Applied Digital Corp (APLD) 2026 Q2 法說會逐字稿

Good afternoon, and welcome to Applied Digital's fiscal second-quarter 2026 conference call. My name is Constantine, and I will be your operator for today.

下午好，歡迎參加Applied Digital公司2026財年第二季電話會議。我叫康斯坦丁，今天由我來為您接聽電話。

Before this call, Applied Digital issued its financial results for the fiscal second quarter ended November 30, 2025, in a press release, a copy of which has been furnished in a report on a Form 8-K filed with the Securities and Exchange Commission, or SEC, and will be available in the Investor Relations section of the company's website.

在本次電話會議之前，Applied Digital 在一份新聞稿中發布了截至 2025 年 11 月 30 日的第二財季財務業績，該新聞稿的副本已在提交給美國證券交易委員會（SEC）的 8-K 表格報告中提供，並將在公司網站的投資者關係部分提供。

Joining us on today's call are Applied Digital's Chairman and CEO, Wes Cummins; and CFO, Saidal Mohmand. Following the remarks, we will open the call for questions. Before we begin, Matt Glover from Gateway Group will make a brief introductory statement. Mr. Glover, you may begin.

今天參加電話會議的有 Applied Digital 的董事長兼執行長 Wes Cummins 和財務長 Saidal Mohmand。發言結束後，我們將開放提問環節。在正式開始之前，Gateway Group 的 Matt Glover 將作簡短的介紹性演講。格洛佛先生，您可以開始了。

Thank you, operator. Hello, everyone, and welcome to Applied Digital's fiscal second-quarter 2026 conference call. Before management begins formal remarks, we'd like to remind everyone that some statements we're making today may be considered forward-looking statements under securities laws and involve a number of risks and uncertainties. As a result, we caution you that there are a number of factors, many of which are beyond our control, which could cause actual results and events to differ materially from those described in the forward-looking statements.

謝謝接線生。大家好，歡迎參加Applied Digital 2026財年第二季電話會議。在管理階層正式發言之前，我們想提醒大家，我們今天所作的一些陳述可能被視為證券法意義上的前瞻性陳述，並涉及許多風險和不確定性。因此，我們提醒您，有許多因素（其中許​​多因素是我們無法控制的）可能導致實際結果和事件與前瞻性聲明中描述的結果和事件有重大差異。

For more detailed risks, uncertainties and assumptions relating to our forward-looking statements, please see the disclosures in earnings release and public filings made with the SEC. We disclaim any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.

有關我們前瞻性聲明的更詳細的風險、不確定性和假設，請參閱獲利報告和向美國證券交易委員會提交的公開文件中的揭露資訊。除法律另有規定外，我們不承擔任何義務或責任更新前瞻性陳述以反映前瞻性陳述發布之日後發生的情況或事件。

We'll also discuss non-GAAP financial metrics and encourage you to read our disclosures and the reconciliation tables to the applicable GAAP measures in the earnings release carefully as you consider these metrics. We refer you to our filings with the SEC for detailed disclosures and descriptions of our business as well as uncertainties and other variable circumstances, including, but not limited to, risks and uncertainties identified under the caption, Risk Factors, in our annual report on Form 10-K and our quarterly reports on Form 10-Q.

我們還將討論非GAAP財務指標，並鼓勵您在考慮這些指標時，仔細閱讀獲利報告中的揭露資訊和與適用GAAP指標的調節表。有關我們業務的詳細揭露和描述，以及不確定性和其他可變情況（包括但不限於我們在 10-K 表格年度報告和 10-Q 表格季度報告中「風險因素」標題下列出的風險和不確定性），請參閱我們向美國證券交易委員會提交的文件。

You may access Applied Digital's SEC filings for free by visiting the SEC website at www.sec.gov. I'd like to remind everyone that this call is being recorded and will be made available for replay via a link available in the Investor Relations section of Applied Digital's website.

您可以透過造訪美國證券交易委員會（SEC）網站www.sec.gov免費查閱Applied Digital向SEC提交的文件。我在此提醒各位，本次電話會議正在錄音，錄音回放將透過Applied Digital網站投資者關係欄位中的連結提供。

Now I'd like to turn the call over to Applied Digital's Chairman and CEO, Wes Cummins. Wes?

現在我想把電話交給應用數位公司董事長兼執行長韋斯·卡明斯。韋斯？

Thanks, Matt, and good afternoon, everyone. Thank you for joining our fiscal second-quarter 2026 conference call. I'd like to begin by thanking our employees for their dedication to delivering high-performance, sustainably engineered infrastructure for AI, cloud, and blockchain workloads. Their execution and commitment continue to be foundational to our success.

謝謝馬特，大家下午好。感謝您參加我們2026財年第二季電話會議。首先，我要感謝我們的員工，感謝他們致力於為人工智慧、雲端運算和區塊鏈工作負載提供高效能、永續的工程基礎設施。他們的執行力和敬業精神仍然是我們成功的基石。

This quarter marked several important milestones across our HPC data center and hosting business. Polaris Forge 1 reached ready-for-service, energizing 100 megawatts on schedule and completing the first of three contracted buildings. The remainder of this AI factory campus is expected to be completed by the end of 2027, and will host 400 megawatts for CoreWeave, representing approximately $11 billion in prospective lease revenue over approximately 15 years.

本季度，我們的高效能運算資料中心和託管業務取得了幾個重要的里程碑。Polaris Forge 1 已準備就緒，按計劃投入使用，發電量達到 100 兆瓦，並完成了三座合約建築中的第一座。該人工智慧工廠園區的其餘部分預計將於 2027 年底完工，屆時將為 CoreWeave 提供 400 兆瓦的電力，預計在約 15 年內帶來約 110 億美元的預期租賃收入。

We also announced a roughly $5 billion 15-year lease with a US-based investment-grade hyperscaler for 200 megawatts at Polaris Forge 2. This is a $3 billion project near Harwood, North Dakota, that is advancing on schedule with initial capacity expected in 2026 and full build-out in 2027. Together, these agreements represent 600 megawatts of lease capacity and approximately $16 billion in prospective lease revenue across our North Dakota campuses.

我們也宣布與一家美國投資級超大規模資料中心營運商簽訂了一份價值約 50 億美元的 15 年期租賃協議，租用 Polaris Forge 2 的 200 兆瓦電力。這是一個位於北達科他州哈伍德附近的價值 30 億美元的項目，目前正按計劃推進，預計將於 2026 年實現初步產能，並於 2027 年全面建成。這些協議合計代表了我們在北達科他州各園區600兆瓦的租賃容量和約160億美元的潛在租賃收入。

Having secured two hyperscale leases in the region, inbound demand has increased meaningfully. As a result, we are in advanced discussions with another investment-grade hyperscaler across multiple regions, including additional locations in the Dakotas and select Southern US markets. While there can be no assurance of future contracts, we believe we are well positioned to begin construction of additional campuses in the near term.

在該地區獲得兩份超大規模租賃合約後，入境需求顯著增加。因此，我們正在與另一家投資級超大規模資料中心營運商進行深入洽談，合作範圍涵蓋多個地區，包括達科他州的其他地點和美國南部部分市場。雖然不能保證未來的合同，但我們相信我們已做好充分準備，在不久的將來開始建造其他校區。

Hyperscalers are competing aggressively to secure sites that can support massive AI demand, responding to data highlighting significant shortfalls in global power capacity. Many are being asked to commit capital to 30-year power plant developments, meaning energy may take years to come online, it could cost more than anticipated. Beyond the immediate rush, AI infrastructure is ultimately a cost of capital business where every input matters.

超大規模資料中心營運商正積極爭取能夠支援大規模人工智慧需求的資料中心，以應對凸顯全球電力容量嚴重不足的資料。許多人被要求投入資金用於 30 年的發電廠開發，這意味著能源可能需要數年才能投入使用，而且成本可能超出預期。拋開眼前的緊迫性不談，人工智慧基礎設施歸根究底是一個資本投入密集產業，每項投入都至關重要。

In this context, we chose the Dakotas because we believe they provide a durable, competitive advantage with low cost [abundant] energy, [new] climate, ample land for expansion of existing sites, and potential for future large-scale super sites that could align with regional energy developments, making Applied Digital sites not only immediately valuable, but we believe also more efficient and cost-effective over the long term compared with other regions in the US and globally.

在此背景下，我們選擇達科他州是因為我們相信，該地區擁有持久的競爭優勢，包括低成本（豐富的）能源、（新的）氣候、充足的土地用於現有站點的擴展，以及未來建設大型超級站點的潛力，這些站點可以與區域能源發展相契合，從而使應用數位公司的站點不僅具有即時價值，而且我們相信，與美國和全球地區相比，更高效且更遠。

Building on this advantage, we have significantly evolved our construction and design capabilities. Our current data center designs are modular and highly efficient, allowing us to run numerous concrete plants simultaneously and leverage prefabricated components delivered by 18-wheelers. The approach reduces construction timelines and lowers overall cost.

基於這一優勢，我們的施工和設計能力得到了顯著提升。我們目前的資料中心設計採用模組化設計，效率極高，使我們能夠同時運行多個混凝土攪拌站，並利用 18 輪卡車運送的預製組件。這種方法可以縮短施工時間並降低整體成本。

We've expanded the footprint and flexibility of our buildings designed to allow for different GPU and ASIC chip architectures and networking infrastructure to support multipurpose AI use cases and traditional cloud workloads. While AI is driving significant demand, cloud computing continues to grow and increasingly competes for data center capacity.

我們擴大了建築物的佔地面積和靈活性，使其能夠適應不同的 GPU 和 ASIC 晶片架構以及網路基礎設施，從而支援多用途 AI 用例和傳統雲端工作負載。雖然人工智慧正在推動巨大的需求，但雲端運算也在持續成長，並日益與人工智慧爭奪資料中心容量。

Our facilities are purpose-built to support training, inference, and traditional cloud workloads intended to give hyperscalers maximum flexibility over the life of the asset. Looking ahead, we expect to maintain a meaningful competitive advantage in the Dakotas and intend to announce additional locations in other advantaged regions.

我們的設施是專門建造的，旨在支援訓練、推理和傳統雲端工作負載，從而在資產的整個生命週期中為超大規模用戶提供最大的靈活性。展望未來，我們期望在達科他州保持顯著的競爭優勢，並計劃在其他優勢地區宣布更多選址。

With that, I'll turn the call over to our CFO, Saidal Mohmand, for a detailed review of our financials. Saidal?

接下來，我將把電話交給我們的財務長賽達爾·莫赫曼德，讓他詳細審查一下我們的財務狀況。賽達爾？

Thanks, Wes. Good afternoon, everyone. This quarter represents a major inflection point for Applied Digital. After two years of construction and over $1 billion invested in our first 100-megawatt data center, we have now begun to generate lease revenues. We expect lease revenues to ramp over the next quarter, and it's important to note that we currently have two different campuses under construction simultaneously representing 600 megawatts.

謝謝你，韋斯。大家下午好。本季對應用數位科技公司而言是一個重要的轉捩點。經過兩年的建設和超過 10 億美元的投資，我們首個 100 兆瓦資料中心現在開始產生租賃收入。我們預計下一季租賃收入將大幅成長，值得注意的是，我們目前有兩個不同的園區正在同時建設中，總裝置容量為 600 兆瓦。

These buildings are expected to come online over the course of calendar 2026 and 2027, where we anticipate meaningful revenue growth over the coming 18 to 24 months. This does not include any additional campuses currently under advanced discussions with customers, which would be layered into these numbers according to their respective design and build timelines.

這些建築預計將於 2026 年和 2027 年陸續投入使用，我們預計未來 18 至 24 個月內將實現顯著的收入成長。這還不包括目前正在與客戶進行深入討論的任何其他校區，這些校區將根據各自的設計和建造時間表添加到這些數字中。

From a high-level finance perspective, we have agreements in place of top-tier financial institutions that allow us to execute this repeatable and capital-efficient framework. The first step of this process is to draw on our development loan facility with Macquarie Equipment Capital, which allows us to fund pre-leased construction for new sites. Subsequent to the second first-quarter end, we made our first draw under this $100 million facility.

從高層財務角度來看，我們與頂級金融機構達成了協議，使我們能夠執行這個可重複且資本高效的框架。這個流程的第一步是利用我們與麥格理設備資本公司 (Macquarie Equipment Capital) 的開發貸款額度，該額度允許我們為新場地的預租建設提供資金。在第二季末之後，我們根據這項 1 億美元的信貸額度進行了首次提取。

The second step, following a mutually agreed upon executed lease with an investment-grade hyperscaler, is to access the Macquarie Asset Management's $5 billion preferred equity facility. To date, we have drawn $900 million from this facility to support our Polaris Forge 1 and 2 campuses.

第二步，在與投資等級超大規模資料中心營運商達成雙方同意的租賃協議後，將獲得麥格理資產管理公司提供的 50 億美元優先股權融資。迄今為止，我們已從該設施中提取了 9 億美元，用於支援我們的 Polaris Forge 1 和 2 園區。

We expect a similar financial structure will be used going forward for future development projects. This multilayered financing framework allows Applied Digital to leverage third-party capital for a majority of the upfront investment, while retaining majority ownership of each site, providing financial flexibility and reducing reliance on public capital markets.

我們預計未來開發案將採用類似的財務結構。這個多層次的融資框架使 Applied Digital 能夠利用第三方資本進行大部分前期投資，同時保留每個站點的大部分所有權，從而提供財務靈活性並減少對公共資本市場的依賴。

On the debt front this quarter, we completed a $2.35 billion private offering of our 9.25% senior secured notes due 2030 to finance the first -- two of the three buildings at our Polaris Forge 1 site, supporting the core releases allowing us to refinance existing debt. No -- project-level debt typically carries higher interest rates initially as it finances the riskier portion of development. But once the buildings are operational, our goal is to refinance at lower rates. Additionally, our team is actively exploring and working on options to reduce the cost of debt for the third building, ensuring we continue to optimize our capital structure.

本季度，我們在債務方面完成了 23.5 億美元的 9.25% 高級擔保票據私募發行，該票據將於 2030 年到期，用於為我們 Polaris Forge 1 基地的三棟建築中的兩棟提供資金，從而支持核心資金的釋放，使我們能夠對現有債務進行再融資。不——專案級債務通常初期利率較高，因為它為開發中風險較大的部分提供資金。但一旦建築物投入運營，我們的目標是以更低的利率進行再融資。此外，我們的團隊正在積極探索和研究降低第三棟建築債務成本的方案，以確保我們繼續優化資本結構。

Now let's turn to the quarter. Revenues for the fiscal second quarter of fiscal '26 were $126.6 million, up 250% from $36.2 million in the prior year. The increase is primarily due to a $73 million of revenue generated from tenant fit-out services associated with our HPC hosting business, along with $12 million of recognized revenue in connection with the commencement of the first CoreWeave lease at Polaris Forge 1, reflecting partial quarter lease revenue.

現在我們來看季度。2026 財年第二季的營收為 1.266 億美元，比上年同期的 3,620 萬美元成長了 250%。此次成長主要歸功於與我們的高效能運算託管業務相關的租戶裝修服務所產生的 7,300 萬美元收入，以及與 Polaris Forge 1 首個 CoreWeave 租賃專案啟動相關的 1,200 萬美元已確認收入（反映了部分季度租賃收入）。

On a cash basis for the leases, revenues were approximately $8 million. The difference between cash received and the revenue recognized reflects ASC 842 lease accounting, which requires lease revenue to be recognized on a straight-line basis over 15 years. We will aim to provide clarity on this difference on an annual basis going forward.

以現金計算，租賃收入約 800 萬美元。收到的現金與確認的收入之間的差額反映了 ASC 842 租賃會計準則，該準則要求租賃收入按直線法在 15 年內確認。我們將力爭每年就此差異作出明確說明。

Applied Digital's Data Center Hosting segment, which operates 286 megawatts of customer ASICs across two North Dakota facilities, had an exceptionally strong quarter, contributing $41.6 million of revenue, up 15% compared to the prior year. This growth was primarily driven by increased capacity online across the company's hosting facilities. We are very pleased with this business, which generated roughly $16 million in segment operating profit in just one quarter on a $131 million asset base.

Applied Digital 的資料中心託管部門在北達科他州的兩個設施中營運著 286 兆瓦的客戶 ASIC，該部門本季業績異常強勁，貢獻了 4,160 萬美元的收入，比去年增長了 15%。這一增長主要得益於公司託管設施線上容量的增加。我們對這項業務非常滿意，該業務在一個季度內，以 1.31 億美元的資產為基礎，創造了約 1,600 萬美元的部門營業利潤。

Cost of revenues in total were $100.6 million compared to $22 million -- $22.7 million in the prior quarter. Approximately $69.5 million of the increase in the cost of revenue was associated with the tenant fit-out services for our HPC hosting business while the remaining increase was associated with our data center hosting business and other expenses directly attributable to generating revenue.

營業成本總額為 1.006 億美元，而上一季為 2,200 萬美元至 2,270 萬美元。收入成本增加約 6,950 萬美元與我們的 HPC 託管業務的租戶裝修服務有關，其餘增加則與我們的資料中心託管業務和其他直接用於產生收入的費用有關。

SG&A was $57 million compared to $26 million. This increase was due to an increase of $23.8 million in stock-based comp due to accelerated vesting of certain employee stock awards, $4.7 million in professional service expenses primarily related to an increase in legal services, and $1.2 million in personnel expense for employee costs and other costs attributable to supporting the growth of the business.

銷售、一般及行政費用為 5,700 萬美元，去年同期為 2,600 萬美元。這一增長是由於以下原因造成的：股票薪酬增加 2,380 萬美元（因為某些員工股票獎勵加速歸屬）；專業服務費用增加 470 萬美元（主要與法律服務增加有關）；以及人事費用增加 120 萬美元（用於員工成本和其他與支持業務增長相關的成本）。

Interest expense is $11.5 million compared to $2.9 million, while net loss was $31.2 million or $0.11 per share. On an adjusted basis, adjusted net income was a positive $100,000 or $0.00 per share. Adjusted EBITDA for the quarter totaled $20.2 million.

利息支出為 1,150 萬美元，而去年同期為 290 萬美元；淨虧損為 3,120 萬美元，即每股虧損 0.11 美元。經調整後，調整後淨收入為正 100,000 美元，即每股 0.00 美元。本季調整後 EBITDA 總計 2,020 萬美元。

From a balance sheet perspective, Applied Digital is exceptionally well positioned. We ended fiscal -- with the second fiscal quarter with $2.3 billion in cash, cash equivalents, and restricted cash versus $2.6 billion in debt, most of which does not mature until 2030 and approximately $2.1 billion in total equity. Note these figures do not include the $382.5 million in proceeds from financings completed subsequent to the quarter end.

從資產負債表的角度來看，Applied Digital 的處境非常有利。截至第二財季末，我們擁有 23 億美元的現金、現金等價物和受限現金，而債務為 26 億美元，其中大部分債務要到 2030 年才會到期，總權益約為 21 億美元。請注意，這些數字不包括季度末之後完成的融資所得的 3.825 億美元。

Our goal is to maintain one of the strongest balance sheets in the industry throughout the majority of the construction phases, intentionally holding a robust liquidity position to preserve a strong credit profile while enabling additional investments in equipment and new sites, then reassessing as buildings come online as our cash flow increases.

我們的目標是在大部分施工階段保持業內最強勁的資產負債表之一，有意保持穩健的流動性，以維持良好的信用狀況，同時能夠對設備和新場地進行額外投資，然後隨著建築物投入使用和現金流的增加而重新評估。

With that, I'll turn over the call to Wes for closing remarks. Thank you.

接下來，我將把電話交給韋斯，請他作總結發言。謝謝。

Thank you, Saidal. Applied Digital is executing in a market defined by extraordinary hyperscaler investment now exceeding $400 billion annually. With our first two hyperscalers under contract for 600 megawatts and additional sites in advanced discussions, we are well positioned to scale rapidly. We now expect to surpass our long-term goal of $1 billion in NOI within five years. The Dakota campuses are expected to provide a durable strategic advantage through low-cost synergy, natural cooling, and a supportive regulatory environment.

謝謝你，賽達爾。Applied Digital 所處的市場，其特點是超大規模資料中心每年的投資額超過 4,000 億美元。我們已與兩家超大規模資料中心簽訂了 600 兆瓦的合同，並正在就其他站點進行深入洽談，因此我們有能力快速擴張。我們現在預計，五年內營業淨收入將超過我們設定的10億美元的長期目標。達科他園區可望透過低成本協同效應、自然冷卻和有利的監管環境，提供持久的策略優勢。

We remain committed to responsible development, strong community partnerships, and environmental stewardship. We continue to invest ahead of the curve. This quarter, we led and invested $15 million in a $25 million funding round for Corintis, supporting advanced liquid cooling solutions for high-density AI workloads. We are also working with utilities and strategic partners, including Babcock & Wilcox Enterprises to explore ways to add power to the grid without increasing costs to our customers.

我們始終致力於負責任的發展、強大的社區夥伴關係和環境保護。我們持續進行前瞻性投資。本季度，我們領投並投資了 1500 萬美元，參與了 Corintis 的 2500 萬美元融資輪，以支持高密度 AI 工作負載的先進液冷解決方案。我們也與公用事業公司和策略合作夥伴（包括 Babcock & Wilcox Enterprises）合作，探索在不增加客戶成本的情況下為電網增加電力的方法。

These initiatives reinforce our leadership in next-generation data center design, responsible grid management, and a long-term shareholder value creation. We plan to continue advancing our thought leadership at the forefront of data center technology and deepening our influence across the broader ecosystem.

這些舉措鞏固了我們在下一代資料中心設計、負責任的電網管理和長期股東價值創造方面的領先地位。我們計劃繼續提升我們在資料中心技術領域的思想領導力，並加深我們在更廣泛的生態系統中的影響力。

I'm also proud to announce the launch of Applied Digital Cares, a community initiative funding brands that support education, health, innovation, and local development in the regions where we operate. Through this initiative, we aim to improve the standard of living in these focused communities because of our success -- because our success depends on theirs.

我還很榮幸地宣布推出 Applied Digital Cares，這是一項社區倡議，旨在資助在我們營運所在地區支持教育、健康、創新和當地發展的品牌。透過這項舉措，我們希望透過我們的成功來改善這些重點社區的生活水平——因為我們的成功取決於他們的成功。

Finally, as noted earlier, I want to expand on the Board's decision to spin out Applied Digital Cloud. We've entered a nonbinding letter of intent to combine Applied Digital Cloud with EKSO Bionics to form ChronoScale, a dedicated GPU accelerated-compute platform for demanding AI workloads. This transition separates our cloud platform from our data center business intended to allow each to scale independently with greater strategic and capital flexibility.

最後，如同前面提到的，我想進一步闡述董事會關於分拆應用數位雲端的決定。我們已簽署一份不具約束力的意向書，將 Applied Digital Cloud 與 EKSO Bionics 合併，成立 ChronoScale，這是一個專用於高要求 AI 工作負載的 GPU 加速運算平台。此次轉型將我們的雲端平台與資料中心業務分開，旨在使兩者能夠獨立擴展，從而擁有更大的策略和資本靈活性。

ChronoScale is set up to leverage an improvement of Applied Digital cloud platform among the first to deploy NVIDIA H100 GPUs at scale. On an anticipated closing in the first half of 2026, Applied Digital is expected to own over 80% of ChronoScale. Today, the cloud business generates roughly -- generates over $60 million in trailing 12-month revenue with $313 million in assets. We believe spinning off our cloud business best positions us to serve the accelerated AI -- accelerating AI market while enhancing long-term shareholder value.

ChronoScale 旨在利用 Applied Digital 雲端平台的改進，該平台是首批大規模部署 NVIDIA H100 GPU 的平台之一。預計在 2026 年上半年完成交易後，Applied Digital 將持有 ChronoScale 80% 以上的股份。如今，雲端運算業務在過去 12 個月中創造了超過 6,000 萬美元的收入，資產達 3.13 億美元。我們相信，分拆雲業務能讓我們更能服務快速發展的人工智慧市場，同時提升股東的長期價值。

With that, operator, we'll open the call for questions.

操作員，接下來我們將開始接受提問。

(Operator Instructions) Nick Giles, B. Reilly Securities.

（操作員說明）Nick Giles，B. Reilly Securities。

Congrats on all the progress. My first question was just, I was hoping to get a sense for your growth appetite in the cloud business. Good to see the announcement there for ChronoScale. Should we expect the Applied platform to be a host for any future GPU purchases? Or how could Applied ultimately help attract incremental customers in -- for ChronoScale? Thanks a lot.

祝賀你們取得的所有進展。我的第一個問題是，我希望能了解貴公司在雲端運算業務方面的成長意願。很高興看到 ChronoScale 的公告。我們是否可以預期 Applied 平台將成為未來所有 GPU 採購的平台？或者，Applied 最終如何幫助 ChronoScale 吸引更多客戶？多謝。

Thanks, Nick. We've had a lot of discussions around that. So I think one of the key advantages that ChronoScale will have is the relationship with Applied Digital and access to large-scale data center facilities. Deploying the accelerated compute, whether it be GPUs or TPUs or LPUs is part of the equation, but having access to large-scale data center facilities to actually make those deployments is a bigger part of the equation right now. And I think that's going to give that platform an advantage having the relationship with Applied Digital.

謝謝你，尼克。我們圍繞著這個問題進行了很多討論。所以我認為 ChronoScale 的一個關鍵優勢在於它與 Applied Digital 的合作關係以及對大型資料中心設施的使用權。部署加速運算（無論是 GPU、TPU 或 LPU）是問題的一部分，但目前更重要的是如何獲得大規模資料中心設施來實際進行這些部署。我認為，與 Applied Digital 建立合作關係將使該平台獲得優勢。

We've had some of those discussions. We don't really want to get into how that will work in the future, but I do think that's a big advantage for the cloud business as it spins out.

我們已經進行過一些這方面的討論。我們不想深入探討未來會如何運作，但我認為這對分拆出來的雲端運算業務來說是一個巨大的優勢。

Got it. I appreciate that, Wes. My second one was just, you signed an agreement for a limited notice to proceed with Babcock & Wilcox. And I was just wondering if you could touch on the opportunity there. What kind of optionality does this really give you going forward? And what should we be looking for in the upcoming contract release?

知道了。謝謝你，韋斯。我的第二個問題是，你簽署了一份有限通知協議，允許 Babcock & Wilcox 公司繼續推動專案。我只是想問您能否談談這方面的機會。這究竟能為你未來的發展帶來哪些選擇？那麼，在即將發布的合約文件中，我們應該關注哪些內容呢？

The -- so for us, with the -- the BW solution is a very unique solution and an exciting solution in the market because it uses older technology or an older process, which has been proven out for 100-plus years. It's using steam turbines. Think of coal plant boilers, but we're using natural gas. That company has actually made a lot of coal and natural gas conversions over the past decade plus. And what it allows us to do is go to market earlier.

因此，對我們來說，BW 解決方案是一個非常獨特的解決方案，也是市場上令人興奮的解決方案，因為它採用了經過 100 多年驗證的較老技術或較老流程。它採用的是蒸汽渦輪機。想像一下燃煤電廠的鍋爐，只不過我們用的是天然氣。過去十多年來，該公司實際上已經進行了大量煤炭和天然氣改造項目。它使我們能夠更早進入市場。

If you get in line for the natural gas -- traditional natural gas turbine right now, if we put an order in today, we're probably not getting delivery until 2031, 2032. For that equipment, we need power earlier than that. We are working with our utility partners, specifically now in the Dakotas, but expect to in other states as well. The initial reaction from those utilities has been overwhelmingly positive and really interested in the solution that the utilities -- any utility in the country knows who BW is.

如果你現在訂購天然氣——傳統的天然氣渦輪機，如果我們今天下單，可能要到 2031 年、2032 年才能交付。這套設備需要更早的電力供應。我們正在與我們的公用事業合作夥伴合作，目前主要是在達科他州，但預計也會在其他州合作。這些公用事業公司最初的反應非常積極，並且對該解決方案非常感興趣——全國任何一家公用事業公司都知道 BW 是什麼。

The company has been around for a long time, very good reputation. And for us to be able to bring a product forward three, four-plus years to be able to generate power in the near term is the big advantage for those utilities and for us. And I think you should expect to see more information about that in the first quarter as we proceed with a site and an actual schedule for build on that equipment. But it provides a really good option for Applied Digital to expand its current campuses and future campuses faster than we would be able to otherwise.

這家公司歷史悠久，信譽非常好。對我們來說，能夠將產品提前三、四年甚至更長時間推出，以便在近期內發電，這對這些公用事業公司和我們來說都是巨大的優勢。我認為，隨著我們推進場地建設和該設備的實際建造計劃，大家應該會在第一季看到更多相關資訊。但這為應用數位技術公司提供了一個非常好的選擇，使其能夠比以往更快地擴展現有校區和未來校區。

Darren Aftahi, ROTH Capital.

Darren Aftahi，ROTH Capital。

Congrats on the progress. Two, if I may. Wes, can you just talk generally about the landscape for leases and how pricing may have changed over the last six months? Like is it improving, staying the same, going down?

恭喜你取得進展。如果可以的話，我想說兩個。韋斯，你能否大致談談租賃市場的現狀以及過去六個月價格可能發生的變化？情況是在好轉、維持不變還是下降？

And then second question, can you just talk a little bit about the pre-lease financing? I appreciate what it's actually doing. But like what does that say about your confidence when you're progressing on sites where you don't have signed leases? Just any kind of commentary and context would be great. Thanks.

第二個問題，可以簡單談談預租融資嗎？我很欣賞它實際所做的事情。但是，在沒有簽訂租約的情況下推進項目，這又能說明你對專案的信心如何？任何形式的評論和背景介紹都非常歡迎。謝謝。

Sure. So I'll start with pricing, Darren. I'll keep it specifically to us. I don't want to speak for the market at large. But I would say, generally, pricing has been stable to slightly better over the past six months. The demand profile for the past six months has been extraordinarily robust. There's -- I always want to expand a little bit on this with contracting.

當然。那麼，我就先從定價說起吧，達倫。我會只告訴我們兩個人。我不想代表整個市場發言。但總的來說，過去六個月的價格一直保持穩定，甚至略有改善。過去六個月的需求表現異常強勁。我一直想就合約方面再補充一點。

There's the headline price that you'll see in contracts and a calculated yield, which is using an estimated cost to build. That's one aspect of it. What I would say, though, that's as important or even more important is we're getting more favorable terms in other aspects of the contract that we focus on very acutely for things like cancellation of transferability, a lot of the things that make these contracts for us much more rock solid over that 15-year time frame.

合約中會顯示標價，而計算出的收益率則是根據估計的建造成本計算得出的。這是其中一個面向。不過，我想說的是，同樣重要甚至更重要的是，我們在合約的其他方面獲得了更有利的條款，例如取消轉讓等，這些條款是我們非常關注的，也使得這些合約在 15 年的時間範圍內更加穩固。

And we're getting a lot more favorable treatment in those aspects. As an example, our current contracts are really non-cancelable for 15 years. The customer can cancel for convenience. However, they owe us the 15 years of payments if they do, so that's typically referred to as a make-whole or a cancellation in the contract. So we've been able to get that 100% make-whole transferability that doesn't allow them to transfer to a credit rating. It's either equal or higher.

我們在這些方面得到了更優的待遇。例如，我們目前的合約在15年內是不可取消的。顧客可以出於方便考慮取消訂單。但是，如果他們這樣做，他們就欠我們 15 年的款項，所以這在合約中通常被稱為補償或取消。因此，我們實現了 100% 的補償轉移，但不允許他們將其轉移到信用評級。要么相等，要么更高。

There's a lot of things that go into the contracting. So I would just say, in general, the contracting environment has gotten more favorable over the past six months.

簽訂合約涉及很多方面。所以總的來說，過去六個月的承包環境變得更有利了。

And then on the Macquarie equipment facility and us announcing that, I think you should think back to what we did for our facility in Harwood, North Dakota. We did something very similar. And at the time, I spoke about that as well. We will go forward with groundwork breaking ground, getting the project moving when we have a high degree of confidence that we're going to find a lease at a new campus or new campuses and that facility.

然後，關於麥考瑞設備工廠以及我們宣布此事，我認為你應該回想一下我們在北達科他州哈伍德的工廠所做的一切。我們做了非常類似的事情。當時，我也談到了這一點。我們將在對找到新校區或多個新校區及其設施的租賃事宜有高度信心時，推進基礎建設工作，啟動專案。

We use that same style of facility. Now we've made that facility effectively at Evergreen so that we can continue to draw and pay it back. But we use that in Harwood. We paid that back with the draw on Macquarie Asset Management. We've now drawn down again. We purchased some land and some other equipment. We'll start construction on at least one new campus but -- by the end of January. And that's because we have a high degree of confidence that we're going to sign a lease with a new customer that is different. And we've set investment-grade hyperscaler. It's different than the original one we signed in Harwood.

我們使用相同類型的設施。現在我們已經有效地在 Evergreen 建立了該設施，以便我們可以繼續提取資金並償還貸款。但我們在哈伍德使用了它。我們透過對麥格理資產管理公司的注資償還了這筆款項。我們現在又撤資了。我們購買了一些土地和其他一些設備。我們將在一月底前開始建造至少一個新校區。這是因為我們非常有信心，我們將與一位與眾不同的新客戶簽訂租賃協議。我們已經建立了投資等級的超大規模資料中心。這和我們當初在哈伍德簽的那份不一樣。

And that's the goal for us, Darren. We have a lot of momentum. So we've talked a lot about this before, where we're qualified with most of the investment-grade hyperscalers really focused on fixed companies total here. And so we want to add new locations, and we want to add new customers. So we diversify both in location and by customer, and we expect to have a lot of success on that in 2026. And with what we're doing and what you're seeing the actions are now, you should expect that we think it's going to be in very early '26.

達倫，這就是我們的目標。我們勢頭強勁。我們之前已經多次討論過這個問題，我們有資格與大多數投資級超大規模資料中心營運商合作，他們真正關注的是固定規模的公司總數。因此，我們希望增加新的營業地點，也希望增加新的客戶。因此，我們在地域和客戶群方面都實現了多元化，我們預計在 2026 年將在這方面取得巨大成功。根據我們正在做的事情以及你們現在看到的行動，你們應該預料到，我們認為這將在 2026 年初發生。

Rob Brown, Lake Street Capital Markets.

羅布布朗，湖街資本市場。

Congratulations as well on all the progress. Just back to the ChronoScale spinout, I think you said mid-year for kind of closing. What's the -- give us a sense of what steps have to happen between now and then in terms of getting finalized agreement and a closing step? What sort of has to happen here?

也祝賀你們取得的所有進展。回到 ChronoScale 分拆的事情，我記得你說過會在年中關閉。請您大致說明一下，從現在到最終達成協議和完成收尾工作之間，還需要採取哪些步驟？這裡需要發生什麼事？

Sure. So it technically will be a merger, Rob. And so we'll get to a definitive hopefully later this month or early in February. And then there would just be a process for a shareholder vote to complete the merger.

當然。所以從技術上講，這算是一次合併，羅布。因此，我們希望在本月晚些時候或二月初就能得出最終結果。然後只需經過股東投票程序即可完成合併。

I think in the first half of '26 is the expectation. I think if I were handicapping it, on the very, very early side in March, but I would expect kind of the April, May time frame as we go forward with that.

我認為預計在 2026 年上半年實現。如果讓我預測的話，我認為會在三月初，但隨著比賽的進行，我預計會在四月或五月左右。

Okay. Great. And then as you kind of think about that business and the growth possibly there, I think you said $60 million trailing or $75 million, I think, [if all said to] perspective. What's sort of the growth opportunity is there -- additional capacity that can get leased out as a stand-alone business? Or do you expect -- I assume you expect some growth in capacity as well, but just a sense of the growth opportunity there.

好的。偉大的。然後，當你仔細考慮這項業務及其可能的成長時，我想你說過 6000 萬美元的滾動營收或 7500 萬美元，我想，（如果從整體來看）有哪些成長機會？例如，是否有額外的產能可以作為獨立業務出租？或者您是否預期——我猜您也預期產能會有所成長，但只是想了解一下這方面的成長機會。

Yeah. So just for context on this, Rob, when we announced back in April, we were -- we put that into discontinued ops. We are seeking strategic alternatives. We evaluated a lot of alternatives. But while we were evaluating those alternatives, I think that market changed pretty significantly. And what we're seeing is a big opportunity in the compute side of the market. Obviously, the data center side as well, but the compute side of the market, you're seeing a lot of deals happen over the past three or four months in that part of the market.

是的。羅布，為了說明一下背景，我們四月宣布的時候，我們──我們把那項業務列入了停止營運的名單。我們正在尋求戰略替代方案。我們評估了很多方案。但在我們評估這些替代方案期間，我認為市場發生了相當大的變化。我們看到的是計算領域的龐大市場機會。顯然，資料中心方面也是如此，但在計算市場方面，過去三、四個月裡，你會看到該市場領域發生了許多交易。

We're involved in -- with a lot of those counterparties and discussions that have been, and we think there's a really large opportunity for our cloud business as we spin it out into ChronoScale to get some of those types of contracts. And we -- working with us, we think there's a really unique relationship there where we can get data center capacity to be able to deploy significant scale for those style of contracts with those customers.

我們參與了許多此類交易對手的討論，我們認為，隨著我們將雲端業務分拆成 ChronoScale，我們的雲端業務將迎來巨大的機遇，從而獲得一些此類合約。我們認為，與我們合作可以建立一種非常獨特的關係，使我們能夠獲得資料中心容量，從而能夠為與這些客戶的此類合約部署相當大的規模。

And so we think this is the absolute best path for value creation for our shareholders to let this company spin out and capture that opportunity and raise its own capital and get on its own growth trajectory, which we just haven't focused on for the past eight months. So we think there's a huge opportunity there, and you can see the stuff that's going on in the market, and we're really well positioned to capture some of those opportunities.

因此，我們認為讓這家公司分拆出來，抓住機會，籌集自己的資金，走上自己的成長軌道，是為股東創造價值的最佳途徑，而這正是我們在過去八個月裡一直沒有關注的。所以我們認為那裡蘊藏著巨大的機遇，你也能看到市場上正在發生的事情，而我們已經做好了充分的準備來抓住其中的一些機會。

Mike Grondahl, Northland Securities.

Mike Grondahl，北地證券。

You've mentioned a couple of times advanced discussions. Can you talk a little bit about how many sites you're having advanced discussions about, like how many megawatts, just so we can get a feel kind of a sense of the breadth that you're talking about?

您曾多次提到深入的討論。您能否談談您正在進行深入討論的站點數量，例如有多少兆瓦，以便我們能對您所說的範圍有所了解？

Sure. I think we've talked about two or three sites. So I'll tell you, it's -- we're in advanced discussion on three sites in 900 megawatts.

當然。我想我們已經討論過兩三個網站了。我告訴你，我們正在就三個裝置容量為 900 兆瓦的站點進行深入討論。

Great. Three sites in 900 megawatts. And then, Wes, how are you thinking about the pipeline today? How would you characterize that pipeline?

偉大的。三個站點，總裝置容量900兆瓦。那麼，韋斯，你今天對管道建設有什麼看法？您如何描述這條管道？

The pipeline remains robust. I will say, Mike, when I think about the business, and it's been like this for the past few months, I'm thinking less about the demand side of the equation, and I talked about this a lot on the last call, which is our ability to scale, our ability to scale across multiple sites then do construction across multiple sites and how many sites can we do construction across. And the team spent a lot of time in 2025, and we'll continue working on our ability to scale and execute these projects at the size that we're doing across multiple sites.

管道系統依然暢通。麥克，我想說，當我思考業務時（過去幾個月一直如此），我較少考慮的是需求方面，我在上次電話會議上也多次談到這一點，那就是我們的規模化能力，我們在多個地點進行規模化的能力，以及我們能夠在多個地點進行建設的能力，以及我們能夠同時在多少個地點進行建設。團隊在 2025 年投入了大量時間，我們將繼續努力提高我們在多個站點上擴展和執行這些專案的能力，使其達到我們正在進行的規模。

So it's less on the demand side because that's not been really the issue for us or really, I think, the issue for the industry. We'll focus more on how much can we do and how much can we build from a supply chain perspective, from a personnel perspective, on an annualized basis. And so I don't think demand is going to be the limiter for us. But I want to make sure -- we always want to make sure that we're delivering on time and on budget for our customers.

所以問題不在於需求面，因為這對我們來說並不是真正的問題，或者說，我認為對整個產業來說也不是真正的問題。我們將更重視從供應鏈和人員配置的角度來看，我們每年能做多少事、能建造多少東西。所以我認為需求不會成為我們的限制因素。但我希望確保——我們始終希望確保按時按預算為客戶交付成果。

And I don't want to go too far out. We haven't hit that limit yet, but it's the piece that I think about a lot. And we internally think about a lot is what is the limit for us on an annual basis. It's a large number but that's really more of the limiting factor for us and not what the demand picture looks like.

我不想走太遠。我們還沒有達到那個極限，但這是我經常思考的問題。我們內部常常會思考，我們每年的極限是多少。這個數字很大，但這才是真正限制我們發展的因素，而不是需求狀況。

George Sutton, Craig-Hallum.

喬治·薩頓，克雷格-哈勒姆。

Thank you. Wes, you mentioned having been qualified by a few of the investment-grade hyperscalers. Can you just talk about what that means? When we talk about being in advanced discussions, I mean, how much more simplicity of getting something across the finish line is there once you've gone through that process versus hypothetically someone new in the market?

謝謝。韋斯，你提到你已經通過了幾家投資級超大規模資料中心運營商的資格審核。你能解釋一下這意味著什麼嗎？當我們談到進行深入討論時，我的意思是，一旦你完成了這個過程，與假設的市場新手相比，完成某件事會有多大的簡化？

Yeah. So what I would say generally -- and I'm going to only be able to reference our experience. So getting onboarded, getting to the point where you signed a master agreement that governs typically work orders or service orders you'll sign underneath of that can be anywhere from, on the low end, three months to -- on the high end, nine months to a year. And so we've been through the process there for most of these hyperscalers. So there's the six that we target, which are the five investment-grade hyperscalers and then CoreWeave.

是的。所以，我一般想說的是──而且我只能以我們的經驗為例。因此，從入職到簽署總協議（協議通常約束工作單或服務單），再到簽署該協議，所需時間可能從三個月到九個月甚至一年不等。因此，對於大多數超大規模資料中心來說，我們已經經歷了這個過程。所以，我們瞄準了六個目標，分別是五家投資級超大規模資料中心營運商，以及 CoreWeave。

So we're through -- out of those six, we're through that process with five of those. And so I think we're in a really good position. And so if we've already been through that process, doing a new building even if -- a new building on the same campus or expansion in the current building or doing even a new campus if you're through that with one of those hyperscalers, is a much shortened timeframe, abbreviated timeframe to get to that actual contract versus starting from scratch.

所以我們已經完成了——這六個人中，我們已經完成了其中五個人的篩選過程。所以我覺得我們現在處境非常有利。因此，如果我們已經完成了那個流程，那麼即使是在同一園區內新建一座建築，或者擴建現有建築，甚至新建一個園區（如果你已經和那些超大規模數據中心運營商合作完成了），簽訂實際合同所需的時間也會大大縮短，比從零開始要快得多。

Got you. So I want to put a couple of things together, and if you can help me. You were on CNBC the other day, mentioned -- by the way, movie star quality experience, frankly. But you mentioned you had done $16 billion of deals in '25 and that you would anticipate doing that or potentially better in '26. And I want to dovetail that with what you just said on we're late stage with three sites in 900 megawatts. Am I kind of putting these things all together correctly?

抓到你了。所以我想把幾件事結合起來，如果你能幫我的話。前幾天你上了CNBC，還提到了——坦白說，你的經歷堪比電影明星。但你提到你在 2025 年完成了 160 億美元的交易，並且預計在 2026 年也能達到這個數字，甚至可能做得更好。我想把這一點和你剛才說的話結合起​​來，我們目前已經進入了三個站點、總裝置容量為 900 兆瓦的後期階段。我這樣理解對嗎？

Yeah, I think that's correct. What I would just add to that on the -- George, on the 900 megawatts, I don't want to set the expectation that all of that is done at the same time. That could be one at a time. It could be on -- we've been through enough of this. George, you've been through this with us as we've gone through the last few years.

是的，我覺得沒錯。關於喬治提到的900兆瓦，我只想補充一點——我不想讓大家期望所有這些都能同時完成。可以一次處理一個。可能會發生——我們已經經歷過太多這樣的事情了。喬治，過去幾年我們一起經歷了這一切，你一直陪伴著我們。

Nothing is done until it's done. That's just what we're working through right now. But that's -- those two going together, I think, you're reading that correctly.

事情不做就不算完成。這就是我們目前正在努力解決的問題。但我認為這兩者是相關的，你的理解是正確的。

John Todaro, Needham & Company.

約翰‧托達羅，李約瑟公司。

Congrats on the quarter. Wes, you spent a good amount of time talking about how, I guess, supply and execution is a little bit more of the difficulty part than demand. I think you ultimately ended ahead of schedule in that first build for CoreWeave.

恭喜你本季取得佳績。韋斯，你花了不少時間談論，我認為，供應和執行比需求更難。我認為你們最終提前完成了 CoreWeave 的第一個版本。

Can you just walk us through maybe what you learned from that execution and give us confidence in how you'd be able to continue to execute on those builds on the development side? And then I have a follow-up.

您能否簡要介紹一下您從那次執行中學到了什麼，並讓我們相信您能夠在開發方面繼續執行這些建置？然後我還有一個後續問題。

Yeah. So we learned a lot going through that process on that first building, and we've made a lot of refinements. Typically, John, I think you've probably heard me talk about this before. So for us, one of the things, I think, differentiates us in the market is we started on this path back in 2022. We've stubbed our toe in a lot of different ways through the years.

是的。因此，我們在建造第一棟建築的過程中學到了很多東西，並進行了許多改進。約翰，我想你以前可能已經聽我說過這件事了。所以對我們來說，我認為，讓我們在市場上脫穎而出的一點是，我們早在 2022 年就開始走上這條道路。這些年來，我們以各種各樣的方式磕磕碰碰過。

Luckily, we did most of that at a very small scale, but we had a lot of lessons on that first building, and you see that reflected in design change. And then construction change and how we operate all the way through our supply chain and standardizing a lower amount of SKUs, lower amount of suppliers, all of these things that streamline the process that we do to build these facilities.

幸運的是，我們大部分工作都是小規模進行的，但我們從第一棟建築中學到了很多教訓，這一點在設計變更中得到了體現。然後是施工方式的改變，以及我們整個供應鏈的運作方式，標準化更少的 SKU、更少的供應商，所有這些都簡化了我們建造這些設施的流程。

And so we feel like we have a really good handle on our construction timelines. There's always things that can cause a problem that are out of our control on construction. One of the things I always worry about is weather, but we've built -- I think this is our fourth year in a row building in North Dakota in the wintertime. So we're pretty accustomed to that as well.

因此，我們感覺我們對施工進度安排的控制權非常到位。在施工過程中，總是會有一些我們無法控制的因素導致問題。我一直擔心的事情之一就是天氣，但我們已經連續四年在北達科他州的冬天進行建設了。所以我們也相當習慣了。

But we have -- we went back securing supply chain well over a year ago, 18 months-plus ago, and we thought we were really forward thinking on locking in 600, 700 megawatts of MEP per year that we have for us. Now we're working to expand that. That fits what we're doing right now, but I think that needs to go larger for us.

但是，我們早在一年多以前，也就是 18 個月前就開始著手保障供應鏈，我們認為我們很有遠見地鎖定了每年 600 至 700 兆瓦的機電工程量。現在我們正在努力擴大規模。這符合我們目前的做法，但我認為我們需要擴大規模。

So -- but we feel good about our processes we have in place and kind of the maturation of the construction and development group versus what we did on building one. I'm proud of them. I'm really proud for the entire team that we delivered that on time and on budget for our customer. But we have to continue to do that.

所以——但我們對現有的流程以及建築和開發團隊的成熟度感到滿意，這與我們當初建造一座建築時的情況相比，確實有所欠缺。我為他們感到驕傲。我為整個團隊感到非常自豪，我們按時按預算為客戶交付了專案。但我們必須繼續這樣做。

We feel really good about where we are for the CoreWeave building that we're expecting to deliver in the middle part of this year, and the building in Harwood, we're expecting to deliver shortly after that. And then the next two buildings after that, both in Ellendale and then in Harwood.

我們對 CoreWeave 大樓的進展感到非常滿意，預計將於今年年中交付；而 Harwood 的大樓，預計將在此之後不久交付。然後是接下來的兩棟大樓，分別位於埃倫代爾和哈伍德。

So we're feeling really good about where we are on schedule. But it's about the fact that we have streamlined this and we're on, what I call, our fourth-generation design has really helped us in simplifying the process and streamlining the process and being one of the companies that does deliver on time.

所以，我們對目前的進度安排感覺非常好。但關鍵在於，我們已經簡化了流程，我們現在採用的，我稱之為第四代設計，確實幫助我們簡化和優化了流程，使我們成為能夠按時交付的公司之一。

That's great. Thanks for that. And then just a quick follow-up. I think you've mentioned in the past, getting calls from entities with sort of stranded power. And it sounded like there might be a little bit more pockets of available power out there than some of us in the industry had initially thought.

那太棒了。謝謝。然後還有一個簡短的後續問題。我想你以前也提到過，接到一些電力中斷機構打來的電話。聽起來，市場上可能存在比我們業內一些人最初想像的更多的可用電力資源。

Could you just maybe frame that up? Is there still additional kind of pockets to acquire more fairly near-term power? And maybe talk to your color on that?

你能把它裱起來嗎？是否有其他途徑可以更及時地獲取權力？或許可以和你的膚色的人談談這件事？

Yeah. We keep finding more opportunities -- more and more opportunities. Everything we're in process with right now is organic. So we have a large amount in-flight that is organic. But we continue to see opportunities -- third-party opportunities. We continue to evaluate those opportunities. And some of those, really, for us, it could be in a different geographic market for us that is a really attractive market.

是的。我們不斷發現更多機會——越來越多的機會。我們目前正在進行的所有工作都是有機的。因此，我們機上有大量的有機食品。但我們仍然看到機會——第三方機會。我們將繼續評估這些機會。對我們來說，其中一些機會可能來自其他地理市場，而其他地理市場對我們來說可能是一個極具吸引力的市場。

But we continue to look at that. But everything we're doing right now is organic, but we see those I would say, daily -- weekly at least, but typically multiple times in a week.

但我們會繼續關注這個問題。但我們現在所做的一切都是自然而然的，但我可以說，我們每天都能看到這些——至少每週一次，但通常一周內會多次。

Great. Thanks for that, guys, and congrats again.

偉大的。謝謝各位，再次恭喜你們。

Michael Donovan, Compass Point.

邁克爾·多諾萬，指南針點。

Congrats on the quarter. Following up on Mike's pipeline question, can you touch upon expansion opportunities at PF1 and PF2? Do you still have confidence in those reaching 1.4 gigawatts and 1 gigawatt, respectively? And I have a follow-up.

恭喜你本季取得佳績。關於Mike提出的管線問題，能否談談PF1和PF2的擴張機會？你仍然對分別達到 1.4 吉瓦和 1 吉瓦的目標有信心嗎？我還有一個後續問題。

Yeah. So every one of our campuses -- I think this is an important point. Every one of our campuses has the potential to go to at least a gigawatt, and some significantly beyond a gigawatt. But when we think about our goals inside the company, we have two campuses now that can each go to 2 gigawatt or more. So we have that pipeline in the future for ourselves. We're working on three additional campuses. We're working on a lot more than that. But think of -- things we're in advanced stage on three more campuses. Each one of them can scale to 2-gigawatt capacity.

是的。所以，我們每個校區——我認為這一點很重要。我們每個校區都有潛力達到至少 1 吉瓦的發電量，有些校區甚至遠超過 1 吉瓦。但當我們思考公司內部的目標時，我們現在有兩個園區，每個園區的裝置容量都可以達到 2 吉瓦或更高。所以，我們未來會有這樣的發展前景。我們正在籌建另外三個校區。我們正在做的遠不止這些。但想想看——我們在另外三個校區的專案都已進入後製階段。它們每個都可以擴展到 2 吉瓦的容量。

So for us, if we put those in place, those contracts in place, we have different customers on those campuses. We have a view and a pretty clear path to, whether it's by 2030 or 2031 or 2032, to growing our capacity to 5 gigawatts if we don't add another campus after that. We would expect that we would, but it puts a really good growth path out for the company just having these campuses in place.

所以對我們來說，如果我們落實了這些，簽訂了這些合同，我們在這些校園裡就有了不同的客戶。我們有明確的目標和清晰的路徑，無論是在 2030 年、2031 年還是 2032 年，如果我們之後不再新建校區，我們將把發電能力提升到 5 吉瓦。我們預計會如此，但這些園區的建成確實為公司開闢了一條非常好的發展道路。

Just getting the 2 gigawatts, if we were talking about this a year ago, would be monumental for us. But if we can expand to five campuses and have a clear path to 5 gigawatts-plus of capacity over the next five years, that's a really great position for (technical difficulty) but all of those campuses have that expansion potential.

如果是在一年前，那麼獲得這 2 吉瓦的電力對我們來說將是意義重大的。但是，如果我們能夠擴展到五個校區，並在未來五年內實現 5 吉瓦以上的容量，那將是一個非常有利的地位（技術難題），但所有這些校區都有擴展的潛力。

Great. I appreciate that. And with the discussions around NVIDIA this week with liquid cooling for Vera Rubin, can you discuss a bit on what makes Corintis a competitive solution?

偉大的。我很感激。本週NVIDIA正在討論為Vera Rubin提供液冷散熱方案，您能否談談Corintis作為一款有競爭力的解決方案有哪些面向？

So Corintis is really interesting. You could go and look at their technology. They had a very nice announcement with Microsoft, I think, a couple of months ago. What we like about it is Corintis has a cold-plate technology that I liken to semiconductor and then module. A lot of semiconductors are built into modules.

所以科林蒂斯真的很有意思。你可以去看看他們的技術。我記得他們幾個月前和微軟一起發布了一個非常棒的公告。我們喜歡它的一點是，Corintis 擁有冷板技術，我將其比作半導體和模組。許多半導體裝置都被整合到模組中。

So they have the technology that I would classify in this case, a semiconductor, which is a specially designed patterned cold plate that is dependent on each chip individually. So whether it's B200, B300, Rubin, whatever it might be, they map that chip. They make the heat points of that chip. They design the cold plate with a lot of micro channels through it. And then it goes into a full cold plate and it sits on top right now.

所以他們擁有我在此將其歸類為半導體的技術，這是一種專門設計的圖案化冷板，每個晶片都是單獨使用的。所以無論是 B200、B300、Rubin 還是其他什麼晶片，他們都會對其進行映射。它們決定了晶片的發熱點。他們設計的冷板內部有許多微通道。然後它被放入一個完全冷卻的盤子裡，現在就放在盤子上。

But this technology is designed to go inside the semiconductor packaging in the future and then actually inside the manufacturing process in the [epi] for semiconductors. And the goal for this technology and a lot of this has proven out for them is that you can use -- if a chip goes, say, it's using 1 kilowatt down, but the next-generation chip uses 3 kilowatts or 5 kilowatts, this technology can use the same amount of liquid to chill chips as they go up.

但這項技術旨在未來應用於半導體封裝內部，並實際應用於半導體的外延製造過程。這項技術的目標，以及許多已經證明給他們看的東西，就是——比如說，如果一個晶片下降時消耗 1 千瓦的功率，而下一代晶片消耗 3 千瓦或 5 千瓦的功率，這項技術可以使用相同量的液體來冷卻上升的晶片。

Now there's a point where that breaks and there's a change where we need more liquid. But from a data center operator perspective, when having that efficiency inside, is always great for our customers, but to be able to deliver the same amount of liquid on the data center side for a chip that's 3x the power density of what we're currently running really helps us future-proof our infrastructure. And so we're really excited about that technology.

現在，這種情況會持續下去，我們需要更多的液體。但從資料中心營運商的角度來看，內部擁有這種效率對我們的客戶來說總是好事，但能夠為功率密度是我們目前運行的晶片的 3 倍的晶片在數據中心側提供相同數量的液體，確實有助於我們面向未來保護我們的基礎設施。因此，我們對這項技術感到非常興奮。

Thank you. There are no further questions at this time. I'd like to turn the call back to Wes Cummins for closing comments. Sir, please go ahead.

謝謝。目前沒有其他問題了。我想把電話轉回給韋斯卡明斯，請他做總結發言。先生，請繼續。

Thanks, everyone, for joining us for our Q2 earnings call. I appreciate all of the support and look forward to speaking to you in April. Thanks.

感謝各位參加我們的第二季財報電話會議。感謝大家的支持，期待四月與大家見面。謝謝。

Ladies and gentlemen, this concludes today's conference call. Thank you very much for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。非常感謝您的參與。您現在可以斷開連線了。