Cipher Digital Inc (CIFR) 2026 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Cipher Digital's second quarter 2026 business update conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位女士、先生，感謝您耐心等候。歡迎參加 Cipher Digital 2026 年第二季業務更新電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I would like now to turn the conference over to Courtney Knight, Head of Investor Relations. Please go ahead.

現在我想將會議交給投資人關係主管 Courtney Knight。請開始。

Good morning, and thank you for joining us on this conference call to address Cipher Digital's business update for the second quarter of 2026. Joining me on the call today are Tyler Page, Chief Executive Officer; and Greg Mumford, Chief Financial Officer.

各位早安，感謝您參加本次電話會議，了解 Cipher Digital 2026 年第二季的業務更新。今天與我一同出席的還有執行長 Tyler Page，以及財務長 Greg Mumford。

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 Digital, and any taping or other reproduction is expressly prohibited without prior consent.

請注意，我們的新聞稿與簡報可於公司網站的投資人關係專區取得，本次電話會議也將同步進行網路直播。另請注意，本次電話會議為 Cipher Digital 之財產，未經事先同意，嚴禁任何錄音或其他形式之重製。

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. 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.

在開始之前，我想提醒各位，以下討論以及我們的新聞稿與簡報包含前瞻性陳述。這些陳述包括但不限於 Cipher 的財務展望、業務計畫與目標，以及其他未來事件與發展，包括關於我們營運之市場潛力、潛在競爭以及我們的目標與策略等陳述。本次電話會議中的前瞻性陳述與風險（包括對各位提問的回覆）係基於截至今日的當前預期，除法律要求外，Cipher 不承擔因新進展或其他原因而更新或修訂之義務。

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.

此外，以下討論可能包含非 GAAP 財務衡量指標。我們可能使用非 GAAP 指標來描述我們管理與營運業務的方式。我們會將非 GAAP 指標與最直接可比的 GAAP 指標進行調節，並鼓勵各位查閱該等調節表，其已附於我們今早發布的財報新聞稿末尾。

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

現在我將把電話會議交給我們的執行長 Tyler Page。Tyler？

Thanks, Courtney. Good morning, everyone, and thank you for joining us today. I'm Tyler Page, CEO of Cipher Digital, and I'm pleased to welcome you to our second quarter 2026 business update call.

謝謝你，Courtney。各位早安，感謝今天加入我們。我是 Cipher Digital 的執行長 Tyler Page，很高興歡迎各位參加我們 2026 年第二季業務更新電話會議。

Execution has been exceptional across the business this quarter, and we continue to build in line with our transformational strategy. What has become increasingly clear over the past few months is how each step forward in the progress of our flywheel is now reinforcing the next. The leases we've signed are giving prospective tenants more confidence to come to the table. The financings we've completed are strengthening our standing with capital markets and validating the colocation strategy we've laid out.

本季我們在各項業務上的執行表現非常出色，並持續依照我們的轉型策略推進建置。過去幾個月愈發清楚的是，我們飛輪進展的每一步，如今都在強化下一步。我們已簽署的租約正讓潛在承租方更有信心坐上談判桌。我們已完成的融資正在強化我們在資本市場的地位，並驗證我們所規劃的共置（colocation）策略。

And the construction milestones we continue to hit on schedule or ahead of schedule are reinforcing the trust hyperscalers place in us as a partner for their next data center campuses. Put simply, this business is building on itself in a way that compounds and the results are starting to show up, giving us an even clearer path to scale much larger.

而我們持續按期甚至提前達成的施工里程碑，也在強化超大規模雲端業者（hyperscalers）將我們視為其下一批資料中心園區合作夥伴的信任。簡而言之，這項業務正以一種可自我強化、複利式成長的方式在累積動能，成果也開始顯現，讓我們更清楚看見擴大到更大規模的路徑。

For those newer to our story, let me frame quickly what Cipher Digital is today. We control the full value chain of developing and delivering turnkey data centers to hyperscalers, from land and power origination to engineering, construction and operations, which is what allows us to move at the speed and precision hyperscalers require. Those capabilities have translated into a stable and reliable business with longevity.

對於較不熟悉我們故事的朋友，我先快速說明 Cipher Digital 現在的定位。我們掌握從土地與電力取得、工程設計、施工到營運的完整價值鏈，能為超大規模雲端業者提供交鑰匙（turnkey）資料中心；這使我們能以其所要求的速度與精準度推進。這些能力已轉化為一個穩健、可靠且具長期性的業務。

Three data center campuses leased to some of the most sophisticated technology companies in the world, representing billions of dollars of contracted revenue locked in over the next decade plus. And beyond those initial campuses, our pipeline keeps expanding with approximately 4.4 gigawatts of expected future developments, giving us years of visibility into growth well beyond what's already under contract.

我們有三座資料中心園區已出租給全球最成熟的科技公司之一，代表未來十年以上鎖定的數十億美元合約收入。此外，除這些初始園區外，我們的開發管線仍在擴張，預計未來開發規模約 4.4 吉瓦，讓我們對已簽約之外的成長仍能維持多年可視性。

Let's zoom out and look at the full scope of what we've built. Across our operating contracted and future pipeline developments, the portfolio now totals approximately 5.3 gigawatts of capacity spread across 11 sites. The overwhelming majority of that sits in our pipeline, representing substantial growth beyond existing contracts. The remainder reflects our already contracted HPC capacity as well as our legacy bitcoin mining capacity at Odessa.

讓我們拉遠視角，看看我們所建立的完整版圖。涵蓋已營運、已簽約以及未來管線開發案，我們的投資組合目前總計約 5.3 吉瓦容量，分布於 11 個據點。其中絕大多數位於我們的開發管線，代表在既有合約之外仍有可觀的成長空間。其餘部分則反映我們已簽約的 HPC（高效能運算）容量，以及我們在 Odessa 的既有比特幣挖礦容量。

Texas remains the center of gravity for this portfolio, and that is deliberate. Early on, we made the call that Texas would become one of the most sought-after regions in the country for large-scale AI infrastructure, and that conviction has been proven out. This quarter, we added up to 1.1 gigawatts of potential new future capacity in Texas with a new 900-megawatt site called Apollo and a planned 200-megawatt expansion at our current Stingray site. We are positioned exceptionally well for multiple levers of future growth via continued site acquisition and existing site expansion, as well as the addition of behind-the-meter generation, which is particularly well suited to our sites and not yet included in this pipeline.

德州仍是此投資組合的重心，而這是刻意為之。早期我們就判斷德州將成為全美最受青睞的大規模 AI 基礎設施區域之一，而這項信念已被驗證。本季我們在德州新增最高達 1.1 吉瓦的潛在未來容量，包括一個名為 Apollo 的 900 兆瓦新據點，以及在現有 Stingray 據點規劃的 200 兆瓦擴建。透過持續取得新據點與擴建既有據點，以及增設表後發電（behind-the-meter generation）等多項未來成長槓桿，我們具備極佳的布局；其中表後發電特別適合我們的據點，且尚未納入此開發管線。

Now let's turn to the cash flow profile behind the contracted leases on slide 5. Our three executed data center campus leases are expected to generate approximately $793 million of average annualized net operating income from October 2026 through September 2036. This slide shows the future of our revenue model, stable, visible, and contracted net operating income from long-term agreements with investment-grade counterparties. As we move into the second half of 2026, we are turning these projected cash flows into reality as our first rental payments begin at Barber Lake and Black Pearl. And I'm pleased to say that reality is arriving even sooner than we planned at our Black Pearl site.

接著我們來看投影片 5 上已簽約租約背後的現金流輪廓。我們已簽署的三份資料中心園區租約，預期自 2026 年 10 月至 2036 年 9 月期間，將產生約 7.93 億美元的平均年化淨營運收入。這張投影片呈現我們營收模式的未來：來自與投資等級對手方簽訂長期協議的穩定、可見且已簽約之淨營運收入。隨著我們進入 2026 年下半年，Barber Lake 與 Black Pearl 將開始收取首筆租金，我們也正把這些預估現金流轉化為現實。我很高興地表示，在 Black Pearl 據點，這個現實到來得比我們原先規劃的更早。

Slide 6 highlights the key developments from the second quarter, which have built momentum and position Cipher well for the second half of 2026 and beyond. First and most significantly, I'm proud to announce the early delivery of data center capacity at Black Pearl, two months ahead of schedule. At the request of our tenant, we executed an amendment to the lease that accelerated the development timeline of initial capacity. I'm pleased to report that we delivered that capacity and rent has commenced at the site.

投影片 6 重點整理第二季的關鍵進展，這些進展已累積動能，並使 Cipher 在 2026 年下半年及更長遠的未來具備良好定位。首先也是最重要的，我很自豪地宣布 Black Pearl 的資料中心容量已提前交付，比原定時程早了兩個月。應承租方要求，我們簽署了租約修訂，將初期容量的開發時程提前。我很高興向各位報告，我們已交付該容量，且該據點已開始計收租金。

I want to spend a moment on why this matters beyond the headline. Any developer can sign a lease. Far fewer can deliver ahead of schedule when a tenant asks for a faster timeline without cutting corners or sacrificing quality. What we have now proven is that Cipher has the operational depth across all of our teams to compress a delivery timeline on demand and without compromise. We believe this early delivery will pay dividends in two ways.

我想花一點時間說明，為何這件事的重要性不僅止於新聞標題。任何開發商都能簽下租約。但當承租方要求更快時程時，能在不偷工減料、不犧牲品質的前提下提前交付者就少得多。我們如今已證明，Cipher 在各團隊之間具備足夠的營運深度，能在需求出現時壓縮交付時程且不打折扣。我們相信這次提前交付將以兩種方式帶來回報。

First, this strengthens our credibility with existing and prospective tenants, giving them even more confidence to work with us at other sites in our 4.4 gigawatt pipeline. Second, it's an early proof point on construction execution that will serve us well in future financings since we can now point to a demonstrated track record of timely delivery. We will continue to prove our differentiation in construction and execution as we deliver on the rest of our current projects and sign new leases in the future, each step forward, reinforcing the next.

第一，這將強化我們在既有與潛在承租方心中的可信度，讓他們更有信心在我們 4.4 吉瓦的開發管線中其他據點與我們合作。第二，這是施工執行力的早期驗證，未來在融資時將對我們非常有利，因為我們現在可以指出已被證明的按期交付紀錄。隨著我們交付其餘現行專案並在未來簽署新租約，我們將持續證明我們在施工與執行上的差異化；每一步向前，都在強化下一步。

The second highlight is our landmark financing of the Stingray data center. We priced an $810 million bond offering at a 6% coupon, fully funding Stingray through substantial completion. Greg will provide more information on the financing in his remarks, but it is notable that this third project-level bond issuance priced tighter than our previous bonds despite spreads widening in the credit markets, reflecting continued confidence in our story.

第二項重點是我們為 Stingray 資料中心完成的里程碑式融資。我們以 6% 票面利率完成 8.10 億美元的債券發行，足以在實質完工前為 Stingray 提供全額資金。Greg 將在他的發言中提供更多融資細節；值得注意的是，儘管信用市場利差擴大，這第三筆專案層級的債券發行定價仍較我們先前的債券更緊，反映資本市場對我們故事的持續信心。

Next, I'm pleased to announce that we've acquired an option on a new site we're calling Apollo. As our 11th site, the name is a fitting nod to Apollo 11 and to the same reach-for-the-impossible spirit that put footprints on the moon. This site provides up to 900 megawatts by 2031 and is located within 25 miles of San Antonio, Texas. The site has been submitted as a studied load in Batch Zero under ERCOT's updated interconnection process and its flat buildable terrain and proximity to San Antonio make it well suited for large-scale data center development.

接下來，我很高興宣布，我們已取得一個新場址的選擇權，我們稱之為 Apollo。作為我們的第 11 個場址，這個名稱恰如其分地向阿波羅 11 號致敬，也呼應了那種敢於追求不可能、在月球留下足跡的精神。該場址到 2031 年可提供最高 900 兆瓦，且位於德州聖安東尼奧 25 英里範圍內。該場址已依 ERCOT 更新後的併網流程，以 Batch Zero 的「研究負載」提交；其平坦且可建置的地形，以及鄰近聖安東尼奧的區位，使其非常適合大規模資料中心開發。

Finally, we continue to invest in our team. This quarter, we welcomed Bill Blevins as our Head of Grid Strategies, who previously served as Director of Grid Coordination at ERCOT, overseeing Large Load Interconnections, experience directly relevant to how we navigate interconnection across our pipeline. We also welcomed Mohammed Abouelella, who joins us from Google, where he was responsible for technical due diligence, design, and delivery across more than 5 gigawatts of data center capacity globally. He spent 11 years designing Google's build-to-suit and colocation data center campuses, and we're thrilled to have his expertise as we continue to build and sign new leases.

最後，我們持續投資於團隊。本季，我們迎來 Bill Blevins 擔任電網策略主管；他先前曾任 ERCOT 電網協調總監，負責大型負載併網事務，這段經驗與我們如何在整體專案管線中推進併網工作高度相關。我們也迎來 Mohammed Abouelella，他從 Google 加入，先前負責全球超過 5 吉瓦資料中心容量的技術盡職調查、設計與交付。他花了 11 年設計 Google 的客製化（build-to-suit）與共置（colocation）資料中心園區；我們很高興能在持續建置並簽署新租約的過程中，擁有他的專業。

These are just two of many additions we've made to the team this quarter, and they reflect how we are building the organization needed to execute on gigawatts of HPC development in the years ahead. These milestones, an accelerated delivery, a tightly priced financing, a new site secured on attractive terms and a strengthening team is what compounding momentum looks like in practice. Now let's take a closer look at our current development portfolio.

這只是我們本季為團隊增添的眾多新成員中的兩位，反映出我們正在打造未來數年執行吉瓦級 HPC 開發所需的組織能力。這些里程碑——加速交付、具競爭力定價的融資、以具吸引力條件取得的新場址，以及更強的團隊——正是「動能複利」在實務上的展現。現在讓我們更深入看看目前的開發組合。

Starting with Black Pearl. As mentioned, we executed an amendment to our lease with the tenant to accelerate the development timeline of initial capacity at the tenant's request. I'm proud to say our team delivered on that commitment. The first data center capacity at Black Pearl was delivered in August, two full months ahead of the original schedule and rent has commenced at the site.

先從 Black Pearl 開始。如前所述，應承租方要求，我們與其簽署了租約修訂，以加速初始容量的開發時程。我很自豪地說，我們的團隊兌現了這項承諾。Black Pearl 的第一批資料中心容量已於 8 月交付，比原定時程整整提前兩個月，且該場址已開始計收租金。

Beyond the first delivery, the rest of the site continues to progress well towards the same previously agreed deadlines and milestones. The remaining data halls in Phase 1 are moving through mechanical, electrical and plumbing fit-out, while Phase 2 is advancing in parallel with concrete foundations, structural steel and underground electrical work all underway.

除首次交付外，其餘場址也持續順利推進，朝先前約定的期限與里程碑前進。第一期其餘資料機房正進行機電管（MEP）裝修工程；同時第二期也同步推進，混凝土基礎、結構鋼構與地下電力工程均已展開。

On the procurement side, we've secured approximately 96% of the equipment required across both Phase 1 and Phase 2, giving us strong visibility into completing the remainder of the site.

在採購方面，我們已確保第一期與第二期合計約 96% 的所需設備，使我們對完成場址其餘工程具備高度可視性。

Now moving to Barber Lake. We're pleased to share that Phase 1, comprising approximately 168 critical IT megawatts remains on track with rental payments expected to commence in October. Our tenant has commenced beneficial use of the facility, including partial occupancy of the building and deployment of network racks. We've also now secured 100% of the equipment required to complete the project, giving us strong visibility of our path to completion. What was steel in open ground a few months ago is now a data center campus advancing toward completion.

接著談 Barber Lake。我們很高興分享，第一期（約 168 兆瓦關鍵 IT 容量）仍按計畫推進，預計 10 月開始計收租金。承租方已開始對設施進行可受益使用（beneficial use），包括部分進駐建物並部署網路機櫃。我們也已確保完成專案所需設備的 100%，使我們對達成完工的路徑具備高度可視性。幾個月前還只是露天土地上的鋼材，如今已成為一座正邁向完工的資料中心園區。

We look forward to providing further updates on Barber Lake's progress over the coming months as we work to deliver the first phase of data center capacity in September.

未來幾個月，隨著我們努力在 9 月交付第一期資料中心容量，我們也期待持續提供 Barber Lake 進度的進一步更新。

We next turn to Stingray, which continues to move through its early construction phases. Earthwork, grading and pad preparation are progressing on schedule, and underground electrical work has commenced at the site. We expect to begin concrete foundations and steel erection in the third quarter. With the project now fully financed through substantial completion and approximately 75% of the equipment secured, we're well positioned to keep the construction progress moving efficiently toward our expected delivery in the first half of 2027. We look forward to providing updates on Stingray's progress as construction ramps over the coming quarters.

接下來是 Stingray，目前仍處於早期施工階段並持續推進。土方、整地與場地墊層準備均按進度進行，且場址已開始地下電力工程。我們預期在第三季開始混凝土基礎施工與鋼構吊裝。在專案已完成至實質完工（substantial completion）的全額融資、且約 75% 設備已確保的情況下，我們具備良好條件，能有效率地推動施工進度，朝預期於 2027 年上半年交付邁進。隨著未來幾季施工加速，我們也期待持續提供 Stingray 的進度更新。

Odessa, our last operating bitcoin mining site, performed well in the second quarter. Today, we are operating 207 megawatts of capacity, generating approximately 11.6 exahash per second of total hash rate at a fleet efficiency of approximately 17.2 joules per terahash. In the second quarter, we mined approximately 346 bitcoin at Odessa.

Odessa——我們最後一個仍在營運的比特幣挖礦場址——在第二季表現良好。目前我們營運 207 兆瓦容量，總算力約 11.6 EH/s（每秒百萬兆次雜湊），機隊效率約為每太雜湊 17.2 焦耳。第二季我們在 Odessa 約挖出 346 枚比特幣。

Importantly, we don't anticipate additional capital investment in this part of the business as we continue prioritizing HPC, and we are encouraged by the level of interest we're seeing in conversion of Odessa to an HPC site. We are having early-stage discussions with multiple prospective tenants. And while it's too early to share specifics, we look forward to providing updates as these conversations progress.

重要的是，隨著我們持續將重心放在 HPC，我們預期不會在這一業務板塊再投入額外資本；同時，我們也對將 Odessa 轉換為 HPC 場址所見到的興趣程度感到鼓舞。我們正與多位潛在承租方進行早期階段的討論。雖然現在分享細節仍為時過早，但隨著對話推進，我們期待提供最新進展。

Let's now shift to an update on our development pipeline. Starting with Odessa. This 207-megawatt site is already energized and currently operating under a fixed price power purchase agreement with Vistra Luminant. We're encouraged by the HPC tenant interest here and are in early-stage discussions with multiple prospective tenants. The appeal is straightforward as the site is already energized and converting it into an HPC data center represents a meaningfully shorter timeline to power than a typical greenfield development.

接著讓我們更新開發專案管線。先從 Odessa 開始。這個 207 兆瓦場址已完成送電（energized），目前在與 Vistra Luminant 的固定價格購電協議下運作。我們對此處的 HPC 承租方興趣感到鼓舞，並正與多位潛在承租方進行早期討論。其吸引力很直接：場址已送電，將其轉換為 HPC 資料中心，相較於一般綠地（greenfield）開發，取得電力的時程將顯著縮短。

Reveille and Ulysses are both fully interconnection approved and not part of ERCOT's batch process. We are engaged in HPC hosting lease discussions with a broad range of tenants at these sites, and we remain focused on securing the right deal for Cipher, not just the first deal available.

Reveille 與 Ulysses 均已取得完整併網核准，且不屬於 ERCOT 的批次（batch）流程。我們正就這些場址與廣泛的承租方群體進行 HPC 託管租約洽談，並持續專注於為 Cipher 取得正確的交易，而不只是第一個可得的交易。

Looking further out, Colchis, Mikeska, and McLennan, totaling potentially 2 gigawatts of gross capacity remain on track through ERCOT's interconnection process. Given that ERCOT is expected to finalize the batch process decision soon, we are sharing updates based on information we know as of today. All three sites have necessary deposits funded, land secured, and their requisite studies and executed FEAs were submitted to ERCOT on time. We have strong conviction that all three sites will be included in Batch Zero, and we look forward to updating the market.

再往後看，Colchis、Mikeska 與 McLennan 三個場址合計潛在總容量可達 2 吉瓦，目前仍按計畫通過 ERCOT 的併網流程。鑑於 ERCOT 預期將很快就批次流程作出最終決定，我們將依據截至今日所掌握的資訊提供更新。三個場址所需押金均已到位、土地已取得，且其必要研究與已簽署的 FEA 均已按時提交 ERCOT。我們高度確信這三個場址都將納入 Batch Zero，並期待向市場更新。

Let's now look at the full picture of what this portfolio represents today as well as the new additions from last quarter. On the operating and contracted side, we remain at 907 megawatts. We expect Reveille and Ulysses to add 270 gross megawatts in 2027. We expect Colchis, Mikeska, and McLennan to add another 2 gigawatts in 2028 and 2029. And looking to 2030 and beyond, we expect energization at Milsing and our new site Apollo as well as expansions at our Barber Lake and Stingray sites to add up to an additional 2.1 gigawatts.

現在讓我們看看這個投資組合在今日所代表的全貌，以及上季新增的項目。在已營運與已簽約部分，我們仍維持 907 兆瓦。我們預期 Reveille 與 Ulysses 將於 2027 年新增 270 兆瓦的總容量。我們預期 Colchis、Mikeska 與 McLennan 將於 2028 與 2029 年再新增 2 吉瓦。展望 2030 年及以後，我們預期 Milsing 與新場址 Apollo 的送電，以及 Barber Lake 與 Stingray 場址的擴建，合計將再增加約 2.1 吉瓦。

Both Apollo and the Stingray expansion have been submitted as studied loads in Batch Zero. The 500-megawatt Barber Lake expansion is expected to be in Batch Zero and Milsing is expected to be in Batch 1 as studies are still being finalized.

Apollo 與 Stingray 擴建案均已以 Batch Zero 的研究負載提交。500 兆瓦的 Barber Lake 擴建案預期將納入 Batch Zero；而 Milsing 因相關研究仍在定案中，預期將納入 Batch 1。

Cipher's total portfolio now spans approximately 5.3 gigawatts across 11 sites. We are one of the largest developers of hyperscale infrastructure in the country with a contracted revenue base measured in the billions, a pipeline measured in gigawatts and a team that has now proven quarter after quarter the ability to turn opportunity into reality. That's the platform we've built, and we believe it's a platform that will define the next chapter of AI infrastructure development in this country.

Cipher 的總投資組合目前涵蓋約 5.3 吉瓦、分布於 11 個場址。我們是全美規模最大的超大規模（hyperscale）基礎設施開發商之一：已簽約的營收基礎以數十億美元計、專案管線以吉瓦計，且我們的團隊已一季又一季證明，能將機會轉化為成果。這就是我們打造的平台；我們相信，這個平台將定義本國 AI 基礎設施開發的下一個篇章。

With that, I'll turn the call over to our CFO, Greg Mumford, who will walk you through our financing activities, capital structure and financial results for the second quarter. Greg?

接下來，我把電話交給我們的財務長 Greg Mumford，他將帶各位回顧我們第二季的融資活動、資本結構與財務結果。Greg？

Thank you, Tyler, and good morning, everyone. Tyler outlined the exciting momentum across our development platform. I want to highlight the disciplined capital model supporting that growth and the progress we've made this quarter. As mentioned on prior calls, our strategy is to finance contracted projects at the project level, preserve flexibility at the parent and optimize the capital structure as assets stabilize.

謝謝你，Tyler，各位早安。Tyler 已概述我們開發平台各面向令人振奮的動能。我想強調支撐這項成長的嚴謹資本模式，以及我們本季取得的進展。如同先前電話會議所提到的，我們的策略是在專案層級為已簽約專案融資、在母公司層級保留彈性，並在資產穩定後最佳化資本結構。

Barber Lake established that the projects could be financed. Black Pearl demonstrated its repeatability. Stingray, our third successful project financing and our lowest coupon to date demonstrated scalability and improving capital efficiency. That progression gives us increased confidence in our ability to finance contracted growth and fund investment in our development assets.

Barber Lake 證明了這些專案可以被融資。Black Pearl 展示了其可重複性。Stingray 作為我們第三筆成功的專案融資，且為迄今最低票息，展現了可擴展性與資本效率的提升。這樣的進程讓我們更有信心能為已簽約的成長提供融資，並資助我們開發資產的投資。

Let's take a look at our current capital structure and liquidity position. In June, we successfully completed an $810 million project level senior secured notes offering, funding the development through substantial completion. The transaction funded approximately 98% of project costs and reimbursed Cipher for $56.7 million of previously funded project expenditures. Like our prior transactions, the 5-non-call-2 structure preserves flexibility to optimize the capital structure as the asset stabilizes.

我們來看看目前的資本結構與流動性狀況。6 月，我們成功完成一筆 8.10 億美元的專案層級優先擔保票據發行，為開發提供資金直至實質完工。該交易為約 98% 的專案成本提供資金，並向 Cipher 償付先前已支付的 5,670 萬美元專案支出。與我們先前的交易相同，5-non-call-2 的結構在資產穩定後保留最佳化資本結構的彈性。

The financing was approximately 8 times oversubscribed and priced at a 6% coupon, our lowest to date. We now have completed three project level financings that fully fund our contracted obligations through completion. Our notes are structured to amortize during the base lease terms, aligning debt service with the cash flow generated by the leases. At the corporate level, we have a four-year committed revolving credit facility for $200 million with a $50 million accordion feature supporting working capital and LC issuance. We also have two unsecured convertible notes totaling $1.47 billion.

本次融資認購約超額 8 倍，票息定價為 6%，為迄今最低。我們目前已完成三筆專案層級融資，均可在完工前充分資助我們已簽約的義務。我們的票據設計為在基礎租賃期間內攤還，使債務償付與租賃所產生的現金流相匹配。在公司層級，我們有一筆 2 億美元、為期四年的承諾循環信用額度，並附帶 5,000 萬美元的增額（accordion）機制，用於支援營運資金與信用狀（LC）開立。我們另有兩筆無擔保可轉換公司債，合計 14.7 億美元。

As of June 30, 2026, aggregate principal amount of corporate and project debt outstanding was just over $6 billion with no cash borrowings on our revolver.

截至 2026 年 6 月 30 日，公司與專案債務未償還本金總額略高於 60 億美元，且我們的循環額度並無現金借款。

Let's now turn to a review of our financial results for the second quarter of 2026. Revenue for the second quarter was $25 million, down from $35 million in Q1, reflecting the decommissioning of bitcoin mining at Black Pearl, in line with our transition toward contracted data center revenue.

接著回顧我們 2026 年第二季的財務結果。第二季營收為 2,500 萬美元，較第一季的 3,500 萬美元下降，反映 Black Pearl 的比特幣挖礦已除役，符合我們轉向以已簽約資料中心營收為主的策略。

For the quarter, we reported a GAAP net loss of $268 million or $0.65 per diluted share compared to a GAAP net loss of $114 million or $0.28 per diluted share last quarter. The quarter-over-quarter increase in net loss was primarily driven by a $150.5 million non-cash warrant remeasurement loss compared with a $43.6 million non-cash gain in the prior quarter.

本季我們依 GAAP 認列淨損 2.68 億美元，或稀釋後每股虧損 0.65 美元；相較上季依 GAAP 認列淨損 1.14 億美元，或稀釋後每股虧損 0.28 美元。淨損季增主要是因為本季認列 1.505 億美元的非現金認股權證重估損失，而前一季則為 4,360 萬美元的非現金重估收益。

Compensation and benefits rose $7.4 million sequentially, primarily reflecting higher stock-based compensation, associated employer payroll taxes triggered by equity vesting and continued investment in the team required to execute on our contracted portfolio and development assets. As Tyler mentioned, these hires were critical additions, bringing in expertise that will be instrumental as we continue to execute and scale as a best-in-class HPC developer.

薪酬與福利較前季增加 740 萬美元，主要反映較高的股份基礎給付、因股權歸屬而觸發的雇主薪資稅，以及我們持續投資於執行已簽約組合與開發資產所需的團隊。如 Tyler 所提，這些招募是關鍵補強，帶來的專業能力將在我們持續執行並擴張、成為同級最佳的 HPC 開發商過程中發揮重要作用。

General and administrative expense increased primarily due to higher legal, insurance and other costs associated with the continued build-out of the platform.

一般及管理費用增加，主要因平台持續建置所帶來的法律、保險及其他成本上升。

Moving below the operating line, we generated $36 million of interest income in the quarter, reflecting higher average cash balances following the Black Pearl and Stingray financings. Interest expense was $67 million, up from $59 million last quarter, reflecting a full quarter of interest on Black Pearl compute notes.

在營業利益以下，本季我們產生 3,600 萬美元的利息收入，反映 Black Pearl 與 Stingray 融資後平均現金餘額提高。利息費用為 6,700 萬美元，高於上季的 5,900 萬美元，反映 Black Pearl 運算票據（compute notes）利息認列滿一整季。

Now let's turn to our balance sheet as of June 30, 2026. We closed the second quarter with total assets of $7.5 billion, up $3.2 billion or roughly 75% from $4.3 billion as of December 31. The increase is almost entirely a story of capital raised and capital deployed.

接著看截至 2026 年 6 月 30 日的資產負債表。第二季末我們的總資產為 75 億美元，較 12 月 31 日的 43 億美元增加 32 億美元，約成長 75%。這項增加幾乎完全是募資與資金投入所致。

First, let's focus on the financing proceeds. In February, we closed the Black Pearl senior secured notes and in June, we closed Stingray. Together, those transactions drove restricted cash up to a total increase of $1.7 billion. Net of cash deployed during the year, that is $1.4 billion in current restricted cash and $264 million in non-current debt service reserve funding. At quarter end, restricted project cash totaled approximately $3.7 billion, including approximately $3.2 billion reserved for construction and approximately $526 million for DSRA and interest during construction funding.

首先聚焦融資所得。2 月我們完成 Black Pearl 優先擔保票據，6 月完成 Stingray。兩筆交易合計使受限制現金增加 17 億美元。扣除年內已投入的現金後，目前為 14 億美元的流動受限制現金，以及 2.64 億美元的非流動債務償付準備金（debt service reserve）資金。季末受限制的專案現金合計約 37 億美元，其中約 32 億美元保留作為建造用途，約 5.26 億美元用於 DSRA 及施工期間利息資金。

Unrestricted cash was up an additional $204 million to $832 million, helped by $289 million of CapEx reimbursements embedded in the Black Pearl and Stingray financings. Our total unrestricted liquidity position stood at $870 million, comprised of $832 million of unrestricted cash and cash equivalents and $38 million of bitcoin. This excludes undrawn revolver availability. We remain well capitalized to execute on our near-term commitments, and based on current forecast, we do not expect to require additional equity. Second, let's look at the build, where we are firmly in execution mode.

非受限制現金另增加 2.04 億美元至 8.32 億美元，部分受惠於 Black Pearl 與 Stingray 融資中包含的 2.89 億美元資本支出（CapEx）償付。我們的非受限制總流動性為 8.70 億美元，由 8.32 億美元的非受限制現金及約當現金，以及 3,800 萬美元的比特幣組成。此數字不包含未動用的循環額度可用額度。我們仍具備充足資本以履行近期承諾，且依目前預測，我們預期不需要額外的股權融資。第二，來看建置進度，我們正堅定地處於執行模式。

Property and equipment rose $1.5 billion to $2.13 billion. Construction in progress grew $1.4 billion to $1.68 billion, reflecting the simultaneous construction ramp at Barber Lake, Black Pearl, and Stingray. On the liability side, accounts payable grew to $289 million at quarter end from $40 million at year-end and accrued expenses and other current liabilities grew similarly to $357 million from $90 million. Both moves reflect the same story. The simultaneous construction ramp across Barber Lake, Black Pearl, and Stingray, along with the timing of project billings, accruals, and vendor payments.

不動產及設備增加 15 億美元至 21.3 億美元。在建工程增加 14 億美元至 16.8 億美元，反映 Barber Lake、Black Pearl 與 Stingray 同步加速施工。在負債端，應付帳款於季末增至 2.89 億美元（年末為 4,000 萬美元），應計費用及其他流動負債亦類似增至 3.57 億美元（年末為 9,000 萬美元）。兩者反映的是同一個情況。Barber Lake、Black Pearl 與 Stingray 的同步施工加速，以及專案請款、應計與供應商付款時點的影響。

Put simply, these are the balance sheet dynamics you'd expect from a company in active construction mode. The company continues to make strong progress across the development platform, and we remain well positioned from a liquidity perspective to continue to execute and invest in future growth.

簡而言之，這些都是一家處於積極施工模式的公司在資產負債表上會出現的動態。公司在整個開發平台持續取得強勁進展，從流動性角度來看，我們也仍處於有利位置，可持續執行並投資未來成長。

Before we open the call for questions, I want to reiterate our commitment to disciplined execution, capital allocation, and delivering long-term value for our shareholders. Putting the quarter in context, we now have a 4.4 gigawatt pipeline, a financing model that has proven itself 3 times over, and the liquidity to remain agile. We look forward to keeping you updated on our progress in the quarters ahead.

在開放提問之前，我想重申我們對嚴謹執行、資本配置，以及為股東創造長期價值的承諾。將本季放在整體脈絡下，我們目前擁有 4.4 吉瓦的管線、已三度驗證可行的融資模式，以及足以保持靈活的流動性。我們期待在未來幾季持續向各位更新進展。

Thank you for your continued support. Tyler and I would be pleased to take your questions.

感謝各位持續的支持。Tyler 和我很樂意回答各位的問題。

(Operator Instructions) Solomon Thompson, Morgan Stanley.

（接線員指示）Solomon Thompson，摩根士丹利。

It's Stephen Byrd, actually. Congrats on a really constructive update. I wanted to -- can you hear me okay?

其實是 Stephen Byrd。恭喜這次更新非常具建設性。我想先—你們聽得到我嗎？

Yes, I hear you, Stephen.

是的，我聽得到你，Stephen。

Okay. Perfect. I wanted to first get your initial reaction. I know none of us have had that much time to absorb the letter that Governor Abbott issued yesterday. But I wondered if I could just get your initial reactions and implications for Cipher.

好的。太好了。我想先請教你們的初步反應。我知道我們都還沒有太多時間消化 Abbott 州長昨天發布的那封信。但我想請你們談談初步看法，以及對 Cipher 的意涵。

Obviously, you have a bunch of assets kind of across the range from those that have no impact and therefore, might go up in value to those that are right in the middle of the process. I'm just curious any initial reactions you might have.

顯然，你們有不少資產分布在不同情境：有些完全不受影響、因此可能價值上升；也有些正處於流程的正中間。我只是好奇你們是否有任何初步反應。

Yes, sure. So listen, like a lot of folks, we were a little bit surprised to get the Governor's letter yesterday. But I think we weren't surprised in the sense that the theme is very consistent with the batch process, and all the challenges that Texas is dealing with right now.

是的，當然。所以你聽我說，跟很多人一樣，我們昨天收到州長的信時也有點意外。但我想我們不意外的是，信中的主題與批次流程（batch process）以及德州目前正在面對的所有挑戰非常一致。

So specifically, Texas is the most sought-after place for data centers right now because it's the best environment. It's got the best setup. And they have been a bit of a victim of their own success as they try to whittle down the queue and just sheer volume of development that is sought there.

具體來說，德州現在是資料中心最搶手的地方，因為那裡的環境最好。它的整體配置最完善。而當他們試圖縮減排隊名單、以及面對大量想在那裡開發的案量時，也多少成了「成功的受害者」。

And so what I'd say is this is a sort of further reinforcement of the theme behind the batch process, which is the people of Texas, the legislature in Texas, the Governor of Texas, the citizens of Texas, need a way to determine who is serious and who is going to be a welcome addition to the grid, to the neighborhood, et cetera, and who is less serious and not going to be sort of fulfilling their obligations as a good neighbor and good grid citizen.

所以我要說的是，這其實是對批次流程背後主題的進一步強化：德州人民、德州立法機關、德州州長、德州公民，需要一種方式來判斷誰是認真的、誰會成為電網、社區等的受歡迎新增成員；以及誰比較不認真、無法以良好鄰居與良好電網公民的身分履行其義務。

And so the batch process is already underway. And so I think one thing that is unfortunate is that we're not going to get the answers this Friday that we were hoping for. But I think the governor's themes are really important ones, which highlighting things like auditing the attestations that have been submitted by everyone to make sure they're legit and ensuring people are behaving the right way by participating in things like the water surveys that he highlighted. I'll highlight for Cipher, we've done all those things. We've already submitted water surveys, and we stand behind every attestation we made in the process.

而批次流程已經在進行中。所以我認為有一件不幸的事是：我們這週五不會拿到原本希望得到的答案。但我認為州長提出的主題非常重要，例如強調要稽核所有人已提交的聲明（attestations），以確保其真實有效，並確保大家以正確方式行事，例如參與他特別提到的用水調查。我也要替 Cipher 強調，我們已經做了所有這些事。我們已經提交用水調查，而且我們對在流程中所做的每一項聲明負責到底。

So I think it's too early to tell the exact impact other than to say -- I think there's three takeaways that I think about and how it might impact Cipher. The first and most important one is whatever the finalized process and timeline looks like here, Cipher is going to be at the front of it, okay? We have excellent people on our team monitoring these developments. We try to be very good neighbors, and we try to be in front of exactly the kind of issues the governor is highlighting. And we generally support any actions that will help separate the serious from the less serious because Cipher is serious.

所以我認為現在要判斷確切影響還太早；不過我會用三個重點來看它可能如何影響 Cipher。第一個、也是最重要的一點是：無論最終定案的流程與時程長什麼樣，Cipher 都會站在最前面，好嗎？我們團隊有非常優秀的人才在監控這些進展。我們努力成為非常好的鄰居，也努力走在州長所強調的這類議題前面。而且我們通常支持任何能把認真的與不那麼認真的區分開來的措施，因為 Cipher 是認真的。

And so however the process gets finalized, our sites that we think are at the front of the line will remain there over time. We will do everything to ensure that happens.

因此，不管流程最後如何定案，我們認為排在最前面的那些場址，隨著時間推移仍會維持在前段班。我們會盡一切努力確保這件事發生。

I think the other thing I'd highlight is that we already have client interest at the sites where we haven't even finished the Batch Zero process. And the demand environment is very strong and extending. So while we're not going to get the answer on Friday we wanted, whenever it comes, the demand curve is going out further at better terms, and our sites are going to be at the front of that process. So in that sense, disappointed, we won't have an answer Friday. Beyond that, I think we're still really well positioned in the process.

我想另外要強調的是：在我們甚至還沒完成 Batch Zero 流程的那些場址，我們就已經有客戶興趣。而需求環境非常強勁，且還在延伸。所以雖然我們這週五拿不到想要的答案，但不管答案何時到來，需求曲線都在往更遠的期間延伸、條件也更好，而我們的場址會站在這個流程的最前面。所以就這點而言，確實失望，因為週五不會有答案。除此之外，我認為我們在流程中的位置仍然非常有利。

I think the second takeaway is that the letter and the timeline now implies that the value of any near-term megawatts outside of that process just went up. I have never seen a better environment for us in terms of how lease terms are evolving with higher rents, longer time periods, triple net structures, et cetera. And keep in mind, Cipher has 477 megawatts potentially available in 2027 outside of this process. And we are pretty involved in discussions with multiple tenants, potential tenants, I should say, at those sites and the terms logically should improve if there's an unknown timeline to go through the batch process. So that's fantastic for our portfolio, to your point, Stephen.

我認為第二個重點是：這封信以及現在的時程意味著，任何不在該流程內、可在短期取得的兆瓦（megawatts）價值都上升了。就租賃條款的演變而言——更高租金、更長期間、三重淨租（triple net）架構等等——我從未見過對我們更好的環境。而且請記住，Cipher 在 2027 年有 477 兆瓦可能可用，且不在這個流程之內。我們也正與多個承租戶——應該說潛在承租戶——就那些場址進行相當深入的討論；如果批次流程的時程變得不確定，條款在邏輯上應該會改善。所以就你的觀點而言，Stephen，這對我們的投資組合非常棒。

And then lastly, I'd say sites where we're going to bring our own generation, some people, you'd refer to it as behind the meter, but any sites where we're producing our own generation, anything we can do on that front is also now more valuable. And I'll highlight what I've said before that all of our sites have potential ingredients for that to be a massive success. We have some of our best people at Cipher working every day on the bring-your-own generation solutions. We have access to natural gas and very excited potential tenants for that. So stay tuned because I think that is also more valuable.

最後我想說的是：在我們要自帶發電的場址上——有些人會稱之為表後（behind the meter）——但任何我們自行發電的場址，我們在這方面能做的任何事情，現在也都更有價值。我也要重申我之前說過的：我們所有場址都具備讓這件事大獲成功的潛在要素。我們在 Cipher 有一些最優秀的人每天都在推進「自帶發電」解決方案。我們能取得天然氣，也有對此非常興奮的潛在承租戶。所以請持續關注，因為我認為這部分也變得更有價值。

And most of those structures envision setups where eventually, some of that generation is exportable to the grid. So I think it's in line with the challenges that Texas is trying to address and certainly what the governor's letter is trying to address. So long answer is it actually doesn't change anything about how bullish I am for Cipher. Short-term frustration is we're not going to hear on Friday.

而且多數這些架構都設想：最終其中一部分發電量是可以回送到電網的。所以我認為這與德州試圖解決的挑戰、以及州長信函想要處理的方向是一致的。所以長話短說，這其實不會改變我對 Cipher 的看多程度。短期的挫折是：我們週五不會聽到結果。

That's super clear. Well thought out. Maybe just one follow-up on the last point you mentioned, Tyler, just on behind-the-meter generation. I did want to just get your sort of a temperature check on how important is that to customers in the sense of providing a site that's just much bigger than grid access alone. It has other advantages as well.

這非常清楚。也很有條理。Tyler，或許就你剛才提到的最後一點，我再追問一下，關於表後發電。我想請你幫我們掌握一下溫度：對客戶而言，這有多重要？也就是說，提供一個不只依賴電網接入、而是規模大得多的場址。它也還有其他優勢。

So basically, how excited are you as a tool that your customers want you to use? And how meaningful could that be as we think about your growth?

所以基本上，作為一個你們希望用來服務客戶的工具，你有多興奮？而當我們思考你們的成長時，這可能有多大的意義？

I mean, it's potentially extraordinarily meaningful. And I say that because the raw ingredients are there. And what do I mean by the raw ingredients. We have the world's most highly rated companies very interested in getting -- I don't want to say as much as possible, but very large data center capacity. We have sites with, let's say, readily available access to extraordinarily large quantities of natural gas.

我的意思是，它可能極其有意義。我這麼說是因為原始條件都具備。那我所謂的原始條件是什麼？我們看到全球評等最高的一些公司，對於取得——我不想說越多越好，但確實是非常大規模的資料中心容量——非常有興趣。我們也有一些場址，例如可以相對容易取得極大量的天然氣。

And we are working very hard at solving all of the engineering challenges, supply chain challenges, financing challenges that come by pulling together sort of generation creation and data center creation.

而我們也正非常努力地解決把發電建置與資料中心建置結合在一起時所帶來的各種工程挑戰、供應鏈挑戰與融資挑戰。

I think the potential is larger than the rest of our portfolio. But how that actually comes into being will be determined by a lot of things like supply chain and financing and engineering. And it's too early for me to give exact forecasts on size, but it's potentially enormous.

我認為它的潛力比我們投資組合的其他部分更大。但它實際如何落地，將取決於很多因素，例如供應鏈、融資與工程。現在我還太早無法給出規模的精確預測，但它可能非常龐大。

Paul Golding, Macquarie.

Paul Golding，麥格理（Macquarie）。

Tyler and Greg, congrats on all the progress and fantastic execution. I wanted to start off with a question on Reveille and Ulysses. So 2027 target energization is still on track. How are conversations going with prospective tenants for those sites? We heard the detail you gave on Odessa as a potential conversion site.

Tyler 和 Greg，恭喜你們取得所有進展並且執行得非常出色。我想先從一個關於 Reveille 和 Ulysses 的問題開始。2027 年的目標送電（energization）仍在軌道上。你們與這些場址的潛在承租戶的洽談進展如何？我們也聽到你們提到 Odessa 作為潛在轉換場址的細節。

But given the near-term energization targets for the other two sites that are not yet interconnect -- energized, let's say, since they are interconnect approved, wondering how those conversations are going and the extent to which you might be able to get ahead of energization for construction if you were to do a deal? And then I have a follow-up on Apollo.

但考量另外兩個場址的近期送電目標——它們尚未併網送電（energized），姑且這麼說，因為它們已獲併網核准——想請教這些洽談目前進展如何？以及如果你們達成交易，是否可能在送電之前就提前啟動建設、走在送電前面？然後我還有一個關於 Apollo 的追問。

Sure. So I'd say the demand environment has never been stronger. We have multiple interested parties in both sites. We mentioned that given this increasing level of demand and the backdrop of, frankly, a new scarcity element from some of the developments with the approval process in Texas, we want to make sure we strike the best possible deal. Best possible deal includes both great structures, great terms, long-term leases, triple net structures, high rental rates.

當然。所以我會說，需求環境從未如此強勁。我們在兩個場址都有多方表達興趣的對象。我們也提到，鑑於需求水準持續上升，再加上坦白說，德州審批流程的一些進展帶來了新的稀缺性因素，我們希望確保能達成最有利的交易。所謂最有利的交易，包含優秀的架構、優秀的條款、長期租約、三重淨租（triple net）架構，以及較高的租金水準。

Also, we're monitoring what's going on in the credit markets and the read-through to the credit quality of the counterparties. So thoughtful structuring around how to get the best lowest risk returns for Cipher is sort of top of mind there, but the demand is robust. So it's just a matter of getting to a place with picking our dance partner. I expect all those available megawatts will end up leased.

另外，我們也在關注信貸市場的動態，以及其對交易對手信用品質的影響。因此，如何透過審慎的交易架構設計，為 Cipher 取得最佳、風險最低的回報，是我們當前思考的重點之一；但需求確實很強勁。所以現在只是要走到一個階段，選定我們的合作夥伴。我預期所有可用的兆瓦容量最終都會被租出去。

Great. And then on Apollo, it's great to see that it's been included in Batch Zero. Could you give us some context on how that option came about and how you were able to execute on seemingly the inclusion in the Batch Zero process while also negotiating that option?

很好。接著談 Apollo，很高興看到它被納入 Batch Zero。你能否提供一些背景，說明這個選擇權是如何產生的，以及你們如何在看似同時推進納入 Batch Zero 流程、又同時協商該選擇權的情況下完成執行？

Sure. I think this is a real testament to the strength of our deal team. We -- they have been extraordinarily busy as things have progressed in Texas because we have seen, as we mentioned, I think, on a previous call, all kinds of opportunities get created by the batch process. So again, zooming out, the thinking behind the process is determining who is a serious developer. And one of the proxies being used for that is the ability to post necessary collateral deposits and do them in a timely fashion.

當然。我認為這充分證明了我們交易團隊的實力。隨著德州的事情推進，他們一直非常忙碌，因為如我們先前在電話會議中提到的，批次流程（batch process）會創造各式各樣的機會。所以再拉高一個層次來看，這個流程背後的思路，是要辨識誰是真正認真的開發商。而其中一個用來判斷的替代指標，就是能否及時繳交所需的擔保品押金。

And so the team has been extraordinarily busy. We passed on a ton of deals that we did a lot of diligence on. This particular deal met our diligence criteria and sort of fit a scenario that was very unique that only Cipher could execute on. This is a development site where there was a need for a pretty large deposit to be posted in a very short time frame. Our team was able to do quick due diligence, assess the likelihood of the site to end up in Batch Zero, and we're able to then structure a very, very, very cheap price on the site because we had to come up with a decent chunk of money to post the deposit on a short time frame.

因此團隊一直非常忙。我們也放棄了大量我們做過很多盡職調查的交易。這筆交易符合我們的盡職調查標準，並且契合一個非常獨特、只有 Cipher 才能執行的情境。這是一個開發場址，需要在非常短的時間內繳交相當大筆的押金。我們的團隊能快速完成盡職調查、評估該場址最終進入 Batch Zero 的可能性，並且因為我們必須在短時間內拿出一筆可觀資金去繳押金，所以得以把該場址的價格談到非常、非常、非常便宜。

So we structured it as an option. What's interesting about the developments with the letter yesterday and so forth is that we do not have money at risk. If for some reason, there was an odd twist and turn in the process in Texas, we get all our money back, the deposit we posted, et cetera. We don't have to exercise the option. On the other hand, if things progress like we hope they will reasonably quickly, we think this is an absolutely fabulous site at a fantastic price.

因此我們把它設計成一個選擇權（option）。有趣的是，隨著昨天那封信等相關進展，我們其實沒有資金處於風險之中。如果因為某些原因，德州流程出現意外的轉折，我們可以拿回所有資金，包括我們繳交的押金等等。我們不必行使該選擇權。另一方面，如果事情如我們所希望的那樣相對快速地推進，我們認為這是一個極佳的場址，而且價格非常漂亮。

So I'll highlight that it depends a little bit on what shakes out in the overall progress of the process in Texas. But I think the bigger point, and this is a point I try to make to our stockholders a lot, we are not like a closed-end fund with a handful of development sites. We have a true growth equity story. Our team will continue to originate best-in-class deals where we control downside risk and produce an extraordinary ROI. And this deal is indicative of that.

所以我要強調的是，這在某種程度上取決於德州整體流程進展最終會如何發展。但我認為更重要的一點——我也常對股東強調——我們不像封閉式基金那樣只持有少數幾個開發場址。我們是一個真正的成長型股權故事。我們的團隊會持續發起同級最佳的交易，在可控的下行風險下創造卓越的投資報酬率（ROI）。而這筆交易正是這一點的體現。

I'm excited about this site. I'm hoping that we get clear direction in Texas in the near term. If for some reason we don't, a big takeaway for shareholders should be that Cipher can structure very favorable deals in any environment. And this validates our standing in the industry as a partner that people want to work with, someone that can move quickly, be sophisticated, has access to capital, et cetera. So excited about Apollo, looking forward to the direction things take.

我對這個場址感到很興奮。我希望德州在近期能給出明確方向。即便因某些原因沒有，股東的一個重要收穫應該是：Cipher 在任何環境下都能設計出非常有利的交易。這也驗證了我們在產業中的地位——大家願意與我們合作，因為我們能快速行動、做法成熟且專業、具備資金取得能力等等。所以對 Apollo 很期待，也期待事情接下來的走向。

Bill Papanastasiou, Chardan Capital Markets.

Bill Papanastasiou，Chardan Capital Markets。

Congrats on the strong execution at Black Pearl and being able to adapt at your tenant's request. Also great to be back on the call. Tyler, I was just hoping to get an overview of the demand environment that you're seeing given you have boots on the ground and how that demand funnel is shaping up recently. How is the team weighing who to select as the next tenant to partner with? Do you see yourselves as a launch pad for one key tenant? Or is diversification top of mind? How are you navigating that?

恭喜你們在 Black Pearl 的強勁執行力，並且能依照租戶的要求做出調整。也很高興再次回到這通電話會議。Tyler，我想請你概述一下你們在第一線所看到的需求環境，以及近期需求漏斗（demand funnel）的形狀如何。團隊在選擇下一位要合作的租戶時，是如何權衡取捨的？你們是否把自己視為某一個關鍵租戶的起飛平台（launch pad）？還是分散化才是首要考量？你們如何在這之間拿捏？

Let me give my answer, Bill, and then maybe I'll call on Greg to give some color on sort of financing markets because those are dynamic and moving around and a key part of the answer to how we think about it.

Bill，我先回答，然後也許我會請 Greg 補充一些關於融資市場的看法，因為那部分變化很快，也是我們思考這個問題的關鍵。

But first of all, what I'd say is to highlight something I mentioned in the prepared remarks on the call that there is an element of a flywheel taking shape to our business, where success begets more success, which begets better financing, which begets more deals, et cetera. And so on the one hand, we are working with the very best tenants in the world at our sites. We are in a world awash in stories about delays, we are delivering early. We stand out. I can't highlight that enough that I think there's been questions around our time lines, how aggressive they are, et cetera.

但首先，我想強調我在本次電話會議事先準備的發言中提到的一點：我們的業務正在形成一種飛輪效應（flywheel），成功帶來更多成功，進而帶來更好的融資，再帶來更多交易，如此循環。一方面，我們在場址上與全球最頂尖的租戶合作。在充斥著延遲故事的環境裡，我們卻提前交付。我們非常突出。我再怎麼強調都不為過——我認為外界一直對我們的時程、它有多激進等有所疑問。

And even against those aggressive time lines, we've now delivered early for one of the most demanding tenants in the world.

而即便在那樣激進的時程之下，我們現在也已經為全球要求最嚴苛的租戶之一提前交付。

Obviously, that requires a lot of close work with that tenant over time, their engineering team, our engineering team. And it's very natural that if we have a lot of success and a great working relationship, it is our hope and goal to do more repeat business with those tenants. And I think that's likely to happen in the future.

顯然，這需要長時間與該租戶密切合作，包括他們的工程團隊與我們的工程團隊。而如果我們取得很多成功並建立很好的合作關係，我們自然希望、也以此為目標，與這些租戶做更多的重複業務。我認為未來很可能會發生。

That said, we are known in the industry. Everyone chatters. We have seen an extraordinary amount of increased demand going forward. You've seen the read-throughs on the increasing CapEx budgets for the hyperscalers. That is absolutely consistent with what we are seeing behind the scenes.

話雖如此，我們在產業內是有名的。大家都會互相交流。我們看到未來的需求出現了非常顯著的增加。你也看到超大規模業者（hyperscalers）資本支出（CapEx）預算提高所帶來的各種訊號。這與我們在幕後看到的情況完全一致。

So let me be unequivocal. This is the best demand environment we've ever seen. Terms continue to improve for developers. We have to juxtapose those improving terms against how our model works, which is financing needs at the project level.

所以我講得非常明確。這是我們所見過最好的需求環境。對開發商而言，條款持續改善。我們必須把這些改善中的條款，與我們的商業模式如何運作做對照——也就是專案層級的融資需求。

I would say the demand environment we're seeing now very much validates our choice to focus on colocation and building full turnkey data centers for the very best tenants in the world because those terms are getting even better than we were already getting. And as there are questions around financing as more and more debt comes to market around this sector, the colocation model is very, very solid.

我會說，我們目前看到的需求環境，非常驗證了我們選擇聚焦共置（colocation），並為全球最頂尖的租戶建置全套交鑰匙（turnkey）資料中心的策略，因為這些條款甚至比我們原本已經拿到的還要更好。而當市場對融資有所疑慮、且這個產業有越來越多債務進入市場時，共置模式非常、非常穩健。

I mean, Greg, maybe I'll call on you to add a little bit of color just from what you're seeing coming ahead in the financing markets and maybe how we're thinking about positioning ourselves.

我的意思是，Greg，也許我請你補充一些你在融資市場前端看到的情況，以及我們可能如何思考自身定位。

Yes, for sure. Thanks, Tyler. And Bill, great to have you back on the call. It's good to hear from you.

好的，當然。謝謝你，Tyler。Bill，也很高興你回到這通電話會議。很高興聽到你的聲音。

So what I would add to that is certainly, we are watching what's happening in the credit markets. It is a fundamental part of our business, being able to go out and finance these transactions. So we're seeing the treasuries moving up. We're seeing widening spreads. And certainly, there's a lot of supply as it relates to AI infrastructure debt coming to market.

所以我想補充的是，我們當然正在關注信貸市場正在發生的情況。能夠走出去為這些交易籌資融資，是我們業務的基本組成部分。因此我們看到美國公債殖利率在上升。我們看到利差在擴大。而且可以肯定的是，與 AI 基礎設施債務相關的大量供給正在進入市場。

And as you have more supply, you expect eventually to have a more discerning investor thinking about where they're putting their capital. So I mean, I think this really plays to our strengths and plays to our model.

當供給增加時，你最終會預期投資人會更具辨識度，思考資金要投向哪裡。所以我的意思是，我認為這確實凸顯了我們的優勢，也契合我們的模式。

First, I would highlight that our committed funding that we already have in place for our existing projects is fixed rate, and it's kind of medium term, it's five-year fixed rate debt. So the current rates and current market doesn't affect that. As we think about the future, the way that we really sit down and look at a deal and you talked about do we want to be a launch platform for one tenant or do we want to think about some diversification, we evaluate each deal in the context of that deal and in the context of the market that we're in at the time. So what I mean by that is we'll look at, first and foremost, the quality of the counterparty, that's critical.

首先，我要強調的是，我們針對既有專案已經到位的承諾融資是固定利率，而且屬於中期，大約是五年期固定利率債務。所以目前的利率與當前市場不會影響它。展望未來，當我們真正坐下來評估一筆交易時——你也提到我們是要成為單一租戶的啟動平台，還是要考慮某種程度的分散——我們會在該筆交易本身的脈絡，以及當時所處市場環境的脈絡下，逐案評估。我的意思是，我們會先看、也是最重要的，交易對手方的品質，這點至關重要。

But then it also comes down to things like the development parameters. So what's the design complexity that they want for us to go out and build and how does that affect the supply chain? Does our team think that we can execute on the schedule that we put forward. And then there's the risk profile of the actual contract. So we look at each contract and not every contract is the same.

但接著也會落到一些事項，例如開發參數。也就是他們希望我們建置的設計複雜度為何，以及這會如何影響供應鏈？我們的團隊是否認為能夠按我們提出的時程執行到位？然後還有實際合約的風險輪廓。因此我們會檢視每一份合約，而不是每份合約都一樣。

There's different outs, there's different milestones, things of that nature. So we want each project to stand on its own when we finance it. That's why to date, we have done every project level financing on a non-recourse basis, and all of them are structured to amortize during the base term of the lease. We need each project to stand on its own, and it needs to generate attractive risk-adjusted returns. And so we will continue to review tenants under that context when we look at a deal.

退出條款不同、里程碑不同，諸如此類。因此我們希望每個專案在融資時都能自成一體。這也是為什麼截至目前，我們每一筆專案層級融資都採用無追索權（non-recourse）架構，而且全部都設計為在租約基本期間內攤還。我們需要每個專案都能自立，並且產生具吸引力的風險調整後報酬。因此在我們評估一筆交易時，也會在這樣的脈絡下持續審視租戶。

Appreciate that color, Tyler and Greg. And then just high level, what's the strategy today on looking at out-of-state opportunities? You picked up that Ulysses site fairly recently. Is the power team seeing anything meaningful in Ohio or any other states outside of Texas?

Tyler 和 Greg，謝謝你們提供這些補充說明。接著從更高層次來看，目前對於州外機會的策略是什麼？你們不久前才收購了 Ulysses 那個場址。電力團隊在俄亥俄州或德州以外的其他州，有看到任何具實質意義的機會嗎？

I think some of the challenges are the evolving requirements in different locations. And so Ulysses was a structure that is in PJM, but is grandfathered in before their new deposit requirements around collateral. So we look at everything that comes across the transom. I think there's no question that most of the team's time has been focused on Texas over the last quarter as people get ready for the batch process and there's folks that may have had a great site, but not access to capital to post the necessary deposits.

我認為其中一些挑戰在於不同地點的要求正在演變。而 Ulysses 是位於 PJM 的一個架構，但因為在他們針對擔保品（collateral）的新存款要求上路之前就已存在，所以享有既有條款（grandfathered）。因此我們會看所有送到我們面前的案子。我想毫無疑問，過去一季團隊大部分時間都聚焦在德州，因為大家在為批次流程做準備；也有一些人可能有很好的場址，但沒有資本去繳交所需的保證金。

We look at sites all over. I'd say the huge focus, though, remains Texas. And I'd say the other sites we look at generally are evenly distributed across a handful of locations across the South and the West.

我們會看各地的場址。不過我會說，最大的重點仍然是德州。另外我們一般會看的其他場址，大致平均分布在南部與西部的少數幾個地點。

Richard Choe, JPMorgan.

JPMorgan 的 Richard Choe。

I just wanted to get a little bit more detail on how you were able to deliver two months early. And is that something that can be done if the customer really wants it and seems like to do that sort of quick delivery is pretty hard to do in general. But just wanted to get more detail there. And then if you can talk a little bit about the -- any changes to the equipment procurement process.

我想再多了解一些細節：你們是如何能夠提前兩個月交付的？如果客戶真的很想要，這種事是否也能做到？因為一般來說，要做到這種快速交付似乎相當困難。只是想請你們多分享一些細節。另外也想請你們談談——設備採購流程是否有任何變化。

Yes. So I mean, I think high level, let me give kudos to our excellent in-house construction, engineering, procurement, operations team. They are largely ex-hyperscaler. They have worked at those shops. They work very well with the types of tenants we've got.

是的。所以我想先從高層次來說，必須稱讚我們優秀的內部施工、工程、採購與營運團隊。他們多數都曾在超大規模雲端業者（hyperscaler）任職。他們在那些公司工作過。他們也非常擅長與我們這類型的租戶合作。

And so I'd say the real secret here, there's kind of two things. One, you've got to have a team that can see around corners and work well with those types of tenants. We certainly have that.

所以我會說這裡真正的關鍵大概有兩點。第一，你必須有一個能夠超前預判、並且能與這類租戶良好協作的團隊。我們確實具備這點。

I'll also highlight that at that particular site, we have a setup where we have a cap on expenses. So there is an element of saying like could we have more burst labor here to do some things faster? And obviously, we've got a willingness to do that if we find a way to pay for it, typically, that doesn't fall on us.

我也要強調，在那個特定場址，我們的安排是對費用設有上限。因此會有一個考量：例如我們是否可以投入更多短期增援人力（burst labor）來更快完成某些工作？顯然，如果我們能找到支付方式，我們願意這麼做；通常這筆成本不會由我們承擔。

So beyond that, there's things like leveraging supply chain partnerships, the fact that we do in-house procurement and then have that team to refine the design every day really allows us to work together with tenants. So is it repeatable? Yes, in the sense that the ingredients are there with a team and a willing tenant that wants to work towards accelerated schedules, but there is a cost to that. So we'd have to negotiate that.

除此之外，還有像是運用供應鏈合作夥伴關係、我們採取內部採購，以及團隊每天持續優化設計，這些都讓我們能與租戶更緊密協作。所以這能複製嗎？可以，從「具備一個團隊」以及「有意願配合加速時程的租戶」這些要素來看，是可以複製的，但這樣做是有成本的。因此我們必須就此進行協商。

And I think the other thing is, too, there's an element where I don't think you're necessarily pulling forward an entire data center build. But all of these builds become somewhat iterative as you go through the process. You may have change orders. People want to change the scheduling of when things are delivered. It may not be the entire data center. So I do think opportunistically, in general, it's just a testament to the team here that we were able to do that against the backdrop of delays.

我想另一點是，也存在一個因素：我不認為你一定是在把整個資料中心的建置全面提前。但這些建置在過程中都會變得有點迭代式。你可能會有變更單（change orders）。人們會想調整各項交付的排程。可能不是整個資料中心都提前。所以我確實認為，從機會角度來看，這也只是證明了我們團隊的能力：在有延誤的大環境下，我們仍能做到這件事。

Jon Petersen, Jefferies.

Jefferies 的 Jon Petersen。

Maybe continuing on there. So if you are ahead of schedule at Black Pearl, I guess, Phase 1, does that put Phase 2 ahead of schedule too? How should we think about that?

也許延續剛才的話題。如果 Black Pearl 的第一期（Phase 1）進度超前，那第二期（Phase 2）也會跟著超前嗎？我們應該如何看待這件事？

No, I think it's fair to generalize that the rest of the delivery deadlines are currently -- they currently remain the same at Black Pearl. This was getting a piece of it ready early to get the tenant on site and working on elements of it. But the rest of the delivery schedule, we expect will be online with the same timeline.

不會。我認為可以合理地概括為：Black Pearl 其餘的交付期限目前——目前仍維持不變。這次是把其中一部分提前準備好，讓租戶能夠提早進場，先處理其中一些要素。但其餘交付時程，我們預期仍會按照相同的時間軸上線。

Okay. And then on the ERCOT batch approval process, I know a lot of it is kind of up in the air, but can you maybe frame a base case expectation? What's kind of a best case scenario for the news that we might get, I guess, pending delays from the governor's letter. But -- and yes, I guess, like kind of like what's the base case and what's the upside for you guys?

了解。另外關於 ERCOT 的批次核准流程，我知道很多事情仍不確定，但你們能否勾勒一個基本情境（base case）的預期？在我們可能收到的消息方面，最佳情境大概會是什麼？我想也要考量州長信函可能造成的延遲。但——對，你們的基本情境與上行空間（upside）分別是什麼？

So look, that's really hard to predict because over time, that process is important enough to all the interested constituents in Texas that it has generally gotten extended. And so look, we were expecting this Friday to be the deadline when we would get the results, and that would open a path to progress more quickly at the sites that we think have the great positioning to be in baseload in Batch Zero.

你看，這真的很難預測，因為隨著時間推進，這個流程對德州所有相關利害關係人都足夠重要，所以通常都會被延長。因此，我們原本預期本週五會是我們拿到結果的截止日，而這將為我們認為具備良好定位、可在 Batch Zero 成為基載（baseload）的場址，開啟更快推進的路徑。

It's very hard to say it's pretty fresh, right? The letter came out yesterday afternoon. We've certainly spoken to all of our contacts in Texas to try to get a read other than it's very serious, clearly, because of the attention it's getting. It's hard to make exact predictions on the timing of what that means. Again, I kind of repeat myself, but I think no matter what that timing is, I expect Cipher to be very buttoned up on top of it and standing at the front of the line. But at this point, it's just a little too fresh to have a serious prediction of the timing.

很難說這件事還算相當新、對吧？那封信是昨天下午才出來的。我們當然已經和德州所有的聯絡人都談過，試著取得一些判讀；除了很明顯因為受到高度關注而顯得非常嚴重之外。至於這代表什麼、時間點會落在何時，很難做出精準預測。再說一次，我有點重複，但我認為不管時間點如何，我預期 Cipher 會把事情處理得非常周全，並且站在隊伍最前面。但就目前而言，事情還太新，還無法對時程做出嚴肅的預測。

I just don't know if it's like the governor has requested an audit of those waiting in the interconnection queue. Depending on how long that audit takes or if we get more color on how significant and substantial that will be, that may give an indication of timing, but it's too hard for us to predict the exact timing.

我只是不確定是不是州長已經要求對那些在併網排隊序列中等待的項目進行稽核。視該稽核需要多久，或我們是否能更清楚了解其重要性與實質影響程度，這可能會提供一些時程上的線索，但我們實在很難預測確切時間。

I do think what will happen though is that that audit logically would decrease the amount of load in Batch Zero, certainly the baseload piece. And so I think it's going to make it even more important that you are a development team that is very buttoned up and has dotted your I's and crossed your T's and paid your deposits. And so again, that should strengthen our relative position. I just can't predict the exact timing because it's all still pretty fresh.

不過我確實認為，從邏輯上來看，那項稽核會降低 Batch Zero 裡的負載量，尤其是基載那一部分。因此我認為，成為一個把事情做得非常到位的開發團隊、把每個細節都處理好、該補的文件都補齊、該繳的保證金都繳了，會變得更加重要。所以再一次，這應該會強化我們的相對位置。我只是無法預測確切時程，因為一切都還相當新。

Okay. And if I could sneak in one on the balance sheet. You guys said in your prepared remarks that your business plan didn't call for new equity. Was that kind of a shorter-term timeline? Or are you generating enough revenue now that you have revenue coming online from these projects where you can organically generate that revenue from recurring cash flow to finance future deals?

好的。如果我可以再偷問一題關於資產負債表的問題。你們在事先準備的發言中提到，你們的商業計畫並不需要新增股權。那是比較偏短期的時間軸嗎？還是你們現在已經有足夠的營收——因為這些專案開始貢獻營收——可以透過經常性現金流自然產生資金來為未來交易融資？

Yes. It's Greg. I'll jump in and take that one. So I think that's really a function of a point in time and a function of what happens in our development platform. So if I look back at the last quarter, in Q2, we spent about $400 million in CapEx, about $50 million of that was on the development pipeline.

是的。我是 Greg。我來回答這題。我認為這其實取決於某個時間點的狀況，也取決於我們開發平台的進展。如果我回看上一季，也就是第二季，我們的資本支出（CapEx）大約是 4 億美元，其中約 5,000 萬美元用在開發管線上。

So whether that's acquiring land, building out electrical infrastructure, certain grade sites, basically just getting things ready to a point where it would be equally as attractive to any tenant.

例如收購土地、建置電力基礎設施、整地場址，基本上就是把各項條件準備到一個對任何承租戶都同樣具吸引力的程度。

Those CapEx expenditures can scale up and down, but that's not including the equity downstroke you would actually need if you were to go out and sign a very large deal, whether that's multiple hundreds of megawatts up to a gigawatt. Depending on what happens on the development pipeline and how leases materialize, there may be a situation down the road where we do need equity. But looking at where we're at today, $870 million of liquidity on the balance sheet. We have a revolver that we're not drawing, we have no cash draws on the revolver to date.

這些資本支出可以上調或下調，但這還不包含如果你要出去簽一筆非常大的交易——不論是數百兆瓦到 1GW 的規模——實際上你會需要投入的股權首付款。視開發管線的進展以及租約如何落地，未來某個時點確實可能出現我們需要股權的情況。但以我們今天的狀況來看，資產負債表上有 8.7 億美元的流動性。我們有一筆循環信貸額度（revolver）目前沒有動用，迄今為止也沒有從該循環信貸提領任何現金。

We feel very good about where we're at. We feel like we could handle the sites that are right in front of us without needing to tap the equity market.

我們對目前的狀況感到非常放心。我們覺得在不需要進入股權市場籌資的情況下，就能應付眼前這些場址。

Mike Colonnese, HC Wainwright.

Mike Colonnese，HC Wainwright。

Congrats on all the progress here. First one for me is on the development pipeline. You guys have obviously built out a very robust one. And just curious, based on your conversations with current prospective tenants for this future capacity, what would you say are some of the key development milestones that need to be realized before they're comfortable with executing a lease at a given campus. And it would be helpful to know what portion of the sites in your pipeline has reached a stage where you think they would be lease execution-ready in current form.

恭喜你們在這裡取得的所有進展。我第一個問題是關於開發管線。你們顯然已經建立了一條非常強健的管線。我想請教，根據你們與目前潛在承租戶就未來容量所進行的對話，你們認為在他們願意在某個園區執行租約之前，必須先達成哪些關鍵的開發里程碑？另外也希望了解，你們管線中的場址有多少比例已經達到你們認為以目前狀態就可以進入租約簽署的階段。

So yes, thanks, Mike. So I'd say, listen, generally, historically, the dividing line has been whether or not you have that final interconnection approval because otherwise, you are waiting for that key input. So if you look at what we've got available today, again, it's Odessa, Reveille, Ulysses, 477 megawatts. All of those are past whatever milestones they would need to get a lease. So the milestones remaining are, do we like the terms and the tenant and we work through the legal documents. I expect that they will all be signed.

好的，謝謝你，Mike。我會說，一般來說、從歷史經驗看，分水嶺通常在於你是否已取得最終的併網核准，因為否則你就在等待那個關鍵輸入。所以如果你看我們今天可用的部分，再次強調，是 Odessa、Reveille、Ulysses，共 477 兆瓦。這些都已經跨過了取得租約所需的各項里程碑。因此剩下的里程碑就是：我們是否喜歡條款與承租戶，並把法律文件走完。我預期這些都會簽下來。

Beyond that, there's a sort of a newer development, and I think it speaks to the demand environment. Historically, again, tenants had not been interested pre-interconnection approval in talking about a site. We have had tenants interested in the sites awaiting Batch Zero. I think particularly Colchis is pretty juicy as a 1 gigawatt site. We've already had lease discussions on that site with interested parties.

除此之外，還有一個比較新的發展，我認為這也反映了需求環境。過去，承租戶通常不會在併網核准之前就對某個場址有興趣、也不會談。但我們已經有承租戶對那些正在等待 Batch Zero 的場址表達興趣。我認為尤其是 Colchis，作為一個 1GW 的場址相當誘人。我們已經就該場址與有興趣的對象進行過租約討論。

We'll have to see how things develop around the batch process. It's not inconceivable we come up with some sort of condition precedent structure or something that would allow us to move forward given that that's a 1 gigawatt site.

我們得看看批次流程周邊的發展情況。我們也不是不可能提出某種先決條件（condition precedent）的架構或類似安排，讓我們在該場址為 1GW 的前提下仍能推進。

That said, that's all new territory and speaks to just how serious the demand environment is. It kind of remains to be seen. But so the short punchy answer is the three sites with 477 megawatts available are all very leasable. It just depends on when we get to a deal we like. And then beyond that, there's some upside as we await the process in Texas.

話雖如此，這些都是新的領域，也顯示出需求環境有多麼嚴峻。後續如何仍有待觀察。但簡短有力的答案是：這三個可提供 477 兆瓦的場址都非常適合出租。只是取決於我們何時能談到一筆我們喜歡的交易。再往後看，隨著我們等待德州流程推進，還有一些上行空間。

And that's outside of any bring-your-own generation sites, which, again, has some deal complexity. But in general, the driving desire for the tenant behind those structures is to get a more accelerated timeline.

而這還不包含任何「自帶發電」（bring-your-own generation）的場址；那類結構同樣會增加交易複雜度。但一般而言，承租戶採用那類架構背後的主要動機，是希望取得更快的時程。

So if we pull that together, the types of discussions we're having are, are there ways to get my first megawatts online in calendar year 2027. In order to do that, we would have to make quick progress on a lease, just given building timelines. But again, it kind of remains to be seen the overall scope of that opportunity, but it's very, very real.

所以把這些整合起來，我們正在進行的討論類型是：有沒有方法能讓我的第一批兆瓦在 2027 曆年上線。要做到這點，考量建置時程，我們必須在租約上快速取得進展。但同樣地，整體機會的範圍仍有待觀察，不過它非常、非常真實存在。

Very helpful color, Tyler. I appreciate that. And just a follow-up for me. It sounds like you're getting some really strong interest in Odessa. Just curious what the potential data center delivery timeline look like if you were to sign a lease and convert Odessa over to an HPC campus for bitcoin mining.

這些補充資訊非常有幫助，Tyler。謝謝你。我還有一個追問。聽起來你們在 Odessa 收到相當強的興趣。我想了解，如果你們簽下租約並把 Odessa 從比特幣挖礦轉型為 HPC 園區，潛在的資料中心交付時程會是什麼樣子？

Yes. So much of that is going to depend on when exactly we would come to a full agreement. But I think, obviously, we have a site that's already constructed there that is a containerized data center for bitcoin mining. So should be relatively easy to decommission that site.

是的。這在很大程度上會取決於我們究竟何時能達成完整協議。但我想很明顯的是，我們那裡已經有一個已建成的場址，是用於比特幣挖礦的貨櫃式資料中心。因此要將該場址除役應該相對容易。

And if we were to come to terms soon, certainly, we would be hoping to get our first megawatts online in calendar year 2027. But that will depend on getting a lease done in the coming couple of months so that we don't get too far, or I should say, too close in terms of building timeline to having something ready. So very end of 2027 would be kind of the target there.

如果我們能很快談妥條款，當然我們會希望在 2027 曆年讓第一批兆瓦上線。但這將取決於我們能否在接下來幾個月內完成租約，避免在建置時程上拖得太久——或者我應該說，避免在建置時程上離「準備就緒」的時間點太近。所以 2027 年底會是那裡的目標時點。

Chris Brendler, Rosenblatt Securities.

Chris Brendler，Rosenblatt Securities。

Congrats on all the progress here, amazing execution. I wanted to ask on the equipment procurement details you're giving us by site. These percentages are pretty impressive and also pretty impressive disclosure. Can you just give us more of a qualitative update on that process? I imagine it's getting more and more difficult given all the construction demand out there for data centers. How -- can you give us some qualitative comments on the equipment procurement side?

恭喜你們在這裡取得所有進展，執行力令人驚豔。我想就你們按據點提供的設備採購細節提問。這些百分比相當亮眼，而且披露也很到位。你能否就這個流程提供更多定性的最新進展？我想在目前資料中心建設需求如此旺盛的情況下，應該是越來越困難。關於設備採購端，你能否給我們一些定性評論？

Yes. Let me start by saying that a big focus in some of our hiring over the last quarter has been deepening our bench focused on the procurement activities here in-house. It is something different with our setup versus most of our competitors. Most of our competitors outsource procurement. We still manage that supply chain in-house.

是的。我先說明一下，我們在上一季的部分招募重點，是強化我們內部專注於採購活動的人才梯隊。相較於多數競爭對手，我們的架構有所不同。大多數競爭對手會把採購外包。我們仍在內部管理這條供應鏈。

So Chris, one of the reasons you get more transparency from us is that we actually know where we stand with procurement at the sites. We're not sort of subject to the vagaries of the market and hoping to hear something positive from our outsourced provider. We've added a lot of depth to that team because that's such a key activity for us to manage. And I have to give general color that I think there's a high level of demand for everything. There is no question that from time to time, we'll see something harder to acquire, and we'll see decent amounts of inflation and cost.

所以 Chris，你之所以能從我們這裡得到更高的透明度，其中一個原因是我們確實知道各據點的採購進度到哪裡。我們不會受制於市場的各種不確定性，然後只能期待外包供應商回報好消息。我們也為這個團隊增加了很多深度，因為這對我們而言是必須管理好的關鍵活動。我可以提供一些整體性的背景：我認為各項目都處於高需求狀態。毫無疑問地，我們會不時遇到某些東西更難取得，並看到相當程度的通膨與成本上升。

But in general, when we build a construction timeline, we work backwards from the longest lead time items, and those are generally established, and we know where we stand before we agree to a timeline with a tenant. Again, as a broad generalization then, as we're going through a building process, if a particular piece of equipment becomes highly in demand, harder to procure, we can kind of manage around those challenges.

但總體而言，當我們制定施工時程時，會從交期最長的項目倒推，而這些通常是已經確立的，我們在與租戶同意時程之前就知道目前的狀況。同樣地，作為一個概括性的說法，當我們在建造過程中，如果某項設備需求突然大增、變得更難採購，我們也能在一定程度上繞開並管理這些挑戰。

Makes sense. And just a follow-up there would be, as we progress here and hopefully sign additional HPC contracts for these additional sites, do you expect material increase in your power CapEx per critical IT? Are we still around $10 million a megawatt? Or is that heading north from here?

了解。再追問一下，隨著我們推進，並希望為這些新增據點簽下更多 HPC 合約，你們是否預期每單位關鍵 IT 的電力資本支出（CapEx）會有實質增加？我們仍大約是每兆瓦 1,000 萬美元嗎？還是會從這裡往上走？

No, it's really going to depend on the tenant's build specs. So I've highlighted this sometimes in some conversations with investors that we iterate so much on the demands of the particular tenant and their understanding of a particular site that that's really what drives that. We are also awesome at procurement and managing our relationships, but it's not like we're necessarily so much better at getting a cheap price on transformers. It's that we are able to have a discussion with tenants about like, hey, given the historical reliability at this site, do you really need backup gens in the quantity that your standard basis of design would call for? And maybe the answer is no, and then maybe that drives a lower price.

不，這真的取決於租戶的建置規格。我有時在與投資人對話時會強調，我們會針對特定租戶的需求，以及他們對特定據點的理解，反覆迭代很多次，而這才是真正驅動成本的因素。我們在採購與關係管理上也做得非常好，但並不是說我們一定能在變壓器上拿到特別便宜的價格。而是我們能與租戶討論，例如：嘿，考量這個據點過往的可靠度，你們真的需要按照標準設計基準（basis of design）所要求的數量配置備援發電機嗎？也許答案是否定的，那就可能帶來更低的成本。

I mean -- but what I can generalize about is that we definitely see inflation on labor and equipment across the board. And so as we build budgets for the next build, I would expect our budgeting to go up, and that probably translates into a higher cost per megawatt, at least to compensate for inflation. But any particular site may be at the lower end or higher end of the cost curve. And that's of course contemplated when we put together a proposal for a lease.

我的意思是——但我可以概括的是，我們確實看到勞務與設備全面性的通膨。因此，當我們為下一輪建置編列預算時，我預期預算會上調，而這很可能會反映為每兆瓦成本更高，至少是為了補償通膨。但任何特定據點可能落在成本曲線的低端或高端。當然，這些都會在我們提出租賃提案時納入考量。

Right. You usually get those costs back.

對。你們通常都能把那些成本收回來。

John Todaro, Needham.

John Todaro，Needham。

Michael Chen on for John Todaro. Yes, going off of that procurement, historically, we've seen you guys quote CapEx in the $9 million to $11 million per megawatt range. And I know a lot of the equipment has already been secured, but we've seen pricing pressure and supply constraints increase across the sector.

我是代替 John Todaro 的 Michael Chen。是的，延續剛才的採購話題，過去我們看到你們引用的資本支出大約在每兆瓦 900 萬到 1,100 萬美元的區間。我知道很多設備已經先行鎖定，但我們也看到整個產業的價格壓力與供應限制都在加劇。

So curious, as you guys are looking at future leases and seeing where equipment still needs to be procured, are you seeing that cost creep higher? And how kind of confident are you in still hitting that band going forward?

所以我想了解，當你們看未來的租約、並評估哪些設備仍需要採購時，你們是否看到成本逐步上升？以及你們對於未來仍能落在那個區間的信心有多高？

Yes. I mean, look, I think as it regards to our current builds, we put together a budget that has contingencies for stuff like that. And I would say we're running at the contingency level given that inflation. Going forward, we're building in even more because, as I just said, we are seeing inflation across the board for labor and for equipment. So I do expect that those numbers will creep higher. But again, at any particular build spec, I think it's hard to generalize because it's driven by the demands of the tenant.

是的。我的意思是，你看，就我們目前的建置而言，我們在編列預算時已經為這類情況設置了預備金（contingencies）。而我會說，在通膨影響下，我們目前的支出水位大致落在預備金所涵蓋的範圍內。往後我們會再多加一些，因為如我剛才所說，我們看到勞務與設備全面性的通膨。所以我確實預期這些數字會逐步上升。但同樣地，就任何特定的建置規格而言，我認為很難一概而論，因為它是由租戶需求所驅動的。

The other thing I'd mention, too, is keep in mind that some of our sites, we address this by putting a cap on the CapEx that we have exposure to. So sort of this is not really -- of course, we want to manage things as efficiently as possible, but we pass this risk to the tenant in some structures as well.

另外我也想提醒一點：請記得在我們某些據點，我們會透過設定我們所承擔的資本支出上限，來處理這個問題。所以這其實不完全是——當然我們希望盡可能有效率地管理，但在某些架構下，我們也會把這個風險轉嫁給租戶。

Got it. Understood. And on Odessa, if I'm not mistaken, the PPA there was set to expire. So is there a timeline that you guys need to get a lease done in? Or was the PPA resigned there?

了解。明白。另外關於 Odessa，如果我沒記錯，那裡的 PPA 原本是要到期。所以你們是否有必須在某個時間點前完成租約的時程？還是那裡的 PPA 已經續簽了？

No. I mean, that PPA runs through the end of July of next year, so 2027. Look, the attractiveness of that site is the ability to reconfigure it as an HPC site before the end of calendar year 2027. But any lease of that site for HPC will require a renegotiated PPA with Vistra Luminant, which is co-located with the site and providing power to the site. So that will all be hand-in-hand with the necessary lease discussions there.

沒有。我的意思是，那份 PPA 會一路到明年 7 月底，也就是 2027 年。你看，那個據點的吸引力在於能在 2027 年曆年結束前，把它重新配置成 HPC 據點。但任何將該據點用於 HPC 的租約，都需要與 Vistra Luminant 重新談判 PPA；對方與該據點共址，並向該據點供電。因此，這些都會與那邊必要的租賃討論同步進行、相互配合。

Thank you. And I will now turn the call back over to Tyler for closing remarks.

謝謝。接下來我把電話交回 Tyler 作結語。

Thank you, everyone, for dialing in to our business update call. The future is extremely bright at Cipher, and we look forward to talking to you soon. Cheers.

感謝各位撥冗參加我們的業務更新電話會議。Cipher 的未來非常光明，我們期待很快再與各位交流。乾杯。

This concludes today's conference call. Thank you for participating, and you may now disconnect.

今天的電話會議到此結束。感謝各位參與，現在可以掛線。