IREN Ltd (IREN) 2025 Q2 法說會逐字稿

Thank you for standing by and welcome to the Iren 2nd quarter fiscal year 2025 results conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during this session, you'll need to press star.

感謝您的支持，歡迎參加Iren 2025財年第二季業績電話會議。此時，所有參與者都處於只聽模式。演講者演講結束後，將有問答環節。要在本次會議期間提問，您需要按星號鍵。

On your telephone. If your question has been answered and you'd like to remove yourself from the queue, simply press 11 again. As a reminder, today's program is being recorded, and now I'd like to introduce your host for today's program, Lincoln Tan, director of investor relations. Please go ahead, sir.

在你的電話上。如果您的問題已得到解答，並且您想退出隊列，只需再次按 11 即可。提醒一下，今天的節目正在錄製，現在我想介紹今天節目的主持人、投資者關係總監林肯·陳 (Lincoln Tan)。先生，請繼續。

Good afternoon to those joining us from North America and good morning to our listeners in Australia. Welcome to Iran's 2nd quarter FY25 results presentation. My name is Lincoln Tan, director of investor relations, and I am pleased to be joined today by Daniel Roberts, Co-Founder and Co-CEO Belinda Nucifora, CFO, and Kent Draper, Chief Commercial Officer. Before we begin, please note that this call is being webcast live.

北美聽眾們下午好，澳洲聽眾們早安。歡迎參加伊朗 2025 財年第二季業績報告。我是投資者關係總監林肯·譚 (Lincoln Tan)，今天我很高興與聯合創始人兼聯合首席執行官丹尼爾·羅伯茨 (Daniel Roberts)、首席財務官貝琳達·努西福拉 (Belinda Nucifora) 和首席商務官肯特·德雷珀 (Kent Draper) 一起參加會議。在我們開始之前，請注意本次通話正在進行網路直播。

By a presentation. I would also like to remind you that some statements made during this call may constitute forward-looking statements. These are based on certain assumptions and subject to risks that could cause actual results to differ materially from our expectations. Listeners should not place undue reliance on these statements. Please refer to the disclaimer on slide 2 of the accompanying presentation for further details. With that, let's get started. Over to you, Dan.

透過演示。我還想提醒您，本次電話會議中發表的一些聲明可能構成前瞻性陳述。這些都是基於某些假設，並受可能導致實際結果與我們的預期有重大差異的風險。聽眾不應過度依賴這些陳述。請參閱隨附簡報第 2 張投影片中的免責聲明以了解更多詳細資訊。有了它，我們開始吧。交給你了，丹。

Thanks Lincoln. Good afternoon, everyone, and thank you for dialing in to our Q2 FY25 results presentation.

謝謝林肯。大家下午好，感謝您撥通電話收聽我們的 2025 財年第二季業績報告。

So straight into the highlights, a record result in Q2 underpinned by some pretty rapid growth over the last 6 months, 12 months, and low-cost Bitcoin production. So, the investments we've made in scale and efficiency over the past 12 months, as you can see, are starting to flow through to our earnings. $18.9 million of impact recorded last quarter.

直接進入亮點，第二季創紀錄的業績得益於過去 6 個月、12 個月的快速成長以及低成本的比特幣生產。因此，正如您所看到的，過去 12 個月我們在規模和效率方面所做的投資開始轉化為我們的收益。上季的影響金額為 1,890 萬美元。

We expect this continued earnings momentum in tandem with that growth profile, noting that the 31 X a hash of energized capacity was only achieved at the end of the second quarter, and you can see that the average operating hash rate for the prior quarter was substantially lower than that. So. As we continue into ramping up to 50X a hash by the middle of this year, we expect to see those numbers to continue to grow in parallel.

我們預計這種獲利動能將持續保持與成長動能的同步，並注意到 31 倍哈希值的能量容量是在第二季末才實現的，而且您可以看到上一季的平均運行哈希率遠低於這一水平。所以。隨著我們在今年年中繼續將哈希值提升至 50 倍，我們預計這些數字將繼續同步成長。

Final point on this is to note that yes, every minor strategy and financials are slightly different, but these financials are not impacted by any Bitcoin revaluations. We don't hold Bitcoin on our balance sheet. There's no fluctuations in the value of those up or down, sideways, and consequently, our results reflect the pure profitability of our underlying operations. On the growth front, 3 key initiatives which we'd like to highlight today. So firstly, we're excited to announce Horizon 1. Horizon 1 is our new 75 megawatt liquid cooled AI data center to be delivered at Childress this year. 75 megawatts of capacity translates to around about 50 megawatts of IT load. And what we've seen, particularly coming into the start of this year, it's increasingly clear that there is a strong market opportunity for us to capitalize on the shortage of liquid cooled data center capacity.

最後要注意的是，是的，每個小策略和財務狀況都略有不同，但這些財務狀況不受比特幣重估的影響。我們的資產負債表上沒有持有比特幣。這些價值沒有上下波動，也沒有橫向波動，因此，我們的業績反映了我們基礎營運的純粹獲利能力。在成長方面，今天我們想強調三項關鍵措施。首先，我們很高興地宣布 Horizo​​​​n 1。Horizo​​n 1 是我們新的 75 兆瓦液冷 AI 資料中心，將於今年在 Childress 交付。 75兆瓦的容量相當於約50兆瓦的IT負載。我們看到，特別是在今年年初，越來越明顯的是，我們有巨大的市場機會來利用液冷資料中心容量的短缺。

So as many as you would know, the liquid called Blackwell GPUs from Nvidia are in the process of coming to market, and the required racks densities are continuing to escalate with this generation and subsequent generations of GPUs. So we are futureproofing this deployment. We're designing and building for densities of up to 200 kilowatts per rack, well beyond the 120, 130 kilowatt rack density required just for the Blackwell GPUs. So we're excited. There appears to be a real scarcity of liquid cool data center capacity. And we feel that we're in a relatively unique market position to deliver this type of capacity. In a relatively short time frame. Secondly, we're excited to announce the development of Sweetwater 2. A new 600 megawatt site that will further strengthen our position in West Texas. Situated around 28 miles from the 1.4 gigawatt Sweetwater one project. And about 39 miles from Abilene.

如你所知，Nvidia 的 Blackwell GPU 即將上市，而且隨著這一代和後續幾代 GPU 的推出，所需的機架密度也在不斷提升。所以我們正在為這次部署做好未來準備。我們設計和建造的機架密度高達 200 千瓦，遠遠超出了 Blackwell GPU 所需的 120、130 千瓦機架密度。所以我們很興奮。液冷資料中心的容量似乎確實短缺。我們認為，我們在市場中處於相對獨特的地位，可以提供這種能力。在相對較短的時間內。其次，我們很高興地宣布 Sweetwater 2 的開發。新的 600 兆瓦電站將進一步加強我們在西德克薩斯州的地位。距離 1.4 千兆瓦 Sweetwater 一號專案約 28 英里。距離阿比林約 39 英里。

This expansion would create a 2 gigawatt data center hub at Sweetwater with design work already underway for a direct fiber loop between the two sites. We've secured over 500 acres of land and in the process of finalizing a 600-megawatt grid connection agreement with a target energization date of around 2028. Now one important caveat. We always talk about ones and zeros with grid connection agreements. We do not have one yet, so at the moment this is a hypothetical project. However, we've chosen to disclose the details today for two key reasons.

此次擴建將在 Sweetwater 創建一個 2 千兆瓦的資料中心樞紐，目前兩個站點之間的直接光纖環路的設計工作已經在進行中。我們已經獲得超過 500 英畝的土地，並正在敲定 600 兆瓦的電網連接協議，目標通電日期為 2028 年左右。現在有一個重要的警告。我們總是談論電網連接協定中的「一」和「零」。我們還沒有，所以目前這是一個假設的項目。然而，我們今天選擇揭露細節有兩個主要原因。

One, this project is in late stage development and we're getting closer to the execution of binding agreements. But secondly, the 2 gigawatt data center hub, it potentially creates with Sweetwater one. Is material to the market opportunity we are seeing in West Texas. So while this is still a project under development. Sweetwater 2 would provide yet another organic growth pathway for our AI and mining business. However, more importantly, expands upon the potential value of the single site AI opportunity at Sweetwater, something that will come to a little bit further on in the presentation.

一是專案已進入後期開發階段，我們即將簽署具有約束力的協議。其次，它可能與 Sweetwater 合作創建 2 千兆瓦資料中心樞紐。對於我們在西德克薩斯州看到的市場機會至關重要。因此，雖然這仍然是一個正在開發的項目。Sweetwater 2 將為我們的人工智慧和採礦業務提供另一個有機成長途徑。然而，更重要的是，擴大了 Sweetwater 單站點 AI 機會的潛在價值，這將在演示中進一步討論。

Finally, let's not forget about the rapid expansion of our Bitcoin mining business. Our operations from 31 X a hash today to 52X a hash this year. We're dedicating 75 megawatts of Childress Phase 6 to Horizon 1. And as a result, this adjusts our prior expansion plans from Bitcoin mining from 57 down to 52X.

最後，我們不要忘記我們的比特幣挖礦業務的快速擴張。我們的操作從今天的 31 X hash 增加到今年的 52X hash。我們將把 Childress 第 6 階段的 75 兆瓦電力專用於 Horizo​​n 1。因此，我們將先前的比特幣挖礦擴張計畫從 57 倍下調至 52 倍。

But to reiterate, we remain on track to hit that 50X hash target. By mid this year. The 500 plus site team at Childress continues to be well positioned to deliver 50 megawatts every month of data centers. In terms of the corporate and funding update. We're pleased to confirm that US domestic issuer status. And US GAAP reporting will commence from half to 2025. Our balance sheet remains robust.We closed our oversubscribed convertible note at the end of 2024 and recently put in place a $1 billion ATM facility to provide flexibility to fund growth initiatives. However, market conditions, as we've all seen, are very dynamic, and we are always looking for ways to optimize our capital structure, and we remain continuing. To evaluate alternative funding options. Finally, in terms of investor distributions, as you can see from this result, there is significant operating free cash flow being generated. However, from a capital management perspective, we've made a decision to accelerate our investment into the strategic initiatives that I've outlined and as a result are deferring the consideration of potential investor distributions. So into a little bit more detail about Horizon 1.

但需要重申的是，我們仍有望實現 50 倍哈希目標。到今年年中。Childress 的 500 多名現場團隊繼續保持良好狀態，每月為資料中心提供 50 兆瓦的電力。關於公司和資金更新方面。我們很高興確認美國國內發行人的身分。美國 GAAP 報告將從 2025 年上半年開始。我們的資產負債表仍然強勁。然而，正如我們所看到的，市場條件非常動態，我們一直在尋找優化資本結構的方法，我們將繼續這樣做。評估替代融資選擇。最後，就投資者分配而言，從這個結果可以看出，產生了大量的經營自由現金流。然而，從資本管理的角度來看，我們決定加快對我所概述的策略性舉措的投資，因此推遲了對潛在投資者分配的考慮。因此，讓我們更詳細地了解 Horizo​​​​n 1。

As mentioned, we are planning to deliver a 75 megawatt liquid cooled AI data center within Children's Phase 6, targeting completion in the second half of this year. That will support a 50 megawatt IT load and include the installation of backup generators and UPS systems for power redundancy. Building this as part of Childres's Phase 6, you can see on the map in the blue overlay. It is designed to support 200 kilowatt rack density, well beyond what's required for the Nvidia Blackwell GPUs and consequently with an eye to be able to accommodate future increases in rack density architecture. We've been working with a leading global EPC firm to deliver this project and leveraging our existing data center footprint with an estimated build cost of 6 to $7 million per IT megawatt. So why are we doing this? Well, liquid cooling is a key priority for large scale customers.

如上所述，我們計劃在兒童醫院第 6 期專案中提供一個 75 兆瓦的液冷 AI 資料中心，目標是在今年下半年完工。它將支援 50 兆瓦的 IT 負載，並包括安裝備用發電機和 UPS 系統以實現電源冗餘。這棟建築是 Childres 第 6 階段的一部分，您可以在地圖上的藍色覆蓋層中看到。它的設計旨在支援 200 千瓦的機架密度，遠遠超出了 Nvidia Blackwell GPU 的要求，因此能夠適應未來機架密度架構的增加。我們一直與一家全球領先的 EPC 公司合作來完成這個項目，並利用我們現有的資料中心空間，預計每 IT 兆瓦的建造成本為 600 萬至 700 萬美元。那我們為什麼要這樣做呢？嗯，液體冷卻是大型客戶的首要任務。

And what we've observed is a very limited availability of liquid core data center capacity able to come online in 2025. Meanwhile, the liquid cooled Nvidia Blackwell GPUs are expected to ship in more meaningful quantities in the second half of this year. Iron is uniquely positioned to address this growing market demand, leveraging our immediate access to power and our existing infrastructure on site. 50 megawatts of IT load is a size that appeals to both smaller as well as larger customers and also caters to Nvidia reference architecture, allowing a single cluster of up to 16,000 Blackwell GPUs. We have a unique opportunity to move fast in a market which is changing quickly. Horizon 1 will enhance delivery certainty for customers it helps them cut through the chicken and egg dilemma by showing them more concrete plans around design and delivery.

我們觀察到，2025 年能夠上線的液態核心資料中心容量非常有限。同時，液冷 Nvidia Blackwell GPU 預計將在今年下半年出貨更多數量。利用我們即時的電力供應和現場現有的基礎設施，Iron 具有獨特的優勢來滿足日益增長的市場需求。 50 兆瓦的 IT 負載對於小型和大型客戶來說都是一個有吸引力的規模，同時也符合 Nvidia 參考架構，允許單一叢集最多包含 16,000 個 Blackwell GPU。我們擁有獨特的機會在快速變化的市場中快速發展。Horizo​​n 1 將增強客戶的交付確定性，透過向客戶展示有關設計和交付的更具體的計劃，幫助他們解決「先有雞還是先有蛋」的難題。

Initially, we're focused on Childress and building out a multi-tenant site there. We're engaged in meaningful two-way dialogue with a variety of prospective customers. Noting that again Childs will be prioritized for multi-tenant co-location in respect of AI data centers, preserving the Sweetwater data center hub and Sweetwater One site for more single site opportunities, which I'll come to later in the presentation. So uniquely we have this opportunity to continue to scale this approach across our entire portfolio, something which we are actively looking at. Noting, of course, that the critical piece, access to the grid connection, the power and the land is already secured.

最初，我們的重點是 Childress 並在那裡建立一個多租戶網站。我們正在與各種潛在客戶進行有意義的雙向對話。再次注意到，Childs 將優先考慮 AI 資料中心的多租戶共置，保留 Sweetwater 資料中心樞紐和 Sweetwater One 站點以獲得更多的單站點機會，我將在後面的演示中討論這些內容。因此，我們有獨特的機會繼續在我們的整個投資組合中推廣這種方法，我們正在積極研究這一點。當然，要注意的是，關鍵部分，電網連接、電力和土地的使用權已經得到保障。

With grid connections already secured, we're seeing it's 4 to 7 years to bring these projects from origination into the real world. The data center buildings are already in place. All we need to do is to continue to install liquid cooling and power redundancy to scale up this side of the business into the market demand. So the 2 gigawatts Sweetwater data center hub, we're very excited to announce our new 600-megawatt Sweetwater 2 development.

在電網連接已經得到保障的情況下，我們預計這些項目從發起到投入使用需要 4 到 7 年的時間。資料中心建築物已經就位。我們需要做的就是繼續安裝液體冷卻和電源冗餘，以擴大這方面的業務以滿足市場需求。因此，對於 2 千兆瓦的 Sweetwater 資料中心樞紐，我們非常高興地宣布我們新的 600 兆瓦的 Sweetwater 2 開發專案。

We're in the process of finalizing the grid connection agreement. As mentioned earlier, it's situated on over 500 acres of land 28 miles from Sweetwater and approximately 39 miles from Abilene. Design work has already commenced on a direct fiber loop between the two data center campuses to support network connectivity and create this 2 gigawatt data center hub. We expect it to energize around 2028, and again, we'll caveat this, it's not signed yet, so there's absolutely still risk around this development. But the development process has been in the works for some time. We feel it's getting closer to a potential outcome. Importantly, in the context of our strategy, how we're thinking about Sweetwater 1 and the single site, this 2-gigawatt data center hub, it potentially creates with Sweetwater 1 is material to the market opportunity we are seeing in West Texas.

我們目前正在敲定電網連接協定。如前所述，它佔地超過 500 英畝，距離 Sweetwater 28 英里，距離阿比林約 39 英里。兩個資料中心園區之間的直接光纖環路的設計工作已經開始，以支援網路連接並創建這個 2 千兆瓦的資料中心樞紐。我們預計它將在 2028 年左右投入使用，但再次提醒，它尚未簽署，因此這一發展仍然存在風險。但開發過程已經籌備了一段時間了。我們感覺到它已經越來越接近潛在結果了。重要的是，在我們的策略背景下，我們如何看待 Sweetwater 1 和單一站點，這個 2 千兆瓦的資料中心樞紐，它可能與 Sweetwater 1 一起創建，這對於我們在西德克薩斯州看到的市場機會至關重要。

In terms of the existing 1.4-gigawatt Sweetwater one project. It's full steam ahead towards energization in 14 months. Procurement is well underway to support energization of the full 1.4 gigawatt bulk substation and additional primary substations all by April next year. As mentioned earlier, we're working with a leading EPC contractor with experience on hyperscale deployments. General site and civil works to support construction are commencing shortly.

就現有的1.4千兆瓦Sweetwater一號專案而言。該項目將全速推進，14個月內將實現通電。採購工作正在順利進行，以支援明年 4 月前整個 1.4 千兆瓦變電站和其他主要變電站的通電。如前所述，我們正在與一家在超大規模部署方面擁有豐富經驗的領先 EPC 承包商合作。支持施工的一般場地和土木工程即將開始。

Clearly with the recent market announcements, there's an increasing level of focus and interest on West Texas as a data center market. Accordingly, this is a very exciting opportunity for Iran to build one of the largest data center sites and maybe hubs in the world. I'll touch a little bit more on how we're thinking about this site strategically later on in the presentation. Large-scale, low-cost Bitcoin mining. So, two key pieces I'd like to reiterate today.

顯然，從最近的市場公告來看，人們對西德州作為資料中心市場的關注和興趣日益增加。因此，對於伊朗來說，這是一個非常令人興奮的機會，可以建立世界上最大的資料中心站點之一，甚至是樞紐。稍後在演講中我將稍微談談我們如何從策略角度思考這個網站。大規模、低成本的比特幣挖礦。因此，今天我想重申兩個關鍵點。

One is the scale of our operations. 31X a hash installed. It was on time as we said it would be. We're on track for 50X a hash in 5 months and then 52X a hash shortly thereafter. This delivers economies of scale today and will continue as we continue to expand. We've got a demonstrated track record around operations, our up time, and ability to deliver projects on time. The second point I'd like to make is we are a low cost producer. It supports strong unit economics and ultimately earnings for shareholders. Since announcing our plans in May last year to expand all of the investments we have been making are starting to flow through to operating efficiency and earnings.

一是我們的營運規模。安裝了 31X 哈希。正如我們所說的那樣，它準時到達。我們計劃在 5 個月內將哈希值提高 50 倍，隨後不久將哈希值提高 52 倍。這在今天實現了規模經濟，隨著我們的不斷擴張，這種經濟仍將持續下去。我們在營運、正常運作時間和按時交付專案的能力方面有著良好的記錄。我想說的第二點是我們是低成本生產商。它支持強大的單位經濟並最終為股東帶來收益。自去年五月宣布擴大投資計畫以來，我們所做的所有投資都開始轉化為營運效率和收益。

We have best in class efficiency at 15 joules per terah. Our spot pricing strategy has delivered actual power prices of $0.03 a kilowatt hour. Where the majority of our operations are today at Childress. Finally, you've seen this to start to show in our quarterly earnings, but also in our monthly updates. Our hardware profit margin is over 75% now as we've scaled over that 31X a hash mark. So, the expansion to 52 [ex] has, as we've discussed, allocating 75 megawatts of Childress Phase 6 to support Horizon 1, adjusts our prior mining expansion plan from 57 to 52X.

我們的效率達到每太拉15焦耳，是同類中最好的。我們的現貨定價策略已實現每千瓦時 0.03 美元的實際電價。目前，我們大部分的業務都在 Childress 進行。最後，您已經看到這一點不僅在我們的季度收益中有所體現，而且也在我們的月度更新中有所體現。我們的硬體利潤率現在已超過 75%，因為我們已經將該規模擴大了 31 倍。因此，正如我們所討論的，擴展到 52 [ex] 已分配 Childress Phase 6 的 75 兆瓦來支持 Horizo​​​​n 1，將我們先前的採礦擴展計劃從 57 調整到 52X。

To reiterate again, our 50X a hash target remains on track to be delivered in whole in the next 5 months. Continuing to build 50 megawatts per month of data centers at Childress, the efficiencies that we have with large single site expansions, 500 people on the site effectively copy paste in every single building. As you can see on the right-hand side, the schematic diagram that reflects our data center construction status. To the extent you're interested, you can continue to track our progress in our monthly updates.

再次重申，我們的 50 倍哈希目標仍將在未來 5 個月內全部交付。我們繼續在 Childress 建造每月 50 兆瓦的資料中心，透過大型單一站點擴展來實現效率，現場的 500 人可以有效地在每一棟建築中複製貼上資料。正如您在右側看到的，這是反映我們資料中心建設狀況的示意圖。如果您有興趣，您可以繼續在我們的每月更新中追蹤我們的進度。

Our mining economics remain strong. We've seen the material step up in earnings and cash flow generations as we scale up, and on the left-hand side of the page, you can see some illustrative economics that reflect where we are today and where we expect to go. So the escalating power shortage and escalating seems to be the only word that we can use given what we're seeing in the market. Clearly it's been a very interesting couple of weeks with Stargate and Deep Seek. However, if we look through some of this volatility.

我們的採礦經濟依然強勁。隨著規模的擴大，我們看到材料的利潤和現金流不斷增加，在頁面的左側，您可以看到一些說明性​​的經濟數據，反映出我們目前的狀況以及未來的預期。因此，根據我們在市場上看到的情況，「電力短缺加劇」和「不斷升級」似乎是我們唯一能使用的詞。顯然，《星際之門》和《深海尋寶》這幾週非常有趣。然而，如果我們仔細觀察其中的波動性。

Nothing has changed for us. If anything, we've seen an uptick in observed interest in cloud and co-location services. AI doesn't live in a vacuum. Humans crave more and more, particularly if it gets cheaper over time. And I think the Wikipedia page for Jevon's Paradox has never seen so many hits over the last two weeks. So on this slide we illustrate two market dynamics that are relatively well documented. The first Is hyperscale Capex continuously being revised upwards? The second is the power scarcity dynamic looking at a 36-gigawatt shortage in data center capacity across the US. With over 2 gigawatts of secured grid-connected power and land. This creates a compelling opportunity for Aaron.This 2 gigawatts, 2.3 to be precise, is not hypothetical potential megawatts. This is power that is either flowing today or is secured by binding into connection agreements with utilities being delivered by April next year.

對我們來說一切都沒有改變。無論如何，我們看到對雲端和主機託管服務的興趣上升。人工智慧並非存在於真空中。人類渴望越來越多，特別是當東西隨著時間的推移變得越來越便宜時。我認為，過去兩週內傑文斯悖論的維基百科頁面的點擊量從未如此之高。因此，我們在這張投影片上展示了兩個相對有據可查的市場動態。第一：超大規模資本支出是否持續上調？第二個是電力短缺動態，美國資料中心容量短缺36千兆瓦。擁有超過2千兆瓦的安全併網電力和土地。這為亞倫創造了一個極具吸引力的機會。這些電力要么是今天流動的，要么是通過與公用事業公司簽訂連接協議來確保明年四月前交付的。

This slide essentially summarizes the macro backdrop of the opportunity for us here at IN. Picks and shovels for the digital age. So just to change tap for a moment and share a bit about our history, why we are in this position and ultimately set the scene for my final slide where I'll discuss our strategic focus. Will and I have been setting this platform and gearing up for this market backdrop since day one. There's been no pivot. This has been a deliberate strategy. It can be traced back to our earliest investor presentation as you can see on the right-hand side in 2020, a vision which has remained unchanged. The value then and the value now is in access to large scale renewable energy required to power the future of supercomputing.

這張投影片基本上總結了我們在 IN 所面臨的機會的宏觀背景。適合數位時代的鎬和鏟子。因此，我只是想暫時換個話題，分享我們的歷史，為什麼我們處於這個位置，並最終為我的最後一張幻燈片奠定基礎，我將在最後一張幻燈片中討論我們的戰略重點。從第一天起，威爾和我就一直在建立這個平台，為這個市場背景做好準備。尚未發生任何轉變。這是一個深思熟慮的策略。它可以追溯到我們最早的投資者介紹，正如您在 2020 年右側看到的那樣，這一願景始終沒有改變。當時和現在的價值在於獲得未來超級運算所需的大規模再生能源。

Whether that be Bitcoin mining, whether that be AI, two super trends that are front of mind right now, as well as whatever comes tomorrow. We have delivered on our strategy to bootstrap a large scale and profitable business with Bitcoin mining and are continuing to leverage that asset base. Into new higher value and new increasingly interesting use cases such as AI. Our team's depth of experience in energy infrastructure data centers have allowed us to organically develop a leading data center platform from the ground up.

無論是比特幣挖礦，或是人工智慧，這都是當前最受關注的兩大超級趨勢，也將影響到明天的發展。我們已經實現了我們的策略，透過比特幣挖礦來啟動大規模且盈利的業務，並將繼續利用該資產基礎。進入新的更高價值和新的越來越有趣的用例，例如人工智慧。我們團隊在能源基礎設施資料中心方面的豐富經驗使我們能夠從頭開始有機地開發領先的資料中心平台。

And our ability to continue to find and incubate greenfield opportunities and then execute upon them is a very important differentiating factor and an enormous opportunity for us in this power constrained and constantly evolving market. Finally, we've covered a lot over the past 20 minutes, so to TRY and tie it all together and highlight how Will and I are thinking about our strategic priorities. The market context as we've covered presents significant opportunities for iron. The escalating demand for power and liquid co data center capacity.

我們能夠不斷尋找和孵化綠地機會，並加以執行，這是一個非常重要的差異化因素，也是我們在這個電力受限且不斷發展的市場中面臨的巨大機會。最後，我們在過去的 20 分鐘裡已經討論了很多內容，因此嘗試將所有內容聯繫在一起，並強調威爾和我如何思考我們的策略重點。正如我們所述，市場環境為鐵礦石提供了重大機會。對於電力和液態二氧化碳資料中心容量的需求不斷增加。

As along with the increasing institutional adoption of Bitcoin. If we start with our existing data centers in British Columbia, they continue to mine Bitcoin profitably and generate positive free cash flow. But how are we thinking strategically about British Columbia? Well, firstly, we continue to grow our AI cloud services business in a sensible way. Currently operating side by side with Bitcoin mining, as many of you would have seen in our Prince George data center, we have Bitcoin mining A6 securing the Bitcoin network operating right next to latest generation Nvidia H100 and H200 GPUs, providing cloud services to AI clients. This is something that we will continue to explore and it's been pleasing to see even an uptick in observed demand post DeepSeek.

隨著比特幣被越來越多的機構採用。如果我們從不列顛哥倫比亞省現有的資料中心開始，它們將繼續有利可圖地挖掘比特幣並產生正的自由現金流。但是，我們如何從戰略角度思考不列顛哥倫比亞省呢？首先，我們將繼續以合理的方式發展我們的人工智慧雲端服務業務。目前與比特幣挖礦並行運行，正如你們許多人在我們的喬治王子城資料中心所看到的那樣，我們擁有比特幣挖礦 A6，保護著比特幣網路的安全，就在最新一代 Nvidia H100 和 H200 GPU 旁邊運行，為 AI 客戶提供雲端服務。我們將繼續探索這一點，很高興看到 DeepSeek 之後觀察到的需求上升。

In addition to that, we're continuing to explore AI co-location opportunities at these sites. Again, that strategy of bootstrapping sites with Bitcoin mining and then as higher and better value use cases come along, looking to insert them on our infrastructure base. At Childress Fair to say it's a very exciting data center campus today and a hive of activity.

除此之外，我們也將持續探索在這些站點實施 AI 共置的機會。再次強調，該策略是透過比特幣挖礦來引導網站的，然後隨著更高、更好價值的用例的出現，尋求將它們插入我們的基礎設施基礎中。在 Childress Fair 上可以說今天的資料中心園區非常令人興奮並且一片繁忙。

We're growing Bitcoin mining capacity to 52X a hash this year and continuing to generate again significant operating cash flows and profitability from these operations. However, we're also really excited about delivering Horizon 1, our 75-megawatt liquid co data center to be brought online this year. The way we think about children strategically is as follows. Firstly, once again, underwritten by Bitcoin mining, as was the plan 5 years ago, as is the plan going forward. Then utilize the site for higher value use cases as they emerge. We believe liquid cooling AI data centers is likely to be one of those and are accelerating our investment into this space.

我們今年將把比特幣挖礦能力提高到 52 倍哈希值，並繼續從這些營運中產生可觀的經營現金流和獲利能力。然而，我們也非常高興能夠在今年上線我們的 75 兆瓦液態二氧化碳資料中心 Horizo​​n 1。我們對兒童的策略思考方式如下。首先，再次由比特幣挖礦承保，這是五年前的計劃，也是未來的計劃。然後，當網站出現更高價值的用例時，請利用它們。我們相信液冷人工智慧資料中心很可能是其中之一，我們正在加快對這一領域的投資。

Importantly, from a strategic standpoint, we view Childress as a focus for multi-tenant co-location, preserving Sweetwater, which I'll come to in a second, for a potential single site deal and tenant. Sweetwater. The Sweetwater Data Center hub. So we have terminated the site sale process with Morgan Stanley.

重要的是，從戰略角度來看，我們將 Childress 視為多租戶共置的重點，保留 Sweetwater（我稍後會談到），以便進行潛在的單一站點交易和租戶。甜水。Sweetwater 資料中心樞紐。因此，我們終止了與摩根士丹利的場地出售流程。

We're now working with a range of different advisors, brokers, and partners on a broader range of opportunities where almost all of those opportunities now involve us retaining long-term ownership of the site. Given the scale of the site and the market backdrop of hyper scalers chasing 1 gigawatt plus single site campuses, we are prioritizing Sweetwater one as well as the emerging Sweetwater data center hub for a whole of site single sentence, whole site single tenant co-location opportunity.

我們目前正在與一系列不同的顧問、經紀人和合作夥伴就更廣泛的機會進行合作，其中幾乎所有這些機會都涉及我們保留對該網站的長期所有權。考慮到站點的規模和超大規模企業追逐 1 千兆瓦以上單站點園區的市場背景，我們優先考慮 Sweetwater 一號以及新興的 Sweetwater 資料中心樞紐，以實現全站點單句、全站點單租戶共置機會。

Sweetwater 2 and the potential creation of this 2 gigawatt data center hub in West Texas only goes to further strengthen the strategic opportunity in this area. In the meantime, as we continue to explore those conversations, we will retain flexibility to once again bootstrap this site with Bitcoin mining as we've done with the rest of our portfolio since day one.

Sweetwater 2 和在西德克薩斯州可能建立的這個 2 千兆瓦資料中心樞紐只會進一步加強該地區的策略機會。同時，隨著我們繼續探索這些對話，我們將保持靈活性，再次透過比特幣挖礦來引導網站，就像我們從第一天起對我們投資組合的其他部分所做的那樣。

Belinda, over to you to cover the financials.

貝琳達，你來負責財務事宜。

Thank you.

謝謝。

Thank you, Jan. So good afternoon to those in Sydney. Sorry, actually it's morning here. So good morning to those in Sydney, it's actually a beautiful day, and good afternoon to those in North America. Thank you for joining us for our Q2 FY25 earnings update. As Dan earlier mentioned, this was a record result. We delivered Bitcoin mining revenue of $113.5 million and operating cash flows of $53.7 million. An overall net profit after tax of $18.9 million. Adjusted a bit dark for the quarter, increased by $60 million to $62.6 million.

謝謝你，Jan。抱歉，實際上這裡是早上。祝雪梨的朋友們早安，今天真是美好的一天。感謝您收聽我們的 2025 財年第二季財報更新。正如丹之前提到的，這是一個創紀錄的成績。我們實現了 1.135 億美元的比特幣挖礦收入和 5,370 萬美元的營運現金流。總體稅後淨利為1890萬美元。本季調整後略有下降，增加了 6,000 萬美元，達到 6,260 萬美元。

With the average operating hash rate increasing from 12.2 milli a hash to 22.6 X a hash, and we mined 1,347 Bitcoin at an average realized price of 84.3k. So I just noticed my camera may be out, so I'll TRY and adjust that if possible. Okay, I think that may be back on. Okay, Net electricity costs remained relatively flat for the quarter at $28.9 million with the increased megawatt usage at Childress offset by lower cost per megawatt due to the transition to a spot pricing strategy in August 2024. As such, the average net electricity cost per Bitcoin mined decreased from 35.4k versus 21.4k. Other costs of $25.1 million increased by $3.7 million, primarily due to additional purchase of renewable energy certificates at Childress for the increased megawatt usage, as well as construction insurance costs at this site.

平均運行哈希率從 12.2 毫哈希增加到 22.6 毫哈希，我們以平均 84.3k 的實現價格開採了 1,347 個比特幣。所以我剛剛注意到我的相機可能壞了，所以如果可能的話我會嘗試調整它。好的，我想那可能會重新開始。好的，本季淨電力成本保持相對平穩，為 2890 萬美元，由於 2024 年 8 月過渡到現貨定價策略導致 Childress 兆瓦使用量的增加被每兆瓦成本的降低所抵消。因此，開採每比特幣的平均淨電力成本從 35.4k 下降至 21.4k。其他成本 2510 萬美元，增加了 370 萬美元，主要是因為為增加兆瓦使用量在 Childress 額外購買了可再生能源證書，以及該站點的建築保險費用。

The cost base reflects a business today that is delivering significant growth and projecting continued expansion over the coming years. So, moving on to cash flows. Closing cash at Bank at 31st of December 2024 was $427.3 million with receipts from Bitcoin mining activities of &$13.6 million and AI cloud services of $3.5 million. Increase in electricity payments of negative 3.5 million, reflecting continued expansion at Childress, with commission capacity increasing from 200 megawatts to 350 megawatts during the quarter.

成本基礎反映了當今企業正在實現的顯著成長以及預計未來幾年將繼續擴張。接下來討論現金流。截至 2024 年 12 月 31 日，銀行期末現金為 4.273 億美元，其中比特幣挖​​礦活動收入 1,360 萬美元，AI 雲端服務收入 350 萬美元。電費增加負 350 萬美元，反映出 Childress 的持續擴張，本季佣金容量從 200 兆瓦增加到 350 兆瓦。

Decrease in net use cash used and investing activities of 2,170 mil due to a decrease of mining hardware, primarily due to significant milestones payments made in the previous quarter. There was an increase in net cash from financing activities of $372.3 million with $311.7 million net proceeds from the convertible notes, and $63.7 million increase in net ATM proceeds during the quarter.

由於採礦硬體減少，淨使用現金和投資活動減少 21.7 億，這主要是由於上一季支付了重大里程碑付款。本季度，融資活動產生的淨現金增加 3.723 億美元，其中可轉換票據的淨收益為 3.117 億美元，ATM 淨收益增加 6,370 萬美元。

Since the balance date, a further $50.4 million of net ATM proceeds have been received, and the total current number of ordinary outstanding shares is approximately $219 million.

自結算日以來，已收到另外 5,040 萬美元的 ATM 淨收益，目前流通在外的普通股總數約為 2.19 億美元。

So now moving on to the balance sheet.

現在我們來看資產負債表。

During the quarter, total assets increased by approximately $500 million to $1.9 billion. As a 31 December 2024, providing a strong balance sheet to support our future growth opportunities. On 6th of December 2024, we issued a $440 million convertible note with an annual interest rate of 3.25%, which is due to mature on June 15, 2023, unless earlier purchase redeemed or converted. Concurrently to the convertible note, we entered into a capca transactions of 44. Million and a pre-paid forward of $73.7 million.

本季度，總資產增加約 5 億美元，達到 19 億美元。截至 2024 年 12 月 31 日，提供強勁的資產負債表以支持我們未來的成長機會。2024 年 12 月 6 日，我們發行了 4.4 億美元的可轉換票據，年利率為 3.25%，將於 2023 年 6 月 15 日到期，除非提前購買、贖回或轉換。在發行可轉換債券的同時，我們也進行了 44 筆 capca 交易。百萬美元，以及 7,370 萬美元的預付款。

As Iron currently reports under international financial reporting standards, the convertible note embedded derivatives, and financial assets have been brought to account at their fair value, added deception, and revalued at the reporting date at fair value through profit and loss.

由於 Iron 目前按照國際財務報告準則進行報告，因此可轉換票據嵌入衍生品和金融資產已按其公允價值進行核算，增加了欺騙，並在報告日按公允價值變動計入損益進行重新估價。

As Aaron transitions to US GAAP reporting from 1 July 2025, the accounting for the convertible notes will be reassessed, as well as the cap call transactions and pre-paid forward, in line with the app applicable US GAAP standards. Total equity increased to $1.3 billion, with the sale of $25.3 billion shares during the quarter ending December 31st, 2024. I think now we're turning over back to Lincoln for the start of Q&A.

隨著 Aaron 從 2025 年 7 月 1 日起過渡到美國 GAAP 報告，可轉換票據的會計處理以及上限調用交易和預付遠期將根據適用的美國 GAAP 標準進行重新評估。總股本增加至 13 億美元，截至 2024 年 12 月 31 日的季度內出售了價值 253 億美元的股票。我想現在我們要把話題轉回林肯，開始問答環節。

And we'll go with our first question. Our first question comes from the line, Joseph Afi from . Your question, please.

我們將開始第一個問題。我們的第一個問題來自 Joseph Afi，。請問您的問題。

Hey guys, good afternoon to us in the US and good morning to you. Really great update. A lot of exciting things. Maybe we just start here on the update on Horizon one. Sounds like a pretty exciting project energizing. Or or being being ready later this year. I was wondering if you could kind of talk about capax and where that stands at Horizon one and you know kind of what you've learned, especially with this rack density that you're building there and then I'll have a quick follow up.

大家好，美國朋友們下午好，你們早安。確實很棒的更新。有很多令人興奮的事情。也許我們只是從這裡開始對 Horizo​​​​n one 進行更新。聽起來像是一個非常令人興奮、充滿活力的項目。或在今年晚些時候做好準備。我想知道您是否可以談談 capax 以及 Horizo​​​​n one 的現狀，您知道您了解到了什麼，特別是您在那裡建造的機架密度，然後我會快速跟進。

Kent, would you like to take this one?

肯特，你想拿這個嗎？

Yeah, happy to jump in there. So we had some guidance that Dan mentioned within the presentation itself around the cap X levels that we're seeing. Importantly, on our side, we are able to utilize a lot of the existing data center architecture, which means that we believe we're able to deliver this liquid cool capacity at very effective cost per megawatt, but still with all of the key redundancy, and other features that ultimate end users of that capacity would expect to see. We've also, it's worth noting and we've discussed it in prior calls as well. Already been ordering many of the long lead items associated with that build out as well. So as we do with all of our build out, whether it's on the Bitcoin mining side or on the, AI data center side, making sure that we are well ahead of the curve in terms of ordering those long lead items.

是的，很高興能跳進去。因此，我們得到了 Dan 在演示文稿中提到的有關我們所看到的 cap X 水平的一些指導。重要的是，在我們這邊，我們能夠利用許多現有的資料中心架構，這意味著我們相信我們能夠以非常有效的每兆瓦成本提供這種液冷容量，但仍然具有所有關鍵的冗餘和該容量的最終用戶期望看到的其他功能。值得注意的是，我們也在先前的電話會議中討論過這個問題。已經訂購了許多與該建設相關的長交貨期物品。因此，正如我們所有的建設一樣，無論是在比特幣挖礦方面還是在人工智慧資料中心方面，我們都要確保在訂購這些長週期產品方面處於領先地位。

Great, that that's great color and thanks for that update, Ken. Maybe we talk a little bit on Sweetwater, clearly a very ambitious project with the update that we heard here about adding Sweetwater to the Sweetwater one and the fiber loop interconnect. And I know Dan, you also mentioned that, the agreement you had with Morgan Stanley or the is now kind of moving to the next phase where you're in different kinds of discussions. And 2 gigawatts, quite of an ambitious big data center which would probably be used for AI and just I know you've had probably a lot of discussions with a lot of players in the space at a high level. It would be like massive and so just trying to get a feel for demand out there amongst hyper scalers or other players around 2 gigawatts and what you're hearing kind of at a high level. Thanks a lot.

太好了，顏色真棒，謝謝你的更新，肯。也許我們可以談談 Sweetwater，這顯然是一個非常雄心勃勃的項目，我們在這裡聽到的最新消息是將 Sweetwater 添加到 Sweetwater 項目中以及光纖環路互連。我知道丹，你也提到過，你與摩根士丹利達成的協議現在正進入下一階段，雙方正在進行不同類型的討論。2 千兆瓦，是一個相當雄心勃勃的大數據中心，可能用於人工智慧。這將是巨大的，因此只是想了解超大規模企業或其他參與者對 2 千兆瓦左右的需求，以及你在高層聽到的情況。多謝。

Yeah, no thanks, Joe. Look, We were called far less polite terms than ambitious six years ago when we first suggested that the future of data centers may not all be in metropolitan areas because maybe there wouldn't be enough power there. So I think you fast forward to today. Suggesting that A 2-gigawatt data center hub may be viable in the context of the market backdrop, or the announcements being made, including people with objectives far greater than 2 gigawatts.

是的，不用了，喬。你看，六年前，當我們第一次提出未來的數據中心可能不會全部建在大都市時，人們稱我們為“雄心勃勃”，而不是“不禮貌的”，因為那裡可能沒有足夠的電力。因此我想你快進到今天。這表明，在市場背景或正在發布的公告（包括目標遠大於 2 千兆瓦的人）的背景下，2 千兆瓦的資料中心樞紐可能是可行的。

I don't think it's ambitious. I think it's entirely realistic and reflective of where the market is. Today we have been surprised coming into 2025 just over that kind of Christmas holiday period just the step up in intensity in this sector, and I think I can't think of many, if any hyper scales that we're not talking to that aren't interested in 1 gigawatt plus campuses that can be delivered in the next few years. The market. Absolutely seems to be there. We're in a lot of active conversations, but again, I'm going to temper all of this because it's ones and zeros. You either do a deal or you don't, and we've got the ultimate backstop of building out bootstrapping with Bitcoin mining and preserving that single site opportunity where the value of having clusters all contained geographically on one campus seems to be quite powerful from these hyper scalar perspectives. So, It's interesting. I wouldn't call it ambitious. I can call it entirely realistic. Yes, there's risk around Sweetwater 2 and getting the final signatures and executing that and turning it into a real project rather than hypothetical, but we're working hard on that and. Yeah, I'm Excited.

我不認為這是一個雄心勃勃的計劃。我認為這是完全現實的並且反映了市場的現狀。今天，我們很驚訝地發現，2025 年正值聖誕假期，而這一領域的發展強度卻在不斷提升，我想，我想不出有多少超大規模項目是我們沒有談到的，它們對未來幾年內可以交付的 1 千兆瓦以上的園區不感興趣。市場。看起來絕對存在。我們正在進行許多積極的對話，但我再次要緩和這一切，因為這只是 1 和 0 的問題。你要么達成交易，要么不達成交易，而我們最終的後盾就是通過比特幣挖礦來構建引導程序並保留單一站點的機會，從這些超標量的角度來看，將所有集群在地理上包含在一個校園內的價值似乎非常強大。所以，這很有趣。我不認為這具有雄心壯志。我可以稱之為完全現實的。是的，Sweetwater 2 專案在獲取最終簽名、執行以及將其轉變為真實專案而非假設專案方面存在風險，但我們正在為此努力。是的，我很興奮。

That's great. That's a great update. It's a great path forward and thanks for the update.

那太棒了。這是一個很棒的更新。這是一條偉大的前進之路，感謝您的更新。

Thank you. And our next question comes from the line of Greg Lewis from BTIG. Your question, please.

謝謝。我們的下一個問題來自 BTIG 的 Greg Lewis。請問您的問題。

Yeah, hey, thank you and good afternoon or good morning and thanks for taking my questions. I guess my first one, Daniel was around, the update at at Sweetwater with the incremental 600 megawatts, I guess a couple questions around that, and and I guess the first one is, you're looking to potentially re-energize in 200 or energize in 2028. When did we have to get start getting in the queue to even be able to TRY to get on, that track at 2020 and realizing we don't have the approvals yet and there's still work to do, but I'm just kind of curious as you see that to even be able to kind of talk to the 600 megawatts and then kind of has that changed, i.e. if if we were to kind of get in the queue today, what would that look like?

是的，嘿，謝謝你，下午好或早安，謝謝你回答我的問題。我的第一個問題，丹尼爾在場，Sweetwater 的最新消息是增量為 600 兆瓦，我想圍繞這個有幾個問題，我想第一個問題是，您希望在 200 年重新通電還是在 2028 年通電。我們什麼時候必須開始排隊才能嘗試進入 2020 年的軌道，並且意識到我們尚未獲得批准，而且還有工作要做，但我只是有點好奇，正如您所看到的，我們甚至能夠與 600 兆瓦進行交談，然後這種情況發生了變化，也就是說，如果我們今天進入隊列，那會是什麼樣子？

1000%, it's actually extraordinary how hard this is. To give you some context, we received a draft connection agreement for that site following completion of the studies. In July last year. So where are we, February? How many months is that trying to get signatures on the document. It is so different to how it was 1,218 months ago.

1000%，這實際上非常困難。為了給您一些背景信息，我們在研究完成後收到了該站點的連接協議草案。去年七月。那麼二月我們在哪裡？需要多少個月才能獲得文件上的簽名？這與 1,218 個月前的情況有很大不同。

I don't know how all these these megawatts are going to be developed going forward. We've obviously got our multi-gigawatt development pipeline, including sites in Texas as well as globally and broader in North America. The congestion. The difficulty in actually getting these projects over the line and crossing that 0 and 1 barrier to having a project that you can actually build out on, it's actually extraordinary the way we're seeing it at the moment. So we'll continue to push.

我不知道這些兆瓦的電力未來會如何開發。我們顯然擁有多千兆瓦的開發管道，包括德克薩斯州以及全球和北美更廣泛的站點。擁堵。實際上，讓這些項目順利完成並跨越 0 和 1 的障礙，從而擁有一個可以實際建設的項目，其難度實際上是非同尋常的，就我們目前所看到的情況而言。因此我們會繼續努力。

We almost didn't disclose Sweetwater 2 today, but we are getting close. We feel like we're getting close, and it is material to how we think about Sweetwater one in the context of the broader market. Dynamic we're seeing in West Texas, but absolutely there's risk around any megawatts that aren't contracted, and we are living and breathing that every single day. I don't know, Kent, if you've got anything you'd like to add to that.

我們今天差點沒有透露 Sweetwater 2，但是我們已經很接近了。我們感覺我們已經很接近了，而且這對於我們如何在更廣泛的市場背景下看待 Sweetwater 至關重要。我們看到西德州的動態，但絕對存在未簽約兆瓦的風險，我們每天都生活在這種風險之中。我不知道，肯特，您是否還有什麼要補充的。

Yeah, the only other thing I would add, as Dan mentioned, that the process has taken a long time for that project, and that was connection requests that we submitted over a year ago now, for projects that have been submitted in more recent months, we know that there has been a massive increase in the number of applications, to utilities and to ERCOT, and those utilities and ERCOT.

是的，正如丹所提到的，我唯一想補充的是，該項目的流程已經花了很長時間，而我們已經在一年前提交了連接請求，對於最近幾個月提交的項目，我們知道，向公用事業公司和 ERCOT 以及那些公用事業公司和 ERCOT 提交的申請數量大幅增加。

Haven't substantially expanded their teams and the number of people that are looking at those connection requests. So, anything that has been submitted in the very recent, number of months is going to take incrementally longer, the more what we saw for that Sweetwater 2 site. So it is becoming increasingly difficult.

並沒有大幅擴大他們的團隊和查看這些連線請求的人數。所以，最近幾個月提交的任何內容都會花費更長的時間，就像我們在 Sweetwater 2 站點看到的那樣。所以這變得越來越困難。

Okay, great, thank you for that. And my other one was around, just kind of looking for color and it's realize things are evolving on a daily basis, but, you mentioned that 6 to $7 million per megawatt, it's. Understanding that a lot of the grid and the power equipment that's going to need to be sourced comes, maybe comes from Mexico or, definitely inside NAFTA, and so as we think about that $6 to $7 million. In the event that there are tariffs, I don't know how we can, I don't know if you want to talk about maybe when we think about that $6 to $7 million, is there any way to kind of frame out how much of it's imported without getting specific, price numbers, maybe how much of it's imported, and yeah, that I guess that's kind of kind of curious how that could be changing, at least this, in the, over the next few quarters.

好的，太好了，謝謝你。我的另一個工作就是尋找色彩，並且意識到事物每天都在發展，但是，你提到每兆瓦 600 萬到 700 萬美元，是的。了解到許多需要採購的電網和電力設備可能來自墨西哥，或者肯定來自北美自由貿易協定內部，所以我們考慮一下這筆費用為 600 萬到 700 萬美元。如果有關稅，我不知道我們該如何，我不知道您是否想談談，也許當我們考慮那 600 萬到 700 萬美元時，有沒有辦法確定其中有多少是進口的，而無需獲得具體的價格數字，也許有多少是進口的，是的，我想這有點令人好奇，至少在接下來的幾個季度中，這種情況會如何變化。

Yeah, I'm happy to jump in there, Dan. So yeah, it is obviously a very dynamic, environment at the moment, changing on an almost daily basis. And, yes, it's something that we continue to monitor going forward. There is the potential for higher construction costs. We do have a very diversified supply base, so not everything today is coming in from the countries that have been announced as potential targets for increased tariffs. So yeah, we do feel like we're in a good position to handle it.

是的，我很高興加入，丹。是的，目前的環境顯然非常動態，幾乎每天都在變化。是的，我們會繼續監控此事。建築成本可能會更高。我們的供應基礎確實非常多樣化，因此今天進口的商品並非全部來自那些被宣佈為可能增加關稅的國家。是的，我們確實覺得我們有能力處理這個問題。

And of course, anything, that does get implemented is likely to hit all other providers as well. So I think it would be felt across the industry rather than something that is very specific to us. But yeah, we have been working on diversification of our supply base, for a long time to make sure that we always have, alternate providers in place. And while we didn't obviously envisage these specific tariffs and things like that, it was very much with multiple different scenarios in mind.

當然，任何實施的措施都可能影響到所有其他提供者。所以我認為這會影響整個行業，而不僅僅是我們個人的問題。但是的，我們長期以來一直在致力於實現供應基礎的多樣化，以確保我們始終有替代的供應商。雖然我們顯然沒有預料到這些具體的關稅和類似的事情，但我們考慮的是多種不同的情況。

Okay, thank you very much for your time. Have a great day.

好的，非常感謝您抽出時間。祝你有美好的一天。

Thank you. And our next question comes from the line of Darren Ahey from Roth. Your question.

謝謝。我們的下一個問題來自 Roth 的 Darren Ahey。您的問題。

Please.

請。

Yeah, hey guys, thanks for taking my questions and nice job on the progress just too if I may.

是的，嘿夥計們，感謝你們回答我的問題，如果可以的話，祝你們進展順利。

I know in the past you guys have always talked about looking at ROIs from the lens of, the cost to build an exa hash with Bitcoin and kind of the ascribed value the market gives you.

我知道過去你們總是談論從使用比特幣建立 EXA 哈希的成本以及市場賦予你的價值的角度來看待投資報酬率。

I'm just sort of curious what calculus you kind of went through with Horizon one in terms of kind of reducing the The 5 ex a hash and deciding to build the 75 megawatt HP HPC endeavor, was that more of just always planned and now you're kind of formally announcing it or something kind of change in in what you're seeing?

我只是有點好奇，在減少 5 ex a 哈希值並決定構建 75 兆瓦 HPC 計劃方面，您在 Horizo​​​​n One 上進行了什麼樣的計算，這是否只是一直計劃好的，現在您正式宣布了這一點，還是您看到的情況發生了某種變化？

Yeah, hi Darren. I appreciate all your support. The look, we deliberately didn't put numbers in the presentation because none of us know this is unique. Like liquid co data center capacity just doesn't really exist at scale, and there's no real market for it. What we do know and can see is traditional co-location rates and co-location rates. For capacity that isn't necessarily liquid coed for 75. Megawatts and I think when you run those numbers against the backdrop of Capex of $6 to $7 million.

是的，嗨，達倫。我感謝你們所有的支持。我們故意沒有在演示中放入數字，因為我們都不知道這是獨一無二的。就像液體二氧化碳資料中心的容量實際上並不存在規模，而且也沒有真正的市場。我們確實知道並且可以看到的是傳統主機代管費率和主機代管費率。對於容量不一定為 75 的液體而言。兆瓦，我認為當你在 600 萬至 700 萬美元的資本支出背景下計算這些數字時。

The numbers potentially quite compelling, but we're not here to estimate where we'll get to. We're in a series of very different customer conversations around utilizing that capacity, and I think that the decision goes more broadly, and it's more strategic. It's saying that if you step back, you've got Bitcoin, we know where that's at. It's a great business, but we are so uniquely positioned from a strategic perspective to capitalize on this AI. Thematic and build out something that is relatively unique this year. Obviously if AI fizzles out and becomes nothing, then the facility, we might have to repurpose it for Bitcoin mining or another use case, but I think the conviction we're seeing in AI at a macro level and the lack of ability of the current market and I guess those mini micro data centers in metropolitan areas to service these types of capacities. It just seems a really obvious opportunity for us where I would expect we'll generate strong returns not just from the 75 megawatts, but what it then unlocks strategically for our platform and how it helps us in the conversations that we're having around Sweetwater and the potential monetization pathway there because all of a sudden we've now got a liquid called AI data center design signed off by global engineering firms that we're building. It creates, it's real, it's happening. So I think the strategic value to the platform beyond the discrete economics from 75 megawatts of Horizon one, is incredibly powerful.

這些數字可能相當引人注目，但我們並不是要估計我們將會達到什麼程度。我們正在與一系列非常不同的客戶就如何利用這種產能進行對話，我認為這個決定更為廣泛，也更具策略性。意思是說，如果你退一步，你就得到了比特幣，我們知道它在哪裡。這是一項偉大的事業，但從策略角度來看，我們處於獨特的地位，可以利用這種人工智慧。主題並打造出今年相對獨特的東西。顯然，如果人工智慧逐漸消失並變得毫無意義，那麼我們可能不得不將其重新用於比特幣挖掘或其他用例，但我認為，我們在宏觀層面上對人工智慧的信心以及當前市場的能力不足，我猜那些位於大都市地區的微型資料中心無法滿足這些類型的容量需求。對我們來說，這似乎是一個非常明顯的機會，我預計我們不僅能從 75 兆瓦中獲得豐厚的回報，而且還能為我們的平台帶來戰略性釋放，以及它如何幫助我們進行有關 Sweetwater 的對話以及那裡的潛在貨幣化途徑，因為突然之間，我們現在得到了我們正在建設的全球工程公司簽署的名為 AI 數據中心設計的液體。它創造了，它是真實的，它正在發生。因此，我認為除了 Horizo​​​​n One 的 75 兆瓦獨立經濟效益之外，該平台的戰略價值非常強大。

And and I think in addition to that, Darren, what we've really seen is the demand side of things crystallizing over recent times. Historically, obviously Blackwells were announced, and everybody had an eye towards liquid cool data centers, but what we're seeing now is demand from a number of different customer segments and in particular customers that have already placed orders. And so they absolutely need, liquid cooled capacity in order to house those GPUs. And we're seeing, as I said, that range coming from a range of different customer types, whether it's, large hyper scales, the neo clouds, enterprise customers as well, and that for us, has really helped, crystallize our decision making that the time is right to make that investment in this capacity.

而且我認為除此之外，達倫，我們真正看到的是近期事物需求方面的逐漸明朗化。從歷史上看，顯然 Blackwells 已經發布，每個人都專注於液冷資料中心，但我們現在看到的是來自許多不同客戶群的需求，特別是已經下訂單的客戶。因此，他們絕對需要液冷容量來容納這些 GPU。正如我所說，我們看到這些範圍來自各種不同類型的客戶，無論是大型超大規模、新雲端還是企業客戶，這對我們來說確實有幫助，使我們的決策更加明確，現在是對這項能力進行投資的正確時機。

It's helpful just one more if I may, I know you mentioned there's some risks to to getting it across the goal line, but like what's the strategic benefit of you guys announcing Sweetwater to? Is this more customer focused or is there, there's something else you you mind indulging us, thanks.

如果可以的話，我再問一句，我知道您提到要實現這一目標存在一些風險，但是你們宣布 Sweetwater 的戰略利益是什麼？這是更以客戶為中心嗎，或者還有其他您介意滿足我們的事情嗎，謝謝。

Yeah, look, it is very close, but I also think it's material for our investors to be aware that this project exists because it provides context to our strategy with Sweetwater One and the single site opportunity that we're seeing, but B, it's material in the context of the broader market thematic and what's happening with this chase for multi-gigawatt. Data center campuses, particularly in West Texas, to build out these AI clusters. So yes, ordinarily we don't disclose development. Details because there is risk, but given it is late stage, given its materiality connected to the rest of our business, we thought it appropriate to bring investors. Into the folder and share a little bit more about this specific site. Okay, just watch. Thanks.

是的，看，它非常接近，但我還認為，讓我們的投資者知道這個項目的存在是很重要的，因為它為我們的 Sweetwater One 戰略和我們看到的單一站點機會提供了背景，但 B，它在更廣泛的市場主題背景下以及在追逐多千兆瓦的過程中發生的事情中是很重要的。資料中心園區，特別是位於西德克薩斯州的園區，用於建立這些 AI 集群。是的，通常我們不會揭露開發情況。詳細信息，因為存在風險，但考慮到它處於後期階段，考慮到它與我們其他業務的重要性，我們認為引入投資者是合適的。進入資料夾並分享有關該特定網站的更多資訊。好的，你看一下吧。謝謝。

Thank you. And our next question comes from the line of Brett Knoblauch from Cantor Fitzgerald. Your question, please.

謝謝。我們的下一個問題來自 Cantor Fitzgerald 的 Brett Knoblauch。請問您的問題。

Hi guys, thanks for taking my question. Congrats on the print. I guess, the whole sector kind of fell off on deep seek. I think in your prepared remarks you talked about maybe interest or demand picking up post that.

大家好，感謝你們回答我的問題。恭喜列印。我想，整個產業都因深度尋求而陷入困境。我想您在準備好的發言中談到了可能的興趣或需求的提升。

Does that factor into maybe why you guys are announcing Horizon one after maybe just only recently kind of up in your hash guidance from 52 to 57 by the end of the year?

這是否就是為什麼你們在最近才將年底的哈希指導目標從 52 提高到 57 之後，又宣布推出 Horizo​​​​n One 的原因？

Yeah, I think as Dan mentioned earlier, that that's right, and we've seen it both on the cloud and the co-location side, so it's not just one area that it that it's limited to, but yes, it absolutely does factor into the thinking and as I mentioned, we have seen a large uptick in demand for liquid cooled capacity and the timelines that people are wanting that demand on. Something that we feel very well, prepared to deliver upon and that we have a competitive advantage in, because we don't think there are many others that are going to be able to deliver, liquid coal capacity on that same, timeline.

是的，我認為正如丹之前提到的那樣，這是正確的，我們已經在雲端和主機託管方面看到了這一點，所以它不僅限於一個領域，但是是的，它確實會影響到我們的思考，正如我提到的那樣，我們已經看到對液冷容量的需求大幅上升，而且人們希望這種需求的時間表也是如此。我們感覺很好，準備好實現這一目標，而且我們具有競爭優勢，因為我們認為沒有多少其他人能夠在同一時間內實現液態煤產能。

So particularly 2025, but even into the early parts of 2026, still seeing a shortage of supply going out that far.

因此，特別是 2025 年，甚至到 2026 年初，仍然會出現供應短缺的情況。

Prob that's helpful and then it's one way you think of Horizon as it's almost like a model home showcasing who would be the big tenants at Sweetwater, like what you can build and design, and kind of giving them confidence for, doing that same exact thing but on a much larger scale.

這很有幫助，然後您可以這樣看待 Horizo​​n，因為它幾乎就像一個樣品房，展示誰將成為 Sweetwater 的大租戶，例如您可以建造和設計什麼，並給予他們信心，做同樣的事情，但規模要大得多。

Yeah, I think that's certainly part of the benefit of it. If you look at our executive management team and board, we have got a very long delivery of success, history, sorry, of successful delivery of large infrastructure. Projects, so in the many billions of dollars. So, we certainly have the expertise and capability internally. I think we've proven that out, to a large extent with the build out of the Bitcoin mining side of the business. And as I've discussed in previous calls, the fact that we're building out 50 megawatts of data centers a month. Is, to many people that we talk to in the industry, massive surprise, but we've been doing that for many months now, and continue to deliver at that clip, albeit acknowledging that that is a different type of infrastructure to liquid cool. So I think the fact that, we're able to build out Horizon one at the children's site is just a further demonstration. Of our internal capabilities. So yeah, I think it absolutely assists with all of those conversations and, many of those are, as Dan alluded to earlier, sort of taking more of the path of us having an ongoing ownership, interest in the infrastructure itself. And so, further demonstration of our our capabilities, is certainly useful.

是的，我認為這確實是它的好處之一。如果你看看我們的執行管理團隊和董事會，你會發現我們有著非常悠久的成功交付歷史，抱歉，我們成功交付了大型基礎設施。項目價值達數十億美元。因此，我們內部確實擁有專業知識和能力。我認為我們已經透過比特幣挖礦業務的拓展在很大程度上證明了這一點。正如我在之前的電話會議中討論的那樣，我們每月都會建造 50 兆瓦的資料中心。對於我們採訪過的許多業內人士來說，這是非常令人驚訝的，但我們已經這樣做了好幾個月，並且繼續以這樣的速度交付，儘管我們承認這是一種不同於液體冷卻的基礎設施。所以我認為，我們能夠在兒童場所建造 Horizo​​​​n one 這一事實只是進一步的證明。我們的內部能力。是的，我認為它絕對有助於所有這些對話，而且正如丹之前提到的那樣，其中許多對話更多是我們擁有持續所有權和對基礎設施本身的興趣。因此，進一步展示我們的能力肯定是有用的。

Perfect, really appreciate it guys. Congrats.

非常完美，非常感謝大家。恭喜。

Thank you. And our next question comes from the line. Of [Stephen Galcoola from Jones Trad]. Your question, please.

謝謝。我們的下一個問題來自於這條線路。的[Jones Trad 公司的 Stephen Galcoola]。請問您的問題。

Hi Dan, Belinda, Kent. My question relates to investor concerns around potential HBC monetization of Sweetwater One. I think there are two, large ones. One, the site's suitability for inference compute, and two, single tenants like Hyperscalers willingness to do a deal with a Bitcoin miner given sort of this perception that there's more balance sheet risk. Could you address sort of the validity of these concerns in your view, and as your desire to retain ownership of the land potentially adversely impacted conversations with hyper scalers for a deal at the site.

你好，丹、貝琳達、肯特。我的問題與投資者對 Sweetwater One 潛在的 HBC 貨幣化的擔憂有關。我認為有兩個，大的。一是該網站是否適合推理計算；二是像 Hyperscalers 這樣的單一租戶是否願意與比特幣礦工達成交易，因為他們認為資產負債表風險更大。您能否從您的角度談談這些問題的合理性，以及由於您想保留土地所有權，這可能會對與超級擴張者就該地塊的交易進行談判產生不利影響。

Thank you. Hi Stephen, good to see you. Frankly, I think the world's moved past both of those two issues, and I'm surprised that we're still talking about it, the suitability of West Texas for AI training and inference. Yes, I get it. People ask questions 6 to 12 months ago and we continued to put forward the fundamentals and actually break down the narrative that was being promoted, but I think we fast forward to today and you see the announcements in the market, the intentions of all these $1 trillion dollar companies and people spending hundreds of billions of dollars.

謝謝。你好，史蒂芬，很高興見到你。坦白說，我認為世界已經擺脫了這兩個問題，但令我驚訝的是，我們仍在討論西德克薩斯州是否適合進行人工智慧訓練和推理。是的，我明白了。人們在 6 到 12 個月前提出問題，我們繼續提出基本面並真正打破所宣傳的敘述，但我認為我們快進到今天，你會看到市場上的公告，所有這些價值 1 萬億美元的公司和花費數千億美元的人的意圖。

The question as to whether you can run inference for AI out of West Texas. Yeah, I don't think it's really worth addressing, to be frank.

問題在於你是否可以在西德州進行人工智慧推理。是的，坦白說，我認為這並不值得解決。

The question around whether people will engage a Bitcoin miner to build out AI data center capacity. Again, I feel like we're going over old ground. Let's go back 5 years ago. We're not a Bitcoin mining company. We've never done. Sean, shipping containers, stitching together projects in the middle of the desert, to mine Bitcoin and not think about what's tomorrow. Our data centers have been purpose built since day one for multi-tenancy.

問題在於人們是否會聘請比特幣礦工來建立人工智慧資料中心容量。我感覺我們又重複老問題了。讓我們回到5年前。我們不是比特幣挖礦公司。我們從來沒有做過。肖恩 (Sean)，用貨櫃在沙漠中間拼湊項目，挖掘比特幣，而不用考慮明天會發生什麼。我們的資料中心從第一天起就是為多租戶而專門建造的。

Different applications like we are operating again like I feel like a broken record. We've been operating for 12 months now Nvidia GPUs right next to Bitcoin miners in the same data centers we have ever built and owned at all of our facilities. So H1stly, I don't hear these investor concerns. I feel like we've addressed them pretty comprehensively and we'll just focus on the next steps, which is monetizing the portfolio.

不同的應用程式就像我們再次運行一樣，感覺就像一張破唱片。12 個月來，我們一直在所有設施中建造和擁有的相同資料中心內，與比特幣礦工相鄰運行 Nvidia GPU。首先，我沒有聽到這些投資人的擔憂。我覺得我們已經相當全面地解決了這些問題，我們只需專注於下一步，即投資組合貨幣化。

All right, thanks, Dan.

好的，謝謝，丹。

Thank you. And our next question comes from the line of Joe Flynn from Compass Point Research. Your question, please?

謝謝。我們的下一個問題來自 Compass Point Research 的 Joe Flynn。請問您的問題是什麼？

Hi guys, thanks for the question. I guess, since the last business update 3 weeks ago, like what would you say is the biggest factor that led to the decision to build out the remaining capacity of children just for, AIHPC, and would you characterize it more as a spec build or do you have any like maybe soft commitments or interests for to ultimately, sign sign that capacity to customers?

大家好，感謝您的提問。我想，自三週前上次業務更新以來，您認為導致您決定為 AIHPC 擴建兒童剩餘容量的最大因素是什麼？

Yeah, Kent, would you like to talk to this one?

是的，肯特，你願意和這位談談嗎？

Yeah, sure.So, touched on earlier, we, we're seeing this, dynamic where the demand side is really starting to coalesce in terms of the requirement for liquid co, data centers, so you know that is a part of it, as Dan mentioned earlier as well, the return side of it looks very attractive given where we're able to deliver. That capacity in terms of a CapEx basis, in terms of the conversations that we're having, we are having multiple conversations around their capacity. I think a lot of what you see, with these customer conversations is there are people talking about liquid cool capacity and having the ability to deliver it, but they don't have long lead items on order, they haven't, they're not advanced with their designs, they haven't started making any plans for construction. And so we think by actually catalyzing, the construction and announcing this to the market and demonstrating the tangible path, towards delivering this capacity, that will help with a lot of the customer conversations that we're having. So, it's certainly not just an on spec bill, but again, we don't want to. Get people overexcited that there's a customer contract, about to land a week or two away, but there are, a lot of good conversations that we're having, and seeing interest from a lot of different customer segments for this type of capacity.

是的，當然。 所以，正如之前提到的，我們看到了這種動態，需求方在液態二氧化碳、數據中心的需求方面真正開始融合，所以你知道這是其中的一部分，正如丹之前提到的，考慮到我們能夠交付的能力，它的回報看起來非常有吸引力。就資本支出基礎而言，就我們正在進行的對話而言，我們正在就其容量進行多次對話。我認為，在與客戶的對話中，你經常會看到有人在談論液體冷卻能力以及是否有能力交付它，但他們沒有訂購長期交貨的物品，他們的設計也不先進，他們還沒有開始製定任何施工計劃。因此，我們認為，透過實際催化、建造並向市場宣布這一點，以及展示實現這一能力的切實可行的途徑，這將有助於我們與許多客戶進行對話。所以，這當然不只是一份符合規格的法案，但我們也不想這樣。讓人們興奮不已，因為有一兩週後就會有一份客戶合同，但是，我們正在進行許多良好的對話，並且看到許多不同客戶群對這種類型的容量感興趣。

Does that answer your Question?

這回答了你的問題嗎？

Yeah, sorry, and on the financing component, you're originally going to, we're going to use the ATM to build out the remaining capacity of Childress. Do you think there's opportunities to, you may like not finance this at the project level.

是的，抱歉，關於融資部分，我們原本打算使用 ATM 來擴大 Childress 的剩餘容量。您認為是否存在機會，您可能不想在專案層面上為此提供資金。

And yeah, thanks.

是的，謝謝。

Yeah, so at a more general level, as Dan mentioned earlier, we are looking to multiple different sources of financing. We do have the ATM in place.

是的，從更普遍的層面來說，正如丹之前提到的，我們正在尋求多種不同的融資來源。我們確實有自動櫃員機。

There are other avenues available to us at a corporate level that we continue to explore. We are very conscious of making sure that we are having the right mix of debt and equity at a corporate level overall. But one of the things we do like about the potential co-location side of the business is the ability to project finance it and attract different forms of financing. So once you catalyze a customer contract, they generally take the nature of 5, 1,015 year, so very long term, contracts that lend themselves very well to project debt financing. So that absolutely is a possibility going forward, in terms of the way that we finance, this sort of build out.

在公司層面，我們也將繼續探索其他可行的途徑。我們非常清楚，要確保從整體來看，我們的公司擁有正確的債務和股權組合。但我們確實喜歡該業務潛在的共置方面的一個方面，即能夠對其進行專案融資並吸引不同形式的融資。因此，一旦你催化了一份客戶合同，它們通常會採取 5 年、10 年到 15 年的期限，因此期限非常長，非常適合專案債務融資。所以從我們為此類建設提供資金的方式來看，這絕對是有可能的。

Sorry, and one more, what would you guys estimate the remaining cap backs, to complete the 1.4-gigawatt substation by April. And ultimately, I guess longer term, I mean, in regard to your conversations, like, are you considering maybe like, partnering with the, financing provider or doing a JV or anything like that? Thanks.

抱歉，還有一個問題，你們估計到四月完成 1.4 千兆瓦變電站還需要多少資金。最後，我想從長遠來看，我的意思是，就您的談話而言，您是否考慮與融資提供者合作或進行合資或類似的事情？謝謝。

Yeah, in terms of the specific CapEx for the substation, we haven't disclosed, but substations are generally in the tens of millions, so well and truly covered by existing sources of capital operating cash flow. As we've discussed in terms of financing partners, look, ultimately these deals come down to the customer side, the revenue line. Get that, the financing will fall into place. I Will and I are pretty skeptical of JBs and partnerships, etc. Because my view, and it's been a long term held view across a variety of businesses, is that all you're doing is kicking the can on difficult decisions because a JV partnership, a co-owned vehicle, all you're doing is saying we don't know how to make decisions today, so therefore we're going to have a governance arrangement to make those decisions down the track. And as you'd see throughout our business history, it's all about controlling our own destiny and being able to move quickly and nimbly to take advantage of the opportunities, so.

是的，就變電站的具體資本支出而言，我們尚未透露，但變電站的資本支出一般都在數千萬美元，因此現有的資本營運現金流來源完全可以覆蓋。正如我們在融資合作夥伴方面所討論的那樣，這些交易最終都歸結於客戶方，即收入線。明白了這一點，融資就會水到渠成。我和威爾對合資夥伴和合夥企業等持懷疑態度。正如您在我們的商業歷史中所看到的，一切都是為了掌控我們自己的命運，並能夠快速靈活地採取行動以抓住機會。

Do we ever bring in an equity investor into a project company? Well, never say never, but our bias is always going to be to control the financing structures, and governance of the, underlying projects.

我們是否曾將股權投資者引入專案公司？好吧，永遠不要說永遠，但我們的傾向始終是控制融資結構和基礎項目的治理。

Thank you.

謝謝。

This does conclude the question and answer session of today's program. I'd like to hand the program back to Dan Roberts, CEO, for any further remarks.

今天節目的問答環節到此結束。我想將該計劃交還給首席執行官丹·羅伯茨 (Dan Roberts)，以便做出進一步的評論。

Thank you. Maybe just to spend 2 minutes addressing a couple of questions on Twitter or now X as we've got a bit of a community there that I'd like to give a shout out to and the level of analysis there is pretty healthy. So just to run through a couple of their questions, Agrippa Investments, could you provide more detail on the financing strategy for Horizon 1 ATM versus debt? As Kent mentioned, the financing strategy is flexible. The $1 billion dollar ATM obviously underwrites certainty in our ability to deliver these, but the opportunity to layer in debt and project finance into AI data centers against customer contracts. Is real equally we continue to look at the convertible note market. We continue to look at other forms of capital, so the expectation should absolutely not be that that ATM is the sole source and our focus of financing going forward, but it does provide something. That we can count on to underwrite these growth ambitions. Could you please clarify the unrealized gain loss on financial instrument in the P&L, the $12.9 million that's just changing fair value of the convertible notes. Couple more. Why not huddle some of the mind to Bitcoin from Hoddle 15 Capital. We've outlined this before. We don't believe in diluting shareholders to put Bitcoin on our balance sheet. You guys can buy it yourselves.

謝謝。也許只需花 2 分鐘在 Twitter 或 X 上回答幾個問題，因為我們在那裡有一個小社區，我想向他們發出呼聲，那裡的分析水平非常健康。那麼，Agrippa Investments，讓我們來回答他們的幾個問題，您能否詳細介紹 Horizo​​​​n 1 ATM 的融資策略與債務融資策略？正如Kent所提到的，融資策略是靈活的。10 億美元的 ATM 顯然保證了我們實現這些目標的能力，但也有機會根據客戶合約將債務和專案融資分攤到 AI 資料中心。同樣，我們繼續關注可轉換票據市場。我們將繼續尋找其他形式的資本，因此我們絕對不應該期望 ATM 成為唯一的來源和我們未來融資的重點，但它確實提供了一些幫助。我們可以依靠它來確保這些成長目標的實現。您能否澄清一下損益表中金融工具的未實現損益損失，即 1,290 萬美元只是改變了可轉換票據的公允價值。再多做一些。為什麼不把一些心思放在 Hoddle 15 Capital 的比特幣上呢？我們之前已經概述過這一點。我們不認為稀釋股東權益會將比特幣納入我們的資產負債表。大家可以自己去買。

Will we convert to a re as suggested by Wolf and someone else? Not at this stage. We see value creation more in the data center development and operations rather than being a landlord. How long is the sale process from start to on boarding a client into a data center? It's a bit how long is a piece of string? Sorry, James, it depends on the client and the situation.

我們會按照 Wolf 和其他人的建議轉換為 re 嗎？目前還不行。我們更多地在資料中心的開發和營運中看到價值創造，而不是作為房東。從開始到客戶進入資料中心，銷售過程需要多長時間？有點奇怪，一條繩子到底有多長？抱歉，詹姆斯，這取決於客戶和具體情況。

Why did Morgan Stanley step out of the sale process? They didn't step out, they were terminated. We believe our op opportunity is best served by dealing elsewhere. What's the best place to get food near Childress? The Plaza has fantastic Mexicans. So anyway, let's wrap that up. Thanks for all the support on Twitter. To wrap up our Q2 2025 earnings call, thank you for listening in. We're really excited. The three key initiatives, one continuing to expand our Bitcoin mining, which we're seeing flow through to robust earnings and operating cash flow to the development of our Sweetwater data center.

摩根士丹利為何退出出售流程？他們還沒走出去，就被解雇了。我們相信，透過與其他公司進行交易可以最大程度地挖掘我們的營運機會。奇爾德里斯附近哪裡最適合吃飯？廣場上有優秀的墨西哥人。無論如何，讓我們結束這個話題。感謝 Twitter 上的所有支援。結束我們的 2025 年第二季財報電話會議，感謝您的收聽。我們真的很興奮。三大關鍵舉措之一是繼續擴大我們的比特幣挖礦業務，我們看到這為強勁的盈利和營運現金流帶來了 Sweetwater 數據中心的發展。

Project and hopefully the projects in forming a potential 2 gigawatt data center hub in West Texas, the opportunity to pursue a single site tenant for that facility, but ultimately underwrite through Bitcoin mining in the meantime and then finally our expansion into Liquid coed AI data center capacity with the announcement of Horizon 1, which we're really excited to deliver on this year. So thank you everyone for dialing in. Have a good evening.

該項目預計將在西德克薩斯州形成一個潛在的 2 千兆瓦數據中心樞紐，有機會為該設施尋求單一站點租戶，但最終通過比特幣挖礦進行承保，然後最終隨著 Horizo​​​​n 1 的宣布擴展到 Liquid 聯合 AI 數據中心容量，我們非常高興在今年實現這一目標。感謝各位的撥打電話。祝你晚上愉快。

Thank you, ladies and gentlemen, for your participation in today's conference.

女士們、先生們，感謝大家參加今天的會議。