeled, not known absent. Sale costs are a separate explicit assumption; construction already in capex is not deducted twice.
Funding inflows outside operating model upside_2026q4_funding_sources	2026Q4 / upside	150.00 USD_millions	derived: Transfers from restricted cash, dated financing and conditional disposals stay distinct from revenue. Formula: sum(upside_2026q4_restricted_release, upside_2026q4_external_net_funding, upside_2026q4_asset_sale_cash).
Cash uses outside operating model upside_2026q4_funding_uses	2026Q4 / upside	16.85 USD_millions	derived: Principal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge. Formula: sum(upside_2026q4_principal_cash, upside_2026q4_other_funding_uses, upside_2026q4_asset_sale_fees).
Operating cash after capex plus funding upside_2026q4_cash_with_funding	2026Q4 / upside	-489.76 USD_millions	derived: Combines the operating model with explicit financing/restricted-fund assumptions once. Formula: sum(upside_2026q4_cash_after_capex, upside_2026q4_funding_sources).
Net modeled funding change upside_2026q4_funding_change	2026Q4 / upside	-506.61 USD_millions	derived: Funding inflows less explicit cash uses; not a full GAAP cash-flow statement. Formula: subtract(upside_2026q4_cash_with_funding, upside_2026q4_funding_uses).
Funding balance under stated assumptions upside_2026q4_funding_balance	2026Q4 / upside	1,664.16 USD_millions	derived: June unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim. Formula: sum(upside_2026q3_funding_balance, upside_2026q4_funding_change).
Remaining restricted cash in funding bridge upside_2026q4_restricted_remaining	2026Q4 / upside	409.42 USD_millions	derived: Opening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims. Formula: subtract(upside_2026q3_restricted_remaining, upside_2026q4_restricted_release).
Restricted funds used for qualifying spending upside_2027q1_restricted_release	2027Q1 / upside	0.00 USD_millions	assumption: No restricted funds assumed available for general funding. Change only with source-backed release conditions; this balance is not free parent cash.
Share of dated annual principal schedule upside_2027q1_principal_weight	2027Q1 / upside	0.0% ratio	assumption: Disclosed secured-note semiannual April/October payment quarters; optional early conversion and excess-cash-flow sweeps are not modeled.
Scheduled principal cash use upside_2027q1_principal_cash	2027Q1 / upside	0.00 USD_millions	derived: Annual disclosed maturity times explicit quarterly allocation. No second deduction of operating coupon costs. Formula: multiply(scheduled_2027_principal, upside_2027q1_principal_weight).
Additional net financing assumed upside_2027q1_external_net_funding	2027Q1 / upside	0.00 USD_millions	assumption: No unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
Asset-sale cash assumed upside_2027q1_asset_sale_cash	2027Q1 / upside	0.00 USD_millions	assumption: No other asset sales assumed; no sale revenue is counted as recurring operating cash.
Additional investing, fees and outside-owner cash uses upside_2027q1_other_funding_uses	2027Q1 / upside	0.00 USD_millions	assumption: Zero leaves unspecified future acquisitions, minority put/distributions and cash sweeps unmodeled, not known absent. Sale costs are a separate explicit assumption; construction already in capex is not deducted twice.
Funding inflows outside operating model upside_2027q1_funding_sources	2027Q1 / upside	0.00 USD_millions	derived: Transfers from restricted cash, dated financing and conditional disposals stay distinct from revenue. Formula: sum(upside_2027q1_restricted_release, upside_2027q1_external_net_funding, upside_2027q1_asset_sale_cash).
Cash uses outside operating model upside_2027q1_funding_uses	2027Q1 / upside	0.00 USD_millions	derived: Principal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge. Formula: sum(upside_2027q1_principal_cash, upside_2027q1_other_funding_uses).
Operating cash after capex plus funding upside_2027q1_cash_with_funding	2027Q1 / upside	-691.32 USD_millions	derived: Combines the operating model with explicit financing/restricted-fund assumptions once. Formula: sum(upside_2027q1_cash_after_capex, upside_2027q1_funding_sources).
Net modeled funding change upside_2027q1_funding_change	2027Q1 / upside	-691.32 USD_millions	derived: Funding inflows less explicit cash uses; not a full GAAP cash-flow statement. Formula: subtract(upside_2027q1_cash_with_funding, upside_2027q1_funding_uses).
Funding balance under stated assumptions upside_2027q1_funding_balance	2027Q1 / upside	972.83 USD_millions	derived: June unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim. Formula: sum(upside_2026q4_funding_balance, upside_2027q1_funding_change).
Remaining restricted cash in funding bridge upside_2027q1_restricted_remaining	2027Q1 / upside	409.42 USD_millions	derived: Opening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims. Formula: subtract(upside_2026q4_restricted_remaining, upside_2027q1_restricted_release).
Restricted funds used for qualifying spending upside_2027q2_restricted_release	2027Q2 / upside	0.00 USD_millions	assumption: No restricted funds assumed available for general funding. Change only with source-backed release conditions; this balance is not free parent cash.
Share of dated annual principal schedule upside_2027q2_principal_weight	2027Q2 / upside	50.0% ratio	assumption: Disclosed secured-note semiannual April/October payment quarters; optional early conversion and excess-cash-flow sweeps are not modeled.
Scheduled principal cash use upside_2027q2_principal_cash	2027Q2 / upside	111.44 USD_millions	derived: Annual disclosed maturity times explicit quarterly allocation. No second deduction of operating coupon costs. Formula: multiply(scheduled_2027_principal, upside_2027q2_principal_weight).
Additional net financing assumed upside_2027q2_external_net_funding	2027Q2 / upside	0.00 USD_millions	assumption: No unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
Modeled installment cash collection upside_2027q2_asset_sale_cash	2027Q2 / upside	130.00 USD_millions	derived: Contractual due amount times explicit collection assumption; divestiture effective July 6, not recurring operating revenue. Formula: multiply(abernathy_due_2027q2, upside_2027q2_sale_receipt_fraction).
Additional investing, fees and outside-owner cash uses upside_2027q2_other_funding_uses	2027Q2 / upside	0.00 USD_millions	assumption: Zero leaves unspecified future acquisitions, minority put/distributions and cash sweeps unmodeled, not known absent. Sale costs are a separate explicit assumption; construction already in capex is not deducted twice.
Funding inflows outside operating model upside_2027q2_funding_sources	2027Q2 / upside	130.00 USD_millions	derived: Transfers from restricted cash, dated financing and conditional disposals stay distinct from revenue. Formula: sum(upside_2027q2_restricted_release, upside_2027q2_external_net_funding, upside_2027q2_asset_sale_cash).
Cash uses outside operating model upside_2027q2_funding_uses	2027Q2 / upside	114.04 USD_millions	derived: Principal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge. Formula: sum(upside_2027q2_principal_cash, upside_2027q2_other_funding_uses, upside_2027q2_asset_sale_fees).
Operating cash after capex plus funding upside_2027q2_cash_with_funding	2027Q2 / upside	-626.00 USD_millions	derived: Combines the operating model with explicit financing/restricted-fund assumptions once. Formula: sum(upside_2027q2_cash_after_capex, upside_2027q2_funding_sources).
Net modeled funding change upside_2027q2_funding_change	2027Q2 / upside	-740.04 USD_millions	derived: Funding inflows less explicit cash uses; not a full GAAP cash-flow statement. Formula: subtract(upside_2027q2_cash_with_funding, upside_2027q2_funding_uses).
Funding balance under stated assumptions upside_2027q2_funding_balance	2027Q2 / upside	232.79 USD_millions	derived: June unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim. Formula: sum(upside_2027q1_funding_balance, upside_2027q2_funding_change).
Remaining restricted cash in funding bridge upside_2027q2_restricted_remaining	2027Q2 / upside	409.42 USD_millions	derived: Opening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims. Formula: subtract(upside_2027q1_restricted_remaining, upside_2027q2_restricted_release).
Restricted funds used for qualifying spending upside_2027q3_restricted_release	2027Q3 / upside	0.00 USD_millions	assumption: No restricted funds assumed available for general funding. Change only with source-backed release conditions; this balance is not free parent cash.
Share of dated annual principal schedule upside_2027q3_principal_weight	2027Q3 / upside	0.0% ratio	assumption: Disclosed secured-note semiannual April/October payment quarters; optional early conversion and excess-cash-flow sweeps are not modeled.
Scheduled principal cash use upside_2027q3_principal_cash	2027Q3 / upside	0.00 USD_millions	derived: Annual disclosed maturity times explicit quarterly allocation. No second deduction of operating coupon costs. Formula: multiply(scheduled_2027_principal, upside_2027q3_principal_weight).
Additional net financing assumed upside_2027q3_external_net_funding	2027Q3 / upside	0.00 USD_millions	assumption: No unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
Asset-sale cash assumed upside_2027q3_asset_sale_cash	2027Q3 / upside	0.00 USD_millions	assumption: No other asset sales assumed; no sale revenue is counted as recurring operating cash.
Additional investing, fees and outside-owner cash uses upside_2027q3_other_funding_uses	2027Q3 / upside	0.00 USD_millions	assumption: Zero leaves unspecified future acquisitions, minority put/distributions and cash sweeps unmodeled, not known absent. Sale costs are a separate explicit assumption; construction already in capex is not deducted twice.
Funding inflows outside operating model upside_2027q3_funding_sources	2027Q3 / upside	0.00 USD_millions	derived: Transfers from restricted cash, dated financing and conditional disposals stay distinct from revenue. Formula: sum(upside_2027q3_restricted_release, upside_2027q3_external_net_funding, upside_2027q3_asset_sale_cash).
Cash uses outside operating model upside_2027q3_funding_uses	2027Q3 / upside	0.00 USD_millions	derived: Principal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge. Formula: sum(upside_2027q3_principal_cash, upside_2027q3_other_funding_uses).
Operating cash after capex plus funding upside_2027q3_cash_with_funding	2027Q3 / upside	-780.92 USD_millions	derived: Combines the operating model with explicit financing/restricted-fund assumptions once. Formula: sum(upside_2027q3_cash_after_capex, upside_2027q3_funding_sources).
Net modeled funding change upside_2027q3_funding_change	2027Q3 / upside	-780.92 USD_millions	derived: Funding inflows less explicit cash uses; not a full GAAP cash-flow statement. Formula: subtract(upside_2027q3_cash_with_funding, upside_2027q3_funding_uses).
Funding balance under stated assumptions upside_2027q3_funding_balance	2027Q3 / upside	-548.13 USD_millions	derived: June unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim. Formula: sum(upside_2027q2_funding_balance, upside_2027q3_funding_change).
Remaining restricted cash in funding bridge upside_2027q3_restricted_remaining	2027Q3 / upside	409.42 USD_millions	derived: Opening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims. Formula: subtract(upside_2027q2_restricted_remaining, upside_2027q3_restricted_release).
Restricted funds used for qualifying spending upside_2027q4_restricted_release	2027Q4 / upside	0.00 USD_millions	assumption: No restricted funds assumed available for general funding. Change only with source-backed release conditions; this balance is not free parent cash.
Share of dated annual principal schedule upside_2027q4_principal_weight	2027Q4 / upside	50.0% ratio	assumption: Disclosed secured-note semiannual April/October payment quarters; optional early conversion and excess-cash-flow sweeps are not modeled.
Scheduled principal cash use upside_2027q4_principal_cash	2027Q4 / upside	111.44 USD_millions	derived: Annual disclosed maturity times explicit quarterly allocation. No second deduction of operating coupon costs. Formula: multiply(scheduled_2027_principal, upside_2027q4_principal_weight).
Additional net financing assumed upside_2027q4_external_net_funding	2027Q4 / upside	0.00 USD_millions	assumption: No unspecified new funding assumed. A negative funding balance identifies financing or spending changes still needed; it is not a forecast negative bank balance.
Asset-sale cash assumed upside_2027q4_asset_sale_cash	2027Q4 / upside	0.00 USD_millions	assumption: No other asset sales assumed; no sale revenue is counted as recurring operating cash.
Additional investing, fees and outside-owner cash uses upside_2027q4_other_funding_uses	2027Q4 / upside	0.00 USD_millions	assumption: Zero leaves unspecified future acquisitions, minority put/distributions and cash sweeps unmodeled, not known absent. Sale costs are a separate explicit assumption; construction already in capex is not deducted twice.
Funding inflows outside operating model upside_2027q4_funding_sources	2027Q4 / upside	0.00 USD_millions	derived: Transfers from restricted cash, dated financing and conditional disposals stay distinct from revenue. Formula: sum(upside_2027q4_restricted_release, upside_2027q4_external_net_funding, upside_2027q4_asset_sale_cash).
Cash uses outside operating model upside_2027q4_funding_uses	2027Q4 / upside	111.44 USD_millions	derived: Principal and extra investing/ownership uses; interest, working capital and capex are already in the existing operating bridge. Formula: sum(upside_2027q4_principal_cash, upside_2027q4_other_funding_uses).
Operating cash after capex plus funding upside_2027q4_cash_with_funding	2027Q4 / upside	-671.48 USD_millions	derived: Combines the operating model with explicit financing/restricted-fund assumptions once. Formula: sum(upside_2027q4_cash_after_capex, upside_2027q4_funding_sources).
Net modeled funding change upside_2027q4_funding_change	2027Q4 / upside	-782.92 USD_millions	derived: Funding inflows less explicit cash uses; not a full GAAP cash-flow statement. Formula: subtract(upside_2027q4_cash_with_funding, upside_2027q4_funding_uses).
Funding balance under stated assumptions upside_2027q4_funding_balance	2027Q4 / upside	-1,331.06 USD_millions	derived: June unrestricted-cash baseline rolled through operating, capex and explicit funding assumptions. Negative means an unfilled funding requirement. This is not current cash, bank availability, owner distributions or a fully funded claim. Formula: sum(upside_2027q3_funding_balance, upside_2027q4_funding_change).
Remaining restricted cash in funding bridge upside_2027q4_restricted_remaining	2027Q4 / upside	409.42 USD_millions	derived: Opening restricted balance less modeled release. Not automatically available to satisfy other project or parent claims. Formula: subtract(upside_2027q3_restricted_remaining, upside_2027q4_restricted_release).
Year-end Funding balance under stated assumptions ($M) upside_fy2026_funding_balance	FY2026 / upside	1,664.16 USD_millions	derived: Year-end stock equals Q4 ending balance; quarterly balances are never summed. Formula: sum(upside_2026q4_funding_balance, funding_zero).
Year-end Remaining restricted cash in funding bridge ($M) upside_fy2026_restricted_remaining	FY2026 / upside	409.42 USD_millions	derived: Year-end stock equals Q4 ending balance; quarterly balances are never summed. Formula: sum(upside_2026q4_restricted_remaining, funding_zero).
Year-end Funding balance under stated assumptions ($M) upside_fy2027_funding_balance	FY2027 / upside	-1,331.06 USD_millions	derived: Year-end stock equals Q4 ending balance; quarterly balances are never summed. Formula: sum(upside_2027q4_funding_balance, funding_zero).
Year-end Remaining restricted cash in funding bridge ($M) upside_fy2027_restricted_remaining	FY2027 / upside	409.42 USD_millions	derived: Year-end stock equals Q4 ending balance; quarterly balances are never summed. Formula: sum(upside_2027q4_restricted_remaining, funding_zero).
Abernathy contractual installment due abernathy_due_2026q3	2026Q3 / shared	250.00 USD_millions	reported: Note 11: $250M within 14 days of July 6; $150M by December 31, 2026; approximately $130M by April 30, 2027 subject to adjustment. Schedule is not evidence of cash receipt. Primary source · 2026-08-05
Abernathy contractual installment due abernathy_due_2026q4	2026Q4 / shared	150.00 USD_millions	reported: Note 11: $250M within 14 days of July 6; $150M by December 31, 2026; approximately $130M by April 30, 2027 subject to adjustment. Schedule is not evidence of cash receipt. Primary source · 2026-08-05
Abernathy contractual installment due abernathy_due_2027q2	2027Q2 / shared	130.00 USD_millions	reported: Note 11: $250M within 14 days of July 6; $150M by December 31, 2026; approximately $130M by April 30, 2027 subject to adjustment. Schedule is not evidence of cash receipt. Primary source · 2026-08-05
Assumed sale cash costs fraction abernathy_fee_fraction	Sale collection / shared	2.0% ratio	assumption: Desk 2% reserve against collected consideration for costs/taxes; not reported transaction expenses. Actual cash costs remain to be confirmed.
Assumed collection of scheduled installment downside_2026q3_sale_receipt_fraction	2026Q3 / downside	50.0% ratio	assumption: Base/upside collect the contractual installment in its due quarter; downside collects half without an assumed catch-up. Collection timing and final adjustments are uncertain; these are forward assumptions, not verified bank receipts.
Assumed cash cost of sale collection downside_2026q3_asset_sale_fees	2026Q3 / downside	2.50 USD_millions	derived: Modeled cash collection times the desk cost reserve; not a reported cost. Formula: multiply(downside_2026q3_asset_sale_cash, abernathy_fee_fraction).
Assumed cash cost of sale collection downside_2026q4_asset_sale_fees	2026Q4 / downside	1.50 USD_millions	derived: Modeled cash collection times the desk cost reserve; not a reported cost. Formula: multiply(downside_2026q4_asset_sale_cash, abernathy_fee_fraction).
Assumed collection of scheduled installment downside_2027q2_sale_receipt_fraction	2027Q2 / downside	50.0% ratio	assumption: Base/upside collect the contractual installment in its due quarter; downside collects half without an assumed catch-up. Collection timing and final adjustments are uncertain; these are forward assumptions, not verified bank receipts.
Assumed cash cost of sale collection downside_2027q2_asset_sale_fees	2027Q2 / downside	1.30 USD_millions	derived: Modeled cash collection times the desk cost reserve; not a reported cost. Formula: multiply(downside_2027q2_asset_sale_cash, abernathy_fee_fraction).
Assumed collection of scheduled installment base_2026q3_sale_receipt_fraction	2026Q3 / base	100.0% ratio	assumption: Base/upside collect the contractual installment in its due quarter; downside collects half without an assumed catch-up. Collection timing and final adjustments are uncertain; these are forward assumptions, not verified bank receipts.
Assumed cash cost of sale collection base_2026q3_asset_sale_fees	2026Q3 / base	5.00 USD_millions	derived: Modeled cash collection times the desk cost reserve; not a reported cost. Formula: multiply(base_2026q3_asset_sale_cash, abernathy_fee_fraction).
Assumed cash cost of sale collection base_2026q4_asset_sale_fees	2026Q4 / base	3.00 USD_millions	derived: Modeled cash collection times the desk cost reserve; not a reported cost. Formula: multiply(base_2026q4_asset_sale_cash, abernathy_fee_fraction).
Assumed collection of scheduled installment base_2027q2_sale_receipt_fraction	2027Q2 / base	100.0% ratio	assumption: Base/upside collect the contractual installment in its due quarter; downside collects half without an assumed catch-up. Collection timing and final adjustments are uncertain; these are forward assumptions, not verified bank receipts.
Assumed cash cost of sale collection base_2027q2_asset_sale_fees	2027Q2 / base	2.60 USD_millions	derived: Modeled cash collection times the desk cost reserve; not a reported cost. Formula: multiply(base_2027q2_asset_sale_cash, abernathy_fee_fraction).
Assumed collection of scheduled installment upside_2026q3_sale_receipt_fraction	2026Q3 / upside	100.0% ratio	assumption: Base/upside collect the contractual installment in its due quarter; downside collects half without an assumed catch-up. Collection timing and final adjustments are uncertain; these are forward assumptions, not verified bank receipts.
Assumed cash cost of sale collection upside_2026q3_asset_sale_fees	2026Q3 / upside	5.00 USD_millions	derived: Modeled cash collection times the desk cost reserve; not a reported cost. Formula: multiply(upside_2026q3_asset_sale_cash, abernathy_fee_fraction).
Assumed cash cost of sale collection upside_2026q4_asset_sale_fees	2026Q4 / upside	3.00 USD_millions	derived: Modeled cash collection times the desk cost reserve; not a reported cost. Formula: multiply(upside_2026q4_asset_sale_cash, abernathy_fee_fraction).
Assumed collection of scheduled installment upside_2027q2_sale_receipt_fraction	2027Q2 / upside	100.0% ratio	assumption: Base/upside collect the contractual installment in its due quarter; downside collects half without an assumed catch-up. Collection timing and final adjustments are uncertain; these are forward assumptions, not verified bank receipts.
Assumed cash cost of sale collection upside_2027q2_asset_sale_fees	2027Q2 / upside	2.60 USD_millions	derived: Modeled cash collection times the desk cost reserve; not a reported cost. Formula: multiply(upside_2027q2_asset_sale_cash, abernathy_fee_fraction).

Model boundaries

Funding balances are conditional planning arithmetic from June cash, not present cash or a reconciled GAAP balance sheet. Negative balances identify unfilled funding needs. New issuance, early conversion, contingent claims, cash sweeps, acquisitions and minority distributions remain explicit gaps; no fully diluted EPS or equity valuation is claimed.
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.
Abernathy was disposed effective July 6; scheduled collections are modeled conditionally and do not establish actual receipt. Muskie, Chesapeake and Hawkeye do not earn modeled 2026-27 revenue.
June consolidated cash is not automatically distributable parent cash. Justified has a 6.8% outside interest, project debt has completion guarantees and cash-sweep provisions, and early convertible cash settlements are not captured by scheduled maturities. Base/upside assume collection by the contractual due quarters; downside collects half, without a fictitious later catch-up. The non-dilutive Justified seller interest has a fixed-price put after the first operating anniversary, net of distributions; its undisclosed settlement is not inferred from its accounting value.

Turning power and construction into leased IT capacity

Research reviewed 2026-09-20

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 Abernathy disposal was effective July 6; $530M approximate consideration is due in $250M/$150M/$130M installments. Modeled collection is separate from verified cash receipts.

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.
Project completion guarantees, excess-cash-flow debt sweeps and optional early convertible cash settlement can constrain liquidity beyond scheduled maturities. Justified has a 6.8% outside equity claim; consolidated cash contribution is not wholly distributable parent cash.

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 installment collections · July 2026, by December 31, 2026 and April 30, 2027 (confirmed). Reconcile $250M/$150M/approximately $130M installment collections, final adjustments, fees and taxes. Ownership was disposed effective July 6; do not confuse the sale date with receipt of the full consideration.

Data coverage and open work

Funding balances are conditional planning arithmetic from June cash, not present cash or a reconciled GAAP balance sheet. Negative balances identify unfilled funding needs. New issuance, early conversion, contingent claims, cash sweeps, acquisitions and minority distributions remain explicit gaps; no fully diluted EPS or equity valuation is claimed.
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.
Abernathy was disposed effective July 6; scheduled collections are modeled conditionally and do not establish actual receipt. Muskie, Chesapeake and Hawkeye do not earn modeled 2026-27 revenue.
June consolidated cash is not automatically distributable parent cash. Justified has a 6.8% outside interest, project debt has completion guarantees and cash-sweep provisions, and early convertible cash settlements are not captured by scheduled maturities. Base/upside assume collection by the contractual due quarters; downside collects half, without a fictitious later catch-up. The non-dilutive Justified seller interest has a fixed-price put after the first operating anniversary, net of distributions; its undisclosed settlement is not inferred from its accounting value.

This review: Added conditional funding balances, scheduled principal, restricted-cash separation and dated share/minority claims. Corrected Abernathy: disposed effective July 6, with three contractual installments, rather than an unclosed sale. Collection/fee assumptions are distinct from reported cash. Preserved operating forecasts; project guarantees, early convert settlements, outside-owner puts and future financing remain limitations.

What the memory says

State as of the 2026-09-25 close: in a 120-day uptrend, below its 200-day, off the 52-week high, with overhead supply, ordinary volume, closed weak, and peers quiet

300 similar days

Vs the market, in points	Low	Middle	High	Share up
1 session	-1.3	+0.1	+1.3	57%
5 sessions	-3.8	-0.0	+3.2	50%
10 sessions	-5.0	+0.2	+4.4	53%
1 month (21 sessions)	-7.4	+0.2	+6.2	53%
3 months (63 sessions)	-15.4	+0.5	+12.1	52%
6 months (126 sessions)	-23.5	-0.1	+16.4	50%
1 year (252 sessions)	-25.4	+0.3	+32.8	50%

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

Notes on this name

No published notes on this name yet.

Scorecard: 0 notes scored

Next report: 2026-11-03 (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 2026-09-26T11:15:52+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 2026-09-26T11:15:52+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 2026-09-26T11:15:52+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 2026-09-26T11:15:52+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 2026-09-26T11:15:52+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 2026-09-26T11:15:52+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 2026-09-26T11:15:52+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 2026-09-26T11:15:52+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 2026-09-26T11:15:52+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 2026-09-26T11:15:52+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 2026-09-26T11:15:52+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 2026-09-26T11:15:52+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 2026-09-26T11:15:52+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 2026-09-26T11:15:52+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 2026-09-26T11:15:52+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 2026-09-26T11:15:52+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 2026-09-26T11:15:52+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 2026-09-26T11:15:52+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 2026-09-26T11:15:52+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 2026-09-26T11:15:52+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 2026-09-26T11:15:52+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 2026-09-26T11:15:52+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 2026-09-26T11:15:52+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 2026-09-26T11:15:52+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 2026-09-26T11:15:52+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 2026-09-26T11:15:52+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 2026-09-26T11:15:52+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 2026-09-26T11:15:52+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 2026-09-26T11:15:52+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 2026-09-26T11:15:52+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 2026-09-26T11:15:52+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 2026-09-26T11:15:52+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 2026-09-26T11:15:52+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 2026-09-26T11:15:52+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 2026-09-26T11:15:52+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 2026-09-26T11:15:52+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 2026-09-26T11:15:52+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 2026-09-26T11:15:52+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 2026-09-26T11:15:52+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 2026-09-26T11:15:52+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 2026-09-26T11:15:52+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 2026-09-26T11:15:52+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 2026-09-26T11:15:52+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 2026-09-26T11:15:52+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 2026-09-20
August 5 Q2 results and contracted campus delivery schedule · retrieved 2026-09-19
August 24 Kentucky power agreement approval · retrieved 2026-09-19

Compiled 2026-09-26T11:15:52.942780+00:00 · authored c323398ed67c · generated 61c974e63940 · JSON

Daily notes · Scorecard