IREN Ltd (IREN) 2026 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to IREN Q2 FY26 results. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎查看IREN 2026財年第二季業績報告。（操作人員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker today, Mike Power, Vice President, Investor Relations. Please go ahead.

現在，我謹將會議交給今天的第一位發言人，投資者關係副總裁麥克鮑爾。請繼續。

Thank you, operator. Good afternoon, and welcome to IREN Q2 FY 2026 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財年第二季業績發表會。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·劉易斯和首席商務官肯特·德雷珀。

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

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，您可以在演講結束後選擇透過主持人提問。

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 shouldn't place undue reliance on forward-looking information or statements and I encourage you to refer to the disclaimer on slide 2 of the accompanying presentation for more information.

我想提醒各位，我們在電話會議期間所做的某些陳述可能構成前瞻性陳述，IREN提醒聽眾，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。

And finally, during the course of today's call, we will refer to certain non-GAAP financial measures as a reconciliation schedule showing the GAAP versus non-GAAP results in the presentation.

最後，在今天的電話會議中，我們將提及某些非GAAP財務指標，並在簡報中以調節表格的形式展示GAAP與非GAAP結果。

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, everyone, for joining us today. Fiscal quarter two was an important quarter for IREN as we made meaningful progress as a vertically integrated AI cloud platform. Let me start with the highlights.

謝謝麥克，也謝謝各位今天蒞臨。對於 IREN 而言，第二財季是一個重要的季度，因為我們作為垂直整合的 AI 雲端平台取得了實質進展。讓我先從重點說起。

Firstly, we secured underwriting commitments for $3.6 billion of GPU financing at an interest rate of less than 6%. Together with customer prepayments, this provides funding coverage for approximately 95% of the GPU related CapEx supporting our $9.7 billion AI contract with Microsoft. Importantly, this financing package provides greater clarity to also advance a broader set of customer discussions.

首先，我們獲得了 36 億美元的 GPU 融資承銷承諾，利率低於 6%。加上客戶預付款，這為我們與微軟簽訂的價值 97 億美元的 AI 合約中與 GPU 相關的資本支出提供了約 95% 的資金保障。重要的是，該融資方案提供了更清晰的思路，也有助於推動與客戶更廣泛的討論。

In that regard, customer demand remains very strong and we are continuing to sign and negotiate contracts for both new and prior generation GPUs. We have multiple advanced negotiations underway for larger-scale deployments and are also seeing hyperscalers and AI enterprises increasingly focused on air-cooled GPUs given the faster deployment timelines.

在這方面，客戶需求仍然非常強勁，我們正在繼續簽署和洽談新一代和上一代GPU的合約。我們正在就更大規模的部署進行多項深入談判，同時我們也看到，鑑於風冷 GPU 的部署速度更快，超大規模資料中心和人工智慧企業越來越關注風冷 GPU。

Operationally, execution is tracking well across the portfolio, and we expect to deliver 140,000 GPUs by the end of 2026 positioning us to deliver $3.4 billion in annualized run rate revenue. Construction across Horizon 1 through to 4 is progressing to schedule. And in British Columbia, we continue to expand our AI cloud footprint with just under $0.5 billion of ARR now under contract for Prince George.

從營運角度來看，整個產品組合的執行情況良好，我們預計到 2026 年底將交付 14 萬個 GPU，這將使我們能夠實現 34 億美元的年化運行率收入。Horizo​​n 1 至 4 的施工正在按計劃進行。在不列顛哥倫比亞省，我們繼續擴大 AI 雲業務的覆蓋範圍，目前已與喬治王子城簽訂了近 5 億美元的年度經常性收入合約。

Finally, we extended our growth runway again by securing a new 1.6 gigawatt site in Oklahoma, taking our total secured power to over 4.5 gigawatts. This reflects the strength of our internal development team in securing gigawatt scale sites in a power constrained market and supports continued conversion of capacity into customer contracts over time. So that's the quarter in summary.

最後，我們透過在俄克拉荷馬州獲得一個新的 1.6 吉瓦的發電廠址，再次擴大了我們的成長空間，使我們的總發電量超過了 4.5 吉瓦。這體現了我們內部開發團隊在電力供應緊張的市場中獲取千兆瓦級站點的實力，並支持隨著時間的推移，將產能持續轉化為客戶合約。以上就是本季的總結。

Those outcomes reflect the assets, capability and execution discipline we've built over time, which I'll cover next. Over the past seven years, we've built a strong platform grounded in real assets, power, land, data centers and just as importantly, human capital. That foundation is what gives IREN a durable competitive moat. We have secured more than 4.5 gigawatts of power, stood up 810 megawatts of operating data centers signed billions of dollars of AI customer contracts and assembled a team of over 2,000 people to execute on them.

這些成果反映了我們多年來累積的資產、能力和執行紀律，接下來我將詳細介紹。過去七年來，我們建立了一個強大的平台，以實體資產、電力、土地、資料中心以及同樣重要的人力資本為基礎。正是這項基礎賦予了IREN持久的競爭優勢。我們已獲得超過 4.5 吉瓦的電力，建立了 810 兆瓦的營運數據中心，簽署了數十億美元的人工智慧客戶合同，並組建了一支超過 2000 人的團隊來執行這些合約。

These assets and capabilities are not easy replicable. They are the results of years of hard work. As a founder-led business, we have been fully committed to building a platform with lasting value. And Will and I are deeply invested in this platform along with the rest of the management team. That mindset matters as it shapes how we allocate capital, how we partner with customers and how we think about long-term value creation.

這些資產和能力不易複製。這是多年辛勤工作的成果。作為創辦人主導的企業，我們一直致力於打造一個具有持久價值的平台。我和威爾以及其他管理團隊成員都對這個平台投入了大量精力。這種思維方式很重要，因為它決定了我們如何分配資本、如何與客戶合作以及我們如何思考長期價值創造。

In an industry moving at extraordinary speed, this combination of real assets, operational capability and founder led commitment is what sets IREN apart and positions us for AI cloud leadership. So the way we think about scaling the business is through what we call the three Cs: capacity, customers, and capital.

在一個以驚人速度發展的行業中，真正的資產、營運能力和創始人領導的承諾相結合，使 IREN 脫穎而出，並使我們成為 AI 雲端領域的領導者。因此，我們認為擴大業務規模的方式是透過我們所說的三個 C：產能、客戶和資本。

The reason we focus on these three is simple. They reinforce each other. Capacity creates opportunity customer commitments shape the pace and scale of our investment and capital gives us the ability to execute. What's encouraging today is that we have all three working in parallel.

我們之所以只關注這三者，原因很簡單。它們相互促進。產能創造機遇，客戶承諾決定我們投資的速度和規模，而資本賦予我們執行能力。令人鼓舞的是，今天這三者都在並行運作。

First, on capacity. We have 810 megawatts of existing data centers that can be immediately leveraged for AI cloud deployments. In addition to the 3.6 gigawatts of greenfield data center sites and a 2,000-plus team to design, build and operate them end to end.

首先，關於產能。我們擁有 810 兆瓦的現有資料中心，可以立即用於 AI 雲端部署。除了 3.6 吉瓦的全新資料中心站點外，還有一支 2000 多人的團隊負責端到端地設計、建造和營運這些站點。

Second, on customers. As I mentioned, we are in multiple about negotiations. And at this point, demand is not the constraint for us. The focus is on choosing the right long-term partnerships that support durable platform level growth.

其次，關於客戶。正如我之前提到的，我們正在進行多方談判。目前，需求對我們來說不是限制因素。重點在於選擇合適的長期合作關係，以支持平台層面的持續成長。

And thirdly, on capital, we continue to diversify our sources of capital to support capacity growth and customer deployment. We have multiple financing pathways underway that allow us to scale our data center and GPU footprint in a disciplined manner, while importantly, maintaining balance sheet stream. This includes additional GPU financing, data center financing and selective corporate initiatives, which Anthony will delve into.

第三，在資本方面，我們將繼續實現資本來源多元化，以支持產能成長和客戶部署。我們正在推進多條融資途徑，使我們能夠以嚴謹的方式擴展資料中心和 GPU 規模，同時重要的是，保持資產負債表的穩定運作。這包括額外的 GPU 融資、資料中心融資和一些精選的企業計劃，安東尼將深入探討這些內容。

So when you step back, the picture for us is pretty clear. We have delivered capacity. We have strong customer demand, and we have expanding capital options, all moving together, which puts us in a position to continue scaling IREN into one of the world's largest AI cloud platforms.

所以當我們退後一步來看，情況就非常清楚了。我們已交付產能。我們擁有強勁的客戶需求，並且擁有不斷擴大的資本選擇，所有這些因素齊頭並進，這使我們能夠繼續擴大 IREN 的規模，使其成為全球最大的 AI 雲端平台之一。

With that, I'll now hand over to Kent to walk through updates to our capacity and our customer work streams in a bit more detail.

接下來，我將把發言權交給肯特，讓他更詳細地介紹我們產能和客戶工作流程的最新情況。

Thanks, Dan. Vertical integration is one of IREN's most important competitive advantages. We design, build, and operate our own data centers, supported by in-house engineering, procurement, construction, technology and operations teams. This structure gives us direct end-to-end control of our cloud offering and the ability to manage cost, time lines and service quality with far.

謝謝你，丹。垂直整合是IREN最重要的競爭優勢之一。我們自主設計、建造和營運資料中心，並由內部工程、採購、施工、技術和營運團隊提供支援。這種結構使我們能夠直接對雲端產品進行端到端的控制，並能夠有效地管理成本、時間安排和服務品質。

Many of the constraints that we see across the industry today, whether it's long lead time procurement or skilled labor are areas that we've addressed in the past. So they're manageable for us and not disrupting our execution. That's why we remain on track against our plans today. And on that note, we continue to see strong, steady progress across our site portfolio with construction milestones being delivered on schedule.

我們目前在整個行業中看到的許多限制因素，無論是採購週期過長還是熟練勞動力短缺，都是我們過去已經解決過的領域。所以它們對我們來說都在可控範圍內，不會影響我們的執行。這就是為什麼我們今天仍然能夠按計劃進行的原因。就此而言，我們看到我們所有專案組合都持續取得強勁、穩定的進展，各項建設里程碑均按計畫完成。

At Prince George, the data center fit-outs for air cooled NVIDIA B 200 and B 300 GPUs and and now complete and awaiting the delivery of the remaining GPUs on order. At Mackenzie and Canal Flats, our teams are actively preparing the sites for AI cloud expansion. There, we're leveraging the exact same playbook we successfully executed at Prince George. ASICs are coming out of those data centers and GPUs are going in.

在喬治王子城，用於風冷式 NVIDIA B 200 和 B 300 GPU 的資料中心裝修已經完成，現在正在等待訂購的剩餘 GPU 的交付。在麥肯齊和卡納爾弗拉茨，我們的團隊正在積極為人工智慧雲端擴展做好準備。在那裡，我們將沿用我們在喬治王子城成功實施的完全相同的策略。ASIC晶片正從這些資料中心流出，而GPU晶片正被送入其中。

At Childress, construction across Horizons 1 to 4 is also progressing to schedule to meet Microsoft's GPU deployment timelines. and that Sweetwater procurement activities and civil works are now underway for the first phase of data centers to be constructed. Overall, what this demonstrates is an ability to consistently take large complex projects from planning through to execution. That delivery capability underpins everything we do and is one of the key reasons we have a license to engage with the largest technology companies in the world.

在奇爾德里斯，1號至4號地平線區域的建設也在按計畫推進，以滿足微軟GPU部署時間表的要求。此外，Sweetwater的採購活動和土木工程也已啟動，為即將建造的第一階段資料中心做準備。總而言之，這表明我們有能力持續地將大型複雜專案從規劃到執行完成。這種交付能力是我們一切工作的基礎，也是我們能夠與全球最大的科技公司合作的關鍵原因之一。

The other factor that strengthens our position with customers is a scale of our secured power. As Dan mentioned, we have secured a new 1.6 gigawatt data center campus in Oklahoma. Further strengthening what is already one of the most differentiated power portfolios in the sector. The 2,000-acre Oklahoma site is a strong addition with low latency connectivity to major network exchanges and ramp schedule commencing in 2028.

另一個增強我們客戶信任度的因素是我們強大的電力供應規模。正如丹所提到的，我們已經在俄克拉荷馬州獲得了一個新的 1.6 吉瓦資料中心園區。進一步加強該產業內最具差異化的電力組合之一。位於俄克拉荷馬州的 2000 英畝場地是一個強大的補充，它與主要網路交換中心具有低延遲連接，並將於 2028 年開始逐步投入使用。

As with Sweetwater, the megawatts for this new site in Oklahoma remains secured, which enables commercial discussions to progress meaningfully anchored on firm deliverable capacity. It's also worth noting that this site is a result of work that has been underway for years. It reflects the depth of our internal development capability and our team's ability to consistently source and secure gigawatt scale grid connections in a power constrained market.

與 Sweetwater 一樣，俄克拉荷馬州這個新站點的兆瓦電力供應仍然有保障，這使得商業談判能夠在確定的可交付容量的基礎上取得實質進展。值得一提的是，這個網站的建成是多年努力的成果。這體現了我們內部研發能力的深度，以及我們的團隊在電力供應緊張的市場中持續獲取和確保千兆瓦級電網連接的能力。

Importantly, this new site does more than just add capacity. It broadens our US data center pipeline beyond ERCOT into a market that's attractive to hyperscalers at a time when AI demand continues to outpace supply. As Dan mentioned, we're advancing multiple active negotiations with a range of hyperscale and non-hyperscale counterparties.

重要的是，這個新網站的功能不僅僅是增加容量。它將我們的美國資料中心通路從ERCOT擴展到對超大規模資料中心營運商具有吸引力的市場，而此時人工智慧的需求持續超過供應。正如丹所提到的，我們正在與一系列超大規模和非超大規模的交易對手進行多項積極的談判。

And what we consistently see is that customers are focused on partners who have secured power can deliver full data center infrastructure on a defined timeline and who can grow with them and scale over the long term. In other words, time to data center has become the key decision point in many of these commercial discussions. That dynamic plays directly to our strands.

我們一直看到的是，客戶關注的是那些擁有可靠電力供應、能夠在既定時間內交付完整的資料中心基礎設施、並且能夠與他們共同成長、長期擴展的合作夥伴。換句話說，資料中心的部署時間已成為許多此類商業談判中的關鍵決策點。這種動態直接影響我們的主題。

Our vertically integrated model combining in-house delivery capability with secured power gives customers a high degree of certainty on execution. We're also seeing hyperscalers and leading enterprises actively pursue both liquid and air-cooled GPU deployments as they work to accelerate rollout. The increased focus on air cool deployments aligns extremely well with our existing footprint of 810 megawatts of already operational air-cooled data centers.

我們採用垂直整合模式，將內部交付能力與可靠的電力供應結合，為客戶帶來高度的執行保障。我們也看到，超大規模資料中心營運商和領先企業正在積極尋求液冷和風冷 GPU 部署，以加快推廣速度。加大對風冷部署的重視與我們現有的 810 兆瓦已投入營運的風冷資料中心的規模非常契合。

Importantly, all the demand and engagement that we're seeing is translating directly into contracted revenue. Today, we have approximately $2.3 billion of annualized revenue run rate under contract, including around $0.4 billion at Prince George which we expect to increase over the coming weeks as we finalize negotiations for the remaining capacity there.

重要的是，我們看到的所有需求和參與度都直接轉化為合約收入。目前，我們已簽訂合約的年化收入運行率約為 23 億美元，其中包括喬治王子城約 4 億美元的合同，我們預計隨著我們最終敲定該地剩餘產能的談判，未來幾週該金額將會增加。

Based on capacity already contracted and the strong customer engagement for new deployments in Mackenzie and Canal Flats, we're on track to reach our targeted $3.4 billion ARR by the end of 2026. What's worth emphasizing is that demand is not the limiting factor for reaching this milestone. The market is extremely deep and engagement remains strong across hyperscalers and enterprises. Our focus is on selecting the right partners and structuring long-term relationship to create lasting value for IREN and as I alluded to earlier, we have the track record and capacity to drive customer acquisition.

根據已簽訂合約的產能以及客戶對麥肯齊和卡納爾弗拉茨新部署專案的積極參與，我們預計在 2026 年底實現 34 億美元的年度經常性收入目標。值得強調的是，需求並不是實現這一里程碑的限制因素。市場規模非常龐大，超大規模企業和大型企業的參與度依然很高。我們的重點是選擇合適的合作夥伴，建立長期合作關係，為 IREN 創造持久價值。正如我之前提到的，我們有業績記錄和能力來推動客戶獲取。

The takeaway from this next slide is the amount of runway that we have ahead of us. Our $3.4 billion ARR target for the end of calendar 2026 reflects utilization of only around 10% of our 4.5 gigawatts of secured grid-connected power capacity. That means the vast majority of our portfolio remains available to support additional deployments.

下一張投影片要告訴我們的是，我們面前還有很多發展空間。我們到 2026 年底的 34 億美元年度經常性收入目標，僅相當於我們 4.5 吉瓦併網電力容量的 10% 左右。這意味著我們產品組合中的絕大部分產品仍然可以支援額外的部署。

With demand continuing to build that secured capacity gives us the ability to keep engaging customers on new large-scale opportunities and to extend growth well beyond the 2026 target.

隨著需求持續成長，有保障的產能使我們能夠繼續與客戶合作，抓住新的大規模機遇，並將成長遠遠延長至 2026 年的目標之後。

I'll now hand over to Anthony to give an overview of our Q2 results and discuss our strategy for financing our continued growth.

現在我將把發言權交給安東尼，讓他概述我們第二季度的業績，並討論我們為持續成長提供資金的策略。

Thanks, Ken. Q2 financials reflected continued progress in the transition from Bitcoin mining to AI Cloud with capacity increasingly allocated to higher-value AI workloads and AI cloud revenues accelerating as deployments ramp. Total revenue was $184.7 million, down 23% on the prior quarter, primarily on account of lower bitcoin mining revenue, driven by a reduction in bitcoin mined.

謝謝你，肯。第二季財務數據反映了從比特幣挖礦到人工智慧雲端的轉型持續取得進展，產能越來越多地分配給更高價值的人工智慧工作負載，隨著部署規模的擴大，人工智慧雲端收入也在加速成長。總收入為 1.847 億美元，比上一季下降 23%，主要原因是比特幣挖礦收入下降，而比特幣挖礦收入下降又是由比特幣挖礦量的減少造成的。

This was as a result of the AI transition, which lowered operating hashrate against the backdrop of an increasing global hashrate, together with lower average Bitcoin prices over the period. This was partially offset by growth in AI cloud revenue in line with commissioning of new GPUs at our Prince George side. On SG&A, that decreased $37.6 million, primarily resulting from higher accelerated stock-based amortization recognized in the prior period and associated payroll tax accruals.

這是由於人工智慧轉型導致運作算力下降，同時，全球算力卻不斷成長，再加上這段時間內比特幣的平均價格走低。部分損失被人工智慧雲端收入的成長所抵消，這主要得益於我們在喬治王子城工廠新GPU的投入使用。銷售、一般及行政費用減少了 3,760 萬美元，主要原因是前期確認了較高的加速股票攤提以及相關的工資稅提列。

As expected, adjusted EBITDA declined primarily on account of the lower Bitcoin mining revenue mentioned just now, partially offset by the lower payroll tax accruals and lower power costs. EBITDA and net income were also impacted by several significant noncash and nonrecurring items this quarter. These included unrealized losses on prepaid forwards and cap calls associated with our convertible notes following significant gains in the prior period as well as a onetime debt conversion inducement expense in connection with the equitization of a portion of our 2029 and 2030 convertible notes.

正如預期的那樣，調整後的 EBITDA 下降主要是由於剛才提到的比特幣挖礦收入減少，部分被較低的工資稅提列和較低的電力成本所抵消。本季度，EBITDA 和淨利潤也受到幾項重大非現金和非經常性項目的影響。其中包括與我們的可轉換票據相關的預付遠期合約和上限選擇權的未實現損失（先前期間我們獲得了重大收益），以及與我們 2029 年和 2030 年部分可轉換票據股權化相關的一次性債務轉換誘導費用。

Together, these amounts totaling $219.4 million. In addition, we recorded $31.8 million of mining hardware impairment associated with the transition to AI cloud versus $16 million in the prior period. These impacts were partially offset by an income tax benefit of $192.5 million, primarily reflecting the release of previously recognized deferred tax liabilities relating to the unrealized gains on financial instruments.

這些金額總計達 2.194 億美元。此外，由於向 AI 雲端過渡，我們記錄了 3,180 萬美元的挖礦硬體減損損失，而上一時期為 1,600 萬美元。這些影響部分被 1.925 億美元的所得稅優惠所抵消，這主要反映了先前確認的與金融工具未實現收益相關的遞延所得稅負債的釋放。

Overall, these results reflect the ongoing transition of the business to AI cloud, and we expect subsequent quarters to reflect a growing AI cloud contribution consistent with our ARR targets.

總體而言，這些結果反映了公司業務向 AI 雲端的持續轉型，我們預計後續幾季 AI 雲端的貢獻將持續成長，與我們的 ARR 目標保持一致。

Now turning to capital and funding. At our last update, we indicated an intention to raise secured finance of at least $2.5 billion to fund the GPU-related CapEx for the Microsoft contract. As Dan has highlighted earlier, we have now secured a $3.6 billion delayed draw term loan financing package from Goldman Sachs and JPMorgan.

現在來說說資金和融資問題。在我們上次的更新中，我們表示有意籌集至少 25 億美元的擔保融資，為微軟合約中與 GPU 相關的資本支出提供資金。正如丹之前所強調的那樣，我們現在已經從高盛和摩根大通獲得了 36 億美元的延期提取定期貸款融資方案。

The financing has a number of attractive features. It is delayed draw to align with our CapEx profile. It matches the profile of the underlying contract, amortizing in full over the five-year term and will be secured against the underlying GPUs and the contracted cash flows from Microsoft, which supports a strong credit profile and an attractive interest rate expected to be less than 6%. When combined with Microsoft's $1.9 billion in prepayments, this package covers 95% of the GPU related CapEx for Horizons 1 through 4 allowing us to now focus our efforts on funding further growth across the platform.

此融資方式具有許多吸引人的特點。這是延遲公佈的結果，以符合我們的資本支出計劃。它與基礎合約的性質相符，將在五年期限內全額攤銷，並將以基礎 GPU 和微軟的合約現金流作為擔保，這有利於獲得良好的信用狀況和極具吸引力的利率，預計利率將低於 6%。加上微軟預付的 19 億美元，該方案涵蓋了 Horizo​​​​ns 1 至 4 中 95% 的 GPU 相關資本支出，使我們能夠集中精力為整個平台的進一步增長提供資金。

Now turning to our capital strategy more broadly. Our capital strategy is designed to support continued rapid growth while maintaining a resilient balance sheet. We ended January with a strong cash position of $2.8 billion, and we continue to deepen our access to diverse sources of funding. Financial year to date, we have now secured $9.2 billion from customer prepayments, convertible notes, including the $2.3 billion issued in December, GPU leasing arrangements and the dedicated GPU financing for the Microsoft contract. This diversity of capital sources allows us to scale with confidence.

現在讓我們更廣泛地談談我們的資本策略。我們的資本策略旨在支持持續快速成長，同時保持穩健的資產負債表。截至1月底，我們擁有28億美元的強勁現金儲備，我們將持續深化取得多元化融資管道的途徑。本財年至今，我們已透過客戶預付款、可轉換票據（包括 12 月發行的 23 億美元）、GPU 租賃安排以及為微軟合約提供的專用 GPU 融資，獲得了 92 億美元的資金。多元化的資金來源使我們能夠充滿信心地擴大規模。

Looking ahead, a key priority will be to continue that work and expand our access further. This will include looking at efficient financing for our data centers, such as Horizons 1 through 4 when they come online. These will be extremely valuable long-term assets, which are currently being funded by the balance sheet and construction financing to support our broader development pipeline.

展望未來，一項關鍵優先事項是繼續這項工作並進一步擴大我們的服務範圍。這將包括研究如何為我們的資料中心（例如 Horizo​​​​ns 1 至 4）提供有效的融資方案，以便在它們上線時順利運作。這些將是極具價值的長期資產，目前正透過資產負債表和建設融資為其提供資金，以支持我們更廣泛的開發項目。

As well, we'll also look at select corporate level facilities when aligned with our cost of capital and balance sheet management priorities. Of course, as we scale financing activities, we'll remain focused on an appropriate balance between debt and equity to ensure we maintain that balance sheet resilience.

此外，當符合我們的資本成本和資產負債表管理優先事項時，我們也會考慮一些特定的公司級設施。當然，隨著我們融資活動的規模擴大，我們將繼續專注於債務和股權之間的適當平衡，以確保我們保持資產負債表的穩健性。

With that, I'll turn it back to Dan for concluding remarks.

接下來，我將把發言權交還給丹，請他做總結發言。

Thanks, Anthony. So to recap, our strategy is straightforward, and it comes back to the 3Cs capacity customers and capital. We secure a large-scale, low-cost power and build quality data centers to create capacity. We pair that with long-term customer demand. and we support it all with disciplined, well-structured capital arrangements. That framework has guided our decisions for years, and it continues to shape how we scale today.

謝謝你，安東尼。總而言之，我們的策略很簡單，就是圍繞著 3C ：產能、客戶和資本。我們確保獲得大規模、低成本的電力，並建立高品質的資料中心以創造容量。我們將此與長期客戶需求結合，並以嚴謹、結構完善的資本安排來支撐這一切。多年來，這個框架一直引導著我們的決策，並且至今仍在影響著我們的規模化發展方式。

Over the past several quarters, we've made meaningful progress across all three of those dimensions. We've removed a significant amount of execution risk by locking in capital for our largest deployment to date. We've expanded our power footprint.

在過去的幾個季度裡，我們在所有這三個方面都取得了實質的進展。我們透過鎖定資金，為迄今為止最大規模的部署消除了大量的執行風險。我們擴大了電力覆蓋範圍。

Sorry, technical issue. My screen just cut off, I can't see anyone -- and we've continued to deepen relationships with some of the largest technology companies in the world. What's important to emphasize is that we're still at an early stage of monetization relative to the size of our platform.

抱歉，出現技術故障。我的螢幕突然黑屏了，我看不到任何人——而我們一直在不斷加深與一些全球最大科技公司的合作關係。需要強調的是，相對於我們平台的規模而言，我們仍處於獲利的早期階段。

With more than 4.5 gigawatts of power and only 10% required to support the $3.4 billion in ARR, we have a clear pathway for continued growth. With capital access now demonstrated at scale, we're able to engage customers with greater flexibility on how and when we bring new capacity to market while maintaining discipline around pricing and partner selection. That scale allows us to pace growth responsibly be selective in the customers we partner with and structure contracts and financing in ways that support durable long-term value creation.

我們擁有超過 4.5 吉瓦的電力，而只需 10% 的電力即可支援 34 億美元的年度經常性收入，因此我們有清晰的持續成長路徑。鑑於我們現在已經能夠大規模地獲得資金，我們可以更靈活地與客戶溝通，決定何時以及如何將新的產能推向市場，同時在定價和合作夥伴選擇方面保持自律。這種規模使我們能夠負責任地控製成長速度，選擇性地與客戶合作，並以支持持久長期價值創造的方式建立合約和融資。

In summary, after more than seven years of founder-led execution, IREN is now a scaled AI cloud platform with significant opportunity ahead.

總而言之，經過創辦人七年多的領導和執行，IREN 現在已發展成為一個規模化的 AI 雲端平台，未來將擁有巨大的發展機會。

With that, we'll open the call for Q&A.

接下來，我們將進入問答環節。

(Operator Instructions) Darren Aftahi, ROTH.

（操作說明）Darren Aftahi，ROTH。

Congrats on the continued progress with Oklahoma. Two, if I may. There's a lot of noise around ERCOT. I'm sure people on the phone kind of want to know. But any change in those kind of amended rules with batch processing in terms of how that would potentially impact Sweetwater for you guys?

恭喜俄克拉荷馬州計畫持續取得進展。如果可以的話，我想說兩個。ERCOT附近噪音很大。我相信電話那頭的人都想知道答案。但是，如果這些關於大量處理的修訂規則發生變化，會對你們Sweetwater的業務產生哪些潛在影響呢？

And then I've got a follow-up.

然後我還有一個後續問題。

Yes. Happy to jump in there, Darren. So the short answer is with respect to Sweetwater it is likely to be included in the batching process, and we believe that both SweetWater 1 and 2 would be included in batch zero, which would mean that the full 2 gigawatts of power is secured. So that's obviously a key important point there is that security of power in addition to that, there are other projects in our portfolio that are potentially also included in batch zero.

是的。我很樂意幫忙，達倫。因此，簡而言之，就 Sweetwater 而言，它很可能會被納入分批處理流程，我們相信 SweetWater 1 和 2 都會被納入零批次，這意味著全部 2 吉瓦的電力都得到了保障。所以很明顯，電力安全是一個關鍵點。除此之外，我們的投資組合中還有其他項目也可能被納入零批次。

So one of the advantages of, obviously, having a large internally developed portfolio is that we do have a number of projects that are going through this process.

顯然，擁有大量內部開發專案組合的優勢之一在於，我們有許多專案正在經歷這個過程。

Excellent. I appreciate that. And then secondarily, so economics on colo have continue to creep up. I know you guys initially signed this cloud deal with Microsoft. Any kind of real-time thoughts on as you move forward with plans for Childress, Sweetwater, any other sites your views on AI cloud versus colocation?

出色的。我很感激。其次，託管成本也持續上漲。我知道你們最初是和微軟簽署了這項雲端服務協議。對於您在推動Childress、Sweetwater以及其他站點計劃的過程中，對人工智慧雲端與託管服務有何即時看法？

Yes. I mean, as we've said before, we continue to be open-minded about how we allocate our megawatts and continue to observe what's happening in the market. We are observing, as you mentioned, what's happening in the colocation market but also seeing continued strength in demand on the cloud side as well. And I think when we look at the overall portfolio, Power is the scarce resource today. And so it's absolutely vital that you are maximizing the value of each of the megawatts within the portfolio.

是的。我的意思是，正如我們之前所說，我們將繼續以開放的心態來分配我們的兆瓦電力，並繼續觀察市場的發展。正如您所提到的，我們正在觀察託管市場的發展情況，同時也看到雲端運算的需求持續強勁。我認為，從整體投資組合來看，電力是當今的稀缺資源。因此，最大限度地發揮投資組合中每一兆瓦電力的價值至關重要。

And today, we still see AI cloud as doing that in a more meaningful way than colocation. It's higher up, obviously, in the value chain than colocation, and you can capture materially better dollars per megawatt through cloud versus pure co-location. And obviously, at this point, we've demonstrated the capability and execution to be able to stand up these large cloud customers.

時至今日，我們仍然認為 AI 雲端比託管資料中心更能有效實現這一點。顯然，雲端運算在價值鏈中的位置比託管更高，透過雲端運算，每兆瓦的收益比純粹的託管要高得多。顯然，目前我們已經證明了我們有能力和執行力來服務這些大型雲端客戶。

And as we spoke about at length during the call, also seeing the capital side come together. So all the elements are there within the portfolio to allow us to continue to take advantage of what we have on a cloud services basis.

正如我們在電話會議中詳細討論的那樣，我們也看到了資本方面的匯聚。因此，產品組合中包含了所有必要的要素，使我們能夠繼續利用我們現有的雲端服務資源。

Maybe just to add to what Ken said, it is something we continue to evaluate. But 1 of the knocks on GPU Cloud was the capital intensity of GPUs. So with the announcement today of the GPU financing, we've now secured 95% of the cost of the GPUs at an average interest rate of around 3% when you factor into the prepayment. So we essentially got the GPUs for next to nothing.

或許可以補充一下肯所說的，這是我們仍在評估的問題。但GPU雲端的一大缺點是GPU的資本密集。因此，隨著今天GPU融資計畫的宣布，我們現在已經確保了GPU成本的95%，平均利率約為3%（考慮到預付款）。所以我們基本上是以極低的成本獲得了這些GPU。

So I think in terms of capital intensity, it ticks that box. To further to Ken's point, time to power is critical, but time to data centers is actually the more limiting factor. And when you've got scarcity around how many data centers you can physically bring on live, every incremental 200 megawatts can deliver either $300 million-ish through a co-location or multiples of that in the billions under a cloud contract.

所以我覺得從資本密集度的角度來看，它符合這個要求。正如 Ken 所指出的，供電時間固然重要，但資料中心的供電時間才是真正的限制因素。當實際上能夠投入使用的資料中心數量有限時，每增加 200 兆瓦的電力，要么可以透過託管服務帶來約 3 億美元的收入，要么可以透過雲端合約帶來數十億美元的收入。

So when we look at the monetization opportunity for our platform, and growth for shareholders and creating value, the cloud opportunity creates a lot more upside as we see it. And in terms of co-location versus cloud, we believe that AI is going to continue. We believe that data center demand is going to continue to compound. So recovering capital back in short order and mean out to compound those returns as distinct from holding effectively a bond exposure against the hyperscaler is the area we want to play.

因此，當我們審視我們平台的獲利機會、股東成長和價值創造時，我們認為雲端計算機會帶來更大的成長空間。至於託管伺服器與雲端伺服器的選擇，我們認為人工智慧將會繼續發展。我們認為資料中心的需求將會持續成長。因此，我們想要在短時間內收回資本，並使這些收益複利增長，而不是像持有債券一樣持有超大規模投資標的，這才是我們想要涉足的領域。

And if investors want bond-like exposures, they can buy colocation companies, they can buy bonds in the hyperscalers but we believe we are offering a high conviction for very well-managed risk exposure to the sector through this AI cloud business.

如果投資人想要類似債券的風險敞口，他們可以購買託管公司，也可以購買超大規模資料中心的債券，但我們相信，透過這項人工智慧雲端業務，我們能夠為該行業提供管理良好的風險敞口，並帶來很高的投資信心。

Now again, we're not dogmatic. Things can change quickly. We get a compelling colocation deal. We will absolutely pursue it. But right now, AI Cloud, it's very compelling for all those reasons.

我們再次強調，我們並不固執己見。情況變化很快。我們獲得了極具吸引力的託管協議。我們一定會追查到底。但就目前而言，AI Cloud 因上述所有原因而極具吸引力。

Paul Golding, Macquarie.

Paul Golding，麥格理集團。

And congrats on the additional site and all the progress. I just wanted to ask, as we think about the Oklahoma site and power market. I guess anything specific to call out about how that factors into the demand picture for HPC compute from a location perspective. Aside from, I know the low latency already mentioned, are there favorable power reliability dynamics or power pricing dynamics or just geographically relative to Tier 1 availability zones? And then I have a follow-up.

恭喜你們新增了一個站點，並取得了所有進展。我只是想問一下，因為我們都在考慮俄克拉荷馬州的選址和電力市場。我想請問，從地理位置的角度來看，這如何影響高效能運算的需求？有什麼具體因素需要指出嗎？除了前面提到的低延遲之外，是否存在有利的電力可靠性動態、電力價格動態，或者只是相對於一級可用區而言的地理位置優勢？然後我還有一個後續問題。

Yes. So we think that site there has favorable characteristics on a number of levels. I did mention that low latency as you referred to earlier. It's a very large site, which gives us flexibility as we build out the capacity, it's located in Southwest Power Pool, which is a different market to ERCOT. So it provides us with some jurisdictional diversity. We think Southwest Power Pool is a very attractive market on the power side, a large penetration of renewables, low cost of power.

是的。所以我們認為該地點在許多方面都具有有利的特點。我確實提到了你之前提到的低延遲問題。這是一個非常大的場地，這讓我們在擴大容量時有了更大的靈活性。它位於西南電力池，這是一個與ERCOT不同的市場。因此，它為我們提供了一定的管轄權多樣性。我們認為西南電力池在電力方面是一個非常有吸引力的市場，再生能源滲透率高，電力成本低。

We know that it's an area that is attractive to hyperscalers because there have been a number of hyperscalers that have been active in Southwest Power Pool more broadly, but also Oklahoma specifically. So overall, it exhibits all the characteristics that we would look for in terms of an attractive data center campus.

我們知道，對於超大規模資料中心營運商來說，這是一個很有吸引力的地區，因為有許多超大規模資料中心營運商在西南電力池（Southwest Power Pool）以及俄克拉荷馬州（Oklahoma）都非常活躍。總的來說，它具備了我們所期望的有吸引力的資料中心園區的所有特徵。

And then maybe a follow-up on the questions that have been asked around cloud versus colo or maybe more specifically about cloud. As you roll out these two different approaches to cloud even right with your British Columbia clusters versus the Microsoft clusters. How should we think about your software approach looking at the neo cloud space software is a topic that comes up quite a bit?

然後，或許可以跟進一些關於雲端運算與託管資料中心的問題，或者更具體地說，可以討論一下雲端運算。當您推出這兩種不同的雲端方法時，即使是您的不列顛哥倫比亞叢集與微軟叢集。鑑於新雲端空間軟體是一個經常被提及的話題，我們應該如何看待您的軟體方法？

I guess how should we think about your software offering for certain clusters where there's on-demand or smaller contracted deals versus, of course, the bare metal deals and how that development and the uptake from customers has progressed?

我想我們應該如何看待貴公司針對某些集群提供的軟體產品，例如按需或小型合約交易，當然還有裸機交易，以及該產品的開發和客戶接受度如何？

Yes. Today, we're still seeing the bulk of our demand coming from hyperscalers, the largest enterprises, extremely advanced technology firms within the AI space, all of which are still looking for bare metal access. They want full ability to be able to take control of the GPUs, layer on their own software stack, set up the compute in exactly the way that they want to operate it and that is where the vast majority of our demand is coming.

是的。如今，我們仍然看到大部分需求來自超大規模資料中心營運商、最大的企業以及人工智慧領域內技術極其先進的公司，他們都在尋求裸機存取權限。他們希望能夠完全控制 GPU，增加自己的軟體堆疊，以他們想要的方式設定運算，而這正是我們絕大多數需求的來源。

And as we referred to in the call, our ability to scale with them over time is 1 of the key elements. And I think the largest customers are those bare metal customers whereas the software really is typically more useful for smaller enterprise customers. that are looking for an easy user interface and easy single spin up, spin down, service but that is a small proportion of the overall compute demand that we're seeing out there today. It may well grow over time, and that's something that we continue to monitor as we look to our software strategy.

正如我們在電話會議中提到的，隨著時間的推移，我們與他們共同擴展的能力是關鍵要素之一。我認為最大的客戶群是那些裸機客戶，而軟體通常對規模較小的企業客戶更有用。這些客戶需要的是簡單的使用者介面和便利的單次啟動、關閉服務，但這僅占我們目前所見整體運算需求的一小部分。隨著時間的推移，它很可能會成長，這是我們在製定軟體策略時會持續關注的一點。

But we continue to think that it is likely to be one of the areas in this space that gets commoditized, the fastest. It is relatively simple in comparison to finding power building data centers, setting up GPU clusters at scale and likely to be an area where you're going to see third-party offerings and commoditization, that we may well be able to take advantage of.

但我們仍然認為，它很可能是該領域中商品化速度最快的領域之一。與尋找電力、建造資料中心、大規模設定 GPU 叢集相比，這相對簡單，而且很可能是會出現第三方產品和商品化的領域，我們或許能夠從中受益。

So in short, continue to monitor that part of the market and what makes sense for us. But today, it is not a major driver for us because our demand is coming from bare metal customers .

簡而言之，我們會繼續關注這部分市場，以及對我們有意義的事情。但如今，這並非我們的主要驅動因素，因為我們的需求主要來自裸機客戶。。

And maybe just to give you some additional comfort around the way the world might go here, Paul, is we do have an internal software capability. I think we probably downplay it a bit, partly in response to the market seeming to overplay it, but we've got that capability.

保羅，或許是為了讓你對這個世界的發展方向感到更安心，我們確實擁有內部軟體能力。我認為我們可能對此有所淡化，部分原因是市場似乎對此反應過度，但我們確實具備這種能力。

And to give you additional comfort, one of the contracts we are negotiated at the moment is a multibillion-dollar contract where we need to bring a software solution. So it is not holding us back. It will not hold us back.

為了讓您更加放心，我們目前正在洽談的合約之一是一份價值數十億美元的合同，我們需要提供一套軟體解決方案。所以它並沒有阻礙我們前進。這不會阻礙我們前進。

But the reality is exactly is what Ken said, you are dealing with the largest technology companies in the world to pretend that you can be better at software and jam something down their throat when that is their competitive moat and that is their expertise, it's just not on growth reality.

但現實正如肯所說，你是在和世界上最大的科技公司打交道，假裝你在軟體方面比他們更勝一籌，硬要把一些東西塞給他們，而這正是他們的競爭優勢和專長所在，這根本不符合增長的現實。

Michael Ng, Goldman Sachs.

Michael Ng，高盛。

I just have to First, as a follow-up to the question earlier around the ERCOT batch study processing. It was encouraging to hear that the IREN site slightly will be in batch zero. I was just wondering if you could provide an update around the SweetWater 1 and SweetWater 2 energization dates and whether the batch process has affected your ability to negotiate and sign contracts with customers for those sites and what that progress looks like.

首先，作為先前關於 ERCOT 批次研究處理問題的後續問題。令人鼓舞的是，IREN 站點將略微進入零批次。我只是想問一下，您能否提供一下 SweetWater 1 和 SweetWater 2 的投產日期的最新情況，以及批量處理是否影響了您與客戶就這些站點進行談判和簽署合約的能力，以及目前的進展情況。

And then I have a quick follow-up.

然後我還有一個簡短的後續問題。

Yes. Thanks for the question. In terms of the energization date for Sweetwater 1, we're still on track to energize in Q2, and that's a full bulk substations. So that's capable of the full 1.4 gigawatts of power capacity at that site. So energization very much on track. Construction is well advanced, both with the on-site substation as well as the utility substation there.

是的。謝謝你的提問。就 Sweetwater 1 的通電日期而言，我們仍按計劃在第二季通電，這是一個完整的大型變電站。因此，該站點能夠達到全部 1.4 吉瓦的發電容量。所以，能量注入工作進展非常順利。現場變電站和公用設施變電站的建設進展順利。

As it relates to customer engagement moving forward on those sites, obviously, very early since this matching process has been announced. But if anything, we would actually expect it to be helpful to us. We've said numerous times in the past. There are a lot of megawatts that are put out there into this market that are made up and I think what this process is going to do is really uncover, which megawatts are real and which are not real.

至於未來這些網站上的客戶互動，顯然要從配對流程公佈之初就開始考慮了。但如果真有什麼作用的話，我們反而希望它能對我們有幫助。我們過去已經多次說過。市場上充斥著大量虛構的兆瓦電力，我認為這個過程將真正揭示哪些兆瓦電力是真實的，哪些是虛構的。

And for us, we expect that to actually lead to better discussions with our customers over time.

而我們則希望，隨著時間的推移，這能真正促進我們與客戶之間更好的溝通。

Great. Wonderful. And I wanted to ask about the $2.3 billion of ARR, which I guess, the Microsoft contract plus the $400 million at British Columbia. When should we expect those revenues to start being recognized and commencing in the P&L? Is it kind of more ratably through the year? Is it more in '27? Just would love to get any thoughts about that? .

偉大的。精彩的。我想問一下 23 億美元的 ARR，我猜這應該是微軟的合約加上不列顛哥倫比亞省的 4 億美元。我們應該何時開始確認這些收入並將其計入損益表？一年中這種情況是否比較穩定？27 年的情況更多嗎？很想聽聽大家對此有什麼想法？。

Yes. So at Prince George, we've obviously had capacity operating there for a while and continue to install new capacity and we'll do over the upcoming weeks. So a decent proportion of the $0.4 billion of contracted revenue that we talked about is already operational there.

是的。所以，在喬治王子城，我們顯然已經運作了一段時間，並且會繼續安裝新的產能，我們將在接下來的幾週內繼續這樣做。因此，我們之前提到的 4 億美元合約收入中，相當一部分已經投入營運。

As it relates to the Microsoft contract, that will come online progressively over the course of the year, commencing we expect Q2 in terms of initial revenues flowing through

關於微軟的合同，該合約將在年內逐步生效，我們預計首批收入將從第二季開始流入。

Brett Knoblauch, Cantor Fitzgerald.

布雷特·諾布勞赫，坎托·菲茨杰拉德。

Congrats on all progress throughout the quarter. I'm curious in your conversations with customers relative to maybe the first big deal that you guys signed with Microsoft, what you are seeing from a pricing environment? I think we have a lot of data points on the colo pricing may be improving out there. But I'm curious if you guys are seeing something similar when it comes to the cloud deals.

恭喜你在本季取得的所有進展。我很好奇，在您與客戶就您與微軟簽署的第一筆大交易進行的交流中，您從定價環境中看到了什麼？我認為我們有很多數據表明，託管定價可能會有所改善。但我很好奇，你們在雲端服務交易方面是否也遇到了類似的情況。

Yes. We're seeing very strong ongoing demand, as we referred to earlier. And I think that is flowing through in a number of potential areas. We're seeing demand for longer tenures, I think the customers that are out there in the market realize that this may be a long-dated supply-demand imbalance moving forward. And there's certainly an openness that we're that we're seeing to longer tenures than we have in the past.

是的。正如我們之前提到的，我們看到市場需求持續強勁。我認為這種趨勢正在許多潛在領域顯現出來。我們看到市場對更長期限的需求，我認為市場上的客戶已經意識到，這可能是未來長期存在的供需失衡現象。而且，我們確實看到，人們對更長的任期持開放態度，這與過去有所不同。

Another factor that we mentioned earlier, we are seeing an increased interest in air cooled capacity. And that is primarily because that can feel immediate needs, especially within our portfolio because we have existing operational data centers on an air core basis that are capable of hosting GPUs in relatively short order with relatively minimal capital upgrades. We continue to see the ability to get prepayments from customers over time.

另一個我們之前提到的因素是，我們看到人們對空冷式產能的興趣日益濃厚。這主要是因為這可以感受到迫切的需求，尤其是在我們的產品組合中，因為我們現有的基於空核心的營運資料中心能夠在相對較短的時間內以相對較少的資本升級來託管 GPU。我們持續看到能夠隨著時間的推移從客戶那裡獲得預付款的能力。

So I think all of that leads us, as we said, to see a very strong demand picture and it is flowing through in some elements of the terms that we're getting under these cloud services contracts.

所以我認為，正如我們所說，所有這些都讓我們看到非常強勁的需求前景，而這種需求也體現在我們根據這些雲端服務合約所獲得的某些條款中。

And I think also to add, to that. Price is one dimension of a commercial negotiation. There are other factors, as Kent alluded to, whether it's tenure and prepayments, but also the quality of the underlying contracts. We do manage risk very carefully. It's a founder-led business. This is our money. This is our platform.

而且我認為還要補充一點。價格是商業談判的一個維度。正如肯特所暗示的那樣，還有其他因素，例如租期和預付款，以及基礎合約的品質。我們對風險的管理非常謹慎。這是一家創辦人主導的企業。這是我們的錢。這是我們的平台。

And we're not here to optimize revenue in the next four weeks compared to building something that's durable and long-term value. And to highlight what that means in tangible terms, look at the GPU that we did on the Microsoft contract.

我們來這裡不是為了在接下來的四周最大化收入，而是為了打造持久且具有長期價值的產品。為了更直觀地說明這一點，請看我們為微軟合約開發的 GPU。

So to step back, $5.8 billion of GPU costs to deliver $9.7 billion in revenue over five years of the $5.8 billion the nature of the contract is in the quality of the underlying contract, the quality of the credit, the tender and the prepayments allowed us to get $5.5 billion out of the $5. 8 million financed at an average cost of 3%. And like that is not specifically linked in a GPU hour price, but that is specifically tied to value creation on the platform.

綜上所述，58億美元的GPU成本將在五年內帶來97億美元的收入。這58億美元的合約性質取決於基礎合約的品質、信用品質、投標和預付款，使我們能夠從580萬美元的融資中獲得55億美元，平均成本為3%。而且，這與 GPU 小時價格沒有直接關聯，而是與平台上的價值創造直接相關。

Awesome. Very helpful. And then maybe just one more, ERCOT related question. I think you guys had using your words here that it's likely included in batch zero, whether that's A or B. I guess is there a time of when we would expect to know if it's included in batch zero. I know there's a meeting on the 12th and maybe on the 20th, but is that the time line that you guys are looking forward as well?

驚人的。很有幫助。然後，或許可以再問一個ERCOT相關的問題。我認為你們剛才的說法是，它很可能包含在零號批次中，無論是A批次還是B批次。我想知道我們什麼時候才能知道它是否包含在零號批次中？我知道12號和20號可能有會議，但你們也期待這樣的時間安排嗎？

Yes. I think ERCOT will make announcements over time, Exact timing may change and whenever ERCOT makes announcements with respect to this, they do acknowledge it is in the works at their end, and they're actively working through it. So hard for us to put an exact date on it, but we do expect ERCOT to make public disclosures at some point in the relatively near future.

是的。我認為ERCOT會陸續發佈公告，具體時間可能會有所變化，而且ERCOT每次發布相關公告時都會承認，他們正在積極推進此事。我們很難給出確切的日期，但我們預計 ERCOT 將在不久的將來公開披露相關資訊。

But to be clear on this guy, like crystal clear, that 2,000 megawatts is secure. Like none of this batch stuff, none of the market chatter is influencing whether or not this 2,000 megawatts is available. We've got the signed interconnection agreement. It was signed in 2023, it's been there for years. It's been built and commissioned in Q2 this year.

但要非常明確地說明，2000兆瓦的電力供應是安全的。與所有這些批量生產的事情不同，市場上的任何傳言都不會影響這 2000 兆瓦電力是否可用。我們已經簽署了互聯協議。該協議於 2023 年簽署，已經存在多年了。它已於今年第二季度建成並投入使用。

There is no indication that 2,000 megawatts is absolutely secure. The only thing that this is likely to amount to is maybe working with utilities around load ramp. But the reality is we don't have 1,400 megawatts of Sweetwater 1 of data centers in April this year to energize. So in practical terms, it has very little if no effect on our business. The 2,000 megawatts is secure. We cannot reiterate that enough.

目前沒有任何跡象顯示2000兆瓦的裝置容量絕對安全。唯一可能的結果或許就是與電力公司合作，解決負載遞增問題。但現實情況是，我們今年 4 月並沒有 1400 兆瓦的 Sweetwater 1 資料中心需要供電。因此，實際上，它對我們的業務幾乎沒有影響。2000兆瓦的電力供應是安全的。這一點我們怎麼強調都不為過。

Nick Giles, B. Riley Securities.

Nick Giles，B. Riley Securities。

Good to see all the progress here. I like the concept of the three Cs capital is one. I think this is mainly around financial capital, but there's a growing narrative around the human capital requirements to ultimately bring data center capacity online. So are you seeing any constraints in terms of skilled workers? Or can you just speak to any advantages you may have from having EPC partners in place.

很高興看到這裡取得的所有進展。我喜歡「三個C，一個C」的概念。我認為這主要與金融資本有關，但越來越多的人開始關注最終實現資料中心容量上線所需的人力資本。那麼，您在技術工人方面是否遇到任何限制？或者您能否談談擁有EPC合作夥伴可能帶來的優勢？

Yes. I mean the fact that we've been building continuously for the last three years means that we've built up not only a large existing labor pool at Childers, but also those relationships and the relationships extend not just across construction contractors and labor but also across equipment, procurement and supply chains. So that is one of the major advantages that we have and having done this for so long and having been continuously constructing is that we are in a position where we're able to call on those relationships. We're well positioned with those partners in the sense that they are looking for continued steady work.

是的。我的意思是，過去三年我們一直在持續建設，這意味著我們不僅在 Childers 建立了一個龐大的現有勞動力隊伍，而且還建立了各種關係，這些關係不僅涵蓋建築承包商和勞動力，還涵蓋設備、採購和供應鏈。所以，這是我們擁有的主要優勢之一，因為我們長期以來一直在從事這項工作並不斷建設，所以我們能夠利用這些關係。我們與這些合作夥伴的關係非常有利，因為他們正在尋找持續穩定的工作。

And when they look at us and see a secured power portfolio with construction that is going to extend over a multiyear period, they're extremely willing and active in terms of helping us and making sure that they're serving our needs. And similarly, on the supply side, because we're continuously in the market and continuously procuring long-lead equipment, we get a very good read on where the constraints are in supply chains where the areas are that are tight, and that enables us to respond to those and be able to act well in advance.

當他們看到我們擁有穩固的電力資產組合，並且建設項目將持續多年時，他們非常願意積極主動地幫助我們，確保滿足我們的需求。同樣，在供應方面，由於我們不斷進入市場並不斷採購長週期設備，我們就能很好地了解供應鏈中的限制因素，以及哪些領域供應緊張，這使我們能夠應對這些因素並提前採取行動。

So that long lead items don't become a constraint for us in terms of our data center build out. So I think all of that history, the internal expertise we have is extremely important. And it's not just talk. I mean this is consistently delivered capacity against the targets that we've announced historically.

這樣一來，長週期物料就不會成為我們資料中心建置的限制因素。所以我認為所有這些歷史經驗和內部專業知識都極為重要。這可不是說說而已。我的意思是，這與我們歷來公佈的目標相比，交付的產能始終如一。

Yes. And again, just to add to exactly what Ken saying, like, this has been seven years in the making of building a data center and technology platform, the very first data centers we built are now being used for NVIDIA GPUs for an AI cloud. We signed an MOU with Dell was at five, almost six years ago to bring out diverse workloads to our British Columbia facilities in these data centers.

是的。再次補充 Ken 所說的，我們花了七年時間才建成資料中心和技術平台，我們建造的第一批資料中心現在正用於 NVIDIA GPU 的 AI 雲端。大約五、六年前，我們與戴爾簽署了一份諒解備忘錄，旨在將各種工作負載引入我們在不列顛哥倫比亞省的資料中心。

So we've had a very long runway in terms of accumulating that human capital. And yes, there is more scarcity and more demand for human capital today, but we've been able to build that platform over a very long period of time and get the right people in the right roles.

因此，我們在累積人力資本方面有很長的累積時間。沒錯，如今人力資本更加稀缺，需求也更大，但我們已經花了很長時間建立了這個平台，並將合適的人才安排到合適的職位上。

Joseph Vafi, Cannacord Genuity.

Joseph Vafi，Cannacord Genuity。

Terrific progress once again. Awesome to see it. Just revisiting the ARR number for the year, you clearly -- IREN is always want to overpromise and under-deliver and throwing that number out on top of revenues that would be coming from Microsoft kind of feels like you've got a pretty good line of sight on things just wanted to drill down on that a little bit on those customer ramps.

又一次取得了巨大的進展。看到這個真是太棒了。回顧今年的 ARR 數據，很明顯——IREN 總是喜歡誇大其詞，但無法兌現。再加上微軟帶來的收入，感覺你們對情況的把握相當不錯，只是想就客戶成長情況再深入探討一下。

And maybe, is there a potential on some of these other customer ramps to also see maybe some prepayments to help fund their own GPU buys? And then I have a quick follow-up.

或許，在其他一些客戶群中，也有可能出現預付款的情況，以幫助他們籌集資金購買自己的 GPU？然後我還有一個簡短的後續問題。

Yes. Thanks, Joe. I hope you were referring to under promising and over delivering rather than the other way around. Yes. So as I mentioned earlier, Prince George, we already have a lot of operating capacity there and expect over the upcoming weeks to continue to install equipment, allowing us to get to the $0.5 billion annualized revenue run rate at that side. Mackenzie and Canal Flats the the works and our end in order to be able to accommodate GPUs, very well advanced.

是的。謝謝你，喬。我希望你指的是少承諾多兌現，而不是反過來。是的。正如我之前提到的，喬治王子城，我們已經擁有大量的營運能力，預計在接下來的幾週內將繼續安裝設備，使我們能夠在該地實現 5 億美元的年化收入運行率。Mackenzie 和 Canal Flats 正在進行工程，而我們的終點是為了能夠容納 GPU，這非常先進。

We would expect capacity to ramp progressively over the year there. In terms of the additional 40,000 GPUs, which equates to around $1 billion of annualized revenue run rate. And then the Microsoft contract, as I referred to earlier, we expect to ramp progressively over the year. In terms of the 40,000 additional GPUs that we're expecting at Mackenzie, that, as I referred to the customer conversations before, we are still seeing customers very willing to make significant prepayments with respect to that.

我們預計該地區的產能將在今年逐步提升。新增的 40,000 個 GPU 相當於每年約 10 億美元的收入。至於我之前提到的微軟合同，我們預計今年將逐步增加。至於我們在 Mackenzie 預計新增的 40,000 個 GPU，正如我之前提到的與客戶的對話，我們仍然看到客戶非常願意為此支付大量預付款。

And there are a number of other areas of financing that we're looking at with relation to that, which Anthony, you may well want to touch on some of the options there as to how we can finance that.

此外，我們也正在研究與此相關的其他一些融資領域，安東尼，你或許可以談談我們如何為此融資的一些選擇。

Sure. We've obviously I guess, over the financial year to date proven access to both leasing-based sources of capital for GPU financing and obviously, the dedicated GPU financing that we recently procured for Microsoft. So there's a number of different pools of capital, which will obviously depend on the nature of the customer and the opportunity, but we feel well placed to continue to fund that growth efficiently.

當然。顯然，我想，在本財年迄今為止，我們已經證明了我們能夠獲得基於租賃的 GPU 融資資金來源，以及我們最近為微軟獲得的專用 GPU 融資。因此，我們有許多不同的資金池，這顯然取決於客戶的性質和機會，但我們感覺我們有能力繼續有效地為這種成長提供資金。

And then just circling back on SweetWater, obviously, energization coming up here very quickly. And a lot of your peer companies would have likely announced at least there was colo, a tenant at that site by now Obviously, it's really big. There's a lot going on and not asking for a date on anything.

然後，我們再回到 SweetWater 的話題，顯然，這裡很快就會充滿活力。許多同業公司可能早就宣布至少有託管資料中心進駐該站點，或是已經有租戶入駐了。顯然，這個站點規模非常大。現在發生了很多事，但我沒有約任何人見面。

But just getting in your mind maybe a little bit, Daniel, is it just getting your feet more wet in the GPU business and holding back there, waiting for better terms on colo maybe a multitude of things, just your thought process there on pulling a trigger on some of the sweetwater capacity.

但丹尼爾，我只是想稍微了解一下你的想法，你是否還在GPU業務上摸索，所以才一直按兵不動，等待更好的託管條件，或許還有很多其他原因，我只是想了解一下你對何時出手一些優質資源的思考過程。

Sure. So I mean we've had an ongoing dialogue on that site for 12, 18, 24 months with various parties. And as we've tried to reiterate, it needs to be the right deal. And I think to date, our patience and conviction has been rewarded with the deals that we have been signing. If we look back to some of the structures being floated early in this kind of AI market narrative, where we are today, seems to be pretty objectively a better position. It is all about the three Cs and bringing those together and doing it in a way where you are maximizing the opportunity for shareholders.

當然。我的意思是，我們已經在這個網站上與各方進行了長達 12、18、24 個月的持續對話。正如我們一再強調的那樣，這必須是一筆合適的交易。我認為到目前為止，我們的耐心和信念已經透過我們簽署的協議得到了回報。如果我們回顧一下人工智慧市場早期提出的一些結構，就會發現我們今天所處的位置，客觀來說，似乎要好得多。關鍵在於將這三個C結合起來，並以最大程度地為股東創造機會的方式來實現。

And there's only so much capacity that you can bring online that time to data center narrative. So there's a real opportunity cost of signing a bad deal. And that is relative, right? -- as relatively good. It's still probably a good deal colocation, but can you get better given that you're constrained by how quickly you can build out data centers. And that's why those three Cs are a really good framework because for any business trying to operate in this space, you have to bring those three Cs together to sell reinforce each other.

而你能夠投入使用的資料中心容量是有限的，時間就是如此。所以，簽一份糟糕的合約確實會帶來機會成本。這是相對而言的，對吧？ ——相對來說比較好。雖然託管服務仍然很划算，但考慮到資料中心建置速度的限制，還能找到更好的選擇嗎？這就是為什麼這三個 C 是一個非常好的框架，因為對於任何想在這個領域運作的企業來說，你必須將這三個 C 結合起來，相互促進。

If you haven't got the power and the capacity and the ability to execute, you're going to struggle to be a player. If you haven't got the access to customers and their faith and belief in you as an execution machine, it's going to be tough. And if you haven't got the capital, then you kind of get continue to be on zero. So sequencing all of that having not reinforce each other is really important.

如果你沒有足夠的實力、能力和執行力，你就很難成為一個優秀的球員。如果你無法接觸到客戶，也無法贏得他們對你的信任和信心，讓他們相信你能夠有效率地執行，那將會非常困難。如果你沒有資金，那麼你基本上就只能從零開始。因此，確保所有這些因素之間互不強化，其順序安排非常重要。

And I think that's why we're really pleased around the GPU financing result because it's kind of ticked that box. We're now on to the next one, and it also helps catalyze a lot of these other customer negotiations were having an advance into the next phase because we need capital and you can't build without capital. So the GPU financing is now done on to the next one.

我認為這就是為什麼我們對 GPU 融資結果感到非常滿意的原因，因為它某種程度上滿足了我們的需求。我們現在開始進行下一個項目，這也有助於推動其他客戶的談判進入下一階段，因為我們需要資金，沒有資金就無法發展。所以GPU融資專案已經完成，接下來將進行下一個專案。

We've got the capacity, we've got the customers and the demand of the negotiations underway. And as Anthony said, we've got what we see is really good access to capital at the moment.

我們有產能，我們有客戶，談判正在進行中，需求也已到位。正如安東尼所說，我們目前確實擁有非常良好的融資管道。

Michael Donovan, Compass Point.

Michael Donovan，指南針點。

As on progress. So following up on questions around Sweetwater, assuming the batch process goes smoothly and getting the three Cs together, how should we think about ramping up phase for construction. Would this follow children's 50-megawatt tranches? Or do you have different plans? .

進展順利。所以，針對 Sweetwater 的相關問題，假設批次處理過程順利，並且三個 C 都到位，我們應該如何考慮施工的加速階段？這會效法兒童50兆瓦的配額制嗎？還是你另有打算？。

Yes. So in relation to that, yes, look, it's going to be a phased build out. It's a very large. That is a large amount of power and what we're continuously doing across all of our 4.5 gigawatts of secured portfolio is aligning customer discussions, availability of capital and our ability to build out data centers and that will influence how we actually build out.

是的。所以，關於這一點，是的，你看，這將是一個分階段建造的過程。它非常大。這是一筆巨大的電力，我們正在持續地在我們所有 4.5 吉瓦的已保障資產組合中，協調客戶討論、資金可用性和我們建設數據中心的能力，這將影響我們實際的建設方式。

But as Dan referred to earlier, likely at the moment, the constraint is the actual pace of construction and ability to construct rather than power availability or capital availability at our end. So we'll be a phased approach, and we will continue to triangulate with the levels of customer demand that we continue to see.

但正如丹之前提到的，目前可能存在的限制因素是實際的施工速度和施工能力，而不是我們這邊的電力供應或資金供應。因此，我們將採取分階段的方法，並繼續根據我們持續觀察到的客戶需求水準進行調整。

Appreciate that. And then on Oklahoma, can you provide some more color on what assets are currently there? And then what long-term lead assets are needed for the site build-out and what additional permitting or studies are or needed at the Oklahoma site. I appreciate it.

謝謝。關於俄克拉荷馬州，您能否詳細介紹一下該州目前有哪些資產？那麼，該場地建設需要哪些長期領先資產？俄克拉荷馬州場地還需要哪些額外的許可或研究？謝謝。

So we mentioned the 200 acres of land earlier. So all of that land is secured. The land is immediately adjacent to a major utility substation, which is where we will be connecting to the transmission grid. On the power side, the full 1.6 gigawatts there is secured. So all of the key elements as it relates to a data center campus are there.

我們之前提到過那200英畝土地。所以所有這些土地都得到了保障。這塊土地緊鄰一個大型公用設施變電站，我們將從那裡連接到輸電網。電力方面，全部 1.6 吉瓦的電力供應都已得到保障。因此，與資料中心園區相關的所有關鍵要素都已具備。

Over the upcoming months, we'll continue to work on the various development items, which include master planning, more detailed local permitting et cetera. But with power availability there from 2028, we feel extremely well placed with where we're at today.

在接下來的幾個月裡，我們將繼續推進各項開發工作，包括總體規劃、更詳細的地方許可等。但考慮到從 2028 年起就能獲得電力供應，我們對目前的處境感到非常滿意。

John Todaro, Needham.

約翰·托達羅，尼德姆。

Congrats on the progress. I just have one, it relates to kind of these credit backstopping that you might see from NVIDIA. Just how do you think the competitive dynamic changes on the cloud side? You guys obviously have a ton of power but if some of these neo calls are able to get more kind of an NVIDIA back stop, they could get more contracted power as well. Just I guess how are you thinking about that?

恭喜你取得進展。我只有一個，它與 NVIDIA 提供的那種信用擔保有關。您認為雲端運算領域的競爭格局會發生什麼樣的變化？你們顯然擁有很大的影響力，但如果這些 NEO 選擇權能夠得到英偉達之類的支持，它們也可以獲得更多合約選擇權。我只是想知道你怎麼想的？

Well, I'm not necessarily sure an NVIDIA backstop helps them secure more power. I mean, power and more pointedly to Dan's point earlier, data center capacity is the constraint. Now having a backstop can allow you to finance the build-out of a project, but you still need that access to power and unlinking necessarily the backstop sort of help with that. That is an entirely separate process relating more to development.

我不太確定NVIDIA的背書是否真的能幫助他們獲得更多權力。我的意思是，電力，更確切地說，正如丹之前提到的，資料中心容量是限制因素。有了後備資金，你就可以資助計畫的建設，但你仍然需要獲得電力，而解除後備資金的束縛並不一定能在這方面提供幫助。那是一個完全獨立的過程，更與開發有關。

And as we've spoken about before, that is becoming increasingly challenging as you move forward now for new projects. So 1 of the advantages that we have of having been doing this internal development of projects for years is that we got in early and we have secured what we think is an extremely differentiated portfolio on the power side, and that's something that can't be easily replicated and certainly not something that can just be bought if you somehow get access to a credit back stop.

正如我們之前討論過的，隨著你們推進新項目，這正變得越來越具有挑戰性。因此，我們多年來進行內部專案開發的優勢之一在於，我們很早就進入了市場，並獲得了我們認為在電力方面極具差異化的投資組合，這是很難複製的，當然也不是只要獲得信貸支持就能買到的。

So I think credit backstops can be helpful in other context, but I don't think it's going to give people necessarily faster access to power or data center capacity.

所以我認為信用擔保在其他情況下可能會有所幫助，但我不認為它一定會讓人們更快地獲得電力或資料中心容量。

And just to add to that, I think it would be very dangerous to assume that we haven't got the same access and conversations around all these different structures in the market, whether it's equity investments, whether it's credit back stops, whether it's offtake agreements to assume that we're not having those conversations that haven't been having those conversations. Yes, I'd be careful about that.

此外，我認為假設我們沒有就市場上的各種不同結構進行同樣的溝通和交流是非常危險的，無論是股權投資、信貸擔保還是承購協議，都不能假設我們沒有進行過這些溝通。是的，我會謹慎行事。

That's exactly what I was getting at, Dan. That's helpful. So I guess the takeaway from us is would Core and some of these others are having with NVIDIA, we should think you guys are right there in the same boat, right? You're right there with them?

丹，這正是我要表達的意思。那很有幫助。所以我想我們從中得到的結論是，如果Core和其他一些公司與NVIDIA之間有問題，那麼我們應該認為你們也處境相同，對嗎？你和他們在一起？

Yes. I can't obviously comment specifically on counterparties, but generally, the sector is a very small sector. We are a player. We've got a $10 billion contract with Microsoft. I would encourage it to be a safe assumption that we are having very similar, if not exact same dialogue with all these different counterparties about different structures.

是的。我顯然無法對交易對手方進行具體評論，但總的來說，這個行業是一個非常小的行業。我們是玩家。我們與微軟簽訂了一份價值100億美元的合約。我認為可以合理地假設，我們與所有這些不同的交易對手就不同的結構進行的對話非常相似，甚至完全相同。

Mike Colonnese, H.C. Wainwright & Co.

Mike Colonnese，H.C. Wainwright & Co.

Dan, congratulations on all the great progress you guys have made in the past couple of quarters. First one for me, and I'm sorry if I missed it, juggling a few calls here. Looking at the CapEx projections for the year versus the total amount of additional financing, we did to complete the full 140,000 GPU deployment.

丹，祝賀你們在過去幾季取得的巨大進步。這是我第一次接電話，如果我錯過了什麼，請見諒，我這邊同時接了好幾通電話。比較今年的資本支出預測和我們為完成 140,000 個 GPU 的全面部署而進行的額外融資總額。

Can you just give us an update on that? I know you secured the $3.6 billion in GPU financing covers. It covers most of it. But how should we think about the progression of CapEx spend this year and the remaining amount of financing needed to get to your target?

您能給我們更新一下這方面的情況嗎？我知道你們已經獲得了 36 億美元的 GPU 融資。它涵蓋了大部分內容。但是，我們應該如何看待今年的資本支出進度以及為實現目標所需的剩餘融資金額呢？

Sure. Thanks for question.I'll take that one. So I guess, we guys, as you know, we've got the $5.8 billion CapEx on the compute for Microsoft. We've got the approximately $3 billion CapEx for the Verizon data centers, a material amount of which has been incurred or committed to today. And we've obviously raised the recent GPU financing package in addition to sources of cash on balance sheet.

當然。謝謝你的提問，我會回答這個問題。所以我想，我們，你們也知道，我們已經為微軟的運算能力投入了 58 億美元的資本支出。我們已經為 Verizon 資料中心投入了大約 30 億美元的資本支出，其中相當一部分已經發生或承諾支付。而且，除了資產負債表上的現金來源外，我們顯然還增加了最近的GPU融資方案。

So I think we can -- effectively, that's all of the Microsoft related CapEx for the compute and DC spoken for. When we think about the CapEx required for the rest of the ARR growth target to the $3.4 million. We've previously talked about the CapEx required for that expansion at PG and Mackenzie.

所以我認為我們可以——實際上，這就是所有與微軟相關的運算和資料中心資本支出。當我們考慮為實現剩餘的 ARR 成長目標（340 萬美元）所需的資本支出時。我們之前在 PG 和 Mackenzie 討論過該擴張所需的資本支出。

So taken together, that's about circa using round the circa $3 billion of CapEx a material amount of that, which has been incurred to date and financed through the lease-based financing that we've announced to date. But the focus for financing activities going forward will be obviously that residual amount for the expansion across BC and opportunistically as we look at further growth across the platform.

綜上所述，這大約需要約 30 億美元的資本支出，其中相當一部分已經發生，並透過我們迄今為止宣布的租賃融資方式進行融資。但未來融資活動的重點顯然將是用於在不列顛哥倫比亞省擴張的剩餘資金，以及在我們展望平台進一步增長時抓住機會進行融資。

Ben Sommers, BTIG.

Ben Sommers，BTIG。

You made a comment earlier about strong demand for older generation chips. I was just kind of curious, maybe is there a different kind of customer mix for older generation GPUs versus newer generation GPUs. And I guess kind of like how long do you see the tail going on to continue generating revenue off kind of older generation ships?

你之前提到過市場對老一代晶片的需求強勁。我只是有點好奇，老一代GPU和新一代GPU的客戶群組成是否有所不同。我猜想，您認為老一艘船還能服役多久，才能繼續產生收益？

Yes. I think in general, you tend to see newer generation chips being used more for training. Typically, in training scenarios somebody is training a model to actually get a product out to market and speed to market is important. So generally speaking, they want the highest power chips in order to speed up their production times. What we see as the chips get older is that the use case can shift more to the inference side. Now that's not to say they're not useful for training.

是的。我認為總體而言，新一代晶片更多地被用於訓練。通常情況下，在訓練場景中，有人正在訓練模型，以便將產品推向市場，而上市速度至關重要。所以總的來說，他們需要性能最高的晶片來加快生產速度。隨著晶片老化，我們看到其應用場景可能會更多地轉向推理方面。但這並不意味著它們對訓練沒有用處。

You can absolutely still do training on older generations. But often, they are used more and more for inference over time. And inference continues to become a larger and larger portion of the over pine. I think we'll continue to do so over time. In terms of the second part of your question around economics and longevity of these chips, I mean, we still see very strong demand for older generations of chips.

你完全可以繼續對老一輩進行培訓。但隨著時間的推移，它們往往越來越多地被用於推理。推論在整體分析中所佔的比例越來越大。我認為我們會繼續這樣做下去。關於您問題的第二部分，即這些晶片的經濟性和使用壽命，我的意思是，我們仍然看到對老一代晶片的強勁需求。

So I think you've got to think about the demand picture in aggregate and overall, it's still very clear that there is an undersupply relative to demand. And so what that means is people will take compute as it is available. And if that happens to be older generations of chips that they can get their hands on and they're absolutely willing and not only willing, but requiring that capacity.

所以我認為，你必須從整體上考慮需求情況，總的來說，很明顯，相對於需求而言，供應仍然不足。這意味著人們會根據實際情況選擇合適的計算資源。如果他們能夠弄到一些老一代的晶片，而且他們不僅願意，而且非常需要這種能力。

And if you look more broadly across the industry, if you think of A100, A100s, those are more than five years old and more than three years old, respectively, now those chips are still effectively 100% utilized across the industry and still earning very good rates of return against their original capital costs. So we continue to believe that these chips will have a long economically useful lifetime in excess of the contract length that we are signing, even the Microsoft one at five years.

如果你更廣泛地放眼整個行業，想想 A100、A100s，它們分別已經問世五年多了和三年多了，現在這些晶片在整個行業中仍然得到 100% 的有效利用，並且相對於其原始資本成本，仍然能獲得非常好的回報率。因此，我們仍然相信，這些晶片的經濟有效壽命將遠遠超過我們簽訂的合約期限，即使是微軟的五年合約期限也不例外。

I see no further questions at this time. I will now turn the conference back to Dan for closing remarks.

目前我沒有其他問題了。現在我將把會議交還給丹，請他作總結發言。

Thanks, everyone, for joining. More than seven years of execution has built IREN into a scaled AI platform grounded in real assets, delivery capability and disciplined capital structures with capital access now available at scale and strong customer demand, we're well positioned to bring on new capacity on terms that make sense economically over time.

謝謝大家的參與。七年多的執行使 IREN 成為一個規模化的 AI 平台，擁有真實的資產、交付能力和嚴謹的資本結構。現在，隨著資本獲取規模化和強勁的客戶需求，我們已做好充分準備，隨著時間的推移，以經濟合理的條款增加新的產能。

Importantly, having now absorbed the capital requirements associated with our Microsoft deployment, we're able to focus on converting a broader set of advanced customer negotiations into contracted revenue. When we discuss secured power, we mean fully secured.

重要的是，現在我們已經吸收了與微軟部署相關的資金需求，能夠專注於將更廣泛的高階客戶談判轉化為合約收入。當我們討論電力安全時，我們指的是完全安全。

Power is not a constraint for us. And the ERCOT process is providing greater transparency around which projects are genuinely deliverable. That clarity reinforces the scarcity of firm megawatts and helps customers focus on capacity that can be brought to market with certainty.

權力對我們來說不是限制。ERCOT 的流程提高了專案的透明度，使人們能夠更清楚地了解哪些專案是真正可交付的。這種清晰性凸顯了穩定兆瓦電力的稀缺性，並幫助客戶專注於可以確定地推向市場的容量。

At IREN, we remain focused on execution and on converting our capacity into high-quality customer contracts, and we look forward to updating you as we continue to deliver.

在 IREN，我們始終專注於執行，並將我們的產能轉化為高品質的客戶合同，我們期待在繼續交付的過程中向您匯報最新進展。

Thanks again for your time and continued support. Have a good day.

再次感謝您抽出時間並給予我們持續的支持。祝你有美好的一天。

Thank you for joining us today. This concludes today's conference call. Thank you for participating. You may now disconnect.

感謝您今天蒞臨。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。