Core Scientific Inc (CORZ) 2025 Q4 法說會逐字稿

Greetings. Welcome to Core Scientific fourth-quarter fiscal year 2025 earnings conference call. (Operator Instructions) Please note this conference is being recorded.

問候。歡迎參加Core Scientific 2025財年第四季財報電話會議。（操作員說明）請注意，本次會議正在錄音。

I will now turn the conference over to Jon Charbonneau, Vice President of Investor relations. Thank you. You may begin.

現在我將把會議交給投資者關係副總裁喬恩·沙博諾。謝謝。你可以開始了。

Great. Good afternoon, and welcome to Core Scientific's fourth-quarter and full-year 2025 earnings call. Before we begin, I need to remind you that statements made on this call other than historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are based on our current expectations. Words such as anticipates, estimates, expects, intends and believes and similar words and expressions are intended to identify forward-looking statements.

偉大的。下午好，歡迎參加Core Scientific 2025年第四季及全年業績電話會議。在開始之前，我需要提醒各位，本次電話會議中除歷史事實以外的所有陳述均屬於 1995 年《私人證券訴訟改革法案》所界定的前瞻性陳述，並且是基於我們目前的預期。諸如“預期”、“估計”、“期望”、“打算”、“相信”等詞語以及類似的詞語和表達方式旨在識別前瞻性陳述。

These statements are subject to risks and uncertainties that could cause actual results to differ substantially. For further information on these risks and uncertainties, we encourage you to review the risk factors discussed in the company's reports on Form 10-K, 10-Q and 8-K filed today with the Securities and Exchange Commission and the press release and slide presentation contained therein.

這些聲明存在風險和不確定性，可能導致實際結果與聲明內容有重大差異。有關這些風險和不確定性的更多信息，我們建議您查閱公司今天向美國證券交易委員會提交的 10-K、10-Q 和 8-K 表格報告中討論的風險因素，以及其中包含的新聞稿和幻燈片演示文稿。

The forward-looking statements we make today speak as of today only, and we do not undertake any obligation to update any such statement to reflect events or circumstances occurring after today. Today's presentation is available on our website, investors.corescientific.com. The content of this conference call contains information that is accurate as of today, March 2, 2026.

我們今天所作的前瞻性陳述僅代表截至今天的情況，我們不承擔任何義務更新任何此類陳述以反映今天之後發生的事件或情況。今天的簡報可在我們的網站 investors.corescientific.com 上查看。本次電話會議的內容包含截至 2026 年 3 月 2 日的準確資訊。

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 conduct a question-and-answer session after management's remarks.

今天與我一同出席的還有來自 Core Scientific 的執行長 Adam Sullivan、營運長 Matt Brown 和財務長 Jim Nygaard。管理階層發言結束後，我們將進行問答環節。

We will now begin with remarks from Adam.

現在我們先聽聽亞當的發言。

Good afternoon, everyone, and thank you for joining us. On our October 30 update call, we laid out 4 specific deliverables for this earnings call. First, we expect to sign at least one new customer, an important step towards diversifying our customer base. Second, we plan to sign one new power expansion contract at an existing site. Third, we expected to sign a new large land and power agreement.

各位下午好，感謝各位的參與。在 10 月 30 日的更新電話會議上，我們列出了本次財報電話會議的 4 個具體交付成果。首先，我們預計至少能簽下一個新客戶，這是實現客戶群多元化的重要一步。其次，我們計劃在現有場地簽署新的電力擴建合約。第三，我們預計會簽署一項新的大型土地和電力協議。

And fourth, we plan on making a financing announcement. These are the building blocks for our future growth, expanding contracted revenue, increasing our power optionality, widening our footprint and funding growth in a way that is responsible and repeatable.

第四，我們計劃發佈融資公告。這些是我們未來發展的基石，可以擴大合約收入，增加電力選擇權，擴大業務範圍，並以負責任和可重複的方式為成長提供資金。

Before we talk about those four priorities, let's talk about execution. The complexity of these build-outs is enormous, and we've made incredible progress on our CoreWeave build-out. Despite challenges in the market and the evolving criteria for operating the newest generation of GPUs.

在討論這四個優先事項之前，我們先來談談執行。這些建置的複雜性非常大，我們在 CoreWeave 建置方面取得了令人矚目的進展。儘管市場面臨挑戰，最新一代 GPU 的運作標準也在不斷變化。

This requires the deep bench that Core Scientific has to adapt to changes in real time. Matt will cover the details, but here are the facts. As of this week, we'll have energized approximately 350 megawatts of capacity, of which close to 200 megawatts are currently billing. This puts us well -- the halfway mark of the CORE contract. When we say energized, we mean power has been delivered and is generally within 90 days of billing.

這就要求Core Scientific擁有強大的人才儲備，能夠即時適應變化。Matt會詳細介紹，但這裡先列出事實。截至本週，我們將投入使用約 350 兆瓦的發電容量，其中近 200 兆瓦目前正在計費。這使我們順利完成了 CORE 合約的一半。我們所說的通電是指電力已經輸送，通常在帳單開立後 90 天內即可送達。

The natural lag between energization and billing commencement varies by site and customer requirements. Now let's put that in perspective. Last year, we energized as many megawatts as our closest publicly traded peers combined. We were building and delivering while they were still signing their first AI contracts. And going forward, to keep this simple and consistent, we'll report megawatts when they start billing.

通電和開始計費之間的自然延遲時間因地點和客戶要求而異。現在讓我們來客觀地看待這個問題。去年，我們的發電量與我們最接近的上市同行的總和相當。當我們還在簽署第一批人工智慧合約的時候，我們已經在進行產品開發和交付了。今後，為了保持簡單一致，我們將從他們開始計費時開始報告兆瓦數。

In this business, the market will always talk about demand. Investors should stay focused on what actually matters here, execution. Schedules will always move. It's easy at mile 2 of a marathon to say that you're on pace, but these are large and complex projects that expose who can actually execute. We've shown we can build, turn on capacity at scale and deliver for our customers.

在這個行業，市場永遠反映需求。投資人應該始終關注真正重要的因素—執行力。日程安排總會有變動。馬拉松跑到兩英里的時候很容易說自己節奏正常，但這些都是規模龐大、錯綜複雜的項目，能真正檢驗誰有能力執行。我們已經證明，我們能夠大規模地進行建設、啟動產能並為客戶提供服務。

This leads directly into our pipeline. As this industry matures and evaluates opportunities against a more stringent criteria, we're confident we check those boxes through proven execution and true site readiness. And we're disciplined. We only sign contracts we know we can deliver on time and done right. That discipline is how we're building a durable, long-standing company, one defined by execution and known for being a great partner to our customers.

這直接關係到我們的生產流程。隨著這個行業的成熟，以及對機會評估標準的日益嚴格，我們有信心透過成熟的執行力和真正的現場準備來滿足這些標準。我們紀律嚴明。我們只簽署那些我們確信能夠按時按質完成的合約。正是這種嚴謹的作風，讓我們得以打造一家持久、長久的公司，一家以執行力為特徵、以成為客戶的優秀合作夥伴而聞名的公司。

That's what we set out to do, and it's exactly what we're doing today. And over time, that's what will separate us from the rest of the industry and position us to be a market leader for years to come. Now let me start by providing an update on the most visible item on our priority list, a new customer contract. We did not sign one by this call, and we are not satisfied with that. But the demand is there, and we have 2 sites under short exclusivity arrangements.

這就是我們當初的目標，也是我們今天正在做的事。隨著時間的推移，這將使我們與業內其他公司拉開差距，並使我們在未來幾年內保持市場領先地位。現在，讓我先向大家報告我們優先事項中最引人注目的事項——新的客戶合約。我們這次通話沒有簽署協議，對此我們並不滿意。但市場需求確實存在，我們有兩個場地處於短期獨家經營協議之下。

We expect that this exercise will result in colocation leasing agreements in the near future. Our funnel is larger and broader than it was a few months ago, and we are in active discussions with hyperscalers, neoclouds and large enterprises. This is a timing issue, not a demand issue. While we are operating under the merger agreement, hyperscalers simply would not engage with us. Those conversations restarted following the termination, and we have made significant headway.

我們預計此次試點將在不久的將來促成託管租賃協議。我們的潛在客戶群比幾個月前更大更廣，我們正在與超大規模雲端服務商、新型雲端服務和大型企業積極洽談。這是時機問題，不是需求問題。雖然我們是在合併協議的框架下運營，但超大規模資料中心營運商根本不願意與我們合作。終止合作後，這些對話重新開始，我們取得了重大進展。

Deals of this level are not a one meeting exercise. It's a rigorous multistep process. While hyperscalers have a longer contracting process, the path to project financing and delivery can oftentimes be more straightforward. The bottom line is we are engaged, moving through the process and competing for the right long-term opportunities. Now on neoclouds, there is meaningful demand across the industry.

這種等級的交易不是一次會面就能完成的。這是一個嚴謹的多步驟過程。雖然超大規模資料中心的合約簽訂流程較長，但專案融資和交付的途徑往往更為直接。總之，我們正積極參與，推進流程，爭取合適的長期發展機會。現在，整個產業對新型雲端的需求非常旺盛。

However, for those deals to work for us, there needs to be a strong balance sheet standing behind the contract. In most cases, that means a hyperscaler, chip manufacturer or another investment-grade guarantee. Putting that structure in place requires the due diligence of both the neocloud and investment-grade guarantee, which has more coordination and steps. And because these guarantees are new for many parties, they take time to negotiate and finalize. This is one reason we believe you've seen fewer neocloud deals announced across the industry recently.

但是，要讓這些交易對我們有利，合約背後必須有強大的資產負債表作為支撐。大多數情況下，這意味著需要超大規模資料中心、晶片製造商或其他投資等級擔保。建立這種結構需要新雲端和投資等級擔保雙方進行盡職調查，這其中涉及更多的協調和步驟。而且由於這些保證對許多各方來說都是新的，因此需要時間來協商和最終確定。我們認為，這正是近期業內新雲交易數量減少的原因之一。

We are not going to compromise on counterparty strength because that protection matters over the life of the contract. Second, we said we plan to add new power at an existing site, and we delivered in Dalton, Georgia. Dalton will expand to 450 megawatts of total gross power capacity, including 120 megawatts of uncommitted leasable customer capacity. Our Dalton site is strategically located about 90 miles from Atlanta, sitting in the middle of an incredibly attractive demand corridor. We've been working towards this expansion with local stakeholders for over a year.

我們不會在交易對手實力方面做出妥協，因為這種保障在合約有效期內至關重要。其次，我們說我們計劃在現有地點增加新的電力，我們在喬治亞州道爾頓實現了這一目標。道爾頓電廠的總發電容量將擴大到 450 兆瓦，其中包括 120 兆瓦的未承諾租賃客戶容量。我們的道爾頓工廠地理位置優越，距離亞特蘭大約 90 英里，位於極具吸引力的需求走廊中心。一年多來，我們一直與當地利害關係人共同努力推動這項擴張計畫。

And to support it, we've secured an additional 175 acres of land. This is what execution looks like, long-term planning, deep coordination and strong partnerships with the utilities and the local community. Late last year, we also increased leasable customer capacity in Pecos, Texas to 200 megawatts, an area that has seen significant traction for high-density compute. Given that demand, we're moving forward with the conversion of Pecos from Bitcoin mining to colocation. Pecos is in the Goldilocks zone for customer signing, meaning we've secured a general contractor, locked in long lead equipment and conversion work is underway with a time line to RFS within 12 months.

為了支持該項目，我們又獲得了 175 英畝土地。這就是執行力的體現：長期規劃、深入協調以及與公用事業公司和當地社區的強大夥伴關係。去年底，我們還將德州佩科斯市的可租賃客戶容量增加到 200 兆瓦，該地區在高密度運算方面取得了顯著進展。鑑於這種需求，我們正在推動 Pecos 從比特幣挖礦到託管資料中心的轉型。Pecos 目前處於客戶簽約的最佳階段，這意味著我們已經找到了總承包商，鎖定了長週期設備，改造工作正在進行中，預計 12 個月內即可完成 RFS（恢復銷售）。

This means Pecos is within a time frame that customers are actively trying to solve for right now. Stepping back, our strategy remains the same. We expect every megawatt in our portfolio to be dedicated to colocation within the next three years. Third, we delivered on signing a new large land and power agreement through our contract to acquire a major new site in Hunt County, Texas. This site represents approximately 265 acres that we expect can support roughly 430 megawatts of gross power capacity or 285 megawatts of customer leaseable capacity.

這意味著 Pecos 正處於客戶目前正在積極尋求解決的時間範圍內。退一步講，我們的策略依然不變。我們預計未來三年內，我們投資組合中的每一兆瓦電力都將用於資料中心託管。第三，我們履行了簽署新的大型土地和電力協議的義務，透過合約收購了德州亨特縣的一個主要新地點。該場地佔地約 265 英畝，我們預計可支援約 430 兆瓦的總發電容量或 285 兆瓦的客戶可租賃容量。

This location is about 45 miles outside of Dallas in one of the fastest-growing colocation markets. We expect this to close by the end of Q1. And importantly, this site has a clear interconnection path. The ERCOT energization schedule was approved in 2024 and with power expected to begin coming online in 2027 and ramp through 2029. You've also seen the headlines around ERCOT.

該地點位於達拉斯郊區約 45 英里處，位於成長最快的託管市場之一。我們預計這將在第一季末完成。更重要的是，該網站具有清晰的連接路徑。ERCOT 的通電計畫於 2024 年獲得批准，預計將於 2027 年開始上線供電，並在 2029 年逐步增加供電量。你也看到了ERCOT的新聞標題。

In our view, more discipline and transparency in that process is constructive. It helps reduce speculation and rewards companies with real sites, real plans and the ability to execute. We believe this makes our two leasable sites in Texas, both Hunt and Pecos, even more attractive in the market given the clarity around their ability to deliver. As we sit here today, our pipeline is approximately 1.5 gigawatts of customer leasable capacity. This number is not a speculative position.

我們認為，在這個過程中加強紀律性和透明度是建設性的。它有助於減少投機行為，並獎勵那些擁有真實網站、真實計劃和執行能力的公司。我們相信，鑑於其交付能力的明確性，這使得我們在德克薩斯州的兩個可租賃地塊（亨特和佩科斯）在市場上更具吸引力。截至目前，我們可供客戶租賃的發電容量約為 1.5 吉瓦。這個數字並非推測性的。

It is not inflated with load studies. It only includes real opportunities with a clear line of sight to development, existing power under contract, new sites like Hunt and available incremental power at both new and existing sites. Power matters, and we stay disciplined on it. But in the broader market, power is often treated as the bottleneck, and we think that can be overstated. In practice, the bigger constraints are often securing long lead equipment and lining up experienced general contractors and subcontractors.

它並非透過負荷研究來誇大其詞。它只包括具有明確發展前景的真正機會、已簽訂合約的現有電力、像亨特這樣的新站點以及新舊站點可用的增量電力。權力很重要，我們會在權力上保持自律。但在更廣泛的市場中，電力往往被視為瓶頸，我們認為這種說法可能被誇大了。實際上，更大的限制往往是獲得交貨週期長的設備，以及找到經驗豐富的總承包商和分包商。

The reality is simple. We already have more power in our pipeline than we can build over the next several years. And fourth, on financing. Our balance sheet remains strong, and we have a variety of financing options that Jim will cover here shortly. Looking at 2026, our priorities are straightforward: diversify our customer base and execute on the CoreWeave contract. We are focused on delivery, disciplined growth and doing what we said we would do.

事實很簡單。我們目前的電力儲備已經超過了未來幾年所能建造的電力。第四，關於融資。我們的資產負債表依然穩健，我們有多種融資方案，吉姆稍後會詳細介紹。展望 2026 年，我們的首要任務很明確：實現客戶群多元化，並履行 CoreWeave 合約。我們專注於交付成果、穩健成長，並履行我們承諾的一切。

I'll now turn it over to Matt to give an updated construction overview.

現在我將把發言權交給 Matt，讓他為大家帶來最新的施工概況。

Thanks, Adam. Through 2025, our teams executed with intensity and precision. We stayed focused on what matters, our customers and building the infrastructure powering the Fourth Industrial Revolution. Our mission is simple: design and deliver AI factories at scale, purpose-built for accelerated computing. Every quarter felt like new architecture cycles, new GPUs, higher power densities and new cooling paradigms that created extraordinary opportunity and real complexity.

謝謝你，亞當。到 2025 年，我們的團隊將以飽滿的熱情和精準的執行力完成任務。我們始終專注於重要的事情，即我們的客戶以及建立推動第四次工業革命的基礎設施。我們的使命很簡單：設計並交付可大規模部署的人工智慧工廠，專為加速運算而打造。每個季度都像是新的架構週期、新的 GPU、更高的功率密度和新的散熱模式，這既帶來了巨大的機遇，也帶來了真正的複雜性。

We maintained operations through unprecedented weather events across multiple regions, iterated designs in real time to support the newest GPU platforms, applied lessons from prior deployments to better align infrastructure delivery with evolving customer needs. each challenge to refine the system. Each build made the thinking machine better. Now let me take a step back and frame the magnitude of what the team accomplished over the last 14 months. Alongside our design build partners, we broke ground on 5 AI factories supporting our 590-megawatt commitment to CoreWeave, 2 brownfield expansions, Denton, Texas and Marble, North Carolina; three greenfield campuses, Muskogee, Oklahoma, Dalton Phase 1 and Phase 2 in Georgia.

我們在多個地區前所未有的極端天氣事件中維持了運營，即時迭代設計以支援最新的GPU平台，應用先前部署的經驗教訓，更好地使基礎設施交付與不斷變化的客戶需求保持一致。我們應對每一個挑戰，不斷完善系統。每一次改進都讓這台思考機器變得更好。現在讓我退一步，來概括團隊在過去 14 個月裡的成就。我們與設計建造合作夥伴一起，破土動工興建了 5 座人工智慧工廠，以支持我們對 CoreWeave 的 590 兆瓦承諾；此外，我們還在德克薩斯州丹頓和北卡羅來納州馬布爾進行了 2 個棕地擴建項目；並在俄克拉荷馬州馬斯科吉、佐治亞州道爾頓一期和二期園區建設了 3 個綠地園區。

In 2025, these five sites represented 1 million square feet of data center shell, nearly $2 billion of installed infrastructure assets, more than 5 million labor hours supported by an average of 3,300 workers on site and over $5 billion in total project investment. This is one of the most significant AI expansions underway anywhere in the world. Let's start with Texas. Our 262-megawatt 400,000 square foot Denton campus made remarkable progress. By the end of Q4, Denton delivered 67 billable megawatts across three buildings with roughly half the campus energized.

到 2025 年，這五個地點將擁有 100 萬平方英尺的資料中心外殼、近 20 億美元的已安裝基礎設施資產、超過 500 萬工時（平均現場有 3,300 名工人）以及超過 50 億美元的專案總投資。這是全球範圍內正在進行的最重大的人工智慧擴展項目之一。我們先從德州說起。我們位於丹頓、裝置容量 262 兆瓦、佔地 40 萬平方英尺的園區取得了顯著進展。到第四季末，Denton 在三棟建築中交付了 67 兆瓦的計費電力，校園內大約一半的面積已通電。

Today, Denton North is fully operational, running production GPU workloads and represents 90 billable megawatts. At Denton South, the first 40-megawatt data hall has commenced building. And as of today, our next 41-megawatt data hall will begin the energization process. The remaining buildings on the South campus remain on track for Q2 energization with full campus completion by midyear. Denton alone currently represents approximately 130 billable megawatts, actively supporting more than 50,000 Grace Blackwell GPUs.

如今，丹頓北園區已全面投入運營，運行生產級 GPU 工作負載，發電量達 90 兆瓦。在丹頓南區，首個 40 兆瓦資料中心已經開始建置。從今天起，我們下一個 41 兆瓦資料中心將開始投入使用。南校區剩餘建築仍按計畫於第二季投入使用，整個校園將於年中全面完工。光是 Denton 目前就擁有約 130 兆瓦的計費電力，積極支援超過 50,000 個 Grace Blackwell GPU。

In North Carolina, our 65-megawatt 250,000 square foot Marble data center achieved full site energization in 2025. Two of the three data halls were delivered by the end of the fourth quarter, representing 36 billable megawatts supporting approximately 15,000 Grace Blackwell GPUs. The third and final data hall is currently in commissioning and is expected to be delivered in the second quarter. Our customer is actively accelerating GPU deployments at the site this week.

在北卡羅來納州，我們佔地 25 萬平方英尺、裝置容量 65 兆瓦的 Marble 資料中心於 2025 年全面投入使用。到第四季末，三個資料中心中的兩個已經交付，總裝置容量為 36 兆瓦，可支援約 15,000 個 Grace Blackwell GPU。第三座也是最後一座資料大廳目前正在調試中，預計將於第二季交付。本週，我們的客戶正在積極加快在該網站部署 GPU。

Next, at our Muskogee, Oklahoma campus, Phase 1, a 70-megawatt, 138,000 square foot data center has completed vertical construction and is now fully energized and has advanced into commissioning, remaining on track for full delivery in the second quarter.

接下來，在我們位於俄克拉荷馬州馬斯科吉的園區，第一期工程，一座 70 兆瓦、138,000 平方英尺的數據中心已完成垂直建設，現已全面通電並進入調試階段，預計將在第二季度全面交付。

Finally, our Dalton, Georgia campus Phase 1, a 30-megawatt 52,000 square foot data center has also completed vertical construction and is now fully energized. Commissioning is progressing and preparing the facility for high-density liquid-cooled AI systems with full delivery expected in the second quarter. Then at Dalton Phase 2, a 145-megawatt 250,000 square foot data center, vertical construction is currently underway with full delivery targeted for early 2027. This facility will serve as the final AI factory supporting CoreWeave's 590-megawatt commitment.

最後，我們位於喬治亞州道爾頓的園區第一期工程，即一座 30 兆瓦、52,000 平方英尺的資料中心，也已完成垂直建設，並已全面投入使用。調試工作正在順利進行，該設施正在為高密度液冷人工智慧系統做準備，預計將於第二季全面交付。然後，在 Dalton 二期，一座 145 兆瓦、250,000 平方英尺的資料中心，目前正在進行垂直建設，預計將於 2027 年初全面交付。該設施將作為CoreWeave實現其590兆瓦承諾的最後一個人工智慧工廠。

Looking ahead, I want to outline our development and go-to-market strategy, Operation Forward Observer. This strategy is straightforward, advanced development across multiple sites through the first commission data hall while simultaneously securing long lead equipment to enable rapid expansion.

展望未來，我想概述我們的發展和市場推廣策略—前沿觀察行動。策略很簡單，透過第一個委託資料大廳在多個地點進行先進開發，同時確保長期設備能夠快速擴展。

By progressing sites to this advanced stage before contract signing, we position our ahead of our peers and winning colocation agreements. This approach provides customers with a high degree of certainty around RFS time lines, not only for the initial delivery, but also for seamless expansion into subsequent data halls. Executing this strategy strengthens our competitive positioning, enhances our leverage in negotiating favorable terms with a broad base of creditworthy customers.

透過在合約簽署前將站點推進到這一高級階段，我們能夠領先於同行，贏得託管協議。這種方法為客戶提供了對 RFS 時間表的高度確定性，不僅對於初始交付，而且對於無縫擴展到後續資料中心也是如此。執行此策略可增強我們的競爭地位，提高我們與眾多信譽良好的客戶談判有利條款的籌碼。

Let me walk through our initial forward observer sites. First is the Hunt campus, a planned 285 leasable megawatt AI campus strategically located near the Dallas-Fort Worth market. Our development teams are actively engaged in predevelopment work to deliver the full 285 megawatts across multiple buildings with initial delivery currently planned in the second half of 2027. Next, our Pecos campus, a planned 200 leasable megawatt campus in West Texas.

讓我帶大家了解我們最初的前沿觀察站。首先是亨特園區，這是一個規劃中的 285 兆瓦可租賃人工智慧園區，戰略位置靠近達拉斯-沃斯堡市場。我們的開發團隊正在積極進行前期開發工作，以在多棟建築中實現全部 285 兆瓦的裝置容量，目前計劃於 2027 年下半年開始初步交付。接下來是我們的佩科斯園區，這是一個位於德克薩斯州西部、計劃建設的 200 兆瓦可租賃園區。

Our development teams are mobilized and advancing early civil work and engineering on Phase 1, which is designed to deliver 185 megawatts of leasable capacity across multiple data halls with initial delivery expected to begin in early 2027. At Dalton, Phase 3 will consist of approximately 250,000 square foot greenfield data center planned to deliver 120 megawatts of leasable capacity across multiple data halls with initial delivery targeted for the second half of 2027.

我們的開發團隊已動員起來，正在推進第一階段的早期土木工程和工程建設，該階段旨在透過多個資料中心提供 185 兆瓦的可租賃容量，預計將於 2027 年初開始初步交付。在道爾頓，第三期工程將包括約 25 萬平方英尺的全新資料中心，計劃在多個資料大廳提供 120 兆瓦的可租賃容量，初步交付目標是在 2027 年下半年。

The development teams are mobilized and progressing through early civil work and engineering. Finally, construction is underway on the first phase of our 30-megawatt leasable data center in Auburn, Alabama. The site remains on track for its first 10 megawatts in the second half of 2026. Auburn is designed as a Tier 3 facility with dense connectivity positioned to serve multi-tenant enterprise AI customers. Engineering, preconstruction and permitting are complete and all long lead equipment is on site.

開發團隊已集結完畢，正在推動早期土木工程和工程建設。最後，我們在阿拉巴馬州奧本市的 30 兆瓦可租賃資料中心第一期工程已開工。該站點仍按計劃將於 2026 年下半年實現首批 10 兆瓦的裝置容量。Auburn 被設計為 Tier 3 設施，具有密集的連接性，旨在服務多租戶企業 AI 客戶。工程設計、施工前準備及許可核准均已完成，所有長週期設備已運抵現場。

As we close, the takeaway is simple. We've built a repeatable execution engine for AI infrastructure at scale. We've delivered more than 185 meaningful billable capacity, progressed multiple campuses through energization and commissioning, reached 350 megawatts energized and expanded our development pipeline by 600 leasable megawatts to support the next wave of accelerated computing, all while continuing to enhance how we design, build and onboard customers. Entering 2026, our priorities are clear.

最後，我們總結的要點很簡單。我們為大規模人工智慧基礎設施建構了一個可重複執行的引擎。我們已交付超過 185 個有意義的計費容量，推進多個園區的通電和調試，通電容量達到 350 兆瓦，並將我們的開發計劃擴展了 600 兆瓦可租賃容量，以支援下一波加速計算浪潮，同時不斷改進我們設計、建造和客戶接入的方式。進入2026年，我們的工作重點很明確。

Maintain alignment with customer GPU deliveries, stay ahead of the technology curve and keep transforming megawatts in production-ready AI factories. We're proud of what the team accomplished in 2025 and even more focused on the path ahead in 2026.

與客戶的 GPU 交付保持一致，保持技術領先地位，並持續在可投入生產的 AI 工廠中實現兆瓦級的能源轉換。我們為團隊在 2025 年的成就感到自豪，並且更加專注於 2026 年的未來發展道路。

With that, I'll turn it over to Jim.

這樣，我就把話筒交給吉姆了。

Thanks, Matt. 2025 was a transitional year for the company. While the vast majority of our revenue continued to come from our Bitcoin mining operations, our primary focus was on scaling the colocation business, including the ongoing build-out of capacity for CoreWeave.

謝謝，馬特。 2025年是公司轉型的一年。雖然我們大部分的收入仍來自比特幣挖礦業務，但我們的主要重點是擴大託管業務，包括持續擴大 CoreWeave 的容量。

At the same time, mining activities continue to support the funding of the company as we progress through the transition. Although colocation revenue in 2025 was limited, we expect to reach an important inflection point in the coming months as we begin billing for additional megawatts, bringing colocation revenue to a level that will not only cover our operating costs but also drive significant margin expansion going forward.

同時，隨著我們逐步完成轉型，採礦活動將繼續為公司提供資金支持。儘管 2025 年的託管收入有限，但我們預計在未來幾個月內將迎來一個重要的轉折點，因為我們將開始對額外的兆瓦電力進行計費，這將使託管收入達到不僅可以覆蓋我們的營運成本，而且還將在未來推動利潤率大幅增長的水平。

In terms of Bitcoin mining, we remain focused on operational optimization, and we'll continue to mine to cover contractual power costs. We finished the year with a very strong balance sheet with total liquidity of approximately $530 million. We also opportunistically sold just over 1,900 Bitcoin for approximately $175 million in January at materially higher prices above current market levels.

在比特幣挖礦方面，我們仍然專注於營運優化，我們將繼續挖礦以支付合約規定的電力成本。年底時，我們的資產負債表非常穩健，總流動資金約 5.3 億美元。1 月份，我們也抓住機會，以遠高於當前市場水平的價格，出售了略多於 1900 個比特幣，價值約 1.75 億美元。

At this time, we hold under 1,000 Bitcoin and expect to remain opportunistic going forward. In terms of a broader capital formation strategy, we have a full range of financing options available that we will continue to evaluate in the coming months and quarters as our needs evolve, including both sizable alternatives at the corporate level and the up to $4 billion that we can raise against our contracted capacity with CoreWeave at stabilization.

目前，我們持有的比特幣少於 1000 個，預計未來將繼續保持機會主義心態。就更廣泛的資本形成策略而言，我們有全方位的融資選擇，我們將在未來幾個月和幾個季度中隨著需求的演變繼續評估這些選擇，包括公司層面的可觀替代方案，以及在穩定後我們利用與 CoreWeave 簽訂的合約產能籌集的高達 40 億美元資金。

These capital sources will fund investments in our pipeline sites going forward. At these sites, we will also utilize project-based financing structures with 60% to 85% advance rate on build costs, depending on customer credit quality and site characteristics. Finally, I want to address the historical restatement outlined in our 10-K filing today.

這些資金來源將為我們未來的管道建設投資提供資金。在這些地點，我們還將採用基於專案的融資結構，根據客戶的信用品質和地點特點，預付建造成本的 60% 至 85%。最後，我想談談我們在今天提交的 10-K 文件中概述的歷史重述。

In early 2025, we changed auditors to KPMG from Markham. As part of KPMG's normal audit procedures and our ongoing review of the conversion of legacy mining sites to colocation, we identified an error in our historical accounting going back to 2024 for certain property, plant and equipment that was demolished as part of those conversions.

2025年初，我們將審計師從Markham更換為畢馬威會計師事務所。作為畢馬威正常審計程序的一部分，以及我們對傳統礦場向託管設施轉換的持續審查，我們發現，在2024年以來，我們對某些在轉換過程中被拆除的財產、廠房和設備的歷史會計處理存在錯誤。

Under the historical accounting treatment, demolition costs were capitalized and existing carrying values were maintained. It was determined that these values and expenses should have been written off in certain historical periods. We have filed amended statements to correct the error. Please refer to the SEC or the Core Scientific Investor Relations website for today's filings. To clarify, there was no impact to revenue, adjusted EBITDA or our net cash flow.

根據歷史會計處理方法，拆除成本資本化，現有帳面價值得以維持。經查明，這些價值和費用在某些歷史時期本應被註銷。我們已提交修改後的聲明以糾正錯誤。請查閱美國證券交易委員會或Core Scientific投資者關係網站以取得今日提交的文件。需要澄清的是，此事件對收入、調整後 EBITDA 或我們的淨現金流均未造成任何影響。

And while you will see a material weakness noted in our filings for the next four quarters, rest assured, we have taken the appropriate steps to strengthen our controls over nonroutine accounting items going forward. As we look ahead, we are incredibly excited about the trajectory of our business. The demand backdrop for high-performance infrastructure remains strong, and we've positioned Core Scientific to capitalize on that opportunity with scale, operational discipline and a clear strategic vision.

雖然您會在我們未來四個季度的財務報表中看到一些重大缺陷，但請放心，我們已經採取了適當的措施，以加強我們對非常規會計項目的控制。展望未來，我們對公司的發展軌跡感到無比興奮。對高效能基礎設施的需求依然強勁，我們已使 Core Scientific 具備了規模優勢、營運紀律和清晰的策略願景，從而抓住這一機會。

We are building a differentiated data center platform with the capabilities and balance sheet strength to compete at the highest level. With an experienced and focused team, a growing pipeline and a commitment to disciplined capital allocation, we believe we are not only well positioned for the coming year but structurally set up to create meaningful long-term value for our shareholders.

我們正在建構一個差異化的資料中心平台，具備在最高水準上競爭的能力和雄厚的財務實力。憑藉著經驗豐富且目標明確的團隊、不斷增長的專案儲備以及對嚴格資本配置的承諾，我們相信，我們不僅為來年做好了充分準備，而且在結構上也已做好準備，為我們的股東創造有意義的長期價值。

With that, I'll turn the call over to the operator for questions.

接下來，我將把電話轉交給接線員，回答大家的問題。

(Operator Instructions)

（操作說明）

Jon Petersen, Jefferies.

Jon Petersen，傑富瑞集團。

Oh great, thank you, good afternoon guys. Adam, you talked about 2 deals that are, I guess, in discussion right now. Can you give us some more details on the potential sizes of those deals, maybe what locations those might be in? And then also just kind of curious your selectivity around the type of tenants that you're -- potential tenants that you're willing to talk with right now, how important credit quality is?

哦，太好了，謝謝，各位下午好。亞當，你剛才提到了兩項交易，我猜現在正在討論中。您能否提供更多關於這些交易潛在規模的細節，例如交易可能發生在哪些地區？另外，我還挺好奇您在選擇租戶類型方面有什麼偏好——對於您現在願意洽談的潛在租戶，信用品質有多重要？

Yes, happy to, and thanks for the question, John. it's helpful to look back at October 30 when we first emerged from the termination of the merger agreement. One of the things that we talked about is that we were engaged with a number of different counterparties, including neoclouds.

是的，樂意效勞，謝謝你的提問，約翰。回顧一下10月30日我們首次解除合併協議當天的情況很有幫助。我們討論的內容之一是，我們與許多不同的交易對手方都有合作，包括 neoclouds。

But at the time, hyperscaler customers and certain large investment-grade counterparties were not willing to speak with us during that time, which was understandable. Where we have migrated our sales pipeline over the course of the past four months is we've continued or we've engaged with those large counterparties once again, which has been great to see.

但當時，超大規模資料中心客戶和某些大型投資等級交易對手不願意與我們交談，這也可以理解。在過去的四個月裡，我們對銷售管道進行了調整，我們繼續或再次與那些大型交易對手合作，這令人欣慰。

We're in discussions across a number of them with a number of our sites. And the one thing I'll say is today, we sit with 500 megawatts under exclusivity arrangements with a large investment-grade counterparty that we're excited to continue to advance forward, and we're really looking forward to hopefully signing one of those over the near future.

我們正在與旗下多個站點就其中多個問題進行討論。我今天想說的是，我們與一家大型投資級交易對手達成了 500 兆瓦的獨家協議，我們很高興能夠繼續推進這些協議，並且我們非常期待在不久的將來能夠簽署其中一項協議。

Okay. All right. And as a follow-up, in your presentation, you list 700 megawatts of unannounced leasable customer power opportunities. Is that additional power you might get at existing land sites? Is that new land sites?

好的。好的。作為後續，在您的簡報中，您列出了 700 兆瓦尚未公佈的可租賃客戶電力機會。這是在現有土地上可能獲得的額外電力嗎？那是新的土地開發案嗎？

How do we think about what that bucket is exactly?

我們該如何看待這個桶子究竟是什麼？

Yes. That's really just a combination of both of those items. There are places where we may be waiting to sign certain extensions on power at an existing site due to certain collateral requirements until we're closer on customer signing or it might be sites that we have under exclusivity are completing due diligence, but have the confidence to be able to bring those to customer conversations as opportunities that we can present to them.

是的。實際上，這只是這兩件事的結合。有些地方，由於某些抵押品要求，我們可能要等到與客戶簽約後才能簽署現有站點的電力延期協議；或者，我們可能正在對一些我們擁有獨家經銷權的站點進行盡職調查，但我們有信心將這些站點作為我們可以向客戶展示的機會帶入對話中。

Right, that's helpful. Thank you.

好的，這很有幫助。謝謝。

Brett Knoblauch, Cantor Fitzgerald.

布雷特·諾布勞赫，坎托·菲茨杰拉德。

Hi guys, thanks for taking my question. Adam, on the new site in Hunt County, I think for the most part, the deals we've seen get signed kind of are on maybe sites with energized power today. Obviously, this isn't going to be energized until next year. Could you talk about maybe the level of confidence you have in being able to get a lease signed for that site, even though power is going to be delivered at a later date?

大家好，感謝你們回答我的問題。亞當，關於亨特縣的新址，我認為我們看到的大部分交易都是在目前已經通電的地點進行的。顯然，這項工程要到明年才能啟動。您能否談談您對簽署該地點的租賃合約有多大信心，即使電力供應要到以後才能到位？

Yeah. I mean, for us, really, it doesn't matter if the power is available today because it's going to take time for us to construct and build that site. So as long as the power and the ramp schedule that we've been provided by the utility matches with our construction schedule, that is acceptable to potential customers. So we feel great about the Hunt site. As we see it today that the site is not impacted by Senate Bill 6 or any of the recent ERCOT changes.

是的。我的意思是，對我們來說，今天有沒有電力供應其實並不重要，因為我們需要時間來建造和建造那個場地。只要電力公司提供的電力供應和供電進度安排與我們的施工進度相符，潛在客戶就能接受。所以我們對Hunt網站非常滿意。從目前的情況來看，該地點並未受到參議院第 6 號法案或 ERCOT 近期任何變更的影響。

And we've also been told that this project will not be restudied by ERCOT. So it gives us a lot of confidence in that site and that project. And we're excited about building out a large -- another large-scale campus just outside of Dallas.

我們也被告知，ERCOT不會對該專案進行重新研究。這讓我們對該網站和該專案充滿信心。我們很高興能在拉斯郊外建造另一個大型園區。

Awesome. And then maybe just as one follow-up from a demand perspective and maybe pricing perspective, it feels like the deals kind of have gotten better month after month, quarter after quarter. Are you guys seeing that on your end when you guys are having conversations with prospective tenants? Just curious kind of your thoughts for the overall pricing environment and where we're heading.

驚人的。然後，從需求和定價的角度來看，感覺交易似乎每個月、每季都在變得更好。你們在與潛在租戶交談時，是否也遇到過這種情況？我只是好奇您對整體定價環境以及未來發展方向的看法。

Yeah. We've definitely seen pricing continue to shift. Part of that's driven by equipment prices and labor prices continuing to rise in the market. And so you're seeing a similar move in terms of leasing economics. That's one of the reasons why we launched our project with going forward with securing long-lead equipment, securing trades at sites and beginning civil work across a number of different locations was so that we could lock in economics at those sites, essentially locking in what our costs are going to look like while we're still in an environment where we're seeing lease rates continue to move higher.

是的。我們已經明顯看到價格持續波動。部分原因是市場上設備價格和勞動力價格持續上漲。因此，在租賃經濟方面也出現了類似的趨勢。這就是我們啟動專案的原因之一，即推進長週期設備採購、現場施工人員安排以及在多個不同地點開展土木工程，以便鎖定這些地點的經濟效益，從而在租賃價格持續上漲的環境下，鎖定我們的成本。

So that's something that's more protective from our business, but it's also an offensive approach for us to continue to attack the market and put ourselves in a position to really compete on deals with hyperscalers because they're expecting capacity delivered sub-18 months and in some cases, sub-12 months. And so for us to be able to put ourselves in those positions, we have to be making the moves that we're making today related to really securing site readiness around these new locations.

所以，這對於保護我們的業務來說是一種更具進攻性的做法，但對於我們繼續開拓市場、讓自己處於能夠與超大規模數據中心運營商在交易中真正競爭的地位來說也是一種進攻性的做法，因為他們期望在 18 個月內，甚至在某些情況下在 12 個月內交付容量。因此，為了能夠讓自己處於這些位置，我們必須採取我們今天正在採取的行動，真正確保這些新地點的場地準備就緒。

Perfect, thank you guys. Appreciate it.

太好了，謝謝你們。謝謝。

Darren Aftahi, Roth Capital Partners.

Darren Aftahi，Roth Capital Partners。

Hey everybody. Thanks for taking my questions. Good afternoon. Two, if I may. Just on the Hunt County site, could you talk about what the rough payment was? And then I know you said it'd be energized 2027. How does that kind of energization scale up? And then a follow-up, Jim, you've made a comment about financing against the CoreWeave deal when there's stabilization, can you just kind of enlighten us what that actually means and perhaps that 6 months after all the campuses are built out? Thanks.

大家好。謝謝您回答我的問題。午安.如果可以的話，我想說兩個。僅就亨特縣的案件而言，您能否談談大致的付款金額是多少？我知道你說過它會在 2027 年充滿活力。這種能量激發方式如何擴大規模？吉姆，還有一個後續問題，你曾經提到CoreWeave交易穩定後會進行融資，可以解釋一下這到底是什麼意思嗎？或許是在所有校區建成後的6個月？謝謝。

Yeah, thanks, Darren. So we'll be announcing further details related to the Hunt County site as that site gets to close later in this quarter. As it relates to energization, as we look at the megawatts, there are tail megawatts here, but really the energization schedule ramps alongside of what our construction schedule looks like. So we feel how that site looks today in terms of our site readiness and our ability to deliver against the ramp schedule provided by the utility.

謝謝你，達倫。因此，我們將在本季稍後亨特縣廠址關閉時公佈更多相關細節。就供電而言，從兆瓦數來看，這裡存在一些尾部兆瓦數，但實際上供電進度與我們的施工進度同步進行。所以，我們根據我們目前的場地準備情況以及我們能否按照公用事業公司提供的進度計劃交付，來評估該場地目前的狀況。

We think that puts that site in a very strong box in terms of checking a number of different criteria that both hyperscalers as well as other large offtake companies may have. So we're excited about that site and how that continues to move forward.

我們認為，就超大規模資料中心營運商和其他大型電力承購公司可能提出的許多不同標準而言，這使得該網站處於非常有利的地位。所以我們對這個網站以及它未來的發展感到興奮。

I'll let Jim take the last question you had.

最後一個問題就交給吉姆來回答吧。

Thanks, Adam. Thanks, Adam. When you look at the size of our contract with CoreWeave at 590 megawatts, it represents somewhere between $5 billion and $5.5 billion of total infrastructure.

謝謝你，亞當。謝謝你，亞當。我們與 CoreWeave 簽訂的合約規模為 590 兆瓦，這意味著總基礎設施價值在 50 億美元到 55 億美元之間。

So when I say stabilization and I indicate the availability of capital up to $4 billion, I'm referencing the full stabilization of the contract relative to the asset base that we're constructing. The reality is that this is different than what is more commonly structured in project finance terms where you're borrowing the money upfront and building later. We have substantial availability under that asset base to borrow a good portion of that $4 billion today.

所以，當我提到穩定並指出可用資金高達 40 億美元時，我指的是相對於我們正在建立的資產基礎而言，合約的完全穩定。事實上，這與專案融資中更常見的結構不同，在專案融資中，你是先借錢，然後再進行建造。我們擁有充足的資產基礎，今天就可以藉到其中相當一部分40億美元。

But the scaling is quite fast because we are already at such a significant progress on the billing, we will get through the vast majority of that before the end of this year.

但由於我們在計費方面已經取得瞭如此顯著的進展，因此規模擴張速度相當快，我們將在今年年底前完成絕大部分計費工作。

Appreciate it. Thank you.

謝謝。謝謝。

Nick Giles, B Riley Securities.

Nick Giles，B Riley Securities。

Thank you, operator. This is Henry Hearle on for Nick Giles. I wanted to follow up on the new Hunt County site. Specifically, what does the site kind of look like today? And are there any preliminary permits that are needed before construction can begin? Thanks.

謝謝接線生。這是亨利·赫爾代替尼克·吉爾斯解說。我想跟進亨特縣新網站的情況。具體來說，該網站現在的大致情況如何？施工開始前是否需要任何初步許可？謝謝。

Yeah. I appreciate the question. So today, the site is essentially what we have to do to kind of energize that site is there's still a substation that needs to be built. And so when we look at the kind of the utility energization schedule and the construction schedule, we feel like we can start energizing that site in late '27, but that's going to require us kind of start to get the process rolling both in terms of our preconstruction activities and getting the substation going here in pretty short order.

是的。感謝您的提問。所以今天，我們基本上需要做的就是為該場地供電，而要讓該場地通電，還需要建造一個變電站。因此，當我們查看公用設施通電計劃和施工計劃時，我們感覺可以在 2027 年底開始為該場地通電，但這需要我們盡快啟動施工前活動和變電站的建設。

And then just on preliminary permits for construction, any color on that?

那麼關於初步施工許可，有什麼進展嗎？

So we've gone through pretty much all of the EFA sort of Phase I, Phase I studies and geotechnicals for the site. We have schematic designs in place. And so we have a pretty good idea on the development strategy for that site. And it's really just a matter of finalizing design docs, getting to IFPs and then releasing those for permitting.

所以我們已經完成了該場地第一階段的所有環境影響評估、第一階段研究和岩土工程工作。我們已經有了初步的設計方案。因此，我們對該網站的發展策略已經有了相當清晰的思路。實際上，現在只需要敲定設計文件，制定初步設計方案，然後將其提交審批即可。

Okay great. Thanks so much. Best of luck.

好的，太好了。非常感謝。祝你好運。

George Sutton, Craig Hallum Capitals Group.

喬治·薩頓，克雷格·哈勒姆資本集團。

Thank you. Matt, you referenced new architectures and cooling and also new GPUs. And that sounds like a bit of a frustration. I'm just curious how -- as you're developing new sites, how much change you're seeing relative to the prior sites?

謝謝。馬特，你提到了新的架構和散熱技術，還有新的GPU。聽起來確實有點令人沮喪。我只是好奇——在開發新網站的過程中，您覺得與之前的網站相比，變化有多大？

Yeah. So the evolution, I think, on the technology stack, obviously, when you're building projects that are taking 12, 18 months to sort of get out of the ground and you're going through sort of multiple sort of technology changes and trying to adapt to those in real time. In our case, we went -- we started our very first data center with CoreWeave, started with H100.

是的。所以，我認為，技術堆疊的演變，顯然，當你建立的專案需要 12 到 18 個月才能啟動，並且你會經歷多種技術變革，並試圖即時適應這些變革時，就會發生這種情況。就我們而言，我們選擇了 CoreWeave，從 H100 開始，建立了我們的第一個資料中心。

Then we quickly evolved into NVIDIA's first iteration of Grace Blackwells, NVL36s, then the NVL72s and then to -- from the GB200 platforms into the GB300 platforms and sort of having to adopt sort of the data halls kind of in flight to those technology iterations. And then recently, NVIDIA released its reference architecture for Rubin Vera.

然後我們迅速發展到 NVIDIA 的第一代 Grace Blackwell，即 NVL36s，然後是 NVL72s，再到 GB200 平台到 GB300 平台，並且必須隨著這些技術迭代而採用資料中心。最近，NVIDIA 發布了 Rubin Vera 的參考架構。

And so we have a pretty good idea kind of what that sort of paradigm shift is going to start to look like. Both from a cooling and power distribution standpoint. And so I would say our teams are starting to factor those changes into our new projects. And so that we're both -- we're pretty future-proofed in terms of what we're expecting next to happen. And then in addition, the last thing I'll say, obviously, the Google and the TPUs and the TPUs becoming more prevalent into the market.

因此，我們對這種範式轉移將會呈現怎樣的面貌已經有了相當清晰的認識。無論是從散熱或配電的角度來看。因此，我認為我們的團隊已經開始將這些變更納入我們的新專案中。因此，我們兩人——就我們預期接下來會發生的事情而言，我們都相當有應對能力。最後，我還要補充一點，很明顯，Google和 TPU 以及 TPU 在市場上的普及程度越來越高。

And so we're also evaluating sort of how do we take our standardized base of design so that we have a very predictable, repeatable approach to putting product into the market that is both adaptable to what we're doing today and what we're expecting from NVIDIA tomorrow and these new chipsets coming to market like TPUs as those become more prevalent even outside the Google ecosystem that we're able to adapt our data halls to those shifts as well.

因此，我們也在評估如何利用我們標準化的設計基礎，以便我們能夠以非常可預測、可重複的方式將產品推向市場，既能適應我們今天正在做的事情，也能適應我們對英偉達未來以及像 TPU 這樣的新型晶片組上市的預期，因為這些晶片組即使在谷歌生態系統之外也變得越來越普遍，我們也能調整我們的數據中心以適應這些變化。

So a lot of moving parts, a lot of things happening kind of in the technology ecosystem, but our engineering team and our development teams are, I think, are well ahead of the curve and thinking about how do we adapt to those.

所以，技術生態系統中有很多環節在變化，很多事情正在發生，但我認為我們的工程團隊和開發團隊已經走在了前面，並且正在思考我們如何適應這些變化。

Very helpful. And then just a follow-up for Adam. You mentioned the broader and larger funnel of groups that you're talking to, but you also have suggested that we need investment-grade guarantees at some point. How broad can that funnel really be relative to those guarantees? Are you seeing that availability?

很有幫助。然後是給亞當的後續問題。您提到了您正在接觸的更廣泛、更大的群體，但您也暗示我們在某個時候需要投資等級的擔保。相對於這些保證而言，這個管道究竟能有多廣？你看到有貨了嗎？

Yes. I would say we're seeing a pretty wide range, and that range has continued to expand. It's helpful to think back on 2025. Think back at the demand from both neoclouds and from AI Labs in the first half of 2025, you essentially did not really see many new deals being announced. That changed dramatically, obviously, in Q3 as guarantees were introduced into the market.

是的。我認為我們看到的範圍相當廣泛，而且這個範圍還在不斷擴大。回顧2025年是有幫助的。回想一下 2025 年上半年來自新雲端和 AI Labs 的需求，你基本上看不到多少新的交易宣布。顯然，第三季隨著擔保制度的引入，情況發生了巨大變化。

We saw some deals backed by Google. And I believe over time, we're going to continue to see the evolution of these guarantees. And the ones that we've seen so far come from wide and varying sources. We listed hyperscalers chip manufacturers and other large investment-grade guarantors. And that's really what we're seeing in the market.

我們看到了一些由谷歌支持的交易。我相信隨著時間的推移，我們將繼續看到這些保障措施的演變。而我們目前看到的這些例子都來自廣泛而多元的來源。我們列出了超大規模資料中心、晶片製造商和其他大型投資等級擔保人。而這正是我們在市場上看到的現象。

It's a wide range. They look different all the way from debt guarantees to full lease guarantees. So they cover the full spectrum. And I think what we're going to see over 2026 is really a centralization on terms related to those guarantees and wrappers that exist in the market. So I think some of the delay and pause that you've seen in some of the neocloud and lab signing over the course of the past 3 months has more been related to what are those guarantees going to look like because I don't think they're going to look like they have in the past.

範圍很廣。從債務擔保到全額租賃擔保，它們看起來都不一樣。所以它們涵蓋了所有方面。我認為到 2026 年，我們將看到的是市場上與這些擔保和包裝相關的條款的集中化。所以我認為，在過去三個月裡，你在 Neocloud 和 Lab 的一些簽約中看到的延遲和暫停，更多地與這些擔保的形式有關，因為我認為它們不會像過去那樣了。

So we're in the process of negotiating with certain guarantee counterparties here, and we're hopeful that these counterparties begin to centralize on the right guarantee in order for data center developers to go out and fund these developments.

因此，我們正在與一些擔保方進行談判，我們希望這些擔保方能夠集中精力提供合適的擔保，以便資料中心開發商能夠為這些開發案提供資金。

Right, good stuff. Thank you.

沒錯，不錯。謝謝。

Mike Donovan, Compass Point.

麥克·多諾萬，指南針點。

Hi, thanks for taking my question. In prepared remarks, you stated you have more power in your pipeline than you can build over the next few years. Can you share a range of megawatts you are confident you can bring online per year? And are there any areas of concern today around supply chain or labor availability?

您好，感謝您回答我的問題。您在事先準備好的演講稿中表示，您目前擁有的能源儲備比未來幾年能夠建造的能源儲備還要多。您能否分享一下您每年有信心能夠併網發電的兆瓦數範圍？目前供應鏈或勞動力供應方面是否有任何令人擔憂的問題？

Yeah. No, I appreciate the question. So -- in terms of what we think kind of an order of magnitude of what we think we can develop, a lot of that's going to be really customer-driven. We announced in our strategy that we're progressing multiple sites through the design build process into 2027. But as customers step into those, that's really going to drive what the scalability and the pace of acceleration in terms of how many megawatts we build out.

是的。不，我很感謝你的提問。所以——就我們認為我們可以開發的產品的數量級而言，很多都將真正取決於客戶的需求。我們在策略中宣布，我們將推進多個專案的設計與建造流程，直至 2027 年。但隨著客戶開始使用這些產品，這將真正推動我們建造的兆瓦數的規模化和加速發展速度。

In previous quarters, I think we've guided around the idea that we could, in theory, build out as much as 500 megawatts in a single calendar year. I think that's certainly possible, but that's going to require customers stepping into these projects pretty early so that we can line up the financing and line up the supply chain in order to scale those out to that sort of order of magnitude of development.

在前幾個季度，我認為我們一直圍繞著這樣一個想法：理論上，我們可以在一個日曆年內建造高達 500 兆瓦的發電裝置容量。我認為這當然有可能，但這需要客戶很早就參與到這些專案中來，以便我們能夠安排好融資和供應鏈，從而將這些專案擴展到這種規模的開發。

So another way of saying that is our internal capacity to take on 0.5 gigawatt in a year and 18-month time horizon is we feel really comfortable with. It's really a matter of sort of lining up economics and financing to support that strategy. Hopefully, that answers your question.

換句話說，我們覺得自己有能力在一年或 18 個月的時間範圍內承接 0.5 吉瓦的工程量，對此我們感到非常滿意。實際上，關鍵在於如何協調經濟和融資條件來支持這項策略。希望這能解答你的疑問。

Okay, appreciate that added color.

好的，很喜歡這增添的色彩。

John Hickman, Ladenburg Thalmann.

約翰‧希克曼，拉登堡‧塔爾曼。

Hi. Could you elaborate on your comments like right upfront, you talked about the billing. There's a 90-day delay in when you energize and when you get the bill. Is that what you were telling us?

你好。您能否詳細說明您的評論，例如一開始您就談到了帳單問題。從通電到收到帳單有 90 天的延遲。你剛才說的就是這個意思嗎？

I can handle the first part of that. This is Matt. So kind of what we're referring to as we turn on power to a building, so we achieve basically our energization milestone of basically hydrating all the equipment with electrons. From that point, the -- each data hall within the building has to go through its subsequent commissioning phases, the fully commissioned test commission and go through all the integrated testing to operationalize each of those data halls within that structure. And so from the time we start energization to the time that we fully commission those data halls could roughly range into the 90-day time horizon for which we would expect to turn on revenue.

第一部分我可以應付。這是馬特。所以，我們所說的就是為建築物通電，這樣我們就實現了通電里程碑，基本上就是用電子供電給所有設備。從那時起，建築物內的每個資料大廳都必須經歷其後續的調試階段、全面調試測試以及所有整合測試，才能使該結構內的每個資料大廳投入運作。因此，從我們開始通電到我們全面啟用這些資料大廳，大約需要 90 天的時間，我們預計在此期間開始產生收入。

Okay. And then I think I missed this number, but as of the end of the year, how many megawatts had you delivered to CoreWeave?

好的。然後我想我漏掉了這個數字，截至年底，你們向 CoreWeave 輸送了多少兆瓦的電力？

The end of calendar year '25?

2025年年底？

Yeah, end of the quarter.

是的，季度末了。

Yeah. So we had energized 213 megawatts by the end of the calendar year. And so we had fallen just slightly short of our -- one data hall short of our goal. But as we said in this earnings call, we have more than made our way back ahead of schedule with 350 megawatts energized and nearly 200 megawatts billing. So I think the step function of progress over the last couple of months has been pretty remarkable.

是的。因此，到年底，我們已實現了 213 兆瓦的發電量。因此，我們距離目標只差一點點──還差一個資料中心。但正如我們在本次財報電話會議上所說，我們已經提前超額完成了復工復產計劃，目前已通電 350 兆瓦，計費量接近 200 兆瓦。所以我認為過去幾個月的進步是相當顯著的。

And you said that kind of by midyear, you'd have it all energized?

你說過到年中左右，一切都會運作起來？

By the end of -- basically going into 2027 or the early part of '27, the full contracts should be fulfilled and fully delivered to CoreWeave.

到 2027 年底或 2027 年初，所有合約應該全部履行完畢並交付給 CoreWeave。

Okay, thank you. Appreciate the color.

好的，謝謝。欣賞這種顏色。

Kevin Dede, HC Wainwright.

Kevin Dede，HC Wainwright。

Hey, Adam, Matt, thanks for having me on. Adam, can you drill in a little bit about on Alabama? It just seemed to be a little bit of an outlier at 30 megawatts. I'm just wondering how you sort of process that in this grand scheme of landing hyperscalers.

嘿，亞當，馬特，謝謝你們邀請我來。亞當，你能稍微介紹一下阿拉巴馬州的情況嗎？30兆瓦這個數值似乎有點異常。我只是想知道，在吸引超大規模企業進駐的大局中，你是如何處理這個問題的。

Yeah, absolutely, Kevin, and thanks for the question. The 30-megawatt site in Alabama is a site that we saw early on as a location that could move quickly. We also recognize the power constraints in Georgia and recognize the low latency that Auburn had available to it. That's a site that we believe sitting here today, based on our customer conversations is a site that has interest across a number of different potential counterparties. And it's something that we're using to customers on larger contracts.

是的，當然，凱文，謝謝你的提問。阿拉巴馬州的這個 30 兆瓦的電站，我們很早就認為是一個可以快速前進的地點。我們也意識到喬治亞州的電力限制，並意識到奧本大學所擁有的低延遲優勢。根據我們與客戶的交流，我們認為，這個網站能夠引起許多不同潛在交易對手的興趣。我們正在將其應用於簽訂較大合約的客戶。

I think one thing important to note is that hyperscalers are not only focused on the larger sites and larger campuses. They're also looking for backfill across certain locations to serve certain markets. And we think Alabama and Auburn specifically serves that very well. So we're excited about that project, and we're looking forward to landing a customer there as well.

我認為需要注意的一點是，超大規模資料中心營運商不僅僅關注大型站點和大型園區。他們還在特定地區尋找替補人員，以服務特定市場。我們認為阿拉巴馬州，尤其是奧本大學，在這方面做得非常出色。所以我們對那個專案感到很興奮，也期待著能在那裡拿下客戶。

So do you think it sort of fits the bill for an inference type solution? And if that's the case, is Matt sort of reorganizing the way sites are constructed and fitting potential use case changes?

所以你認為它符合推理型解決方案的要求嗎？如果是這樣，Matt 是不是正在重新組織網站的建構方式，以適應潛在的使用情境變化？

Yeah. It's definitely a site that's going to be utilized for inference use cases. But Matt, I'll let you take it related to infrastructure design.

是的。這絕對是一個將用於推理用例的網站。但是馬特，關於基礎設施設計方面的問題，我就交給你來處理了。

Yeah. Auburn is unique from a couple of different standpoints. One, it sort of has the makings of a much more traditional multi-tenant data center, Tier 3 type facility, multiple 10,000 square foot data halls, high degrees of security and a mass amount of connectivity. So more akin to what you might find in Digital Realty or Equinix or a modern Equinix type facility.

是的。奧本大學在幾個方面都獨具特色。首先，它具備成為更傳統的多租戶資料中心、Tier 3 型設施、多個 10,000 平方英尺資料大廳、高度安全性以及大量連接性的基本條件。所以更像是你在 Digital Realty 或 Equinix，或是現代化的 Equinix 型設施中可能會看到的那種。

And so from that standpoint, we think we look at Auburn as really an entry point, both in terms of inferencing AI loads but also in terms of the enterprise segment as well since the enterprise segment tends to be on a smaller deal size, on smaller deal constructs with that and the needs for dense connectivity, multicarrier-neutral type environments with the type of infrastructure that's laid out there sort of makes it ideal for a number of different customer segments, both on AI and on some of the non-AI segments as well.

因此從這個角度來看，我們認為奧本大學確實是一個切入點，無論是在人工智慧推理負載方面，還是在企業領域方面，因為企業領域的交易規模往往較小，交易結構也較小，而且對密集連接、多運營商中立環境的需求，以及那裡的基礎設施佈局，使其成為許多不同客戶群體的理想選擇，無論是人工智能領域還是某些非人工智能領域。

So Auburn sort of a little unique from that standpoint. In terms of like adjusting to inferencing versus large language model sites as an example, from a technology standpoint, we don't see a ton of difference from what the density, the power density needs are between those. What we might see happening is, I think the cluster sizing might be slightly different between an inference cluster and a large language model cluster sort of driving a little bit more segmentation potentially within the campus at some point. So that's generally how -- what we think is happening today.

所以從這個角度來看，奧本大學有點特別。以調整推理方式和大型語言模型網站為例，從技術角度來看，我們認為它們在密度和功耗方面並沒有太大的差異。我認為，我們可能會看到的是，推理集群和大型語言模型集群的集群規模可能會略有不同，這可能會在某個時候在校園內造成更多的細分。所以，這大致上就是我們認為今天正在發生的事情。

Okay. Adam, before I get the hook, and nobody has really asked about Bitcoin mining. And I know it's not a priority, but it's still the lion's share of revenues for a little while anyway. Can you give us some insight on how you expect this year to fall out from a hash rate perspective and whether or not you're chasing down those block miners that you thought you might look at the end of last year?

好的。亞當，在我被甩開之前，而且還沒有人真正問過關於比特幣挖礦的問題。我知道這不是優先事項，但無論如何，在一段時間內，它仍然是收入的主要來源。您能否從算力角度談談您對今年市場走勢的預期，以及您是否正在關注去年年底您考慮過的那些區塊礦工？

Yeah, absolutely. It's been interesting to watch what's happening in the mining environment, right? We're seeing hash price go to levels that have never been seen before, dipping below $0.03 was definitely something that I think folks thought might happen probably in 2027 or 2028, just given where machine efficiency is today. For us, that business is still essentially in runoff today, right? We're trying to manage our machine fleet based on what our minimum power draw requirements are across a number of different sites.

是的，絕對的。觀察採礦環境的變化很有意思，對吧？我們看到哈希價格達到了前所未有的水平，跌破 0.03 美元絕對是人們認為可能會在 2027 年或 2028 年發生的事情，考慮到目前的機器效率。對我們來說，那項業務如今基本上仍然處於停滯狀態，對吧？我們正在嘗試根據多個不同地點的最低功率消耗要求來管理我們的機器設備。

And that's something that we're going to continue to operate in that mode over the course of this year. We're really just optimizing right now to ensure that we -- that we are hitting our minimum power draw requirements across our portfolio. In terms of the block units, those units are getting installed today.

今年我們將繼續以這種模式運作。我們現在正在進行最佳化，以確保我們——確保我們所有產品組合都能達到最低功耗要求。至於單元房，這些單元房今天正在安裝。

And so that's something that's going to help us maintain productivity across our mining portfolio and really help us hit given that a majority of our machine fleet is anywhere from four to five years old today, really allow us to continue to hit those minimum power draw requirements profitably.

因此，這將有助於我們保持整個採礦業務的生產力，並且鑑於我們目前的大部分機器設備都已使用了四到五年，這將真正幫助我們繼續盈利地滿足最低電力消耗要求。

So where does Bitcoin mining stand at the end of this year, as you look at how your sites are converted?

那麼，到今年年底，比特幣挖礦的現狀如何？從網站轉換率的角度來看，又會如何呢？

It's something that's continuing to evolve, Kevin. We're building next door at many of these locations, which is why we've been acquiring additional land across our portfolio. So it really will come offline as we're transferring that power over to a data center.

凱文，這件事還在不斷發展變化。我們在許多這樣的地點都在隔壁進行建設，這也是我們一直在收購我們投資組合中其他土地的原因。因此，在我們把電力轉移到資料中心的過程中，它確實會離線。

Perfect. Got it. Okay. Thank you for entertaining them all, Adam. I really appreciate it. Congrats on the progress.

完美的。知道了。好的。謝謝你逗他們開心，亞當。我非常感謝。恭喜你取得進展。

Thanks, Kevin.

謝謝你，凱文。

John Tadaro, Needham & Company.

約翰‧塔達羅，李約瑟公司。

Hey guys, thanks for taking my question and the progress so far. There's been some conversations of NVIDIA backstopping a number of kind of neoclouds. It would just potentially open up the type of customers you guys could sign with by quite a bit. Just wondering if there's -- if that's starting to happen in some lease discussions. Any commentary there?

大家好，感謝你們回答我的問題，也感謝你們目前為止的進展。有傳言稱，NVIDIA 正在為多種類型的雲端平台提供支援。這或許能大大拓寬你們可以簽約的客戶類型。我只是想知道——這種情況是否已經開始出現在一些租賃談判中。對此有何評論？

Yeah. I think we're going to see all chip manufacturers start to begin to play the game of guarantees to help them secure their customers moving forward and really lock in architecture in the data center around their GPU chipset. So it's definitely something we've seen. I think it's something that's going to continue to evolve, as I noted earlier. But I would expect both hyperscalers and chip manufacturers continue to march down the path of looking to provide guarantees for both neoclouds as well as labs.

是的。我認為我們將看到所有晶片製造商開始玩弄保證遊戲，以幫助他們確保未來的客戶，並真​​正鎖定資料中心圍繞其 GPU 晶片組的架構。所以這絕對是我們見過的現象。我認為它會繼續發展演變，正如我之前提到的那樣。但我認為，超大規模資料中心營運商和晶片製造商將繼續努力，為新型雲端和實驗室提供保障。

Okay. Understood. And then beyond just kind of maybe some of the terms, but on lease rates, as we think about some of the latest-gen architecture and maybe a little bit higher CapEx spend from the data center operator side and also maybe the use case changes that we heard in your responses to Kevin, are leasing rates going to start moving quite a bit higher from historically what we've seen signed here, ranging from you guys having one of the first leases to the more recent one with -- should we expect that to start materially moving higher?

好的。明白了。除了某些條款之外，關於租賃費率，考慮到最新一代架構以及資料中心運營商方面可能略微更高的資本支出，還有我們從您對 Kevin 的回復中聽到的用例變化，租賃費率是否會比我們以往在這裡看到的簽署的租賃費率大幅上漲？從你們最早簽署的租賃合約到最近的合同，我們是否應該預期租賃費率會大幅上漲？

I wouldn't not necessarily say materially moving higher. I think in the market, what we've seen our lease rates move generally a bit higher in relation to what the CapEx is on those builds. So I wouldn't say that we're sitting here today, we're going to see something material outside of the bounds of what has been signed historically.

我不會說價格會大幅上漲。我認為在市場上，我們看到租賃價格相對於這些項目的資本支出而言，總體上略有上漲。所以我不會說我們今天坐在這裡，將會看到一些超出歷史上已簽署協議範圍的實質成果。

But I do believe that over the course of 2026, we may see a little bit more normalization and a touch movement higher in terms of lease rates, but that's really just driven by the fact that many of the hyperscalers price their data centers based on a yield, and they know how much their basis of design costs.

但我相信，到 2026 年，我們可能會看到租賃價格略微趨於正常化並略有上漲，但這實際上只是因為許多超大規模資料中心營運商根據收益率來定價，而他們知道其設計基礎成本是多少。

Yes, that makes ton of sense, understood. Thank you, and congrats on the progress.

是的，很有道理，懂了。謝謝，也祝賀你的進展。

Ben Sommers, BTIG.

Ben Sommers，BTIG。

Hey, good afternoon guys and thanks for taking my question. So kind of building off that last question, kind of curious if you're seeing any sort of bifurcation of kind of more urban located sites and the potential pricing there, I guess, demand profile for those sites and kind of how that could potentially lead to maybe improved pricing on a site like Hunt County that's right near one of the largest data center hubs in the US.

嘿，各位下午好，感謝你們回答我的問題。所以，接著上一個問題，我很好奇您是否看到位於城市地區的站點出現某種分化，以及這些站點的潛在定價，我想，這些站點的需求情況，以及這可能會如何導致像亨特縣這樣靠近美國最大的數據中心樞紐之一的站點的價格有所改善。

Yeah. I mean, as we look at Hunt, there's definitely better pricing capacity for us and for data center developers more broadly when you're within a certain latency band back to a major metropolitan market. In relation to, I would say, more urban environments, that's not necessarily a game that we play in. That is more of the Equinix Digital Realty type model. But I would expect to see our pricing for sites that are closer to major metropolitan areas.

是的。我的意思是，當我們審視 Hunt 時，當延遲在一定範圍內，並且連接到主要都市市場時，對於我們以及更廣泛的資料中心開發人員來說，肯定有更好的定價能力。至於城市環境，那不一定是我們玩的遊戲類型。這更像是 Equinix Digital Realty 那種類型的模式。但我希望看到我們針對靠近主要都市區的網站的定價。

be stronger than sites that might be further away from major metro areas. So there is that pricing bifurcation and some of that is related to dual use case when you're closer to the major metropolitan area, it can be used for both LLMs as well as inference. But the other part here is also time to RFS. It's something that we talked about in our prepared remarks. Time to RFS is really the trump card for data center developers. The closer you are to RFS, the better pricing power you have.

比那些距離主要都會區較遠的站點更強大。所以價格出現了分化，其中一些與雙重用途有關，當你靠近主要都市區時，它既可以用於LLM，也可以用於推理。但另一方面，也到了進行 RFS 的時候了。這是我們事先準備好的發言稿中談到的內容。對於資料中心開發商來說，RFS 的真正王牌是時間。距離 RFS 越近，你的定價權就越大。

Awesome. Super helpful. And then just one more, if I may. Sorry if I missed this earlier. Just kind of curious on any time line around Kentucky and North Dakota on those sites and just kind of any comments on the demand for those sites for potential HPC contracts?

驚人的。非常有用。如果可以的話，我再問一個問題。如果我之前錯過了這條訊息，請見諒。我只是有點好奇肯塔基州和北達科他州這些站點的具體時間表，以及對於這些站點潛在的高效能運算合約的需求，大家有什麼看法？

They're under discussions with a number of different counterparties. They're in our priority list, albeit though the projects that Matt Brown walked through earlier are our focus points today.

他們正在與多個不同的交易對手進行洽談。它們都在我們的優先事項清單上，儘管馬特布朗之前介紹的項目是我們今天的重點。

Awesome, thank you guys for taking my questions.

太棒了，謝謝你們回答我的問題。

There are no further questions at this time. That will conclude today's conference. You may disconnect your lines at this time, and have a wonderful day.

目前沒有其他問題了。今天的會議到此結束。現在您可以斷開線路了，祝您有美好的一天。