Core Scientific Inc (CORZ) 2026 Q2 法說會逐字稿

Greetings, and welcome to the Core Scientific fiscal second-quarter 2026 earnings conference call. (Operator Instructions) Please note, this conference is being recorded.

各位好，歡迎參加 Core Scientific 2026 會計年度第二季財報電話會議。(接線員指示) 請注意，本次會議將被錄音。

I would now like to turn the conference over to your host, Jonathan Charbonneau, SVP of Investor Relations. Please go ahead.

現在我想把會議交給本次主持人、投資人關係資深副總裁 Jonathan Charbonneau。請開始。

Good morning, and welcome to Core Scientific's second-quarter 2026 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 Securities Litigation Reform Act of 1995 and are based on our current expectations. Words such as anticipates, expects, intends, believes and similar words and expressions are intended to identify forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ substantially.

各位早安，歡迎參加 Core Scientific 2026 年第二季財報電話會議。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《證券訴訟改革法》所界定的前瞻性陳述，並以我們目前的預期為基礎。諸如「預期」、「預估」、「打算」、「相信」以及類似用語與表述，旨在辨識前瞻性陳述。這些陳述受到風險與不確定性影響，可能導致實際結果出現重大差異。

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 Securities and Exchange Commission and the press release and slide presentation contained therein. 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 at investors.corescientific.com. The content of this conference call contains information that is accurate only as of today, July 28, 2026.

如需進一步了解這些風險與不確定性，我們建議您查閱公司今日向美國證券交易委員會提交的 10-Q 與 8-K 表格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投影片。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。今日簡報可於我們網站 investors.corescientific.com 取得。本次電話會議內容所含資訊僅截至今日（2026 年 7 月 28 日）為準。

Joining me today from Core Scientific are our CEO, Adam Sullivan, our Chief Financial Officer, Jim Nygaard, and our Chief Operating Officer, Matt Brown. We will conduct a question-and-answer session after management's remarks. We will now begin with remarks from Adam.

今天與我一同出席的 Core Scientific 管理團隊包括：執行長 Adam Sullivan、財務長 Jim Nygaard，以及營運長 Matt Brown。管理層發言結束後，我們將進行問答環節。接下來先請 Adam 發表談話。

Good morning, everyone, and thank you for joining us. This morning, we announced a commercial partnership with AMD for up to 2.5 gigawatts of data center capacity, a clear validation of our deliberate strategy to begin development and construction across multiple locations before customer contracts were in place. Beyond their scale, contracted value and long-term growth potential. The agreements underlying this relationship reflect the strength of the company we've built, discipline and conviction behind our approach and the significant opportunity still out of us. Throughout this process, our priority has been to form the right relationships that recognize the value of our portfolio.

各位早安，感謝各位參與。今天早上，我們宣布與 AMD 建立商業合作夥伴關係，合作規模最高可達 2.5 吉瓦（GW）的資料中心容量；這清楚驗證了我們審慎的策略：在客戶合約尚未到位之前，即先行於多個地點啟動開發與建設。除了其規模之外，亦包含合約價值與長期成長潛力。支撐此合作關係的協議，反映了我們所打造公司的實力、我們方法背後的紀律與信念，以及我們仍然面臨的重大機會。在整個過程中，我們的優先事項一直是建立正確的合作關係，以認可我們資產組合的價值。

The most valuable arrangements in this market are not one-off transactions. They are the ones with the potential for significant expansion over time. In our agreement with Core began at a 16-megawatt lease at our Austin campus in 2024 and has since expanded to 590 megawatts of total contracted capacity. That progression is important, and our partnership announcement today with AMD reflects this potential. The initial agreement represents more than $14 billion of base contracted revenue across the 15-year agreements with 2.5% annual escalators.

在這個市場中，最有價值的安排並非一次性的交易。而是那些具備隨時間顯著擴張潛力的合作。我們與 Core 的協議始於 2024 年在奧斯汀園區的一份 16 兆瓦租賃，之後已擴大至總計 590 兆瓦的已簽約容量。這樣的演進非常重要，而我們今天與 AMD 的合作夥伴公告正反映了這種潛力。初始協議在 15 年期合約下，基礎簽約收入超過 140 億美元，並包含每年 2.5% 的調升條款。

Core Scientific will deliver 530 megawatts across five sites, which is one of the largest single deals announced among our peers. With this announcement, we will have two customers that have each committed to over 500 megawatts each across five campuses. Approximately 380 megawatts will be delivered directly to AMD under a triple-net lease across Pecos, Hunt and Muskogee. The remaining approximately 150 megawatts across Auburn, Dalton will support neocloud through a modified gross lease for which AMD will provide full credit support throughout the full 15-year lease term.

Core Scientific 將在五個據點交付 530 兆瓦，這是同業中所宣布的最大單筆交易之一。透過此項公告，我們將擁有兩位客戶，各自已在五個園區合計承諾超過 500 兆瓦。其中約 380 兆瓦將以三重淨租（triple-net lease）形式，直接交付給 AMD，涵蓋 Pecos、Hunt 與 Muskogee。其餘約 150 兆瓦分布於 Auburn、Dalton，將透過修正後的總租（modified gross lease）支援 neocloud，且 AMD 將在完整 15 年租期內提供全面信用支持。

Through this initial agreement, Dalton and Auburn will be fully leased. Importantly, the long-term opportunity at the remaining campuses extend well beyond the capacity included in these agreements. As we previously disclosed, both Pecos and Muskogee have the potential to support up to 1 gigawatt of leasable capacity through a combination of additional trade connected power and behind-the-meter solutions. Notably, the credit support agreements do not include any equity step in rights like those include in certain other transactions announced in the market, protecting our equity investment in these projects.

透過這份初始協議，Dalton 與 Auburn 將達到全數出租。重要的是，其餘園區的長期機會遠超出這些協議所涵蓋的容量。如我們先前揭露，Pecos 與 Muskogee 皆有潛力透過額外的併網電力（trade connected power）與表後（behind-the-meter）解決方案的組合，支援最高達 1 吉瓦的可出租容量。值得注意的是，信用支持協議不包含某些市場上其他交易所見的任何股權介入權（equity step-in rights），從而保護我們在這些專案中的股權投資。

As a sign of this partnership, we have issued a warrant to AMD with a strike price reflecting current market levels, investing subject to certain commercial conditions. The structure with AMD provides meaningful potential long-term revenue, durable contracted cash flows, greater customer diversification and substantial utilization of our leasable campus portfolio. The initial 530 megawatts of contracted capacity represents only the first phase of what we believe can become a much larger strategic relationship.

作為此合作關係的象徵，我們已向 AMD 發行認股權證，其履約價反映目前市場水準，且投資將受限於若干商業條件。與 AMD 的結構安排帶來具意義的長期營收潛力、穩健的合約現金流、更高的客戶多元化，以及我們可出租園區資產組合的高利用率。初始 530 兆瓦的簽約容量僅是第一階段；我們相信這可發展成更大型的策略性合作關係。

AMD at specific times and under specific conditions has the exclusive reservation right to lease as much as 2 additional gigawatts. We believe we can make this power available to AMD through a combination of incremental connected power capacity progressing through load studies in behind-the-meter solutions across Pecos, Hunt and Muskogee. This structure positions us to grow alongside AMD as its infrastructure requirements continue to expand over time.

在特定時間且符合特定條件下，AMD 享有獨家保留權，可再租用最多額外 2 吉瓦。我們相信可透過 Pecos、Hunt 與 Muskogee 的增量併網電力容量（正推進負載研究）以及表後解決方案的組合，向 AMD 提供這些電力。此結構使我們能隨著 AMD 的基礎設施需求在時間推移中持續擴張而共同成長。

Our vision to provide AMD with expansion options across our portfolio reflects both our confidence in its position within the AI ecosystem and our belief in the long-term growth potential of the relationship. AMD is building significant momentum in a rapidly expanding market as hyperscalers, AI labs, cloud providers and enterprise customers increasingly adopt its advanced computing platforms making it a highly attractive and strategic count party for Core Scientific. The scale and structure of the relationship are important, but AMD's decision to work with Core Scientific also reflects confidence in our ability to deliver.

我們的願景是在整體資產組合中為 AMD 提供擴張選項，這反映了我們對其在 AI 生態系中地位的信心，以及我們對雙方關係長期成長潛力的信念。隨著超大規模業者（hyperscalers）、AI 實驗室、雲端服務供應商與企業客戶日益採用 AMD 的先進運算平台，AMD 在快速擴張的市場中正建立強勁動能，使其成為 Core Scientific 極具吸引力且具策略性的交易對手方。此合作關係的規模與結構固然重要，但 AMD 選擇與 Core Scientific 合作，也反映其對我們交付能力的信心。

Discipline explains why we continue to seek only the right commercial agreement, execution explains why we want it. AMD had the opportunity to evaluate not only the quality of our power and real estate portfolio, but also our demonstrated ability to develop and operate highly complex AI infrastructure across multiple campuses. Over the last year, we have shown that we can move from contract execution to construction, energization and revenue generation at significant scale. That experience is also enabling us to collaborate closely with AMD on codesign initiatives, creating the future of our campuses to drive greater efficiency and speed across their GPU and CPU products. Our execution capability is not theoretical.

紀律說明了為何我們持續只尋求正確的商業協議；執行力則說明了為何我們值得擁有它。AMD 有機會評估的不僅是我們電力與不動產資產組合的品質，還包括我們在多個園區開發與營運高度複雜 AI 基礎設施的既有實績。在過去一年中，我們已證明能以相當規模，從合約簽署推進至施工、送電（energization）與營收產生。這些經驗也使我們能與 AMD 在共同設計（codesign）計畫上緊密合作，打造園區的未來，以在其 GPU 與 CPU 產品上推動更高效率與更快速度。我們的執行能力並非紙上談兵。

Today, we are pleased to announce we are ahead of schedule and currently billing for 437 megawatts of capacity. Tangible evidence of our ability to move from signed agreements to deliver operational infrastructure. We believe this distinction will become increasingly important as the market shifts from evaluating companies, primarily on the deals they announced to also assessing their ability to execute. Value is not announced, it is delivered, delivering hundreds of megawatts of high-density infrastructure requires far more than access to power. It requires an integrated development and operating platform capable of designing, building and operating complex infrastructure reliably and consistently at scale.

今天，我們很高興宣布我們進度超前，且目前已就 437 兆瓦的容量開始計費。這是我們能從已簽署協議推進到交付可營運基礎設施的具體證據。我們相信，隨著市場從主要評估公司「宣布了哪些交易」轉向同時評估其「執行能力」，這項差異將變得愈發重要。價值不是被宣布出來的，而是被交付出來的；交付數百兆瓦的高密度基礎設施，遠不僅是取得電力那麼簡單。它需要一個整合式的開發與營運平台，能夠在規模化條件下，以可靠且一致的方式設計、建造並營運複雜的基礎設施。

We've built those capabilities, and they position us to deliver against our existing commitments while continuing to establish and expand our capacity agreements with leading companies across the AI ecosystem. The agreements announced today materially increased the scale and diversification of our contracted portfolio. Core Scientific now has approximately 1.1 gigawatts of total contracted billable capacity, representing more than $24 billion of base contracted revenue.

我們已建立這些能力，使我們得以履行既有承諾，同時持續在 AI 生態系中與領先企業建立並擴大容量協議。今日宣布的協議，實質提升了我們簽約資產組合的規模與多元化程度。Core Scientific 目前約有 1.1 吉瓦的總簽約可計費容量，代表超過 240 億美元的基礎簽約收入。

Just as important, we achieved this growth without compromising the principles that have guided our strategy. We have remained disciplined in how we value our power, allocate our campuses assess customer credit and evaluate the risk-adjusted returns of each opportunity. The result is a stronger, more diversified platform with greater revenue visibility, substantial embedded growth opportunities and contracts with some of the most important companies in the AI ecosystem.

同樣重要的是，我們在實現這一成長的同時，並未犧牲一直引導我們策略的原則。我們在電力定價、園區資本配置、客戶信用評估，以及對每個機會之風險調整後報酬的評估上，始終保持紀律。其結果是一個更強大、更多元化的平台，具備更高的營收可視性、可觀的內嵌成長機會，並與 AI 生態系中一些最重要的公司簽訂合約。

Our focus now is clear: finished the 150 megawatts remaining in the core we build out, successfully built and deliver the capacity leased today, position ourselves to expand our existing customers over time and continue growing our site portfolio for additional new customers. Over the past year, our priority has been converting existing power capacity from Bitcoin mining to high-density colocation. As we enter the next phase of our growth, we will complement that strategy by expanding our power portfolio through the selective acquisition of powered land and the development of new sites. Our acquisition in Hunt County, Texas earlier this year is an example of how we are beginning to build this next generation of capacity.

我們目前的重點很明確：完成核心建置中剩餘的 150 兆瓦；成功建置並交付目前已出租的產能；讓我們能隨時間推進擴大既有客戶規模；並持續擴充我們的場址組合，以服務更多新客戶。過去一年，我們的優先事項是將既有電力產能從比特幣挖礦轉換為高密度機櫃託管（colocation）。隨著我們進入下一階段的成長，我們將以選擇性收購具備供電條件的土地並開發新場址，來擴大我們的電力資產組合，以補強該策略。我們今年稍早在德州亨特郡（Hunt County）的收購案，就是我們開始打造下一代產能的例子。

We have now identified a new site pipeline of more than 2 gigawatts of potential incremental power with initial capacity potentially available from late 2028 through 2030. This pipeline meaningfully expands our opportunity set, and we will apply the same disciplined approach to advancing these projects that has guided the development of our existing platforms. We believe the late 2028 to 2030 timelines are well aligned with our construction schedules. Over the next several years, our primary focus will remain on executing against our contracted commitments in advancing the broader pathway towards 2.5 gigawatts with AMD. This longer-dated pipeline provides additional runway for growth beyond that opportunity.

我們目前已辨識出一條新的場址管線，潛在可新增超過 2 吉瓦的增量電力，初始產能可能在 2028 年底至 2030 年間可用。這條管線大幅擴展了我們的機會集合，我們將以同樣嚴謹的方式推進這些專案，正如其一直引導我們既有平台的開發。我們認為 2028 年底至 2030 年的時程與我們的施工排程高度契合。在未來幾年，我們的主要重點仍將是履行已簽約的承諾，並推進與 AMD 邁向 2.5 吉瓦的更廣泛路徑。這條較長期的管線，為超越該機會的成長提供了額外的延伸跑道。

Our position is unique and we continue to have the balance sheet and operating experience to invest ahead of customer demand when the economics are compelling. The strategy we have outlined is a repeatable model that will guide our growth, secure power early, invest with discipline, deliver capacity at scale and expand successful customer relationships.

我們的定位獨特，且在經濟性具吸引力時，我們仍具備資產負債表實力與營運經驗，能在客戶需求之前先行投資。我們所概述的策略是一個可複製的模式，將引導我們的成長：及早鎖定電力、以紀律投資、以規模交付產能，並擴大成功的客戶關係。

Today's AMD announcement is an important validation of the strategy we have pursued but it is also a foundation for what comes next. We remain confident in the opportunity ahead and in our ability to continue building one of the most valuable infrastructure platforms serving the growth of AI.

今日 AMD 的公告是對我們所採行策略的重要驗證，但同時也是下一步的基礎。我們對前方的機會以及持續打造服務 AI 成長、最具價值的基礎設施平台之一的能力，仍然充滿信心。

Before turning the call over to Matt, I would like to thank the entire Core Scientific team. Their expertise, commitment and collective effort have brought us to this important inflection point and positioned us to continue delivering for our customers and shareholders. I cannot be more excited about the next phase of Core Scientific and the opportunity that is ahead of us.

在把電話會議交給 Matt 之前，我想感謝整個 Core Scientific 團隊。他們的專業、承諾與集體努力，帶領我們來到這個重要的轉折點，並讓我們能持續為客戶與股東交付成果。我對 Core Scientific 的下一階段以及我們面前的機會感到無比振奮。

With that, I will turn the call over to our Chief Operating Officer, Matt Brownto discuss operations. Matt?

接下來，我將把電話會議交給我們的營運長 Matt Brown，請他說明營運狀況。Matt？

Thank you, Adam. Today's announcement marks an exciting next phase of growth for Core Scientific and reflects the strong execution of our team. I'll begin with a major milestone achieved during the second quarter, then provide an overview of the AMD build-out and delivery plan. As we stated in our last earnings call, we expected to substantially complete four of the five four-week campuses before the end of the summer. We achieved that milestone ahead of schedule, reaching 437 billable megawatts and demonstrating our ability to deliver complex infrastructure safely, efficiently and at scale.

謝謝你，Adam。今天的公告標誌著 Core Scientific 令人振奮的下一個成長階段，也反映了我們團隊強勁的執行力。我將先談第二季達成的一項重大里程碑，接著概述 AMD 的建置與交付計畫。如同我們在上次財報電話會議所述，我們預期在夏季結束前，將五個為期四週的園區中的四個基本完工。我們提前達成該里程碑，達到 437 兆瓦的可計費容量，並展現我們能以安全、高效率且具規模的方式交付複雜基礎設施的能力。

Dalton Phase 2, the fifth and final campus, remains on track for full completion in early 2027. With the majority of the core we program now delivered, our focus is shifting to the next phase of development, led by our approximately 530-megawatt AMD commitment across five campuses.

第五個也是最後一個園區 Dalton 第二期（Dalton Phase 2），仍按計畫在 2027 年初全面完工。隨著我們核心計畫的大部分產能現已交付，我們的重點正轉向下一階段的開發，主要由我們在五個園區合計約 530 兆瓦的 AMD 承諾所帶動。

Importantly, this program represents more than a collection of individual data center projects. It is an integrated colocation platform engineered to support AMD Helios rack-scale systems optimized for the most demanding AI workloads. Our close couple AMD design framework aligns Core Scientific infrastructure AMD's technology road map through a repeatable, scalable design that accelerates speed to compute, optimizes capital deployment and reduces execution risk as contracted capacity scales.

重要的是，這項計畫不僅僅是一系列個別資料中心專案的集合。它是一個整合式託管平台，經過工程設計以支援 AMD Helios 機櫃級（rack-scale）系統，並針對最嚴苛的 AI 工作負載進行最佳化。我們與 AMD 緊密耦合的設計框架，透過可重複、可擴展的設計，使 Core Scientific 的基礎設施與 AMD 的技術路線圖對齊，從而加速算力上線速度、最佳化資本投放，並在合約產能擴張時降低執行風險。

Pecos remains our lead AMD site and is on track for initial megawatt delivery in the first half of 2027. Vertical construction is underway, major infrastructure equipment beginning to arrive on site, and the project continues to advance in line with delivery schedule. The remaining AMD campuses, Hunt, Auburn, Muskogee and Dalton Phase 3 are also progressing through design, procurement, site preparation and construction, with deliveries beginning in 2027 and ramping through the end of 2028.

Pecos 仍是我們的 AMD 主要場址，並按計畫於 2027 年上半年進行初始兆瓦交付。主體結構施工已展開，主要基礎設施設備也開始運抵現場，專案持續依交付時程推進。其餘 AMD 園區——Hunt、Auburn、Muskogee 以及 Dalton 第三期（Dalton Phase 3）——也正推進設計、採購、場地整備與施工，交付將自 2027 年開始並一路爬坡至 2028 年底。

As we move from one major customer program to the next, our operating priorities remain clear: deliver capacity efficiently, maintain schedule discipline and deploy capital responsibly. We also want to give investors clear visibility in the true all-in fault of delivering high-density AI infrastructure. The cost per megawatt goes well beyond acquiring land and putting up the building. It reflects the total capital required to take a sight from development planning through construction, utility energization, integrated systems testing, commissioning, customer acceptance and ultimately rent commencement.

當我們從一個大型客戶計畫邁向下一個時，我們的營運優先事項依然清晰：高效率交付產能、維持時程紀律，並負責任地部署資本。我們也希望讓投資人清楚看見交付高密度 AI 基礎設施真正的全包成本。每兆瓦成本遠不僅是取得土地與興建建物。它反映了將一個場址從開發規劃一路推進到施工、公共事業送電（energization）、整合系統測試、試運轉（commissioning）、客戶驗收，並最終開始計租（rent commencement）所需的全部資本。

We organized that estimate into three categories. The first is construction labor and one-side execution, skilled electrical and mechanical technicians, pipe fitters, equipment operators project supervisors and safety personnel required to integrate and commission the facility.

我們將該估算整理為三大類。第一類是施工人力與現場執行：包含整合與試運轉設施所需的熟練電氣與機械技術人員、管道裝配工、設備操作員、專案監督人員與安全人員。

Second is the critical infrastructure equipment, commonly referred to as OFE, owner furnished equipment, including transformers, switchgears, generators, chillers, pumps, liquid cooling systems, power distribution systems, control systems and the other major components that identity computing requires. The third is [soft] cost and general conditions. Design engineering, permitting, utility interconnect, insurance, on-site construction offices, warehouses, temporary power, fuel, lighting, program management testing and contingency. Together, these categories capture the full cost of delivering a commissioned customer-ready billable megawatt.

第二類是關鍵基礎設施設備，通常稱為 OFE（owner furnished equipment，業主供應設備），包括變壓器、開關設備、發電機、冷卻機、幫浦、液冷系統、配電系統、控制系統，以及高密度運算所需的其他主要組件。第三類是（軟性）成本與一般條件費用。包含設計工程、許可申請、公用事業併網、保險、現場施工辦公室、倉庫、臨時用電、燃料、照明、專案管理、測試與預備金。合計而言，這些類別涵蓋了交付一個已完成試運轉、可供客戶使用且可計費之兆瓦的完整成本。

Based on current market conditions and site-specific factors, we expect build cost range from approximately $11 million to $12 million per megawatt. The key takeaway is simple. We have demonstrated that we can deliver AI infrastructure at scale, and are now applying that experience to a standardized multisite deployment platform for AMD with determined focus on schedule, capital delisting and repeatable execution.

基於目前市場狀況與各場址的特定因素，我們預期建置成本約為每兆瓦 1,100 萬至 1,200 萬美元。關鍵重點很簡單。我們已證明能以規模交付 AI 基礎設施，並正將這些經驗應用於為 AMD 打造的標準化多場址部署平台，聚焦於時程、資本部署以及可重複的執行。

With that, I'll turn the call over to Chief Financial Officer, Jim Nygaard to discuss Q2 financials.

接下來，我把電話會議交給財務長 Jim Nygaard，請他說明第二季財務表現。

Thanks, Matt. I'll begin with our second quarter results, which reflect continued momentum in scaling our high-density colocation business. We began billing for 437 megawatts in mid-July, nearly 200 megawatts more than at the end of the first quarter and ahead of expectations. This drove a significant sequential increase in GAAP colocation revenue to $137 million and we expect another meaningful step-up in the third quarter. For context, under GAAP, revenue from the CoreWeave contracts is recognized on a straight-line basis over the 12-year lease terms. Effectively pulling future contractual escalators forward.

謝謝，Matt。我將先從第二季業績談起，這反映了我們在擴大高密度託管業務方面持續的動能。我們在 7 月中旬開始對 437 兆瓦進行計費，較第一季末增加近 200 兆瓦，且優於預期。這帶動 GAAP 託管營收季增顯著至 1.37 億美元，我們預期第三季還會再出現另一個明顯的上升幅度。補充說明，在 GAAP 下，CoreWeave 合約的營收會在 12 年租期內以直線法認列。等同於將未來合約中的調升（escalators）提前反映。

Within Bitcoin mining, our strategy remains unchanged. We continue to optimize the business and operate primarily to offset contractual power costs during the wind down. We ended June with nearly 30% fewer miners online than at the end of the first quarter and are now self-mining at only two sites. We expect the coin mining activity to continue winding down over the remainder of the year.

在比特幣挖礦方面，我們的策略維持不變。在逐步收尾期間，我們持續優化業務，營運主要用於抵銷合約電力成本。我們在6月底時，線上運行的礦機數量較第一季末減少了近30%，目前僅在兩個場址進行自營挖礦。我們預期挖幣活動將在今年剩餘時間持續縮減。

On the expense side, second quarter cash SG&A was approximately $36 million. The $4 million sequential increase was primarily driven by one-time professional fees associated with our recent debt financing. While we are not providing explicit SG&A guidance, we continue to view the low $30 million range as a reasonable quarterly baseline with the potential for some variability as we make targeted investments to support growth.

在費用方面，第二季現金SG&A約為3,600萬美元。較前一季增加的400萬美元，主要是由於與近期債務融資相關的一次性專業費用所致。雖然我們不提供明確的SG&A指引，但我們仍認為每季約3,000萬美元出頭是合理的基準水準；隨著我們進行有針對性的投資以支持成長，費用可能會有一定波動。

With that overview of the quarter, let me turn to capital formation and our plans to fund the next phase of growth. The AMD announcement is a significant commercial achievement and an important validation of the investment and financing strategy we have pursued. We ended the second quarter with approximately $1.8 billion of liquidity, giving us a strong foundation as we prepare to fund the AMD build-out.

以上為本季概況，接下來我將談談資本形成以及我們為下一階段成長提供資金的計畫。AMD的公告是一項重大的商業成就，也重要驗證了我們所採取的投資與融資策略。我們在第二季末擁有約18億美元的流動性，為我們準備資助AMD建置擴張提供了堅實基礎。

At our current cost estimate of $11 million to $12 million per megawatt in CapEx, the initial 530 megawatts will require approximately $6 billion of capital, which we expect to finance through project-level bonds. Beyond our contracted commitments, we intend to continue to selectively advance capacity ahead of customer contracts, following the same playbook that helped us position for the AMD opportunity.

以我們目前每兆瓦資本支出（CapEx）約1,100萬至1,200萬美元的成本估算，初期530兆瓦將需要約60億美元資金，我們預期將透過專案層級債券進行融資。除已簽約的承諾之外，我們打算延續同一套策略，在客戶合約之前有選擇性地推進部分產能，這套做法也曾協助我們把握AMD的機會。

At a high level, we are prepared to invest up to approximately $1 billion to advance roughly 500 megawatts of initial build-outs for future capacity. This capital would be deployed to advance development, secure long lead equipment and provide greater certainty around ready-for-service dates. The AMD announcement demonstrates the value of this approach and reinforces our ability to convert customer demand into additional contracted capacity. We believe our balance sheet and financing strategy give us flexibility to execute our contracted commitments while continuing to invest in the next phase of Core Scientific's growth.

整體而言，我們已準備投入最多約10億美元，以推進約500兆瓦的初期建置，作為未來產能。這筆資金將用於推進開發、鎖定長交期設備，並提高可投入服務日期（ready-for-service dates）的確定性。AMD的公告展現了此方法的價值，並強化我們將客戶需求轉化為更多已簽約產能的能力。我們相信，我們的資產負債表與融資策略，使我們在履行已簽約承諾的同時，仍能靈活投資於Core Scientific下一階段的成長。

With that, I'll hand the call back to the operator for Q&A.

接下來，我把電話交回給接線員進行問答。

(Operator Instructions)

(接線員指示)

John Todaro, Needham & Company.

John Todaro，Needham & Company。

Hey, thanks for taking my question and congrats on all the progress and the lease here. Two, if I may. First one, just on the potential expansion with A&D looks like 1.5 gigawatts of that is as stated behind the meter and in the load study. I guess just wondering if we can give a little bit more color on kind of timeline there. And if it is a little bit more lengthy, does AMD then have an exclusivity period for a significant chunk of time or just maybe frame that up a little bit more for us?

嗨，謝謝讓我提問，也恭喜你們在各項進展以及這份租賃上取得成果。我有兩個問題，如果可以的話。第一個，關於與A&D的潛在擴張，看起來其中有1.5吉瓦如你們所述是屬於表後（behind the meter），並且已納入負載研究。我想了解你們能否提供更多關於時間表的細節。如果時間會拉得比較長，那麼AMD是否會在相當長的一段時間內擁有排他期，或請你們幫我們更清楚地框架一下？

Yeah. Happy to John, and thanks for the question. I think to start off, I mean, this is obviously a transformational deal for Core Scientific, and we could not be more excited about our partnership with AMD on this. I think it's not appropriate for us to speculate and certainly on what AMD will do as it relates to the additional megawatts. And as you mentioned, it is up to nearly 2 gigawatts of additional capacity under the agreement.

好的。很樂意，John，也謝謝你的問題。我想先說，這顯然是一筆對Core Scientific具有轉型意義的交易，我們對與AMD的合作感到非常振奮。我認為我們不適合去推測，尤其是推測AMD在額外兆瓦方面會怎麼做。如你所提，依協議可增加的額外產能最高接近2吉瓦。

And that is an exclusive reservation agreement that we have with AMD I think the important part here is as you look at and as you mentioned behind the meter -- behind the meter is becoming much more common in the marketplace amongst hyperscalers and labs. That's continued to be a growing segment of this market. And I believe the comfort level amongst all of the peers are continuing to increase as it relates to the meter deployments.

而且，這是一份我們與AMD簽訂的排他性保留協議。我認為這裡的重要點是，正如你提到的表後——表後部署在市場上、在超大規模業者與實驗室之間正變得更為普遍。這一直是該市場中持續成長的區塊。我相信，所有同業對於表後部署的接受度也在持續提高。

We have great solutions as it relates to our Pecos and Muskogee campuses. We're looking forward to growing those campuses alongside AMD. And I think the important part here is the market demand for GPUs only continues to expand, obviously, highlighted by the most recent AMD announcements. But data center capacity is still in very short supply. So we feel like we're very well positioned for the continued growth here, and we're going to be able to deliver a site amount of capacity for AMD.

就我們的Pecos與Muskogee園區而言，我們有很好的解決方案。我們期待與AMD一起擴大這些園區。我認為重點在於GPU的市場需求只會持續擴大，最近AMD的公告也凸顯了這一點。但資料中心產能仍然非常短缺。因此我們覺得自己在持續成長方面具備非常好的定位，也將能為AMD交付相當規模的產能。

Great. That's very helpful. And then just a quick one on the neocloud lease as well, is there going to be a backstop or guarantee for them? Is AMD associated with that one as well or completely separate?

很好。這非常有幫助。另外關於neocloud租賃也快速問一下，是否會有兜底或擔保？AMD是否也與那一筆相關，還是完全分開？

Yeah, I know that's correct. They are providing a full credit support for the full 15-year lease term. And as we noted in prepared remarks, that full credit support does not include any equity step-in rights, as you've seen included in some other deals, which just per tax our equity investments in these projects.

是的，沒錯。他們為整個15年租期提供完整的信用支持。而且如我們在事先準備的講稿中所提到，該完整信用支持不包含任何股權介入權（equity step-in rights）；你可能在其他一些交易中看過這類條款，而那會使我們在這些專案中的股權投資承受更大壓力。

Brett Knoblauch, Cantor Fitzgerald.

Brett Knoblauch，Cantor Fitzgerald。

Hi, guys. Thank you for taking my question and congrats on the deal. Curious about the economics between maybe like the two deals within the larger deal. Should we view that maybe the Neo Cloud plus backstop economic similar as maybe the straight AMD economics?

嗨，各位。謝謝讓我提問，也恭喜這筆交易。我想了解在這個大交易中，兩個子交易之間的經濟條件。我們是否應該把Neo Cloud加上兜底的經濟條件，視為與直接AMD的經濟條件相近？

Yeah. I mean I think that's right. I think what you could assume given the modified lease kind of modified growth structure with the neocloud that those economics are in line with market. And I would say similar for the direct leases with AMD, those are also in line with market.

是的。我想沒錯。我認為你可以假設，考量到neocloud採用的是修訂後的租賃、某種修訂後的成長結構，其經濟條件與市場水準一致。而我也會說，與AMD的直接租賃同樣也是符合市場水準。

Awesome. And then maybe just on the CapEx front. I know you guys have kind of been pre-spending already across multiple sites. Could you maybe ballpark maybe how much of the $11 million to $12 million you guys have already spent repairing some of these sites?

太好了。接著可能問一下CapEx。我知道你們已經在多個場址提前投入支出。你們能否大概說一下，在每兆瓦1,100萬到1,200萬美元之中，你們已經花了多少在修復這些場址上？

Yeah. I mean similar to what we had mentioned in previous earnings call, we were looking at deploying about $2 million per megawatt across the portfolio. And so we had a bit just about $1 billion in commitments across these projects. So we're very far into our capital commitment as it relates to what the equity investment will be required for these projects.

好的。我想跟我們在前幾次財報電話會議提到的類似，我們原本預計在整個資產組合中每兆瓦投入約200萬美元。因此，我們在這些專案上的承諾金額大約有10億美元。所以就這些專案所需的股權投資而言，我們在資本承諾的進度上已經推進得很深。

.

.

Darren Aftahi, Lucid Capital.

Darren Aftahi，Lucid Capital。

Hi, good morning. Congrats, guys. Two, if I may. Can you just talk to the thought process of if the deal is exclusive with AMD just committing sort of one customer that amount of capacity, just kind of the thought process that went through that. And then the time frame you laid out in the presentation, just your level of confidence in delivering that capacity on time? Thanks.

嗨，早安。恭喜各位。我有兩個問題，如果可以的話。你們能否談談思考過程：若這筆交易對AMD是排他的、等於把那麼多產能承諾給單一客戶，你們當時是如何評估的？另外，你們在簡報中列出的時間框架，你們對於能按時交付該產能的信心程度如何？謝謝。

Yeah. Thanks, Darren. I appreciate it. I think as we look at the commitment that we made with AMD today, this is truly a one-of-one type partnership in this market. We feel very strongly that our execution capabilities over the course of the core contracts, it was one of the main reasons why we are able to get such a unique partnership agreement with AMD.

是的。謝謝你，Darren。我很感激。我認為，從我們今天與 AMD 所做出的承諾來看，這確實是這個市場上獨一無二的合作夥伴關係。我們非常有信心，在核心合約執行過程中的交付能力，是我們能與 AMD 達成如此獨特合作協議的主要原因之一。

As we look at the product road map and the growth, the reservation rights that AMD has on additional capacity at sites where they have direct leases that's Pecos, Muskogee, Hunt. In terms of the delivery timelines and their reservation rights timelines, they pair up very well. And so we feel very strongly that we're going to be able to continue to grow alongside of AMD at those three sites in particular. -- just given the fact that there's significant demand in the market. As I mentioned earlier, market drivers are all in our favor as it relates to both supply and demand here in this industry. And we believe AMD is going to continue to expand into the future.

從產品路線圖與成長來看，AMD 在其直接承租的場址上，對額外產能擁有保留權，包含 Pecos、Muskogee、Hunt。就交付時程與其保留權的時程而言，兩者非常契合。因此我們非常有信心，特別是在這三個場址，我們將能持續與 AMD 一同成長——尤其考量到市場需求相當強勁。如我先前提到的，就本產業的供需而言，市場驅動因素都對我們有利。我們也相信 AMD 未來將持續擴張。

And Darren, to your other question, talking about our confidence in our ability to deliver we have the equipment secured, we have contractors on site across these five campuses. This is a unique situation compared to others who are announcing deals with Greenland. We have bodies moving on-site, walls going up at Pecos as we mentioned, we have the building fully complete at this point. And so we feel like we're in a very strong position and that confidence in our ability to deliver and the progress that we've made, we believe is really why AMD chose Core Scientific to partner with.

另外 Darren，回到你另一個問題，談到我們對交付能力的信心：我們已確保設備到位，並且在這五個園區都有承包商進駐。相較於其他宣布與 Greenland 達成交易的公司，這是一個獨特的情況。我們有人員在現場施工，Pecos 的牆體也如我們所提到的正在搭建；目前該建築已完全完工。因此我們認為自己處於非常有利的位置；我們對交付能力的信心以及已取得的進展，我們相信正是 AMD 選擇與 Core Scientific 合作的原因。

Jon Petersen, Jefferies.

Jon Petersen，Jefferies。

Great. Thank you. Congratulations on the AMD deal. That's really exciting. On the -- looking at your slide on load study, additional power, Pecos, Texas. So I think on August 7, we're going to get an update from ERCOT, I guess this 815 megawatts. Is there a potential that, that's unlocked for you guys or you have a timeline on it within the next few weeks?

很好。謝謝。恭喜你們拿下 AMD 的交易。這真的很令人振奮。關於——看你們投影片上的負載研究（load study）、額外電力，德州 Pecos。我想 8 月 7 日我們會從 ERCOT 得到更新，應該是這 815 兆瓦。這是否有可能對你們解鎖？或你們對於未來幾週內的時程有沒有看法？

It's really hard for us to judge. Part of that is the -- sorry, about 300 megawatts of that is the load study for Pecos this is behind the meter. I think in terms of our execution on the next megawatts at Pecos in particular, is going to be driven by the behind-the-meter strategy just given the uncertainty related to timing of that next 300 megawatts from -- on grid power.

這對我們來說真的很難判斷。部分原因是——抱歉，其中約 300 兆瓦是 Pecos 的負載研究，這是表後（behind the meter）。我認為，就我們在 Pecos 尤其是下一階段兆瓦數的執行而言，將會由表後策略所驅動，主要是因為從電網供電取得下一個 300 兆瓦的時點仍存在不確定性。

Okay. All right. That's helpful. And then on the development, maybe can you talk about the buildup to the lease, like the different pieces that you've already put in place like deposits down on the various supply chain stuff that you need for the development, lining up general contractors and subcontractors. I'd just be curious to hear just a little more about what you guys have been up to in the past few months and just the pieces that you had to put together to get to the point of lease signing this morning?

好的。好。這很有幫助。另外在開發方面，你們能否談談簽租約前的建置過程，例如你們已經到位的不同環節：像是針對開發所需的各項供應鏈項目先行支付訂金、安排總承包商與分包商等。我想更了解你們過去幾個月做了哪些工作，以及為了今天早上完成租約簽署，你們需要把哪些拼圖先拼起來？

Yeah, I can answer -- I can take that question. I think as we stated in our previous earnings, we outlined a strategy of sort of leaning into development ahead of demand. So over the past year, we had been -- we started developing Pecos. We started precon in Hunt and the second building in Muskogee. So we were already getting through precon, through engineering. We had secured -- actually placed orders for equipment for the initial delivery phases of each of those projects. So what does that mean? Does that mean that we'd already secured long-lead equipment for a large quantum of those megawatts.

好的，我可以回答——我來回應這個問題。我想如同我們在上一季財報中所說，我們提出了一個策略：在需求到來之前先行投入開發。因此在過去一年，我們一直——我們開始開發 Pecos。我們在 Hunt 以及 Muskogee 的第二棟建築啟動了前期施工規劃（precon）。所以我們已經在推進前期規劃與工程設計。我們已確保——實際上也已下單採購各專案初期交付階段所需的設備。那代表什麼？代表我們已經為相當大規模的兆瓦數，提前鎖定了交期較長的設備。

And then we had already secured the labor and the GCs on site and sort of progressing through GMPs. And now we're at a stage where -- we've already completed in Pecos, like the precast and the building is almost complete here in the number of weeks. The full shelf for the first 185 megawatts would be done and we're a pad-ready utility [reiteration] across the other sites. We released capital for substation construction earlier this year across multiple sites. And so all of that work that we've been going through over the course of 2026 has put us in a position to really land a monumuntal deal with AMD, and we're really excited about our ability to execute through 2028.

此外，我們也已經確保勞動力，並讓總承包商（GCs）進駐現場，並逐步推進 GMP（保證最高價）流程。而現在我們已到了一個階段——在 Pecos，我們已完成預鑄（precast），建築在接下來幾週內幾乎就會完工。首批 185 兆瓦的完整建置將會完成，而在其他場址我們也已達到可直接施工的場地就緒（pad-ready）與公用事業條件[重申]。今年稍早我們已在多個場址釋出資本用於變電站建設。因此，我們在 2026 年一路推進的所有工作，使我們得以與 AMD 落地一筆具里程碑意義的交易；我們也對於在 2028 年前的執行能力感到非常興奮。

Nick Giles, B. Riley Securities.

Nick Giles，B. Riley Securities。

Yeah, thanks very much. Congrats guys. You mentioned, I think, 2 gigawatts of new sites. Can you just break that down across how many sites, how advanced is due diligence? And then would you expect to spend capital at those sites ahead of any lease similar to your current footprint? Thanks.

是的，非常感謝。恭喜各位。你們提到我想是 2 吉瓦的新場址。你們能否拆解一下大概分布在多少個場址、盡職調查進展到什麼程度？另外，你們是否預期會像目前的版圖一樣，在任何租約簽署之前就先在那些場址投入資本？謝謝。

Yeah, I appreciate the question, Nick. Yeah, across the 2 gigawatts, we're not giving a slight break down number of sites. But I would say the Hunt acquisition that we made earlier this year is extraordinarily representative of the opportunities that we're pursuing today. I'd say that's a great strike zone in terms of total amount of power that's available at the site. And to your last part of your question, absolutely.

Nick，謝謝你的問題。關於這 2 吉瓦，我們不會提供按場址數量的細部拆解。但我會說，我們今年稍早完成的 Hunt 收購，非常能代表我們目前正在追求的機會類型。就該場址可取得的總電力規模而言，我會說那是非常理想的甜蜜點（strike zone）。至於你問題的最後一部分，答案是絕對會。

As we look at new sites and we look at acquisition costs, what we include in those calculations is being able to bring that site to really a pad-ready status the very lease. That includes putting the substation in place and releasing that capital. And so as we evaluate these sites, we think about what -- how does this fit in terms of when the power is available versus our construction schedules. And so there are a number of sites in that pipeline at varying stages of due diligence that we have confidence that we'll be able to bring a new site to market, hopefully, by year-end here.

當我們評估新場址與收購成本時，我們會把能夠讓該場址在租約簽署前就達到真正的場地就緒（pad-ready）狀態納入計算。這包括建置變電站並釋出相應資本。因此在評估這些場址時，我們會思考——電力可用的時間點如何與我們的施工排程相匹配。因此，在那條管線中有多個場址正處於不同的盡職調查階段；我們有信心能把新的場址推向市場，希望能在今年年底前做到。

Thanks for that, Adam. And maybe a question for Jim. Should we expect to see you raise project debt at the site level? Or how do these AMD direct sites versus the neo clouds with the wrapper influence the overall financing strategy?

謝謝你，Adam。也許再問 Jim 一個問題。我們是否應該預期你們會在場址層級舉借專案債務？或者，這些 AMD 直接場址相較於帶有包裝（wrapper）的新雲（neo clouds），會如何影響整體融資策略？

Our primary financing strategy is going to be utilizing the project bond structure that is, I would say, fairly consistent in the market today, very similar to what we did with CoreWeave. Functionally speaking, the SPVs are very similar in the direct case, the tenant has direct responsibility for fulfilling the lease payment. So that's what effectively fuels that vehicle.

我們的主要融資策略將是採用專案債券（project bond）架構；我會說這在目前市場上相當一致，也非常類似我們與 CoreWeave 所做的安排。就功能面而言，在直接模式下，SPV 的結構非常相似，承租方對履行租金支付負有直接責任。因此，這就是實質上驅動該融資載體的來源。

On the credit support dynamic, the debt is fully supported. That dynamic still exists in a similar structure. So they function and operate very -- in a very similar fashion, but they do have distinctions of having the direct relationship in one and having a credit support figure in the other. But they are project bond structures in the SPVs that we've now used in the CoreWeave example.

就信用支持的動態而言，該債務是獲得完全支持的。那種動態仍以類似的結構存在。因此它們在功能與運作上非常——以非常相似的方式運行，但確實有所區別：一種是具有直接關係，另一種則有信用支持方。但它們都是我們如今在 CoreWeave 案例中使用的、設於 SPV 內的專案債券結構。

Ben Sommers, BTIG.

Ben Sommers，BTIG。

Hey. Good morning, guys and thanks for taking my questions. So as we think about the behind-the-meter opportunities, just kind of curious, what is the current kind of status of securing potentially long lead time items for this? And I guess just -- I know you can't give a direct timeline estimate, but just kind of curious how that development is progressing as we think about expanding with AMD or beyond?

嗨。各位早安，謝謝讓我提問。那麼在我們思考表後（behind-the-meter）的機會時，我有點好奇，目前在為此確保可能交期較長的項目方面，進度大概到哪裡了？另外我想——我知道你們不能給出直接的時間表預估，但想請教，當我們考慮與 AMD 或其他合作擴張時，這項開發目前推進得如何？

Yeah. Thanks for the question. What I can say, our visibility into the behind a meter of development across Pecos and Muskogee we've already been in conversations -- advanced conversations with natural gas suppliers. We've done preliminary planning around lateral development to those sites. And we've had some really integrated conversations with equipment providers that would provide the generation, one site for that. So I would say where we stand today is that we have really clear visibility into the execution timelines cost and all the delivery partners are required to pull that together.

是的。謝謝你的問題。我可以說的是，對於 Pecos 與 Muskogee 兩地的表後開發，我們已經與天然氣供應商進行了——深入的洽談。我們也已就通往這些場址的支線管線（lateral）開發做了初步規劃。此外，我們也與設備供應商進行了非常整合性的討論，這些供應商將提供發電設備，其中一個場址會採用該方案。所以我會說，我們目前對於執行時程、成本，以及整合所需的所有交付夥伴，都有非常清晰的可視性。

Awesome. Thank you. And then one more quick one for me. So for the expansion of capacity, does AMD have the ability to potentially grant that to, let's say, like another neo cloud, similar tower doing here and then backstop that contract? Or does this all have to be direct with AMD?

太棒了。謝謝。然後我還有一個很快的問題。關於容量擴張，AMD 是否有能力把容量授予例如另一家新型雲（neo cloud），像這裡所做的類似架構，然後由 AMD 來為該合約提供背書（backstop）？還是這一切都必須由 AMD 直接簽約？

On the direct leases, it has to be direct with AMD.

就直接租賃而言，必須由 AMD 直接簽約。

Joseph Vafi, Canaccord.

Joseph Vafi，Canaccord。

Hey, guys. Adding my congratulations here as well. Great to see the AMD news. Just -- if we rewind about a quarter, I know you were winding down some exclusive negotiations for, I believe, some of these sites with an investment-grade tenant, and now we have the AMD announcement. Just be interesting if you could provide any color on if AMD was the exclusive negotiating partner there or if they arose after those exclusives ended just would be -- I think it would be valuable and insightful relative to the cadence of negotiations out there broadly in the marketplace?

嗨，各位。我也在此表達祝賀。很高興看到 AMD 的消息。只是——如果我們回到大約一季前，我知道你們當時正在結束一些獨家談判，我相信是針對其中一些場址、且對象是一位投資級租戶，而現在我們看到 AMD 的公告。如果你們能提供一些背景會很有意思：當時 AMD 是否就是那位獨家談判的夥伴？還是說那些獨家期結束後 AMD 才出現？我認為這對於理解整體市場上談判節奏會很有價值、也很有洞見。

Yeah, I appreciate the question, Joe. I'm not going to comment on who the customer was in previous discussions. I think the key here is this is a long-term relationship that was formed over a long period of time with AMD. They were evaluating our execution capabilities across the existing contracts that we have in place today.

是的，我理解你的問題，Joe。我不會評論先前討論中的客戶是誰。我認為重點在於：這是一段與 AMD 在很長一段時間內建立起來的長期關係。他們一直在評估我們在目前既有合約下的執行能力。

They were evaluating what we had on order in terms of long-lead equipment. And we're evaluating the sites over a period of time as construction continued across the five campuses that they've signed up for today. So these conversations are long, and I think that's expected across the market. But what we sign today is truly unique, and we could be more excited about partnering with AMD on a project of this scale.

他們也在評估我們已下單的長交期設備。並且隨著他們目前簽約的五個園區持續施工，他們也在一段時間內持續評估這些場址。所以這些對話的週期很長，我認為這在市場上是可預期的。但我們今天所簽下的確實非常獨特，我們也非常期待能與 AMD 在如此規模的專案上合作。

Sure. Great. That's helpful, Adam. And then Jim, you're kind of ahead of the pack here on generating revenue and operating cash flow, I think at this point. How does the revenue and more of a maturing P&L kind of shape strategy here versus where you were maybe six or nine months ago? Thanks.

了解。很好。這很有幫助，Adam。接著 Jim，你們在創造營收與營運現金流方面，我想目前算是走在同業前面。相較於六到九個月前，營收以及更成熟的損益表（P&L）會如何影響你們在這裡的策略？謝謝。

Yeah, I appreciate the question. It is quite a transformation from our history of Bitcoin mining, which is certainly characteristic of a lot of volatility and lack of transparency to essentially a financial profile that is essentially an opposite of that. That's what makes this business in terms of its financing capability, its visibility and it's ultimately stability allows us to really make investments with a lot of confidence. So we're excited about that transformation. We've had a lot of noise in our historical financials.

是的，謝謝你的問題。這確實是一次很大的轉型：從我們過去的比特幣挖礦歷史——那通常伴隨高度波動與透明度不足——轉變為一個幾乎相反的財務輪廓。正因如此，這門業務在融資能力、可視性以及最終的穩定性方面，讓我們能夠非常有信心地進行投資。所以我們對這個轉型感到興奮。我們過去的財務數據裡有很多雜訊。

And what's exciting about next year is we're going to be starting with a clean sheet of paper and you're going to start to see a much more mature financial profile emerge. That is much more consistent with the new business model. So that's an exciting transformation for us and one that we think is going to serve us well, and I appreciate your comments about us being ahead of the pack. That's an important observation for our differentiation in the market that often, I don't think we get a lot of credit for. So thank you for calling that out.

而明年令人興奮的是，我們將以一張乾淨的白紙開始，你們會看到一個更成熟的財務輪廓逐步浮現。那將更符合新的商業模式。所以這對我們而言是令人振奮的轉型，我們也認為它會讓我們受益良多；也謝謝你提到我們走在同業前面。這是一個對我們在市場上差異化很重要的觀察，但我覺得我們常常沒有因此獲得足夠的肯定。所以謝謝你特別指出。

Stephen Glagola, KBW.

Stephen Glagola，KBW。

Hey, congrats on the deal and thanks for the question. Adam, I'm curious to get your broader thoughts on what you're seeing in the funding market today on the debt side? And has anything changed in terms of project financing availability over the last few months? Thank you.

嗨，恭喜這筆交易，也謝謝讓我提問。Adam，我想聽聽你更宏觀的看法：就債務端而言，你目前在資金市場看到什麼情況？另外，過去幾個月在專案融資可得性方面，有沒有任何變化？謝謝。

Yeah. Thanks, Stephen. Obviously, we're excited about our announcement this came at a very [appropriate] time in terms of just the broader market and recent reports that have been released. So I think as it relates to the funding market, as you mentioned, what we're seeing in the market today is definitely a backup in rates. I think that's a broad digesting period as it relates to AI. What we've seen across all of the bonds that are in the market today are just a significant amount of digestion by investors that are speaking with their traits and where the market has been going to in terms of rates.

是的。謝謝你，Stephen。顯然我們對這次公告感到興奮，從更廣泛的市場環境以及近期發布的報告來看，這個時間點非常[恰當]。所以就資金市場而言，如你所提到的，我們今天在市場上看到的確是利率上升（rates backup）。我認為這與 AI 相關，是一段市場廣泛消化的期間。我們在目前市場上的所有債券中看到的是，投資人正在大量消化，並透過他們的交易行為反映市場在利率走向上的變化。

So it doesn't concern us with such a strong investment-grade counterparty here. Those -- there will still continue to be appetite for those types of bonds in the market. And that's really what gave us confidence here in executing this contract. I think if you were signing a contract with anyone outside of kind of this tier of credit, there's question marks about capital raising. But given where we sit today with our partnership with AMD, there's incredibly high confidence as it relates to financing this deal.

因此，對我們而言，在這裡有如此強的投資級交易對手，這並不令人擔憂。市場對這類債券仍將持續有需求。而這也正是我們有信心能夠執行這份合約的原因。我認為如果你是與不屬於這個信用等級的對象簽約，募資能力就會出現一些問號。但以我們今天與 AMD 的合作夥伴關係而言，在為這筆交易進行融資方面，我們有極高的信心。

Great. Thank you.

很好。謝謝。

Jon Hickman, Ladenburg Thalmann.

Jon Hickman，Ladenburg Thalmann。

Hello. Could you just reiterate your timeline for this -- for the first delivery of power to -- for the AMD deal. Is it early 2028?

你好。你能否再重申一下這個——AMD 交易首次供電的時間表？是 2028 年初嗎？

The initial AMD deal, the first megawatts that comes online will be at our Pecos location. We have said that, that will come online in the first half of 2027. And broadly speaking, we said about half the contract will be delivered in 2027 and the other half will be delivered in 2028.

就最初的 AMD 交易而言，第一批上線的兆瓦將位於我們的 Pecos 場址。我們已經說過，那將在 2027 年上半年上線。整體而言，我們表示大約一半的合約容量會在 2027 年交付，另一半會在 2028 年交付。

Thank you for that. I appreciate it.

謝謝你。我很感激。

Tim Horan, Oppenheimer.

Tim Horan，Oppenheimer。

Thanks, guys. Is there an optimal amount of megawatts you'd like to build per year? And is there kind of an upper limit on that? And just on the -- behind the grid power, what's really on the critical path there? Is it the pipeline? Is it the turbines, anything else? Thanks.

謝謝，各位。你們希望每年建置的最佳兆瓦數是多少？這方面是否有某種上限？另外就—關於電網供電背後，真正的關鍵路徑是什麼？是管線嗎？是渦輪機，或還有其他因素嗎？謝謝。

Yeah. So I'll take the first part of the question, and I'll let Matt Brown take the second part. In terms of optimal megawatts per year, in terms of what we're looking at in 2028. We believe we could have a target of about 600 megawatts in 2028 based on current labor constraints and long-lead equipment constraints in the market. Obviously, that is dependent on timelines of signing additional capacity under the AMD agreement. But I think it's a great target for us, 6 -- plus or minus 600 megawatts per year, it's a great cadence for the business.

是的。我先回答問題的第一部分，第二部分我請 Matt Brown 來回答。就每年最佳兆瓦數而言，以我們在 2028 年的規劃來看。我們認為，基於目前市場上的勞動力限制以及長交期設備的限制，2028 年我們可設定約 600 兆瓦的目標。當然，這取決於在 AMD 協議下簽署額外容量的時程。但我認為這對我們是個很好的目標，每年約 600 兆瓦、上下浮動一些，對業務而言是很好的節奏。

That's not to say, though, if the opportunity arises to deliver more than that in a single year doesn't mean we want to continue to scale up our capabilities and team internally to really meet that requirement. But from where we sit today, in 2028, we have a target of about 600 megawatts of delivery. Matt, would you like to take the question [about the meter]

不過這並不是說，如果有機會在某一年交付超過這個數量，我們就不想持續擴大內部能力與團隊規模，以真正滿足該需求。但以我們目前的位置來看，2028 年我們的交付目標約為 600 兆瓦。Matt，你要不要回答那個問題[關於電表]？

Yeah. So the constraints vary by site, but I would say largely delivery timelines, the constraints are either going to be the time to build the lateral pipeline and/or the equipment delivery, and it just ends on the various side. Some of our sites, it will be -- the delivery timelines will be more tie-light to equip manufacturing and production capacity. And in other locations, it's going to be more tied to pipeline development and delivery. So -- but those are the two main things that sort of drive schedules with that.

好的。限制會因場址而異，但我會說整體而言，就交付時程來看，限制要嘛是興建支線管線所需的時間，和/或設備交付；而且在不同面向上都會結束於這些因素。在我們某些場址，交付時程會更—更緊密地與設備製造與產能相關。而在其他地點，則會更與管線開發與交付相關。所以—但這兩項是主要驅動時程安排的因素。

Thanks so much.

非常感謝。

Paul Golding, Macquarie Capital.

Paul Golding，Macquarie Capital。

Thanks so much for taking the question and congrats on the deal. I wanted to ask on the CapEx. As noted in the slide, estimating $11 million to $12 million per megawatt and also as implied by the $6 billion across the 530 megawatts. I was wondering what's driving the higher CapEx versus the CoreWeave deal at the outset. Is that the greenfield versus brownfield? Is there a difference in basis of design and what we should expect going forward around cost per megawatt if you do incremental deals with other counterparties?

非常感謝讓我提問，也恭喜這筆交易。我想問一下資本支出（CapEx）。如投影片所示，估計每兆瓦 1,100 萬到 1,200 萬美元，且從 530 兆瓦合計約 60 億美元也可推知。我想了解，相較於一開始的 CoreWeave 交易，較高的 CapEx 是由什麼驅動？是綠地（greenfield）相對於棕地（brownfield）嗎？在設計基準上是否有差異？以及若未來與其他交易對手做增量交易，每兆瓦成本走勢我們應該如何預期？

And then secondly, I just wanted to ask around the acceleration of the 437 megawatts delivered for CoreWeave. What unlocked that acceleration? Is that a lever that you can pull additionally with the AMD engagements? Is there a breathing room there? Thanks so much.

第二個問題，我想問 CoreWeave 已交付的 437 兆瓦加速交付這件事。是什麼促成了這個加速？這是否也是你們在 AMD 合作案中可以額外運用的槓桿？那裡是否還有一些緩衝空間？非常感謝。

Yeah. I'll take the first part of this question sort of relating to cost and as it relates to where we're at today with the current $11 million to $12 million estimates on a portfolio basis. When we think about the CoreWeave sites, we started that engagement in early '24. So we started securing labor and equipment in '24. And what we've seen pretty much year-over-year it just pretty much increases across the board, both increases in equipment cost, some of that driven by tariffs over the past year, some of it just driven by supply chain constraints and availability and then -- but the thing that's primarily driving, I'd say, cost of construction today is labor.

好的。我先回答第一部分，關於成本，以及我們目前在投資組合層級每兆瓦 1,100 萬到 1,200 萬美元估算的背景。談到 CoreWeave 的場址，我們在 2024 年初開始合作。因此我們在 2024 年就開始鎖定勞動力與設備。而我們看到的幾乎是逐年全面上升：設備成本上升，其中一部分是過去一年關稅所驅動，一部分則是供應鏈限制與可得性所致；但—我會說目前最主要推升建造成本的是勞動力。

Labor is very scarce in a number of markets across the US. A lot of the GC -- a lot of the electrical subcontractors, the large ones and a lot of the mechanical trades are just pretty saturated with work right now. So what you're seeing is just that labor constraint is naturally sort of driving up the cost of that labor in some of the very, very competitive geographies across the US.

在美國多個市場，勞動力非常稀缺。許多總承包商（GC）—許多大型電氣分包商以及不少機械工種，目前工作量都相當飽和。因此你看到的就是，這種勞動力限制自然會推升勞動力成本，尤其是在美國一些競爭非常、非常激烈的地區。

So I think that's one of the biggest differences, just the increase of cost over time. And then as it relates to some of the CoreWeave sites, there are just like some fundamental design differences across a number of those sites that are just different to we're doing today. And not to sort of drive into all the details, but there are some fundamental differences between what we've done with CoreWeave and the current product set.

所以我認為這是最大的差異之一，也就是成本隨時間上升。另外，就部分 CoreWeave 場址而言，在其中若干場址之間存在一些根本性的設計差異，與我們今天正在做的不同。我不打算深入所有細節，但我們與 CoreWeave 所做的，與目前的產品組合之間確實有一些根本差異。

Brian Dobson, Clear Street.

Brian Dobson，Clear Street。

Hey, good morning. Thanks so much in taking my question. Congratulations on the deal. So now that you have that signed and announced, do you think you could give us a little bit of additional color on what the demand environment looks like? I'm sure you were speaking to a lot of interested parties and maybe what we could comment to expect from, call it, sector deal signings over the next six months? Like what's your viewpoint here? And how is demand evolving?

嗨，早安。非常感謝讓我提問。恭喜這筆交易。既然你們已經簽署並對外宣布，能否再多提供一些需求環境的細節？我相信你們與許多有興趣的各方都有交流，也許可以談談未來六個月內，所謂各產業領域的交易簽署，我們可以期待什麼？你們的觀點是什麼？需求如何演變？

Yeah, Brian, I appreciate the question. I think as we look at the demand picture really for developers that are having direct conversations with the counterparties that can sign contracts right now, it's really starkly contrasted against what you're seeing in the media headlines. What we're seeing on the ground is still a significant amount of demand coming out of the hyperscale channel and the AI labs.

好的，Brian，謝謝你的問題。我認為，若從開發商的角度來看—也就是正在與目前就能簽約的交易對手直接對話的開發商—實際的需求情況，與你在媒體標題中看到的形成非常鮮明的對比。我們在第一線看到的，來自超大規模（hyperscale）通路與 AI 實驗室的需求仍然相當可觀。

I think in terms of what we're going to see over the coming months and through the remainder of this year are continued new deal announcements as it relates to large-scale infrastructure commitments. And I think the big part here is a lot of these large-scale GPU contracts are just getting signed today. And those GPUs do not have a home yet.

我認為在接下來幾個月以及今年剩餘時間，我們會持續看到新的交易公告，特別是與大規模基礎設施承諾相關的部分。而重點在於，許多這類大規模 GPU 合約正在今天被簽下來。而這些 GPU 還沒有落腳之處。

I think in terms of what we've seen over the course of the past 12 months and late deliveries across this industry, there's a lot of GPU sitting on the ground. And those GPUs still need to be plugged in. And as that backup continues to build, I think what we're going to end up seeing is more constraints across data center supply. And obviously, given I would say, some of the headwinds as it relates to new developments of data center capacity across this industry. Having available rack space within the next few years is going to be in high demand for all data center developers.

我認為，回顧過去 12 個月以及本產業的延遲交付情況，有大量 GPU 已經到貨、放在地面上。而這些 GPU 仍需要接上電、投入運作。隨著這種積壓持續增加，我認為我們最終會看到資料中心供給端出現更多限制。而且很明顯地，考量到我會說，與本產業新增資料中心容量開發相關的一些逆風。在未來幾年內，具備可用機櫃空間將會是所有資料中心開發商的高度需求。

And this is a great win for the DCs, and I feel very strongly that we're going to continue to see new contracts being signed over the remainder of this year as this demand picture and supply are shaping up for continued new leases to be signed.

這對資料中心（DCs）而言是很好的勝利，我也非常有信心，隨著需求面與供給面逐步成形、並推動持續簽署新的租約，我們在今年剩餘時間仍會看到新的合約陸續簽署。

Great, thanks. I appreciate your candor.

太好了，謝謝。我感謝你的坦誠。

George Sutton, Craig-Hallum.

George Sutton，Craig-Hallum。

Thank you and congratulations. So I'm curious when we're looking at the reservation opportunity with AMD. How are we continuing to have discussions with additional partners? How do you keep that mix live?

謝謝你，也恭喜。所以我很好奇，當我們在看與 AMD 的預留產能機會時，我們如何持續與其他合作夥伴進行討論？你們如何讓那個組合保持活躍？

Yeah, I appreciate the question, George. Under the agreement that we have with AMD, this is a partnership. And so we won't be speaking to customers while the additional capacity is under the observation agreement. And so we're going to work very closely with AMD on their future demand needs and we're going to look to continue to grow alongside of them.

是的，George，謝謝你的提問。依照我們與 AMD 的協議，這是一項合作夥伴關係。因此，在額外產能仍處於觀察協議期間，我們不會與客戶對外洽談。所以我們會與 AMD 就其未來需求密切合作，並希望持續與他們一同成長。

This is a true and unique partnership in this industry. And I think it's going to take time for people to understand truly how transformational this is and the unique position that Core Scientific sits in within the broader landscape. And so for us, we just look forward to continuing to grow alongside of AMD and look forward to developments across Pecos, Muskogee and Hunt.

這在本產業是一個真正且獨特的合作夥伴關係。我認為人們需要時間才能真正理解這有多具變革性，以及 Core Scientific 在更廣泛版圖中所處的獨特位置。因此對我們而言，我們期待持續與 AMD 一同成長，也期待 Pecos、Muskogee 與 Hunt 各地的進展。

And just real quickly on the neocloud customer, obviously, neoclouds vary greatly. Can you give us any sense on the size and scope of this neocloud? And I assume the contracts that support this are already in place?

另外很快問一下關於 neocloud 客戶，顯然不同 neocloud 差異很大。你能否讓我們大致了解這個 neocloud 的規模與範疇？我也假設支撐此案的合約都已經到位？

George, it's unfortunately something that we can't comment on at this time. I think the key here to the contract that we signed with the neocloud is that we do a full 15-year credit support agreement with AMD with them standing behind the credit here. So we feel very good about that transaction. And those two leases that were signed across Dalton and Auburn.

George，很遺憾我們目前無法對此發表評論。我認為這裡的重點是：我們與該 neocloud 簽署的合約中，包含與 AMD 的完整 15 年信用支持協議，由 AMD 在此提供信用背書。因此我們對這筆交易感到非常放心。以及在 Dalton 與 Auburn 兩地簽署的那兩份租賃合約。

Michael Donovan, Compass Point.

Michael Donovan，Compass Point。

Hi, guys. Thanks for taking my questions and congrats on the progress. Following up behind the meter questions, are you solely looking at turbines or also evaluating fuel cells?

嗨，各位。謝謝回答我的問題，也恭喜進展。延續「表後」的問題，你們只看渦輪機，還是也在評估燃料電池？

Yeah. We're keeping our options open and the selection of what we -- what technology might go with will likely vary from one location to the next. Everything from recips to linear generators and fuel cells, like we're considering all of those. Partially, what will drive that decision will be kind of the local geography itself and the environmental conditions at the site that may drive that. And then the second piece will just be supply chain availability and that. So I mean -- but we're -- we certainly have talked to a number of vendors across each of those equipment types.

是的。我們會保持選項開放，選用哪一種技術很可能會因地點不同而有所差異。從往復式引擎（recips）到線性發電機以及燃料電池，我們都在考慮。部分決策因素會是當地地理條件與場址的環境狀況，這些可能會影響選擇。第二個因素則是供應鏈可得性等。所以我的意思是——我們確實已與各類設備的多家供應商洽談過。

Understood. And on the gross modified lease associated with the neocloud, how should we think about NOI margins?

了解。那關於 neocloud 的總額修正租賃（gross modified lease），我們應該如何看待 NOI 利潤率？

You should think about those NOI margins as being relatively consistent with the market standards that have been disclosed across other deals that have been announced. So we think we are right in line with that.

你可以把這些 NOI 利潤率視為與市場標準大致一致，也就是其他已公布交易所揭露的水準。因此我們認為我們與其相當一致。

Andrew Beale, Arete Research.

Andrew Beale，Arete Research。

Hi. Could you just talk about the reservation right for incremental capacity? I mean does AMD have the right sign that the Phase 1 prices plus the 2.5% escalator or whenever that right happens? Or is there another mechanism to get to a market price for the next signings?

嗨。你能談談增量產能的預留權嗎？我的意思是，AMD 是否有權以第一期價格加上 2.5% 的調升幅度來簽（在該權利生效時）？或者下一次簽約會有其他機制來達到市場價格？

The one thing we can comment on as it relates to the reservation capacity is these would be direct leases with AMD as it relates to any future capacity that's signed under that agreement.

關於預留產能，我們能評論的一點是：依該協議未來簽署的任何新增產能，都將是與 AMD 直接簽訂租賃合約。

Great. But are they negotiated at the time? Or are they preset in terms of the price?

很好。但價格是在當時再談判嗎？還是價格是預先設定的？

They would be under substantially similar terms as the existing leases that are signed today.

其條款將與目前已簽署的既有租賃在實質上相當類似。

Paul Meeks, Freedom Capital.

Paul Meeks，Freedom Capital。

Good morning, everybody. A lot of good news here today. Just so I'm crystal clear, when will you deliver and build that last 150 megawatts for CoreWeave?

各位早安。今天有很多好消息。為了讓我完全確認清楚，你們何時會為 CoreWeave 交付並建置最後那 150 兆瓦？

Thanks for the question. Yeah, the last 150 megawatts is our Dalton Phase 2 campus that will begin delivering at the end of this year and be completed in early 2027.

謝謝你的提問。是的，最後那 150 兆瓦是我們 Dalton 第二期園區，將在今年底開始交付，並於 2027 年初完工。

Okay. My follow-on is you talked about the maturity of your model. Now you have a contract visibility, more diverse customer base, neocloud. If I take a look at your adjusted EBITDA margins because on your P&L, you do show that metric, what will it look like with a business mix and how it develops at the end of 2028.

好的。接著你提到你們模式的成熟度。現在你們有合約能見度、更為多元的客戶基礎、neocloud。如果我看你們的調整後 EBITDA 利潤率，因為你們在損益表上確實有揭露該指標，到 2028 年底隨著業務組合與發展，它會是什麼樣子？

Yeah. Thank you for the question. We have not provided specific EBITDA targets for the business at this point. We will certainly evolve that thinking as we get closer to a cleaner set of financial statements. We've been working our way through the mining dynamics of our business, and we expect that to be an even smaller portion as we approach year-end to start 2027 with a clean year.

是的。謝謝你的提問。我們目前尚未提供本業務的具體 EBITDA 目標。隨著我們更接近一套更乾淨的財務報表，我們當然會逐步演進這方面的想法。我們一直在處理公司業務中的挖礦動態，並預期隨著接近年底、邁向 2027 年初以乾淨年度開始時，挖礦將占比更小。

We have not provided specific SG&A guidance. Although in my commentary today, we talked about that quarterly baseline of about $30 million a year and we have, of course, disclosed the revenue numbers behind the Core Weave contracts.

我們也尚未提供具體的 SG&A 指引。不過在我今天的說明中，我們談到每季約 3,000 萬美元的基準水準，當然我們也已揭露 CoreWeave 合約背後的營收數字。

So EBITDA margins in this business. We track very closely a cash perspective. There's a GAAP dynamic in lease accounting that has escalators in the top line, a bit early that inflate the GAAP margins on that metric, but we track it on a cash basis. And we feel very confident that this is a much higher EBITDA margin that's quite attractive and candidly has quite a bit of leverage on the operating expense line. So the business that we've announced here today will only add to that financial profile, and there's only upside to that margin profile going forward.

至於本業務的 EBITDA 利潤率。我們從現金角度非常密切地追蹤。租賃會計在 GAAP 下有一個動態：由於租金調升條款，會在營收端較早反映，從而在該指標上拉高 GAAP 利潤率，但我們是以現金基礎來追蹤。我們非常有信心，這是一個 EBITDA 利潤率更高、相當具吸引力的業務，而且坦白說在營運費用端具有相當大的槓桿效應。因此，我們今天宣布的業務只會進一步強化該財務輪廓，而未來該利潤率輪廓只有上行空間。

And that's all the time we have for questions today. Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines, and have a wonderful day.

今天的提問時間就到這裡。各位女士先生，感謝各位的參與。今天的電話會議到此結束。您可以掛斷電話線，祝您有美好的一天。