Core Scientific Inc (CORZ) 2025 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Core Scientific first-quarter fiscal year 2025 earnings conference call. (Operator Instructions)

女士們、先生們，大家好，歡迎參加 Core Scientific 2025 財年第一季財報電話會議。（操作員指示）

At this time, it is my pleasure to turn the floor over to your host, Jon Charbonneau, Vice President of Investor Relations. Sir, the floor is yours.

現在，我很高興將發言權交給主持人、投資者關係副總裁 Jon Charbonneau。先生，請您發言。

Good afternoon, ladies and gentlemen, and welcome to Core Scientific's first-quarter 2025 earnings call. (Event Instructions) 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.

女士們、先生們，下午好，歡迎參加 Core Scientific 2025 年第一季財報電話會議。（事件說明）請注意，在本次電話會議上，所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、預測、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 a 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, May 7, 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 2025 年 5 月 7 日為止的準確資訊。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; our Chief Operating Officer, Matt Brown; and our Chief Financial Officer, Jim Nygaard. We will now begin with remarks from Adam.

今天與我一起出席的還有來自 Core Scientific 的執行長 Adam Sullivan；我們的營運長 Matt Brown；以及我們的財務長 Jim Nygaard。我們現在開始亞當的發言。

Thank you all for joining us today. Before we dive into the quarter, I want to take a step back and talk about where we are, both as a company and as an industry. AI is driving one of the biggest shifts we've seen in infrastructure in decades. It's not just about more demand. It's about a new kind of infrastructure purpose-built for high-performance, high-density workloads.

感謝大家今天的參與。在深入探討本季之前，我想先回顧一下我們作為一家公司和整個行業的現狀。人工智慧正在推動我們幾十年來看到的基礎設施領域最大的變革之一。這不僅是需求增加的問題。它是一種專為高性能、高密度工作負載而構建的新型基礎設施。

We believe we're in inning one of this transformation, especially when considering that many large enterprises are just beginning to plan their AI strategies, and we're already seeing early signs of significant demand. As those plans turn to action, Core Scientific is well positioned to be a major supplier of infrastructure that will power it.

我們相信我們正處於這一轉型的第一階段，特別是考慮到許多大型企業才剛開始規劃其人工智慧策略，而且我們已經看到了巨大需求的早期跡象。隨著這些計劃付諸行動，Core Scientific 已準備好成為為其提供動力的基礎設施的主要供應商。

There's a clear dislocation in the market today. Traditional datacenter providers are struggling to meet the density requirements that AI workloads demand. That mismatch between supply and demand has opened up a unique window and where we are the only pure-play infrastructure company in the public markets focused specifically on high-density colocation.

當今市場明顯出現混亂。傳統資料中心供應商正在努力滿足 AI 工作負載所需的密度要求。供需之間的不匹配打開了一扇獨特的窗戶，我們是公開市場上唯一一家專注於高密度主機託管的純基礎設施公司。

That focus gives us a real opportunity to lead and to carve out a meaningful share in a market that's just getting started. At the center of our strategy is our relationship with CoreWeave. Our contracts with CoreWeave are foundational, not just because of their size, but because of how they are structured. CoreWeave is funding virtually all of the capital investment on these deployments. That keeps our balance sheet leverage light, especially compared to peers.

這種專注為我們提供了真正的機會，讓我們能夠在剛起步的市場中佔據領先地位並贏得有意義的份額。我們策略的核心是與 CoreWeave 的關係。我們與 CoreWeave 簽訂的合約具有基礎性，不僅因為其規模，還因為它們的結構。CoreWeave 幾乎為這些部署的所有資本投資提供了資金。這使得我們的資產負債表槓桿率保持在較低水平，尤其是與同業相比。

And it gives us the flexibility to use debt strategically as a tool to fund future growth and drive long-term shareholder value. Simply put, we are building more than capacity. We are laying the foundation for what comes next for this company and for the growth of accelerated compute. And while CoreWeave is a significant first step, it's just that, the first step of a long journey.

它使我們能夠靈活地策略性地使用債務作為資助未來成長和推動長期股東價值的工具。簡而言之，我們的建設規模超出了產能。我們正在為該公司的未來發展以及加速運算的發展奠定基礎。儘管 CoreWeave 是重要的第一步，但它只是漫長旅程的第一步。

With that, I'll start with a quick update on our three strategic priorities, then I'll hand it off to Matt for a construction update, followed by Jim for a review of the financials. We will close out today with Q&A. But before we go further, I want to officially welcome Jim Nygaard, our Chief Financial Officer. Jim brings deep experience in M&A, capital markets and corporate finance. He's already made a strong impact, and I'm excited to have him with us as we scale this business.

首先，我將簡要介紹我們的三個策略重點，然後交給馬特 (Matt) 匯報施工更新情況，最後交給吉姆 (Jim) 審查財務狀況。今天我們將以問答形式結束。但在我們進一步討論之前，我想正式歡迎我們的財務長 Jim Nygaard。吉姆在併購、資本市場和公司財務方面擁有豐富的經驗。他已經產生了強大的影響，我很高興他能加入我們，共同擴大業務規模。

Let me start with our first strategic priority, diversifying our customer base. We've seen a lot of headlines recently questioning whether demand for AI infrastructure is starting to soften. But when you listen to the datacenter providers themselves, Core Scientific included, the story is very different. Across the board, we're seeing strong sustained demand for high-density infrastructure. The signals from customers are clear and the pipeline continues to build.

讓我先從我們的首要策略重點開始，也就是實現客戶群多元化。最近我們看到許多頭條新聞質疑對人工智慧基礎設施的需求是否開始減弱。但是，當你聽取包括 Core Scientific 在內的資料中心提供者自己的意見時，情況就大不相同了。總體而言，我們看到對高密度基礎設施的持續強勁需求。來自客戶的訊號很明確，而且通路正在持續建置。

Now, to be clear, we haven't signed a new customer yet, but our sales pipeline is expanding. It includes a healthy mix of hyperscale and large enterprise customers, and we are actively negotiating with multiple customers today. We're encouraged by both the quality and the scale of the opportunities we're seeing. Hyperscale demand, while it may fluctuate at the account level, continues to track in line with what we saw last quarter.

現在，需要明確的是，我們還沒有簽約新客戶，但我們的銷售管道正在擴大。它包括超大規模和大型企業客戶的健康組合，我們今天正在積極與多個客戶進行談判。我們所看到的機會的品質和規模令我們感到鼓舞。超大規模需求雖然可能在帳戶層面出現波動，但仍與我們上個季度看到的情況一致。

What's even more compelling is the emerging demand from large enterprises. These organizations are just beginning to roll out AI use cases and they're realizing that existing infrastructure won't meet their performance needs. We currently have several non-hyperscale deals in our pipeline ranging from 50 to 100-megawatt customers. These are substantial deployments, and they come with a return profile that's attractive. It's a strong signal that large enterprise demand can be both material and strategic to our business.

更引人注目的是大型企業的新興需求。這些組織剛開始推出人工智慧用例，他們意識到現有的基礎設施無法滿足他們的效能需求。我們目前正在籌備幾筆非超大規模交易，客戶規模從 50 兆瓦到 100 兆瓦不等。這些都是實質的部署，並且具有很有吸引力的回報。這是一個強烈的訊號，顯示大型企業的需求對我們的業務既是物質的，也是策略性的。

As always, our goal is to place the right customers in the right locations. And looking ahead to the rest of the year and 2026, I'm more confident than ever in our ability to build a customer base that is more diverse, more balanced, and more strategically aligned with our long-term vision. Our target remains the same, to have CoreWeave represent less than 50% of our billable capacity by the end of 2028.

像往常一樣，我們的目標是將合適的客戶放在合適的位置。展望今年剩餘時間和 2026 年，我比以往任何時候都更有信心，我們有能力建立一個更加多樣化、更加均衡、與我們的長期願景更加戰略一致的客戶群。我們的目標保持不變，即到 2028 年底，CoreWeave 所佔計費容量的比例將低於 50%。

Our second strategic priority is executing on the CoreWeave contracts, and I want to take a moment to acknowledge just how much progress we've made on that front. Over the past quarter, we made significant progress advancing the build-out of 570 megawatts of total billable capacity for CoreWeave, further illustrating our ability to move quickly, execute, and deliver high-density colocation infrastructure at scale.

我們的第二個策略重點是執行 CoreWeave 合同，我想花點時間來承認我們在這方面取得了多大的進展。在過去的一個季度中，我們在為 CoreWeave 建造 570 兆瓦總計費容量方面取得了重大進展，進一步證明了我們快速行動、執行和大規模交付高密度主機託管基礎設施的能力。

One standout is our Denton facility, which has quickly become a cornerstone of this effort. We expect to deliver the first tranche 8 megawatts of billable capacity this month with additional deliveries in Denton scheduled throughout the year, including another 40 megawatts delivered by the end of this quarter.

其中最突出的是我們的丹頓工廠，它很快就成為了這項工作的基石。我們預計本月將交付第一批 8 兆瓦的計費容量，並計劃全年在丹頓交付更多容量，包括在本季末交付另外 40 兆瓦。

Notably, we understand from public statements that OpenAI is working with CoreWeave in Denton. And when fully built out, it will host one of the largest GPU clusters in North America, possibly the largest in the world.

值得注意的是，我們從公開聲明中了解到，OpenAI 正在與 Denton 的 CoreWeave 合作。全面建成後，它將成為北美最大的 GPU 叢集之一，甚至可能是世界上最大的 GPU 叢集。

At full scale, the site will represent around 260 megawatts of billable capacity. To put that in perspective, we broke ground in January, and in just roughly four months, we've achieved meaningful progress. It's a powerful demonstration of our ability to execute quickly and at scale with before and after pictures included in our updated investor presentation. Looking ahead, I'm even more confident than I was just two months ago in our ability to hit our milestones, 250 megawatts by the end of this year, inclusive of Austin, and 590 megawatts by early 2027.

該電廠全面投入營運後，可計費容量將達到約 260 兆瓦。具體來說，我們在一月份破土動工，僅僅花了大約四個月的時間，就取得了有意義的進展。我們更新的投資者簡報包含了前後圖片，有力地證明了我們快速、大規模執行的能力。展望未來，我比兩個月前更有信心，我們能夠實現我們的里程碑，到今年年底達到 250 兆瓦（包括奧斯汀），到 2027 年初達到 590 兆瓦。

Before providing an update on our third priority for this year, let me take a moment to talk about our contract with CoreWeave, which continues to be a foundational pillar of our growth strategy. There has been a lot of interest in how this agreement is structured and for good reason. It's not only one of the largest GPU infrastructure contracts in the market today, it is also uniquely designed to position us for scalable, capital-efficient growth. This is a take-or-pay fixed price contract.

在介紹我們今年的第三項重點工作之前，請允許我花點時間談談我們與 CoreWeave 簽訂的合同，該合約仍然是我們成長策略的基礎支柱。人們對該協議的結構非常感興趣，這是有充分理由的。它不僅是當今市場上最大的 GPU 基礎設施合約之一，而且其獨特設計也使我們能夠實現可擴展、資本高效的成長。這是一份照付不議的固定價格合約。

That means CoreWeave is contractually committed to paying for the capacity we deliver regardless of utilization. It's also built around shared execution risk, which keeps both parties aligned financially and operationally on meeting key milestones.

這意味著 CoreWeave 在合約中承諾支付我們提供的容量費用，無論利用率如何。它還建立在共享執行風險的基礎上，使雙方在實現關鍵里程碑時在財務和營運上保持一致。

From a capital perspective, CoreWeave is funding virtually all of the CapEx associated with these deployments. Our only direct capital outlay on the contract is the $104 million associated with the 70-megawatt expansion we announced during our last earnings call. That structure significantly reduces our capital burden, keeps our balance sheet leverage light compared to peers, and gives us the flexibility to use debt more strategically for future growth.

從資本角度來看，CoreWeave 幾乎為與這些部署相關的所有資本支出提供資金。我們在合約上的唯一直接資本支出是與我們在上次收益電話會議上宣布的 70 兆瓦擴建相關的 1.04 億美元。這種結構大大降低了我們的資本負擔，使我們的資產負債表槓桿率與同業相比保持較低，並使我們能夠靈活地更有策略地使用債務來實現未來成長。

We believe this approach sets us apart and creates a clear path to long-term value creation. The equipment installed at our sites secures CoreWeave's contractual commitments with respect to the CapEx and the recurring payments under the contracts. As agreed, we have filed UCC-1 financing statements reflecting our contractual security interests in the assets installed in our sites.

我們相信這種方法使我們脫穎而出，並為長期價值創造開闢了一條清晰的道路。我們現場安裝的設備確保了 CoreWeave 對資本支出和合約規定的定期付款的合約承諾。根據約定，我們已提交 UCC-1 融資報表，反映我們對站點內安裝的資產的合約擔保權益。

With that said, CoreWeave is a close strategic customer of ours, and that continues to show strong momentum as evidenced by recent customer announcements, and we believe that we benefit from the critical role played by CoreWeave in shaping the future of accelerated compute and our strong mutually beneficial commercial relationships over the long term. Our third strategic priority is expanding our datacenter capacity, both organically and through targeted M&A.

話雖如此，CoreWeave 是我們密切的策略客戶，並且從最近的客戶公告可以看出，其繼續展現出強勁的發展勢頭，我們相信，我們將受益於 CoreWeave 在塑造加速計算的未來方面所發揮的關鍵作用以及我們長期牢固的互惠互利的商業關係。我們的第三個策略重點是擴大我們的資料中心容量，既包括有機擴張，也包括透過有針對性的併購。

On the organic side, we remain confident in our ability to add approximately 300 megawatts of billable capacity across our existing sites by the end of 2027. Looking ahead, we also continue to believe there are significant opportunities to grow into new geographies, and we're targeting an additional 400 megawatts of billable capacity through new site development over the next three years. Our site selection strategy continues to focus on locations where we can secure the right power at the right cost and match it to the right type of customer demand.

在有機方面，我們仍然有信心在 2027 年底前在現有站點增加約 300 兆瓦的可計費容量。展望未來，我們仍然相信在新的地區有巨大的發展機會，我們的目標是在未來三年內透過新站點開發增加 400 兆瓦的可計費容量。我們的選址策略繼續專注於能夠以合適的成本獲得合適的電力並滿足合適的客戶需求的地點。

On the M&A front, Jim will speak more in a moment about how we're thinking strategically about expansions through acquisition. We're focused on opportunities that align with our core competencies, offer compelling economics, and can be scaled efficiently. Together, these efforts are building the foundation for long-term capital-efficient growth and reinforcing our position as a leading provider of high-density infrastructure for the GPU cloud.

在併購方面，吉姆稍後將詳細介紹我們如何從策略上思考透過收購來實現擴張。我們專注於與我們的核心競爭力相符、具有引人注目的經濟效益且能夠有效擴展的機會。總而言之，這些努力為長期資本高效成長奠定了基礎，並鞏固了我們作為 GPU 雲端高密度基礎設施領先供應商的地位。

Before I turn it over to Matt, I want to take a moment to recognize Denise Sterling, who recently stepped down as our Chief Financial Officer. Denise stepped into the CFO role at one of the most critical moments in Core Scientific's history. She played a pivotal role in stabilizing the business, guiding us through our successful restructuring, and positioning the company for long-term growth. Denise built an outstanding finance team, led us through a complex transformation, and helped secure the resources we needed to execute on our long-term vision.

在將時間交給馬特之前，我想花點時間認識一下最近辭去首席財務官職務的丹尼斯·斯特林 (Denise Sterling)。丹尼斯在 Core Scientific 史上最關鍵的時刻之一擔任財務長。她在穩定業務、指導我們成功重組以及為公司實現長期發展發揮了關鍵作用。丹尼斯組建了一支優秀的財務團隊，帶領我們完成了複雜的轉型，並幫助我們獲得了實現長期願景所需的資源。

She also played a key role in enabling a smooth and successful transition to Jim as our new CFO. On behalf of the entire Core Scientific team and community, thank you, Denise, for all that you've done for Core Scientific. With that, I'll turn it over to Matt Brown, our Chief Operating Officer, for a detailed update on our construction progress.

她還在吉姆順利成功過渡為新任財務長的過程中發揮了關鍵作用。我代表整個 Core Scientific 團隊和社群感謝 Denise 為 Core Scientific 所做的一切。接下來，我將把話題交給我們的營運長馬特布朗 (Matt Brown)，讓他詳細介紹我們的建造進度。

Thanks, Adam. I want to start by echoing your comments. I'm very pleased with the strong progress our team has made over the past several months as we continue to execute on the development of 570 megawatts of billable capacity for CoreWeave across four locations. Denton, Dalton, Marble and Muskogee. These sites, when completed, will represent a combined infrastructure investment of more than $5 billion. To date, we have secured all the equipment necessary to meet our 2025 delivery goals, and we are well insulated from the impact of recent changes in global tariffs.

謝謝，亞當。首先我想重複一下你的評論。我對我們的團隊在過去幾個月中取得的巨大進展感到非常高興，我們繼續在四個地點為 CoreWeave 開發 570 兆瓦的可計費容量。丹頓、道爾頓、馬布爾和馬斯科吉。這些站點建成後將帶來總計超過 50 億美元的基礎設施投資。到目前為止，我們已經獲得了實現 2025 年交付目標所需的所有設備，並且我們能夠很好地抵禦近期全球關稅變化的影響。

I want to focus my comments this quarter on our Denton, Texas facility, a 64-acre campus that will deliver 260 megawatts of billable power capacity across 8 buildings totaling 350,000 square feet of high-density colocation space. Each building is engineered and purpose-built to support next-generation computing platforms that push the envelope of performance and efficiency.

本季度我想重點談談我們位於德克薩斯州丹頓的工廠，這是一個佔地 64 英畝的園區，將在 8 棟建築中提供 260 兆瓦的可計費電力容量，總計 350,000 平方英尺的高密度主機託管空間。每棟建築都經過精心設計和建造，以支援突破性能和效率極限的下一代運算平台。

The scale and execution here are remarkable. To date, the manpower at Denton has scaled to over 600 contractors. We've logged more than 187,000 manhours, poured over 2,800 cubic yards of concrete, and installed more than 30 miles of conduit.

這裡的規模和執行力令人驚嘆。迄今為止，丹頓的人力已擴大到 600 多名承包商。我們已投入超過 187,000 個工時，澆築了超過 2,800 立方碼的混凝土，並安裝了超過 30 英里的管道。

I want to extend my gratitude to our trade partners and the Core Scientific delivery team for not only meeting their targets but exceeding them. I would also like to acknowledge the city of Denton and Denton Municipal Electric, whose partnerships have been instrumental in keeping this project moving at pace.

我要向我們的貿易夥伴和核心科學交付團隊表示感謝，他們不僅實現了目標，而且超越了目標。我還要感謝丹頓市和丹頓市政電力公司，他們的合作對於推動專案的順利進展起到了重要作用。

We are delivering the first tranche of 8 megawatts of billable capacity to CoreWeave this month, and we'll continue delivering capacity consistently throughout the rest of the year, including an additional 40 megawatts by the end of the second quarter. In total, Denton is expected to be a significant portion of the 250 megawatts we plan to deliver CoreWeave in 2025.

本月，我們將向 CoreWeave 交付第一批 8 兆瓦的可計費容量，並將在今年剩餘時間內持續提供容量，包括在第二季末額外提供 40 兆瓦的容量。總體而言，預計丹頓將占我們計劃在 2025 年交付 CoreWeave 的 250 兆瓦的重要組成部分。

In closing, I remain confident in our ability to deliver 250 megawatts to CoreWeave by the end of this year and the full 590 megawatts by early 2027. With that, I will now turn it over to our CFO, Jim Nygaard.

最後，我仍然對我們在今年年底前向 CoreWeave 提供 250 兆瓦電力以及到 2027 年初向 CoreWeave 提供全部 590 兆瓦電力的能力充滿信心。現在，我將把麥克風交給我們的財務長 Jim Nygaard。

Thanks, Matt. Before I get started, I'd like to say how truly excited I am to be here and to join the team at such a pivotal moment in the company's evolution. What attracted me to this opportunity was the remarkable transformation already underway, shifting from Bitcoin mining operations into the datacenter space with real momentum. The CoreWeave contracts provide a unique and highly strategic foundation for this transition. These contracts offer long-term recurring revenue with minimal capital outlay on our part, something rarely seen in the industry.

謝謝，馬特。在我開始之前，我想說我真的很興奮來到這裡，並在公司發展的關鍵時刻加入這個團隊。吸引我抓住這個機會的是正在進行的顯著轉變，即從比特幣挖礦業務轉向資料中心領域，並取得真正的進展。CoreWeave 合約為此轉變提供了獨特且高度策略性的基礎。這些合約為我們提供了長期經常性收入，而我們只需花費很少的資本支出，這在業內是罕見的。

We're in a moment the broader datacenter industry hasn't experienced in years. AI-driven demand is fundamentally reshaping infrastructure needs around the world, and this company is extremely well positioned to lead in that shift. Of course, there's no shortage of noise in the market, narratives that often don't reflect the facts on the ground. But I believe, as many of you do, that the market will refocus on fundamentals over time. Disciplined execution, sustainable and profitable growth, and long-term value creation.

我們正處於整個資料中心產業多年來未曾經歷過的時期。人工智慧驅動的需求正在從根本上重塑全球的基礎設施需求，而這家公司在引領這一轉變方面處於極其有利的地位。當然，市面上不乏各種噪音，這些說法往往無法反映實際情況。但我和你們許多人一樣相信，隨著時間的推移，市場將重新專注於基本面。嚴格執行、可持續獲利成長、長期價值創造。

That's where our attention is, and that's what will set us apart. The opportunity ahead of us is enormous, and I'm looking forward to helping our team fully capitalize on it. I'd like to begin by sharing my perspective on capital allocation, an area that will be central to how we drive long-term shareholder value. As we scale, it's critical that every dollar we deploy aligns with our strategy, enhances operational flexibility, and supports sustainable profitable growth.

這就是我們關注的重點，也是我們與眾不同之處。我們面前的機會是巨大的，我期待著幫助我們的團隊充分利用它。首先，我想分享我對資本配置的看法，資本配置對於我們如何推動長期股東價值至關重要。隨著我們規模的擴大，至關重要的是，我們部署的每一美元都必須符合我們的策略，增強營運靈活性，並支持可持續的獲利成長。

Our capital allocation priorities are clear. We will invest in the development and expansion of capacity at existing sites, new sites, and through strategic M&A, focusing on transactions that can broaden our customer base and strengthen our capabilities as a leading developer of next-generation high-density colocation infrastructure. These investments not only support our strategic objective of reducing CoreWeave to less than 50% of billable capacity by the end of 2028, but in our view are also the best way to maximize long-term shareholder value.

我們的資本配置重點很明確。我們將投資於現有站點、新站點的容量開發和擴展，並透過策略併購，專注於可以拓寬客戶群並增強我們作為下一代高密度主機託管基礎設施領先開發商的能力的交易。這些投資不僅支持我們的策略目標，在 2028 年底將 CoreWeave 的計費容量減少到 50% 以下，而且在我們看來，這也是實現長期股東價值最大化的最佳方式。

That said, we maintain a high bar for capital deployment. While we don't impose strict return thresholds, every project is rigorously evaluated based on its strategic merit. Factors including location, power availability, site attributes, customer demand potential, and financial contribution to the broader portfolio.

儘管如此，我們對資本部署仍保持著較高的標準。雖然我們沒有設定嚴格的回報門檻，但每個專案都會根據其策略價值進行嚴格評估。因素包括位置、電力可用性、站點屬性、客戶需求潛力以及對更廣泛投資組合的財務貢獻。

As of the end of the first quarter, we had approximately $780 million of liquidity, including cash, cash equivalents, and Bitcoin. Additionally, the structure of the CoreWeave contracts, where they fund the vast majority of associated CapEx, enables us to leverage those contracts efficiently.

截至第一季末，我們擁有約 7.8 億美元的流動資金，包括現金、現金等價物和比特幣。此外，CoreWeave 合約的結構為絕大多數相關的資本支出提供資金，使我們能夠有效地利用這些合約。

Looking forward, we plan to utilize traditional project financing structures that are widely used across the datacenter industry. And over time, we believe our net debt to adjusted EBITDA leverage can and should trend toward approximately 4 times, consistent with peers in this space.

展望未來，我們計劃利用資料中心產業廣泛使用的傳統專案融資結構。隨著時間的推移，我們相信我們的淨債務與調整後 EBITDA 槓桿率可以而且應該趨向於約 4 倍，與該領域的同行保持一致。

Now, a brief word on Bitcoin as our financial profile continues to evolve with our shift to colocation infrastructure, we remain focused on optimizing our mining operations to meet our long-term utility commitments during the transition. At the end of Q1, we held just under 1,000 Bitcoin. At the end of April, the balance was just under 1,200 Bitcoin. We are now positioned to efficiently hedge that exposure, allowing us to manage downside risk while retaining upside potential. In summary, with increasing scale, greater profitability, improved stability, and a more diversified customer base, we believe these factors will contribute to a lower cost of capital over time and a structurally higher valuation framework for the company.

現在，簡單介紹一下比特幣，隨著我們的財務狀況隨著我們向主機託管基礎設施的轉變而不斷發展，我們仍然專注於優化我們的採礦業務，以滿足過渡期間的長期效用承諾。在第一季末，我們持有的比特幣略低於 1,000 個。截至 4 月底，餘額略低於 1,200 比特幣。我們現在可以有效地對沖這種風險，使我們能夠管理下行風險，同時保留上行潛力。總而言之，隨著規模的擴大、盈利能力的提高、穩定性的提高以及客戶群的更加多樣化，我們相信這些因素將有助於隨著時間的推移降低資本成本，並在結構上提高公司的估值框架。

Now, let's turn to the first-quarter results. Total revenue for the quarter was $79.5 million, down 16% sequentially, and adjusted EBITDA was negative $6.1 million. The sequential revenue decline was primarily driven by mining disconnections and relocations as we continue converting sites to support high-density colocation. More specifically, we earned 719 Bitcoin in the first quarter compared to 974 in the fourth quarter. We ended the quarter with a fleet of approximately 156,000 self-mining units and our self-mining energized hash rate averaged 18.1 exahash during the period.

現在，讓我們來看看第一季的業績。本季總營收為 7,950 萬美元，季減 16%，調整後 EBITDA 為負 610 萬美元。收入連續下降主要是由於我們繼續轉換站點以支援高密度主機託管，導致採礦中斷和搬遷。更具體地說，我們在第一季賺了 719 比特幣，而第四季賺了 974 比特幣。截至本季末，我們擁有約 156,000 個自挖礦設備，在此期間，我們的自挖礦能量哈希率平均為 18.1 exahash。

With that said, as we continue to prioritize our high-density colocation business, we no longer plan to publish monthly Bitcoin production reports. Instead, we will shift our focus to providing more consistent updates on CoreWeave-related construction progress, which we believe is more useful to investors since it better reflects the strategic direction of the business.

話雖如此，由於我們繼續優先考慮高密度主機託管業務，我們不再計劃發布每月的比特幣生產報告。相反，我們將把重點轉移到提供與 CoreWeave 相關的建設進度的更一致的更新，我們認為這對投資者更有用，因為它更好地反映了業務的策略方向。

Moving on, CapEx for the first quarter was just under $90 million, over half of which was funded by CoreWeave, in line with contract terms. In addition to amounts CoreWeave was responsible for, we funded a small amount of CapEx related to the acquisition of land and prefunding of costs associated with non-CoreWeave colocation sites. Finally, as we've shared with you in the past, we previously entered into a purchase agreement with block for 3-nanometer chips.

接下來，第一季的資本支出略低於 9,000 萬美元，其中超過一半由 CoreWeave 資助，符合合約條款。除了 CoreWeave 負責的金額外，我們還資助了少量與土地收購和非 CoreWeave 主機託管站點相關成本的預付相關的資本支出。最後，正如我們過去與大家分享的那樣，我們之前與Block達成了3奈米晶片的購買協議。

And in the first quarter, we made the second scheduled installment payment. We continue to expect the remaining installments of the block agreement to be made during 2025 and early '26. Going forward, we do not expect the first quarter CapEx to be indicative of future quarters. Our pro forma fully diluted share count as of May 1 was approximately 502 million shares. We are currently modeling a statutory effective tax rate of 22% in 2025.

並且在第一季度，我們進行了第二筆預定的分期付款。我們仍然預計該集體協議的剩餘部分將在 2025 年和 2026 年初完成。展望未來，我們預期第一季的資本支出不會對未來幾季產生指示作用。截至 5 月 1 日，我們的備考完全稀釋股數約為 5.02 億股。我們目前正在模擬 2025 年的法定有效稅率為 22%。

We also have more than $380 million in net operating loss carryforwards, which will reduce future cash taxes. And with that, I'll open the call up for questions.

我們還有超過 3.8 億美元的淨營業虧損結轉，這將減少未來的現金稅。現在，我將開始回答問題。

(Operator Instructions) Joe Flynn, Compass Point.

（操作員指示）喬·弗林，指南針點。

Given that we have seen other quarterly lease comps, we were wondering if there's any credit enhancements built into your lease such as a guarantee from CoreWeave's end customer or step-in rights in the event of a default. It just seems like you mentioned opening at Denton, it seems like the amount of infrastructure is ultimately going to be pretty important to their build-out and they wouldn't want to risk a single party losing that access.

鑑於我們已經看到其他季度租賃比較，我們想知道您的租賃中是否有任何信用增強措施，例如來自 CoreWeave 最終客戶的擔保或在違約情況下的介入權。就像您提到在丹頓開業一樣，基礎設施的數量最終對他們的建設非常重要，他們不想冒險讓任何一方失去這種訪問權。

Yes. Thanks for the question, Joe. I think what we displayed on page 12 of our investor report, we outlined some of the major terms related to the contract. Speaking to your earlier question related to any pass-throughs, that's something that would have to be discussed directly with CoreWeave. But the one thing I would say is we're really excited about the CoreWeave contracts that we've signed so far, and we value them highly as a commercial counterparty to Core Scientific.

是的。謝謝你的提問，喬。我認為我們在投資者報告的第 12 頁概述了與合約相關的一些主要條款。說到您之前提出的任何傳遞的問題，這是必須直接與 CoreWeave 討論的事情。但我想說的是，我們對迄今為止簽署的 CoreWeave 合約感到非常興奮，作為 Core Scientific 的商業對手，我們高度重視它們。

Great. And then hoping maybe you could provide more color on the colocation, the initial colocation CapEx and potential plans for the North Dakota remaining 100 megawatts that could be rented out.

偉大的。然後希望您能提供更多關於主機託管、初始主機託管資本支出以及北達科他州剩餘 100 兆瓦可出租電力的潛在計劃的資訊。

Yes. I can talk -- this is Matt. I can provide a little bit of color there. Essentially what we were doing in Grand Forks is sort of preparing that site for an ultimate build-out and expansion, so acquiring roughly 70 acres of land that's directly adjacent to the existing operating site with -- so that we can sort of tap into the existing power infrastructure at that site for an eventual high-density colocation facility.

是的。我可以說話——我是馬特。我可以在那裡提供一點色彩。本質上，我們在格蘭德福克斯所做的就是為最終的建設和擴張做準備，因此收購了與現有運營站點直接相鄰的約 70 英畝土地 - 這樣我們就可以利用該站點現有的電力基礎設施，最終建成高密度主機託管設施。

Brett Knoblauch, Cantor Fitzgerald.

布雷特·諾布勞赫，坎托·菲茨杰拉德。

Maybe one for you, Adam. It seemed like you were particularly positive on the large enterprise opportunity rather than just maybe your Tier 1 hyperscalers. I guess what has maybe changed over the past couple of months where those conversations have started to ramp up?

也許有一個適合你，亞當。看起來您對大型企業的機會特別樂觀，而不僅僅是您的一級超大規模企業。我想，在過去幾個月裡，這些對話是否發生了變化，開始增加？

Yes, absolutely. The one thing I would say about the demand of hyperscalers, before we move into large enterprise, there are significant ebbs and flows. I would say on an aggregate basis, it remains consistent in terms of what their demand profile looks like on an aggregate basis. But on an individual company basis, there is ebbs and flows. We've obviously seen the reports on a number of the different hyperscalers.

是的，絕對是。關於超大規模企業的需求，我想說的是，在我們進入大型企業之前，有明顯的起伏。我想說，從總體上看，他們的需求狀況總體上保持一致。但從單一公司的角度來看，情況有起有落。我們顯然已經看到了許多不同超大規模企業的報告。

And those timelines look much different to getting to final contract terms in large enterprise. Now, over the past 6 months, we've seen the large enterprise channel continue to build. And this is as very large enterprises are continuing to develop their AI use cases and determine their actual needs in terms of location and sizing.

這些時間表與大型企業達成最終合約條款的時間表大不相同。現在，在過去的六個月裡，我們看到大型企業通路正在不斷建設。這是因為大型企業正在繼續開發他們的人工智慧用例並確定他們在位置和規模方面的實際需求。

I mentioned earlier that that pipeline has some significant demand built up in the channel, not only from smaller customers, but from some large customers as well, where we're seeing demand ranging from 50 to 100 megawatts, which gets us very excited about that. And we believe large enterprise could represent anchor tenants at some of the new locations that we're evaluating today.

我之前提到過，該管道在通路中累積了一些顯著的需求，不僅來自小客戶，也來自一些大客戶，我們看到的需求從 50 到 100 兆瓦不等，這讓我們對此感到非常興奮。我們相信大型企業可以代表我們今天正在評估的一些新地點的主力租戶。

Perfect. And then maybe just on the new location side, is that something that you would expect to announce this year? Would that announcement kind of be at the same time with a potential new tenant or would you acquire additional capacity before potential tenant would come online? And then maybe just as a follow-up to that, do you think bringing on the 8 megawatts and then the 40 megawatts this month and this quarter will give a lot of the big potential tenants something to look at and maybe help close some of those deals?

完美的。那麼也許只是在新地點方面，這是您希望今年宣布的事情嗎？該公告是否會與潛在的新租戶同時發布，或者您是否會在潛在租戶上線之前獲得額外的容量？然後也許只是作為後續問題，您是否認為本月和本季度引入 8 兆瓦和 40 兆瓦會讓許多潛在的大租戶有所關注，並可能有助於達成其中一些交易？

Yes, absolutely. I'll talk about the first part related to new sites. This is something where we're currently in market with a number of new sites. And these are sites that we would expect to announce alongside of new customer developments. We're hopeful that over the course of 2025, we'll be able to make multiple announcements related to this as we are evaluating multiple jurisdictions today to continue to grow into.

是的，絕對是。我將談論與新網站相關的第一部分。目前，我們已在市場上開設了許多新網站。我們希望與新客戶開發同時宣布這些網站。我們希望在 2025 年期間能夠發布與此相關的多個公告，因為我們今天正在評估多個司法管轄區以繼續發展。

Now, on part two of your question, I'm going to hand it over to Matt Brown.

現在，關於您問題的第二部分，我將把它交給馬特布朗。

And would you mind repeating the second part of your question?

您介意重複一下問題的第二部分嗎？

Yes. Can you just maybe talk about the relative importance of actually energizing some capacity that potential tenants could look at as your ability to stand up Blackwells, for example, and give that -- it would give them more confidence to then sign a deal? Do you think like they're waiting on that?

是的。您能否談談實際啟動某些容量的相對重要性，以便潛在租戶能夠將其視為您支持 Blackwells 的能力，並給予他們更多信心，從而簽署協議？您認為他們正在等待這個嗎？

Yes. No, I think that's a great point. I think to some degree, yes. I mean we're certainly in the mode of just executing and kind of proving that we know how to execute on these large, very complex projects. As we continue to bring that capacity online, we'll only expect to gain additional confidence in the market.

是的。不，我認為這是一個很好的觀點。我認為從某種程度上來說，是的。我的意思是，我們當然處於執行模式，並證明我們知道如何執行這些大型、非常複雜的專案。隨著我們繼續將這項產能投入使用，我們期望市場會更有信心。

Darren Aftahi, Roth.

達倫·阿夫塔希，羅斯。

Congrats on the progress. Adam, your comments about enterprise versus hyperscaler, I'm just kind of curious. I know you don't have anything signed, but as you look at large enterprise vis-a-vis a hyperscaler, any sense for kind of like timeframe in terms of actually getting a lease signed? Meaning is it more advantageous and you think an enterprise would be a shorter timeframe to get that done? And is there any kind of internal preference one versus the other?

恭喜你取得進展。亞當，你對企業與超大規模企業的評論，我只是有點好奇。我知道您還沒有簽署任何文件，但是當您將大型企業與超大規模企業進行比較時，對於實際簽署租約的時間框架有什麼看法嗎？意思是這是否更有利？您認為企業可以在更短的時間內完成這項目標嗎？是否存在某種內在偏好？

Yes, it's a great question. Thanks, Darren. Large enterprises, the timeline to getting to final contract details are definitely faster than on the hyperscale side. There's a natural inclination to move towards hyperscale from the broader perspective of their creditworthiness. But the large enterprises that we're looking at today are think $75 billion market cap plus and represent a creditworthiness that we find very acceptable. And the return profile of these are higher than hyperscale deals as well.

是的，這是一個很好的問題。謝謝，達倫。對於大型企業來說，獲得最終合約細節的時間肯定比超大規模企業要快。從更廣泛的信譽角度來看，人們自然傾向於向超大規模發展。但我們今天看到的大型企業的市值超過 750 億美元，其信譽也是我們認為非常可以接受的。這些交易的報酬率也高於超大規模交易。

As we evaluate potential multi-tenant buildouts going forward, large enterprises could represent significant anchor tenants for those new sites to allow us to begin development in new geographies and start building out new sites. And just to go back to a previous question, Denton is a flagship facility that we're developing today and we think that's going to be a really large standout facility, and there's reasons why our peers are talking about that site. It is going to be truly a flagship site in the Dallas-Fort Worth area.

當我們評估未來潛在的多租戶建設時，大型企業可以代表這些新站點的重要主力租戶，以便我們開始在新的地區進行開發並開始建造新的站點。回到先前的問題，丹頓是我們今天正在開發的旗艦設施，我們認為它將是一個非常大的傑出設施，我們的同行談論該站點是有原因的。它將成為達拉斯-沃斯堡地區真正的旗艦站點。

Great. And then maybe one more. The cadence of the 8 megawatts and then the 40 additional by the end of the quarter, like can you just kind of maybe help us understand how we should maybe model that? Is it more back-end loaded in the second quarter?

偉大的。然後也許還會再來一個。8 兆瓦的節奏，以及本季末額外增加 40 兆瓦的節奏，您能否幫助我們了解我們應該如何建模？第二季後端負載是否更大？

I would say that these sites are going to continue to come online over the course of the next few months. And the 8 megawatts and the 40 megawatts, these are going to come online as they come online. There's -- it's a day-by-day item in terms of when those will turn on, and so it's hard for us to say today exactly the exact day or hour that those will turn on, Darren.

我想說這些網站將在接下來的幾個月繼續上線。8 兆瓦和 40 兆瓦的電廠也將陸續投入使用。就何時啟動而言，這是一個每天都會發生的事情，因此我們今天很難確切地說出它們將在哪一天或哪一小時啟動，達倫。

Nick Giles, B. Riley Securities.

尼克吉爾斯 (Nick Giles)，B. Riley 證券。

First, I want to say congratulations to Denise on your time at Core, and congratulations to you, Jim, on stepping in. My first question, you're reiterating your construction timeline today, and you mentioned that you'll now provide monthly updates on construction. What kind of project milestones should we be looking for to really gain clarity that things are moving on time and just that your timeline remains intact?

首先，我要祝賀 Denise 在 Core 的工作，同時恭喜 Jim 的加入。我的第一個問題是，您今天重申了您的施工時間表，並且您提到您現在將每月提供施工更新資訊。我們應該尋找什麼樣的專案里程碑才能真正明確事情是否按時進行，以及時間表是否保持完整？

Yes. Great question. I think what the updates you're going to see from us will provide just additional color that then as each month moves by and as we kind of get through the calendar year, exactly kind of what we're targeting for ready for service dates and key project milestones. As we kind of complete things like commissioning or we approach commissioning dates and we approach handover dates, we'll start talking about those things as well as clearing key milestones at some of the other sites in addition to Denton.

是的。好問題。我認為，您將從我們這裡看到的更新將提供額外的信息，隨著每個月的過去以及我們度過日曆年的過去，我們將會準確了解我們為服務日期和關鍵項目里程碑所設定的目標。當我們完成諸如調試之類的事情或接近調試日期和交接日期時，我們將開始討論這些事情，並清除除丹頓之外的其他一些站點的關鍵里程碑。

John Todaro, Needham.

約翰·托達羅，尼德漢姆。

Congrats on the quarter, and I love the new presentation. I thought it laid out a lot of the stuff and answered a lot of questions. First, Adam, you had mentioned that you're more confident hitting milestones now versus even 2 months ago. That seems to be the case with the 8 megawatts coming online. But was there anything that kind of changed construction-wise or other that's given you that more confidence and kind of allowed you to hit some of the milestones?

恭喜本季取得佳績，我喜歡新的演示。我認為它闡述了很多內容並回答了很多問題。首先，亞當，你提到與兩個月前相比，你現在更有信心實現里程碑。8兆瓦的上線似乎就是這種情況。但是，在建築方面或其他方面是否有任何變化讓您更加自信並讓您實現一些里程碑？

Yes. Thanks for the question, John. As you get closer to commissioning dates on the first building, you start to have greater confidence in your ability to continue to execute on the future buildings at that site. And so, this is something that we're seeing obviously first and foremost at Denton, but we will continue to see that at future sites as well.

是的。謝謝你的提問，約翰。隨著第一棟建築的調試日期越來越近，您開始對繼續在該地點建造未來建築的能力更有信心。所以，這顯然是我們首先在丹頓看到的現象，但我們也會在未來的站點繼續看到這種情況。

As we get closer to the first -- the commissioning of the first building, we'll have much greater clarity in terms of the timeline and execution of the future buildings at that site. This first 8-megawatt building is a large milestone for the Denton campus, and it will be followed shortly thereafter by a 40-megawatt building, and we expect to see buildings continue to turn online over the course of this year at that facility as well.

隨著我們越來越接近第一棟建築的投入使用，我們將對該地點未來建築的時間表和執行情況有更清晰的了解。這座首座 8 兆瓦的建築對於丹頓園區來說是一個重要的里程碑，隨後不久還將建成一座 40 兆瓦的建築，我們預計今年該設施內的建築也將繼續投入使用。

Got it. That makes sense. And then second question, I did just want to get a little bit more clarity on that CapEx arrangement change. The CoreWeave S-1 mentioned there was $300 million coming out of escrow. I just want to make sure I understand that piece. Is there any kind of clarity just around what kind of CapEx arrangement ultimately changed there?

知道了。這很有道理。然後是第二個問題，我確實想更清楚地了解一下資本支出安排的變化。CoreWeave S-1 提到有 3 億美元來自託管資金。我只是想確保我理解了那部分。關於最終資本支出安排發生了怎樣的變化，有沒有明確的規定？

I'll take that. The CapEx arrangement hasn't changed in terms of CoreWeave's requirement to fund the CapEx. The mechanism in which it was being done effectively changed. We were able to effectively eliminate the escrow arrangement, and it just made it more efficient for their side of the ledger as well. To be clear, when we are required to pay a PO from a contractor or to meet our obligations, we will not make those payments until we receive the funds from CoreWeave.

我會接受的。就 CoreWeave 的資本支出資金需求而言，資本支出安排並沒有改變。執行該操作的機制實際上已經發生了變化。我們能夠有效地消除託管安排，這也使他們的帳簿更有效率。需要明確的是，當我們需要支付承包商的採購訂單或履行我們的義務時，我們只有在收到 CoreWeave 的資金後才會進行這些付款。

That is how our contract is stipulated. Effectively, we're replicating the same structure as it relates to our exposure. There's no effective change in our CapEx arrangement as a result of that change.

我們的合約就是這麼規定的。實際上，我們正​​在複製與我們的曝光相關的相同結構。這項變更不會對我們的資本支出安排造成任何實際改變。

Got it, understood. Thank you, guys, appreciate it.

明白了，了解了。謝謝你們，我很感激。

George Sutton, Craig-Hallum.

喬治·薩頓、克雷格·哈勒姆。

This is Logan on for George. Adam, can you just talk about kind of what gives you confidence in terms of that 300 megawatts that you're going to look to get out of the existing sites today? Maybe just an update on where you are in that process, having conversations with utilities, regulators, et cetera?

這是洛根代替喬治上場。亞當，您能否談談是什麼讓您對今天要從現有站點獲取的 300 兆瓦電力充滿信心？也許只是更新一下您在過程中的進展，與公用事業公司、監管機構等進行對話的情況？

Yeah, absolutely. And thanks for the question, Logan. Yes, I mean where we sit today is we have an extraordinarily close relationship with the utilities across all of our sites. It's something that we've cultivated when we were I'll call it the black sheep in the industry, when we are a Bitcoin miner amongst the utilities. And our relationships were forged through deep communication with each of those utilities as a Bitcoin mining business.

是的，絕對是如此。謝謝你的提問，洛根。是的，我的意思是，我們目前的情況是，我們與所有站點的公用事業都保持著極其密切的關係。當我們還是產業中的害群之馬時，當我們是公用事業中的比特幣礦工時，我們就培育了這種東西。我們作為比特幣挖礦企業，透過與每個公用事業公司進行深入溝通，建立了良好的關係。

And so as we've moved forward and have shown progress on the sites and our development towards conversion to colocation facilities, they've been impressed with our developments. They're watching us continue to grow at these sites, and they're excited about that as well. And we're currently in discussions with these utilities around what those future contracts will look like, what the total power potential is.

因此，隨著我們不斷前進，在站點和向主機託管設施轉換方面取得進展，他們對我們的發展印象深刻。他們看著我們在這些網站上不斷發展，並且對此也感到興奮。我們目前正在與這些公用事業公司討論未來的合約是什麼樣的，以及總電力潛力是多少。

And based on where we sit with conversations today, we feel confident in our ability to get -- and that's 300 megawatts of billable capacity, so we believe we will be able to achieve about 450 megawatts of gross capacity over the course of 2025 and 2026 from our existing utilities, which we're excited about. We will have the opportunity to continue to expand those sites and potentially bring new customers in as well.

根據我們今天的談話情況，我們對獲得 300 兆瓦可計費容量的能力充滿信心，因此我們相信，在 2025 年和 2026 年期間，我們將能夠從現有公用事業中獲得約 450 兆瓦的總容量，我們對此感到非常興奮。我們將有機會繼續擴大這些站點，並有可能吸引新客戶。

Got it. And then maybe just a quick follow-up. I mean, you've talked about how unique the CoreWeave deal is. And you mentioned a little bit earlier that the return profile with those enterprise customers might be a little better. I'm just wondering if you can talk about how we should think about potential terms on new deals, whether it be enterprise, hyperscalers. Just will it be different than that CoreWeave deal or is it changing month to month? Just an update there would be appreciated.

知道了。然後可能只是一個快速的跟進。我的意思是，您已經談到了 CoreWeave 交易有多獨特。您之前提到過，這些企業客戶的回報狀況可能會更好一些。我只是想知道您是否可以談談我們應該如何考慮新交易的潛在條款，無論是企業還是超大規模企業。它與 CoreWeave 交易有何不同？還是每個月都會改變？只要有更新就好了。

Yes, absolutely. The CoreWeave contract is not going to be replicated in the market. Now the distinction I would make as we evaluate new contracts going forward, there are really 2 components to negotiating a contract, whether it be with a hyperscaler or whether it be with a large enterprise. Those 2 components are NRC and MRC. The NRC is essentially what that upfront payment is towards the CapEx, and the MRC is that monthly recurring charge.

是的，絕對是。CoreWeave 合約不會在市場上複製。現在，當我們評估未來的新合約時，我要指出的一點是，談判合約實際上包含兩個要素，無論是與超大規模企業簽訂合同，還是與大型企業簽訂合約。這兩個組件是 NRC 和 MRC。NRC 本質上是針對資本支出的預付款，而 MRC 是每月經常性費用。

And so when we evaluate deals, there's a give and take whether you're receiving and what the scale is of a nonrecurring charge versus that monthly recurring charge. We're currently evaluating a number of different deal structures that we're in discussions with clients. And I would say we're excited about the return profiles the large enterprises represent because they do have the capability based on their scale and their size that they're demanding today to represent an anchor tenant for us to open up a new site location. We will continue to evaluate deals going forward, and we're excited about the continuously growing pipeline in the large enterprise channel.

因此，當我們評估交易時，我們會考慮您是否收到款項，以及一次性費用與每月經常性費用的比例是多少。我們目前正在評估與客戶討論的多種不同的交易結構。我想說，我們對大型企業所代表的回報情況感到興奮，因為基於他們的規模和大小，他們確實有能力代表我們開闢新站點的主力租戶。我們將繼續評估未來的交易，我們對大型企業通路中不斷增長的管道感到興奮。

Joe Vafi, Canaccord Genuity.

Canaccord Genuity 的 Joe Vafi。

Will Johnson on here for Joe. Adam, maybe just a high-level question for me. Do you mind talking about how if at all conversations with customers have changed sequentially given tariffs and new market dynamics? And then maybe how has the pace of discussions changed? And are you seeing any different reactions from hyperscalers versus enterprises?

威爾·約翰遜 (Will Johnson) 為喬 (Joe) 效力。亞當，對我來說這可能只是一個高層次的問題。您是否介意談論一下，考慮到關稅和新的市場動態，與客戶的對話是否發生了連續變化？那麼討論的節奏可能發生了什麼樣的變化呢？您是否看到超大規模企業和企業的反應有什麼不同？

Yes. I appreciate the question. On the first point, tariffs represent an interesting change to the dynamics of this industry right now. The way we're looking at it today is there is going to be some uptick in terms of CapEx requirements for new builds, which we believe will continuously drive up lease rates over the near term until there's greater clarity on the tariff impact on new data center developments. We have seen some of that start to flow through lease discussions. But we have confidence that with our best-in-class supply chain team that we will have rates that we believe will be similar, but still a bit more expensive, thinking about 5% to 10% more expensive on the CapEx side, and that there will be a commensurate increase in lease rates across the industry.

是的。我很感謝你提出這個問題。關於第一點，關稅代表著目前該產業動態的有趣變化。我們今天的看法是，新建資料中心的資本支出需求將會上升，我們認為這將在短期內持續推高租賃率，直到關稅對新資料中心開發的影響更加明朗為止。我們已經看到其中一些內容開始透過租賃討論進行。但我們有信心，憑藉我們一流的供應鏈團隊，我們的費率將會相似，但仍然會稍微貴一些，考慮到資本支出方面會貴 5% 到 10%，而且整個行業的租賃費率也會相應增加。

Now, in terms of your question related to the pace of discussions, I would say large enterprises have quickened their pace around what their demand is. I think initially they were evaluating what size, what locations they were interested in moving to. But that has become much more specific over time as they have firmed up their plans for growth. And I believe that large enterprise will continue to represent a large growth vector for large high-density colocation facilities going forward. And so that's why we mentioned it in our prerecorded remarks, and we believe that it's going to be a significant channel for us going forward.

現在，關於您提到的討論速度的問題，我想說，大型企業已經圍繞他們的需求加快了步伐。我認為他們最初正在評估他們感興趣的搬遷規模和地點。但隨著他們逐漸確定成長計劃，這一點也變得更加具體。我相信，大型企業將繼續成為未來大型高密度主機託管設施的巨大成長載體。這就是我們在預先錄製的評論中提到它的原因，我們相信它將成為我們未來發展的重要管道。

Kevin Dede, H.C. Wainwright.

凱文·德德（H.C.）溫賴特。

Hi, Adam. Welcome, Jim. I think maybe first off the bat for Matt, I understand that Core Scientific worked really hard with CoreWeave to help them through the development of the infrastructure, namely networking, etc. And I'm wondering, given now that there are other publicly traded companies, I'm wondering if some of that IP you helped develop is it all proprietary? Or does it automatically translate to CoreWeave's other suppliers?

你好，亞當。歡迎光臨，吉姆。我想也許首先對 Matt 來說，我知道 Core Scientific 與 CoreWeave 合作非常努力，幫助他們開發基礎設施，即網路等。而且我想知道，鑑於現在還有其他上市公司，我想知道您幫助開發的一些 IP 是否都是專有的？或者它會自動轉換到 CoreWeave 的其他供應商嗎？

Yes. The way I would look at this is that CoreWeave and Core Scientific are in a really tightly coupled relationship from both a design, engineering and delivery standpoint. While it is sort of Core Scientific teams that are building the infrastructure and taking a lead on the design, it's certainly -- we're certainly doing that in really close collaboration with CoreWeave's engineering team and infrastructure delivery teams. And so, any IP that might result of that would be certainly shared by the two entities, and we would look at that as certainly a competitive advantage in the marketplace.

是的。我的看法是，從設計、工程和交付的角度來看，CoreWeave 和 Core Scientific 的關係非常緊密。雖然核心科學團隊正在建立基礎設施並在設計方面發揮主導作用，但我們肯定會與 CoreWeave 的工程團隊和基礎設施交付團隊密切合作。因此，由此產生的任何智慧財產權肯定都會由這兩個實體共享，而我們肯定會將此視為市場上的競爭優勢。

No one to date has tried to execute on a GPU build of the size of Denton in particular. And so we think we're going to learn a lot of the lessons first, and we're going to be ahead of the game, and we'll be able to leverage those learning experiences to future projects, which we only think will just widen our competitive advantage in the market.

到目前為止還沒有人嘗試在 Denton 大小的 GPU 建置上執行。因此，我們認為我們將首先吸取很多教訓，我們將處於領先地位，我們將能夠將這些學習經驗運用到未來的專案中，我們認為這將擴大我們在市場上的競爭優勢。

Okay. Regarding M&A, what could you say about targets and acquisition criteria as you think about this gap that Core Scientific can fill in meeting high density versus legacy datacenter operators that are stuck with low rack power builds? How should we reconcile that?

好的。關於併購，您認為 Core Scientific 可以填補這一空白，滿足高密度資料中心營運商與受困於低機架功率構建的傳統資料中心營運商的需求，您對目標和收購標準有何看法？我們該如何調和這一點？

Yes. Thanks for the question, Kevin. I think the way we're thinking about it right now is we're evaluating opportunities in the new generation of datacenter capacity. We really want to go after potential targets that represent an opportunity to continue our lead in terms of the amount of infrastructure that's being developed for this next-generation compute.

是的。謝謝你的提問，凱文。我認為我們現在的思考方式是評估新一代資料中心容量中的機會。我們確實希望追逐那些代表我們繼續在為下一代運算開發的基礎設施數量方面保持領先地位的機會的潛在目標。

Now, that being said, we will still look to acquire certain types of assets that maybe give us diversity on workload as well. We believe over time, as we develop Core Scientific into a true datacenter platform that we will have a mix of more traditional CPU capacity. But really, our focus is continuing to grow and develop our GPU deployment platform, which we believe will be one of the largest in the United States, and we will look to continue and extend our lead in that area.

現在，話雖如此，我們仍然會尋求收購某些類型的資產，這也許能為我們帶來工作量的多樣化。我們相信，隨著時間的推移，當我們將 Core Scientific 發展成一個真正的資料中心平台時，我們將擁有更多傳統的 CPU 容量。但實際上，我們的重點是繼續發展和開發我們的 GPU 部署平台，我們相信它將成為美國最大的平台之一，我們將繼續擴大我們在該領域的領先地位。

The takeaway, Adam, for me is just to think that you'll be looking for sites and builds that fit your criteria as it stands now versus taking a step back in the technology development chain?

亞當，對我來說，重點就是想想你會尋找符合你目前標準的場地和建築，而不是在技術開發鏈中後退一步？

I'd say we're looking at a healthy mix of both sites as well as companies that have contracts with leading companies in the industry.

我想說，我們正在尋找一個健康的組合，既包括網站，也包括與行業領先公司簽訂合約的公司。

Fair enough, Sir. Thank you very much for entertaining my questions. Congratulations on the progress.

很公平，先生。非常感謝您回答我的問題。恭喜你取得進展。

Paul Golding, Macquarie Capital.

麥格理資本的保羅·戈爾丁。

Just quickly, a housekeeping question I wanted to ask regarding digital asset mining. I think previously you've mentioned that the digital asset mining hosting capacity was you were going to exit that by yearend. Just wanted to confirm that that was still the plan since we saw some revenue come through this quarter for that. And then my main question is around long lead time items.

我想快速詢問一個有關數位資產挖掘的基本問題。我想您之前提到過，您將在年底前退出數位資產挖礦託管能力。只是想確認這仍然是計劃，因為我們看到本季度有一些收入。然後我的主要問題是關於長交貨期的產品。

Just referencing your commentary around 2025 goals, the equipment being acquired to meet those goals, I wanted to ask about '26. Hearing about long lead times for step-down infrastructure and other components, particularly around electrical equipment, and so just wanted to see how that was progressing as well.

僅參考您對 2025 年目標的評論，以及為實現這些目標而購買的設備，我想問一下 26 年的情況。聽說降壓基礎設施和其他組件（特別是電氣設備）的交貨時間很長，所以我想看看進展如何。

Yes. Thank you, Paul. On the digital asset mining hosting business, we still do have a legacy contract that will continue to roll off over the course of 2025. So that would be the expectation for your modeling that that will continue to degrade over the course of 2025. Now, for your second question related to long lead time items to meet our goals in 2026, I'll hand it over to Matt Brown.

是的。謝謝你，保羅。在數位資產挖礦託管業務方面，我們仍然有一份遺留合同，該合約將在 2025 年繼續履行。因此，根據您的模型，預計到 2025 年，這一情況將繼續惡化。現在，關於您的第二個問題，即為實現我們 2026 年的目標而需要的長交貨期項目，我將把它交給 Matt Brown。

Yes. I think the way to look at this is, 2025, we've already secured all that equipment, and most of it is already sitting in the ground, either in warehouses adjacent to the projects that are ongoing or at the project sites themselves. 2025 is locked in from an equipment standpoint. 2026, we have a good read-through on both the availability and cost for all that equipment. A lot of that through the first half of '26 has already been procured and portions of that will start taking delivery towards the second half of this year for projects that are going to extend -- that are going to start launching in 2026.

是的。我認為看待這個問題的方式是，到 2025 年，我們已經確保了所有設備的安全，其中大部分已經埋在地下，要么放在正在進行的項目附近的倉庫裡，要么放在項目現場。從設備角度來看，2025 年已經確定。 2026 年，我們對所有設備的可用性和成本進行了仔細的了解。其中許多已於 2026 年上半年採購完畢，部分將於今年下半年開始交付，用於即將延長的專案——這些專案將於 2026 年開始啟動。

With that said, I think part of this touches on tariffs and equipment availability. And with our strong relationships with our suppliers that I would say we have really, really good insights on the availability and that we're not really too concerned right now about not being able to take receipt of equipment and meeting our OJ dates or any buy dates to meet our delivery goals.

話雖如此，我認為這部分涉及關稅和設備可用性。憑藉我們與供應商的牢固關係，我想說我們對可用性有著非常非常好的了解，而且我們現在並不太擔心無法收到設備並滿足我們的 OJ 日期或任何購買日期以實現我們的交付目標。

Bill Papanastasiou, KBW.

比爾·帕帕納斯塔西奧（Bill Papanastasiou），KBW。

Adam, I believe it was mentioned in the call that there are several pipeline opportunities that range between 50 megawatts to 100 megawatts. Are you able to touch on the composition of those prospect customers? And how would you define their ability to scale beyond perhaps 150-megawatt or 100-megawatt contract? Could we see the same sort of scaling capacity as CoreWeave?

亞當，我相信電話中提到過，有幾個管道機會，範圍在 50 兆瓦到 100 兆瓦之間。您能談談這些潛在客戶的組成嗎？您如何定義他們超越 150 兆瓦或 100 兆瓦合約的能力？我們能看到與 CoreWeave 相同的擴充能力嗎？

That's a great question. Thank you, Bill. Yes, the 50 to 100-megawatt comment, just to clarify, was related on the large enterprise side. And I would say absolutely. Large enterprises are looking for a spread of megawatts across multiple sites in certain cases and so we could absolutely see a client that looks to take 50 megawatts at one site and continues to grow with Core Scientific over the course of many years.

這是一個很好的問題。謝謝你，比爾。是的，需要澄清的是，50 到 100 兆瓦的評論與大型企業方面有關。我會說絕對如此。在某些情況下，大型企業希望在多個站點分散兆瓦的電力，因此我們完全可以看到一個客戶希望在一個站點使用 50 兆瓦的電力，並在多年內繼續與 Core Scientific 共同成長。

And that's really something that we're looking to build as we continue to build out this company into a true datacenter platform. We're looking at building long-term relationships with our clients and look to continue to grow alongside of those clients as they look to continue their build-outs. And so we have high confidence in our ability to win these contracts, and we will continue to update the market over the course of 2025 as to the ones that we're able to win.

這正是我們在持續將公司建置成真正的資料中心平台時所希望實現的目標。我們正在尋求與客戶建立長期關係，並希望在客戶繼續擴張的過程中與他們共同成長。因此，我們對贏得這些合約的能力充滿信心，並且我們將在 2025 年期間繼續向市場更新我們能夠贏得的合約。

Appreciate that color. And then with respect to the 3-nanometer block ASICs, can you give an update on the delivery time line and clarify whether these units have had any impact from the recent tariffs? Or are they also somewhat insulated?

欣賞那種顏色。然後關於 3 奈米塊 ASIC，您能否提供有關交付時間表的最新信息，並澄清這些產品是否受到最近關稅的影響？或者它們也有一定的絕緣性？

Yes. I would say that I would reiterate what we said on our previous earnings call, which was that we believe and continue to believe today that we will receive these machines over the course of the second half of 2025. Now on the tariff side, we believe the impact will be insulated overall from the tariff impact. And just a note, our contract is priced on a fixed price for seats of those machines, and so we're hopeful that over the course of 2025 we'll be able to continue to update the market in terms of our progress of being able to deploy these new block units that we are today incredibly excited about.

是的。我想說的是，我要重申我們在上次財報電話會議上所說的話，那就是我們相信並且今天仍然相信，我們將在 2025 年下半年收到這些機器。現在就關稅方面而言，我們認為其影響總體上將不受關稅影響。需要注意的是，我們的合約是按照這些機器座位的固定價格定價的，因此我們希望在 2025 年期間能夠繼續向市場更新我們在部署這些新塊單元方面的進展，我們今天對此感到非常興奮。

Stephen Glagola, JonesTrading.

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

Hi, Adam, Matt, and welcome, Jim. Is the high level of CoreWeave concentration a deterrent for other hyperscale customers pursuing leases with Core Scientific? That was my first one. And then just additionally, for Grand Forks specifically, can you expand on what level of enterprise demand you are seeing from potential HBC tenants for that site?

嗨，亞當、馬特，歡迎吉姆。CoreWeave 的高集中度是否會對其他尋求與 Core Scientific 簽訂租賃協議的超大規模客戶造成阻礙？那是我的第一個。另外，具體到大福克斯，您能否詳細說明您看到的該站點的潛在 HBC 租戶的企業需求水平？

Yes. I would say from a -- in terms of hyperscalers being deterrent by CoreWeave concentration, I would say I'd look at it as exactly the opposite. To my earlier point from one of the first questions today, which was I think our delivery and execution is only going to breed confidence kind of as this year goes on. And again, we're probably one of the only datacenter providers right now that's going to launch 250 megawatts in a single calendar year of what essentially is going to be more than 100,000 of GB200s. I think as we -- our execution will kind of prove in itself, and that will gain confidence with hyperscalers.

是的。我想說的是——從超大規模企業受到 CoreWeave 集中度阻礙的角度來看，我會認為它恰恰相反。回到我今天第一個問題中提出的觀點，我認為隨著今年的進展，我們的交付和執行只會增強信心。再說一次，我們可能是目前唯一一家能夠在一個日曆年內推出 250 兆瓦電力的資料中心供應商，這實際上將超過 100,000 GB200。我認為我們的執行力將得到證明，並將贏得超大規模企業的信心。

And then -- sorry, go ahead.

然後——抱歉，請繼續。

Yes, sorry, your second part of your question relating to the Grand Forks site. Right now, the Grand Forks site as we see it, we were acquiring 70 acres of land for high-density colocation development there, which is certainly what is part of our plan. Interest in that site has sort of ranged from enterprises to content providers and some of the hyperscalers. I think we've seen kind of interest from pretty much all segments for that location.

是的，抱歉，您的問題的第二部分與大福克斯站點有關。目前，就我們所見的大福克斯站點而言，我們正在收購 70 英畝土地，用於在那裡進行高密度主機託管開發，這當然是我們計劃的一部分。對該網站感興趣的人群範圍廣泛，從企業到內容提供商，再到一些超大規模企業。我認為我們已經看到幾乎所有領域對該地點的興趣。

At this time, there are no questions. I would now like to turn the call back to Jon Charbonneau for any closing remarks.

目前還沒有問題。現在我想把電話轉回 Jon Charbonneau 來做結束語。

Thank you. Thank you very much for joining the call today. And please remember to vote your shares. If you are having trouble, please just reach out to our IR e-mail available on the website. Thank you very much.

謝謝。非常感謝您今天參加電話會議。請記得投票。如果您遇到問題，請聯絡我們網站上的 IR 電子郵件。非常感謝。

Thank you. This does conclude today's conference. We thank you for your participation. You may disconnect your lines at this time and have a wonderful day.

謝謝。今天的會議到此結束。我們感謝您的參與。此時您可以斷開線路並享受美好的一天。