IREN Ltd (IREN) 2026 Q1 法說會逐字稿

Thank you for standing by, and welcome to the IREN Q1 FY26 results briefing. (Operator Instructions)

感謝您的耐心等待，歡迎參加IREN 2026財年第一季業績簡報會。（操作說明）

I would now like to hand the conference over to Mike Power, VP of Investor Relations. Please go ahead.

現在我將把會議交給投資者關係副總裁麥克鮑爾。請繼續。

Thank you, operator. Good afternoon, and welcome to IREN's Q1 FY26 results presentation. I'm Mike Power, VP of Investor Relations. And with me on the call today are Daniel Roberts, Co-Founder and Co-CEO; Anthony Lewis, CFO; and Kent Draper, Chief Commercial Officer.

謝謝接線生。下午好，歡迎參加IREN 2026財年第一季業績發表會。我是投資者關係副總裁麥克·鮑爾。今天和我一起參加電話會議的還有聯合創始人兼聯合首席執行官丹尼爾·羅伯茨；首席財務官安東尼·劉易斯；以及首席商務官肯特·德雷珀。

Before we begin, please note this call is being webcast live with the presentation. For those that have dialed in by phone, you can elect to ask a question via the moderator after our prepared remarks.

在開始之前，請注意本次電話會議將進行現場網路直播。對於透過電話撥入的聽眾，您可以在我們發表完準備好的演講後，選擇透過主持人提問。

Before we begin, I'd like to remind you that certain statements that we make during the conference call may constitute forward-looking statements, and IREN cautions listeners that forward-looking information and statements are based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of the company. Listeners should not place undue reliance on forward-looking information or statements, and I'd encourage you to refer to the disclaimer on slide 2 of the accompanying presentation for more information.

在會議開始之前，我想提醒各位，我們在電話會議中所做的某些陳述可能構成前瞻性陳述，IREN 提醒各位聽眾，前瞻​​性資訊和陳述是基於某些假設和風險因素，這些因素可能導致實際結果與公司的預期有重大差異。聽眾不應過度依賴前瞻性資訊或聲明，我建議您參閱隨附簡報第 2 頁的免責聲明以獲取更多資訊。

With that, I'll now turn over the call to Dan Roberts.

接下來，我將把電話交給丹羅伯茲。

Thanks, Mike, and thank you all for joining us for IREN's Q1 2026 earnings call. Today, we'll provide an overview of our financial results for the first fiscal quarter ending September 30, 2025; highlighting key operational milestones, and importantly, discuss how our AI cloud strategy is driving strong growth. We'll then open the call for questions at the end.

謝謝麥克，也謝謝各位參加IREN 2026年第一季財報電話會議。今天，我們將概述截至 2025 年 9 月 30 日的第一財季的財務業績；重點介紹關鍵營運里程碑，更重要的是，討論我們的 AI 雲端策略如何推動強勁成長。最後我們會開放提問環節。

So Q1 FY26 results. Fiscal year 2026 is off to a really good start. We delivered a fifth consecutive quarterly increase in revenues and a strong bottom line. Revenue reached $240 million and adjusted EBITDA was $92 million, noting, of course, that net income and EBITDA importantly, reflected an unrealized financial gain on financial instruments. This performance reflects our continued -- the team's disciplined execution along with the benefits of having a resilient vertically integrated platform.

2026財年第一季業績。2026財年開局非常順利。我們實現了連續第五個季度營收成長，並取得了強勁的利潤。營收達 2.4 億美元，調整後 EBITDA 為 9,200 萬美元，當然，需要注意的是，淨收入和 EBITDA 都反映了金融工具上未實現的財務收益。這項績效反映了我們持續的——團隊嚴謹的執行力，以及擁有強大韌性的垂直整合平台所帶來的優勢。

Microsoft and the cloud contract. So earlier this week, we announced a $9.7 billion AI Cloud Contract with Microsoft, which was a defining milestone for our business that underscores the strength and scalability of our vertically integrated AI cloud platform. The agreement, not only validates our position as a trusted provider of AI cloud service, but also opens up access to a new customer segment among the global hyperscalers. Under this five-year contract, IREN will deploy NVIDIA GB300 GPUs across 200 megawatts of data centers at our Childress's campus. The agreement includes a 20% upfront prepayment, which helps support capital expenditures as they become due through 2026. The contract is expected to generate approximately $1.94 billion in annual recurring revenue.

微軟與雲端合約。本週早些時候，我們宣布與微軟簽署了一份價值 97 億美元的 AI 雲端合同，這對於我們的業務來說是一個具有里程碑意義的事件，凸顯了我們垂直整合的 AI 雲端平台的實力和可擴展性。該協議不僅鞏固了我們作為值得信賴的人工智慧雲端服務供應商的地位，而且還為我們打開了通往全球超大規模資料中心新客戶群的大門。根據這份為期五年的合同，IREN 將在我們位於 Childress 的園區內 200 兆瓦的資料中心部署 NVIDIA GB300 GPU。該協議包括 20% 的預付款，這有助於支持到 2026 年到期的資本支出。該合約預計每年將產生約 19.4 億美元的經常性收入。

Beyond the obvious positive financial impact, the contract carries strategic value of significance for us. It, not only positions IREN as a contributor towards Microsoft's AI road map, but also demonstrates to the market our ability to serve an expanded customer base, which includes a range of model developers, AI enterprises, and now one of the largest technology companies on the planet. As enterprises and other hyperscalers accelerate their AI build-out, we expect that our combination of power, AI cloud experience, and execution capability will continue to position us as a partner of choice.

除了顯而易見的正面財務影響外，該合約對我們而言還具有重要的策略價值。這不僅將 IREN 定位為微軟人工智慧路線圖的貢獻者，而且還向市場展示了我們服務更廣泛的客戶群的能力，其中包括一系列模型開發人員、人工智慧企業，以及現在全球最大的科技公司之一。隨著企業和其他超大規模企業加速建構人工智慧，我們預計，憑藉我們強大的實力、人工智慧雲端經驗和執行能力，我們將繼續成為首選合作夥伴。

Looking ahead, we're executing now on a plan that will see our GPU fleet scale from 23,000 GPUs today up to 140,000 GPUs by the end of 2026. When fully deployed, this expansion is expected to support in the order of $3.4 billion in annualized run rate revenue. Importantly, this expansion leverages just 16% of our 3 gigawatts in secured power, leaving ample capacity for future expansion. With that overview in mind, let's turn to the next section, a closer look at our AI cloud platform and how we're positioned to scale in the years ahead.

展望未來，我們正在執行一項計劃，該計劃將使我們的 GPU 叢集從目前的 23,000 個 GPU 擴展到 2026 年底的 140,000 個 GPU。全面部署後，預計該擴建項目將支援約 34 億美元的年化運行率收入。重要的是，此次擴建僅利用了我們3吉瓦已保障電力的16%，為未來的擴建留下了充足的空間。有了上述概述，讓我們進入下一節，更深入地了解我們的 AI 雲端平台以及我們未來幾年如何進行擴展。

So as I alluded to earlier, a key driver of IREN's competitive advantage in AI cloud services is our vertical integration. We develop our own greenfield sites, engineer our own high-voltage infrastructure, build and operate our own data centers, and deploy our own GPUs. Simply put, we control the entire stack from the substation all the way down to the GPU. We believe strongly that this end-to-end integration and control is a key differentiator that positions us for significant growth.

正如我之前提到的，IREN 在 AI 雲端服務領域競爭優勢的關鍵驅動因素是我們的垂直整​​合。我們自主開發綠地，設計高壓基礎設施，建造和營運資料中心，並部署GPU。簡而言之，我們控制從變電站到GPU的整個堆疊。我們堅信，這種端到端的整合與控制是我們實現顯著成長的關鍵差異化因素。

This model of vertical integration eliminates dependence on third-party colocation providers, and most importantly, removes all counterparty risk associated. This allows us to commission GPU deployments faster with full control over execution and uptime. For our customers, this translates into scalability, cost efficiency, and a superior customer service with tighter control over performance reliability and delivery milestones, driving tangible value and certainty.

這種垂直整合模式消除了對第三方託管服務提供者的依賴，最重要的是，消除了所有相關的交易對手風險。這使我們能夠更快地部署 GPU，並完全控制執行和正常運行時間。對於我們的客戶而言，這意味著可擴展性、成本效益和卓越的客戶服務，同時對效能可靠性和交付里程碑進行更嚴格的控制，從而帶來切實的價值和確定性。

For those reasons, our customers, including Microsoft, view IREN as a strategic partner in delivering cutting-edge AI compute, recognizing our deep expertise in designing, building, and operating a fully integrated AI cloud platform.

正因如此，包括微軟在內的我們的客戶將 IREN 視為提供尖端 AI 運算的策略合作夥伴，他們認可我們在設計、建置和營運完全整合的 AI 雲端平台方面的深厚專業知識。

On that note, we're excited to announce a further expansion of our AI cloud service, targeting a total of 140,000 GPUs by the end of 2026. This next phase includes the deployment of an additional 40,000 GPUs across our Mackenzie and Canal Flats campuses, which are expected to generate in the order of $1 billion in additional ARR. When combined with the $1.9 billion expected from the Microsoft contract and $500 million from our existing 23,000 GPU deployment, this expansion provides a clear pathway to approximately $3.4 billion in total annualized run rate revenue once fully ramped.

在此，我們很高興地宣布進一步擴展我們的 AI 雲端服務，目標是在 2026 年底前達到 140,000 個 GPU。下一階段包括在我們的麥肯齊和卡納爾弗拉茨園區部署額外的 40,000 個 GPU，預計將產生約 10 億美元的額外 ARR。加上預計從微軟合約中獲得的 19 億美元收入，以及我們現有 23,000 個 GPU 部署帶來的 5 億美元收入，此次擴張為全面投產後實現約 34 億美元的年化總收入提供了清晰的途徑。

Importantly, this incremental 40,000 GPU build-out will be executed in a highly capital-efficient manner through leveraging existing data centers. While we have not yet purchased GPUs for the deployment, we continue to see strong demand for air-cooled variants of NVIDIA's Blackwell GPUs, including both the B200 and the B300. And given their efficient deployment profile, we expect these to form the basis of this expansion.

重要的是，這新增的 40,000 個 GPU 將透過利用現有資料中心，以高度節約資本的方式完成。雖然我們還沒有為部署購買 GPU，但我們仍然看到市場對 NVIDIA Blackwell GPU 的風冷版本（包括 B200 和 B300）有強勁的需求。鑑於它們高效的部署特性，我們預計這些將成為此次擴張的基礎。

That said, we will continue to monitor customer demand closely and pursue growth in a disciplined, measured way. This full expansion to 140,000 GPUs will only require about 460 megawatts of power, representing roughly 16% of our total secured power portfolio. This leaves substantial optionality for future growth, and importantly, continued scalability across our portfolio. The key takeaway here is that we have substantial near-term growth being actively executed upon, but also, have significant and additional organic growth ahead of us.

儘管如此，我們將繼續密切關注客戶需求，並以嚴謹、穩健的方式追求成長。全面擴展到 14 萬個 GPU 只需要約 460 兆瓦的電力，約占我們全部安全電力組合的 16%。這為未來的成長留下了很大的選擇餘地，更重要的是，也保證了我們投資組合的持續可擴展性。關鍵在於，我們正在積極執行近期的大幅成長計劃，但同時，我們也擁有顯著的、額外的內生成長潛力。

Turning now to slide 8, which highlights the British Columbia data centers supporting our expansion to 140,000 GPUs. At Prince George, our ASIC to GPU swap-out program is progressing well. The same process will soon extend to our Mackenzie and Canal Flats campuses, where we expect to migrate ASICs to GPUs with similar efficiency and speed. Together, these sites are allowing us to fast track our growth in supporting high-performance AI workloads, scaling it into what is becoming one of the largest GPU fleets in North America.

現在來看看第 8 張投影片，其中重點介紹了支援我們擴展到 140,000 個 GPU 的不列顛哥倫比亞省資料中心。在喬治王子城，我們的ASIC到GPU更換計畫進展順利。同樣的流程很快也將擴展到我們的麥肯齊和卡納爾弗拉茨園區，我們預計在那裡將 ASIC 遷移到 GPU，效率和速度將與之類似。這些站點共同協助我們快速發展，支援高效能 AI 工作負載，並將其擴展到北美最大的 GPU 叢集之一。

Turning to Childress, where we are now accelerating the construction of Horizons 1 to 4 to accommodate the phased delivery of NVIDIA GB300 NVL72 systems for Microsoft. We've significantly enhanced our original design specifications to meet hyperscale requirements and also further ensure durable long-term returns from our data center assets. The facilities have been engineered to Tier 3-equivalent standards for concurrent maintainability, ensuring continuous operations even during maintenance windows.

再來看看奇爾德里斯，我們現在正在加速建立 Horizo​​​​ns 1 至 4，以適應分階段向微軟交付 NVIDIA GB300 NVL72 系統。我們大幅改進了原有的設計規範，以滿足超大規模資料中心的需求，並進一步確保資料中心資產的長期穩定收益。這些設施按照相當於 Tier 3 的標準進行設計，以實現並行可維護性，即使在維護窗口期間也能保證持續運作。

A key feature of this next phase is the establishment of a network core architecture capable of supporting single 100-megawatt super clusters, a unique configuration that enables high-performance AI training for both current and next-generation GPUs. We're also incorporating flexible rack densities ranging from 130 to 200 kilowatts per rack, which allows us to accommodate future chip generations and the evolving power and density requirements without major structural upgrades.

下一階段的關鍵特徵是建立能夠支援單一 100 兆瓦超級叢集的網路核心架構，這種獨特的配置能夠為當前和下一代 GPU 提供高效能 AI 訓練。我們還採用了靈活的機架密度，每個機架的功率範圍為 130 至 200 千瓦，這使我們能夠在不進行重大結構升級的情況下，滿足未來晶片世代和不斷變化的功率和密度要求。

While these design enhancements have resulted in incremental cost increases, they provide long-term value protection, enabling our data centers to support multiple generations and reduce recontracting risk typically associated with lower spec builds. In short, we're building Childress not just for today's GPUs and the Microsoft contract in front of us, but also for the next generations of AI compute.

雖然這些設計改進導致了成本的逐步增加，但它們提供了長期的價值保護，使我們的資料中心能夠支援多代發展，並降低通常與低規格建設相關的重新簽約風險。簡而言之，我們建立 Childress 不僅是為了滿足當今的 GPU 和我們眼前的微軟合同，也是為了滿足下一代 AI 運算的需求。

Beyond the accelerated development of Horizons 1 through to 4, the remaining 450 megawatts, as you can see in the image on screen of secured power Childress provides substantial expansion potential for future horizons numbered 5 through to 10. Design work is underway to enable liquid cooled GPU deployments across the entire site, positioning us to scale seamlessly alongside customer demand.

除了加速開發 Horizo​​ns 1 至 4 之外，剩餘的 450 兆瓦，正如您在螢幕上看到的已保障電力 Childress 為未來 Horizo​​​​ns 5 至 10 提供了巨大的擴展潛力。我們正在進行設計工作，以實現整個工廠的液冷 GPU 部署，使我們能夠隨著客戶需求的增加而無縫擴展。

Finally, turning to Sweetwater, our flagship data center hub in West Texas, which has been somewhat overshadowed in recent months by the activity in Childress and Canada. At full build-out, Sweetwater will support up to 2 gigawatts, 2,000 megawatts of gross capacity, all of which has been secured from the grid.

最後，讓我們來看看位於德州西部的旗艦資料中心樞紐 Sweetwater，近幾個月來，它在某種程度上被 Childress 和加拿大的活動所掩蓋。Sweetwater 全面建成後將支援高達 2 吉瓦（2000 兆瓦）的總容量，所有電力均已從電網獲得。

As shown in the chart, this single hub rivals and in most cases, exceeds the entire scale of total data center markets today. While the recent headlines have naturally been dominated more about our AI cloud expansion at other sites, Sweetwater is a pretty exciting platform asset, giving us the capability to continue servicing the wave of AI compute demand.

如圖所示，這一個中心樞紐的規模足以與當今整個資料中心市場的規模相媲美，並且在大多數情況下，甚至超過了整個資料中心市場的規模。雖然最近的新聞標題自然更集中在我們在其他站點的 AI 雲端擴展上，但 Sweetwater 是一個相當令人興奮的平台資產，它使我們能夠繼續滿足 AI 運算需求的浪潮。

Sweetwater 1 energization continues to remain on schedule with more than 100 people mobilized on site to support construction of what is becoming one of the largest high-voltage data center substations in the United States.

Sweetwater 1 的通電工作繼續按計劃進行，現場已部署 100 多人，以支援建造這座正在成為美國最大的高壓資料中心變電站之一的設施。

All exciting stuff. With that, I'll now hand over to Anthony, who will walk through our Q1 FY26 results in more detail.

都是些令人興奮的事情。接下來，我將把麥克風交給安東尼，他將更詳細地介紹我們 2026 財年第一季的業績。

Thanks, Dan, and thanks, everyone, for your attendance today. Continued operational execution was reflected in another quarter of strong financial performance. Q1 FY26 marked our fifth consecutive quarter of record revenues with total revenue reaching $240 million, up 20% -- 28% quarter over quarter and 355% year over year.

謝謝丹，也謝謝各位今天到場。持續的營運執行力體現在又一個季度強勁的財務業績上。2026 財年第一季是我們連續第五個季度創下營收紀錄，總營收達到 2.4 億美元，成長 20%——季增 28%，年成長 355%。

Operating expenses increased primarily on account of higher depreciation, reflecting ongoing growth in our platform and higher SG&A. The latter primarily driven by a materially higher share price, resulting in acceleration of share-based payment expense, and a higher payroll tax expense associated with employees -- $63 million were both significantly up, largely on account of unrealized gains on prepaid forward and cap call transactions entered into in connection with our convertible note financings.

營運費用增加主要是由於折舊增加，反映了我們平台的持續成長以及銷售、一般及行政費用增加。後者主要受股價大幅上漲的推動，導致以股份為基礎的支付費用加速增長，以及與員工相關的工資稅支出增加——這兩項支出均大幅增長了 6300 萬美元，主要原因是與我們的可轉換票據融資相關的預付遠期和上限期權交易的未實現收益。

Adjusted EBITDA was $92 million, reflecting continued margin strength, partially offset by that higher payroll tax of $33 million accrued in the quarter on account of strong share price performance.

經調整後的 EBITDA 為 9,200 萬美元，反映出利潤率持續強勁，但部分被本季因股價強勁表現而提列的 3,300 萬美元工資稅所抵消。

Turning now to our recently announced AI cloud partnership with Microsoft. As Dan mentioned, this is a very significant milestone for IREN. It, not only delivers strong financial returns, but also creates a significant long-term strategic partnership for the business.

現在讓我們來談談我們最近宣布的與微軟的AI雲端合作夥伴關係。正如丹所說，這對IREN來說是一個非常重要的里程碑。它不僅能帶來豐厚的財務回報，還能為企業創造重要的長期策略夥伴關係。

Focusing on the financials. The $9.7 billion contract is expected to deliver approximately $1.9 billion in annual revenue once the four phases come online with an estimated 85% project EBITDA margin. This strong margin, which reflects our vertically integrated model incorporates all direct operating expenses across both our cloud and data center operations supporting the transaction, including power, salary and wages, maintenance, insurance and other direct costs.

重點關注財務狀況。這項價值 97 億美元的合約預計在四個階段全部上線後，每年可帶來約 19 億美元的收入，預計專案 EBITDA 利潤率為 85%。這一強勁的利潤率反映了我們垂直整合的模式，涵蓋了支援此交易的雲端和資料中心營運的所有直接營運費用，包括電力、工資、維護、保險和其他直接成本。

These cash flows deliver an attractive return on the cloud investment, i.e., the $5.8 billion CapEx for the GPUs and ancillaries after deducting an appropriate internal colocation charge, ensuring that the project delivers robust cloud returns, as well as an attractive return on our long-term investment in the Horizon data centers, which will deliver returns for many years into the future.

這些現金流為雲端投資帶來了可觀的回報，即在扣除適當的內部託管費用後，用於 GPU 和輔助設備的 58 億美元資本支出，確保該項目帶來強勁的雲端回報，以及對我們在 Horizo​​n 數據中心的長期投資的可觀回報，這將在未來多年帶來回報。

The transaction has also a number of features that allow us to undertake the transaction in a capital-efficient way. Firstly, the payments for the CapEx are aligned with the phased delivery of the GPUs across the calendar year '26 as we deliver those four phases. Secondly, the $1.9 billion in customer prepayments being 20% of total contract revenue, paid in advance of each tranche provides funding for circa one-third of the funding requirement at the outset. Thirdly, the combination of the latest generation of GPUs and the very strong credit profile of Microsoft should allow us to raise significant additional funding secured against the GPUs and the contracted cash flows on attractive terms.

該交易還具有一些特點，使我們能夠以資本高效的方式進行交易。首先，資本支出的支付與 2026 年全年 GPU 的分階段交付保持一致，因為我們將分四個階段交付。其次，客戶預付的 19 億美元（佔合約總收入的 20%）在每期款項支付之前預先支付，為專案啟動之初約三分之一的資金需求提供了資金。第三，最新一代 GPU 和微軟非常強大的信用狀況相結合，應該能夠讓我們以 GPU 和合約現金流為擔保，以優惠的條款籌集大量額外資金。

While the final outcome will be subject to a range of considerations and factors, we are targeting circa $2.5 billion through such an initiative. And depending on final terms and pricing, there is meaningful upside to that, noting again the very high quality of our counterparty. We also have a range of options available to fund the remaining $1.4 billion, including existing cash balances, operating cash flows, and a mix of equity convertible notes and corporate instruments.

雖然最終結果將取決於一系列因素，但我們的目標是透過這項計劃籌集約 25 億美元。根據最終條款和定價，這其中存在著相當大的上漲空間，再次強調我們交易對手的高品質。我們還有一系列融資方案可用於籌集剩餘的 14 億美元，包括現有現金餘額、營運現金流以及股權可轉換票據和公司票據的組合。

On that note, turning more generally to CapEx and funding. We continue to focus on deepening our access to capital markets and diversifying our sources of funding. We issued $1 million in zero-coupon convertible notes during October, which was extremely well supported. And we also secured an additional $200 million in GPU financing to support our AI cloud expansion in Prince George, bringing total GPU-related financings to $400 million to date at attractive rates.

說到這裡，我們不妨更廣泛地談談資本支出和融資問題。我們將繼續致力於深化進入資本市場的管道，並實現融資來源多元化。我們在 10 月發行了 100 萬美元的零息可轉換債券，並得到了非常好的市場支持。此外，我們還獲得了額外的 2 億美元 GPU 融資，以支持我們在喬治王子城的 AI 雲端擴展，使迄今為止與 GPU 相關的融資總額達到 4 億美元，利率也很有吸引力。

Taking into account recent fundraising initiatives, our cash at the end of October stood at $1.8 billion. Our upcoming CapEx program, which includes the construction of the Verizon data centers for the Microsoft transaction will be met from a combination of the strong starting cash position, operating cash flows, the Microsoft prepayments as just noted, and other financing streams that are underway. These include the GP financing facilities that we discussed, as well as a range of other options under consideration from other forms of secured lending against our fleet of GPUs and data centers through to corporate level issuance, whilst maintaining an appropriate balance between debt and equity to maintain a strong balance sheet.

考慮到最近的籌款活動，截至 10 月底，我們的現金餘額為 18 億美元。我們即將啟動的資本支出計劃，包括為微軟交易建造 Verizon 數據中心，將透過強勁的初始現金狀況、營運現金流、剛才提到的微軟預付款以及其他正在進行的融資管道來實現。這些措施包括我們討論過的 GP 融資安排，以及正在考慮的其他一系列方案，從以我們的 GPU 和數據中心為抵押的其他形式的擔保貸款，到公司層面的發行，同時在債務和股權之間保持適當的平衡，以維持強勁的資產負債表。

With that, we'll now turn the call over to Q&A.

接下來，我們將把通話轉至問答環節。

(Operator Instructions) Nick Giles, B. Riley Securities.

（操作員說明）Nick Giles，B. Riley Securities。

Yeah, thank you operator. Hi, everyone. Thanks so much for the update. Guys, I want to congratulate you on this significant milestone with Microsoft. This was really great to see.

是的，謝謝接線生。大家好。非常感謝您提供的最新資訊。各位，我想祝賀你們在微軟取得這一重要里程碑。看到這一幕真是太棒了。

I have a two-part question. Dan, you mentioned strategic value, and I was first hoping you could expand on what this deal does from a commercial perspective. And then secondly, I was hoping you could speak to the overall return profile of this deal and how you think about hurdle rates for future deals?

我有一個包含兩個部分的問題。丹，你提到了戰略價值，我首先希望你能從商業角度詳細闡述這筆交易的意義。其次，我希望您能談談這筆交易的整體回報情況，以及您如何看待未來交易的最低迴報率？

Sure. Thanks, Nick. I appreciate the ongoing support. So in terms of the strategic value, I think undoubtedly, proving that we can service one of the largest technology companies on the planet has a little bit of strategic value.

當然。謝謝你，尼克。感謝大家一直以來的支持。因此，就策略價值而言，我認為毫無疑問，證明我們能夠為全球最大的科技公司之一提供服務，具有一定的策略價值。

But below that, the fact that this is our own proprietary data center design, and we've designed everything from the substation down to the nature of the GPU deployment, and that has been deemed acceptable by a $1 trillion company, I think that's got a bit of strategic value, both in terms of demonstrating to capital markets and investors that we are on the right track, but also importantly, in terms of the broader customer ecosystem and that validation.

但除此之外，更重要的是，這是我們自主設計的資料中心，從變電站到 GPU 部署方式，所有環節都是我們自己設計的，而且這還被一家市值 1 萬億美元的公司認可，我認為這具有一定的戰略價值，不僅向資本市場和投資者證明我們走在正確的道路上，而且更重要的是，也對更廣泛的客戶生態系統和驗證了。

And look, we've seen that play out over the days since the announcement. In terms of hurdle rates and returns. I think it's worth Anthony, if you can to jump into this. I think it's fair to say that IRRs, hurdle rates and financial models have dominated our lives for the last six weeks. So there's probably a little bit we can outline in this regard.

你看，自從宣布以來的這幾天，我們已經看到了這種情況的發生。就門檻收益率和回報而言。我覺得安東尼，如果你能參與進來，那就值得了。可以說，在過去的六週裡，內部報酬率、最低收益率和財務模型主導了我們的生活。所以，在這方面我們或許可以簡單概括一下。

Sure. Thanks, Dan, and thanks for the question. The -- yes, the returns on the transaction, obviously, as I noted in the introductory comments, when we look at the cloud returns, we obviously take away what we think to be an arm's length colocation rate, so effectively charge the deal for the cost of reaching the data center capacity.

當然。謝謝你，丹，也謝謝你的提問。是的，交易回報，顯然，正如我在引言中提到的，當我們查看雲端回報時，我們顯然會扣除我們認為合理的託管費用，因此實際上是向交易收取達到資料中心容量的成本。

After we take that into account on an unlevered basis and assuming that there are zero cash flows or RV associated with the GPUs after the term of the contract, we expect an unlevered IRR of low double digits. Obviously, we'll be looking to add some leverage to the capital structure for the transaction, as we also discussed. And once we take that target $2.5 billion of additional leverage into account, you're achieving a levered IRR in the order of circa 25% to 30%. Obviously, that is assuming that $2.5 billion package and it also assumes that the remaining funding is coming from equity, as opposed to other sources of capital, which we might also have access to.

在不考慮槓桿的情況下，並假設合約期滿後GPU沒有現金流或剩餘價值，我們預期不考慮槓桿的內部報酬率將達到兩位數的低水準。顯然，正如我們之前討論過的，我們將尋求為此次交易的資本結構增加一些槓桿。一旦我們將目標 25 億美元的額外槓桿考慮在內，您就能實現大約 25% 到 30% 的槓桿內部收益率。顯然，這是假設了 25 億美元的方案，也假設剩餘的資金來自股權，而不是我們可能獲得的其他資金來源。

I'd also note that we said that the -- might well be upside on that $2.5 billion. Obviously, at a $3 billion leverage package against the GPUs on a secured financing package, you could see those -- that levered return increase by circa 10%. In terms of the RV, we've obviously -- in those numbers, we're just reflecting 0 economic value in the GPUs at the end of the term. If, for example, you were to assume a 20% RV, obviously, that has a material impact. Unlevered IRRs would increase to high-teens and your levered IRRs would be somewhere between 35% to 50% depending on your leverage assumptions.

我還要指出，我們說過，這 25 億美元很可能還有上漲空間。顯然，如果以 30 億美元的槓桿融資方案對 GPU 進行擔保融資，那麼槓桿回報率可能會增加約 10%。就 RV 而言，顯然，在這些數字中，我們只是反映了期限結束時 GPU 的經濟價值為 0。例如，如果您假設殘值率為 20%，顯然，這將產生重大影響。無槓桿內部報酬率將提高到十幾個百分點，而有槓桿內部報酬率將根據您的槓桿假設在 35% 到 50% 之間。

Yeah. I think maybe just to jump in as well. Thanks, Anthony. That's all absolutely correct.

是的。我覺得或許也該加入進來。謝謝你，安東尼。完全正確。

And there are a lot of numbers in there, which is demonstrative of the amount of time we spent thinking about IRRs. So I think just to reiterate a couple of points. One is we've clearly divided out our business segments into stand-alone operations for the purposes of assessing risk return against a prospective transaction. So to be really clear, all of those AI cloud IRRs assume a colocation charge. So they assume a revenue line for our data centers.

裡面有很多數字，這表明我們花了很多時間思考內部報酬率。所以我想再次重申幾點。一是，為了評估潛在交易的風險回報，我們已經明確地將業務部門劃分為獨立的營運部門。所以說清楚點，所有這些人工智慧雲端內部報酬率都包含了託管費用。所以他們假設我們的資料中心會有一條收入線。

So our data centers, we've assumed to earn internally $130 per kilowatt per month escalating, which is absolutely a market rate of return, particularly considering the first five years is underwritten by a hyperscale credit. So that's probably the first point I'd make.

因此，我們假設我們的資料中心每月每千瓦可賺取 130 美元，並且逐月遞增，這絕對是一個市場回報率，尤其考慮到前五年是由超大規模信貸擔保的。所以這大概是我首先要說的一點。

But -- it's also really important to mention that we've optimized elsewhere. So the 76,000 GPUs that we've procured for this contract at a $5.8 billion price, Dell have really looked after us to the point where they've got an in-built financing mechanism in that contract, where we don't have to pay for any GPUs until 30 days after they're shipped. So there's further enhancements there.

但是——同樣重要的是要提到，我們在其他方面也進行了最佳化。因此，我們為這份合約採購了 76,000 個 GPU，總價 58 億美元。戴爾對我們照顧有加，甚至在合約中內建了融資機制，我們無需在 GPU 發貨後 30 天內支付任何款項。所以這方面還有進一步的進步空間。

And then the final point I'd reiterate is this 20% prepayment, which I don't believe we've seen elsewhere, accounts for a third of the entire CapEx of the GPU fleet. And I guess we've been asked previously why we would prefer to do AI cloud versus colocation -- as one very single small data point, we are getting paid a third of the CapEx upfront here as compared to having to give away equity -- big chunks of equity in our company to get access to a colocation deal.

最後我想重申一點，這 20% 的預付款，我認為我們在其他地方還沒有見過，佔 GPU 設備總資本支出的三分之一。我想我們之前可能被問過為什麼我們更喜歡 AI 雲端而不是託管——舉個很小的例子，在這裡我們可以預先獲得三分之一的資本支出，而託管則需要我們出讓公司的大量股權才能獲得託管協議。

So we're really pleased to lead us towards that $3.4 billion in ARR by the end of 2026 on returns that are pretty attractive. Yeah, it's a good result.

因此，我們非常高興能夠帶領公司在 2026 年底前實現 34 億美元的年度經常性收入 (ARR)，並獲得相當可觀的回報。是的，這是個好結果。

Anthony, Dan, I really appreciate all the detail there. One more, if I could. I was just wondering if you could give us a sense for the number of GPUs that will ultimately be deployed as part of the Microsoft deal. And then as we look out to year six and beyond, I mean, can you just speak to any of the kind of future-proofing you've done of the Horizon platform and what can ultimately be accommodated in the long term for future generations of chips?

安東尼、丹，我非常感謝你們提供的所有細節。如果可以的話，再來一個。我只是想問一下，您能否大致介紹一下作為微軟交易的一部分，最終將部署多少 GPU？展望第六年及以後，您能否談談您為 Horizo​​n 平台所做的面向未來的設計，以及從長遠來看，該平台最終能夠適應未來幾代晶片的需求？

I'm happy to jump in and take that one, Dan. So in terms of the number of GPUs to service this contract, I draw your attention to some of our previous releases where we've said that each phase of Horizon would accommodate 19,000 GB300s. And obviously, we're talking about 4 phases here with respect to that. In terms of future proofing of the data centers, there are a number of elements to it, but the primary one is that we have designed for rack densities here that are capable of handling well in excess of the GB300 rack architecture.

丹，我很樂意接受這個任務。因此，就履行此合約所需的 GPU 數量而言，我提請您注意我們之前的一些版本，其中我們曾表示 Horizo​​n 的每個階段都將容納 19,000 個 GB300。顯然，我們在這裡討論的是與此相關的 4 個階段。就資料中心的未來適應性而言，這其中涉及許多因素，但最主要的一點是，我們在這裡設計的機架密度能夠處理遠遠超過 GB300 機架架構的需求。

And to give you specific numbers there, the GB300s are around 135 kilowatts of rack for the GPU racks and our design at the Horizon facilities it can accommodate up to 200 kilowatts of rack. So that is the primary area where we have future-proofed the design.

具體來說，GB300 的 GPU 機架功率約為 135 千瓦，而我們在 Horizo​​n 工廠的設計可以容納高達 200 千瓦的機架功率。所以，這是我們設計中面向未來的主要面向。

But as Dan also mentioned in the remarks on the presentation, we have enhanced the design in a number of ways, including effectively what is full Tier-3 equivalent concurrent maintainability. So yes, there are a number of elements that have been accommodated into the data centers to ensure that they can continue to support multiple generations of GPUs.

但正如 Dan 在演講中提到的那樣，我們已經從多個方面改進了設計，包括有效地實現了完全等同於 Tier-3 的並發可維護性。是的，資料中心已經融入了許多元素，以確保它們能夠繼續支援多代 GPU。

Paul Golding, Macquarie.

Paul Golding，麥格理集團。

Thanks so much for taking the question and congrats on the deal and all the progress with HPC. I wanted to ask, I guess, just a quick follow-on to the IRR question.

非常感謝您回答這個問題，恭喜您達成交易，也恭喜您在高效能運算領域的所有進展。我想問的，只是對內部報酬率（IRR）問題的一個快速後續問題。

Just on our back of the envelope math, it looks like pricing per GPU hour may be on the rise or at the higher end of that $2 to $3 range, assuming full utilization, so presumably potentially even higher. How should we think about the pricing dynamics in the marketplace right now on cloud given the success of this deal? And what seems to be fairly robust pricing? And then I have a follow-up.

根據我們粗略的估算，假設GPU充分利用，每GPU小時的價格可能會上漲，或達到2到3美元區間的較高水平，因此很可能還會更高。鑑於此交易的成功，我們該如何看待當前雲端市場的定價動態？而且定價似乎相當穩健？然後我還有一個後續問題。

Sure.

當然。

You go ahead, Dan.

你先請，丹。

Look, I'll let Kent talk a bit more about the market dynamic, but it is absolutely fair to say that we're seeing a lot of demand. That demand appears to increase month on month in terms of the specific dollars per GPU hour, we haven't specified that exactly. However, we have tried to give a level of detail in our disclosures, which allows people to work through that.

好的，我請肯特再多談談市場動態，但可以肯定的是，我們看到了很大的需求。就每 GPU 小時的特定美元金額而言，這種需求似乎逐月成長，但我們尚未具體說明。但是，我們已盡力在披露資訊中提供足夠詳細的內容，以便人們能夠理解這些資訊。

I think importantly, for us, rather than focusing on dollars per GPU hour, which I think your statement is correct, is focus on the fundamental risk return proposition of any investment. And when we've got the ability to invest in an AI cloud, delivering what is likely to be in excess of 35% levered IRRs against the Microsoft credit, I mean, you kind of do that every day of the week.

我認為對我們來說，更重要的是專注於任何投資的基本風險回報比，而不是關注每 GPU 小時的美元數額（我認為你的說法是正確的）。當我們有能力投資人工智慧雲，並利用微軟的信貸來獲得可能超過 35% 的槓桿內部收益率時，我的意思是，你幾乎每天都在做這件事。

Yeah. Thanks, Dan. And Paul, with regard to your specific question around demand, we continue to see very good levels of demand across all the different offerings we have. The air-cooled servers that we are installing up in our facilities in Canada lend themselves very well to customers who are looking for 500 to 4,000 GPU clusters and want the ability to scale rapidly.

是的。謝謝你，丹。保羅，關於你提出的具體需求問題，我們看到我們所有不同產品的需求量都持續保持在良好水準。我們在加拿大的設施中安裝的風冷伺服器非常適合那些需要 500 到 4,000 個 GPU 叢集並希望能夠快速擴展的客戶。

As we've discussed before, transitioning those existing data centers over from their current use case to AI workloads is a relatively quick process, and that allows us to service the growth requirements of customers in that class very well.

正如我們之前討論過的，將現有的資料中心從目前的用例過渡到 AI 工作負載是一個相對較快的過程，這使我們能夠很好地滿足該類客戶的成長需求。

And case in point, we've been able to precontract for a number of the GPUs that we purchased for the Canadian facilities well in advance of them arriving out of the sites.

例如，我們已經提前與加拿大工廠簽訂了部分GPU的預購合同，這些GPU是在這些GPU從工廠運抵現場之前很久就簽訂的。

And this is something that customers have historically been pretty reticent to do, but that level of demand exists in the market as well as ongoing trust and credibility of our platform with both existing and new customers that is allowing us to take advantage and pre-contract a lot of that away. And then obviously, with respect to the Horizon 1 build-out for Microsoft, this is the top-tier liquid cooled capacity from NVIDIA.

而客戶歷來都不太願意這樣做，但市場上確實存在這種需求，而且我們的平台在現有客戶和新客戶中都保持著持續的信任和信譽，這使我們能夠利用這種需求並預先簽訂很多合約。顯然，就微軟 Horizo​​n 1 的建置而言，這是 NVIDIA 的頂級液冷能力。

We continue to see extremely strong demand for that type of capacity. And the fact that we are able to offer that means that we can genuinely serve all customer classes from hyperscalers, the largest foundational AI labs and largest enterprises with that liquid cooled offering down to top-tier AI start-ups and smaller scale inference enterprise users at the BC facilities.

我們持續看到對這類產能的強勁需求。我們能夠提供這樣的服務，這意味著我們可以真正服務所有客戶群，從超大規模企業、最大的基礎人工智慧實驗室和最大的企業（提供液冷解決方案），到頂尖的人工智慧新創公司和在BC設施中使用較小的推理企業用戶。

Thanks a lot for that color. As a follow-up, as we look out to Sweetwater 1 energization coming up fairly soon here in April. Are you able to speak to any inbound interest you're getting on cloud at that site? I know it's early days just from a construction perspective, maybe for the facilities themselves.

非常感謝你提供的顏色。作為後續報導，我們期待 Sweetwater 1 號機組在四月不久後投入運作。您能否談談您在該網站雲端業務方面收到的任何諮詢？我知道從建設的角度來看，現在還處於早期階段，也許就設施本身而言是如此。

But any color there and maybe whether you would consider hosting at that site, given the return profile and potential cash flow profile that you would get from engaging in, in the cloud business over a period of time? Thank you.

但是，那裡有什麼顏色嗎？考慮到長期從事雲端運算業務所能獲得的收益和潛在現金流，您是否會考慮將網站託管在該網站上？謝謝。

Yeah. In terms of the level of interest and discussions that we're having, we're seeing a strong degree of interest across all of the sites, including Sweetwater as well. Obviously, very significant capacity available at Sweetwater, as Dan mentioned, with initial energization there in April 2026, which is extremely attractive in terms of the scale and time to power. So I think it's very fair to say that we're seeing strong levels of interest across all the potential service offerings.

是的。就我們目前所了解的興趣和討論程度而言，我們看到所有網站，包括 Sweetwater，都表現出了濃厚的興趣。正如丹所提到的，Sweetwater 顯然擁有非常可觀的產能，預計將於 2026 年 4 月開始投產，從規模和投產時間來看，這極具吸引力。因此，我認為可以很公平地說，我們看到所有潛在服務都受到了消費者的濃厚興趣。

As it relates to GPU as a Service and colocation, as previously, we will continue to do what we think is best in terms of risk-adjusted returns. Anthony outlined the risk-adjusted returns that we're seeing in colocations -- sorry, in GPU as a Service, specifically at the moment. And as we've outlined over the past number of months, that does look more attractive to us today.

至於 GPU 即服務和託管，我們將一如既往地繼續做我們認為在風險調整後的收益方面最好的事情。Anthony 概述了我們在託管服務（抱歉，更準確地說是 GPU 即服務）中看到的風險調整後收益，特別是目前的情況。正如我們在過去幾個月所闡述的那樣，如今這對我們來說確實更具吸引力。

But as we continue to see increasing supply-demand imbalance within the industry, that may well feed through into colocation returns where it makes sense to do that in the future.

但隨著我們不斷看到產業內供需失衡加劇，未來在適當的情況下，這很可能會反映在託管收益上。

But as it stands today, certainly, the return profile that we're seeing in GPU as a Service, we think is incredibly attractive.

但就目前而言，我們認為 GPU 即服務的回報前景無疑極具吸引力。

Brett Knoblauch, Cantor Fitzgerald.

布雷特·諾布勞赫，坎托·菲茨杰拉德。

Hi, guys. Thanks for taking my question. On the $5.8 billion, call it, order from Dell, can you maybe parse out how much of that is allocated to GPUs and the ancillary equipment?

嗨，大家好。謝謝您回答我的問題。關於戴爾收到的那筆價值 58 億美元的訂單，您能否詳細分析其中有多少分配給了 GPU 和輔助設備？

And on the ancillary equipment, say you wanted to retrofit the Horizon data centers with new GPUs in the future, do you also need to retrofit the ancillary equipment?

至於輔助設備，假設將來你想用新的 GPU 改造 Horizo​​n 資料中心，是否也需要改造輔助設備？

So out of that total order amount, I mean it's fair to say the GPUs constitute the vast majority of it, but there is some substantial amounts in there for the back-end networking for the GPU clusters which is the top-tier InfiniBand offering that's currently available.

因此，在總訂單金額中，GPU 佔了絕大部分，但 GPU 叢集的後端網路也佔了相當大的比例，這是目前可用的頂級 InfiniBand 產品。

In terms of future proofing, we'll have to see how much of that equipment may or may not be reusable for future generations of GPUs. As I was referring to earlier, the vast majority of our data center equipment and the way that we have structured the rack densities within the data center mean that the data center itself is future-proofed. But in terms of the specific equipment for this cluster, it remains to be seen whether that will be able to be reused.

從面向未來的角度來看，我們需要看看這些裝置有多少可以或不可以重複用於未來幾代的GPU。正如我之前提到的，我們資料中心的絕大多數設備以及我們在資料中心內建立機架密度的方式意味著資料中心本身俱有面向未來的適應性。但就該集群的具體設備而言，是否能夠重複使用還有待觀察。

Perfect. And then on the -- maybe the new 40,000 order that sounds like kind of be plugged in, in Canada. You talked about maybe a very efficient CapEx build for those data centers. Can you maybe elaborate a bit more on that? I know when the AI craze maybe first got started 18 months ago, you guys flagged that you guys are running GPUs up and sure that you built for less than $1 million a megawatt. Are we closer to that number for this? Or are we just well below maybe what the Horizon 4 cost per megawatt basis?

完美的。然後，也許新的 40,000 個訂單聽起來像是要在加拿大投入使用。你提到過，這些資料中心的建設或許可以非常有效率地利用資本支出。能否再詳細解釋一下？我知道大約 18 個月前人工智慧熱潮剛開始時，你們就表示你們正在全力運轉 GPU，並且確信你們的造價低於每兆瓦 100 萬美元。我們離這個數字更近了嗎？或者說，我們的成本遠低於 Horizo​​​​n 4 的每兆瓦成本？

So in terms of the basic transition of those data centers over to AI workloads, it is relatively minimal in terms of the CapEx that is required. The vast majority of the work is removing ASICs, removing the racks that the ASICs sit on and replacing those with standard data center racks and PDUs, so the power distribution units. That can accommodate the AI servers. So that is relatively minimal.

因此，就這些資料中心向 AI 工作負載的基本過渡而言，所需的資本支出相對較少。絕大部分工作是拆除 ASIC，拆除 ASIC 所在的機架，並用標準資料中心機架和 PDU（即電源分配單元）替換它們。這樣就能容納人工智慧伺服器了。所以這相對來說是微不足道的。

As we've discussed before, it's a matter of weeks to do that conversion. And from a CapEx perspective, it is not material. The one element that may be more material in terms of that conversion is adding redundancy if required to the data centers that would typically cost around $2 million a megawatt if we need to do that. But obviously, in the context of a full build-out like we're seeing of liquid cooled capacity at Horizon, it's extremely capital and CapEx efficient.

正如我們之前討論過的，完成這種轉換只需要幾週。從資本支出角度來看，這並不重要。就這種轉換而言，可能更重要的一個因素是，如果需要，可以為資料中心增加冗餘，而這樣做通常會花費每兆瓦 200 萬美元左右。但顯然，在像 Horizo​​n 這樣全面建立液冷產能的情況下，它的資本和資本支出效率非常高。

Darren Aftahi, ROTH Capital Partners.

Darren Aftahi，ROTH Capital Partners。

Congrats on the Microsoft deal as well. To start, with Microsoft, was colocation ever on the table with them? Did they come to you asking for AI cloud? Or how did those negotiations sort of fall out?

也恭喜你們與微軟達成合作協議。首先，微軟是否曾經考慮過資料中心託管方案？他們是否主動聯絡你們，詢問人工智慧雲端服務？或者說，那些談判最終是如何破裂的？

Just think about the best way to answer this. So we've been talking to Microsoft for a long period of time and the nature of those conversations absolutely did evolve over time. Is there a preference for the cloud deal? Possibly. But at the end of the day, we want to focus on cloud, and that was the transaction we were comfortable with. So conversations really focused around that over the last six weeks or so.

想想怎麼回答這個問題才是最好的。因此，我們與微軟進行了很長時間的對話，而這些對話的性質也隨著時間的推移而改變了。是否更傾向於雲端服務方案？有可能。但歸根結底，我們希望專注於雲端運算，而這正是我們能夠接受的交易。所以在過去六週左右的時間裡，討論主要都圍繞著這個主題。

I think if I may, I'd talk more generically around these hyperscale customers because obviously, we weren't just talking to Microsoft. I think there probably is a stronger preference from those to be looking at more colocation and infrastructure deals rather than cloud deals. But also is the case that there's an appetite for a combination. So it may be that we do some colocation in the future.

如果可以的話，我想更籠統地談談這些超大規模客戶，因為很顯然，我們不僅僅是在和微軟交談。我認為，這些人可能更傾向於尋找託管和基礎設施的交易，而不是雲端服務方面的交易。但同時，人們也渴望看到組合式的產品。所以未來我們可能會進行一些伺服器託管。

Yes, I think different hyperscalers have different preferences. We'll entertain them all. But given the nature of the deal we did with a 20% prepayment funding one-third of CapEx and a 35% -plus equity IRR, we're feeling pretty good about pursuing AI cloud.

是的，我認為不同的超大規模資料中心營運商有不同的偏好。我們會招待他們所有人。但鑑於我們達成的協議性質，即 20% 的預付款、三分之一的資本支出以及超過 35% 的股權內部收益率，我們對進軍 AI 雲端領域感到非常樂觀。

Got it. And just as a follow-up with the rest of Childress, is there any significance to the size of the Microsoft deal starting at 200 megawatts? Do they have interest in the rest of the campus? Have you talked to them about that yet?

知道了。作為對 Childress 其餘問題的補充，微軟的交易規模從 200 兆瓦起，這有什麼意義嗎？他們對校園其他地方有興趣嗎？你跟他們談過這件事了嗎？

So again, I'm going to divert the question a little bit because we've got some pretty strong confidentiality provisions. So let me talk generically. There is appetite from a number of parties in discussing cloud and other structures well above the 200 megawatts that's been signed with Microsoft.

所以，我再次稍微轉移一下這個問題，因為我們有一些非常嚴格的保密條款。那麼，我就泛泛而談吧。許多方面都對討論遠超過微軟已簽署的 200 兆瓦的雲端運算和其他架構表現出了濃厚的興趣。

John Todaro, Needham.

約翰·托達羅，尼德姆。

Congrats on the contract. I guess just one on that as we dig a little bit more in, any kind of penalties or anything related to the time line of delivering capacity? Just wondering if there's guardrails around that. And then I do have a follow-up on CapEx.

恭喜你簽下合約。我想就這一點，當我們更深入地探討時，我想問的是，是否有任何處罰措施或與產能交付時間表相關的其他事項？我只是想知道這方面是否有任何限制。然後，我還有一些關於資本支出的後續問題。

There's always a penalty, whatever you do in life, if you don't do what you promise you're going to do. So we're very comfortable with the contractual tolerances that have been negotiated, the expected dates versus contractual penalties and other consequences. I can't comment more specifically beyond that on this call.

人生中，無論你做什麼，如果你沒有履行承諾要做的事情，總會有懲罰。因此，我們對已協商達成的合約容忍度、預期日期與合約違約金和其他後果之間的關係感到非常滿意。關於這次通話，我無法給更多具體評論。

But the other thing I would reiterate is we have never ever missed a construction or commissioning date in our life as a listed company. So I think you can take a lot of comfort that if we've put something forward to Microsoft and agreed it there and if we put something forward to the market, our reputations are on the line, our track record is on the line, we're going to be very confident we can deliver it and potentially even exceed it.

但我還要重申一點，作為一家上市公司，我們從未錯過任何一次施工或調試日期。所以我認為，如果我們已經向微軟提出了方案並獲得了他們的認可，並且我們向市場提出了方案，那麼大家可以放心，我們的聲譽和過往業績都面臨著考驗，我們將非常有信心能夠交付成果，甚至有可能超越預期。

Got it. Understood. And then just following up on the CapEx. That $14 million to $16 million on the -- I think it was the data center side. Just wondering if there's anything kind of additional in there that would get it north of the colo items other folks are talking about, if maybe there's some networking or cabling included in that or any contribution from tariffs are being considered there?

知道了。明白了。然後就是跟進資本支出狀況。那1400萬到1600萬美元——我想應該是資料中心方面的費用。我只是想知道，除了其他人提到的託管項目之外，是否還有其他額外的東西，例如是否包含一些網路或佈線費用，或者是否考慮了關稅方面的補貼？

To give some additional color there. So yes, in terms of networking, et cetera, again, as Dan mentioned in his presentation earlier. This is designed -- the Horizon campus is designed to be able to operate 100-megawatt super clusters. Now that does raise a significant level of additional infrastructure that is required over being able to deliver smaller clusters.

為了為那裡增添一些色彩。是的，就人脈關係等方面而言，正如丹在之前的演講中提到的那樣。這是經過精心設計的——地平線園區的設計目標是能夠運行 100 兆瓦的超級集群。這確實需要比部署較小規模叢集所需的大量額外基礎架構。

And so certainly, some of the costs that are in the number that you mentioned are related to the ability to do that. And that will not necessarily be a requirement of every customer moving forward. So that probably is an element that is somewhat unique.

因此，在你提到的這些成本中，肯定有一些與實現這一目標的能力有關。而且，這未必是未來每位客戶的必要條件。所以這可能是比較獨特的因素。

Stephen Glagola, Jonestrading.

Stephen Glagola，Jonestrading。

On your British Columbia GPUs, can you maybe just provide an update on where you guys stand with contracting out the remaining 12,000, I believe, GPUs of the initial 23,000 batch? And are you seeing any demand for your bare metal offering in BC outside of AI native enterprises?

關於你們在不列顛哥倫比亞省生產的GPU，能否更新一下你們在外包剩餘的12000張GPU（我記得是23000張）方面的進展？在不列顛哥倫比亞省，除了人工智慧原生企業之外，您是否看到對您的裸機產品有任何需求？

Yah. Happy to give an update there. We previously put out guidance a couple of weeks ago that we had contracted 11,000 out of the 23,000 that were on order. Subsequent to that, we have contracted a bit over another 1,000 GPUs. And primarily the ones that are not yet contracted are the ones that are arriving latest in terms of delivery timelines.

是的。很高興能在那裡提供最新進展。幾週前我們曾發布指導意見，表示在已訂購的 23,000 件產品中，我們已經簽訂了 11,000 件的合約。此後，我們又訂購了 1000 多個 GPU。而且，那些尚未簽訂合約的訂單，往往是交貨時間最晚的。

As I mentioned earlier, we are seeing an increased appetite from customers to precontract. But these are GPUs that are a little further out in terms of delivery schedules relative to the ones that have already been contracted.

正如我之前提到的，我們看到客戶對簽訂預合約的興趣日益濃厚。但這些GPU的交貨時程比已經簽約的GPU晚一些。

Having said that, we continue to see very strong levels of demand, and we're in late-stage discussions around a significant portion of the capacity that has not yet been contracted and continue to see very good demand leading into the start of next year as well, and are receiving an increasingly large number of inbounds from a range of different customer classes. So you mentioned AI natives.

儘管如此，我們仍然看到非常強勁的需求水平，我們正在就尚未簽訂合約的大部分運力進行後期討論，並且我們預計明年年初的需求也將持續良好，並且我們收到了來自各種不同客戶群體的越來越多的入境訂單。你提到了人工智慧原住民。

Yes, that has been a portion of the customer base that we've serviced previously. But we are also servicing a number of enterprise customers on an inference basis -- so it is a pretty wide-ranging customer class that we're servicing out of those British Columbia sites.

是的，這部分客戶群我們之前就已經服務過。但我們也透過推斷的方式為許多企業客戶提供服務——因此，我們在不列顛哥倫比亞省的這些站點服務的客戶群相當廣泛。

Joseph Vafi, Canaccord Genuity.

Joseph Vafi，Canaccord Genuity。

Congrats from me too on Microsoft. Just maybe, Dan, if you could kind of walk us through what you were thinking in your head. Clearly, some awesome IRRs here on the Microsoft deal. But how are you thinking about risk on a cloud deal here versus a straight colo deal, which probably wouldn't have had the return, but maybe the risk profile may be lower there? And then I have just a quick follow-up.

我也要祝賀你加入微軟。丹，或許你可以跟我們解釋一下你當時的想法。顯然，微軟這筆交易的內部報酬率非常可觀。但是，您如何看待雲端交易與直接託管交易的風險？直接託管交易可能不會帶來回報，但風險可能更低。然後我還有一個簡短的後續問題。

Thanks, Joe. Look, it's funny. I actually see risk very differently. So we've spoken about colocation deals with these hyperscalers. And if you model out a 7% to 8% starting yield on cost and run that through your financial model, what you'll generally see is that you'll struggle to get your equity back during the contracted term, and then you're relying on recontracting beyond end of that 15-year period to get any sort of equity return.

謝謝你，喬。你看，這真滑稽。我對風險的看法截然不同。我們已經和這些超大規模資料中心營運商討論過託管協議。如果你模擬出 7% 到 8% 的初始收益率，並將其輸入你的財務模型，你通常會發現，在合約期間你很難收回你的股權，然後你只能依靠在 15 年期結束後重新簽訂合約來獲得任何形式的股權回報。

So in terms of risk, I would argue that there's a far better risk proposition implicit in the deal that we've signed and going down the cloud route. And then for the shorter-term contracts on the colo side where you may not have a hyperscale credit, you're running significant GPU refresh risk against companies that don't necessarily have the balance sheet today to support confidence in that GPU refresh. So again, we think about it in business segments, we think about our data center business has got a great contract internally linked to Microsoft as a tenant. And that data center itself is future-proofed accommodating up to 200-megawatt rack densities.

因此，就風險而言，我認為我們簽署的協議以及採用雲端運算路線蘊含著更好的風險方案。此外，對於託管方面的短期合同，您可能沒有超大規模信用額度，因此您在 GPU 更新方面面臨著巨大的風險，因為這些公司目前的資產負債表未必足以支撐對 GPU 更新的信心。所以，我們再次從業務部門的角度來考慮這個問題，我們認為我們的資料中心業務與微軟（作為租戶）簽訂了一份非常好的內部合約。而且該資料中心本身俱有面向未來的設計，可容納高達 200 兆瓦的機架密度。

And it's also the case that in 5 years, the optionality provides further downside protection. So upon expiry of the Microsoft contract, maybe we can run these GPUs for additional years, which we've seen with prior generations of GPUs like the A100s. But assuming that isn't the case, we've got a lot of optionality within that business. We could sign a colocation deal at that point. We could relaunch a new cloud offering using latest generation GPUs.

而且，5 年後，選擇權還能提供進一步的下行保護。因此，在微軟合約到期後，我們或許可以繼續使用這些 GPU 幾年，就像我們之前看到的 A100 等 GPU 一樣。但假設情況並非如此，我們在這個業務領域還有很多選擇。到那時我們就可以簽署託管協議了。我們可以利用最新一代的GPU重新推出新的雲端服務。

So my concern with these colocation deals is what you're doing is you're transferring an interest or an exposure to an asset that is inherently linked to this exponential world of technology and demand and the upside that, that may entail and you're swapping that for a bond position in varying degrees of credit with the counterparties. So if you're swapping an asset for a bond exposure to a $1 trillion hyperscaler and you're kind of hoping you might get your equity back after the contracted period. I mean that's one way to look at it. If you're swapping your equity exposure for a bond exposure in a smaller Neo cloud without a balance sheet, then is that a good decision for shareholders? We just haven't been comfortable.

因此，我對這些託管交易的擔憂在於，你實際上是將一種與科技和需求呈指數級增長的世界及其可能帶來的收益密切相關的資產權益或敞口，轉移給了交易對手不同信用等級的債券頭寸。所以，如果你用一項資產換取對一家規模達 1 兆美元的超大規模企業的債券敞口，並且你希望在合約結束後能夠收回你的股權。我的意思是，這是一種看待問題的方式。如果你將股票部位換成規模較小、沒有資產負債表的 Neo 雲端平台的債券曝險，那麼這對股東來說是個好決定嗎？我們一直覺得不太自在。

I get it, Dan. I mean we've run some DCF here and on some colo deals here in the last couple of months. And there's a lot to be learned when you do it. There's no doubt. And then just on this prepayment from Microsoft, I know you've got some strong NDAs here, but kind of a feather in your cap on getting that much in a prepayment.

我明白了，丹。我的意思是，在過去的幾個月裡，我們已經對一些資料中心託管交易進行了一些現金流折現分析。而且這樣做還能學到很多。毫無疑問。還有微軟的這筆預付款，我知道你們簽了嚴格的保密協議，但能收到這麼多預付款，也算是你們的一項成就。

Any other -- anything else to say on how -- maybe your qualifications or how Microsoft perhaps and you came to the agreement to prefund the GP purchases out of the box?

還有其他要補充的嗎？例如您的資歷，或是您和微軟是如何達成協議，預先資助GP購買的？

Look, yes, getting the one-third of the CapEx funded through a prepayment from the customer is fantastic from our perspective, and we're super appreciative for Microsoft coming to the table on that. And what that allows us to do is to drive a really good IRR and return to equity for our shareholders. And again, linking back to what Anthony said earlier, we expect 35% equity IRRs from this transaction accounting after an internal data center charge. So trying to create that apples-and-apples comparison for a Neo cloud that has an infrastructure charge. Even after that, we're looking at 35% plus.

是的，從我們的角度來看，透過客戶預付款來獲得三分之一的資本支出資金是件好事，我們非常感謝微軟在這件事上願意參與其中。這樣一來，我們就能為股東帶來非常好的內部報酬率和股權報酬率。再次回到 Anthony 之前所說的，我們預計扣除內部資料中心費用後，此交易的股權內部報酬率 (IRR) 為 35%。因此，我們試圖為 Neo 雲端（需要支付基礎設施費用）創建一個公平的比較。即使這樣，我們也只能看到 35% 以上的成長。

And also what's really important to clarify is the equity portion of that IRR we have assumed is funded with 100% ordinary equity, which given our track record in raising convertibles, given the lack of any debt at a corporate level, is probably conservative again. So from a risk-adjusted perspective, linked to a $1 trillion credit and the ability to fund it efficiently, I mean we're really happy with the transaction. And yes, hopefully, there's more to come.

此外，需要澄清的是，我們假設 IRR 中的股權部分是由 100% 的普通股融資的，考慮到我們以往籌集可轉換債券的記錄，以及公司層面沒有任何債務，這可能又是一個保守的假設。所以從風險調整後的角度來看，考慮到1兆美元的信貸額度以及有效融資的能力，我們對這筆交易非常滿意。是的，希望以後還能有更多精彩內容。

Michael Donovan, Compass Point.

Michael Donovan，指南針點。

Congrats on the progress. I was hoping you could talk more to your cloud software stack and the stickiness of your customers.

恭喜你取得進展。我希望您能多談談您的雲端軟體堆疊以及客戶的黏性。

Yes, I'm happy to take that one. Yes, to date, the vast majority of our customers have required a bare metal offering, and that is their preference. These are all highly advanced AI or software companies like a Microsoft. They have significant experience in the space, and they want the raw compute and the performance benefits that, that brings, having access to a bare metal offering and then being able to layer their own orchestration platform over the top of that. So that has been by design that we have been offering a bare metal service.

是的，我很樂意接受這個任務。是的，到目前為止，我們絕大多數客戶都要求裸機解決方案，這也是他們的首選。這些都是像微軟一樣技術高度發達的人工智慧或軟體公司。他們在該領域擁有豐富的經驗，他們想要獲得原始的運算能力和效能優勢，能夠存取裸機產品，然後在裸機之上疊加自己的編排平台。因此，我們一直以來都有意提供裸機服務。

It lends itself exactly to what our customers are looking for.

它完全符合我們客戶的需求。

Having said all of that, we obviously are continuing to monitor the space, continuing to look at what customers want. And we are certainly able to go up the stack and layer in additional software if it is required by customers over time. But today, as I said, we haven't really seen any material levels of demand for anything other than the bare metal service that we're currently offering.

綜上所述，我們顯然會繼續關注這一領域，並繼續了解客戶的需求。如果客戶隨著時間的推移需要，我們當然可以向上擴展並添加其他軟體。但正如我所說，目前除了我們目前提供的裸機服務之外，我們還沒有看到對任何其他服務有實質的需求。

And I think maybe just to add to that, Kent, if you step back and think about it, you contract in with some of the largest, most sophisticated technology companies on the planet that want to access to our GPUs to run their software. It's kind of upside down world to then turn around and say, oh, we'll do all the software and operating layer.

肯特，我想補充一點，如果你冷靜下來仔細想想，你們與地球上一些規模最大、技術最先進的科技公司簽訂了合同，這些公司都想使用我們的 GPU 來運行他們的軟體。然後又說，哦，我們會完成所有的軟體和作業系統層，這簡直是顛倒黑白。

Like clearly, they're in the position they are because they have a competitive advantage in that space. They're just looking for the bare metal. I think as the market continues to develop over coming years, it may be the case that if you want to service smaller customers that don't have that internal capability or budget, then yes, maybe you will open up smaller segments of the market.

很明顯，他們之所以能取得現在的地位，是因為他們在該領域擁有競爭優勢。他們只是在尋找裸露的金屬。我認為，隨著市場在未來幾年不斷發展，如果你想服務那些沒有內部能力或預算的小客戶，那麼是的，你或許需要開拓更小的市場區隔。

But for a business like ours that is pursuing scale and monetizing a platform that we spent the last seven years building, it's very hard to see how you get scale by focusing on software, which is, I think everyone generally accepts is going to be commoditized anyway in coming years as compared to just selling through the bare metal and letting these guys do their thing on it.

但對於像我們這樣追求規模化並希望將我們過去七年打造的平台貨幣化的企業來說，很難看出專注於軟體如何才能實現規模化，因為我認為大家普遍認為，與直接銷售裸機並讓其他人在其上進行開發相比，軟體在未來幾年無論如何都會商品化。

That makes sense. I appreciate that. You mentioned design works are complete for a direct fiber loop between Sweetwater 1 and 2. How should we think about those two sites communicate with each other once they're live?

這很有道理。我很感激。您提到 Sweetwater 1 和 2 之間的直接光纖環路的設計工作已經完成。我們該如何考慮這兩個網站上線後如何溝通？

Yes. I think really the best way to think about it is it just adds an additional layer of optionality as to the customers that would be interested in that and how we contract those projects. There are a number of customers out there who are looking particularly for scale in terms of their deployments. And obviously, being able to offer 2 gigawatts that can operate as an individual campus even though the physical sites are separated is something that we think has value, and that's why we have pursued that direct fiber connection.

是的。我認為最好的理解方式是，它為哪些客戶對此感興趣以及我們如何簽訂這些專案合約增加了一層額外的選擇。有很多客戶特別希望在部署方面實現規模化。顯然，能夠提供 2 吉瓦的電力，即使物理站點是分開的，也能作為一個獨立的園區運行，我們認為這很有價值，這也是我們追求直接光纖連接的原因。

At this time, we're showing no further questions. I'll hand the conference back to Dan Roberts for any closing remarks.

目前，我們不再顯示其他問題。我將把會議交還給丹·羅伯茨，讓他作總結發言。

Great. Thanks, operator. Thanks, everyone, for dialing in. Obviously, it's been an exciting couple of months and particularly last week. Our focus now turns to execution to deliver 140,000 GPUs through the end of 2026, but also continuing the ongoing dialogue with a number of different customers around monetizing the substantial power and land capacity we've got available and our ability to execute and deliver compute from that.

偉大的。謝謝接線生。謝謝大家的撥入。顯然，過去的幾個月，尤其是上週，都非常精彩。我們現在的重點轉向執行，目標是在 2026 年底前交付 14 萬個 GPU，同時繼續與眾多不同的客戶就如何將我們擁有的大量電力和土地容量貨幣化以及我們利用這些資源執行和交付計算的能力進行對話。

So I appreciate everyone's support. I look forward to the next quarter.

感謝大家的支持。我期待著下一個季度。