Core Scientific Inc (CORZ) 2026 Q1 法說會逐字稿

Greetings. Welcome to the Core Scientific Fiscal First Quarter 2026 Earnings Conference Call.

各位好。歡迎參加 Core Scientific 2026 會計年度第一季財報電話會議。

(Operator Instructions).

（接線員指示）。

I will now turn the conference over to your host, John Charbonneau, SVP, Investor Relations. Please go ahead, sir.

現在我將把會議交給本次主持人、投資人關係資深副總裁 John Charbonneau。先生，請開始。

Great, thank you. Good afternoon, welcome to Core Scientific's first quarter 2026 earnings call. Before we begin, I need to remind you the 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.

好的，謝謝。各位下午好，歡迎參加 Core Scientific 2026 年第一季財報電話會議。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陳述均屬於《1995 年私人證券訴訟改革法》所定義的前瞻性陳述，並基於我們目前的預期。諸如「預期」、「估計」、「預計」、「打算」與「相信」等字眼，以及類似用語，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-Q and 8-K filed today with the SEC and the press release and slide presentation contained therein.

這些陳述受風險與不確定性影響，可能導致實際結果出現重大差異。關於這些風險與不確定性的更多資訊，我們建議各位查閱公司今日向美國證券交易委員會（SEC）提交的 10-Q 與 8-K 報告中所討論的風險因素，以及其中所包含的新聞稿與簡報資料。

The forward-looking statements we make today speak as of today, 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, May 6, 2026. Joining me today from Core Scientific are our CEO, Adam Sullivan, Chief Operating Officer Matt Brown, and Chief Financial Officer Jim Nygaard. We will conduct a question-and-answer session after management's remarks. We will now begin with remarks from Adam.

我們今天所作的前瞻性陳述僅截至今日為止，我們不承擔任何義務更新任何此類陳述，以反映今日之後發生的事件或情況。今日簡報可於我們的網站 investors.corescientific.com 取得。本次電話會議內容所含資訊截至今日（2026 年 5 月 6 日）為準且為正確。今天與我一同出席的 Core Scientific 團隊成員包括：執行長 Adam Sullivan、營運長 Matt Brown，以及財務長 Jim Nygaard。管理團隊發言結束後，我們將進行問答環節。現在先請 Adam 發表談話。

Good afternoon, everyone, and thank you for joining us. platform designed to support the most demanding compute workloads in the market. Over the past year, we've translated that strategy into execution, delivering high density capacity at scale across multiple states. Those sites were an important starting point, but our first customer was never Core Scientific's full story. Delivering these initial sites enhances our operating credibility and provides a significant capital foundation we need to scale meaningfully from here.

各位下午好，感謝各位加入我們。我們的平台旨在支援市場上最嚴苛的運算工作負載。過去一年，我們已將該策略轉化為具體執行，在多個州以規模化方式交付高密度容量。這些場址是重要的起點，但我們的第一位客戶從來不是 Core Scientific 故事的全部。交付這些初始場址提升了我們的營運可信度，並為我們從此處有意義地擴張提供所需的重要資本基礎。

We have shown clearly our ability to deliver at scale. Across five sites, we are now developing one of the largest multi-site AI infrastructures build-outs in the market. We are now earning revenue on approximately 245 MW, with another 200 MW expected to be earning revenue in the coming months. Our execution, combined with the favourable structure of our Core Weave contracts, has enabled our next phase of growth.

我們已清楚展現出以規模交付的能力。橫跨五個場址，我們目前正在打造市場上規模最大的多場址 AI 基礎設施建置之一。我們目前約有 245 兆瓦（MW）正在產生營收，另有約 200 兆瓦預計在未來數月內開始產生營收。我們的執行力，加上我們與 Core Weave 合約的有利結構，使我們得以進入下一階段的成長。

Today, we closed on a $3.3 billion capital raise supported by that contract, with the proceeds to be used for future growth and the development of projects for other customers. The fact that we have five facilities fully leased and financed by our tenant is a meaningful differentiator. We have the ability to push the next phase of development in a disciplined way by securing the land, labour, and equipment to protect timelines and accelerate delivery.

今天，我們完成一筆由該合約支持的 33 億美元募資，所得款項將用於未來成長，以及為其他客戶開發專案。我們有五座設施由承租方全數承租並提供融資，這是一項重要的差異化優勢。我們能以審慎的方式推進下一階段開發，透過提前確保土地、勞動力與設備來保障時程並加速交付。

As these new projects are leased, we expect opportunities for further financing to continue the cycle of our forward development go-to-market strategy. Our next phase of development has already begun. In late last year, we committed existing cash on hand to purchase equipment for our other existing sites. With the new secured financing, we are now accelerating development activity across multiple sites, including Pecos, Muskogee, Hunt, Dalton phase 3, and Auburn.

隨著這些新專案完成出租，我們預期將有進一步融資機會，以延續我們前置開發的市場進入策略循環。我們的下一階段開發已經開始。在去年年底，我們承諾使用現有手頭現金，為其他既有場址採購設備。在新的擔保融資到位後，我們正加速多個場址的開發活動，包括 Pecos、Muskogee、Hunt、Dalton 第三期，以及 Auburn。

These positions us differently in the market. We are not waiting for deal negotiations to conclude before advancing sites. With capital in place, we can move early, bringing RFS timelines within the 12 to 14-month timeframe that customers are actively trying to solve for. We are also scaling our campuses in a repeatable way. Today, we announced a path to approximately 1.5 gigawatts at Muskogee, closely following a similar plan at Pecos. A key enabler of that scale is power strategy.

這使我們在市場上的定位有所不同。我們不會在交易談判結束前才推進場址建設。在資本到位的情況下，我們可以提前行動，將 RFS（可投入服務）時程推進至 12 到 14 個月內，這正是客戶積極希望解決的時間框架。我們也正以可複製的方式擴大我們的園區規模。今天，我們宣布 Muskogee 的規劃路徑可達約 1.5 吉瓦（GW），並緊密跟隨 Pecos 的類似計畫。實現該規模的關鍵推動因素之一是電力策略。

Customers are increasingly focused on solutions beyond existing grid capacity, including behind-the-meter options. We are proactively positioning our sites to support those needs, including efforts to secure natural gas infrastructure where appropriate to enable future expansion. Pecos is a clear example.

客戶日益聚焦於超越既有電網容量的解決方案，包括表後（behind-the-meter）選項。我們正主動布局場址以支援這些需求，包括在適當情況下努力取得天然氣基礎設施，以支持未來擴張。Pecos 就是一個明確的例子。

We are actively converting the site from Bitcoin mining to high density colocation, with construction already underway and a pathway to RFS within 12 months. Muskogee is another. We see a path to 1.5 gigawatts of gross power supported by grid expansion, the Polaris acquisition, and behind-the-meter solutions, and we expect to deliver additional data centre capacity outside of our current contract in late 2027.

我們正積極將該場址從比特幣挖礦轉型為高密度機房代管（colocation），目前已開始施工，並有望在 12 個月內達成 RFS（可投入服務）。Muskogee 也是如此。我們看到一條通往 1.5 吉瓦總電力的路徑，該路徑由電網擴容、Polaris 收購案以及表後解決方案所支撐；我們預期在 2027 年底於現有合約之外交付額外的資料中心容量。

Stepping back, we are executing a repeatable model, secure strategic sites, invest ahead of contracts where appropriate, and create assets that are increasingly compelling as they approach readiness. That brings me to our commercial progress. We are engaging customers from a position of strength. Because development is already underway, our timelines are not dependent on contract timing, an important distinction in this market.

從更宏觀的角度來看，我們正在執行一個可複製的模式：取得具策略性的場址、在適當情況下於合約簽訂前提前投資，並打造在接近就緒時愈發具吸引力的資產。接下來談我們的商務進展。我們以強勢地位與客戶接洽。由於開發已在進行中，我們的時程不依賴合約簽署時間，這在此市場中是一項重要差異。

As we previously discussed, we are engaged in an exclusivity process with a hyperscaler across Pecos and Muskogee. That exclusivity is now expired. Three hyperscalers immediately engaged on those same sites, and we are now in active discussions. This reinforced both the strategic value of these assets and the depth of demand for large-scale, high-density capacity. It also informed how we approach exclusivity going forward.

如我們先前所述，我們曾就 Pecos 與 Muskogee 與一家超大規模雲端業者（hyperscaler）進行排他性（exclusivity）流程。該排他性目前已到期。隨即有三家超大規模雲端業者在相同場址上展開接洽，我們目前正進行積極討論。這同時強化了這些資產的策略價值，以及市場對大規模、高密度容量的深厚需求。這也影響了我們未來對排他性安排的做法。

While it likely remains a necessary part of some deal negotiations, it must also include clear milestones. In a market like this, we will not keep high value assets off the market longer than necessary. Our conversations with potential customers have increased significantly since the beginning of the year. Hyperscalers remain our primary focus, and we are also seeing growing engagement from chip makers, AI labs, and Neo Cloud providers.

雖然排他性很可能仍是部分交易談判中必要的一環，但也必須包含明確的里程碑。在這樣的市場中，我們不會讓高價值資產在不必要的情況下長時間退出市場。自年初以來，我們與潛在客戶的對話顯著增加。超大規模雲端業者仍是我們的主要重點，同時我們也看到晶片製造商、AI 實驗室以及新型雲端（Neo Cloud）供應商的互動日益增加。

These emerging customer segments represent meaningful opportunity, though they often require additional credit support. We are actively working with customers and financing partners on structures that can support long term financeable commitments. Stepping back, our position is clear. We are building a scaled, high density digital infrastructure platform with a diversified site portfolio. We are deploying capital to secure timelines and accelerate delivery. We are also seeing strong customer demand. Based on our execution, capital position, and commercial momentum, we are confident in our ability to continue expanding and creating long term value for our customers and our shareholders. With that, I'll turn the call over to Matt Brown to provide more details on our operations and development progress. Matt.

這些新興客戶族群代表具意義的機會，但往往需要額外的信用支持。我們正與客戶及融資夥伴積極合作，設計可支援長期、可融資承諾的架構。回到整體來看，我們的定位很清楚。我們正在打造一個具規模、高密度的數位基礎設施平台，並擁有多元化的場址組合。我們正在部署資本以確保時程並加速交付。我們也看到強勁的客戶需求。基於我們的執行力、資本狀況與商務動能，我們有信心持續擴張，並為客戶與股東創造長期價值。接下來我將把電話會議交給 Matt Brown，請他就我們的營運與開發進度提供更多細節。Matt。

Thanks, Adam. As we reflect on the first quarter, our operational priorities may remain clear. Execute on our existing build pipeline, bring capacity online efficiently, and position the business for the next phase of large-scale expansion. Demand for high performance compute infrastructure remains strong, and we have focused on aligning our delivery timelines, supply chain readiness, and power strategies to meet that demand. I'll begin with an update on our Core Weave dedicated facilities, where we continue to execute at pace and at scale.

謝謝你，Adam。回顧第一季，我們的營運優先事項依然清晰。執行既有建置管線、有效率地讓產能上線，並為下一階段的大規模擴張做好布局。高效能運算基礎設施的需求仍然強勁，我們已聚焦於對齊交付時程、供應鏈就緒度與電力策略，以滿足該需求。我將先更新我們的 Core Weave 專用設施進展，我們持續以速度與規模推進執行。

Today, I am pleased to announce that we have delivered 243 MW of billable capacity to Core Weave. This includes a milestone with a full turnover of both our Marble, N.C. and Dalton, Ga. phase 1 data centres. At Marble, we completed construction and successfully transitioned the entire facility into operations, bringing 65 MW of billable capacity online.

今天，我很高興宣布，我們已向 Core Weave 交付 243 兆瓦（MW）的可計費產能。其中包括一項里程碑：我們位於北卡羅來納州 Marble 與喬治亞州 Dalton 的第一期資料中心均已完成全面移交。在 Marble，我們完成施工並成功將整座設施全面轉入營運，使 65 兆瓦的可計費產能上線。

At Dalton phase one, we likewise achieved full site handover and delivery 30 megawatts into service. These milestones reflect the team's ability to execute efficiently at scale, transition assets seamlessly from construction to revenue generation, and consistently align to customer timelines, all of which remain critical as we continue to move forward.

在 Dalton 第一期，我們同樣完成全場址移交，並交付 30 兆瓦投入服務。這些里程碑反映團隊具備以規模高效率執行的能力，能將資產無縫地從施工轉入創收，並持續與客戶時程保持一致；在我們持續向前推進之際，這些能力仍至關重要。

Across our remaining contracted sites, we will continue delivering billable megawatts over the coming months while scaling execution on the Core Weave contract, positioning us to deliver more than 450 billables by the end of the summer, while remaining on track to deliver the full 590 megawatts by the early 2027. Turning to our non-Core Weave developments, where we are advancing our development strategy.

在其餘已簽約場址，我們將在未來數月持續交付可計費兆瓦，同時擴大 Core Weave 合約的執行規模，使我們有望在夏末前交付超過 450 兆瓦的可計費產能，並仍按計畫於 2027 年初前交付全部 590 兆瓦。接著談我們非 Core Weave 的開發案，我們正推進開發策略。

Our Pecos, Texas campus is one of our most significant development opportunities, with a plan to scale from 300 MW to 1.5 GW through a multi-pronged expansion strategy. At the core is our power roadmap. We've secured an additional 300 MW and are advancing a mix of grid connected and behind-the-meter solutions to support long term growth.

我們位於德州 Pecos 的園區是最重要的開發機會之一，計畫透過多管齊下的擴張策略，將規模由 300 兆瓦擴大至 1.5 吉瓦（GW）。核心在於我們的電力路線圖。我們已額外取得 300 兆瓦，並正推進電網併網與表後（behind-the-meter）解決方案的組合，以支援長期成長。

The behind-the-meter strategy leverages low emission generation and concludes the construction of a linear gas pipeline to the campus. Together, these efforts are designed to accelerate time to power, enhance resilience, and reduce the supply chain risk while enabling us to meet hyperscale demand. In parallel, construction of our initial 431,000 sq. ft, 185 MW facility is progressing from civil work into foundation phases with precast walls arriving for vertical construction.

表後策略運用低排放發電，並完成一條通往園區的線性天然氣管線建設。這些工作旨在加速取得電力的時程、提升韌性、降低供應鏈風險，同時使我們能滿足超大規模（hyperscale）需求。同時，我們首座 431,000 平方英尺、185 兆瓦的設施建設正由土方工程推進至基礎階段，預鑄牆體已到場以進行主體結構施工。

Long lead items equipment has been secured, helping reduce execution risk and support timelines. We are also advancing infrastructure for high density colocation, including redundant fibre capacity and a new regional interconnect point in Midland, Texas, linking back to the Pecos campus. At our Muskogee, Oklahoma campus, today, we announced plans for the expansion of the site to 1.5 megawatts of gross power or approximately 1 gigawatt of leasable capacity.

長交期設備已完成採購，有助於降低執行風險並支撐時程。我們也在推進高密度機房代管（colocation）所需的基礎設施，包括備援光纖容量，以及在德州 Midland 新建一個區域互連點，回連至 Pecos 園區。在我們位於奧克拉荷馬州 Muskogee 的園區，我們今天宣布計畫將該場址擴建至 1.5 吉瓦的總電力，或約 1 吉瓦的可出租容量。

Similar to Pecos, this expansion will leverage a combination of behind-the-meter infrastructure and utility supply power, including the roughly 440 megawatts acquired through the Polaris transaction. With our general contractor already secured on site, we have begun development of the first 82.5-megawatt building, with initial delivery expected in the second half of 2027.

與 Pecos 類似，此次擴建將結合表後基礎設施與公用事業供電，其中包括透過 Polaris 交易取得的約 440 兆瓦。由於我們已確定總承包商並進駐現場，我們已開始開發第一棟 82.5 兆瓦的建築，預計於 2027 年下半年首次交付。

Finally, turning to other development sites, Hunt County, Texas, Dalton, Georgia, phase 3, and Auburn, Alabama, each continues to advance through pre-construction milestones and remains on track to meet their initial delivery timelines.

最後，其他開發場址——德州 Hunt County、喬治亞州 Dalton 第三期，以及阿拉巴馬州 Auburn——皆持續推進至施工前里程碑，並仍按計畫達成其初始交付時程。

In closing, as we look ahead, we remain confident in our ability to execute against our commitments and capture opportunities in front of us. The combination of strong demand, a growing portfolio of scale developments, and continued progress on our power infrastructure strategies position us well for the quarters ahead. With that, I'll turn it over to Jim.

總結來說，展望未來，我們對於履行承諾並把握眼前機會的執行能力仍充滿信心。強勁需求、日益擴大的規模化開發組合，以及電力基礎設施策略的持續進展，讓我們在未來幾季具備良好定位。接下來我把時間交給 Jim。

Thanks, Matt. During the first quarter, we reached an important inflection point as our colocation revenue scaled to a level sufficient to cover operating costs and begin expanding margins.

謝謝，Matt。第一季期間，我們達到一個重要的拐點：我們的機房代管（colocation）營收擴大到足以覆蓋營運成本，並開始擴張利潤率。

This marks a meaningful milestone in our transition, with colocation now becoming an important driver of our overall financial profile. Today, we are billing for 243 MW, which equates to more than $350 million of annualized colocation GAAP revenue, with significant additional capacity expected to begin billing over the next several months.

這標誌著我們轉型中的一項重要里程碑，機房代管如今正成為我們整體財務輪廓的重要驅動因素。目前我們對 243 兆瓦進行計費，折合超過 3.5 億美元的年化機房代管 GAAP 營收，且預期未來數月將有顯著的新增產能開始計費。

As a reminder, under GAAP, revenue from the Core Weave contract is recognized on a straight-line basis over the 12-year lease term, effectively pulling escalators forward. From a Bitcoin mining perspective, we remain focused on optimization and are running that business to help offset contractual power costs as we continue the transition toward high-density colocation. Going forward, we expect mining activity to continue winding down over the course of the year with a meaningful step down in miners online in the second half.

提醒一下，依 GAAP 規定，Core Weave 合約的收入會在 12 年租期內以直線法認列，等同於將調價（escalators）提前反映。就比特幣挖礦而言，我們仍專注於最佳化，並經營該業務以協助抵銷合約電力成本，同時持續轉向高密度機房代管。展望未來，我們預期挖礦活動將在今年逐步縮減，且下半年線上礦機數量將出現明顯下滑。

Earlier this year, we monetized a significant portion of our Bitcoin holdings and currently retain only a modest amount of Bitcoin on the balance sheet. Moving on to costs. First quarter SG&A on a cash basis was just over $30 million. While we are not providing explicit SG&A guidance, we believe this level represents a reasonable baseline for corporate expenses going forward, with the potential for opportunistic investments to support growth over the next few years. Separately, you may have noticed that we increased our target cash gross profit range for the Core Weave contract to 80%-85%, up from our original target of 75%-80%. We first introduced that target roughly 2 years ago, and today we have much greater visibility into the associated cost structure, given we are now billing for a meaningful portion of the contracted megawatts.

今年稍早，我們已將相當大一部分比特幣持有部位變現，目前資產負債表上僅保留少量比特幣。接著談成本。第一季以現金基礎計算的 SG&A 略高於 3,000 萬美元。雖然我們不提供明確的 SG&A 指引，但我們認為此水準可作為未來公司費用的合理基準，並可能在未來幾年進行機會型投資以支持成長。另外，你可能注意到，我們將 Core Weave 合約的目標現金毛利率區間上調至 80%–85%，高於原先的 75%–80%。我們約在 2 年前首次提出該目標，而如今，鑑於我們已對相當部分的合約兆瓦開始計費，對相關成本結構的可視性已大幅提升。

With that operating backdrop, let me turn to capital formation, where today marked another major milestone for Core Scientific. We closed our previously announced $3.3 billion Core Weave project bond financing at a 7.75% interest rate, which we view as highly attractive cost of capital for a financing of this scale. After closing costs and funding the required debt service reserve account, net proceeds were approximately $2.9 billion. For additional context, the bonds include a lockbox structure, which is a cash control mechanism where project revenues are paid directly into a designated account and then applied through the indenture-defined cash waterfall, first to operating expenses, then to debt service, and finally to other uses permitted by the indenture.

在上述營運背景下，接著談資本形成；今天對 Core Scientific 而言是另一個重大里程碑。我們完成先前宣布的 33 億美元 Core Weave 專案債券融資，利率為 7.75%；就如此規模的融資而言，我們認為這是相當具吸引力的資金成本。扣除成交費用並提撥所需的債務償付準備金帳戶後，淨募集資金約為 29 億美元。補充說明，該債券包含一個 lockbox（鎖箱）結構，這是一種現金控管機制：專案收入會直接匯入指定帳戶，並依契約（indenture）所定義的現金分配瀑布（cash waterfall）依序使用——先支付營運費用，再支付債務本息，最後用於契約允許的其他用途。

Unlike a traditional project finance structure where a lockbox is created to fund a specific project under development, our structure enables the distribution of the vast majority of offering proceeds up to the corporate level to facilitate investments in a variety of new projects outside the box. Going forward, the lockbox will service the debt secured by Core Weave contracted site assets and cash flows. From this perspective, the transaction significantly strengthens our consolidated capital position, validates the quality and predictability of our contracted cash flows, and gives us the ability to execute the next phase of our growth plan with greater flexibility, speed, and certainty. We expect to deploy roughly $2 billion of total capital expenditures in 2026.

不同於傳統專案融資通常設立鎖箱以資助特定開發中的專案，我們的結構可將本次發行募集資金中的絕大部分上繳至公司層級，以利於在鎖箱之外投資多項新專案。未來，鎖箱將用於償付以 Core Weave 已簽約場址資產與現金流作擔保的債務。從這個角度來看，該交易顯著強化我們的合併資本部位，驗證已簽約現金流的品質與可預測性，並使我們能以更高的彈性、速度與確定性來執行下一階段成長計畫。我們預期在 2026 年投入約 20 億美元的總資本支出。

This includes approximately $700 million for both the Hunt County, Texas, site acquisition, which closed yesterday, and the Polaris acquisition at our Muskogee, Oklahoma, site announced earlier today, as well as expenditures to begin pre-seeding approximately 1 gigawatt of new billable capacity. This includes long lead time equipment procurement and various site development and utility support activities across multiple project locations.

這包括約 7 億美元，用於德州亨特郡（Hunt County）場址收購（已於昨日完成交割）以及今日稍早宣布的奧克拉荷馬州馬斯科吉（Muskogee）場址的 Polaris 收購，並包含為啟動約 1 吉瓦（gigawatt）新增可計費容量的前期預備投入之支出。其中包括長交期設備採購，以及在多個專案地點進行的各項場址開發與公用事業支援活動。

We are strategically positioning the business to sign attractive new customer contracts with capacity outside of Core Weave available for delivery starting in early 2027. The platform we are building together with cost-effective capital we have secured for new project equity investments is differentiated in the market, and we believe it positions Core Scientific to create meaningful long-term shareholder value. Lastly, we recently welcomed Jorge Rey as our Chief Accounting Officer, further strengthening our finance and accounting team.

我們正策略性地布局，使公司能夠簽署具吸引力的新客戶合約，並在 2027 年初開始交付 Core Weave 以外的可用容量。我們與已為新專案股權投資取得之具成本效益資本共同打造的平台，在市場上具差異化優勢；我們相信這將使 Core Scientific 能夠創造具意義的長期股東價值。最後，我們近期迎來 Jorge Rey 擔任首席會計官（Chief Accounting Officer），進一步強化我們的財務與會計團隊。

Jorge brings valuable accounting and public company reporting experience, and his leadership will be important as we continue to scale the business and support our next phase of growth. I'll now turn the call over to the operator for questions.

Jorge 具備寶貴的會計與上市公司申報經驗；隨著我們持續擴大業務規模並支援下一階段成長，他的領導將至關重要。接下來我把電話交給接線員進行問答。

Thank you.

謝謝。

(Operator Instructions).

（接線員指示）。

Brett Knoblauch with Cantor Fitzgerald.

Cantor Fitzgerald 的 Brett Knoblauch。

Hi, guys. Thanks for taking my question and congrats on the site expansion at Texas and Muskogee. I guess maybe just on the Hyperscale exclusivity, it expired. Clearly, there's demand with additional tenants’ kind of, you know, backfilling that. Could you may be shed light on, you know, why it expired, why it didn't progress? Is there anything that maybe those sites were not of interest or, you know, they weren't interested in or just, you know, some more colour around that dynamic?

嗨，各位。謝謝讓我提問，也恭喜你們在德州與 Muskogee 的場址擴建。我想先問一下 Hyperscale 的獨家期已到期。很明顯有需求，還有其他承租戶某種程度上在補上空缺。你們能否說明一下，為什麼會到期、為什麼沒有繼續推進？是否因為那些場址對他們不具吸引力，或他們對某些條件不感興趣？想請你們多分享一些這個互動的背景。

Absolutely. Thank you, Brett Knobel. Those sites, as you mentioned, are incredibly attractive, both Pecos and Muskogee, given their ability to scale, represent tremendous opportunity for hyperscaler. As we noted in prepared remarks, 3 hyperscalers immediately engage. They're incredibly attractive sites. Really, with the one that we're under exclusivity with, it's hard to determine the exact reasons why. For us, we got to the end of the exclusivity, and we thought this is the best time for us to bring these back to market because hyperscalers were knocking at the door and asking questions about the sites, and we knew we couldn't have an opportunity to bring another hyperscaler into the fray. We feel great about our position today, given the competitive dynamic.

當然可以。謝謝你，Brett Knobel。如你所提，這些場址——Pecos 與 Muskogee——因具備擴充能力而非常具吸引力，對超大規模客戶（hyperscaler）而言代表極大的機會。正如我們在事先準備的發言中提到的，有 3 家 hyperscaler 立即與我們接洽。這些場址確實非常吸引人。至於我們先前處於獨家洽談的那一家，確切原因其實很難判定。對我們而言，當獨家期走到尾聲時，我們認為這是把這些場址重新推向市場的最佳時點，因為其他 hyperscaler 一直上門詢問場址狀況，而在獨家期間我們無法讓另一家 hyperscaler 參與競爭。考量目前的競爭態勢，我們對當前的定位感到非常有信心。

Perfect. Yeah, maybe just one follow-up. You know, it seems like kind of the AI pendulum swinging into full, you know, bull mode here. You guys do have, I believe, a lot of capacity available to this kind of RFS, you know, by early 2027. Do we think we're closer to maybe a second tenant today than we were, you know, when you guys reported four Q in early March?

很好。我再追問一個。看起來 AI 的趨勢正全面轉為非常樂觀的多頭狀態。我相信你們到 2027 年初左右，針對這類 RFS（可交付/可投入服務）時點，仍有不少可用容量。相較於你們在 3 月初公布第四季時，你們現在是否更接近簽下第二個承租戶？

Yeah, I mean, when you look across our site portfolio, you know, we have 5 sites with first data halls RFS in 2027. Its incredibly unique position given the different size and scale and geography spread that we have inside our portfolio. You know, we're in conversations with all of the hyperscalers, chip makers, AI labs, neo clouds. You know, we're in a unique position here, just given the asset spread that we have. I would say definitely across the entire site portfolio, we are closer than we were before.

是的，當你檢視我們的場址組合時，我們有 5 個場址的第一座資料機房（data hall）將在 2027 年達到 RFS。以我們在投資組合內不同的規模大小與地理分布而言，這是非常獨特的定位。我們正與所有 hyperscaler、晶片製造商、AI 實驗室以及新型雲端（neo clouds）洽談。就我們擁有的資產分布而言，我們在此具備獨特優勢。我會說，放眼整個場址組合，我們確實比之前更接近達成目標。

Awesome. Really appreciate it. Thank you, guys.

太棒了。非常感謝。謝謝各位。

Thanks, Brett.

謝謝你，Brett。

John Todaro from Needham & Company.

Needham & Company 的 John Todaro。

Hey, guys, thanks for taking my question and congrats on the expansion of power. Two from me. I guess just one, going back to the other three hyperscalers you're now in conversation with. I guess just if we frame it up, was there already some dialogue at some point? I mean, obviously it's a little bit of a limited universe, but like should we be thinking it's kind of starting the process anew with them or there's already been, you know, at some point along the way, pretty far along where, you know, just we could get something maybe a bit sooner than necessarily restarting the process?

嗨，各位，謝謝讓我提問，也恭喜你們擴增電力規模。我有兩個問題。第一個是回到你們現在正在對話的另外三家 hyperscaler。如果我們這樣框架來看：你們之前是否在某個時間點就已經有一些對話？我的意思是，這個圈子本來就不大，但我們應該把它視為與他們重新啟動流程，還是其實先前在某個階段已經推進得相當深入，因此可能比完全重啟流程更快取得進展？

Yeah. Thanks, Jon. I mean, our relationship with these groups is not new. We are engaged with them on other sites. This was just really bringing back, you know, both Pecos and Muskogee back to the table. That's really why we are able to immediately re-engage with those customers.

是的。謝謝你，Jon。我們與這些團隊的關係並不是新的。我們在其他場址上也一直與他們互動。這次只是把 Pecos 與 Muskogee 重新放回談判桌上。這也正是為什麼我們能夠立即與這些客戶重新接洽。

Got it. Understood. That's very helpful. Just, you know, you mentioned starting some of the process on building out some of these assets. You know, it sounds like before a lease gets done at some of them. Just kind of, I guess, are there any guardrail on how much CapEx you would start putting forward before getting a lease?

了解。明白。這很有幫助。另外，你們提到在部分資產上已開始一些建置流程。聽起來有些是在租約完成之前就先做。我想問的是，在尚未取得租約之前，你們願意先投入多少資本支出（CapEx）？是否有任何「護欄」或上限原則？

Yeah, I mean, the way we're thinking about it right now is we want to take the first data hall to full RFS. As part of that means we're securing the labour, securing the trades. We're securing long lead equipment. We're putting ourselves in a position where if a customer signs really within any time period leading up to the RFS of the first data hall, we can just continue to extend all of that labour that we have secured on site. That's kind of our guardrail right now in terms of where we sit.

是的，我們目前的思考方式是：我們希望把第一座資料機房推進到完全 RFS。其中一部分意味著我們要確保勞動力、確保各工種承包資源。我們也要確保長交期設備。我們要讓自己處於這樣的位置：如果客戶在第一座資料機房達到 RFS 之前的任何時間點簽約，我們就能直接延續我們已在現場鎖定的所有人力資源。就我們目前所處的位置而言，這大致就是我們的護欄。

We feel very confident in the strategy and the ability to show the progress that we're making across each of these sites to customers is really what's forcing the engagement here because everyone's incredibly interested in capacity that's getting delivered in 2027 right now.

我們對這項策略非常有信心；而能向客戶展示我們在各場址的推進進度，正是促使他們投入互動的關鍵，因為目前所有人都對 2027 年交付的容量極度感興趣。

Yep, understood. Thank you for that, gentlemen.

好的，了解。謝謝兩位的說明。

Thank you.

謝謝。

Tim Horan with Oppenheimer.

Oppenheimer 的 Tim Horan。

Thanks, guys. Do you have a rough idea when you might sign a contract? Can you maybe just talk about the pricing trends, you know, at a high level?

謝謝，各位。你們是否有一個大概的時間點，預期何時可能簽下合約？另外能否從較高層次談談定價趨勢？

Yeah, I mean, I would just say we're actively engaged right now across every major group, and we feel very confident based on where we sit today versus where we sat three months ago. The only thing that's changed is our assets have continued to build more value. We've continued to deploy more capital, and we've continued to get closer to the RFS date. We have high confidence in the customer conversations that we're having today. If you could just remind me, Tim, what was your second question?

是的，我的意思是，我只想說我們目前正積極與每個主要群體接洽，而且就我們今天所處的位置相較於三個月前而言，我們感到非常有信心。唯一改變的是，我們的資產持續累積更多價值。我們持續投入更多資本，也持續更接近 RFS 日期。我們對於目前正在進行的客戶對話非常有信心。Tim，你可以提醒我一下，你的第二個問題是什麼嗎？

Yeah, you know, you know, what are you seeing in the pricing trends or the pricing of the new contracts you expect?

是的，你知道，你知道，你們在定價趨勢或你們預期的新合約定價方面看到了什麼？

Yeah. I mean, I think you could expect to see pricing continue to firm up. You know, really that's the result of both labour and equipment continuing to inflate. What you're just seeing is a similar move in pricing.

是的。我的意思是，我認為你可以預期定價會持續走強。你知道，這主要是勞動力與設備成本持續通膨的結果。你所看到的就是定價出現類似的上行變動。

Just lastly, behind-the-meter power, can you give us just a sense of what's the lead time on that? Ultimately, how will your cost for, you know, build your own versus the grid, you know, compare?

最後一個問題，關於表後電力（behind-the-meter power），你能否讓我們大概了解一下其交付前置時間（lead time）？最終而言，你們的成本——也就是自建相較於使用電網——會如何比較？

Yeah. No, I mean, right now what we're looking at really is to deploy behind-the-meter solutions, you know, anywhere from about 12-14 months. The great part is for us is, you know, these are opportunities given the locations that we have available to us, is really going to represent a great opportunity for continuing to expand at those sites. You know, the other site that we haven't talked about, Hunt. You know, Hunt has the opportunity to potentially bring behind-the-meter, that's something that we're still in the evaluation phase today. Haven't necessarily done as much of the due diligence that we've done across Pecos and Muskogee and the work that is currently being performed there.

是的。不，我的意思是，就目前我們所看的情況而言，部署表後解決方案大概需要 12 到 14 個月。對我們來說很棒的一點是，鑑於我們可用的地點，這些機會確實將代表在那些場址持續擴張的絕佳機會。你知道，還有一個我們尚未談到的場址是 Hunt。你知道，Hunt 可能有機會導入表後方案，這件事我們目前仍在評估階段。我們尚未像在 Pecos 與 Muskogee 那樣做那麼多盡職調查，以及目前在那裡正在進行的工作。

Is the ultimate cost of a customer about the same as grid or a little bit more?

客戶的最終成本大概與電網相同，還是會高一點？

It's about the same. I mean, the economics for us as a developer look very similar. The cost to the end tenant to, on a blended basis, per power rate, is not materially different.

差不多相同。我的意思是，從我們作為開發商的角度來看，經濟性非常相近。對最終承租戶而言，以加權平均（blended）後的電價費率來看，並沒有實質差異。

Thank you.

謝謝。

Michael Donovan with Compass Point.

Compass Point 的 Michael Donovan。

Hi, guys. Thanks for taking my question. Another question on behind the meter. The Muskogee announcement this morning referenced Oklahoma's behind-the-meter legislation. Can you explain what that legislation changes for Core Scientific's ability to develop and whether it gives Muskogee a timing or cost advantage versus opportunities in Texas?

嗨，各位。謝謝讓我提問。再問一個關於表後的問題。今天早上 Muskogee 的公告提到了奧克拉荷馬州的表後立法。你能解釋一下該立法對 Core Scientific 的開發能力帶來了哪些改變？以及相較於德州的機會，是否讓 Muskogee 在時程或成本上具有優勢？

Yeah, I mean, Kevin Stitt has been a big advocate of bringing behind-the-meter opportunities to the state of Oklahoma. You know, obviously you saw Kevin Stitt's quote in the press release today. You know, Oklahoma is focused on figuring out how to bring more generation to the state. Our ability to execute at Oklahoma, I wouldn't say it's necessarily any easier or any more difficult than our site in Pecos, but we definitely have the support of the government there to continue to bring more generation to the state.

是的，我的意思是，Kevin Stitt 一直大力倡議把表後機會帶到奧克拉荷馬州。你知道，顯然你今天在新聞稿中看到了 Kevin Stitt 的引述。你知道，奧克拉荷馬州正專注於思考如何為該州引入更多發電量。我們在奧克拉荷馬州的執行能力，我不會說一定比我們在 Pecos 的場址更容易或更困難，但我們確實獲得當地政府的支持，以持續為該州帶來更多發電量。

Great. Thanks. One follows up, if I may. Have you contemplated owning the generation assets or would you be solely partnering with a power developer? How are you thinking about redundancy?

很好。謝謝。如果可以的話，我再追問一個。你們是否考慮過自有發電資產，還是只會與電力開發商合作？你們如何思考備援（redundancy）？

Yeah, I'll take the first part of that question and then I'll hand it over to Matt to take the question about redundancy.

是的，我先回答這個問題的第一部分，然後把關於備援的問題交給 Matt。

Yeah, I'll take the first part of that question and then I'll hand it over to Matt to take the question about redundancy. You know, as we evaluate the behind the meter solutions, there are potentially some solutions that we would own ourselves and there are others that we would work through a third party that would provide us a PPA and we would be paying for those over a course of time would be included in the power price. There’re a few different methods that we could go down. It really just comes down to the economics question as well as who the behind the meter solution is from. Matt, you want to talk about redundancy?

是的，我先回答這個問題的第一部分，然後把關於備援的問題交給 Matt。你知道，當我們評估表後解決方案時，有些方案可能會由我們自己持有，另一些則會透過第三方合作，由對方提供我們一份 PPA（購電協議），而我們會在一段期間內支付費用，並將其納入電價之中。我們有幾種不同的路徑可以選擇。這真的取決於經濟性問題，以及表後解決方案的提供方是誰。Matt，你要談談備援嗎？

To include in that belongs the maintenance and operation of the behind-the-meter generation comes with that PPA agreement as well. From a redundancy standpoint, obviously when we're building behind-the-meter, redundancy becomes much more critical in terms of when you're building high availability services. We'll think about redundancy in terms we need to be able to support the full load of the portion of the campus that we're powering from behind-the-meter, under maintenance conditions, meaning that we need to be able to take some of that equipment offline for maintenance, maintain full load, and have redundant capacity still online and available in the event of a failure. So, you can almost think about that as a minimum, an N plus 1 configuration, maybe an N plus 2 or an N plus 20% or N plus 30% type of redundancy scheme.

補充一下，表後發電的維護與營運也會包含在該 PPA 協議之中。從備援角度來看，顯然當我們建置表後系統時，在提供高可用性服務時，備援就變得更加關鍵。我們會以備援的角度來思考：在維護狀態下，我們必須能支援由表後供電的園區部分之全部負載；也就是說，我們需要能將部分設備下線維護，同時維持滿載，並且在發生故障時仍有冗餘容量保持在線且可用。因此，你幾乎可以把它視為至少是 N+1 的配置，可能是 N+2，或是 N+20% 或 N+30% 這類的備援方案。

Great. Appreciate it, and congrats on the progress.

很好。感謝，並恭喜你們的進展。

Thank you.

謝謝。

Joseph Vafi with Canaccord.

Canaccord 的 Joseph Vafi。

Hey, guys. Good afternoon. Congrats on the progress. Thanks for taking the question. Just wondering how you're managing perhaps the labour side of the builds here. I'm not quite sure if you've if you're employing a few large GCs on the builds or, you know, are you looking at construction labour as any constraint in the market right now? Thank you.

嗨，各位。下午好。恭喜你們的進展。謝謝讓我提問。我想了解你們如何管理這些建置案的人力（labour）面。我不太確定你們是否在這些建置案上聘用了幾家大型總承包商（GCs），或者你們是否認為目前市場上的施工人力是任何限制因素？謝謝。

Yeah. No, great question. Labor is 1 of the primary constraints of the market, if not depending on which market we're talking about. When we look at nationally, labour is a big issue. It's 1 of the reasons why we think we have an advantage by being able to proactively invest in development of these sites, being able to secure and tie up the labour through our projected RFS and scaling beyond that.

是的。不，這是個很好的問題。人力是市場的主要限制因素之一——甚至取決於我們談的是哪個市場，可能就是最主要的限制。當我們從全國層面來看，人力是一個很大的問題。這也是我們認為自己具備優勢的原因之一：我們能夠主動投資於這些場址的開發，並能在我們預計的 RFS 之前以及之後的擴張過程中，提前確保並鎖定人力資源。

In terms of how we're doing that, we have 2 large GCs sort of executing our sites and development today. Those GCs have a lot of leverage in the marketplace, being able to secure electrical contractors, mechanical contractors, civil, et cetera. All of those, all except for probably one site, are already fully mobilized and executing our developments, as we speak.

至於我們如何做到這點，目前有兩家大型總承包商在執行我們的場址與開發工作。這些總承包商在市場上具有很強的議價與調度能力，能夠確保電氣承包商、機械承包商、土木等資源。除了可能有一個場址之外，其餘所有場址都已經全面進場動員，並且正在執行我們的開發工作，就在此刻。

Great. Thank you very much.

很好。非常感謝。

Paul Goodling with Macquarie Capital.

Macquarie Capital 的 Paul Goodling。

Thanks so much. Congrats on the progress. Just wanted to ask on these behind-the-meter opportunities that you've been discussing. I know you just mentioned in response to another question that you might partner with someone who would give you a PPA or you might look at an opportunity to do it yourself behind-the-meter in terms of generation. How is the air quality component of that structured, or how do you see that potentially being structured? Do you have to still go to market and apply for those emissions permits, or would a partner that you're speaking with already have that in hand? I have a follow-up. Thank you.

非常感謝。恭喜進展順利。我想就你們一直在談的這些表後（behind-the-meter）機會請教一下。我知道你剛才在回應另一個問題時提到，你們可能會與能提供你們 PPA 的夥伴合作，或者你們也可能考慮在表後自行進行發電。那其中的空氣品質（air quality）部分是如何架構的，或你們認為未來可能會如何架構？你們是否仍需要到市場上申請那些排放許可（emissions permits），還是你們正在洽談的合作夥伴已經具備相關許可？我還有一個追問。謝謝。

Yeah. No, great question. As we sort of, I mentioned in our prepared remarks is the technologies that we're going to get behind and support for all of our behind-the-meter sites are going to be technologies that are low emissions, generally. That will give you a little bit of insight as to what we're not thinking about from that standpoint. To go and to talk about sort of the permitting standpoint, yes. We will have to certainly go and apply for air quality permits for many of these deployments. In some cases, which will be in participation with the behind-the-meter operator or supplier. In other cases, we'll be doing that on our own. I'll say that in both Pecos and Muskogee, we're already down, kind of, far down the path of sort of our air quality studies for the implementation of those solutions.

是的。這是個很好的問題。正如我在事先準備的發言中提到的，我們要支持並導入到所有表後站點的技術，通常都會是低排放技術。這也能讓你稍微了解，從這個角度來看，我們不會考慮哪些方向。至於許可（permitting）層面，是的。對於許多這類部署，我們確實必須去申請空氣品質許可。在某些情況下，會與表後營運商或供應商共同參與。在其他情況下，我們會自行辦理。我也想補充，在 Pecos 和 Muskogee 兩個案子上，我們已經在空氣品質研究方面走得相當深入，以便落實那些解決方案。

Got it. Thanks so much. I was just hoping you could also give a little more detail around some of the puts and takes that enabled you to raise the run rate margin profile on the existing energized and billable capacity from that 75% to 80% to 80% to 85%. Thank you.

了解。非常感謝。我也想請你再多談一些細節：是哪些利多與不利因素（puts and takes）讓你們能把既有已通電且可計費容量（energized and billable capacity）的運行率毛利（run rate margin）區間，從 75% 到 80% 上調到 80% 到 85%？謝謝。

Yeah. 2 years ago, when we signed the Core Weave original Core Weave contract, we had a scope of service contemplated in that deal. I think we had an element of conservatism knowing that we hadn't broken ground on the project at that point, knowing that we were going to be deploying over a fairly lengthy period, to have a what I would call a very solid perspective on what we think we could have delivered.

是的。兩年前，當我們簽下 Core Weave 最初的 Core Weave 合約時，該交易中已規劃了一個服務範圍（scope of service）。我想當時我們帶有一定程度的保守性，因為那時我們還沒有在該專案動工，也知道我們會在相當長的一段期間內逐步部署，因此我們採取了我所稱的、非常穩健的觀點，來評估我們認為能交付到什麼程度。

Once you're 2 years after the fact, you're into it, and we've got, you know, more experience under our belt on the specificity of actual heads that are going to be devoted to the activities and the contractors that we're using and actually have deployed on site, it's really just a true up of that experience.

兩年之後，你已經實際投入其中，而我們也累積了更多經驗，對於實際會投入這些活動的人力配置，以及我們正在使用、且已在現場部署的承包商，都有更具體的掌握；這基本上就是依據這些經驗做一次校準（true-up）。

We feel good that we, you know, we're at a margin level that we can deliver today, and we're, we felt more confident that we could be a bit more prescriptive of where we think we're going to end up.

我們對目前能交付的毛利水準感到有信心，也更有把握可以更明確地說明我們認為最終會落在什麼位置。

Great. Thanks so much.

很好。非常感謝。

George Sutton with Craig-Hallum.

Craig-Hallum 的 George Sutton。

Thank you. As you begin to market to the chipmakers and the neo clouds, I'm just curious, do you have a bifurcated sales portfolio where some of the sites and some of the maybe even parts of locations are being marketed to those folks versus the hyperscalers? How is that working through the system?

謝謝。當你們開始向晶片製造商與新型雲（neo clouds）行銷時，我有點好奇：你們是否有一個分流的銷售組合（bifurcated sales portfolio），也就是某些站點、甚至某些地點的部分區域，是針對這些客戶在推廣，而不是針對超大規模雲端業者（hyperscalers）？這在你們的系統中是如何運作的？

Yeah, I mean, really, we're showing both chipmakers, neo clouds, labs. We're showing them the same sites that we are also showing to hyperscalers. I mean, as we work through these processes, oftentimes, you know, they're migrating to one or another site. In reality, you know, we're showing our entire portfolios to each of the customers that come through our door.

是的，我的意思是，我們其實向晶片製造商、新型雲、實驗室展示的，與我們同時展示給超大規模雲端業者的是同一批站點。我們向他們展示的站點，與展示給 hyperscalers 的站點相同。在推進這些流程時，很多時候他們會在不同站點之間轉移或改變偏好。實際上，我們會把我們的整個資產組合（portfolio）展示給每一位上門的客戶。

And One other question relative to the decision to execute ahead of the contracts. How does the negotiation get altered with some of these potential customers when you've, you know, you've secured the supply chain and your kind of moving forward? Does that accelerate discussions? Does that keep them more engaged? Can you just walk through that thought process?

另外一個問題，關於你們在合約簽訂前就先行執行（execute ahead of the contracts）的決策。當你們已經確保供應鏈、並且開始往前推進時，與這些潛在客戶的談判會如何被改變？這會加速討論嗎？會讓他們更投入嗎？你能否說明一下這背後的思考過程？

Yeah, I mean, it definitely keeps them more engaged. I mean, they rarely see sites that come across their desk where there's an RFS timeline really within, you know, 18 months, even more so, you know, less than that. For us, you know, being able to show photos and videos of sites with active construction going on, and the list of equipment that are on order, that dramatically changes the dynamic of the discussions, because this isn't just a, you know, a photo of a piece of land. You know, this is an active construction site, actively progressing towards building a data centre.

是的，我的意思是，這確實會讓他們更投入。他們很少看到送到他們桌上的站點，其 RFS（ready for service）時程真的能在 18 個月內，甚至更短。對我們而言，能夠展示正在施工中的站點照片與影片，以及已下單的設備清單，會大幅改變討論的互動態勢，因為這不再只是「一塊土地的照片」。這是一個正在施工、並且正朝著建成資料中心積極推進的工地。

Gotcha. Thank you, Adam.

了解。謝謝你，Adam。

Jon Hickman with Ladenburg Thalmann.

Ladenburg Thalmann 的 Jon Hickman。

Hi. Thanks for taking my question. This is a little bit esoteric, but now that you're well into your buildout for Core Weave, could you comment on the experience? Like, what was harder than you thought? What was easier? Where do you think you have a competitive advantage now that you've, you know, put that much, that many megawatts into production?

嗨。謝謝讓我提問。這個問題可能有點偏門，但既然你們已經深入推進 Core Weave 的建置，你能否談談這段經驗？例如，哪些事情比你原先想的更難？哪些更容易？在你們已經讓那麼多兆瓦（megawatts）投入生產之後，你認為你們現在的競爭優勢在哪裡？

Yeah. No, it's actually a great question. The kind of reflecting on that, I think the thing that was much more difficult than we certainly gave it credit for was actually executing on brownfield conversions, which is why everything you see that we're doing forward is actually a greenfield site with a very highly standard basis design that allows us to get kind of leverage over our supply chain and be super predictable in terms of our build, our delivery dates. brownfield sites are highly unpredictable. They require a lot of customization. It's a lot of effort to try to retrofit an existing building. While sometimes that can be faster, it also comes with a lot more complexity.

是的。不，這其實是個很好的問題。回頭反思，我認為比我們原先預期困難得多的一件事，是執行棕地（brownfield）改造；這也是為什麼你現在看到我們往前做的，實際上都是綠地（greenfield）站點，並採用高度標準化的基礎設計（basis design），讓我們能在供應鏈上取得槓桿，並在建置與交付日期方面做到高度可預測。棕地站點的不可預測性非常高。它們需要大量客製化。要把既有建築改裝（retrofit）需要投入很多努力。雖然有時候可能更快，但也伴隨更多複雜度。

So that's what I would say is probably our biggest, one of our biggest lessons learned out of this.

所以我會說，這大概是我們從中學到的最大、或至少是其中一個最大的教訓。

Okay. Competitively, now that you've learned that, where do you think you are with other people that are trying to, I mean, there's many other competitors that are trying to build data centres?

好的。在競爭層面，既然你們學到了這點，你認為相較於其他也在嘗試建置資料中心的業者——我的意思是，有很多其他競爭者也在建資料中心——你們現在處於什麼位置？

Yeah, the great part of.

是的，最棒的部分在於。

Why would I choose you, kind of?

我為什麼要選你，這種感覺？

Yeah. I think the great part of this is that we've had 5 sites do not practice on, but we have been executing these high-density builds across all the Core Weave locations. We've been able to iterate on those designs. I mean, we've executed more than 150 design changes along the way across the portfolio. That gives us a little bit of a little bit of ahead of the game in terms of what doesn't work and what works well. All of those learnings have been sort of culminated and formulated into a go forward build strategy. I think we have just the advantage of learning all those lessons firsthand in real time. We won't make those mistakes going forward.

是的。我認為這件事最棒的部分是，我們有 5 個站點不是拿來練習的，而是我們一直在 Core Weave 的所有據點執行這些高密度建置。我們得以在這些設計上反覆迭代。我的意思是，我們一路走來在整個資產組合上已經執行了超過 150 項設計變更。這讓我們在判斷哪些行不通、哪些效果好方面，稍微領先一些。所有這些學習成果都已某種程度彙整並形成一套未來的建置策略。我認為我們的優勢就是能在第一線、即時地親身學到這些教訓。未來我們不會再犯那些錯誤。

Great. Thanks. Congratulations on the new deals.

很好。謝謝。恭喜拿下新的交易。

Nick Giles with B. Riley Securities.

B. Riley Securities 的 Nick Giles。

Thank you, operator. This is Henry Hurl on for Nick Giles. I wanted to ask about the change in your approach to exclusivity. In what scenarios would you go into it? And then you also mentioned being in contact with several counterparties. Would you expect to announce exclusivity if you were to enter into one? Thanks.

謝謝，接線員。我是代 Nick Giles 提問的 Henry Hurl。我想問一下你們在獨家安排（exclusivity）上的做法改變。在什麼情境下你們會進入獨家？另外你們也提到正與數個交易對手保持聯繫。如果你們要進入某一項獨家安排，是否預期會對外宣布？謝謝。

Yeah. Thanks, Henry. You know, I wouldn't say that we would expect to announce, you know, in the interim between quarters. Really what we've migrated to here is moving to a milestone arrangement method, which allows us to ensure that the cadence is moving at the pace that we would expect it to in a deal that would move towards closing. That allows us to bring a site back on market if we don't feel like the pace and cadence is necessarily where we would like it to be. You know, we've migrated to this strategy. We're executing on it now, and we feel like it gives us the best shot on goal given the demand that we're seeing in the market today.

是的。謝謝你，Henry。你知道，我不會說我們會預期在季度之間的期間對外宣布。我們目前轉向的是一種里程碑式的安排方式，讓我們能確保在一筆朝向成交（closing）推進的交易中，進度節奏能以我們預期的速度前進。如果我們覺得速度與節奏不在我們希望的範圍內，這也讓我們可以把站點重新推回市場。你知道，我們已轉向這個策略。我們現在正在執行，並且我們覺得，考量到目前市場上看到的需求，這能讓我們有最高的勝算。

Understood. Thanks for that. Then on winding down your Bitcoin mining operations in the coming quarters, do you guys have a definitive target date to be fully out of that business, or will it kind of act as a small hedge going forward? Thanks.

了解。謝謝你的說明。接著關於你們在未來幾季逐步縮減比特幣挖礦業務，你們是否有明確的目標日期要完全退出該業務，還是未來會保留作為一個小型避險？謝謝。

No, I would say, you know, over the course of the remainder of this year, the Bitcoin mining business is going to continue to migrate lower. By the end of this year, we will only have one or potentially two sites operating Bitcoin mining.

不，我會說，在今年剩餘期間，比特幣挖礦業務會持續下降。到今年年底，我們將只會有一個、或可能兩個站點仍在進行比特幣挖礦。

Thank you. Continue. Best of luck.

謝謝。請繼續。祝你們好運。

Thanks, Henry.

謝謝你，Henry。

Stephen Glagola with KBW.

KBW 的 Stephen Glagola。

Hey, thanks for the question. Adam, I just, you know, wanted to touch base again on the challenges on securing the leasing commitments at Pecos and Muskogee. You know, from my standpoint, it would seem like you have strong leverage there. You know, the sites have near term power. You can point to your execution and the Core rebuild outs to date. I guess, like, maybe my question is, are you seeing, like, hyperscale’s become more selective in their choice of development partners? If so, you know, how is that influencing demand or deal timing?

嘿，謝謝讓我提問。Adam，我只是想再回到你們在 Pecos 和 Muskogee 取得租賃承諾（leasing commitments）方面的挑戰。以我的角度看，你們在那裡似乎有很強的談判籌碼。這些站點短期內就有電力可用。你們也可以拿出你們的執行成果，以及迄今 Core 的重建擴建（rebuild outs）。我想問的是，你們是否看到超大型客戶（hyperscale）在選擇開發合作夥伴時變得更挑剔？如果是，這如何影響需求或交易時程？

Yeah, I mean, I think the interesting part about this is the exclusivity that expired, that customer is still at the table and still interested in those sites. I think you are seeing that broadly across the market. You know, you're seeing, you know, repeat deals across some of the developers, especially on the private side. I would agree with that. Also, you know, they're also looking for experience in the development of this type of infrastructure.

是的，我的意思是，我覺得有趣的是，那個到期的獨家安排，該客戶仍然在談判桌上，且仍對那些站點有興趣。我認為你確實在整個市場普遍看到這種情況。你知道，你會看到一些開發商出現重複交易，尤其是在私募那一側。我同意你的看法。另外，你知道，他們也在尋找在這類基礎設施開發方面有經驗的夥伴。

This is different than the traditional data centre infrastructure. Given the experience that we have and our ability to show them 5 sites that we've built, 590 megawatts in progress of critical IT load, that's a differentiator, and that really puts us in a different bucket here. You know, as you mentioned, we have great experience building. We have sites under construction, and, you know, it really puts us into a pretty unique category in this industry.

這與傳統資料中心基礎設施不同。憑藉我們的經驗，以及我們能向他們展示我們已建成的 5 個站點、正在推進中的 590 兆瓦關鍵 IT 負載（critical IT load），這是一個差異化因素，也讓我們在這裡被歸到不同的層級。如你所提，我們在建置方面有很好的經驗。我們有站點正在施工中，而這確實讓我們在這個產業中處於相當獨特的類別。

Thank you.

謝謝。

And this now concludes our question-and-answer session. Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines and have a wonderful day.

我們的問答環節到此結束。各位女士、先生，感謝各位的參與。今天的電話會議到此結束。您可以掛斷電話，祝您有美好的一天。