IREN Limited (IREN) 2026 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to IREN FY 2026 results call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，感謝您稍候。歡迎參加 IREN 2026 財年業績電話會議。(接線員指示) 請注意，今天的會議將被錄音。

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

現在我想把會議交給今天的第一位講者，投資人關係副總裁 Mike Power。請開始。

Thank you, operator. Good afternoon, and welcome to IREN's 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. Before we begin, please note that this call is being webcast live with a presentation.

謝謝，接線員。各位下午好，歡迎參加 IREN 2026 財年業績簡報。我是投資人關係副總裁 Mike Power。今天與我一同參與電話會議的還有共同創辦人兼共同執行長 Daniel Roberts；財務長 Anthony Lewis；以及商務長 Kent Draper。在開始之前，請注意本次電話會議將以簡報形式進行線上即時網路直播。

For those dialed in by phone, you can elect to ask a question through the moderator after our prepared remarks. I would like to remind everyone that certain statements made during this call may constitute forward-looking statements. Those statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. Please refer to slide 2 of the accompanying presentation and our SEC filings for more information in that regard.

對於以電話撥入的與會者，您可以在我們的預備發言結束後，透過主持人提出問題。我也要提醒各位，本次電話會議中所作的某些陳述可能構成前瞻性陳述。這些陳述係基於目前的預期與假設，並受風險與不確定性影響，可能導致實際結果與所述內容出現重大差異。關於此部分的更多資訊，請參閱隨附簡報的第 2 頁以及我們向 SEC 提交的文件。

With that, I will turn the call over to Dan Roberts.

接下來，我把電話交給 Dan Roberts。

Thanks, Mike, and thanks, everyone, for joining us. So Will and I started this business on a pretty simple observation. The digital world scales almost instantly, the physical world does not. Power, land, data centers, these things take years to permit, finance and build. And this was the year that stopped being a thesis and became the defining constraint of the whole industry.

謝謝你，Mike，也謝謝各位加入我們。Will 和我創立這家公司，起點是一個相當簡單的觀察。數位世界幾乎可以瞬間擴張，但實體世界不行。電力、土地、資料中心，這些都需要數年時間才能完成許可、融資與建置。而今年，這件事不再只是個論點，而是成為整個產業最關鍵的限制因素。

So if we look at the chart on the screen across eight models tracked by OpenRouter, weekly token usage across large language models increased nearly 17 times in eight months. Every one of those tokens runs on physical infrastructure. It is very difficult to serve demand shape like that with infrastructure on thre-year lead times. And this is the start of the cycle, not the end. Cheaper compute doesn't make existing things more efficient.

如果我們看螢幕上的圖表，OpenRouter 追蹤的八個模型顯示，大型語言模型的每週 token 使用量在八個月內成長了將近 17 倍。每一個 token 都仰賴實體基礎設施運行。要用交期長達三年的基礎設施去滿足這種需求曲線，是非常困難的。而這只是週期的開始，不是結束。更便宜的算力並不會讓既有事物變得更有效率。

It makes new things economic. Infrastructure enables applications, applications create demand for more infrastructure. Every build-out in history has worked this way, and that's the structural disconnect and it's only getting wider. So let me walk through how we're set up against that backdrop. So we operate across three layers from the bottom up. So first of all, the data centers, the land, the power, the substations, the cooling, arguably the hardest layer to build, and that's where the shortage begins.

它會讓新的事物在經濟上變得可行。基礎設施促成應用，應用又創造對更多基礎設施的需求。歷史上每一次擴建都是如此運作；這就是結構性的落差，而且只會愈來愈大。接下來我說明在這樣的背景下，我們是如何布局的。我們自下而上橫跨三個層面運營。首先是資料中心、土地、電力、變電站、冷卻系統——可以說是最難建置的一層，而短缺也正是從這裡開始。

Then the compute, the GPUs, storage, networking that go inside the data centers. And then finally, software on top, the managed services and enterprise support. That's where Mirantis lives for us. And just today, Mirantis was named an inaugural NVIDIA-Certified Hypervisor. So we've now got NVIDIA validation at the software layer as well as the hardware. Why own all three?

接著是算力層，也就是放在資料中心裡的 GPU、儲存與網路設備。最後是上層軟體，包括代管服務與企業支援。這就是我們的 Mirantis 所在的位置。而就在今天，Mirantis 被評選為首批 NVIDIA 認證的 Hypervisor。因此，我們在軟體層與硬體層都獲得了 NVIDIA 的驗證。為什麼要同時擁有這三層？

Because each layer makes the one underneath it worth more. A grid connection is worth more with a data center on it, worth more again with GPUs inside, more again with services wrapped around the customer. Most of this market rents at least one of those layers. We own the entire stack. So here's how the year went. Just move on to highlights, please, operator. Thank you.

因為每一層都會讓其下方那一層更有價值。有了資料中心，電網接入的價值更高；再放入 GPU，價值更高；再加上圍繞客戶的服務，價值又更高。這個市場的大多數參與者至少會租用其中一層。我們擁有完整的堆疊。以下是今年的進展。接線員，請切到重點摘要。謝謝。

Four things to take away from this update, and I'll be quick because there's more detail coming a little bit later. So firstly, customers, new multiyear cloud contracts, including Cohere, Prometheus, Perplexity, Figure AI, Fal AI, Higgsfield AI, and separately, a leading frontier AI lab whose name we're not able to disclose just yet. Revenue, $4 billion of ARR is now contracted for our 2026 capacity and $1 billion of that is operating today.

這次更新有四點重點，我會簡要帶過，因為稍後還會有更詳細的內容。第一，客戶：新增多筆多年期雲端合約，包括 Cohere、Prometheus、Perplexity、Figure AI、Fal AI、Higgsfield AI，另外還有一家領先的前沿 AI 實驗室，但其名稱我們目前尚無法披露。第二，營收：我們 2026 年產能目前已簽約的 ARR 達 40 億美元，其中 10 億美元已在今日運行中。

This does not include revenue expected to ramp in 2027, such as the $700 million of ARR associated with our NVIDIA cloud contract. Delivering, Horizon 1 was delivered to Microsoft this month, the first of 4 50-megawatt deployments with Horizon 2 through four targeted for the December quarter. And finally, funding, $6.5 billion of GPU financing now in the past three months.

這不包含預期於 2027 年爬坡的營收，例如與我們 NVIDIA 雲端合約相關的 7 億美元 ARR。第三，交付：Horizon 1 已於本月交付給 Microsoft，這是四個 50 兆瓦部署中的第一個；Horizon 2 至 4 目標在 12 月季度完成。第四，資金：過去三個月新增 GPU 融資 65 億美元。

With prepayments, that's more than 100% of the associated GPU CapEx funded. And $2.8 billion of it needed no investment-grade offtake and still priced in the single digits. So let me start with customers because everything else follows from them. Our 2026 capacity is largely sold out. So the questions we get now are all about 2027 and 2028.

加上預付款，這相當於相關 GPU 資本支出（CapEx）已獲得超過 100% 的資金到位。其中有 28 億美元不需要投資級承購（offtake）仍能完成融資，且定價仍在個位數利率區間。我先從客戶談起，因為其他一切都由此而來。我們 2026 年的產能基本上已接近售罄。因此，我們現在收到的問題都集中在 2027 與 2028 年。

We're continuing to contract future capacity deliberately. Every contract opportunity gets weighed on three things. Firstly, who and what does this counterparty add to the platform, the strategic merit, not just the revenue. Second, what are the economics, price, prepayment, term, et cetera. And thirdly, what might it open up longer term for managed services and software.

我們正有意識地持續簽約未來產能。每一個合約機會都會以三個面向衡量。第一，這個交易對手能為平台帶來什麼——著重策略價值，而不只是營收。第二，經濟條件如何：價格、預付款、期限等。第三，長期而言是否能為代管服務與軟體打開更多機會。

We've been saying this for a while now. Signing deals is not the bottleneck in this market, bringing GPUs online is. We also don't need an investment-grade offtake to fund GPUs anymore. So we're not chasing headline announcements. We're making long-term decisions about where we want this business to be. And when we'll sign, we'll tell you.

我們已經說了一段時間。在這個市場，簽約不是瓶頸，把 GPU 上線才是。而且我們現在也不再需要投資級承購來為 GPU 融資。因此，我們不追逐頭條式的公告。我們在做的是關於這門生意長期要走向何處的決策。等到我們要簽的時候，我們會告訴各位。

We're in late-stage discussions with a range of new customers over a significant portion of 2027 capacity and 2028 conversations are well underway, too, both on customers and financing. Longer term, we want to keep building a deep diversified base of customers across the AI ecosystem, all who have master service agreements with IREN. Every megawatt we build is scarce.

我們正與多家新客戶就 2027 年相當大一部分產能進行後期階段的洽談；同時，關於 2028 年的討論也在積極推進中，無論是客戶端或融資端皆然。長期來看，我們希望在 AI 生態系中持續建立深度且多元分散的客戶基礎，且所有客戶都與 IREN 簽有主服務協議（MSA）。我們建置的每一兆瓦都很稀缺。

Before every new cluster switches on, we want it in demand from both existing customers and new ones. So not dependent on any one customer, any one negotiation or any one point in a pricing cycle. And here's who's on the platform today. So as I mentioned earlier, the headline is the new multiyear contract with a leading frontier AI lab.

在每一個新叢集啟用之前，我們希望它同時受到既有客戶與新客戶的需求支撐。因此，不依賴任何單一客戶、任何一次談判，或定價週期中的任何單一時點。以下是目前在平台上的客戶。如我先前提到的，重點是與一家領先的前沿 AI 實驗室簽訂了新的多年期合約。

And to be clear, this is a new contract. It's separate from Prometheus, who we can now name as the unnamed AI developer from our July announcement. The most sophisticated buyers of AI infrastructure in the world keep choosing us. It also shows the strategy is working. We started concentrated because big customers with immediate demand with the fastest path to scale.

為了說清楚，這是一份新合約。它與 Prometheus 是分開的；我們現在可以將其指名為我們 7 月公告中所提到的未具名 AI 開發商。全球最精明的 AI 基礎設施買家持續選擇我們。這也顯示我們的策略正在奏效。我們一開始採取聚焦策略，因為大型客戶有即時需求，且具備最快的擴張路徑。

As the platform has grown, we've deliberately broadened. Hyperscalers, enterprises, AI developers, now frontier labs across both training and inference. But honestly, the part we care about most is the third bullet point. Existing customers keep coming back. Together AI and Fireworks AI have both renewed and expanded.

隨著平台成長，我們也刻意擴大覆蓋範圍。超大規模雲端業者、企業、AI 開發商，如今也涵蓋前沿實驗室，橫跨訓練與推論。但坦白說，我們最在意的是第三個重點。既有客戶持續回流。Together AI 與 Fireworks AI 都已續約並擴大合作。

New logos are proving demand, whereas renewals continue to prove ongoing delivery and ongoing execution. Once we've deployed with a customer, we grow with them across sites, GPU generations and service levels. And in terms of who is signing and growing with us, Prometheus and Figure are building products for the physical world, robotics, real-world automation, and they're contracting our compute to do it.

新客戶標誌（new logos）證明需求存在，而續約則持續證明我們能持續交付與持續執行。一旦我們為客戶完成部署，就會在不同據點、不同 GPU 世代與不同服務等級上與客戶一同成長。至於哪些客戶正在與我們簽約並擴大合作，Prometheus 與 Figure 正在為實體世界打造產品，涵蓋機器人、真實世界自動化，而他們正以合約方式採購我們的算力來完成這些。

AI is moving well beyond chat. This is the thing we keep telling people, you cannot size this market off today's usage. And that is exactly why the market keeps getting caught structurally short of compute. Now let's move on to pricing. So pricing has moved a lot, three-year contract pricing is up about 125% since November, five-year is up about 70%.

AI 的發展早已遠遠超越聊天。這是我們一直告訴大家的：你不能用今天的使用情況來衡量這個市場規模。這也正是為什麼市場在結構上總是被算力短缺所困。現在我們來談定價。定價已大幅上升：三年期合約價格自 11 月以來上漲約 125%，五年期上漲約 70%。

Recent three-year contracts are pricing in excess of $20 million per megawatt of IT load, paying back the compute investment in around two years, while active discussions are now at around $25 million per megawatt. Recent customer prepayments are funding 45% to 55% of the GPU CapEx. What's behind that? The market is tightened, no question, but it's also who we're signing, how the deals are structured and what we attach on top in managed services, which Mirantis keeps expanding.

近期三年期合約的定價已超過每兆瓦 IT 負載 2,000 萬美元，約兩年即可回收算力投資；而目前正在洽談的價格約為每兆瓦 2,500 萬美元。近期客戶預付款正為 GPU 資本支出（CapEx）提供 45% 到 55% 的資金。背後原因是什麼？市場確實趨緊，毫無疑問；但也與我們簽約的客戶類型、交易結構，以及我們在其上叠加的託管服務有關，而 Mirantis 仍在持續擴張這部分。

Shorter duration and on-demand sit above that as further upside in due course. Revenue per megawatt is shorthand, by the way. We look at the whole return, price, term, prepayment, utilization, customer quality and expansion opportunity. And to be clear about what we're not doing, we're not sitting on capacity to time a spot price. We allocate capacity to build the customer base and the platform as we see fit. The pricing follows that. Okay. So from customers to what we're building.

更短期與隨需（on-demand）方案在未來也將帶來進一步的上行空間。順帶一提，「每兆瓦收入」只是簡化說法。我們看的是整體回報：價格、期限、預付款、使用率、客戶品質與擴張機會。也要說清楚我們不做什麼：我們不會囤積產能來押注現貨價格時點。我們會依照我們認為合適的方式分配產能，以建立客戶基礎與平台。定價會隨之反映。好。接著從客戶談到我們正在建設的內容。

The targets, roughly 300 megawatts of IT load delivered in 2026 and another 0.5 gigawatt in 2027. That will take the platform to around 1.25 -- 1.2 gigawatts in 2027 of gross capacity, and we're continuing to build across Texas, British Columbia, Oklahoma, South Australia and Spain. And right now, today, there are more than 4,000 people mobilized across our active sites. The best example of that today is Horizon 1.

目標是：2026 年交付約 300 兆瓦的 IT 負載，並在 2027 年再交付 0.5 吉瓦。這將使平台在 2027 年的總產能達到約 1.25——1.2 吉瓦；我們也持續在德州、卑詩省、奧克拉荷馬州、南澳洲與西班牙建設。而就在今天，目前有超過 4,000 人在我們的在建場址投入作業。目前最好的例子就是 Horizon 1。

So as we announced earlier, Horizon 1 was delivered to Microsoft. First of 4 50-megawatt liquid-cooled deployments at Childress, and it achieved NVIDIA Exemplar Cloud status on GB300 NVL72, which matters because we -- it proves we can integrate and operate the full platform, hardware, networking and software, not just build the shell. The delivery matters, but the template matters more.

如同我們先前公告，Horizon 1 已交付給微軟。這是 Childress 4 個、每個 50 兆瓦液冷部署中的第一個，並在 GB300 NVL72 上取得 NVIDIA Exemplar Cloud 資格；這很重要，因為它證明我們能整合並營運完整平台——硬體、網路與軟體——而不只是把外殼蓋好。交付固然重要，但這個範本更重要。

Every Horizon uses the same design, the same supply chain, the same site team and each phase carries the lessons of the last. Horizon 2 is in the process of working towards commissioning, three and four are in late construction. So all three are targeting delivery in the December quarter. And that approach is running at every site. So quickly on 2026.

每個 Horizon 都採用相同設計、相同供應鏈、相同場址團隊，而且每一階段都承接上一階段的經驗教訓。Horizon 2 正在朝向試運轉（commissioning）推進，第三與第四期已進入後期施工。因此這三個都以 12 月季度交付為目標。而這種做法正在每個場址同步運行。接著快速談一下 2026 年。

At Childress, retrofit work and GPU installs are running in parallel on the air-cooled halls. At Mackenzie, GPUs have been racked across the first two buildings. At Prince George, the air-cooled fleet is now fully commissioned, and liquid-cooled installation is underway. All of that remaining capacity is targeted for the December quarter. Then 2027. Sweetwater 1 is in full swing now. First building is going up.

在 Childress，既有機房改造（retrofit）工程與 GPU 安裝正在空冷機房同步並行。在 Mackenzie，GPU 已在前兩棟建築完成上架（racked）。在 Prince George，空冷機群現已全面完成試運轉，液冷安裝也正在進行中。上述剩餘產能皆以 12 月季度為交付目標。接著是 2027 年。Sweetwater 1 目前正全面推進。第一棟建築正在興建中。

The primary substation is progressing. At Childress, Horizons 5 and 6 civils are now moving and underway and another 250 megawatts of air-cooled conversion progressing. And it's also worth mentioning in terms of Canal Flats, we've now decided to convert all of that to liquid-cooling for GB300s, and that will deliver more value from power in a site we already own.

主變電站進度持續推進。在 Childress，Horizon 5 與 6 的土建工程已開始動工，另有 250 兆瓦的空冷轉換也在推進中。另外也值得一提的是，就 Canal Flats 而言，我們已決定將該處全部轉為支援 GB300 的液冷，這將在我們已擁有的場址上，從電力中創造更高價值。

But beyond that, the pipeline steps up again. 2028, Sweetwater 2 and Kiowa in the US, Bundey in South Australia and Badajoz in Spain, roughly 300 megawatts and the flagship of the Nostrum portfolio of sites we closed during the quarter. All up, more than 5 gigawatts announced with a multi-gigawatt development pipeline behind it, including more Texas power, where a tighter interconnection process should favor real and well-capitalized projects.

但除此之外，開發管線還會再上一個台階。2028 年：美國的 Sweetwater 2 與 Kiowa、南澳洲的 Bundey，以及西班牙的 Badajoz，合計約 300 兆瓦，並且是我們在本季度完成收購的 Nostrum 場址組合中的旗艦項目。總計已公告超過 5 吉瓦，且背後還有多吉瓦的開發管線，包括更多德州電力資源；在那裡，更嚴格的併網流程應會有利於真正且資本充足的專案。

And then a quick word on design because it answers a question we're starting to get a lot. So the bear case we hear on this industry is that AI data centers get rebuilt in 10 years. We've spent this year making sure that ours don't. Sweetwater 1 is becoming the reference design for Sweetwater 2, Kiowa, Bundey and what follows after those.

接著快速談一下設計，因為這能回答我們開始經常被問到的一個問題。我們在這個產業聽到的看空論點是：AI 資料中心 10 年內就得重建。我們今年投入大量工作，確保我們的不需要。Sweetwater 1 正在成為 Sweetwater 2、Kiowa、Bundey 以及其後續項目的參考設計。

Common layouts, common equipment, more modularization and prefab. Each project is inheriting the last one's lessons instead of starting from zero. And the design is built for successive GPU generations, evolving cooling, including 800-volt DC, all of which has been developed in collaboration with NVIDIA. So we know compute changes faster than buildings and ours have been designed to adapt to that.

通用化的配置、通用化的設備、更高程度的模組化與預製（prefab）。每個專案都承接上一個專案的經驗，而不是從零開始。而且該設計可支援連續的 GPU 世代演進與冷卻方式演進，包括 800 伏直流（800-volt DC），以上皆與 NVIDIA 協作開發。因此我們知道算力變化速度快於建築，而我們的設計已能因應並適配這種變化。

But we're also getting more out of what we already own. Our existing sites have spare power beyond current deployment plans. That headroom can support more GPUs and more revenue without the need for any new grid capacity. And new grid capacity is the scarcest input in this entire industry. So revenue that doesn't need it is about the highest quality growth there is.

但我們也在從既有資產中榨取更多價值。我們現有場址在目前部署計畫之外仍有多餘電力。這些餘裕可在不需要新增任何電網容量的情況下，支援更多 GPU 與更多收入。而新增電網容量是整個產業中最稀缺的投入要素。因此，不需要新增電網容量就能帶來的收入，是最高品質的成長之一。

First up, new liquid-cooled installs at Mackenzie, Canal Flats and Prince George in 2027. And over time, tools like NVIDIA MaxLPS, which smooths GPU power draw, let us safely run more compute inside the same electrical envelope. But none of this happens without people. Our headcount nearly tripled in FY26, including hundreds of colleagues who joined through Mirantis and Nostrum, and we expect similar growth again in FY27.

首先，2027 年在 Mackenzie、Canal Flats 與 Prince George 將有新的液冷部署上線。而隨著時間推進，像 NVIDIA MaxLPS 這類可平滑 GPU 功耗的工具，讓我們能在相同的電力容量範圍內安全地運行更多算力。但沒有人的投入，這一切都不會發生。我們在 FY26 的員工人數幾乎成長到原來的三倍，其中包括透過 Mirantis 與 Nostrum 加入的數百位同仁，我們預期 FY27 也會有類似的成長。

Five C-suite appointments across development, product, marketing, innovation and information security, people from NVIDIA, AWS, Oracle, Google and other leading data center operators. So building our organization ahead of the revenue is obviously deliberate. It costs money before it makes money, but this is where we're going. One last piece before I pass off to Anthony is how we're funding this growth.

在開發、產品、行銷、創新與資訊安全等領域新增五位 C 級高階主管，這些人來自 NVIDIA、AWS、Oracle、Google 以及其他領先的資料中心營運商。因此，在營收之前先把組織建起來，顯然是刻意為之。在開始賺錢之前就需要先花錢，但這就是我們要前進的方向。在我把時間交給 Anthony 之前，最後一點是我們如何為這些成長提供資金。

So GPU financing first because now the model is proven at both ends of the credit spectrum. For the Microsoft contract, we raised $3.6 billion of investment-grade GPU financing at a weighted average of about 6%. With customer prepayments that funded about 96% of the associated GPU CapEx. Now here's where it gets really interesting.

先談 GPU 融資，因為現在這個模式已在信用光譜的兩端都被證明可行。針對微軟合約，我們籌得 36 億美元的投資級 GPU 融資，加權平均利率約 6%。再加上客戶預付款，合計為相關 GPU 資本支出（CapEx）提供了約 96% 的資金。接下來才是真正有意思的地方。

For non-investment-grade deployments, so the rest of the AI ecosystem, we just closed $2.8 billion of equipment financing. That includes $2.4 billion at a 9% fixed rate for Mackenzie led by Blue Owl and funds managed by PIMCO. A delayed-draw term loan alongside senior secured notes funding 90% of that GPU CapEx.

對於非投資級的部署，也就是 AI 生態系的其餘部分，我們剛完成 28 億美元的設備融資。其中包括由 Blue Owl 領投、並由 PIMCO 管理之基金參與的 Mackenzie 專案 24 億美元、9% 固定利率融資。以延遲提領的定期貸款搭配優先擔保票據，為該 GPU 資本支出提供 90% 的資金。

Add prepayments of 45% to 55% on recent deals and total funding well exceeds the cost of the underlying GPUs, which is good because that excess is now helping to support data center CapEx on those same and future deployments. And to date, talking about data center CapEx, we have deliberately kept 100% of our data centers unencumbered, which is a growing asset base we can finance when the timing is right.

再加上近期交易 45% 到 55% 的預付款，總資金已遠高於底層 GPU 的成本；這點很好，因為這些超額資金如今正協助支應同一批以及未來部署的資料中心資本支出。截至目前，談到資料中心資本支出，我們刻意讓 100% 的資料中心保持無擔保負擔（unencumbered），這是一個持續成長的資產基礎，我們可在時機成熟時進行融資。

So on that note, Anthony will take you how that funds the plan and the results. Thank you, Anthony.

基於此，接下來 Anthony 會說明這些資金如何支撐計畫與成果。謝謝你，Anthony。

Thanks, Dan, and good evening, everyone. Over the past 12 months, we have secured circa $19 billion in funding, nearly $16 billion across customer prepayments, GPU financing and convertible notes alongside equity of approximately $3 billion. The vast majority of this funding is either in cash or yet to be drawn down, giving us significant capacity. For FY27, we're guiding CapEx of approximately $25 billion to $30 billion.

謝謝，Dan，各位晚安。過去 12 個月，我們已取得約 190 億美元資金，其中將近 160 億美元來自客戶預付款、GPU 融資與可轉換公司債，另有約 30 億美元的股權資金。其中絕大多數資金已是現金，或尚未提領，讓我們具備相當可觀的資金動能。針對 FY27，我們指引資本支出約 250 億至 300 億美元。

Included in that estimate is delivery of the contracted Microsoft capacity, the other deployments to deliver on 2026 ARR and GPU and data center CapEx for air-cooled deployments scheduled across calendar year 2027. It will also support new liquid-cooled data center capacity at Childress and Sweetwater 1 for delivery in the second half of calendar year 2027 as well as earlier stage investment for 2028 and beyond.

該估算包含交付已簽約的微軟產能、其他用以實現 2026 ARR 的部署，以及於 2027 曆年期間排程的氣冷部署所需 GPU 與資料中心資本支出。同時也將支援在 Childress 與 Sweetwater 1 新增液冷資料中心產能，預計於 2027 曆年下半年交付，並包含對 2028 年及更長期的早期階段投資。

Of course, the actual CapEx for the year will depend on a range of factors, including final costings, construction schedules, delivery time lines for GPUs and long lead items, the overall contracting environment and the overall fundraising environment. Within that CapEx estimate, we expect data center and CapEx GPU requirements to be up approximately 15% to 20% for ongoing and new deployments with revenue increases expected to ultimately outpace those increases.

當然，年度實際資本支出將取決於多項因素，包括最終成本估算、施工進度、GPU 與長交期項目的交付時程、整體簽約環境以及整體募資環境。在該資本支出估算範圍內，我們預期資料中心與 GPU 的資本支出需求，因既有與新部署而增加約 15% 至 20%，而營收增幅最終預期將超越這些增幅。

In respect to the funding plan, as noted earlier, we have a strong starting position. Approximately $14 billion of existing cash and committed GPU financing and prepayments. That includes $7.6 billion of cash on the balance sheet at 30 June, of which $1.7 billion is restricted with most of that $1.7 billion set aside to fund Microsoft GPU CapEx.

就資金計畫而言，如先前所述，我們起點相當強勁。約 140 億美元的既有現金、已承諾的 GPU 融資與預付款。其中包括截至 6 月 30 日資產負債表上的 76 億美元現金，當中 17 億美元為受限制資金（restricted），且該 17 億美元大部分已預留用於支應微軟 GPU 資本支出。

We're targeting roughly an additional $8 billion of GPU financing and prepayments in support of GPU CapEx requirements, noting the healthy prepayments that we are seeing in recent contracting and the growing market for GPU financing that Dan has spoken to. The balance of the requirement we expect to meet through data center financing, operating cash flows and corporate sources.

我們目標再取得約 80 億美元的 GPU 融資與預付款，以支援 GPU 資本支出需求；同時也注意到近期簽約中我們看到的健康預付款水準，以及 Dan 所提到的 GPU 融資市場持續擴大。其餘資金需求，我們預期將透過資料中心融資、營運現金流與公司層級資金來源來滿足。

On data center financing, as Dan has spoken to, our entire data center portfolio is unencumbered today, including Horizons 1 through four. So there is obviously a significant and growing asset base to raise asset finance against. Alongside the growing market for GPU financing, attractive customer prepayments, we feel well placed to scale our fundraising efforts to support the rapid growth of the platform.

在資料中心融資方面，如 Dan 所述，我們目前整個資料中心組合皆無擔保負擔（unencumbered），包括 Horizons 1 到 4。因此，顯然存在一個規模可觀且持續成長的資產基礎，可用以進行資產融資。結合 GPU 融資市場的成長與具吸引力的客戶預付款，我們認為自己具備良好條件，能擴大募資力度以支援平台的快速成長。

Now turning to the quarter four results and outlook. The quarter's results continue to reflect the ongoing transition to AI cloud. For the June quarter, revenue was $137.2 million, including AI cloud revenue of $70.5 million. This was down $7.6 million compared to the prior quarter as we decommissioned mining hardware ahead of GPU installations, partially offset by AI cloud growth.

接著談第四季業績與展望。本季業績持續反映我們正進行中的 AI 雲端轉型。6 月季度營收為 1.372 億美元，其中 AI 雲端營收為 7,050 萬美元。相較前一季減少 760 萬美元，原因是我們在 GPU 安裝前先行汰除挖礦硬體；部分降幅由 AI 雲端成長所抵銷。

Cost of revenue also fell $6.6 million, mainly as a result of lower electricity usage from reduced mining activities. Net loss was $684 million for the quarter, largely driven by noncash impairments of $450.4 million, mostly on account of decommissioning mining hardware, plus a $102.1 million decrease in fair value of mining hardware held for sale, both reflecting costs of transitioning our existing sites to AI cloud. We currently expect mining operations to be effectively decommissioned by the end of December 2026.

營收成本也下降 660 萬美元，主要因挖礦活動減少而使電力使用量降低。本季淨損為 6.84 億美元，主要由 4.504 億美元的非現金減損所致，多數與汰除挖礦硬體相關；另有 1.021 億美元為待售挖礦硬體公允價值下降，兩者皆反映我們將既有場址轉型為 AI 雲端所產生的成本。我們目前預期挖礦營運將在 2026 年 12 月底前實質完成退役。

We expect first-quarter cash SG&A to increase approximately $40 million to $50 million sequentially as we continue to invest for growth across sales and marketing, R&D, development, site and cloud operations and other functions ahead of significant revenue growth over the coming periods, which brings me to ARR. We exited Q4 at roughly $0.5 billion of ARR. It's $1 billion today following acceptance of Horizon 1 by Microsoft, and that will carry through to the end of the September quarter.

我們預期第一季現金性 SG&A 將較前一季增加約 4,000 萬至 5,000 萬美元，因我們持續在銷售與行銷、研發、開發、場址與雲端營運及其他職能上投入以支援成長，並為未來幾期顯著的營收成長提前布局；這也帶到 ARR。我們在 Q4 結束時 ARR 約為 5 億美元。在微軟驗收 Horizon 1 後，ARR 目前為 10 億美元，並將延續至 9 月季度末。

And we expect more than $4 billion of ARR by the end of the December quarter, which is already under contract and includes delivery of Horizons 2 through 4. A significant amount of the December capacity is expected to come on late in the quarter, so we will see the reported revenue effect come through predominantly in the March quarter.

我們預期在 12 月季度末 ARR 將超過 40 億美元，這部分已簽約，並包含 Horizons 2 到 4 的交付。12 月的相當一部分產能預計會在該季度後段才上線，因此其反映在已公告營收上的效果將主要在 3 月季度呈現。

With that, I'll hand back to Dan.

以上，我把時間交回給 Dan。

Thanks, Anthony. So just one slide to close on. 2026 is largely sold out with the $4 billion of ARR now contracted. 2027 and beyond is deliberate runway for us. So this is capacity we're continuing to convert into a broader customer base and, of course, a richer service mix. Revenue per megawatt is rising, both on structural demand as well as site optimization, and that $4 billion comes from less than 10% of our 5-gigawatt-plus portfolio of grid -- secured grid connections.

謝謝，Anthony。最後用一張投影片作結。2026 年基本上已售罄，目前已簽約的 ARR 為 40 億美元。2027 年及之後則是我們刻意保留的成長跑道。因此，這些產能我們將持續轉化為更廣泛的客戶基礎，當然也會帶來更豐富的服務組合。每兆瓦營收正在上升，既來自結構性需求，也來自場址最佳化；而這 40 億美元 ARR 來自我們 5GW 以上、已取得電網連接（secured grid connections）的投資組合中不到 10% 的容量。

So eight years ago, we set out to solve the gap between digital demand and physical supply. I think it's fair to say the gap is here. We own the power, we own the land, we own the data centers, we own the compute, we own the software, and we have the people to service it. So for Will and I, this is only the beginning. But operator, let's open the line for questions, please.

因此在八年前，我們著手解決數位需求與實體供給之間的落差。我認為可以說，這個落差現在已經出現了。我們擁有電力、擁有土地、擁有資料中心、擁有運算能力、擁有軟體，也有人員來提供服務。所以對 Will 和我而言，這只是開始。不過，接線員，請開放提問。

(Operator Instructions) Mike Ng, Goldman Sachs.

(接線員指示) Mike Ng，高盛。

I just have two questions. First, I was just wondering if you could talk a little bit more about Mirantis and how it helps facilitate the commercialization of your compute. Was Mirantis used or helped to enable any of the signed or in negotiation deals today? Do you think you'll eventually use Mirantis to help sell some capacity into market aggregators like OpenRouter? And then I have a quick follow-up.

我只有兩個問題。第一個，我想請你再多談一點 Mirantis，以及它如何協助促進你們運算能力的商業化。Mirantis 是否被使用或協助促成今天已簽署或正在洽談中的任何交易？你們是否認為最終會使用 Mirantis，協助將部分產能銷售給像 OpenRouter 這樣的市場聚合商？然後我有一個簡短的追問。

Yes, happy to jump in and thanks for the question. In terms of the Mirantis service offering, I think there's a few elements to that, that help with our business today. Firstly is, as you identified, it opens up effectively new customer classes to us. As we have spoken about at length previously, very large hyperscaler or frontier AI lab customers generally like to take compute on a bare metal basis.

好的，很樂意回答，也謝謝你的問題。就 Mirantis 的服務方案而言，我認為其中有幾個要素，能在今天幫助我們的業務。首先，如你所指出的，它實際上為我們開啟了新的客戶類別。如同我們先前已長篇討論過的，非常大型的超大規模雲端業者或前沿 AI 實驗室客戶，通常偏好以裸機（bare metal）的方式取得運算資源。

But smaller AI developers, labs, enterprise customers value having an orchestration layer offered over the top of bare metal compute. And so the Mirantis service offering as it relates to that orchestration layer can help open up that part of the market to us. In addition to that, it does give us the ability to provide compute in a different manner.

但較小型的 AI 開發者、實驗室與企業客戶，則重視在裸機運算之上提供一層編排（orchestration）層。因此，Mirantis 的服務方案在這個編排層的相關能力上，能協助我們切入那一部分市場。除此之外，它也讓我們能以不同方式提供運算資源。

So not only can we provide reserved managed services clusters, but it also opens up the potential for us to provide on-demand compute as an example. In addition to the orchestration layer itself, Mirantis has a long track record of servicing enterprise customers in the cloud computing space, and they bring a number of other areas of expertise, including enterprise support, monitoring and deployment capabilities that can help us monetize our platform more quickly and continue to provide very high levels of customer service. So those are a few of the areas where Mirantis adds to our existing platform.

也就是說，我們不僅能提供預留的受管服務叢集，也讓我們有機會例如提供隨需（on-demand）運算。除了編排層本身，Mirantis 在雲端運算領域長期服務企業客戶，並帶來多項其他專業能力，包括企業級支援、監控與部署能力，能協助我們更快將平台變現，並持續提供非常高水準的客戶服務。以上是 Mirantis 為我們既有平台帶來增益的幾個面向。

Sorry, maybe just to add to that. I think we're now the only neocloud certified hypervisor from NVIDIA as a result of today's announcement. So that vertical integration, that full stack is playing out live time.

抱歉，我再補充一下。我想，根據今天的公告，我們現在是 NVIDIA 唯一認證的 neocloud hypervisor。所以那種垂直整合、全堆疊（full stack）正在即時展現。

And I just wanted to follow-up on the CapEx outlook for next year, $25 billion to $30 billion. Is that all to support the 800 megawatts that you expect to contract next year? Or is it beyond next year? And then could you maybe just talk about the financing plan beyond the $14 billion of cash, GPU prepayments and other debt financing that I think you talked about?

我想追問一下明年的資本支出（CapEx）展望，250 億到 300 億美元。那是否全部都是為了支援你們預期明年要簽約的 800 兆瓦？還是也包含明年之後？另外，你能否談談在我記得你提到的 140 億美元現金、GPU 預付款以及其他債務融資之外，後續的融資規劃？

Sure. Just in terms of the -- and thanks for the question. Just in terms of the first question. So the $25 billion to $30 billion is obviously in the -- covering the financial year to June '27. So that covers all the CapEx requirements for the 2026 deployments to -- that contribute towards the $4 billion ARR target. It covers expected data center CapEx and GPU CapEx for sort of air-cooled -- the balance of the air-cooled deployments expected to come over the course of 2027 calendar year.

當然。也謝謝你的問題。先就第一個問題來說。250 億到 300 億美元顯然是涵蓋到 2027 年 6 月止的財務年度。因此，這涵蓋 2026 年部署所需的全部資本支出，並用以推進 40 億美元 ARR 目標。其中包含預期的資料中心資本支出與 GPU 資本支出，涵蓋所謂氣冷（air-cooled）部署的餘下部分，預計在 2027 年曆年期間陸續上線。

And it also covers a significant portion of the CapEx required for the liquid-cooled deployments in the second half of 2027 calendar year. It doesn't include CapEx requirements for the GPU compute for those new liquid-cooled facilities, which will be part of the following year's capital plan. In terms of financing, obviously, we spoke to the $14 billion, so that's secured. I also spoke to $8 billion estimated additional GPU-related CapEx.

同時也涵蓋 2027 年曆年下半年液冷（liquid-cooled）部署所需資本支出的相當大一部分。但不包含那些新液冷設施的 GPU 運算資本支出需求，這部分將納入下一年度的資本計畫。就融資而言，我們已談到 140 億美元，那是已經確定的。我也提到估計另外還有 80 億美元與 GPU 相關的額外資本支出。

So that will be supporting the GPU deployments included in that $25 billion to $30 billion. Obviously, we've seen a very strong fundraising prepayment environment, which obviously contributes to that $8 billion number. And we've seen strong conditions, obviously, in GPU financing. Obviously, Dan spoke to the results that we have seen in the recent transactions, but there's obviously also been other transactions in the market, both for investment-grade and sub-investment-grade clients.

因此，這將用來支援納入該 250 億到 300 億美元中的 GPU 部署。顯然，我們看到非常強勁的募資預付款環境，這也對那 80 億美元數字有所貢獻。而且我們也看到 GPU 融資條件強勁。Dan 已談到我們在近期交易中看到的成果，但市場上也有其他交易，涵蓋投資級與非投資級客戶。

We've also had the recent announcement by NVIDIA alongside six of the biggest capital allocators in the world announcing JVs, partnerships, to support further financing of AI compute as an asset class. In addition to that, we obviously have one to four substantially built and being delivered over the course of the year. That's obviously unencumbered as well as other opportunities we're looking at, both asset-backed and other group level initiatives as well.

我們也看到 NVIDIA 最近與全球六家最大的資本配置者一同宣布成立合資（JV）、合作夥伴關係，以支持將 AI 運算作為一種資產類別的進一步融資。除此之外，我們顯然也有 1 到 4 號設施在今年期間大致建成並交付。這些顯然也是未設抵押（unencumbered）的，此外我們也在評估其他機會，包括資產擔保以及其他集團層級的方案。

Paul Golding, Macquarie.

Paul Golding，麥格理。

Congrats on all the tremendous progress. I wanted to first ask about the British Columbia liquid-cooling pivot. And wondering if you could unpack that decisioning process a bit. It sounds like there's excess power available and there's obviously a revenue opportunity. But I was wondering how you were thinking about the relative return there and if that was organic or from demand that you've seen or speculative? And then I have a follow-up.

恭喜你們取得如此巨大的進展。我想先問關於卑詩省（British Columbia）轉向液冷的決策。想請你稍微拆解一下這個決策流程。聽起來那裡有多餘的電力可用，而且顯然也有營收機會。但我想了解你們如何看待相對報酬，這是有機（organic）成長、來自你們看到的需求，還是屬於推測性（speculative）的？然後我有一個追問。

Primarily, Paul, it's driven by demand that we're seeing. And we do have a design that is very effective for the conditions that we see in British Columbia for liquid-cooling. It is something that increasingly as customers are looking towards future workloads, we do see the vast majority of customers over time looking towards liquid-cooled GPUs. And so we are certainly reflecting that in terms of the mix within our portfolio.

Paul，主要是由我們看到的需求所驅動。而且我們確實有一套設計，對於卑詩省液冷所面臨的環境條件非常有效。隨著客戶愈來愈著眼於未來工作負載，我們確實看到絕大多數客戶隨時間推進會轉向液冷 GPU。因此，我們也在投資組合的配置上反映這一點。

Great. And then Anthony mentioned that the compute costs that are rising are being more than covered by revenue increases. I was wondering given the continued march upwards of compute cost, what the calculus is and your thought process and strategy around taking some of the excess liquidity from prepayments and the financings that you've done and allocating that towards data center build-out versus maybe longer-dated compute purchasing given -- and maybe on a speculative basis, given that price trajectory we've seen in compute?

很好。另外 Anthony 提到，上升的運算成本已被營收增加所大幅覆蓋。我想問，在運算成本持續上行的情況下，你們的計算方式、思考流程與策略是什麼？尤其是如何把預付款與你們已完成的融資所帶來的部分超額流動性，分配到資料中心建置，或是更長天期的運算採購——考量到我們在運算價格上看到的那種走勢，甚至可能以推測性方式進行？

Yes. I think, in short, we're doing both. So as Dan mentioned, this is -- you need all the layers in the stack in order to be able to sell compute, you have to have the data center capacity. And we continue to see extremely strong demand within the industry and a lack of capacity available to satisfy that demand. And so we will continue to build out data center space.

是的。我想簡而言之，我們兩者都在做。如 Dan 所提到的，這需要堆疊中的所有層，才能銷售運算；你必須具備資料中心產能。而我們持續看到產業內極為強勁的需求，以及可用產能不足以滿足該需求的情況。因此，我們將持續擴建資料中心空間。

We will continue to make compute purchases over time and continue to add that software layer over the top to be able to expand our addressable market and secure better economics over time. So we expect to see a mix of purchases on spec as well as some purchases that may be tied to customer contracts. But as Dan said, the contracts are not the driver in this industry. It's getting the compute online. And so that is what we are heavily focused on, on the execution side of the business.

我們將持續隨時間進行算力採購，並持續在其上方疊加那一層軟體，以便擴大我們的可服務市場，並隨時間取得更好的經濟效益。因此，我們預期會看到一部分是按庫存（spec）採購的組合，也會有一些採購可能會與客戶合約綁定。但正如 Dan 所說，合約並不是這個產業的驅動因素。關鍵在於讓算力上線。因此，這就是我們在業務執行面高度聚焦的重點。

Paul, I might also just add to your CapEx question around that revenue, and it adds a little bit more to what Anthony said earlier. So if we step back and look at this revenue CapEx trade-off, the contracts that we're announcing now and the pricing per megawatt relate to GPUs that were ordered quite some time ago. So arguably, they're reflective of natural price increases beyond CapEx inflation on those GPUs.

Paul，我也想就你關於與該收入相關的資本支出（CapEx）問題補充一下，這也能更進一步呼應 Anthony 先前提到的內容。如果我們退一步看這個收入與資本支出之間的取捨，目前我們宣布的合約以及每兆瓦的定價，對應的是相當久以前就已下單的 GPU。因此可以說，這些定價反映的是在那些 GPU 的資本支出通膨之外的自然價格上升。

Now future generations of GPUs and costs are going up, but we didn't have to pay the cost increases on the revenue per megawatt that we've announced today necessarily because they're the older generations, if that makes sense. But there's also a bit more nuance to our CapEx needs. So yes, we've guided total CapEx of $25 billion to $30 billion for FY27.

未來世代的 GPU 成本確實在上升，但我們今天所宣布的每兆瓦收入，未必需要承擔那些成本上升，因為它們屬於較舊世代（如果這樣說得通）。不過，我們的資本支出需求也還有更多細微之處。所以是的，我們已指引 FY27 的總資本支出為 250 億至 300 億美元。

But that we deliberately don't split it in or attribute that to a specific number of megawatts of IT load coming online because the reality is that data center CapEx is running a year or two ahead of delivery, but that's the nature of substations and steel. So the mix in any given year is really a function of what we're delivering in that year versus what we're building for the next one. So I think we are working on how we stagger data center CapEx and how we finance data center CapEx.

但我們刻意不把它拆分或歸因到某個特定的 IT 負載上線兆瓦數，因為現實是資料中心的資本支出通常會比交付提前一到兩年，但這就是變電站與鋼構工程的特性。因此，任何一年的組合，實際上取決於我們當年交付了什麼，以及我們為下一年在建什麼。所以我認為，我們正在研究如何錯開資料中心資本支出的節奏，以及如何為資料中心資本支出進行融資。

As we mentioned during the presentation, 100% of our data center portfolio today is unencumbered, which creates a future opportunity. And when we're receiving prepayments equivalent to 50% of the GPUs, that's roughly equivalent to 100% of the data centers because GPUs are roughly 2/3 of your fully loaded cost for the data centers plus the GPUs.

正如我們在簡報中提到的，我們目前 100% 的資料中心資產組合都是無負擔（unencumbered）的，這創造了未來的機會。而當我們收到相當於 GPU 成本 50% 的預付款時，這大致相當於資料中心成本的 100%，因為 GPU 約占資料中心（含 GPU）全額成本的約 2/3。

And if you're financing the GPUs at 90% gearing already, then you can see how you've got this funding flywheel that's emerging that requires arguably little equity over time to finance it. But we've then got to overlay our ambitions are growing. We're building at a higher cadence to what we've done in the past. So those funding needs continue to grow. But we've got flexibility around growth based on optimizing the funding that's available to us at any point in time.

而如果你已經以 90% 的槓桿比率（gearing）為 GPU 融資，那你就能看出，正在形成一個資金飛輪，隨時間推移，可能只需要很少的股權資金就能為其融資。但我們也必須把我們不斷提升的企圖心納入考量。我們的建置節奏比過去更快。因此，資金需求也持續成長。不過，我們在成長上具備彈性，可依據任何時間點可取得的資金來進行最佳化。

That's great color, Dan. Maybe just a quick housekeeping question on the back of that, if I can sneak this one in. Just on the 2/3 compute versus data center CapEx, is that shifting at all with the increased cost of compute? Or is the labor market being tight and other inputs on the data center construction side, keeping that equation relatively stable?

這些說明很有幫助，Dan。如果可以的話，我想順勢插問一個簡短的行政性問題。關於算力與資料中心資本支出約 2/3 的比例，隨著算力成本上升，這個比例有在改變嗎？或者資料中心建造端的勞動市場緊俏與其他投入成本，是否讓這個關係式相對維持穩定？

No, it's staying pretty stable. I mean we're seeing inflation and costs across various components continue to tick up. So at a material level, I would assume that ratio stays relatively consistent.

沒有，基本上仍相當穩定。我的意思是，我們確實看到各種組件的通膨與成本持續上升。因此在實質層面，我會假設這個比例會維持相對一致。

Brett Knoblauch, Cantor Fitzgerald.

Brett Knoblauch，Cantor Fitzgerald。

Guys, congrats on the quarter. Great to see demand trends around '26, and certainly '27 and '28. I'm curious kind of following into Horizon 1 build-out. We've seen a lot of deals recently with maybe lower PUEs. Are you seeing any design changes that might allow for lower PUEs at other sites that you guys have coming online or other buildings coming online in '27 and '28? Or should we kind of think of that PUE with the Microsoft deal being somewhat static?

各位，本季表現恭喜。很高興看到 2026 年，以及當然還有 2027、2028 年的需求趨勢。我想接著問一下 Horizon 1 的建置擴張。我們最近看到很多交易的 PUE 可能更低。你們是否看到任何設計變更，能讓你們在 2027、2028 年將上線的其他場址或其他建築也達到更低的 PUE？還是我們應該把微軟那筆交易的 PUE 視為大致固定？

I mean PUEs are never entirely static, but they are largely driven by the nature of the ambient conditions in which your data centers are operating. We've spoken before that we use a highly efficient closed-loop liquid-cooling system. And that means we have very effective PUEs relative to the broader industry. We do see some continued improvements over time.

我的意思是，PUE 從來不會完全靜態，但它在很大程度上取決於資料中心運作所在地的環境條件。我們之前提過，我們採用高效率的封閉迴路液冷系統。這代表相較於整體產業，我們的 PUE 非常有競爭力。我們確實看到隨時間推移仍有一些持續改善。

And part of that is driven by items like NVIDIA's DSX reference architecture where they have looked at how you can operate chips at higher temperatures without giving up any performance on the computing side but allowing you to direct more of your overall megawatts towards the IT load and away from cooling. But those are around the edges rather than being really material drivers of decreases over time.

其中一部分是由 NVIDIA 的 DSX 參考架構等項目所帶動，他們研究了如何在不犧牲運算端效能的情況下，讓晶片在更高溫度下運作，從而使你能把更多總兆瓦分配給 IT 負載，而不是用於冷卻。但這些屬於邊際改善，而非真正驅動 PUE 隨時間大幅下降的重大因素。

And I think just to add, we've been deliberately conservative on the headline PUEs that we've advertised. We even had a slide dedicated into the deck to this thematic, which is we have spare power beyond our current deployment plans, and some relate to optimizing this PUE over time. The reality is, the average PUE for a year is substantially below the maximum PUE that you require. So there's a few little tweaks that you can make that free up quite a lot of power capacity alone.

我想再補充一點，我們在對外宣傳的整體 PUE 指標上刻意採取保守作法。我們甚至在簡報中用一張投影片專門談這個主題：我們在目前的部署計畫之外仍有備用電力，其中一部分與隨時間最佳化 PUE 有關。現實是，一整年的平均 PUE 會顯著低於你所需要的最大 PUE。因此，你可以做一些小調整，就能釋放出相當可觀的電力容量。

We've then got the NVIDIA DSX MaxLPS opportunity. And we're aware others are using power management tools to oversubscribe megawatts as well. There's a lot of flexibility within that envelope. And to date, we've kept it simple, 200 megawatts of IT load for 300 megawatts of gross capacity, but we are also making it clear today that there is a reasonably sized opportunity in the portfolio to free up some of that spare power.

接著我們還有 NVIDIA DSX MaxLPS 的機會。我們也知道其他人正在使用電力管理工具來對兆瓦進行超額訂用（oversubscribe）。在那個範圍內有很大的彈性。截至目前，我們保持簡單：300 兆瓦的總容量對應 200 兆瓦的 IT 負載；但我們今天也清楚說明，在資產組合中存在相當規模的機會，可以釋放部分備用電力。

Awesome. And then maybe I could just follow up on some of the pricing commentary that came across quite strong, I think, in prepared remarks and the release, kind of $20 million deals what you are seeing or what you've signed. Now it's kind of somewhere around $25 million. Is that -- over what duration could you clarify? And is that more one-off? Or do you think like that is kind of like the ballpark of maybe the average you're seeing across all the conversations you're having with customers?

太棒了。接著我想追問一下你們對定價的評論，我認為在事先準備的發言與新聞稿中都相當強勁，例如你們看到或已簽下的約 2,000 萬美元的交易。現在看起來大概在 2,500 萬美元左右。那是——你能否釐清一下這是對應多長的期間？以及這是比較一次性的情況嗎？還是你認為這大致就是你們與客戶所有對話中所看到的平均水準區間？

No, we are seeing that consistently across live conversations with customers at the moment. And there are a variety of things that go into it. As Dan mentioned, we look at term length, prepayments, nature of the customer, likely growth requirements over time. But the pricing that we're seeing is relatively consistent at the moment. It continues to show an upward trend.

不是，我們目前在與客戶進行的即時對話中，確實一致地看到這樣的水準。而其中牽涉多種因素。如 Dan 所提到的，我們會看合約期限、預付款、客戶性質，以及隨時間推移可能的成長需求。但我們目前看到的定價相對一致。而且仍持續呈現上升趨勢。

We're seeing very strong competitive tension for near-term megawatts. So we certainly think that those numbers that we put out are indicative of where the market is currently at with upward pressure over time.

我們看到近期兆瓦資源的競爭張力非常強。因此，我們確實認為我們所提出的那些數字，反映了市場目前的狀況，且隨時間推移存在上行壓力。

And to be clear, they're three- to five-year deals, not two years, not spot capacity. There is a substantial opportunity if you wanted to optimize near-term quarterly P&L to go and sell spot on demand. And that is something that we might entertain as part of the portfolio approach over time. But today, we are loving just building the customer base, diversifying across the AI ecosystem, having longer-term contracts, getting really accretive financing back in those contracts.

而且要說清楚，這些是三到五年的合約，不是兩年，也不是即期容量。如果你想要最佳化近期季度損益（P&L），去賣即期隨需容量會有相當大的機會。而這也是我們未來可能會在投資組合策略的一部分中加以考量的事情。但就目前而言，我們很享受持續建立客戶基礎、在 AI 生態系中分散布局、簽更長期的合約，並在這些合約中取得非常具增益性的融資回饋。

And over time, that will buy us a license to dabble more into on-demand, shorter-term contracts, introduce software, leveraging Mirantis and other capabilities for higher revenue profiles.

隨著時間推移，這將讓我們有空間更深入嘗試隨需、較短期的合約，導入軟體，並運用 Mirantis 與其他能力以取得更高的營收結構。

Michael Donovan, Compass Point.

Michael Donovan，Compass Point。

Just going back to the $20 million, $25 million in revenue per IT megawatt. How do the economics you're seeing in the US compare with what you're seeing with initial conversations in Spain and Australia?

我想回到每 IT 兆瓦 2,000 萬到 2,500 萬美元的營收。你們在美國看到的經濟性，和在西班牙與澳洲初步洽談中看到的相比如何？

I think very consistent. At the end of the day, this is largely a global market for compute. A number of the customers that are accessing compute out of North America are based overseas. And so it does drive a genuine global market for compute. And there may arguably even be additional scarcity factor in some of those other locations where it relates to things like sovereign AI, for example. So I think that pricing that we're seeing in North America is very indicative of global conditions.

我認為非常一致。歸根結底，算力在很大程度上是一個全球市場。有不少在北美取得算力的客戶其實是海外公司。因此確實形成了真正的全球算力市場。而在某些其他地點，可能甚至還存在額外的稀缺性因素，例如與主權 AI 相關的需求。所以我認為我們在北美看到的定價，非常能反映全球的市場狀況。

One more follow-up, if I may. I wanted to get clarification on the Nostrum acquisition. So from my understanding, it brought roughly 490 megawatts. In your prepared remarks, you mentioned Badajoz accounting for roughly 300 megawatts. For that difference, is the 190 megawatts across a couple of different sites? Or how should we think about that?

如果可以的話，我再追問一個。我想釐清一下 Nostrum 的收購案。依我的理解，它帶來大約 490 兆瓦。在你們的事先準備發言中，你提到 Badajoz 約占 300 兆瓦。那剩下的差額部分，190 兆瓦是分布在幾個不同的場址嗎？或我們應該如何理解？

Yes. So there are a number of other development sites in the Spanish portfolio where we have capacity secured, but Badajoz is the key site that we chose to focus on today as that is the nearest term build-out and the largest site within the portfolio.

是的。西班牙投資組合中還有多個其他開發場址，我們已取得其容量資源，但 Badajoz 是我們今天選擇聚焦的關鍵場址，因為它是近期最先建置的，也是該投資組合中規模最大的場址。

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

（接線員指示）Nick Giles，B. Riley Securities。

Just wanted to ask one about Texas. I know it's not a fun topic, but I was just curious if you could touch on what some of these dynamics have enabled from a commercial perspective, just given that you already have two large-scale energized sites there.

我想問一個關於德州的問題。我知道這不是個令人愉快的話題，但我想了解，從商業角度來看，這些動態帶來了哪些影響，尤其是考量到你們在當地已經有兩個大型已通電的場址。

And by the dynamics, you are referring to Governor Abbott's directive or something else specifically, Nick?

Nick，你所說的「動態」是指 Abbott 州長的指令，還是其他更具體的事情？

Yes, Kent, exactly. Just the directive and just given the uncertainty around some of the kind of earlier stage sites there, if that might have pushed some potential deals more towards your corner.

是的，Kent，正是。就是那項指令；以及考量到當地一些較早期場址的不確定性，這是否可能把一些潛在交易推向你們這邊。

Yes. I think as it relates to Governor Abbott's directive, if you look at what that is targeting, it looks at things like transparency, grid reliability, water usage, issues in terms of impact on local communities. And these are all things that we've had a specific focus on from day 1 and have always been important to us. So if you take Childress as an example, we funded all the required grid upgrades for that project.

是的。就 Abbott 州長的指令而言，如果你看它所針對的內容，包含透明度、電網可靠性、用水量、以及對當地社區影響等議題。而這些都是我們從第一天起就特別重視、也一直對我們很重要的事情。以 Childress 為例，我們為該專案提供了所有必要的電網升級資金。

As you know, we're located a number of miles outside of the main town area there where we don't have residential neighbors, and we're not impacting neighbors or the local community from an operational perspective. We use a highly efficient closed-loop water-cooling system, which has very minimal ongoing water usage over time.

如你所知，我們位於距離主要城鎮區域數英里之外，周邊沒有住宅鄰居，因此在營運層面不會影響鄰里或當地社區。我們採用高效率的封閉迴路水冷系統，長期的持續用水量非常低。

So I think everything that we've done in setting up our sites and our portfolio is in line with what Governor Abbott came out with in his directive. So I think in that sense, we actually welcome the additional transparency within the market. And then as you mentioned, we do have 2 very large sites already energized in Texas, which I think positions us extremely well outside of just those dynamics that I mentioned as we move forward here.

所以我認為，我們在場址與投資組合的設置上所做的一切，都符合 Abbott 州長在其指令中提出的方向。因此從這個角度來看，我們其實歡迎市場增加透明度。另外如你所提到的，我們在德州已經有兩個非常大型、已通電的場址；我認為，除了我剛提到的那些動態之外，這也讓我們在接下來的推進上具備極佳的定位。

That's helpful. And then maybe just as a follow-up. We've seen a lot of deals where there's kind of initial contracted capacity, but then there's an expansion option maybe with exclusivity for some period. And I can't recall IREN having any of those expansion options embedded. Is that something that you're considering in future deals? Or have you kind of intentionally strayed away from those options?

這很有幫助。那我再追問一下。我們看到很多交易會先有一部分簽約容量，之後可能附帶擴充選擇權，且在一段期間內具有排他性。我不記得 IREN 的合約中有嵌入這類擴充選擇權。這是你們未來交易會考慮加入的內容嗎？還是你們有意刻意避開這些選擇權？

Yes. We've intentionally strayed away from that historically, but it's obviously part of the bespoke conversation with each customer. As you would guess from our thesis, which Dan outlined again earlier in this call, we see very significant value in infrastructure and compute moving forward. And so if we're going to give up an option to somebody over that, we need to be compensated for it.

是的。我們過去確實是刻意避開，但這顯然也會是與每位客戶量身討論的一部分。如你從我們的論點所能推測的——Dan 在本次電話會議稍早也再次提到——我們認為未來基礎設施與算力具有非常顯著的價值。因此，如果我們要把這樣的選擇權讓渡給某一方，我們需要因此獲得相應的補償。

So it really just comes down to that dynamic. But yes, we've generally shied away from it previously because we see more value typically than the counterparty.

所以本質上就是取決於這個權衡。但沒錯，我們先前通常會避開，因為我們往往看到的價值比交易對手更高。

Mike Colonnese, H.C. Wainwright & Co.

Mike Colonnese，H.C. Wainwright & Co.。

Congrats on all the strong momentum here across the AI cloud business. Just one for me. I was hoping to get more color around how you plan to allocate future uncontracted capacity here. Really the specific customer segment you're most interested in pursuing heading into 2027 and how you guys are thinking about balancing pricing with financing costs when evaluating larger versus smaller customer contracts.

恭喜你們在 AI 雲端業務上展現強勁動能。我只有一個問題。我希望能更了解你們計畫如何分配未來尚未簽約的容量。具體來說，你們在邁向 2027 年時最有興趣追求的客戶區隔是哪些？以及在評估較大型與較小型客戶合約時，你們如何在定價與融資成本之間取得平衡？

It feels like you're trying to monetize a little bit higher on the stack with the acquisition here. Just trying to get a sense of how you guys are evaluating these deals.

感覺你們透過這次收購，正試圖在價值鏈上更上層地變現。我想了解你們是如何評估這些交易的。

Yes. I think Dan touched on a lot of the elements that we look at earlier in terms of the earnings overview. I mean we look to the type of customer, the industry they're in, their planned growth rates over time. As you would have seen with our customer mix, it has been shifting towards direct end users of compute. We now have added additional names in the AI-native space, a large leading frontier AI lab as well as some of these physical infrastructure-related AI developers.

是的。我想 Dan 先前在獲利概覽中已談到我們考量的許多要素。我們會看客戶類型、其所處產業、以及其隨時間推移的規劃成長率。如你從我們的客戶組合所見，它一直在轉向算力的直接終端使用者。我們現在也新增了 AI 原生領域的客戶名稱、一家領先的大型前沿 AI 實驗室，以及一些與實體基礎設施相關的 AI 開發商。

So we see a lot of very attractive profiles across the sector. And for us, as Dan mentioned, we've been aiming to diversify our customer base over time. We have a range of attractive long-term contracts within the portfolio that now set us up for very attractive economics as we move forward here. And that, in turn, buys us some additional flexibility to be able to look at different monetization methods, whether that is selling on a shorter-term basis in terms of reserve contracts that drive additional economics, whether it's looking at true delivery of on-demand compute, whether it's managed services offerings versus bare metal.

因此我們在整個產業中看到許多非常具吸引力的樣貌。對我們而言，如 Dan 所提到的，我們一直致力於隨時間推移分散客戶基礎。我們的投資組合中現在已有一系列具吸引力的長期合約，讓我們在接下來推進時具備非常有利的經濟性。而這反過來也為我們帶來更多彈性，得以評估不同的變現方式：無論是以較短期的保留合約形式出售以帶來額外經濟效益、或是提供真正的隨需算力交付、或是提供託管服務相較於裸機（bare metal）。

And one of the nice things with the position that we're in today is we have optionality over all of those different areas and particularly with the development of the financing market for sub-investment-grade counterparties, which is something that we always expected to develop, and we're now really seeing the proof of that.

而我們今天所處位置的一個優點是，我們在所有這些不同領域上都擁有選擇權，特別是針對非投資級對手方的融資市場之發展——這是我們一直預期會發展的，而我們現在確實看到了其成效的證明。

It means that we can still continue to get very attractive financing for a range of different customer types. So we're certainly very excited at the prospects as we move forward here, being able to monetize the platform in different ways and get additional economics over time.

這意味著，對於各種不同類型的客戶，我們仍然可以持續取得非常具吸引力的融資。因此，隨著我們往前推進，能夠以不同方式將平台變現並隨時間取得額外經濟效益，我們對此展望當然非常振奮。

Ben Sommers, BTIG.

Ben Sommers，BTIG。

So I wanted to ask a bit on the conversations we're having for 2027 and 2028. It makes sense that we're maybe not exploring some like the really short-duration stuff now. But as you think about what you're hearing from customers in terms of the window from three- to five-year contracts, kind of where are you seeing most customers heading from within that time range? And what's the ideal if there's any time length in your guys' perspective?

我想就我們針對2027年與2028年的對話多問一些。看起來我們現在可能不會去探索一些真正超短期的方案，這很合理。但當你們思考從客戶那邊聽到的、關於三到五年合約窗口期的看法時，在這個時間範圍內，你們看到大多數客戶傾向往哪個方向走？以及從你們的角度來看，是否有任何理想的期限？

I'll jump in, Kent. I think we're starting to see longer-term conversations -- sorry, conversations around longer term than just the three- to five-years. But this is the balance, right? We're running it essentially as a portfolio, anchor tenants like Microsoft give you the scale, the duration and cheap capital with the 6% GPU financing, whereas AI developers in the broader market give you slightly higher pricing, good prepayments and a lot of where the growth is. So we want to remain flexible.

我先接著說，Kent。我認為我們開始看到更長期的對話——抱歉，是圍繞著比三到五年更長期限的對話。但這就是平衡點，對吧？我們基本上是把它當作投資組合來運作：像Microsoft這樣的錨定租戶能帶來規模、期限以及低成本資金（6%的GPU融資）；而更廣泛市場中的AI開發商則帶來略高的定價、良好的預付款，以及大量的成長來源。所以我們希望保持彈性。

At the end of the day, the framework for assessing new customer contracts is, as we have outlined on this call, it's what does -- who and what does the counterparty add, what are the economics and what does it open up longer term? And yes, there's a trade-off. The investment-grade anchor gets a 6% money; non-investment grade gets 9%. So it sounds like the investment grade wins on that until you start looking at the pricing, until you start looking at the prepayments funding around 50% of the GPU CapEx.

歸根結底，評估新客戶合約的框架，如同我們在本次電話會議中所概述的，是：對手方是誰、能帶來什麼；經濟條件如何；以及長期來看能開啟什麼機會。而且沒錯，這之間存在取捨。投資級錨定客戶拿到的是6%的資金成本；非投資級則是9%。所以在你開始看定價、開始看預付款（約可資助GPU資本支出的50%）之前，聽起來投資級在資金成本上是勝出的。

And I think those prepayments are probably the most exciting part for us, when they're funding half the GPU CapEx upfront on top of the 90% financing we're getting already, these guys are sending a pretty clear signal. It's not just about contracting capacity. They're starting to finance our build-out for us. And I think that tells you a lot about demand more than any pricing chart in the presentation.

而我認為這些預付款可能是對我們而言最令人興奮的部分：在我們已經取得90%融資的基礎上，他們還在前期就為一半的GPU資本支出提供資金，這些人正在傳遞非常明確的訊號。這不只是簽約容量的問題。他們開始為我們的擴建提供融資。我認為，這比簡報中的任何定價圖表都更能說明需求。

Super helpful. And then just one more, if I could. If you could just give any color on preliminary conversations around potential data center financing. I know you guys talked about potentially pursuing that down the road. So just wanted to ask around any preliminary conversations you've had there.

非常有幫助。然後如果可以的話，我再問最後一個。你們能否就潛在資料中心融資的初步對話提供一些資訊？我知道你們談到未來可能會推進這件事。所以想請教你們目前在這方面有哪些初步交流。

Yes, lots of preliminary conversations, and we'll let you know when we close one. But we've been busy. There's lots going on, on the customer side, lots been going on in the GPU financing. That's been the lower-hanging fruit. We've previously mentioned we'll look at refinancing effectively Horizons as they're commissioned as it makes sense to wait until they're stabilized to get a better financing package.

是的，有很多初步對話；等我們完成一筆交易時會告訴大家。但我們一直很忙。客戶端有很多事情在進行，GPU融資方面也有很多進展。那一直是比較容易先摘的果實。我們先前提過，會在Horizons投運後視情況進行再融資；等到資產穩定後再做，通常能拿到更好的融資方案。

We'll look to finance data centers as they're commissioned, but potentially also in advance of commissioning. And one of the challenges we have and the opportunity associated with being vertically integrated is you've got this staggered GPU CapEx, which starts a couple of years out from commissioning -- sorry, not GPU, data center CapEx, which starts a couple of years out from commissioning because you need to order the steel, you need to order the transformers.

我們會在資料中心投運時尋求融資，但也可能在投運之前就先行融資。而我們面臨的一個挑戰，以及垂直整合所帶來的機會之一，是你會有這種分階段的資本支出：從投運前幾年就開始——抱歉，不是GPU，是資料中心的資本支出——因為你需要訂購鋼材、需要訂購變壓器。

You need to order a whole heap of long items. And yes, a lot of those payment milestones are back-ended, but CapEx is incurred in the lead up to commissioning and finding efficient ways of financing that to allow us to scale into that 5 gigawatts really quickly, let alone the multiples of that sitting behind it in our pipeline, like that's the big unlock for us. Like the customers, they're there.

你需要訂購一大堆長交期項目。而且沒錯，很多付款里程碑是在後段，但在投運前的準備期間就會發生資本支出；找到有效率的融資方式來支撐我們快速擴張到5吉瓦，更不用說我們管線中其後還有數倍規模的項目——這對我們而言就是最大的解鎖點。就像客戶一樣，他們都在那裡。

Like I don't think anyone is disputing that anymore. So for us, it's all about that capital flywheel and managing it efficiently to get us in a position where we can meet that market demand because we are in a really, really unique position because we started eight years ago, we locked up all the land and power. We've aggregated the team, the expertise, the partnership and collaboration with NVIDIA to build and operate these things.

我想現在已經沒有人再質疑這一點了。所以對我們而言，重點在於資本飛輪，以及如何有效率地管理它，讓我們能處於可滿足市場需求的位置；因為我們處在一個非常、非常獨特的位置——我們八年前就開始，鎖定了所有土地與電力。我們整合了團隊、專業能力，以及與NVIDIA的合作夥伴關係與協作，來建置並營運這些設施。

And capital efficiency is a really big part of the next unlock. And GPU CapEx efficiency is now here. Like objectively, the data we've published today, what we've closed, that is efficient, and it will only get better. In terms of the data centers, that's the next frontier, and we're pursuing it, and we're excited about it.

而資本效率是下一個解鎖點中非常重要的一部分。GPU資本支出效率現在已經到位。客觀來說，我們今天公布的數據、我們已完成的交易，都是有效率的，而且只會變得更好。至於資料中心，那是下一個前沿領域；我們正在推進，也對此感到興奮。

Joseph Vafi, Canaccord Genuity.

Joseph Vafi，Canaccord Genuity。

Congrats on all the progress. I know, Dan, you commented, obviously, power remains the major constraint. We're on this call. We're having a lot of discussions on financing. Obviously, you've got a lot of resources available at your disposal, but it's a big industry and a lot of people are doing a lot of financings out there right now as well.

恭喜你們取得所有進展。Dan，我知道你提到，顯然電力仍然是主要限制。我們在這通電話上。我們正在進行很多關於融資的討論。顯然，你們手上有很多可動用的資源，但這是一個很大的產業，現在也有很多人正在外面做大量融資。

Just some high-level thoughts, maybe Anthony or Dan, on the financing environment, sustainability, of the industry to continue to finance this broader build-out at this pace, if there's anything that you're worried about there, how IREN may have some advantages given its different pieces to the business? And then a quick follow-up.

想請教一些高層次的看法，或許Anthony或Dan可以回答：在目前的融資環境下，整個產業是否能以這樣的速度持續為更廣泛的擴建提供融資？你們是否有任何擔憂？以及鑑於IREN業務的不同組成部分，是否可能具備一些優勢？然後我還有一個簡短的追問。

Thanks for the question. I guess we've touched on a few of the sort of fundamentals at the moment. I guess we're seeing the evolution of the market has been -- on the GPU financing, we've seen the -- it started as a private credit-led product at sort of mid-teens returns and investment-grade cost of capital now is sort of in that 6% area. We've obviously seen the market open up in terms of the pools of capital participating in GPU financing.

謝謝你的問題。我想我們剛才已經談到一些當下的基本面。我們看到市場的演進——在GPU融資方面，我們看到它一開始是由私募信貸主導的產品，回報率大約在十幾%；而現在投資級的資金成本大概落在6%左右。我們也明顯看到，參與GPU融資的資金池正在擴大。

So private, public markets, investment grade, sub-investment grade, that's all positive. We've obviously, as I touched on, also had the other considerations such as the big announcement by NVIDIA with 6 of the biggest global allocators, which will provide more support to the market. We've also spoken about prepayments, which are obviously a big part of the overall funding position as well.

所以，私募與公開市場、投資級與非投資級，這些都是正面的。此外，如我提到的，我們也有其他因素，例如NVIDIA與全球六家最大資產配置機構的重大宣布，這將為市場提供更多支持。我們也談到預付款，這顯然也是整體資金來源中非常重要的一部分。

We've obviously also seen the data center financing market evolve as well to support the infrastructure build-out, both in the high-yield and the investment-grade space. And obviously there's the -- there's obviously very strong conviction in capital circles in terms of the sustainability and outlook for, I guess, this fundamental shift that we've had in technology and the investment that will -- that needs to be made and also conviction in the returns that will ultimately come.

我們顯然也看到資料中心融資市場同樣在演進，以支持基礎設施的建置擴張，涵蓋高收益與投資級市場。而且很明顯地，在資本圈對於我想是我們在科技領域所經歷的這種根本性轉變之可持續性與前景，抱持非常強的信念；同時也對將要—且必須—投入的投資，以及最終將實現的回報抱持信心。

So I guess it's really that conviction, which I think will attract capital and continue to attract capital. Obviously, we need to continue to evolve our plans subject to market conditions. And obviously, market conditions can go up and down. And obviously, we need to be nimble and flexible in terms of how we adapt to that environment and adjust our plans accordingly.

所以我想正是這種信念，我認為會吸引資本並持續吸引資本。當然，我們需要在市場狀況的前提下持續調整與演進我們的計畫。而且很明顯，市場狀況可能上上下下。因此我們必須在如何因應該環境、並相應調整計畫方面保持敏捷與彈性。

We hear this question a bit, Joe, which is can the financing keep pace with the asset class. But let's just look at what happened 12 months ago, GPU financing barely existed as an asset class. And then in the last 3 months, we've raised $6.5 billion of it at both ends of the credit spectrum. So that's not us getting lucky with financing, that's a market forming. And markets, they form the same way every time.

Joe，我們常聽到這個問題：融資能否跟上這個資產類別的成長速度。但我們先看看12個月前發生了什麼，GPU 融資幾乎還不存在作為一個資產類別。而在過去3個月，我們在信貸光譜的兩端合計募得了65億美元。所以這不是我們在融資上走運，而是市場正在形成。而市場的形成方式，每次都一樣。

Think about real estate financing, like no one asks whether an office tower with a signed tenant can get a mortgage. There's a whole capital stack that exists for construction finance, term debt, institutional money because the cash flow is contracted, the collateral is real. And that stack took years, probably a decade to build for property, and it's building the AI infrastructure in months and quarters because the same ingredients are there, the hard assets, the contracted revenue, the institutional counterparty.

想想不動產融資，例如沒有人會問一棟已簽約承租人的辦公大樓能不能取得抵押貸款。因為存在一整套資本結構：建築融資、期限債務、機構資金，因為現金流是合約化的，擔保品是真實的。那套結構在不動產上花了多年、可能十年才建立起來；而 AI 基礎設施正在以「月」與「季」的速度建立，因為具備相同要素：硬資產、合約化收入、機構型交易對手。

Blue Owl and PIMCO, like they're not bit-part players. They're the largest infrastructure lenders in the world, and they've now underwritten us, and we've got a dialogue at the highest levels there. But I think -- the analogy actually undersells it a bit because a building leased for a few decades at a few percent yield, like our contracts are paying back this compute investment in around two years with customers prepaying half the CapEx upfront.

Blue Owl 和 PIMCO 這些機構並不是小角色。他們是全球最大的基礎設施放款人，而他們現在已經為我們承作並核貸，我們也在最高層級與他們保持對話。但我認為—這個類比其實還低估了一點：一棟以幾個百分點殖利率出租數十年的大樓；而我們的合約大約在兩年內就能回收這筆算力投資，且客戶會預付一半的資本支出（CapEx）作為前期款。

So lenders can see their money back in really short time frames. And property finance never had economics like that. So I think whenever there's a new emerging market, like if the demand is real, the financing follows. It always has, whether it's for railway, for telecoms, for property, for power. And in terms of whether the demand is real, I think the customers are proving it. They're proving it with prepayments.

因此放款人能在非常短的時間內看到資金回收。而不動產融資從來沒有那樣的經濟性。所以我認為，只要有新的新興市場，只要需求是真實的，融資就會跟上。一直都是如此，無論是鐵路、電信、不動產或電力。至於需求是否真實，我認為客戶正在證明。他們用預付款在證明。

They're proving it with their end markets and their results and their revenue and their customer market traction. So the layer that hasn't really started and developed as much as the GPUs are the data centers. But in traditional speak, the data centers are actually the easier ones because they're more closely aligned to property and real-world infrastructure. And there is cash there. We know that, and it's waiting for us to pull the trigger, and we'll look more closely at that over the coming months.

他們也用其終端市場、成果、營收，以及客戶市場的牽引力來證明。所以相較於 GPU，尚未真正開始、也尚未充分發展的一層是資料中心。但用傳統的說法，資料中心其實更容易，因為它們更貼近不動產與實體基礎設施。而且那裡有資金。我們知道這點，資金正等著我們扣下扳機；我們會在接下來幾個月更仔細地評估。

That was our last question for today. I'd now like to turn the conference back to Dan for his closing comments.

這是我們今天的最後一個問題。我現在想把電話會議交回 Dan，請他做結語。

Thanks, operator. Thank you, everyone, for joining. So the short version of FY26, $4 billion of ARR contracted, $1 billion is operating today. Horizon 1 is being delivered to Microsoft. And as we've just touched on extensively, a funding model that's working efficiently at both ends of the credit spectrum. So all of this achieved on a fraction of the platform that we've got today.

謝謝，接線員。謝謝各位的參與。所以 FY26 的簡短版本是：已簽約的 ARR 為40億美元，其中10億美元目前已在營運中。Horizon 1 正在交付給 Microsoft。而且如同我們剛才深入談到的，一個在信貸光譜兩端都能高效率運作的資金模式。而這一切都是在我們目前平台規模的一小部分之上達成的。

And I guess, a shout out to the IREN team around the world and everyone who has joined us in recent months, Mirantis, Nostrum, a variety of broader players in the market, keep doing what you're doing. The plan doesn't change. We keep delivering capacity, we'll keep converting it into durable customer relationships, and we'll keep funding it with discipline. Thanks, everyone. We'll see you at the next results.

另外，我想向全球的 IREN 團隊以及近幾個月加入我們的每一位致意：Mirantis、Nostrum，以及市場上各式各樣更廣泛的參與者，請繼續保持你們正在做的事。計畫不變。我們會持續交付產能，持續把它轉化為長期穩健的客戶關係，並以紀律持續為其提供資金。謝謝各位。我們下次財報見。

Thank you for participation in today's conference. This does conclude the program. You may now disconnect.

感謝各位參與今天的會議。本次議程到此結束。您現在可以斷線。