Cipher Mining Inc (CIFR) 2025 Q3 法說會逐字稿

Good day, and welcome to the Cipher Mining third quarter 2025 business update conference call. (Operator Instructions) As a reminder, this call may be recorded. I would now like to turn the call over to Courtney Knight, Head of Investor Relations. Please go ahead.

大家好，歡迎參加 Cipher Mining 2025 年第三季業務更新電話會議。（操作員說明）提醒您，本次通話可能會被錄音。現在我將把電話交給投資者關係主管考特尼奈特。請繼續。

Good morning, and thank you for joining us on this conference call to address Cipher Mining's business update for the third quarter of 2025. Joining me on the call today are Tyler Page, Chief Executive Officer; Greg Mumford, Chief Financial Officer; and Edward Farrell, Senior Advisor and former Chief Financial Officer. Please note that our press release and presentation can be found on the Investor Relations section of the company's website, where this conference call will also be simultaneously webcast. Please also note that this conference call is the property of Cipher Mining and any taping or other reproduction is expressly prohibited without prior consent.

早安，感謝各位參加本次電話會議，我們將討論 Cipher Mining 2025 年第三季的業務更新。今天與我一起參加電話會議的有：執行長泰勒·佩奇；首席財務官格雷格·芒福德；以及高級顧問兼前首席財務官愛德華·法雷爾。請注意，我們的新聞稿和簡報可在公司網站的投資者關係部分找到，本次電話會議也將在該部分進行同步網路直播。另請注意，本次電話會議的所有權歸 Cipher Mining 所有，未經事先同意，嚴禁任何形式的錄音或其他複製行為。

Before we start, I'd like to remind you that the following discussion as well as our press release and presentation contain forward-looking statements. These statements include, but are not limited to, Cipher's financial outlook, business plans and objectives and other future events and developments, including statements about the market potential of our business operations, potential competition and our goals and strategies.

在開始之前，我想提醒各位，以下討論以及我們的新聞稿和簡報中包含前瞻性陳述。這些聲明包括但不限於 Cipher 的財務展望、業務計劃和目標以及其他未來事件和發展，包括關於我們業務運營的市場潛力、潛在競爭以及我們的目標和策略的聲明。

Forward-looking statements and risks in this conference call, including responses to your questions, are based on current expectations as of today, and Cipher assumes no obligation to update or revise them, whether as a result of new developments or otherwise, except as required by law. Additionally, the following discussion may contain non-GAAP financial measures. We may use non-GAAP measures to describe the way in which we manage and operate our business. We reconcile non-GAAP measures to the most directly comparable GAAP measures and you are encouraged to examine those reconciliations, which are filed at the end of our earnings release issued earlier this morning.

本次電話會議中的前瞻性陳述和風險，包括對您問題的回答，均基於截至今日的當前預期，除法律要求外，Cip​​her 不承擔因新發展或其他原因而更新或修改這些陳述或風險的義務。此外，以下討論可能包含非公認會計準則財務指標。我們可能會使用非GAAP指標來描述我們管理和經營業務的方式。我們將非GAAP指標與最直接可比較的GAAP指標進行核對，我們鼓勵您查看這些核對錶，這些表附在我們今天早上發布的盈利報告的末尾。

I will now turn the call over to our CEO, Tyler Page. Tyler?

現在我將把電話轉交給我們的執行長泰勒佩奇。泰勒？

Thanks, Courtney. Good morning, everyone, and thank you for joining us today. I'm Tyler Page, CEO of Cipher Mining, and I'm pleased to welcome you to our third quarter 2025 business update call. The third quarter was truly transformative for Cipher as we made huge strides on our strategic pivot into the high-performance computing space and set the stage for what is, without question, the most exciting earnings update in our company's history. This quarter, we executed a pivotal transaction with Fluidstack and Google, which firmly established our credibility in the HPC space.

謝謝你，考特尼。各位早安，感謝大家今天收看我們的節目。我是 Cipher Mining 的執行長 Tyler Page，很高興歡迎各位參加我們 2025 年第三季業務更新電話會議。第三季對 Cipher 而言是真正具有變革意義的，我們在向高效能運算領域進行策略轉型方面取得了巨大進展，並為公司歷史上最令人興奮的獲利更新奠定了基礎。本季度，我們與 Fluidstack 和 Google 完成了一項關鍵交易，這鞏固了我們在高效能運算領域的信譽。

Following that groundbreaking transaction and leveraging that success, we've now taken another major step forward. I'm thrilled to announce today that we've executed a second landmark HPC transaction, this time with Amazon Web Services, partnering directly with one of the largest and most innovative companies in the world underscores Cipher's emergence as a trusted leader in next-generation compute infrastructure and confirms our full-scale transformation into an HPC data center developer.

繼那次具有里程碑意義的交易之後，我們又利用了那次成功，向前邁出了又一大步。今天，我非常興奮地宣布，我們完成了第二筆具有里程碑意義的高效能運算 (HPC) 交易，這次是與亞馬遜網路服務 (AWS) 合作。與全球最大、最具創新精神的公司之一直接合作，凸顯了 Cipher 作為下一代運算基礎設施領域值得信賴的領導者的地位，並證實了我們已全面轉型為高效能運算資料中心開發商。

Our first HPC deal with Fluidstack and Google established not only Cipher's credibility as a data center developer for the world's most demanding tenants, but also the desirability of more remote areas of Texas for next-generation data centers. We have been talking to investors for over a year about this thesis and saying that we thought the market would evolve in our direction. Our second long-term lease, this time with Amazon proves that neither we nor West Texas are one-hit wonders.

我們與 Fluidstack 和 Google 達成的首個高效能運算 (HPC) 協議，不僅確立了 Cipher 作為全球最嚴苛租戶的資料中心開發商的信譽，也證明了德州偏遠地區對於下一代資料中心的吸引力。一年多來，我們一直在與投資者討論這個論點，並表示我們認為市場會朝著我們設想的方向發展。我們與亞馬遜簽訂的第二份長期租賃合約證明，我們和西德州都不是曇花一現的。

Our second lease pace is the world's largest hyperscaler directly on a 15-year lease at very attractive terms. This is not a fluke and will not be our last HPC deal. Under the agreement, we contracted 300 megawatts of gross capacity, and the project carries approximately $5.5 billion in contract revenue over the initial 15-year term. The capacity will be delivered in two phases beginning in July 2026 and completing in Q4 2026, with rents commencing in August of 2026. Given the strength of the lease we have secured, we believe that we will utilize debt financing to fund the majority of construction costs at the site and any remaining construction obligations will be funded from cash on hand, with no need for further equity fundraising.

我們的第二個租賃方案是與全球最大的超大規模資料中心營運商直接簽訂為期 15 年的租賃合同，條款非常優惠。這並非偶然，也不會是我們最後一筆高效能運算交易。根據協議，我們簽訂了 300 兆瓦的總容量合同，該項目在最初的 15 年期限內將帶來約 55 億美元的合約收入。該產能將分兩個階段交付，從 2026 年 7 月開始，到 2026 年第四季完成，租金從 2026 年 8 月開始收取。鑑於我們已獲得的租賃協議的穩健性，我們相信我們將利用債務融資來支付該地點的絕大部分建設成本，任何剩餘的建設義務都將用手頭現金支付，無需進一步的股權融資。

With these milestones, Cipher has officially arrived as a leader in the HPC revolution, harnessing our sourcing expertise, energy assets, best-in-class team and operational excellence to power the world's most advanced computing workloads. Continuing with that momentum, we're proud to announce today that we've secured ownership in a joint venture to develop a 1-gigawatt site in West Texas.

憑藉這些里程碑，Cipher 已正式成為高效能運算革命的領導者，利用我們的採購專業知識、能源資產、一流的團隊和卓越的營運能力，為世界上最先進的運算工作負載提供動力。秉承這一勢頭，我們今天自豪地宣布，我們已獲得一家合資企業的股權，將在德克薩斯州西部開發一個 1 吉瓦的站點。

We expect to own approximately 95% of the JV once a turnkey HPC lease is executed, assuming standard lease and development terms. We are calling the site (inaudible), which refers to the mythical home of the Golden Fleece and was a land of legendary wells located at the edge of the known world. For the past 1.5 years, conventional knowledge in the traditional data center industry has been that hyperscalers would not venture outside of major metropolitan areas and that our sites were at the edge of the world.

假設租賃和開發條款符合標準，一旦簽訂了交鑰匙高效能運算租賃協議，我們預計將擁有合資企業約 95% 的股份。我們稱該遺址為（聽不清楚），它指的是傳說中金羊毛的故鄉，也是位於已知世界邊緣的擁有傳奇水井的土地。過去一年半以來，傳統資料中心產業的普遍認知是，超大規模資料中心不會冒險離開主要都會區，而我們的資料中心位於世界的邊緣。

But we have now conclusively proven those incumbents wrong. We will continue to do so at Colchis. This is the most significant addition to our development pipeline to date. This site features a fully executed 1-gigawatt Direct Connect agreement with American Electric Power providing dual interconnection capability and targeted power availability in 2028. The transaction also includes options to purchase up to 620 acres of land adjacent to the existing substation.

但我們現在已經確鑿地證明那些現任官員錯了。我們將繼續在科爾基斯這樣做。這是我們迄今為止在研發流程中最重要的前進。該站點與美國電力公司簽署了一項完整的 1 吉瓦直接連接協議，提供雙重互聯能力，並計劃在 2028 年實現電力供應。該交易還包括購買現有變電站附近至多 620 英畝土地的選擇權。

The Colchis site checks every box for a premier HPC development opportunity, ample acreage, large-scale power capacity, availability of diverse fiber routes and dual interconnection capability. We have already begun to have early-stage discussions with potential tenants for the site. The execution of this transaction once again demonstrates our team's sourcing expertise and ability to secure some of the most attractive large-scale sites in the world.

科爾基斯基地具備成為一流高效能運算開發基地的所有條件：佔地面積大、電力容量大、光纖線路多樣、具備雙互連能力。我們已經開始與該地塊的潛在租戶進行初步洽談。這次交易的執行再次證明了我們團隊的採購專長和獲取全球一些最具吸引力的大型地塊的能力。

Cipher is one of the few companies in the world that can combine boots on the ground expertise working directly with land owners to source best-in-class sites with a deep technical sophistication needed to serve hyperscealers. This unique and powerful combination makes Cipher exceptionally well positioned to bridge the growing gap between the limited supply of suitable sites and surging large-scale tenant demand.

Cipher 是世界上少數的幾家公司之一，它能夠將實地經驗（直接與土地所有者合作，尋找一流的場地）與服務超大型建築商所需的深厚技術實力相結合。這種獨特而強大的組合使 Cipher 能夠更好地彌合合適的場地供應有限與大規模租戶需求激增之間的日益擴大的差距。

The announcements we shared today are the results of years of hard work and the strong execution and momentum built over the past quarter. I'd like to take a moment to reflect on some of our third quarter successes. At the forefront of these highlights is our recent transaction with Fluidstack and Google, a transformative 10-year 168 critical IT megawatt AI hosting agreement that first positioned Cipher as a major developer in the HPC space. Under this agreement, Cipher will deliver 168 megawatts of critical IT load at our Barbara Lake site in Colorado City, Texas, supported by up to 244 megawatts of total capacity. This project represents approximately $3 billion in contracted revenue over the initial 10-year term, with options that could extend total contract value to roughly $7 billion over 20 years.

我們今天宣布的這些消息，是多年辛勤工作的成果，也是過去一個季度以來強勁執行力和發展勢頭的結晶。我想花點時間回顧一下我們第三季取得的一些成功。這些亮點中最引人注目的是我們最近與 Fluidstack 和 Google 達成的交易，這是一項具有變革意義的 10 年期 168 兆瓦關鍵 IT AI 託管協議，首次將 Cipher 定位為 HPC 領域的主要開發商。根據該協議，Cipher 將在我們位於德克薩斯州科羅拉多城的 Barbara Lake 站點提供 168 兆瓦的關鍵 IT 負載，並由高達 244 兆瓦的總容量提供支援。該項目在最初的 10 年期限內將帶來約 30 億美元的合約收入，並可選擇將合約總價值延長至 20 年約 70 億美元。

Notably, construction is already underway at the site, and we are on track to deliver the full 168 megawatts of critical IT capacity by September 30, 2026. Importantly, Google is backstopping $1.4 billion of Fluidstack obligations to support project financing and will receive warrants representing roughly a 5.4% pro forma equity stake in Cipher. Cipher will retain full ownership of the site and is in the process of securing debt to fund construction. We will provide more details around that construction financing in the near future. We believe and have now proven that Barbara Lake was just the beginning, the first of several projects to capitalize on our teams sourcing expertise, proven development capabilities, strong industry relationships and unmatched construction track record.

值得注意的是，該專案現場的建設已經開始，我們預計在 2026 年 9 月 30 日之前交付全部 168 兆瓦的關鍵 IT 容量。重要的是，Google將為 Fluidstack 的 14 億美元債務提供擔保，以支持專案融資，並將獲得代表 Cipher 約 5.4% 的預估股權的認股權證。Cipher 將保留該地塊的完全所有權，目前正在籌集債務資金以資助建設。我們將在近期提供有關該建設項目融資的更多細節。我們相信，並且現在已經證明，芭芭拉湖計畫只是一個開始，是利用我們團隊的資源專業知識、成熟的開發能力、強大的行業關係和無與倫比的施工業績記錄而開展的多個項目中的第一個。

We look forward to continuing to partner with leading technology companies to secure HPC leases at our growing pipeline of sites. This expansion is well supported by our successful $1.3 billion convertible offering completed this quarter. This was the largest digital infrastructure convertible issuance to date and was roughly 7 times oversubscribed, demonstrating investor confidence in our strategy and pipeline. The strong demand allowed us to take advantage of favorable market conditions, securing a 0% coupon and further strengthening our balance sheet. Greg will discuss the convertible offering and further depth later on the call.

我們期待繼續與領先的技術公司合作，在我們不斷成長的站點儲備中確保高效能運算 (HPC) 租賃。本季成功完成的13億美元可轉換債券發行為此擴張提供了強而有力的支持。這是迄今為止最大的數位基礎設施可轉換債券發行，認購倍數約為 7 倍，這表明投資者對我們的策略和產品線充滿信心。強勁的需求使我們能夠利用有利的市場條件，獲得 0% 的票息，並進一步增強我們的資產負債表。Greg 將在稍後的電話會議上討論可轉換債券發行及其他相關細節。

The Amazon transaction, the Fluidstack and Google transaction at Barber Lake, the addition of significant new capacity at Colchis and our successful convertible offering, all represent major milestones in advancing our HPC strategy. Together, these achievements expand our business model, secure substantial future capacity and strengthen our balance sheet, all positioning Cipher to capture the tremendous demand we're seeing and play a critical role in building the next generation of AI infrastructure.

亞馬遜交易、Fluidstack 和谷歌在 Barber Lake 的交易、Colchis 新增的大量容量以及我們成功的可轉換債券發行，所有這些都代表著我們在推進高效能運算策略方面取得的重大里程碑。這些成就共同拓展了我們的商業模式，確保了未來巨大的產能，並增強了我們的資產負債表，所有這些都使 Cipher 能夠抓住我們所看到的巨大需求，並在建立下一代人工智慧基礎設施中發揮關鍵作用。

As we scale and expand our business model, our Bitcoin mining business continues to generate meaningful cash flow. The company surpassed expectations this quarter and is now operating approximately 23.6 exahash per second of self-mining capacity. The same disciplined foundation we established in the Bitcoin mining space, delivering five data centers on time and on budget will fuel our successful expansion into HPC.

隨著我們業務模式的擴展和規模的擴大，我們的比特幣挖礦業務持續產生可觀的現金流。該公司本季業績超出預期，目前自挖礦能力約為每秒 23.6 exahash。我們在比特幣挖礦領域建立的嚴謹基礎，使我們按時按預算交付了五個資料中心，這將推動我們成功擴展到高效能運算領域。

I'd now like to provide a brief overview of our energy portfolio, which highlights our execution across business lines and the strength of our pipeline going forward. On the mining side of the business, this quarter, we brought Black Pearl fully online, which grew our operational mining capacity from 423 megawatts to 477 megawatts across Odessa, Abore, Bear, Chief and Black Pearl. In doing so, we exceeded our previous cash rate projections and achieved a total self-mining cash rate of approximately 23.6 exahash per second.

現在我想簡要概述我們的能源投資組合，重點介紹我們在各個業務領域的執行情況以及我們未來專案的實力。在採礦業務方面，本季我們讓黑珍珠礦全面上線，使我們在敖德薩、阿博爾、熊、酋長和黑珍珠礦的營運採礦能力從 423 兆瓦增加到 477 兆瓦。透過這樣做，我們超越了先前的現金挖礦收益率預測，實現了每秒約 23.6 exahash 的總自挖礦現金收益率。

In addition, our fleet efficiency stands at an extremely impressive 16.8 jewels per terahash, making us among the most efficient miners in the industry. Our proprietary software, which allows us to dynamically curtail our data centers has proven to be a critical advantage in optimizing for profitability, managing low power prices and of monetizing older rigs.

此外，我們的礦場效率高達每太哈希 16.8 寶石，令人印象深刻，使我們成為業內效率最高的礦工之一。我們自主研發的軟體能夠動態地縮減資料中心的規模，這已被證明是優化獲利能力、應對低電價以及將舊設備變現的關鍵優勢。

This area of expertise is expected to remain a key competitive advantage in the future, and in fact, maybe an increasingly valuable aspect of the business as the HPC landscape continues to evolve. Importantly, our current mining operations are fully funded, and we do not anticipate further investment in that side of the business as we prioritize our pipeline toward HPC.

預計這一專業領域在未來仍將是關鍵的競爭優勢，事實上，隨著高效能運算領域的不斷發展，它可能會成為企業越來越有價值的方面。重要的是，我們目前的採礦業務資金充足，而且由於我們將優先發展高效能運算業務，因此我們預計不會再對該業務進行進一步投資。

As discussed, this was a monumental quarter for Cipher in that we grew our contracted AI hosting capacity from 0 last quarter to 544 gross megawatts this quarter, across two transactions with world-class partners. Behind that, we have a robust pipeline of 3.2 gigawatts of future capacity that spans from 2025 to 2029 and beyond. While we are extremely proud of our mining production, market dynamics, scarcity of energy capacity and frenzy demand from tenants has made it clear that the best use of our extensive pipeline of sites is for HPC workloads.

正如之前討論過的，對於 Cipher 來說，這是一個具有里程碑意義的季度，因為我們透過與世界一流合作夥伴的兩筆交易，將我們的 AI 託管合約容量從上季度的 0 增加到本季度的 544 兆瓦。在此基礎上，我們還有強大的未來產能儲備，從 2025 年到 2029 年及以後，總裝置容量達 3.2 吉瓦。雖然我們對自己的採礦產量感到非常自豪，但市場動態、能源產能稀缺以及租戶的瘋狂需求已經清楚地表明，我們大量礦場的最佳用途是高效能運算工作負載。

We are in ongoing discussions on our pipeline with leading partners and look forward to prioritizing all of these sites for HPC development. Let's now turn to a review of our current operations on both sides of the business. At Barbara Lake, we are constructing a data center for our industry-leading partners, Fluidstack and Google. Construction at the site is well underway, ground has been broken and both engineering and procurement are progressing smoothly. We've secured the necessary labor force and locked in most of the long lead time equipment, putting us in a strong position to meet all key construction milestones on schedule.

我們正在與領先的合作夥伴就我們的專案儲備進行持續討論，並期待優先考慮所有這些站點進行高效能運算開發。現在讓我們來回顧一下我們目前在業務各個方面的營運情況。在芭芭拉湖，我們正在為業界領先的合作夥伴 Fluidstack 和 Google 建造資料中心。該專案的施工進展順利，已經破土動工，工程設計和採購工作都在順利進行中。我們已經確保了必要的勞動力，並鎖定了大部分交貨週期較長的設備，這使我們能夠按時完成所有關鍵的施工里程碑。

We are firmly on track to deliver the full 168 megawatts of critical IT capacity by September 30, 2026. The lease is anticipated to commence the following month in October 2026. Note that we still retain 56 megawatts of current capacity at Barbera Lake. These additional megawatts allow us to pursue an additional colocation agreement potentially prioritizing different deal elements, or to deploy our own compute at the site. Our team is carefully assessing the merits of all potential options to maximize the value of the remaining 56 megawatts in Phase I.

我們正穩步推進，計劃在 2026 年 9 月 30 日前交付全部 168 兆瓦的關鍵 IT 容量。預計租賃將於下個月，即 2026 年 10 月開始。請注意，我們在巴貝拉湖仍然保留了 56 兆瓦的現有發電容量。這些額外的兆瓦電力使我們能夠尋求額外的託管協議，從而優先考慮不同的交易要素，或在該站點部署我們自己的運算能力。我們的團隊正在仔細評估所有潛在方案的優劣，以最大限度地發揮第一階段剩餘 56 兆瓦的價值。

In addition, we maintained an MOU on an additional 500-megawatt upside at the site, which would come online in 2029 to 2030, given the site's ongoing development potential and live deal discussions, we look forward to providing further updates as things progress. Turning to our current mining operations. Slide 9 has a production summary across our five operational mining sites. Odessa is still the most significant part of our portfolio, representing approximately 56% of our Bitcoin production in Q3. As of September, the current operating hash rate at the site is approximately 11.3 exahash per second using approximately 207 megawatts.

此外，我們還就該站點額外增加 500 兆瓦裝置容量簽署了諒解備忘錄，該容量將於 2029 年至 2030 年投入使用。鑑於該站點持續的發展潛力以及正在進行的交易談判，我們期待隨著事態發展提供更多最新消息。接下來談談我們目前的採礦作業。第 9 張投影片概述了我們五個營運礦場的生產。敖德薩仍然是我們投資組合中最重要的一部分，約占我們第三季比特幣產量的 56%。截至 9 月，該站點的當前運行哈希率約為每秒 11.3 exahash，使用功率約為 207 兆瓦。

Odessa's fleet efficiency stands at roughly 17.6 tools per terahash. On this page, we also provide the observed all-in electricity cost per bitcoin at our five sites. Moving down the page, Black Pearl began contributing significant cash flow to the business in the third quarter. The first 150 megawatts at the 300-megawatt site are currently mining approximately 10.1 exahash per second, exceeding prior guidance and contributing approximately 36% of production in this quarter. Fleet efficiency at the site stands at an extremely impressive 13.9 jewels per terahash.

Odessa 的算力效率約為每 terahash 使用 17.6 個算力。在此頁面，我們還提供了我們五個網站觀察到的每個比特幣的總電力成本。從頁面下方可以看出，黑珍珠公司在第三季開始為公司貢獻大量現金流。該300兆瓦礦場的前150兆瓦目前每秒挖礦約10.1艾哈希，超過了先前的預期，並貢獻了本季約36%的產量。該網站的算力效率非常驚人，達到了每太哈希 13.9 寶石。

Lastly, we provided a combined overview of our joint venture data centers of Alborz, Bear and Chief. The three sites have a total power capacity of 120 megawatts and generate approximately 4.4 exahash per second. We own 49% of the JV sites and our portion recently generated roughly 9% of our overall Bitcoin production in the third quarter. Let's now shift to an update on our development portfolio. Slide 11 provides an overview of our next to energized site in Andrews County, Texas called Stingray.

最後，我們對 Alborz、Bear 和 Chief 這三個合資資料中心進行了綜合概述。這三個站點的總發電容量為 120 兆瓦，每秒產生約 4.4 艾哈希的算力。我們擁有合資網站 49% 的股份，我們這部分股份在第三季產生了我們比特幣總產量的約 9%。現在讓我們來看看我們開發專案的最新進展。第 11 張幻燈片概述了我們在德克薩斯州安德魯斯縣即將投入使用的場地，名為 Stingray。

The site features 100 megawatts in front of the meter capacity, all necessary regulatory approvals and 250 acres of land adjacent to the transmission assets. In the third quarter, we continued development of the substation for the site and secured long lead time items, including transformers and high voltage breakers. The site is on track to energize in the fourth quarter of 2026. The slide 12 outlines additional capacity spanning 2027 and beyond. Reveille located in Cotulla, Texas is on track to energize in Q2 2027.

該站點擁有100兆瓦的表前容量，所有必要的監管批准，以及毗鄰輸電資產的250英畝土地。第三季度，我們繼續推進該站點的變電站建設，並購買了交貨週期較長的物料，包括變壓器和高壓斷路器。該項目預計將於 2026 年第四季投入營運。第 12 張投影片概述了 2027 年及以後的額外產能。位於德州科圖拉的Reveille計畫預計將於2027年第二季投入營運。

The site is fully approved for 70 megawatts, and we have initiated development of the substation. Given both Stingray and Reveille have secured interconnect approvals and established energization time lines, we've engaged with multiple prospective tenants and are in ongoing discussions to secure the most attractive lease agreements for these locations. Our 3M Mikeska, Milsing and McLennan are all currently undergoing final interconnection approval processes, and load studies have been completed at all three sites. The interim Oncore FEAs have been signed with Oncore for Mikeska and McLennan and the required deposits have been paid. We're targeting up to 500 megawatts of capacity at each of these sites.

該廠址已獲得70兆瓦的全面批准，我們已經啟動了變電站的建設。鑑於 Stingray 和 Reveille 都已獲得互聯批准並確定了通電時間表，我們已經與多個潛在租戶進行了接觸，並正在進行討論，以確保為這些地點達成最具吸引力的租賃協議。我們的 3M Mikeska、Milsing 和 McLennan 目前都正在進行最終互聯審批流程，這三個站點的負載研究都已完成。Mikeska 和 McLennan 與 Oncore 簽署了臨時 FEA，並支付了所需的訂金。我們的目標是每個站點達到 500 兆瓦的裝置容量。

In addition to interconnection rights, our purchase options also include significant land parcels at each location, all of which are well suited for HPC data center development. We are confident these sites will be in high demand as development progresses. Last on this page is Colchis, which as mentioned is our latest site acquisition and the most substantial addition to our pipeline to date. The site features a fully executed 1-gigawatt Direct Connect agreement with American Electric Power, providing dual interconnection capability and targeted power availability in 2028. The site is roughly 80 miles southwest of Abilene and around 80 miles southeast of our Barbara Lake facility.

除了互聯互通權外，我們的購買選擇權還包括每個地點的大量土地，所有這些土地都非常適合高效能運算資料中心的開發。我們相信，隨著開發的推進，這些地塊的需求將會很高。本頁最後一個項目是科爾基斯，正如前面提到的，這是我們最新收購的項目，也是迄今為止我們項目儲備中最重要的補充。該站點與美國電力公司 (American Electric Power) 已全面簽署 1 吉瓦直接連接協議，提供雙重互聯能力，並計劃在 2028 年實現電力供應。該地點位於阿比林西南約 80 英里處，位於我們芭芭拉湖工廠東南方約 80 英里處。

As mentioned, the site is extremely well suited for HPC given its ample acreage, large-scale power capacity, availability of diverse fiber routes and dual interconnection capability. Last quarter, we discussed our strategy to position Cipher ahead of the curve in anticipation of the evolving AI data center landscape. Since then, we have executed two landmark HPC transactions, as well as our most significant pipeline addition to date. With the industry moving even faster than we had anticipated, we are more confident than ever that Cipher is among the best positioned companies in the world to seize the near-term opportunities created by the growing power shortfall. Simply put, we are just getting started.

如前所述，該場地面積廣闊，電力容量巨大，擁有多樣化的光纖線路和雙重互連能力，非常適合高效能運算 (HPC)。上個季度，我們討論了我們的策略，即如何使 Cipher 在不斷發展的 AI 資料中心格局中保持領先地位。自那時以來，我們完成了兩項具有里程碑意義的高效能運算交易，以及迄今為止最重要的管道擴建項目。由於行業發展速度甚至超過了我們的預期，我們比以往任何時候都更加確信，Cipher 是世界上處於最佳位置的公司之一，能夠抓住日益嚴重的電力短缺所帶來的近期機會。簡而言之，我們才剛起步。

I will now turn it over to our new CFO, Greg Mumford, for a review of our third quarter financials.

現在我將把第三季財務報告交給我們的新任財務長格雷格·芒福德進行審核。

Thanks, Tyler, and good morning to everyone on the call. I'm excited to join today's call as Cipher's new Chief Financial Officer. It's a privilege to be part of such an innovative company that's playing a key role in the evolution of digital infrastructure and high-performance computing. I want to start by expressing my gratitude to Ed Farrell for his leadership and many contributions over the past five years. Ed has built a world-class finance organization and leaves behind a strong foundation that positions Cipher well for its next phase of growth.

謝謝泰勒，也祝福所有參加電話會議的朋友們早安。我很高興能以 Cipher 新任財務長的身份參加今天的電話會議。能夠成為這樣一家創新公司的一員，我感到非常榮幸。這家公司在數位基礎設施和高效能運算的發展中發揮關鍵作用。首先，我要感謝 Ed Farrell 在過去五年中的領導和許多貢獻。Ed 打造了世界一流的財務組織，並為 Cipher 的下一階段成長奠定了堅實的基礎。

The company is fortunate to have his continued guidance as a senior adviser during this transition period. As I step into this role, my focus will be on maintaining a disciplined approach to our financial strategy, broadening access to new funding sources and optimizing our overall cost of capital. We'll continue to take a thoughtful approach to capital allocation, ensuring we're maximizing sustainable long-term growth and driving value for our shareholders. I'm excited to work with Tyler, the leadership team and our talented finance organization to build on Cipher's strong momentum. To begin, I'd like to remind everyone that today I will be discussing our performance for the third quarter of 2025, which ended on September 30.

公司很幸運能在過渡時期繼續得到他的指導，擔任高級顧問。我上任後，將致力於維持財務策略的嚴謹性，拓寬新的融資管道，並優化整體資本成本。我們將繼續採取審慎的資本配置方式，確保最大限度地實現可持續的長期成長，並為股東創造價值。我很高興能與 Tyler、領導團隊和我們才華橫溢的財務團隊合作，在 Cipher 強勁的發展勢頭基礎上再創佳績。首先，我想提醒大家，今天我將討論我們 2025 年第三季（截至 9 月 30 日）的業績。

I'd like to highlight that this quarter was marked not only by strong execution as we officially expanded into our HPC hosting and grew our pipeline, but also by disciplined capital raising that positions us to sustain and accelerate that momentum moving forward. During the quarter, we completed our second convertible offering and upsized private placement of $1.3 billion, a 0% convertible senior notes due 2031. This transaction reflected strong investor demand and confidence in Cipher's long-term strategy. The notes were issued with an initial conversion premium of approximately $16.03 per share, representing a 37.5% premium to our stock price at issuance. We also entered past call transactions that increase the effect of conversion price to approximately $23.32 per share, substantially reducing potential dilution to our shareholders.

我想強調的是，本季不僅以我們正式拓展高效能運算託管業務並擴大專案儲備的強勁執行力為標誌，而且還以嚴謹的融資方式為標誌，這使我們能夠保持並加速這一發展勢頭。本季度，我們完成了第二次可轉換債券發行，並將私募規模擴大至 13 億美元，發行的是 2031 年到期的 0% 可轉換優先票據。此次交易反映了投資者對 Cipher 長期策略的強勁需求和信心。這些票據的初始轉換溢價約為每股 16.03 美元，較發行時的股票價格溢價 37.5%。我們也進行了過去的選擇權交易，將轉換價格的影響提高到每股約 23.32 美元，從而大幅降低了股東權益的潛在稀釋。

The net proceeds from the offering were used to fund the cost of entering into the cap call transactions and will be used for construction at our two currently contracted HPC sites. To advance our HPC strategy across our now 3.2 gigawatt development pipeline and for working capital and general corporate purposes. Importantly, this financing bolsters our balance sheet and reflects our disciplined approach to growth. We're very pleased with the market reception and believe this transaction positions Cipher well to capture the significant opportunities ahead in HPC and digital infrastructure. Let's now turn to a review of our financials, beginning with our sequential financial performance outlined on slide 14.

此發行所得淨收益用於支付參與認購交易的成本，並將用於我們目前已簽約的兩個高效能運算站點的建置。為了推進我們在目前 3.2 吉瓦開發專案中的高效能運算策略，以及用於營運資金和一般公司用途。重要的是，這筆融資增強了我們的資產負債表，反映了我們嚴謹的成長方式。我們對市場反應非常滿意，並相信此次交易將使 Cipher 能夠更好地掌握高效能運算和數位基礎設施領域未來的巨大機會。現在讓我們來回顧一下我們的財務狀況，首先是幻燈片 14 中概述的連續財務表現。

In the third quarter, our hash rate increased by 40%, driven by the energization and ramp-up of our Black Pearl facility, or Phase 1 of the 150-megawatt front of the meter site came online in June. Black Pearl began the quarter contributing approximately 3.4 exahash per second and ramped up to approximately 10.1 exahash per second during the quarter. This led to a 35% increase in production as well as an increase in our electricity cost per bitcoin given Black Pearl is a front of the meter site. The higher cost per bitcoin was also driven by an increase in network hash rate over the quarter. Moving down the slide, we reported $72 million in revenue, up 65% from $44 million in the prior quarter.

第三季度，我們的算力成長了 40%，這主要得益於我們的 Black Pearl 設施的投產和產能提升，或者說，150 兆瓦計量站前端的第一階段已於 6 月上線。Black Pearl 在本季度初貢獻了大約每秒 3.4 exahash 的算力，並在本季度逐漸增加到大約每秒 10.1 exahash 的算力。由於 Black Pearl 是電錶前端站點，這導致產量增加了 35%，同時也增加了我們每比特幣的電力成本。比特幣價格上漲的另一個原因是本季網路哈希率的提高。再往下看，我們報告營收為 7,200 萬美元，比上一季的 4,400 萬美元成長了 65%。

This growth was driven primarily by the increase in bitcoin price and the increased production from Black Pearl. For the quarter, we reported a GAAP net loss of $3 million or $0.01 per share compared to a net loss of $46 million or $0.12 per share in the prior quarter. We are proud of the substantial quarter-over-quarter improvement in our results, particularly given that bottom line performance was impacted by higher depreciation expense. This depreciation expense reflects the assets placed into service at Black Pearl, including the deployment of latest generation rigs as well as the upgrade at Odessa completed in Q4 2024. Additionally, the bottom line continues to be influenced by changes in the fair value of our power purchase agreement at Odessa.

這一成長主要受比特幣價格上漲和黑珍珠產量增加的推動。本季度，我們報告的 GAAP 淨虧損為 300 萬美元，即每股虧損 0.01 美元，而上一季淨虧損為 4,600 萬美元，即每股虧損 0.12 美元。我們對業績環比大幅提升感到自豪，尤其考慮到較高的折舊費用影響了淨利潤。這項折舊費用反映了黑珍珠油田投入使用的資產，包括最新一代鑽井平台的部署以及2024年第四季在敖德薩完成的升級改造。此外，我們的獲利也受到敖德薩電力購買協議公允價值變動的影響。

These expected fluctuations reflect movements in for power prices and the deciding time value of the remaining contract term, which extends through July 2027. As Ed has previously noted, the true benefit of this contract lies in its provision of long-term, low-cost fixed price power for our Odessa operations. This quarter, as part of the execution of our HPC lease at Barbera Lake, we granted Google warrants as compensation for their commitment to backstop to lease payments from our tenant fluid stock.

這些預期中的波動反映了電力價格的變動以及剩餘合約期限（至 2027 年 7 月）的時間價值。正如 Ed 之前指出的那樣，這份合約的真正好處在於它為我們在敖德薩的業務提供了長期、低成本的固定價格電力。本季度，作為我們在 Barbera Lake 執行 HPC 租賃的一部分，我們授予 Google 認股權證，作為其承諾用我們租戶的流體股票來擔保租賃付款的補償。

These warrants are recorded at fair value and as a result, this quarter, we recognized a $32 million gain in change in fair value of the warrant liability. Excluding noncash expenses, such as the change in fair value of our power purchase agreement, share-based compensation, depreciation and amortization, deferred income taxes, the change in the fair value of the warrant liability and nonrecurring losses, we reported a third quarter adjusted earnings of $41 million or $0.10 per share, up roughly 34% from $30 million last quarter.

這些認股權證以公允價值入賬，因此，本季我們確認了認股權證負債公允價值變動收益 3,200 萬美元。剔除非現金支出，例如購電協議公允價值變動、股份支付、折舊和攤銷、遞延所得稅、認股權證負債公允價值變動以及非經常性損失，我們公佈的第三季調整後收益為 4,100 萬美元，即每股 0.10 美元，比上一季的 3,000 萬美元成長了約 34%。

Cash and cash equivalents increased significantly driven by the $1.2 billion of net proceeds from our most recent convertible financing. Let's move on to slide 15 and take a deeper look at the results of our operations. For the quarter, we mined 383 Bitcoin at Odessa and 246 at Black Pearl, bringing our total production to 629 Bitcoin mine in total across our wholly owned sites. This production generated $72 million in revenue at an average price of roughly $114,400 per bitcoin. This compares to the 434 bitcoin mined in Q2 2025 at an average price of $99,700 per bitcoin, resulting in $44 million in revenue.

現金及現金等價物大幅增加，主要得益於我們最近一次可轉換融資獲得的 12 億美元淨收益。接下來我們來看第 15 張投影片，更深入了解我們的營運成果。本季度，我們在 Odessa 礦場挖出了 383 個比特幣，在 Black Pearl 礦場挖出了 246 個比特幣，使我們所有自有礦場的總產量達到 629 個比特幣。該產品創造了 7200 萬美元的收入，平均價格約為每枚比特幣 114400 美元。相比之下，2025 年第二季挖出的 434 個比特幣，平均每個比特幣的價格為 99,700 美元，收入為 4,400 萬美元。

G&A expenses, which include IT, corporate insurance, professional fees and other public company costs decreased slightly, both sequentially quarter-over-quarter and year-over-year. Depreciation and amortization expense totaled $60 million, up from prior periods, driven by the deployment of the new mining rigs over the last 12 months. Our oldest rigs in the fleet will be fully depreciated in Q4 -- depreciated in Q4, but those rigs can remain productive and continue to generate attractive returns when deployed strategically. We recognized a small unrealized gain on our Bitcoin Holdings this quarter compared to a $17 million gain in Q2, reflecting a modest increase in the spot price at quarter end. We finished the quarter holding approximately 1,500 Bitcoin in Treasury.

包括 IT、公司保險、專業費用和其他上市公司成本在內的 G&A 費用環比和年比均略有下降。折舊和攤銷費用總計 6,000 萬美元，高於以往期間，這主要是由於過去 12 個月部署了新的採礦設備。我們船隊中最老的鑽機將在第四季度完全折舊——在第四季度折舊，但這些鑽機如果進行戰略部署，仍然可以保持生產力並繼續產生可觀的回報。本季我們比特幣持有量未實現收益較小，而第二季度收益為 1700 萬美元，反映出季度末現貨價格小幅上漲。本季末，我們的國庫中大約持有 1500 個比特幣。

On our non-GAAP reconciliation, we reported a GAAP net loss of $3 million. Adjusting for $44 million in noncash and onetime items results in adjusted earnings of $41 million for the quarter, up from $30 million in the previous quarter. Now let's turn our attention to the balance sheet. On slide 17, total current assets at quarter end were $1.4 billion, up from $220 million last quarter, driven primarily by the net proceeds of the $1.3 billion we received from our convertible offering. In addition, we held $170 million of Bitcoin.

根據我們的非GAAP財務報表，我們報告GAAP淨虧損為300萬美元。扣除 4,400 萬美元的非現金和一次性項目後，本季調整後收益為 4,100 萬美元，高於上一季的 3,000 萬美元。現在讓我們把注意力轉向資產負債表。第 17 頁顯示，截至季末，公司流動資產總額為 14 億美元，高於上一季的 2.2 億美元，主要得益於我們從可轉換債券發行中獲得的 13 億美元淨收益。此外，我們還持有價值 1.7 億美元的比特幣。

As we have discussed in depth on our previous earning calls, we actively manage our treasury in either selling or holding every bitcoin mined and we remain disciplined in our approach to capital management. I'll quickly cover some additional balance sheet line items as of September 30.

正如我們在先前的財報電話會議上深入討論的那樣，我們積極管理資金，對挖出的每一枚比特幣進行出售或持有，並且在資本管理方面保持嚴謹的態度。我將簡要介紹截至9月30日的一些其他資產負債表項目。

CT&E totaled $650 million, up 37% from $474 million. This increase is primarily related to equipment deployed at Black Pearl. Deposits on equipment of $8 million, down from $183 million last quarter is primarily related to the reclassification of rigs at Black Pearl from deposits to end-use property and equipment. At the end of the third quarter, our equity interest in the Alborz, Bear and Chief JVs stood at $42 million.

通訊、技術和工程總支出為 6.5 億美元，比 4.74 億美元成長了 37%。這一增長主要與黑珍珠基地部署的設備有關。設備存款為 800 萬美元，低於上季度的 1.83 億美元，主要與黑珍珠鑽井平台從存款重新分類為最終用途資產和設備有關。第三季末，我們在 Alborz、Bear 和 Chief 合資企業的股權價值為 4,200 萬美元。

Moving down the balance sheet. Derivative assets were up primarily due to the inclusion of $90 million of cap calls associated with the new convertible note, which raises the effective conversion price of the convertible debt and effectively minimizes potential dilution to shareholders. Current liabilities increased this quarter due to the short-term classification of the Google warrants associated with the fluid stock lease at Barbara Lake. Lastly and importantly, I want to highlight that short-term borrowings remain at zero. We continue to manage the balance sheet conservatively, ensuring we're well positioned to meet any capital needs.

從資產負債表的下半部來看。衍生資產增加主要是由於與新可轉換票據相關的 9000 萬美元的資本利得稅被納入其中，這提高了可轉換債務的有效轉換價格，並有效地減少了股東的潛在稀釋。由於與 Barbara Lake 液態股票租賃相關的 Google 認股權證被歸類為短期資產，本季流動負債增加。最後也是非常重要的一點，我想強調短期借款仍然是零。我們持續採取穩健的資產負債表管理方式，確保我們能夠充分滿足任何資金需求。

Before we conclude, I'd like to thank everyone for joining today's call. We're proud of the tremendous progress we've made this quarter and the transformative growth we've achieved as we continue to expand our business lines, grow our pipeline and strengthen our balance sheet to support that growth. As always, we remain firmly committed to disciplined execution, capital efficiency and delivering long-term value for our shareholders. Thank you for your continued support, and we look forward to updating you on our progress on the next quarter.

在結束之前，我要感謝大家參加今天的電話會議。我們為本季取得的巨大進步和轉型成長感到自豪，我們將繼續拓展業務線、擴大業務管道並加強資產負債表以支持成長。我們將一如既往地堅定致力於嚴謹的執行、高效的資本運作，並為股東創造長期價值。感謝您一直以來的支持，我們期待在下一季向您報告我們的進展。

At this time, I will pause and Tyler and I would be pleased to take any questions.

此時，我將暫停片刻，我和泰勒很樂意回答大家的問題。

(Operator Instructions)

（操作說明）

Paul Golding, Macquarie.

Paul Golding，麥考瑞集團。

Congrats on the announcement and all the progress on HPC. I wanted to start off with a question around the deal itself. 300 gross megawatts, Stingray, you have on track for energization 100 megawatts in '26 and Barbara Lake, you have 56 megawatts after the Fluidstack deal. How should we think about the distribution of power to deliver the 300 megawatts as well as maybe pricing across liquid and air cooled since you're delivering both. It looks like averaging out the deal is about $1.7 million per critical megawatt on my back of the envelope math. If you could just talk through some of those deal points on pricing as well as how you plan to deliver that capacity across your fleet? And then I have a follow-up.

恭喜發表會圓滿成功，也恭喜高效能運算領域的所有進展。我想先問一個關於這筆交易本身的問題。 Stingray，你們的總裝置容量為300兆瓦，其中100兆瓦將於2026年投入使用；Barbara Lake，在完成Fluidstack交易後，你們將擁有56兆瓦的裝置容量。我們應該如何考慮如何分配電力來輸送 300 兆瓦的電力，以及考慮到你們同時提供液冷和風冷兩種冷卻方式，應該如何考慮這兩種冷卻方式的定價。根據我的粗略計算，這筆交易的平均價格約為每關鍵兆瓦170萬美元。如果您能詳細談談定價方面的一些交易要點，以及您計劃如何為您的車隊提供所需的運力，那就太好了？然後我還有一個後續問題。

Sure. Thanks, Paul. Thanks for the questions. So let me start with the framework that the ink is still drying on the deal we signed with AWS. So there's some element of finalizing basis of design involved in giving you the exact numbers that will be represented.

當然。謝謝你，保羅。謝謝大家的提問。首先，我要說明的是，我們與 AWS 簽署的協議墨跡尚未乾透。因此，在給出具體數字之前，需要對設計基礎進行一些最終確定。

So they are taking 300 gross. We are recutting an existing air-cooled 150 megawatts, so there will be a quick time to market with the first phase of that build. The second build we are still finalizing design and some of the debates that are happening are between speed to market, so speed to availability of the compute versus optimizing for highest critical IT load possible. That's not finalized yet. So I'd say that in general, if the whole site ends up air cooled, the PUE will be in line with the design we've got at Barbara Lake, which shakes out at about 1.4, 1.45 depending on the balance of what might be used with more of a liquid cooled approach, we could improve that by having the second phase have a higher -- or sorry, a lower PUE, a more efficient PUE.

所以他們總共拿了300。我們正在對現有的 150 兆瓦風冷式發電機進行改造，因此第一階段的建設將很快推向市場。第二個版本我們仍在最終確定設計，目前的爭論焦點在於上市速度（即運算能力的可用性）與最佳化以應對最高的關鍵 IT 負載之間的關係。這件事還沒最終定稿。所以我認為，總的來說，如果整個站點最終採用風冷，PUE 將與我們在 Barbara Lake 的設計一致，大約在 1.4 到 1.45 之間，具體取決於採用更多液冷方式的平衡情況。我們可以透過讓第二階段具有更高的——或者抱歉，更低的，更有效率的 PUE 來改進這一點。

So still shaking out exactly where those numbers will be. As far as cost goes, which you referenced, it would be in line with, again, Barbara Lake, what we've done in the past, we would expect the cost per critical IT megawatt to be in line with that estimate.

所以，這些數字最終會是多少，目前還在確定中。至於你提到的成本問題，正如芭芭拉·萊克所說，根據我們過去的做法，我們預計每兆瓦關鍵 IT 的成本將與該估計值一致。

Tyler, and you --

泰勒，還有你--

If not better, because we do have some infrastructure in place already that was bought in a cheaper market.

即使不是更好，也因為我們已經有一些基礎設施，這些基礎設施是在價格較低的市場上購買的。

Got it. Appreciate that color. And then you also mentioned debt financing as a majority of CapEx sourcing and then cash on hand. Are you able to give any more detail around financing plans in terms of you're already developing the fluid stack capacity. So is this cash on hand from prepayment deposits? And is there any kind of backstop here to help support project financing and going to market for that?

知道了。欣賞這種顏色。然後您也提到，債務融資是資本支出的主要來源，其次是手頭現金。鑑於你們已經在開發流體堆產能，能否提供更多關於融資計畫的細節？所以這筆現金是預付款訂金嗎？那麼，是否有任何形式的後備措施來幫助支持專案融資和市場推廣？

Let me give some high-level framework for that, and then Greg can chime in if he wants to talk about any specifics. So, two different structures. Obviously, the first deal is with Fluidstack and Google. That structure looks similar to one that's been out there in the market. Fair to say we'll be looking to pursue our debt financing options for that in the coming days and weeks and I would expect, depending on where the market is, those structures are not too dissimilar.

我先給一些高層次的框架，如果格雷格想討論任何具體細節，他可以再補充。所以，這是兩種不同的結構。顯然，第一筆交易是與 Fluidstack 和 Google 達成的。這個結構看起來和市面上已經出現的一種結構很相似。可以肯定地說，在接下來的幾天和幾周里，我們將尋求債務融資方案，我預計，根據市場情況，這些方案的結構不會有太大差別。

So that's how we would envision probably how that shakes out. On the AWS lease, that is a direct facing hyperscaler lease. I think it's the first of its kind among anyone that has converted from Bitcoin mining to do a long-term 15-year direct facing hyperscale lease. That should be very financeable. As far as the sort of equity support for whatever shakes out in the final terms for that financing.

所以，這大概就是我們預想的最終結果。AWS 租賃是指直接面向超大規模雲端服務供應商的租賃。我認為這是首例從比特幣挖礦轉向直接租賃15年超大規模資料中心的案例。這應該很容易籌集到資金。至於最終融資條款中可能出現的股權支持類型。

Keep in mind, we upsized the convert we did recently quite a bit. The market was so favorable that it went up all the way up to $1.3 billion offering. So we already have a fair amount of excess cash on hand. And by all estimates, we've got that should support what we would anticipate to be the equity piece of the financing to build the structure related to the AWS lease. Greg, would you give any other further color? Or is that enough, do you think?

請記住，我們最近進行的轉換規模比上次大了不少。市場對該公司非常有利，發行規模一路飆升至13億美元。所以我們已經有相當數量的閒置現金了。根據各方估計，這應該足以支援我們預期的股權融資部分，以建立與 AWS 租賃相關的結構。格雷格，你還能提供其他細節嗎？你覺得這樣就夠了嗎？

Yes. I mean, Paul, I think you said it right earlier, is that we're not prepared to give specifics on the financing that we're looking at for the Google, Fluidstack deal, but we are exploring opportunities, and we'll be hopefully updating the market in short order. As it relates to the AWS deal, we think that there's going to be a lot of opportunities in front of us to explore different types of projects or construction level financing, and we're going to work through those options and make sure that we're making the right decision.

是的。我的意思是，保羅，我想你之前說得對，我們目前還不准備透露谷歌收購 Fluidstack 的具體融資方案，但我們正在探索各種機會，希望很快就能向市場公佈最新進展。關於 AWS 的交易，我們認為我們面前會有很多機會去探索不同類型的專案或建設層面的融資，我們將仔細研究這些方案，確保我們做出正確的決定。

Greg Lewis, BTIG.

格雷格·劉易斯，BTIG。

I guess the first question is around the additional sourcing of power. Congratulations on that. It seems pretty tough. Tyler, as we think about and you're talking about things accelerating and kind of what's possible. Could you kind of ballpark, how things are progressing and what you're seeing at ERCOT, you have the different five that the ends that you've referenced 500 megawatts.

我想第一個問題是關於額外的電力來源。恭喜你。看起來挺難的。泰勒，正如我們所思考的那樣，你也在談論事物加速發展以及各種可能性。您能否大致估算一下事情的進展以及您在ERCOT看到的情況？您提到了不同的五個方面，其中500兆瓦。

When did those get in the queue -- obviously, we have some power coming online in '26. Just kind of an overall update on how we should be thinking about availability of power from that growth pipeline that you have.

這些什麼時候開始排隊的？顯然，我們在 2026 年會有一些電力投入使用。簡單來說，就是就我們應該如何看待你們的成長管道所提供的電力供應情況做一個總體更新。

Sure. So let me give some color as it relates on the sites that are awaiting final ERCOT approval. So a lot of this shakes down to -- so first of all, they've been in the queue for a while in all load studies and everything have been submitted. A little bit on the timing expectation shakes out to the sort of business operating model of the particular transmission distribution service provider you're working with. So in the case of Colchis, we're anticipating a 2028 energization.

當然。那麼，讓我來介紹一下那些正在等待ERCOT最終批准的網站的情況。所以很多事情最終都歸結為——首先，它們已經在所有負荷研究中排隊等候了一段時間，而且所有數據都已經提交了。時間預期會受到您所合作的特定輸配電服務提供者的業務營運模式的影響。所以，就科爾基斯而言，我們預計它將在 2028 年投入使用。

We have already paid a kayak, so construction and advancing construction payment to assist with the work that the TDSP has to do. That's with AEP and AEP is confident moving forward with that construction based on an expectation of having that site energized by 2028. So then that's where we are there. I mean, construction will be progressing on the AEP side, and we are in live discussions, while they await that final approval from ERCOT. At Mikeska and McLennan, we have signed interim FDAs.

我們已經支付了皮划艇的費用，因此需要支付建設費用和預付建設款項，以幫助 TDSP 完成工作。這是與 AEP 合作的項目，AEP 對該建設充滿信心，預計該項目將於 2028 年投入使用。所以，這就是我們目前的情況。我的意思是，AEP方面將繼續推進建設，我們正在進行積極的討論，同時他們也在等待ERCOT的最終批准。在 Mikeska 和 McLennan，我們已經簽署了臨時 FDA 協議。

So that's a requirement of the TDSP there, which is Oncore. So -- in those cases, again, the deposits paid, but the construction will likely begin on the Oncore side, once that final ERCOT approval is in hand, which we're anxiously awaiting. And then Milsing, we have not paid a deposit yet, again, working with a different TDSPthere. Their process works a little bit different. So that's kind of the overall picture.

所以這是 TDSP（即 Oncore）的一個要求。所以——在這些情況下，訂金已經支付，但一旦獲得ERCOT的最終批准，Oncore一側的建設可能會開始，我們正在焦急地等待這項批准。還有米爾辛，我們還沒有支付訂金，同樣，我們與那裡的另一家電信數位服務供應商合作。他們的流程略有不同。以上就是大致情況。

And as far as ERCOT goes, it's hard to make any prediction with exact specificity. But given the progress in anticipation of where we think those sites will be available on the feedback from the TDSPs, we're confident in the time lines we've given.

至於ERCOT，很難做出任何精確的預測。但鑑於我們根據 TDSP 的回饋，對這些網站的可用性進行了預測，並且取得了進展，我們對我們給予的時間表充滿信心。

Okay, super helpful. And then on the optionality of the 56 megawatts, I think you mentioned potentially maybe offering your own AI cloud services. Could you talk a little bit about how we're thinking about that in terms of just bringing on another customer, maybe there's an option that could be extended just how we should think about that 56 megawatts. And maybe around the timing, is this something we want to kind of have buttoned up in the next 12, 18, 24 months, or hey, it's out there and time is on our side?

好的，非常有幫助。至於這 56 兆瓦的選配方案，我想您曾提到或許可以提供您自己的 AI 雲端服務。您能否談談我們是如何考慮增加一位客戶的，或許我們可以考慮擴展這 56 兆瓦的容量？或許在時間安排上，我們是否希望在接下來的 12、18、24 個月內把這件事敲定下來，還是說，嘿，它已經擺在那裡了，時間站在我們這邊？

So the answer is it depends. I think we've had a lot of questions and interest around the idea of owning and operating our own GPU, and then selling the compute to an off-taker. I think in general, we have been progressing slowly on that front because we want to make sure we're getting the best risk-adjusted returns for the megawatts we've got. So obviously, you can produce numbers that are higher on the revenue side if you're selling compute, but you're taking on a whole bunch of risks, much larger financing risks GPU life cycle obsolescence risk, et cetera. I do think a key to making that business very attractive would be to lock up a long-term offtake with a highly credible counterparty for the compute.

所以答案是視情況而定。我認為，大家對我們擁有和經營自己的 GPU，然後將運算能力出售給承購商的想法有很多疑問和興趣。我認為總的來說，我們在這一方面進展緩慢，因為我們希望確保我們現有的兆瓦電力能夠獲得最佳的風險調整後收益。顯然，如果你銷售運算能力，你可以在收入方面獲得更高的數字，但你也要承擔很多風險，更大的融資風險、GPU 生命週期過時風險等等。我認為，要讓這項業務極具吸引力，關鍵在於與信譽卓著的交易對手簽訂長期計算承購協議。

So we've seen those deals. We're looking at them. Candidly, I think the numbers we signed on our lease with AWS are better. I think we will probably both make more in terms of profits and with much, much, much less risk. So it still remains to be seen from our perspective what the best use of a megawatt is to make the most money, but we're in very active discussions in exploring all available business models.

我們已經看到了這些交易。我們正在關注它們。坦白說，我認為我們與 AWS 簽訂的租賃協議中的數字更好。我認為我們雙方都可能獲得更多利潤，而且風險也會大大降低。所以，從我們的角度來看，如何才能最有效地利用兆瓦電力來賺取最多的錢，還有待觀察，但我們正在積極討論並探索所有可行的商業模式。

And obviously, as we sign up new 1-gigawatt sites, we're going to have a lot of optionality as things progress. As it relates to the specific 56 megawatts. I'm highly confident we will have some sort of deal there pretty soon. There is a lot of interest, both on using that capacity to operate our own GPUs and sell compute, as well as had at least on a colocation basis. It's fair to say that this market is literally getting more frenzied by the -- certainly by the week, if not the day.

顯然，隨著我們不斷簽約新的 1 吉瓦站點，隨著專案的推進，我們將擁有許多選擇權。就具體的56兆瓦而言。我非常有信心我們很快就能達成某種協議。大家對利用該容量運營我們自己的 GPU 並出售運算能力，以及至少以託管方式使用該容量，都表現出了濃厚的興趣。可以毫不誇張地說，這個市場確實越來越瘋狂——至少每周如此，甚至每天都如此。

So rental rates on leases are going up rapidly. The level of interest is overwhelming. And so from our perspective, we're spoiled for choice. We've put ourselves in a very advantageous position. And so depending on which deals we think will produce the best risk-adjusted returns that's how we'll proceed.

因此，租賃租金正在迅速上漲。大家的關注度非常高。所以從我們的角度來看，我們有很多選擇。我們已經讓自己處於非常有利的地位。因此，我們將根據我們認為能夠產生最佳風險調整後收益的交易來採取相應的行動。

But I do think the 56 megawatts there as well as the 100 megawatts at Stingray, the 70 at Milsing will all be taken up. If this market level of interest continues we will not have an available megawatt. We have multiple parties interested in all those sites and locking them up as soon as possible.

但我認為那裡的 56 兆瓦、Stingray 的 100 兆瓦以及 Milsing 的 70 兆瓦都會被佔用。如果這種市場需求持續下去，我們將沒有可用的兆瓦電力。我們已經有多方對這些地塊感興趣，並將盡快將其鎖定。

Okay. Congrats on the AWS announcement.

好的。恭喜AWS發佈公告。

Andrew Beale, Research.

Andrew Beale，研究員。

Can I just ask what are you thinking about the design of cultures? And what do you think the likely CapEx of that as the greenfield will be per megawatt? And just thinking about ERCOT approval, can you talk about what getting the Google, Fluidstack and AWS leases does in helping your approvals at the other sites, such as the three hands. And how much difference partnering with AEP makes on that approval front?

請問您對文化設計有何看法？那你認為新建電站每兆瓦的資本支出可能是多少？就 ERCOT 的批准而言，您能否談談獲得 Google、Fluidstack 和 AWS 的租賃權對您在其他網站（例如三個工地）的批准有何幫助？與 AEP 合作在審批方面能起到多大作用？

Yes. Thank you very much for the question. So predicting the budgetary cost at Colchis is a little bit challenging only because that's going to be, number one, again, that's another one. The ink is still drain on the acquisition. We're beginning to have exploratory conversations with folks that are interested in colocation there, just given the size of it.

是的。非常感謝您的提問。因此，預測科爾基斯的預算成本有點困難，因為首先，這又是另一個問題。收購事宜仍在調查中。鑑於該資料中心的規模，我們已經開始與一些對在那裡進行託管感興趣的人進行探索性對話。

But what we would do, I guess, I'd say in the interim would be we'll be deploying the CapEx for the minimum requirements at the site. So fiber, substation, land, water sourcing, et cetera. I would say I expect our build costs to be in line with what we've done at other sites if we are building the same colocation-type access, which has generally been, call it, $9 million to $11 million for critical IT megawatt. Now that said, there could be inflation, prices could change, supply chains, et cetera. I don't have any reason to believe that the cost would be different per megawatt other than just the passage of time and those factors.

但我想，在此期間，我們會做的就是將資本支出用於滿足該地點的最低要求。所以，光纖、變電所、土地、水源等等。如果建造的是同樣的託管型接入，我預計我們的建造成本將與我們在其他站點所做的成本保持一致，一般來說，關鍵 IT 兆瓦級接入的成本在 900 萬至 1100 萬美元之間。話雖如此，仍可能出現通貨膨脹、價格變動、供應鏈問題等等。除了時間推移和其他因素之外，我沒有任何理由相信每兆瓦的成本會有所不同。

So we will be able to give more details in the coming months and quarters. I think that candidly, with an expected availability of power in 2028, given the size of Colchis, we hope to find a partner before too long just because that's a tremendous construction time line and obligation, and so we'll have to get moving on it. But I have no reason to believe the cost would be any different. And then sorry, remind me of your second question again. I got lost there.

因此，我們將在未來幾個月和幾季提供更多細節。坦白說，考慮到科爾基斯電站的規模，預計到 2028 年才能通電，我們希望盡快找到合作夥伴，因為這是一個巨大的建設週期和義務，所以我們必須抓緊時間。但我沒有理由相信成本會有任何不同。抱歉，請你再提醒我你的第二個問題。我在那裡迷路了。

Just about -- I mean, signing these leases with Google and AWS. I mean how does that help you --

差不多——我的意思是，和Google和AWS簽訂這些租賃協議。我的意思是，這能幫到你什麼？--

Yes, there's huge benefits to these partnerships. I think, again, up until a few months ago, I can't tell you how many times we heard no one's ever going to sign at those sites. No one's ever going to sign with a former bitcoin miner at least not a traditional hyperscaler. That discussion is now over obviously, and it probably won't be for us. It will be for others as well as other deals get signed across the ecosystem.

是的，這些合作關係會帶來巨大的好處。我想，直到幾個月前，我都數不清我們聽到多少次「永遠不會有人在那些地方簽約」這種說法了。沒有人會和以前的比特幣礦工簽約，至少傳統的超大規模資料中心營運商不會。顯然，那場討論已經結束了，而且對我們來說可能也不會結束了。對於其他人來說也是如此，因為整個生態系統中還將簽署其他協議。

I think every deal adds incremental credibility we deserve a lot of credibility. Anyone that got to know the quality of our team, their experience, the things they've built in the past. And just looking at Cipher's own track record, if you took the word Bitcoin out and just said, our team has delivered data centers on time and on budget in this exact geographical region. There would be no reason to doubt what we say. It's just the traditional bias from incumbent industries against the word and Bitcoin.

我認為每一筆交易都能提升我們的信譽度，我們理當擁有很高的信譽度。任何了解我們團隊的素質、經驗以及他們過去所取得成就的人都會認同這一點。僅從 Cipher 自身的業績記錄來看，即使去掉“比特幣”這個詞，只說“我們的團隊在這個特定的地理區域按時按預算交付了數據中心”，也依然如此。沒有理由懷疑我們所說的話。這只是現有產業對「比特幣」這個詞及其衍生的固有偏見。

So I think every deal adds credibility with everyone, deals get -- deals -- and I talked about this a fair amount about striking our initial deals focusing on the quality of the counterparty and setting our business up as a franchise such that we can extract the most value from the entire pipeline we've got. And I'm happy to say that, that's exactly what we're seeing. So every conversation gets a little bit easier and we have a lot more credibility on new leases with regulators, with transmission distribution service providers.

所以我認為每一筆交易都能為所有人增加信譽，交易會帶來更多交易——我之前也多次談到過，我們在達成最初的交易時，重點關注交易對手的質量，並將我們的業務打造成特許經營模式，以便我們能夠從我們擁有的整個業務渠道中榨取最大價值。我很高興地說，這正是我們所看到的。因此，每一次對話都變得更加容易，我們在與監管機構和輸配電服務提供者簽訂新租賃協議時也更有信譽。

And truthfully, that kayak I mentioned in the case of Colchis, which is actually scheduled to go out shortly, that's what matters to ERCOT, right? So having more credibility and having money invested in the space and being a credible counterparty makes a transmission distribution service partner want to move forward on your project and spend their own money because they're more likely to get paid and the same on the ERCOT side. So all these things get more success, and that's probably the biggest reason for optimism around here these days.

說實話，我之前提到的科爾基斯號皮划艇，實際上計劃很快就要下水了，這才是ERCOT真正關心的，對吧？因此，擁有更高的信譽度、在該領域投入資金以及成為可信賴的交易對手，會讓輸配電服務合作夥伴更願意推進你的項目並投入自己的資金，因為他們更有可能獲得報酬，ERCOT方面也是如此。所以所有這些事情都取得了更大的成功，這可能是最近這裡人們樂觀情緒高漲的最大原因。

Michael Donovan, Compass Point.

Michael Donovan，指南針點。

Tyler, and congrats on the progress. I guess just in terms of supply chain, what are you seeing in terms of constraints for long-lead assets?

泰勒，祝賀你的進展。我想就供應鏈而言，您認為長週期資產在供應鏈方面有哪些限制因素？

Yes. So I mean, listen, I think we've talked about this over the years that we often work backwards in terms of what the long lead time items look like when we try to come up with a time line. And as a high-level generalization, that keys off of getting your substation in place? And then downstream from there on the HPC side, it matters a little bit in terms of basis of design for the particular site, which is driven by tenant requirements. But as a broad generalization, if they want backup gens to be there to provide the necessary uptime -- those tend to be the next gating item in terms of time line.

是的。所以我的意思是，聽著，我認為這些年來我們已經討論過這個問題，當我們試圖制定時間表時，我們通常會反向推算那些需要較長準備時間的項目是什麼樣的。從宏觀層面來說，關鍵在於確保變電站的建造到位？然後，在高效能運算 (HPC) 方面，從下游來看，這對於特定站點的設計基礎來說有點重要，而這又是由租戶的需求驅動的。但總的來說，如果他們希望備用發電機能夠提供必要的正常運作時間——那麼這些備用發電機往往會成為時間線上的下一個關鍵因素。

I'd say we have a great track record. Our team -- keep in mind, like our construction team comes from places like Vantage and Waiting Turner and Google and Meta and very experienced in dealing with procuring all the items necessary for these data centers and have relationships up and down the supply chain. To give you a sense, I think back of the envelope in terms of Barbara Lake, over 85% of the equipment, I think, is secured, including all long lead time items. So this is a process in each build spec and will continue to be that way. Generally, our risk now and anyone's risk now signing these deals is, of course, delivering the construction financing, whatever you're building, and then delivering the construction on time.

我認為我們有著非常出色的業績記錄。請記住，我們的團隊，例如我們的施工團隊，來自 Vantage、Waiting Turner、Google 和 Meta 等公司，在購買這些資料中心所需的所有物品方面經驗非常豐富，並且在供應鏈的上下游都有人脈關係。為了讓你們有個概念，我粗略估計一下，就芭芭拉湖而言，我認為超過 85% 的設備都已到位，包括所有交貨週期較長的物品。所以這是每個建置規範中的一個流程，並且將繼續如此。一般而言，我們現在以及任何人簽署這些協議的風險當然在於能否提供建設融資（無論你建造什麼），以及能否按時完成建設。

Our team has an excellent track record of that. I have no reason to expect we won't have the best performance of anyone in the space in terms of on-time delivery. The supply chain is kind of a moving thing, but I think we're really well positioned. And on the builds we've got, we feel very confident on our time lines, which are aggressive.

我們的團隊在這方面有著非常出色的成績紀錄。我沒有理由認為我們在準時交貨方面不會是業內表現最好的。供應鏈是一個不斷變化的事物，但我認為我們目前處於非常有利的位置。對於我們目前的專案進度，我們非常有信心能夠按時完成，我們的進度安排非常緊湊。

That's helpful, Tyler. And then I guess Second question is a bit more esoteric. So I'm hearing discussions about sites being linked up to -- let's say, you have a 500-megawatt site here, 500-megawatt site there to link them up to deliver 1 gigawatt campus for a specific workload. Are you hearing more of these types of discussions? And could we theoretically think of the 3Ms coming together for one large 1.5-megawatt or gigawatt campus.

那很有幫助，泰勒。那麼，第二個問題就有點深奧了。所以我聽說有人在討論將各個站點連接起來——比如說，這裡有一個 500 兆瓦的站點，那裡也有一個 500 兆瓦的站點，將它們連接起來，為特定的工作負載提供 1 吉瓦的園區電力。你最近常聽到這類討論嗎？理論上，我們是否可以考慮讓這 3M 公司聯合起來，建造一個 1.5 兆瓦或 1 吉瓦的大型園區？

I think it depends on how the market evolves. So there's no doubt that a lot of the hyperscalers seek sort of redundancy of data centers in the same geographical areas close together. I would say, look, we have a concentration of data center sites now a dozen and basically in West Texas. I think that -- I don't think of like the 3Ms as being geographically close enough, at least in today's construct to think about linking them. I think it's beneficial that they're not like way far away.

我認為這取決於市場的發展趨勢。因此，毫無疑問，許多超大規模資料中心營運商都尋求在同一地理區域內靠近地部署資料中心，以實現某種程度的冗餘。我想說，你看，我們現在有十幾個資料中心，基本上都集中在德州西部。我認為——至少在今天的情況下，我不認為像 3M 這樣的公司在地理位置上足夠接近，以至於可以考慮將它們聯繫起來。我認為他們離得不太遠是件好事。

But I don't know that, that's necessarily how folks would think of them that phenomenon definitely exists, but I'm not sure I would group our sites in that manner. I think there's a lot of other efficiencies of scale of having workforce in that geographical area, et cetera, that it's great to have things concentrated, but we don't have sites that are necessarily 10 miles away or something like that. They tend to be a little bit further. Colchis, for example, is about I think, 80 miles away from Barber Lake? I mean I'll say at a high level, we have -- those customers do like to have a conversation about potentially constructing their own availability zone, but we're not far enough along to say exactly like it would be these sites that would be like dedicated for that one tenant.

但我不知道人們是否一定會這樣看待它們，這種現象確實存在，但我不太確定我是否會以這種方式對我們的網站進行分類。我認為在特定地理區域擁有大量勞動力還能帶來很多其他方面的規模效率優勢等等，集中資源固然很好，但我們並沒有像某些公司那樣，辦公地點相距 10 英里之類的。它們往往離得稍遠一些。例如，科爾基斯距離巴伯湖約 80 英里？我的意思是，從宏觀層面來說，我們確實有一些客戶希望討論建立他們自己的可用區，但我們還沒有取得足夠的進展，無法確切地說這些網站將專門服務於某個租戶。

Okay. Appreciate that, Tyler. And then last one, I promise. So great progress at the edge of the earth. What should we think about outside of Texas?

好的。謝謝，泰勒。我保證，這是最後一個了。地球邊緣也取得了巨大進步。我們應該考慮德州以外的問題嗎？

So great question. We are always looking at opportunities. We just happen to love Texas, and it seems that we always find the best opportunities. I do think that part of it is that there's a -- there's a lot of things. Business is great in Texas.

問得好。我們一直在尋找機會。我們剛好很喜歡德州，而且似乎總是能在這裡找到最好的機會。我確實認為部分原因是——有很多事情。在德克薩斯州做生意很好。

It's a great place to do business. It also has a history of risk takers and entrepreneurs that want to speculate on early-stage opportunities. I think it echoes oil and gas somewhat and there are folks that will speculate on grid interconnections and take a risk on being able to get something. And maybe Cipher's secret sauce, to be honest with you, now that we've originated 12 sites down there is that we have a team that has demonstrated excellence at sourcing these sites from what I'll call kind of grid wildcatters or people that are early stage investors and an interconnection opportunity, but are not prepared to develop the site at a high level that would be ready for an end user like a hyperscaler. I would argue that Cipher is basically the only firm.

這裡是做生意的好地方。這裡也一直不乏敢於冒險、渴望抓住早期投資機會的企業家。我認為這在某種程度上與石油和天然氣行業類似，有些人會投機電網互聯，並冒著風險從中獲利。坦白說，Cipher 的秘訣或許在於，我們已經在那裡創建了 12 個站點，我們擁有一支在尋找這些站點方面表現卓越的團隊，這些站點來自我稱之為“網格野貓”或早期投資者和互聯機會的人，但他們還沒有準備好將站點開發到足以滿足超大規模數據中心等最終用戶需求的水平。我認為Cipher基本上是唯一一家這樣的公司。

Maybe we have a handful of competitors, but I think we certainly do it best in that we can speak very credibly with that audience that originates these sites and at the same time, go have an all-day technical meeting with our entire construction and operations team with a hyperscaler and impress them as well. And so bridging that gap between, let's call it, early-stage speculation on grid opportunities and then delivering that to the highest quality end user we have in-house. And honestly, that's why I believe we're a tremendous growth stock opportunity. We're not just a basket of assets. The point being, we're not going to stop developing these sites.

或許我們有一些競爭對手，但我認為我們做得最好的一點是，我們能夠與這些網站的創建者進行非常可信的對話，同時，我們還能與超大規模數據中心運營商的整個建設和運營團隊進行一整天的技術會議，並給他們留下深刻的印象。因此，我們要彌合早期對電網機會的推測與最終交付給我們公司內部最高品質的終端用戶之間的差距。說實話，正因如此，我認為我們是一家極具成長潛力的股票。我們不僅僅是一堆資產。重點是，我們不會停止開發這些網站。

Now to answer your question more directly, however, because I was just saying how wonderful Texas is, yes, we are looking at sites, particularly in PJM. Historically, we've looked at sites all over the world. Often, the economics haven't gotten to a position we like to be in. We do have a relentless focus on risk-adjusted returns here. And so often, things are either too risky to justify the investment or perhaps the price is too high.

現在要更直接地回答你的問題，因為我剛才還在說德州有多棒，是的，我們正在考察一些地方，特別是PJM地區。從歷史上看，我們考察過世界各地的網站。通常情況下，經濟情勢還沒有達到我們所期望的水平。我們始終不渝地關注風險調整後的收益。因此，很多時候，要嘛是風險太大，不值得投資，要嘛是價格太高。

They're too mature. There's not enough risk that we feel like we can quantify better than others. So -- we are looking at PJM. That's a market we would like to expand into and stay tuned. I hope that we'll have announcements in the future.

他們太成熟了。我們感覺目前的風險還不足以讓我們比其他人更好地量化。所以——我們正在關注PJM。這是我們想要拓展的市場，敬請關注。我希望未來能有更多消息公佈。

Mike Colonnese, H.C. Wainwright & Company.

Mike Colonnese，H.C. Wainwright & Company。

Congrats on the two big HPC deals here. Really great to see. I can appreciate the expected delivery time lines you provided with regards to the two contracts. But how should we think about the revenues in over the course of 2026 and beyond from the two agreements?

恭喜你們拿下這兩筆大型高效能運算交易。真是太好了。我理解您提供的關於這兩份合約的預計交付時間表。但是，我們應該如何看待這兩項協議在 2026 年及以後帶來的收入呢？

Yes. So the full delivery of the Fluidstack Google deal is expected to be completed at the end of September next year, and so rent begins in October of '26. Amazon is, again, getting finalized, but it begins in August of next year. And then there'll be stages, though. The second stage would be closer to year-end of next year.

是的。因此，Fluidstack 與 Google 的交易預計將於明年 9 月底全面完成，租金將於 2026 年 10 月開始支付。亞馬遜的計畫再次進入最後階段，但要到明年八月才會開始實施。不過，這其中還會分階段。第二階段將在明年年底左右開始。

Got it. And then more of a high-level question, Tyler. In your view, what has changed for counterparties that has accelerated the pace of deal announcements we've seen in the space over the past month or so. It feels like the level of urgency from hyperscalers, Neo Cloud and some others has really picked up from where we were just a few months ago. So it would be great to get your thoughts there.

知道了。泰勒，接下來我想問一個更宏觀的問題。您認為，在過去一個月左右的時間裡，交易對手方發生了哪些變化，導致該領域的交易公告數量加快？感覺超大規模雲端服務商、Neo Cloud 和其他一些公司的緊迫感比幾個月前明顯增強了。所以，如果您能分享一下您的想法，那就太好了。

Yes. I mean, it's fair to say that in my 25-year professional career, I have never witnessed anything close to what is going on in the market right now. You asked why? I don't know I listened to the podcast like everyone else. And here, the CEOs of hyperscalers talking about a shortfall.

是的。我的意思是，毫不誇張地說，在我25年的職業生涯中，我從未見過像現在市場上發生的這種事情。你問為什麼？我不知道，我和其他人一樣都聽了播客。而在這裡，超大規模資料中心營運商的執行長們正在談論資金缺口。

My sense is that if you are a big diversified cloud provider, it is easier to predict your capacity needs for the traditional cloud business out several years. I think the thing that has snuck up on everyone is the just meteoric rise in demand for AI. And what is happening now is not only is that demand off the charts, there's a scramble because those folks underestimated how much they need quickly. And of course, there's a little bit of a race between them. So right now, discussions are beyond -- every discussion starts with we want megawatts that are available right now.

我的感覺是，如果你是一家大型多元化雲端服務供應商，那麼預測未來幾年傳統雲端業務的容量需求就更容易。我認為最讓大家措手不及的是人工智慧需求的迅猛增長。現在的情況不僅是需求爆表，而且還出現了搶購潮，因為這些人低估了他們需要快速獲得多少物資。當然，他們之間也存在著一些競爭。所以現在的討論已經超越了──每一次討論都是從我們想要現在就能獲得的兆瓦電力開始的。

It has now become -- we want anything in '26, and that's now become, we want anything in '27. Literally week-over-week, the tone changes and gets more excitable and in higher demand and look, lease rates are going up, as you would expect in a market like that. I'm very happy with where we put our markers down to have the best possible anchor tenants in the world for our business. I think we have now some pricing strengths on our side to improve economics and improve deal terms. Again, the first 15-year long-term lease directly with a hyperscaler in our space, not only a hyperscaler the biggest hyperscaler demonstrates just the balance of power coming to those with the scarce assets, which we very strategically arranged over the last few years.

現在的情況變成了——我們想要 2026 年的任何東西，而現在的情況又變成了——我們想要 2027 年的任何東西。每週的市場氛圍都在變化，變得越來越活躍，需求也越來越高，你看，租金也在上漲，正如你在這樣的市場中所預期的那樣。我對我們為吸引世界上最好的主力租戶所設定的目標非常滿意。我認為我們現在在定價方面擁有一些優勢，可以改善經濟效益並改善交易條款。再次強調，這是我們所在領域首個直接與超大規模資料中心營運商簽訂的 15 年長期租賃協議，而且不僅僅是與超大規模資料中心營運商簽訂的協議，而是與最大的超大規模資料中心營運商簽訂的協議，這充分體現了稀缺資產的權力平衡正在向那些擁有這些資產的人傾斜，而這些資產是我們過去幾年中經過精心策劃安排的。

So I don't know if that level of frenzy can continue forever. But we do feel a little bit like the tip of the spear here just with what we get insight into. And I've been saying it for a while now, but the demand is just off the charts and only seems to get more off the charts.

所以我不知道這種狂熱程度能否永遠持續下去。但就我們所了解到的情況而言，我們感覺自己就像是站在了時代的前沿。我已經說過一段時間了，需求量已經爆表，而且似乎還在持續成長。

Really interesting color, Tyler. I appreciate your views.

泰勒，這顏色真有趣。我很欣賞你的觀點。

Thanks.

謝謝。

Joseph Vafi, Canaccord Genuity.

Joseph Vafi，Canaccord Genuity。

Congrats on all this great progress and welcome on board, Greg. And congrats, Ed, on your retirement. Just a couple here. Just maybe just the most updated thoughts here, Tyler, on your behind-the-meter agreement and what comes next here for Black Pearl given that site and its unique power procurement and the expiration of that deal and then overlay on top of that, obviously, everything going on in the HPC environment. And how does that side evolve from here?

恭喜你有如此巨大的進步，歡迎格雷格加入我們。恭喜你退休，埃德。就幾個。泰勒，或許這裡有一些關於你與黑珍珠簽訂的「按錶計費」協議的最新想法，以及考慮到該站點及其獨特的電力採購方式、該協議的到期，以及在此基礎上，顯然還有高性能計算 (HPC) 環境中發生的一切，黑珍珠接下來會面臨什麼。那麼，這一方接下來又會如何發展呢？

Joe, do you mean Odessa, you said Black Pearl (multiple speakers) Odessa okay. Just wanted to make early.

Joe，你是說敖德薩嗎？你說的是黑珍珠（多人）敖德薩，好的。只是想早點完成。

Absolutely.

絕對地。

Sorry for the -- before the market call. So yes, at Odessa. So for those -- for just as a reminder, we have a PPA at an extraordinarily cheap price for electricity for 207 megawatts at our Odessa Bitcoin mining facility that runs through the end of July 2027. That contract is extremely valuable. It is way in the money we're carrying a -- at a decent value on our balance sheet, and that's because the price is fixed and so cheap for a while.

抱歉，在市場行情公佈前有點插播廣告。是的，在敖德薩。所以，提醒一下，我們與 Odessa 比特幣礦場簽訂了一份價格極其低廉的購電協議 (PPA)，用於購買 207 兆瓦的電力，該協議有效期至 2027 年 7 月底。那份合約價值極高。它現在處於我們資產負債表上的良好盈利狀態，價值也相當可觀，這是因為價格固定，而且在一段時間內非常便宜。

It's fair to say that in these conversations that are frenzied for more power available now, we get a lot of interest in saying, hey, would you ever think about converting that site. I think where we're sitting right now is that given our extraordinarily cheap cost of power there, mining Bitcoin is a fantastic business there. HPC over time could be interesting there, but we're not in any rush given how strong our contract is and just what that implies for Bitcoin mining economics.

可以肯定地說，在這些人們熱切渴望獲得更多可用權力的對話中，我們經常會聽到這樣的問題：嘿，你有沒有想過轉換那個網站？我認為，鑑於當地電力成本極其低廉，目前比特幣挖礦在那裡是一項非常棒的生意。從長遠來看，高效能運算在那裡可能會很有趣，但考慮到我們合約的力度以及這對比特幣挖礦經濟的影響，我們並不著急。

I think it's fair to say it could be a really good site. It is co-located with a natural gas generation facility that is owned by Vistra, and as things evolve, again, in relation to a question I answered earlier, as our credibility grows in the space, I think it's fair to say that more big names across the spectrum will look to Cipher to provide their data centers. So there is the possibility that something happens there, we would have to coordinate with our power provider Vistra and coordinate with a potential tenant. But we're not in any rush just given that the economics are locked in at very favorable levels there for another year and three quarters.

我認為可以毫不誇張地說，這可能是一個非常好的網站。它與 Vistra 擁有的天然氣發電設施位於同一地點。隨著事態的發展，正如我之前回答的一個問題，隨著我們在該領域的信譽不斷提高，我認為可以肯定地說，各行各業的更多知名企業都會尋求 Cipher 來提供他們的數據中心。所以，如果那裡發生什麼事，我們需要與電力供應商Vistra以及潛在租戶進行協調。但我們並不著急，因為當地的經濟狀況在未來一年零三個季度內都將保持在非常有利的水平。

Sure. And then just really quickly, I may have missed it. But this deal with Microsoft? Is it going to be at one particular site or is it going to be distributed? I just don't know if I saw that in the press release.

當然。然後就那麼一瞬間，我可能就錯過了。但與微軟的這項交易呢？是在某個特定地點還是會分散存放？我不確定我是否在新聞稿中看到過這一點。

So we haven't done a deal with Microsoft yet. I know it's confusing today because I think so --

所以我們還沒跟微軟達成協議。我知道今天這讓人困惑，因為我覺得是這樣。--

(multiple speakers) on us today -- there was one other Amazon, worry about that.

（多位發言者）今天我們遇到了──還有另一家亞馬遜，要小心。

But no, that's fine. Amazon is at one large site that to convert from a Bitcoin mining facility to HPC.

但是，沒關係。亞馬遜正在一個大型場地進行改造，該場地將從一個比特幣挖礦設施轉變為高效能運算設施。

Right. But you haven't said we decided it is yet, I guess.

正確的。但我想你還沒說我們已經決定好了。

Yes, it's at the Black Pearl site.

是的，就在黑珍珠網站上。

John Todaro, Needham.

約翰·托達羅，尼德姆。

Congrats on the lease. The time line seems pretty quick on getting that Black Pearl site for AWS delivered. Just wondering kind of if I'm missing something or the confidence in being able to deliver that? And then I have a quick follow-up.

恭喜你租到房子。看來AWS的Black Pearl網站交貨時間相當快速。我只是有點想知道，我是不是漏掉了什麼，還是我有足夠的信心去完成這件事？然後我還有一個簡短的後續問題。

Yes. So confidence is very high. Again, a lease like this is the result of a lot of deep technical meetings with their team. Keep in mind at that site, we have built 150 megawatts to an extraordinarily high level of building quality that is not like our other sites where we had a more limited time line, and we may have used like a containerized solution. That it was always built with a long-term eye towards being convertible.

是的。所以信心非常高。同樣，這樣的租賃協議是與對方團隊進行多次深入技術會議的結果。請記住，在這個工地，我們建造了 150 兆瓦的發電設施，其建築品質達到了極高的水準，這與我們在其他工地不同，因為其他工地的時間更有限，我們可能使用了貨櫃式解決方案。它從設計之初就考慮到了可改裝性，並著眼於長遠發展。

I'm happy to say that, again, most of that site is immediately reusable on Phase 1 for 150 megawatts. So that's what drives that aggressive time line on the Phase I and the Phase II, again, that's just relying on the conversations we've had talking going through a procurement exercise and scoping out a supply chain time line. So I think we can easily meet it. But that aggressive time line is largely based that we're reconfiguring a site that was just built to a very high standard.

我很高興地再次宣布，該場地的大部分可以立即在第一階段重新用於 150 兆瓦的發電。所以，這就是第一階段和第二階段如此緊迫的時間表的原因，這同樣是基於我們之前進行的關於採購工作和供應鏈時間表的討論。所以我覺得我們完全可以滿足這個要求。但如此緊迫的時間表主要是基於這樣一個事實：我們要重新配置一個剛剛按照非常高的標準建造的網站。

Got it. That makes sense. And then my last one, just when you're procuring a site like Caucus, Who are you competing with? Like, obviously, you're signing the major hyperscalers. Are they looking to build out some of their own sites at this point, too? Or is it mostly, I guess, maybe other bitcoin miners you're competing with?

知道了。這很有道理。最後一個問題是，當你準備收購像 Caucus 這樣的網站時，你的競爭對手是誰？很顯然，你們正在與主要的超大規模資料中心營運商簽約。他們目前是否也打算建立自己的網站？或者，我猜，你主要的競爭對手可能是其他比特幣礦工？

Yes. So that's a great question. And again, I sort of alluded to this earlier, but this is, I think, the underappreciated growth equity aspect of our company, which is doing deals like that requires real local knowledge and understanding. Like this is like dealing directly with by analogy, a wildcatter, right, typically. The hyperscalers are much more used to -- first of all, they're big institutions that move -- they're not quite as nimble as we are.

是的。這是一個很好的問題。而且，我之前也稍微提到過這一點，但我認為，這是我們公司被低估的成長股權方面，那就是進行這樣的交易需要真正的本地知識和理解。這就像直接類比對待一個野貓石油開採者一樣，對吧，通常情況下是這樣。超大規模資料中心營運商更習慣於——首先，它們是規模龐大的機構——它們不像我們那麼靈活。

Second of all, they're used to Jones Lang LaSalle bringing them a pretty deal deck for a completed data center or a site that is very polished and ready to present to them. They are not going local to understand the local requirements and dealing with whatever Harry situation there might be on some of these deals. We're I would argue certainly the best, if not the only company that has extremely high levels of credibility with that crowd for getting deals done, but also the ability to talk to hyperscalers. So there's this -- there's like layers of capital that come to a traditional commodities production business that just don't exist here. So we don't see as much competition from them at that level, and that's really part of our value.

其次，他們已經習慣了仲量聯行為他們提供一個漂亮的交易方案，方案內容是已經完工的資料中心或網站，非常完善，隨時可以向他們展示。他們沒有深入當地了解當地需求，也沒有處理某些交易中可能出現的各種棘手問題。我認為我們絕對是最好的公司，甚至可能是唯一一家在業界擁有極高信譽度，能夠促成交易，並且有能力與超大規模資料中心營運商溝通的公司。所以問題在於──傳統商品生產企業需要多層資本投入，而這些資本在這裡並不存在。因此，我們在那個層面上並沒有感受到來自他們的太多競爭，而這正是我們價值的一部分。

Yes. Got it. Understood. Appreciate it. Congrats again.

是的。知道了。明白了。謝謝。再次恭喜。

Thank you.

謝謝。

That's all the time we have for today. I'd like to turn the call back over to CEO, Tyler Page for closing remarks.

今天的時間就到這裡了。我謹將電話轉回給執行長泰勒·佩奇，請他作總結發言。

Well, thank you, everyone, for joining today. I want to call out Ed Farrell. Ed Farrell has been my right-hand man since day one at Cipher. We've had many internal thank yous and congratulations on his retirement and transition to senior adviser from Chief Financial Officer. But I wanted to take this opportunity to give a special investor thank you.

謝謝大家今天到場。我想公開批評艾德法雷爾。從我加入 Cipher 的第一天起，Ed Farrell 就是我的得力助手。我們收到了許多內部的感謝和祝賀，祝賀他從財務長退休並轉任高級顧問。但我還是想藉此機會特別感謝一位投資人。

As one of the largest shareholders of Cipher, I want to say thank you for all of us for the hard work he's done I can tell everyone that's a shareholder, we would not have made it here without him. He's been amazing, and it's very exciting to get the company to where it is today on the back of his hard work. It's hard for me to believe that I'm not going to be able to walk around the office and have obscured godfather references anymore. I'm not going to be able to hear from him or I'm not going to be able to tell him rather that the Dawn needs to hear bad news right away. And I think every time I run into an obstacle that frustrates me, I'm not going to have Ed here to remind me that Tyler, this is the business we've chosen.

作為 Cipher 的最大股東之一，我想代表我們所有人感謝他所做的辛勤工作。我可以告訴所有股東，沒有他，我們不可能有今天的成就。他非常出色，公司能發展到今天的規模，全靠他的辛勤努力，這令人非常興奮。我很難相信以後我不能再在辦公室裡走來走去，到處都能看到《教父》的梗了。我可能無法收到他的消息，也無法告訴他，但黎明號需要立即聽到壞消息。我想，每當我遇到讓我沮喪的障礙時，我身邊就不會有艾德提醒我，泰勒，這是我們選擇的事業。

But we are in great hands with Greg Mumford, our new CFO. And when we think about all the capital raising and optimization we've got to do going forward, we are in excellent hands. So thank you to Ed on behalf of all shareholders, and we wish you a fantastic retirement. Thanks, everyone. We'll talk to you soon.

但我們有了新任財務長格雷格·芒福德，一切都會好起來的。考慮到我們未來需要進行的融資和優化工作，我們感到非常安心。所以，我謹代表所有股東感謝艾德，並祝福您退休生活愉快。謝謝大家。我們很快會再聯絡你。

Thank you for your participation. You may now disconnect. Everyone, have a great day.

感謝您的參與。您現在可以斷開連線了。祝大家今天過得愉快。