Core Scientific Inc (CORZ) 2024 Q4 法說會逐字稿

Greetings, and welcome to the Core Scientific fourth-quarter fiscal year 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes.

大家好，歡迎參加 Core Scientific 2024 財年第四季財報電話會議。（操作員指示）提醒一下，本次會議將會被錄音以供重播。

It's now my pleasure to turn the call over to Jon Charbonneau, Vice President, Investor Relations at Core Scientific. Jon, please go ahead.

現在我很高興將電話轉給 Core Scientific 投資者關係副總裁 Jon Charbonneau。喬恩，請繼續。

Good afternoon, ladies and gentlemen, and welcome to Core Scientific's fourth-quarter fiscal-year 2024 earnings call. At this time, all participants are in a listen-only mode. We will conduct a question-and-answer session after management's remarks.

女士們、先生們，下午好，歡迎參加 Core Scientific 2024 財年第四季財報電話會議。此時，所有參與者都處於只聽模式。管理層發言後，我們將進行問答環節。

Please note that on this call, certain information presented contains forward-looking statements within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement other than historical or current facts that predict or indicate future events or trends, forecasts, performance or achievements and may contain words such as believe, anticipate, expect, estimate, intend, project, plan, or words or phrases with similar meaning.

請注意，本次電話會議中提供的某些資訊包含《1995 年私人證券訴訟改革法案》安全港條款所定義的前瞻性聲明。前瞻性陳述包括但不限於除歷史或當前事實之外的任何預測或表明未來事件或趨勢、預報、表現或成就的陳述，並且可能包含諸如相信、預期、期望、估計、打算、預測、計劃等詞語或具有類似含義的詞語或短語。

Forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties that may cause actual results to differ materially. For further information on these risks and uncertainties, we encourage you to review the risk factors discussed in the company's annual report on Form 10-K filed with the Securities and Exchange Commission and the special note regarding forward-looking statements contained in the company's current report on Form 8-K filed today and the earnings release and slide presentation contained there.

前瞻性陳述基於當前的預期、預測和假設，其中涉及風險和不確定性，可能導致實際結果大不相同。有關這些風險和不確定性的更多信息，我們建議您查看公司向美國證券交易委員會提交的 10-K 表年度報告中討論的風險因素，以及公司今天提交的 8-K 表當前報告及其收益報告和幻燈片演示中包含的有關前瞻性陳述的特別說明。

Today's presentation is available on our website at corescientific.com in the Events and Presentations section. The content of this conference call contains information that is accurate only as of today, February 26, 2025. The company undertakes no obligation to update statements made today to reflect events or circumstances occurring after today.

今天的簡報可在我們的網站 corescientific.com 的「活動和簡報」部分中查看。本次電話會議的內容僅包含截至今天（2025 年 2 月 26 日）準確的資訊。本公司不承擔更新今天所作聲明以反映今天之後發生的事件或情況的義務。

Joining me today from Core Scientific are our CEO, Adam Sullivan; and our CFO, Denise Sterling.

今天與我一起出席的還有來自 Core Scientific 的執行長 Adam Sullivan；以及我們的財務長 Denise Sterling。

With that, we will now begin with remarks from Adam.

現在，我們開始聽亞當的發言。

Good afternoon, and thank you all for joining us today. I'll begin today's call by looking back at our key achievements from the quarter and fiscal year before handing it over to Denise, who will review our financials. I'll then highlight our growth strategy and the meaningful value creation opportunities we see ahead for Core Scientific. We will then take your questions.

下午好，感謝大家今天的參加。在今天的電話會議上，我將首先回顧本季度和財政年度我們取得的主要成就，然後將其交給 Denise，她將審查我們的財務狀況。然後，我將重點介紹我們的成長策略以及我們為 Core Scientific 看到的有意義的價值創造機會。然後我們將回答您的問題。

2024 was guided by the three growth catalysts we identified on our second quarter earnings call: contract the remaining HPC hosting capacity, expand infrastructure capacity, and diversify our customer base. Starting with HPC, we began by signing a 16-megawatt agreement with CoreWeave in Austin, which we delivered 30 days ahead of schedule.

2024 年的發展受到我們在第二季度財報電話會議上確定的三個成長催化劑的指導：收縮剩餘的 HPC 託管容量、擴大基礎設施容量以及實現客戶群多元化。從 HPC 開始，我們首先與奧斯汀的 CoreWeave 簽署了一份 16 兆瓦的協議，並提前 30 天交付。

We then moved quickly to fully contract the original 500 megawatts of HPC capacity through a series of new 12-year agreements with CoreWeave. This deal carries a total revenue potential of $8.7 billion over the contract term, equivalent to about $725 million per year once fully online. To put that in perspective, our total revenue in 2024 was just over $500 million, mostly from our Bitcoin mining operations. Securing this landmark HPC contract marks a pivotal step in our evolution into a leading data center business.

隨後，我們迅速採取行動，透過與 CoreWeave 簽訂一系列新的 12 年協議，全面承包原有的 500 兆瓦 HPC 容量。該交易在合約期間的總收入潛力為 87 億美元，相當於全面上線後每年約 7.25 億美元。從這個角度來看，我們 2024 年的總收入略高於 5 億美元，主要來自我們的比特幣挖礦業務。獲得這項具有里程碑意義的 HPC 合約標誌著我們向領先的資料中心業務發展邁出了關鍵的一步。

Next, we made significant progress expanding our HPC infrastructure capacity in 2024 by reallocating resources from our Bitcoin mining operations, enlarging existing sites and acquiring new sites. As a result, we ended the year with over 1,300 megawatts of contracted power.

接下來，我們透過重新分配比特幣挖礦業務的資源、擴大現有站點和收購新站點，在 2024 年擴大 HPC 基礎設施容量方面取得了重大進展。結果，我們在年底簽訂了超過 1,300 兆瓦的合約電力。

In the fourth quarter, we secured approval to expand gross capacity at our Denton site by nearly 100 megawatts, equating to approximately 70 megawatts of critical IT load. Dallas remains one of the fastest-growing data center markets in the United States, and we believe our Denton facility is on track to host one of the largest GPU supercomputers in North America.

第四季度，我們獲得批准，將丹頓工廠的總容量擴大近 100 兆瓦，相當於約 70 兆瓦的關鍵 IT 負載。達拉斯仍然是美國成長最快的資料中心市場之一，我們相信我們的丹頓設施有望成為北美最大的 GPU 超級電腦之一。

Separately, on the last earnings call, we discussed our expansion into Auburn, Alabama, where we signed a lease-to-buy agreement at the AUBix facility. This site currently has 11 megawatts of critical IT load, and we are actively working with Alabama Power to secure a much larger power agreement. Due to power constraints in the nearby Atlanta market and given Auburn's strategic location, this site has the potential to be a major development for the company.

另外，在上次收益電話會議上，我們討論了向阿拉巴馬州奧本的擴張計劃，我們在 AUBix 工廠簽署了租賃購買協議。該站點目前擁有 11 兆瓦的關鍵 IT 負載，我們正在積極與阿拉巴馬電力公司合作，以達成更大的電力協議。由於附近亞特蘭大市場的電力限制以及奧本的戰略位置，該站點有可能成為該公司的重大發展。

We are deferring significant capital deployment until negotiations with prospective customers are finalized, ensuring our investment is optimally aligned with demand. Briefly, on organic customer diversification, while we did not sign another large HPC hosting customer last year, we are in active discussions and remain confident in our ability to diversify our HPC customer base.

我們推遲重大資本部署，直到與潛在客戶的談判最終完成，以確保我們的投資與需求達到最佳一致。簡而言之，關於有機客戶多樣化，雖然我們去年沒有簽下另一個大型 HPC 託管客戶，但我們正在進行積極討論，並對我們實現 HPC 客戶群多樣化的能力充滿信心。

Shifting to our capital structure, I will let Denise cover the details, but we significantly improved our balance sheet in 2024, which leaves us well positioned to execute on our growth strategy this year and beyond. Finally, I want to take a moment to emphasize how proud I am of the strategic hires we've made across the business last year. We brought on top-tier data center professionals who have a proven track record of successfully executing large-scale projects. This has significantly strengthened our leadership and execution capabilities, and we believe this expanded talent pool underscores our commitment to growth and innovation as we continue our evolution into a premier data center provider.

轉向我們的資本結構，我將讓丹尼斯介紹細節，但我們在 2024 年顯著改善了我們的資產負債表，這使我們有能力在今年及以後執行我們的成長策略。最後，我想花點時間強調一下，我對我們去年在整個業務範圍內進行的策略性招聘感到非常自豪。我們聘請了具有成功執行大型專案良好記錄的頂級資料中心專業人員。這大大增強了我們的領導力和執行能力，我們相信，隨著我們繼續發展成為頂級資料中心供應商，擴大的人才庫凸顯了我們對成長和創新的承諾。

With that, I'd like to hand it over to Denise, who will take a deeper dive into our financials. Denise?

說完這些，我想把它交給丹尼斯，她將更深入地了解我們的財務狀況。丹尼斯？

Thank you, Adam. I am pleased with our financial performance in 2024, especially given the operational hurdles we navigated, namely the Bitcoin halving in April and the deliberate shutdown of several active mining sites to accommodate our major HPC hosting contract with CoreWeave. Securing that contract was a major milestone for the company, offering a robust foundation for our continued pivot towards HPC.

謝謝你，亞當。我對我們 2024 年的財務業績感到滿意，特別是考慮到我們克服了營運障礙，即 4 月份的比特幣減半以及為了與 CoreWeave 簽訂主要 HPC 託管合約而故意關閉幾個活躍的採礦站點。獲得該合約對於公司來說是一個重要的里程碑，為我們繼續轉向 HPC 奠定了堅實的基礎。

Despite these transitions, we delivered financial results that underscore our operational expertise and significantly strengthened our balance sheet, positioning us for a productive 2025.

儘管經歷了這些轉變，我們仍然取得了財務業績，凸顯了我們的營運專業知識，並顯著增強了我們的資產負債表，為我們在2025年實現富有成效的目標做好了準備。

With that, I will begin with an overview of our fourth-quarter financial results. Total revenue was $94.9 million, down 33% year-over-year, and adjusted EBITDA was $13.3 million. In terms of our segment results, digital asset self-mining revenue was $79.9 million, a decline of 29%. This was largely driven by 974 Bitcoin earned in the fourth quarter versus 3,042 in the same period a year ago, partially offset by the 130% year-over-year increase in the price of Bitcoin. As of December 31, 2024, we operated approximately 164,000 self-mining units or 96% of our total mining fleet, with the remaining 4% representing hosted mining units.

首先，我將概述我們第四季的財務表現。總營收為 9,490 萬美元，年減 33%，調整後 EBITDA 為 1,330 萬美元。就我們的分部表現而言，數位資產自挖收入為 7,990 萬美元，下降了 29%。這主要是因為第四季度比特幣銷量為 974 枚，而去年同期為 3,042 枚，但比特幣價格同比上漲 130% 也部分抵消了這一增長。截至 2024 年 12 月 31 日，我們營運約 164,000 個自營採礦單元，占我們採礦船隊總數的 96%，其餘 4% 為託管採礦單元。

Digital asset hosted mining revenue was $6.5 million, down from $30 million in the fourth quarter of 2023 as we sunset our hosted mining contracts, a trend we expect to continue this year. Finally, we generated $8.5 million in HPC hosting revenue during the quarter and as expected, exited the year with 16.5 megawatts of critical IT load, which includes an additional 0.5 megawatt contracted in the fourth quarter.

數位資產託管挖礦收入為 650 萬美元，低於 2023 年第四季度的 3000 萬美元，因為我們終止了託管挖礦合同，我們預計這一趨勢將在今年持續下去。最後，我們在本季度產生了 850 萬美元的 HPC 託管收入，並且正如預期的那樣，年底時的關鍵 IT 負載為 16.5 兆瓦，其中包括第四季度簽約的額外 0.5 兆瓦。

Shifting now to costs. Our 2024 average annual fleet-wide power rate of $0.04 per kilowatt hour beat our 2024 target guidance of between $0.042 and $0.044 per kilowatt hour. Our average fleet-wide power rate for the fourth quarter was $0.037 per kilowatt hour.

現在轉向成本。我們 2024 年全船平均年電價為每千瓦時 0.04 美元，超過了我們 2024 年目標指導價每千瓦時 0.042 美元至 0.044 美元。我們第四季的全船平均電價為每千瓦時 0.037 美元。

A summary of our segment mining economics can be found on slide 7. Gross margins for the quarter were 2%, 36% and 9%, respectively, for digital asset self-mining, digital asset hosting and HPC hosting. For our HPC hosting segment, we also measure performance utilizing a non-GAAP cash gross margin, which excludes the direct pass-through of power costs as well as noncash items, including stock-based compensation and depreciation.

投影片 7 上提供了我們細分採礦經濟學的摘要。本季數位資產自挖、數位資產託管和HPC託管的毛利率分別為2%、36%和9%。對於我們的 HPC 託管部門，我們還利用非 GAAP 現金毛利率來衡量業績，其中不包括電力成本的直接轉嫁以及非現金項目，包括股票薪酬和折舊。

For the fourth quarter of 2024, our non-GAAP cash gross margin was 16%. Operating expenses for the fourth quarter of 2024 totaled $43.6 million as compared to $30 million for the same period in the prior year. And net loss for the fourth quarter of 2024 was $265 million as compared to a net loss of $195.7 million for the same period in the prior year.

2024 年第四季度，我們的非 GAAP 現金毛利率為 16%。2024 年第四季的營運費用總計 4,360 萬美元，而去年同期為 3,000 萬美元。2024 年第四季淨虧損為 2.65 億美元，去年同期淨虧損為 1.957 億美元。

On Slide 8, our direct cash cost to self-mine a Bitcoin in the fourth quarter was $51,035, and our total cash-based hash cost in the fourth quarter was approximately $0.033 per terahash.

在幻燈片 8 上，我們在第四季度自行開採比特幣的直接現金成本為 51,035 美元，第四季度我們基於現金的總哈希成本約為每太哈希 0.033 美元。

Next, I'd like to walk you through the balance sheet, starting on Slide 9. Exiting 2023, our total debt balance was approximately $1 billion. During 2024, as part of Chapter 11 debt restructuring, we lowered total debt by $270 million. Subsequently, we equitized our secured convertible notes for $260 million, largely through mandatory conversion. This was shortly followed by the $460 million convertible note offering in August, which allowed us to pay off $260 million in existing senior debt, eliminate restrictions and covenants and substantially reduce our interest rates on the notes from as high as over 12% to 3%.

接下來，我想從第 9 張投影片開始，向大家介紹資產負債表。到 2023 年，我們的總債務餘額約為 10 億美元。2024 年，作為第 11 章債務重組的一部分，我們將總債務降低了 2.7 億美元。隨後，我們以 2.6 億美元的價格將我們的擔保可轉換票據公平化，主要透過強制轉換的方式。隨後不久，我們在 8 月發行了 4.6 億美元的可轉換票據，這使我們能夠償還 2.6 億美元的現有優先債務，消除限制和契約，並將票據利率從高達 12% 以上大幅降低至 3%。

More recently, in December, we completed a $625 million convertible note offering at a very attractive 0% interest rate. All told, we entered 2025 with an unlevered balance sheet outside of our convertible notes and over $830 million in cash, which we believe positions us well to execute on our growth strategy. With regard to HPC capacity, any uncontracted expansion, whether tied to additional power allocations at existing sites or entirely new locations may require our own capital expenditures.

最近，在 12 月，我們以極具吸引力的 0% 利率完成了 6.25 億美元的可轉換票據發行。總而言之，進入 2025 年，我們擁有除可轉換票據之外的無槓桿資產負債表和超過 8.3 億美元的現金，我們相信這使我們能夠很好地執行成長策略。對於 HPC 容量，任何未簽約的擴張，無論是與現有站點的額外電力分配還是全新地點相關，都可能需要我們自己的資本支出。

We will provide further details on any necessary outlays once we announce new customer contracts and finalize additional capacity requirements. Given our focus on growing our HPC hosting business, we do not expect to increase or refresh our Bitcoin mining fleet until we procure the new block ASIC chips in the second half of 2025. We are not planning any further CapEx this year associated with our Bitcoin mining business.

一旦我們宣布新的客戶合約並最終確定額外的產能要求，我們將提供有關任何必要支出的更多詳細資訊。鑑於我們專注於發展 HPC 託管業務，我們預計在 2025 年下半年採購新的區塊 ASIC 晶片之前不會增加或更新我們的比特幣挖礦機隊。我們今年不打算進行與比特幣挖礦業務相關的任何進一步的資本支出。

Our pro forma fully diluted share count as of February 20 was approximately 501 million shares as summarized on Slide 10. We are currently modeling a statutory effective tax rate of 22% in 2025. We also have more than $300 million in net operating loss carryforwards, which will reduce future cash taxes.

如投影片 10 所示，截至 2 月 20 日，我們的備考完全稀釋股數約為 5.01 億股。我們目前正在模擬 2025 年的法定有效稅率為 22%。我們還有超過 3 億美元的淨營業虧損結轉，這將減少未來的現金稅。

And with that, I'll turn the call back to Adam. Adam?

說完這些，我就把電話轉回給亞當。亞當？

Thanks, Denise. As we look ahead to 2025, we will continue to capitalize on our strength for building attractive large-scale infrastructure, and the key focus areas this year include: one, diversifying our customer base by adding new HPC customers; two, successfully executing on the HPC contracts we have in place; and three, continuing to expand our capacity organically and through strategic M&A.

謝謝，丹尼斯。展望2025年，我們將繼續發揮自身優勢，建構具吸引力的大規模基礎設施，今年的重點關注領域包括：一、增加新的HPC客戶，實現客戶群多元化；二、成功履行我們現有的 HPC 合約；第三，繼續透過有機方式和策略併購擴大我們的產能。

Starting with diversifying our customer base. This is the top priority for the company this year, and the goal is to sign enough contracts so that CoreWeave represents less than 50% of critical IT load by the end of 2028. We are in active discussions with dozens of new customers, including the vast majority of hyperscale providers and several large enterprise companies.

從多樣化我們的客戶群開始。這是該公司今年的首要任務，目標是簽署足夠多的合同，以便到 2028 年底 CoreWeave 佔關鍵 IT 負載的比例低於 50%。我們正在與數十家新客戶進行積極討論，其中包括絕大多數超大規模供應商和幾家大型企業公司。

Demand remains strong, but we're seeing considerably more due diligence compared to the first half of 2024. This heightened scrutiny reflects the influx of new market entrants who make ambitious capacity promises yet lack the tangible power agreements to back them up, much like the recent situation where a hyperscaler canceled contracts with companies that overstated their available power.

需求依然強勁，但與 2024 年上半年相比，我們看到的盡職調查要多得多。這種加強審查反映了新市場進入者的湧入，他們做出了雄心勃勃的容量承諾，但缺乏切實的電力協議來支持，就像最近超大規模企業取消與誇大其可用電力的公司的合約的情況一樣。

Our proven track record and secured power agreements set us apart in this environment, and we won't be expanding our footprint unless we have a high degree of confidence in our ability to deliver for additional customers.

我們良好的業績記錄和有保障的電力協議使我們在這種環境中脫穎而出，除非我們對為更多客戶提供服務的能力有高度信心，否則我們不會擴大我們的業務範圍。

Moving on to our second priority, executing on the HPC contracts we already have in place. Today, we announced a significant expansion of our relationship with CoreWeave at our Denton facility, which will bring that site to full capacity. This new agreement adds approximately 70 megawatts of critical IT load and represents approximately $1.2 billion in additional contracted revenue over a 12-year term. With this latest expansion, our total contracted value with CoreWeave now exceeds $10 billion, an amount that includes our Austin, Texas agreement and covers roughly 590 megawatts of critical IT load once fully online.

接下來是我們的第二個優先事項，即執行我們已經簽訂的 HPC 合約。今天，我們宣布與 CoreWeave 在丹頓工廠的合作關係將顯著擴展，這將使該工廠達到滿載生產。這項新協議增加了約 70 兆瓦的關鍵 IT 負載，並在 12 年期限內增加了約 12 億美元的額外合約收入。透過這次最新的擴展，我們與 CoreWeave 簽訂的合約總價值現已超過 100 億美元，其中包括我們與德克薩斯州奧斯汀簽訂的協議，一旦完全上線，將覆蓋約 590 兆瓦的關鍵 IT 負載。

Of that total, just over 570 megawatts reflect capacity we're converting at existing sites to HPC, where we expect 75% to 80% cash gross profit margins. We view this as one of the largest HPC deployments in the United States, and CoreWeave's continued demand already outpaces their supply, which we see as a strong signal of their business health and growth potential.

其中，超過 570 兆瓦的容量是我們在現有站點轉換為 HPC 的容量，我們預計現金毛利率為 75% 至 80%。我們認為這是美國最大的 HPC 部署之一，CoreWeave 的持續需求已經超過其供應，我們認為這是其業務健康和成長潛力的強烈訊號。

Under this newest agreement for the additional 70 megawatts, we will fund $1.5 million in capital expenditures per megawatt, whereas in prior agreements, CoreWeave covered those costs. In return, we will benefit from full rental payments during the first two years of the contract because there will be no CapEx credit associated with this new agreement.

根據這項針對額外 70 兆瓦的最新協議，我們將為每兆瓦提供 150 萬美元的資本支出，而在先前的協議中，CoreWeave 承擔了這些費用。作為回報，我們將在合約的前兩年享受全額租金支付，因為這項新協議不涉及任何資本支出信貸。

Looking ahead, we now expect to have delivered approximately 250 megawatts of HPC capacity to CoreWeave by the end of this year with the full 590 megawatts coming online in early 2027. This represents a shift from our previous time line and reflects both the size and complexity of the project, particularly the addition of an incremental 70 megawatts of critical IT load. These factors introduced several permitting challenges, which we resolved in collaboration with CoreWeave.

展望未來，我們預計到今年底將向 CoreWeave 交付約 250 兆瓦的 HPC 容量，全部 590 兆瓦將於 2027 年初上線。這代表著我們先前時間表的轉變，反映了專案的規模和複雜性，特別是增加了 70 兆瓦的關鍵 IT 負載。這些因素帶來了一些授權挑戰，我們與 CoreWeave 合作解決了這些挑戰。

As part of that process, we implemented design enhancements to further optimize GPU performance and mutually agreed upon new delivery time lines. While these steps have extended our schedule somewhat, we believe they ultimately position us to provide a more robust and efficient infrastructure that meets our customers' evolving HPC needs.

作為流程的一部分，我們實施了設計增強功能，以進一步優化 GPU 效能，並雙方就新的交付時間表達成協議。雖然這些措施在一定程度上延長了我們的時間表，但我們相信，它們最終使我們能夠提供更強大、更有效率的基礎設施，滿足客戶不斷變化的 HPC 需求。

Our third priority is to continue expanding our HPC capacity, both organically and through strategic M&A. Building on the recently announced 70-megawatt expansion in Denton, we believe we can add another 300 megawatts of capacity across our existing sites by the end of 2027, which is an increase from the previous quarter. We also see significant greenfield opportunities and aim to add approximately 400 megawatts of new capacity over the next three years.

我們的第三個優先事項是繼續擴大我們的 HPC 能力，包括有機成長和策略併購。在最近宣布的丹頓 70 兆瓦擴建項目的基礎上，我們相信到 2027 年底我們可以在現有站點再增加 300 兆瓦的容量，這比上一季增加。我們也看到了巨大的綠地機遇，並計劃在未來三年內增加約 400 兆瓦的新容量。

On the M&A front, we're actively pursuing opportunities in our current markets and carefully evaluating expansions into new ones. This includes acquiring stabilized data center assets or book but not built projects that come with strategic customer contracts, offering greater revenue predictability. This approach aligns well with our broader objective of reducing our largest customer to below 50% of total critical IT load by the end of 2028.

在併購方面，我們積極尋求現有市場的機會，並仔細評估向新市場的擴張。這包括收購穩定的資料中心資產或附帶策略客戶合約的預訂但未完成的項目，從而提供更高的收入可預測性。這種方法與我們更廣泛的目標非常一致，即到 2028 年底將我們最大的客戶佔關鍵 IT 總負載的 50% 以下。

In closing, I'm more excited than ever about the momentum we've carried into this year. Our team is fully energized and confident in our ability to execute on our growth strategy, which we believe will drive significant value creation for all our stakeholders.

最後，我對我們今年所保持的勢頭感到比以往任何時候都更加興奮。我們的團隊充滿活力，對執行成長策略的能力充滿信心，我們相信這將為所有利害關係人創造巨大的價值。

I want to extend my sincere gratitude to our clients, industry partners and especially our dedicated teammates for their ongoing efforts and support. I also want to personally thank our existing shareholders. Your confidence in our vision has been critical in bringing us to this point, and we wouldn't be here without you.

我要向我們的客戶、產業夥伴，特別是我們敬業的隊友們表達最誠摯的感謝，感謝他們一直以來的努力和支持。我還要親自感謝我們現有的股東。您對我們願景的信心對於我們走到今天這一步至關重要，沒有您我們就不會走到今天。

With that, we will now take your questions.

現在我們將回答大家的提問。

(Operator Instructions) Darren Aftahi, ROTH Capital Partners.

（操作員指示） ROTH Capital Partners 的 Darren Aftahi。

Good to see expansion on the capacity. Two, if I may. First, can you just talk, Adam, a little bit on the more detail about the permitting process and maybe what's elongating that time line?

很高興看到產能的擴大。如果可以的話，我想說兩個。首先，亞當，您能否稍微詳細談談許可流程以及是什麼原因延長了審批時間？

And then secondarily, on the Alabama site, I know you guys said you're not going to commit too much capital until negotiations with prospects are more finalized with Alabama Power. I guess, like where are you with them? Has the feasibility study been done? Like how quickly can this evolve? Just of any more insight on that would be helpful.

其次，關於阿拉巴馬項目，我知道你們說過，在與阿拉巴馬電力公司的潛在談判最終敲定之前，你們不會投入太多資金。我猜，你和他們在哪裡？可行性研究已經完成了嗎？比如，它能發展多快？對此提供更多的見解將會很有幫助。

Yes, of course. And I appreciate the questions, Darren. So talking about the permitting process, that was really one of our sites in particular. And as we were looking at the expansion of that site, we had to go through additional permitting processes just related to the expansion and related to a pretty major design adjustment that was made in that process, and that's really around optimizing for efficiency and optimizing for the scale of that asset.

是的當然。我很感謝你提出的問題，達倫。因此，談到許可流程，這實際上是我們的一個特別的網站。當我們考慮擴建該網站時，我們必須經歷與擴建相關的額外許可流程，並且與在此過程中進行的相當大的設計調整相關，這實際上是為了優化效率和優化該資產的規模。

And so we're past that process today, and we feel very confident given that at that site, we have construction, we have contractors. We have the boots on the ground to know that the process is moving along with the existing schedule that we have in front of us.

今天我們已經完成了這個過程，我們非常有信心，因為在那個工地，我們有施工，有承包商。我們已親身實踐，確保整個進程按照我們現有的計畫順利進行。

The second -- to the second question related to Alabama, right now, we're in a place where we have high confidence in the ability to gain additional megawatts at that site. And once we get those commitments, that's going to be a time when we will begin placing additional capital into that site. Now you have to think about the delineation between having a secured customer and us preparing to have that customer.

第二個問題與阿拉巴馬州有關，目前，我們對在該地點獲得更多兆瓦的能力充滿信心。一旦我們獲得這些承諾，我們就會開始在網站上投入更多資金。現在你必須考慮擁有固定客戶和我們準備好獲得該客戶之間的界線。

And so obviously, a significant amount of capital will be deployed once that new customer contract is secured. But up until that point, there will be limited CapEx, albeit some related to bringing that site to more of a pad-ready status.

因此，顯然，一旦獲得新客戶合同，就會投入大量資金。但在此之前，資本支出將是有限的，儘管其中一些與使該地點更接近發射台就緒狀態有關。

Jon Petersen, Jefferies.

喬恩‧彼得森，傑富瑞集團。

Great. Congratulations on the expansion with CoreWeave. Maybe if you could talk about the economics. I know you guys mentioned on the call that you're going to pay the $1.5 million upfront instead of a CapEx credit. Should we think about the rents -- other than that, should we think about the rents on this deal as the same as what you had before?

偉大的。恭喜您與 CoreWeave 合作擴展業務。也許您可以談談經濟問題。我知道你們在電話中提到，你們將預付 150 萬美元，而不是支付資本支出信用額。我們是否應該考慮租金——除此之外，我們是否應該認為這筆交易的租金與之前的租金相同？

Yes, exactly. Everything is exactly the same. And so after about two -- just over two years, those contracts will look identical from a rate perspective.

是的，確實如此。一切都一模一樣。因此，大約兩年後——僅僅兩年多一點，從利率角度來看，這些合約將會完全相同。

Okay. And then I like the goal of -- I appreciate the goal of wanting to bring CoreWeave down to less than 50% of revenue by the end of 2028. I think that would require you to procure a lot more power this year in addition to signing on additional customers. So maybe just talk through the milestones that you need to hit throughout this year to be on track to do that.

好的。然後我喜歡這個目標——我很欣賞到 2028 年底將 CoreWeave 的收入降至 50% 以下的目標。我認為，除了簽約更多客戶之外，這還需要你今年採購更多的電力。因此，也許只需討論一下您今年需要達到的里程碑，以便實現這一目標。

Yeah. And that's really about getting them below 50% of critical IT load by 2028. And we're working through that process today. We talk about the ability to continue to expand at existing sites, and that's a competitive process because we are getting direction in terms of how much additional power we're going to be able to achieve at some of our existing sites and then some of our new sites as well. Very attractive locations.

是的。這實際上意味著到 2028 年，要讓關鍵 IT 負載低於 50%。今天我們正在進行這項流程。我們談論的是繼續擴大現有站點的能力，這是一個競爭過程，因為我們正在獲得有關我們能夠在一些現有站點以及一些新站點實現多少額外電力的指導。非常有吸引力的地點。

Our focus today is on building blue-chip assets, and we want to have those blue-chip assets with blue-chip clients. And so that's where our focus is today, and we're going to continue to execute and acquire more sites to bring more capacity online to secure more contracts and achieve our goal of getting them below 50% by 2028.

我們今天的重點是打造藍籌資產，我們希望將這些藍籌資產與藍籌客戶結合。這就是我們今天的重點，我們將繼續執行並收購更多站點，以提供更多在線容量，從而獲得更多合同，並實現到 2028 年將其降至 50% 以下的目標。

Joe Flynn, Compass Point Research.

喬·弗林（Joe Flynn），Compass Point Research 公司。

Maybe get some more color on the pushout of capacity this year and the finalization of ultimately kind of data center designs. What has been the biggest challenge, whether that be changing architectures, supply chain? And ultimately, as you ramp up capacity in the future, are you going to be designed to spec to support GB300s or Rubin architectures as well?

也許可以對今年的產能擴張和最終的資料中心設計方案做出更多的了解。最大的挑戰是什麼？是改變架構還是供應鏈？最後，隨著未來產能的提升，您是否也會按照規格設計支援 GB300 或 Rubin 架構？

Yeah, of course. And you're absolutely right on that last point there. As we are evaluating the infrastructure development for the GB200s and the GB300s, there are some incremental design changes that are required as part of that process.

是的，當然。關於最後一點，您說得完全正確。當我們評估 GB200 和 GB300 的基礎設施開發時，作為流程的一部分，需要進行一些漸進的設計變更。

And as we've gone -- as we went through really Q4 of last year, there was some incremental permitting challenges. Some of that was driven by the increase in complexity and size. Other parts were for other sites, we had to go back and just reconfirm permitting based on the fact that supply chains are constrained as you look out into 2026.

正如我們所經歷的——當我們真正經歷去年第四季時，出現了一些漸進的許可挑戰。部分原因是複雜性和規模的增加。其他部分是針對其他站點的，我們不得不回去重新確認許可，因為到 2026 年，供應鏈將受到限制。

And one of the things that we wanted to ensure that we achieved was that we had the right equipment on the right schedules for the site plans that we had. And so that required us to change some of the designs to fit for the equipment that was available to deliver on the time lines that we set forward. And so there was just some incremental delays there. But overall, we have high confidence in where the delivery schedule that we put forward today, and we believe we're going to be able to hit those time lines.

我們希望確保實現的目標之一是，我們能夠按照正確的時間表為我們的現場計劃提供正確的設備。因此，這要求我們改變一些設計，以適應可在我們設定的時間內交付的設備。因此那裡只是出現了一些增量延遲。但總的來說，我們對今天提出的交付時間表充滿信心，我們相信我們能夠實現這些時間表。

And I mean, also just to address like maybe concerns about related to Microsoft pulling back potential capacity with CoreWeave, which we don't think the contracts are structured that way. But ultimately, let's just say there is risk that CoreWeave's contracted revenues goes down. I think what -- from your sense, how do you guys -- you maybe like explain that impact? And is there ability for CoreWeave to ultimately go forward with or without Microsoft? And maybe just any comment on the demand there?

我的意思是，也只是為了解決與微軟撤回 CoreWeave 潛在產能有關的擔憂，我們認為合約不是這樣建構的。但最終，我們只能說 CoreWeave 的合約收入存在下降的風險。我認為──從你們的角度來看，你們如何解釋這種影響？無論有沒有微軟，CoreWeave 最終都有能力繼續前進嗎？也許只是對那裡的需求有什麼評論？

Yeah. I mean I can't comment specifically on any relationship between CoreWeave and Microsoft other than what they've spoken about publicly. But I mean, CoreWeave is continuing to expand. You're seeing it not only with Core Scientific, but really across the globe and internationally. So from what we're seeing on CoreWeave's demand side is significantly stronger than what we saw in 2024.

是的。我的意思是，除了他們公開談論的內容之外，我無法具體評論 CoreWeave 和微軟之間的任何關係。但我的意思是，CoreWeave 正在繼續擴張。您不僅在 Core Scientific 上看到它，而且在全球和國際上也看到它。因此，從我們所看到的情況來看，CoreWeave 的需求方面明顯比 2024 年強勁。

There's a lot of things going on in the market today that we're seeing that's actually driving continued demand and flow into CoreWeave. And so we're excited about continuing to expand with them at Denton. And Denton is going to be one of the largest supercomputers in the United States, and it's going to be a flagship asset for CoreWeave. And so we're really excited about continuing to expand our relationship with them.

我們看到當今市場上發生的許多事情實際上正在推動持續的需求和流入 CoreWeave。因此，我們很高興能夠與他們一起在丹頓繼續擴張。Denton 將成為美國最大的超級電腦之一，並將成為 CoreWeave 的旗艦資產。因此，我們非常高興能夠繼續擴大與他們的關係。

Brett Knoblauch, Cantor Fitzgerald.

布雷特·諾布勞赫，坎托·菲茨杰拉德。

Maybe just quickly on the delays, if you will, or the pushback in timing. Just want to make sure I heard you right. You're now expecting critical IT load this year to be 250 megawatts. Does that include the 16.5 megawatts? And before you guys were expecting, I think, 270 megawatts plus the 16.5 megawatts.

如果你願意的話，也許可以快速談談延遲或時間延遲的問題。只是想確認一下我聽清楚了你的意思。您現在預計今年的關鍵 IT 負載將達到 250 兆瓦。這包括 16.5 兆瓦嗎？我認為，在你們預期之前，是 270 兆瓦加上 16.5 兆瓦。

Yeah. Thanks, Brett. Yeah, that's correct. It's really a pushout of just [140-megawatt] building out into early 2026. And you're absolutely right. That number does include the 16.5 megawatts.

是的。謝謝，布雷特。是的，沒錯。這實際上只是將 [140 兆瓦] 的建設推遲到 2026 年初。你說得完全正確。這個數字確實包括了 16.5 兆瓦。

Perfect. And then I think we've gotten a lot of questions following DeepSeek, which hit the space quite hard. What have you seen with customer conversations post DeepSeek? Has it really changed anything? Or is demand just as good, if not greater since then?

完美的。然後我認為我們在 DeepSeek 之後收到了很多問題，這對這個領域造成了相當大的衝擊。您在 DeepSeek 之後的客戶對話中看到了什麼？它真的改變了什麼嗎？或者說，從那時起，需求就一直一樣好，甚至更大？

I would say from what we're seeing in all of our discussions is that people want to move faster. We've seen much more specific requests around locations in terms of developments and where they would like to build. But overall, the DeepSeek news for hitting the public markets rather hard from everything that we've seen on the actual demand side, demand continues to increase, and those conversations continue to progress very well.

我想說，從我們在所有討論中看到的情況來看，人們希望行動更快。我們看到了有關開發地點和他們希望在哪裡建造的更具體的要求。但總體而言，從我們在實際需求方面看到的情況來看，DeepSeek 進入公開市場的消息相當強勁，需求持續增加，而且這些對話繼續進展順利。

So we think the DeepSeek was a little bit of a head fake for the broader markets, but overall, hasn't changed the demand picture for us.

因此，我們認為 DeepSeek 對更廣泛的市場來說有點虛假，但總體而言，並沒有改變我們的需求狀況。

Greg Lewis, BTIG.

格雷格·劉易斯（Greg Lewis），BTIG。

Could you talk a little bit about -- you mentioned enterprise customers potentially. It's something that seems to be -- we're hearing more about beyond just the hyperscalers. As maybe you broaden out the customer base beyond just the hyperscalers, which it seems that latency is a big issue for them, maybe scalability is a big issue for them.

您能否稍微談談—您提到了潛在的企業客戶。這似乎是——我們聽到的不僅僅是超大規模企業的消息。也許你將客戶群擴大到超大規模用戶之外，這似乎對他們來說延遲是一個大問題，也許可擴展性對他們來說也是一個大問題。

As you look at potential enterprise customers, does that open up more sites that may be in -- does that open up more sites maybe in your portfolio and elsewhere that maybe under a hyperscaler footprint wouldn't work, but through an enterprise, it might?

當您考慮潛在的企業客戶時，這是否會開闢更多可能位於您的投資組合中和其他地方的站點，這些站點在超大規模足跡下可能無法工作，但透過企業，它可能工作？

That's a great question. As we see those two different customer bases, hyperscale is obviously looking for a very specific set of criteria depending on the geography, oftentimes much, much larger than what's being looked at on the enterprise side.

這是一個很好的問題。正如我們所看到的，這兩個不同的客戶群，超大規模顯然正在尋找一組根據地理位置而定的非常具體的標準，通常比企業方面所考慮的標準要大得多。

So yeah, absolutely, some smaller sites still with low latency capabilities are being evaluated for enterprises. But overall, one of the things that we're looking at is we want to have longevity in all of our assets. And so we're looking at having hyperscales at the very least as anchor, potentially a single tenant. And if they're serving as anchor, being able to fill out the rest of the capacity with enterprise clients as well.

是的，確實，一些仍具有低延遲能力的小型站點正在接受企業評估。但總體而言，我們考慮的事情之一是希望我們所有的資產都能長久存在。因此，我們至少將超大規模視為一個錨點，可能是單一的租戶。如果他們充當主播，那麼他們也能夠透過企業客戶填補剩餘的容量。

So demand, does it open up more sites with enterprise? Absolutely. But we're focused on blue-chip assets with blue-chip clients, which include both of those groups.

那麼需求，它是否會與企業開闢更多的站點？絕對地。但我們關注的是藍籌資產和藍籌客戶，其中包括這兩個群體。

George Sutton, Craig-Hallum.

喬治·薩頓、克雷格·哈勒姆。

Adam, you said two things that conflict a little. I just want to make sure I heard correctly. People are wanting to move faster on one hand, but you mentioned considerable increases in due diligence. Can you just marry those two?

亞當，你說了兩件有點矛盾的事。我只是想確認我聽得正確。一方面，人們希望行動更快，但您提到盡職調查也大幅增加。你能娶那兩個人嗎？

Yeah, absolutely. The move faster is really about delivery time lines. Being able to complete the due diligence process is a different part of that equation. They talk about wanting to be able to deliver sites over a certain period of time, but that's also requiring folks to bring these sites closer to pad-ready, closer to powered shell. And part of this is to weed out a lot of people who believe they're in the data center business because they have power and land.

是的，絕對是如此。加快步伐其實是為了確保交付時間。能夠完成盡職調查過程是等式的另一個部分。他們談到希望能夠在一定時期內交付站點，但這也要求人們使這些站點更接近發射台就緒狀態，更接近動力外殼狀態。其中一部分是為了淘汰那些認為自己從事資料中心業務是因為擁有權力和土地的人。

That doesn't make you a data center provider. And so that's really the difference here for Core Scientific. We have the power, we have the land, we have the team that can deliver those assets. And so that's what's bringing us into these conversations. And they want to move faster on delivery time lines.

這並不意味著您就是資料中心提供者。這就是 Core Scientific 的真正不同之處。我們擁有權力，擁有土地，擁有能夠交付這些資產的團隊。這就是我們進行這些對話的原因。他們希望縮短交貨時間。

Once they have a signed contract, they want to have that firm delivery date. And so that's really the difference there, and I hope that married up that for you, George.

一旦簽署了合同，他們就希望有一個確定的交貨日期。這就是真正的區別所在，喬治，我希望你能理解這一點。

Makes sense. And then one other question on the $1.5 million per megawatt that you will be funding in this latest contract. My assumption is in a negotiation, given your balance sheet now, you can handle this pretty comfortably. Therefore, you'd rather have the revenue event when that occurs. Is that correct?

有道理。還有一個問題是關於您在最新合約中每兆瓦 150 萬美元的資助。我的假設是，在談判中，根據你現在的資產負債表，你可以相當輕鬆地處理這個問題。因此，您寧願在發生這種情況時獲得收入。對嗎？

Yeah. That was definitely one of the considerations in it. Denton is a unique asset, an incredible asset, and this is a great opportunity for us to continue to expand our relationship with CoreWeave. So we're very happy with where the economics landed on it.

是的。這絕對是其中的考慮因素之一。Denton 是一筆獨特的、不可思議的資產，這對我們來說是一個繼續擴大與 CoreWeave 關係的絕佳機會。因此，我們對其經濟效益感到非常滿意。

Stephen Glagola, JonesTrading.

史蒂芬·格拉戈拉（Stephen Glagola），JonesTrading。

My question pertains to CoreWeave and the long-term health of the AI neocloud business model. I think following DeepSeek, there was some arguably uncertainty on the impact to GPU rental pricing power long-term if AI models were to get increasingly commoditized or proliferate in open source. Maybe just provide your thoughts, one, on that?

我的問題涉及 CoreWeave 和 AI neocloud 商業模式的長期健康狀況。我認為，繼 DeepSeek 之後，如果 AI 模型日益商品化或在開源中激增，那麼對 GPU 租賃定價權的長期影響可能會存在一些不確定性。也許只是提供一下您對此的想法？

And two, any color to the extent you can on your confidence around the security of the CoreWeave contracts and the business model long-term?

第二，您能否透露您對 CoreWeave 合約的安全性以及長期業務模式的信心？

Sure. I'll cover your first question, and then we can go back to your second. From what we're seeing in terms of the demand for CoreWeave's business, they're able to sign long-term contracts, which is something that's a very strong signal for the demand of the existing or the newest generation of GPUs that are coming out. If it was an entirely an hourly-based system for CoreWeave in terms of the business model, there are businesses out there that are like that, and they're much less valuable than CoreWeave is.

當然。我將回答您的第一個問題，然後我們可以回到您的第二個問題。從我們對 CoreWeave 業務的需求來看，他們能夠簽署長期合同，這對於現有或即將推出的最新一代 GPU 的需求是一個非常強烈的信號。如果從商業模式上來說，CoreWeave 完全是按小時計費的，那麼市面上有許多類似的企業，它們的價值遠低於 CoreWeave。

And so we believe based on their -- how they're structuring their contracts, we have high confidence in their continued ability to deliver. I'd love for you to ask your second question just because I hope I covered your first one clearly.

因此，我們相信，基於他們制定合約的方式，我們對他們持續履行合約的能力充滿信心。我希望您能問第二個問題，因為我希望我已經清楚地回答了您的第一個問題。

That was great. I just -- second was just, again, speaking I guess, again, your confidence in these contracts long-term, I mean, you kind of bespoke on that. And just the AI neocloud business model in general long-term, that would be great. Yeah.

那很棒。我只是 — — 第二點就是，再說一遍，我想，再說一遍，你對這些長期合約的信心，我的意思是，你對此有所定制。從長遠來看，AI Neocloud 商業模式將會非常棒。是的。

Yeah, absolutely. There are definitely going to be winners and there are definitely going to be losers in this situation. It's a growing business today. We're continuing to see further adoption. We're seeing each of these neocloud providers continue to grow their contracted revenue. It's definitely an exciting time in the industry.

是的，絕對是如此。在這種情況下，一定會有贏家，也一定會有輸家。如今，這是一個正在成長的業務。我們將繼續看到進一步的採用。我們看到這些 Neocloud 提供者的合約收入都在持續成長。這絕對是業界令人興奮的時刻。

And I think the folks who sign large contracts with large enterprise customers are going to be the winners here long-term. And I think that's what we're seeing amongst a few of these neocloud providers, but I think there will be only a few winners in this industry.

我認為與大型企業客戶簽訂大合約的人將成為長期的贏家。我認為這就是我們在一些 NeoCloud 提供者中看到的情況，但我認為這個行業只會有少數贏家。

John Todaro, Needham & Company.

約翰‧托達羅，李約瑟公司。

Adam, congrats on another lease. That's great to see. Question and a follow-up. First one, as it relates to expanding Denton with CoreWeave, was there discussions with other hyperscalers? Or is it just CoreWeave? And then I have a follow-up on the pushout part.

亞當，恭喜你又獲得一份租約。很高興看到這一點。問題和後續行動。第一個問題，關於使用 CoreWeave 擴充 Denton，是否與其他超大規模企業進行過討論？或者它只是 CoreWeave？然後我會跟進推出部分。

Sure. Denton was a site that we were really slating for CoreWeave. We did have conversations with some other hyperscalers and other clients on those megawatts. As we talked about the 300 megawatts potential at other existing sites, we're in conversations today with other potential customers around that. And there's really no guarantee that anything like that would go to CoreWeave because what we do want to do now is really focus on continuing to diversify our client base and our existing sites are great campuses for us to do that.

當然。丹頓是我們真正為 CoreWeave 選定的地點。我們確實與其他一些超大規模企業和其他客戶就這些兆瓦進行了討論。當我們談論其他現有站點的 300 兆瓦潛​​力時，我們今天正在與其他潛在客戶就此進行對話。但實際上，沒有任何保證說這樣的事情會落在 CoreWeave 頭上，因為我們現在真正想做的是專注於繼續實現客戶群的多樣化，而我們現有的站點就是我們實現這一目標的絕佳場所。

Great. Understood. And then I just want to make sure I have it on the pushout. So I understand there's [140-megawatt] building that got pushed out to '26. So are we still targeting that 200 megawatts by Q2 '25 that was in the initial press release? Or I guess, just that -- those first couple of hundred megawatts, when should we expect those to be operational?

偉大的。明白了。然後我只想確保它已推出。所以我知道 [140 兆瓦] 的建築物被推遲到了 26 年。那麼，我們是否仍將最初的新聞稿中提出的 2025 年第二季的 200 兆瓦作為目標？或者我猜，只是──最初的幾百兆瓦，我們什麼時候可以預期它們投入運作？

We're targeting really for the year-end number. I would say there was pushout throughout the schedule due to those delays, and that was really at one of our major campuses. So this is something that the time line is elongating by a few months here. So I would say the expectation is that the time line for each of the megawatts to come on, the ramp schedule for these megawatts to come on is a little bit later than was originally thought to happen.

我們真正的目標是年底的數字。我想說的是，由於這些延誤，整個日程都被推遲了，這確實是在我們的一個主要校區。因此，這裡的時間線延長了幾個月。因此，我想說，預計每一兆瓦的投入時間表、這些兆瓦的投入爬坡時間表都會比最初預想的要晚一點。

Kevin Dede, H.C. Wainwright.

凱文·德德（H.C.）溫賴特。

Just to go back to what John was talking about on your rollout here. Can you characterize, I guess, how much of the influence was permitting or equipment? It's still a little unclear to me. Apologies, Adam. What's really the key issue?

回到約翰在這裡談論的有關你的推出的內容。我想，您能否描述一下許可或設備的影響有多大？對我來說還是有點不清楚。抱歉，亞當。真正的關鍵問題是什麼？

Yeah. No, I appreciate the question, Kevin. I would say as part of the process of expanding that site, what we had to do was ensure that we had ample amount of equipment on the time lines that we were trying to deliver. That required us to source different types of equipment for certain parts of the build-out, which complicated the process for us to go through permitting just because there was a multitude of different pieces of equipment that had to be ordered in order for us to be able to fulfill this additional capacity at that site.

是的。不，我很感謝你的提問，凱文。我想說，作為擴建該站點過程的一部分，我們必須做的是確保我們在試圖交付的時間內擁有足夠的設備。這要求我們為建造的某些部分採購不同類型的設備，這使我們辦理許可的過程變得複雜，因為為了能夠滿足該網站的額外容量，我們必須訂購大量不同的設備。

So it's a combination of supply chain and permitting that all really come together. And so that was part of -- that was really in aggregate what resulted in these delays.

因此，這是供應鏈和許可的結合，它們真正結合在一起。所以這是造成這些延誤的部分原因——總體而言。

So more specifically regarding equipment, is it UPC, gensets, V200s, the networking connectivity that you need?

那麼更具體地說，關於設備，您需要的是 UPC、發電機組、V200 還是網路連接？

It's not related to the GPUs themselves. It's all related to the -- some of it's in the electrical equipment, some of it's in the broader design. So it's not one item to pin down here. It's really a plethora across the board.

這與 GPU 本身無關。這一切都與——有些與電氣設備有關，有些與更廣泛的設計有關。因此，這裡沒有一個可以確定的項目。這確實是各方面都太多了。

Nick Giles, B. Riley.

尼克·賈爾斯、B.萊利。

Congratulations, Adam, on this -- on another contract with CoreWeave. So appreciate your target that CoreWeave represents less than 50% of critical IT, but that implies that you sign at least the same amount with other customers, but you do have 700 megawatts that you've outlined between existing and new sites by 2027. So should we assume that the delta would be new customers as well? Or could that [130] be split between new customer and maybe one more tranche with CoreWeave?

亞當，恭喜你與 CoreWeave 簽訂了另一份合約。因此，我很欣賞您的目標，即 CoreWeave 佔關鍵 IT 份額不到 50%，但這意味著您與其他客戶簽署的合約至少相同，但到 2027 年，您在現有站點和新站點之間規劃的容量確實有 700 兆瓦。那我們是否應該假設增量也來自新客戶？或是可以將 [130] 分成新客戶和 CoreWeave 的另一部分？

Yeah. So we've outlined the 300 megawatts and the 400 megawatts number. That's critical IT load megawatts, so about 700 megawatts. As we look forward, if we have 590 megawatts of CoreWeave contracts, the 700 megawatts available to us is really where our focus is going to be on executing new clients. So that's part of our goal to get them below 50% is to have enough capacity available and salable for us to be able to bring them down to that level.

是的。因此，我們概述了 300 兆瓦和 400 兆瓦的數字。這是關鍵的 IT 負載兆瓦，大約是 700 兆瓦。展望未來，如果我們有 590 兆瓦的 CoreWeave 合同，那麼我們真正關注的重點將是剩下的 700 兆瓦，以吸引新客戶。因此，我們的目標之一是將其降至 50% 以下，以便我們擁有足夠的可用和可銷售的產能，從而能夠將其降至該水平。

Got it. That's very helpful. And then maybe just any other color on how we should think about magnitude and cadence of these incremental customer contracts between now and then?

知道了。這非常有幫助。那麼，也許我們該如何思考從現在到那時這些增量客戶合約的規模和節奏呢？

Yeah. I mean right now, we're in discussions with the majority of the hyperscalers in conversations with large enterprises. Those really represent some of the larger buckets of salable capacity and our ability to begin bringing them down below that 50% number much more quickly. There are other customers that we're looking at. Those would be more contracts that we would use if a hyperscaler or large enterprise didn't take a whole campus, but serve more as an anchor tenant to a campus.

是的。我的意思是現在，我們正在與大多數超大規模企業進行討論。這些確實代表了一些較大的可銷售容量，以及我們能夠更快地將其降至 50% 以下的能力。我們正在考慮其他客戶。如果超大規模企業或大型企業沒有佔用整個園區，而是更多地作為園區的主要租戶，那麼我們將使用更多的合約。

But those customer conversations are continuing to evolve over the course of the early part of this year. We're very excited about being able to sell additional capacity, and we believe we're going to be able to execute on more customer contracts this year with new customers.

但今年年初，這些與客戶的對話仍在持續發展中。我們對能夠銷售以外的產能感到非常興奮，我們相信今年我們將能夠與新客戶簽訂更多的客戶合約。

Joseph Vafi, Canaccord Genuity.

Canaccord Genuity 的 Joseph Vafi。

Adam, Denise, I'll add my congrats on the expansion at Denton. Maybe you could tell us compare and contrast the trade-off between -- I think everybody understands revenue diversification is good, but it does seem like with CoreWeave, you've got potentially a lot less capital intensity on new builds versus with maybe some other players in the sector.

亞當、丹尼斯，我要對丹頓的擴張表示祝賀。也許您可以告訴我們比較和對比之間的權衡——我認為每個人都明白收入多樣化是好的，但看起來，與該行業的其他一些參與者相比，CoreWeave 在新建築上的資本強度可能要低得多。

So how you look at the trade-off between potentially more CapEx on new contracts versus more revenue with CoreWeave? And then I have a quick follow-up.

那麼您如何看待新合約的潛在更多資本支出與 CoreWeave 更多收入之間的權衡？然後我有一個快速的跟進。

Yeah. No, thank you for the question. We think about this business on the long-term. We think about this as not a 5-year business. It's a 20-, 30-, 40-year business. And so as we think about growing this enterprise over the course of the next few years, bringing revenue diversification from other clients is only going to help us not only from a credit rating perspective in a high CapEx industry to begin putting ourselves in a position to target becoming investment-grade over the course of the next three to five years, but also really, we're thinking about this business to be a much more stable free cash flowing business that all of our investors can understand.

是的。不，謝謝你的提問。我們從長遠角度考慮這項業務。我們認為這不是一項五年期的業務。這是一項持續 20 年、30 年、40 年的事業。因此，當我們考慮在未來幾年內發展該企業時，從其他客戶那裡獲得收入多元化不僅會幫助我們從高資本支出行業的信用評級角度開始在未來三到五年內實現投資級目標，而且實際上，我們認為這項業務是一個更加穩定的自由現金流業務，我們所有的投資者都可以理解。

Today, with a majority of our revenue coming from CoreWeave, that's something that we need to continue to work on to ensure that we have a business three years from now, four years from now that's coming from multiple different sources and investment-grade counterparties that can really show how strong a company we have.

今天，我們的大部分收入來自 CoreWeave，我們需要繼續努力，以確保三年後、四年後我們的業務能夠來自多個不同的來源和投資級交易對手，這才能真正展示我們公司的實力。

Sure. And then we still haven't seen a ton of contracts in the sector yet. It sounds like the pace of discussions with providers and those looking to procure continue to expand. Even at this early stage, has there been any change in pricing discussions with customers, even though we don't really have a firm landscape yet, at least from our view of where pricing is at this point?

當然。但我們還沒有看到該領域的大量合約。聽起來與供應商和採購商的討論步伐正在繼續加快。即使在這個早期階段，與客戶的價格討論是否有任何變化，儘管我們還沒有真正確定一個明確的前景，至少從我們目前的定價來看？

Yeah. I mean pricing is something that is very geographic specific and also proximity specific. So how strong of an asset we have. And so you have to think about it in a few different ways. There are definitely certain markets that demand premium pricing across the industry. Those are some of the Tier 1 markets. And then on top of that, it also relates directly to what is the latency, what is the proximity to that major metropolitan market.

是的。我的意思是定價與地理位置和距離有密切的關係。那麼我們的資產是多麼強大啊。所以你必須從幾個不同的角度來看這個問題。整個產業中肯定存在某些特定市場要求溢價。這些是一些一級市場。除此之外，它還與延遲、與主要大都市市場的距離直接相關。

And so there is a little bit of price discovery. There was a lot of price discovery in 2024. Price discovery is becoming -- we're starting to find really a pricing foundation across a number of different markets. And so I would say pricing is really stabilizing over the course of 2025. And the expectation is by the time we get to 2026, we'll have a much firmer footing in terms of where that lands.

因此存在一點價格發現。2024 年有很多價格發現。價格發現正在成為——我們開始在許多不同的市場中找到真正的定價基礎。所以我想說，到 2025 年，價格將會趨於穩定。我們預計，到 2026 年，我們將對這一目標有更穩固的基礎。

Bill Papanastasiou, Stifel.

比爾·帕帕納斯塔西奧（Bill Papanastasiou），Stifel。

There was mention on the call about heightened scrutiny given the influx of low-quality data center operators coming into play. Can you add some more color in terms of what the existing supply-demand dynamic could look like? And are you getting a sense that we could see hyperscalers throwing more of their weight around going forward and how that could impact terms that are secured with these counterparties?

電話會議中提到，鑑於大量低品質資料中心營運商的湧入，審查力度將加大。您能否對現有的供需動態進行更詳細的描述？您是否感覺到，我們可以看到超大規模企業在未來會施加更大的影響力，以及這將如何影響與這些交易對手達成的條款？

I think one of the things that we've seen as the landscape has developed over the course of 2024 and a number of new folks entered the industry. Really, a lot of these hyperscalers are looking at certain sites from the perspective of they would rather just buy them from people who don't have the experience to actually develop them and take them over the goal line.

我認為，我們看到的其中一件事是，2024 年行業情況已經發生了變化，許多新人進入了這個行業。實際上，許多超大規模企業在審視某些網站時，都從這樣的角度考慮：他們寧願從那些沒有實際開發經驗並將它們帶到目標線上的人手中購買這些網站。

They're finding obviously other partners to work with them on construction design, et cetera. But from where we sit today, I would say hyperscalers are not necessarily throwing their weight around in that regard.

他們顯然正在尋找其他合作夥伴來共同進行建築設計等等。但從我們今天所處的位置來看，我想說超大規模企業不一定會在這方面施加影響。

What they're doing is making sure that they're completing all the steps in the due diligence, given what we saw happen at the end of last year related to some contracts with hyperscalers that end up getting canceled. It's really about ensuring that those folks are putting like hyperscalers are putting their capital in places where they feel confident.

他們正在做的是確保完成盡職調查的所有步驟，考慮到我們在去年年底看到的與一些超大規模企業簽訂的合約最終被取消的情況。這實際上是為了確保這些人像超大規模企業一樣將資金投入到他們感到自信的地方。

I think there was such a mad rush in 2024, especially in the early parts, where people were just trying to grasp as much power as they possibly could. And today, where we sit, it looks a little bit different. These folks want to make sure that they're building assets in the right locations and that they have the right exposure to the demand picture that they have for that location.

我認為 2024 年出現了一股瘋狂的熱潮，尤其是在初期，人們只是想盡可能地掌握權力。而今天，我們所處的位置看起來有些不同。這些人希望確保他們在正確的位置建立資產，並且能夠正確了解該位置的需求。

Thanks for that color. And for my follow-up, are you seeing any changes in demand across inference and training workloads on the back of DeepSeek and other recent headline news? Just wanted to hear your perspective on how this may impact your future site acquisition plans.

謝謝你這個顏色。我的後續問題是，您是否看到在 DeepSeek 和其他最近的頭條新聞的推動下，推理和訓練工作負載的需求發生了任何變化？只是想聽聽您對這可能會如何影響您未來的站點收購計劃的看法。

Yeah, absolutely. I mean really from what we're seeing now is a lot less focus on some of these larger-scale training sites and much more focused on locations that have a lower or a better proximity to major metropolitan areas.

是的，絕對是如此。我的意思是，從我們現在看到的情況來看，人們對一些大型培訓基地的關注度大大降低，而對距離大都市較近或較近的地點的關注度則大大增加。

So I would say the demand -- or what we're looking at from a site evaluation perspective is much more targeted and much more focused to sites that are closer to major metropolitan areas than at some points last year where we definitely were evaluating certain sites that were further away but had greater power capacity.

因此，我想說，需求——或者從站點評估的角度來看，我們更加有針對性，更加集中於靠近主要大都市的站點，而去年某些時候，我們肯定會評估某些距離較遠但電力容量更大的站點。

Rosemary Sisson, Odeon Capital.

羅斯瑪麗·西森 (Rosemary Sisson)，Odeon Capital。

Just to follow up on that comment that you made, Adam, about proximity to major metro areas. Would that mean that you're potentially looking at expanding out of the markets that you're in right now, possibly into the East Coast or the West Coast as those opportunities present themselves?

亞當，我只是想跟進一下你關於靠近主要大都市的評論。這是否意味著，當機會出現時，您可能會考慮從現在所在的市場向外擴張，可能向東海岸或西海岸擴張？

Yeah, absolutely. Thank you for the question, Rosemary. I mean we are building one of the larger data centers on the East Coast right now. And so we have a lot of confidence in our ability to continue to expand in new markets. This is something where we're going to be one of the larger providers in the Dallas market.

是的，絕對是如此。謝謝你的提問，羅斯瑪麗。我的意思是我們現在正在東海岸建造一個較大的資料中心。因此，我們對自己繼續拓展新市場的能力充滿信心。我們將成為達拉斯市場上較大的供應商之一。

We believe something similar in the Atlanta market as well. So we're definitely looking at continuing to enter into new cities. But albeit that looks a little bit different because we might have less familiarity with the utilities in that location. A point on that is we currently operate with seven utilities. We're continuing to expand our relationships across that base.

我們相信亞特蘭大市場也存在類似的情況。因此，我們肯定會考慮繼續進入新的城市。但儘管看起來有點不同，因為我們可能不太熟悉那個地方的公用設施。有一點是，我們目前與七家公用事業公司合作。我們正在繼續擴大與該基地的關係。

And so we're taking a very diligent process, a utility-first process when we're evaluating entering new locations to ensure that we have a strong partnership and relationship with that utility so that we know that we have that firm power available when we go take them to a client.

因此，當我們評估進入新地點時，我們採取了一個非常勤勉的流程，即公用事業優先的流程，以確保我們與該公用事業公司建立牢固的合作夥伴關係和關係，以便我們知道當我們將它們帶給客戶時，我們擁有堅實的電力供應。

Interesting. Okay. And then just a follow-up. You have a lot of cash on your balance sheet right now that you can use to fund the upfront investment for some of these data centers as you say you will be doing with this Denton expansion. Do you see that -- how do you look at that?

有趣的。好的。然後只是後續行動。您的資產負債表上現在有大量現金，您可以用這些現金為一些資料中心的前期投資提供資金，正如您所說的，您將在這次丹頓擴建中這樣做。您看到了嗎——您如何看待這一點？

And you mentioned also that you want to be investment-grade rated. So I assume that at some point, you may be raising debt to fund some of that. How do you look at that capital allocation decision?

您也提到您希望獲得投資等級評級。因此我認為，在某個時候，你可能會舉債來為其中的一部分提供資金。您如何看待該資本配置決策？

Yeah. So I mean, I would say, as we look at contracts going forward, there's going to be a need for additional capital deployment. As we continue to grow this business over time, this business is going to mature and much -- look much more like some of our other public peers in the data center industry.

是的。所以我的意思是，當我們展望未來的合約時，我們會發現需要額外的資本部署。隨著我們不斷發展這項業務，它將會變得更加成熟，並且更像資料中心行業的其他一些上市公司。

As we're targeting leverage ratios, as we're targeting a number of different metrics that are important to the data center industry, our company is going to go through a period of maturation where we're going to begin to look much more like them from a capital structure perspective. And so that's really the comment there is that we are going to have to deploy capital on future deals. We know that.

由於我們瞄準的是槓桿率，由於我們瞄準的是資料中心產業中重要的許多不同指標，我們的公司將經歷一個成熟期，從資本結構的角度來看，我們將開始變得更像它們。所以，這實際上就是我們必須在未來的交易中部署資本的評論。我們知道這一點。

And we want to make sure that we put ourselves in the right position in a high CapEx industry to ensure that we're achieving the lowest cost of capital that we possibly can.

我們希望確保我們在高資本支出產業中處於正確的位置，以確保我們實現盡可能最低的資本成本。

Thank you. We reached the end of our question-and-answer session. I'd like to turn the floor back over for any further or closing comments.

謝謝。我們的問答環節已經結束。我想再次請大家發表進一步的評論或結束語。

Thank you, everyone, for joining the call today and look forward to speaking with everybody in the coming weeks and months. Thank you. Thank you so much. Take care.

感謝大家今天參加電話會議，並期待在未來幾週和幾個月內與大家交談。謝謝。太感謝了。小心。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路直播到此結束。此時您可以斷開線路，祝您有美好的一天。我們感謝您今天的參與。