IREN Limited (IREN) 2027 Q1 法說會逐字稿

Hello, and welcome to IREN's first quarter fiscal year 2027 results conference call. (Operator Instructions) I would now like to turn the call over to Mike Power, Vice President of Investor Relations. You may begin.

您好，歡迎參加 IREN 2027 會計年度第一季財報電話會議。(接線員指示) 現在我想把電話交給投資人關係副總裁 Mike Power。您可以開始了。

Thank you, operator. Good afternoon, and welcome to Ion's Q1 Fiscal 2027 Results Presentation. I'm Mike Power, Vice President 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 with an accompanying presentation.

謝謝，接線員。各位下午好，歡迎參加 Ion 2027 會計年度第一季業績簡報。我是投資人關係副總裁 Mike Power。今天與我一同出席電話會議的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網路直播方式進行，並搭配簡報資料。

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. These 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 on the Investor Relations section of our website and our SEC filings for more information.

透過電話撥入的與會者，可在我們的預備發言結束後，透過主持人選擇提問。我想提醒各位，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。更多資訊請參閱我們網站投資人關係專區所附簡報的第 2 頁，以及我們向 SEC 提交的文件。

During this call, we will present both GAAP and certain non-GAAP financial measures. Reconciliations of these measures to the most directly comparable GAAP measures are included in the appendix to today's earnings press release and the appendix to the accompanying presentation, both posted on the Investor Relations section of our website.

在本次電話會議中，我們將同時呈現 GAAP 以及若干非 GAAP 財務衡量指標。這些指標與最直接可比的 GAAP 指標之調節表，已收錄於今日盈餘新聞稿附錄及隨附簡報附錄中，兩者皆已張貼於我們網站的投資人關係專區。

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

接下來，我把電話交給 Dan Roberts。

Thanks, Mike. Good afternoon, everyone, and thank you for joining us. During the quarter, we signed new multiyear contracts, including with a leading frontier AI lab, taking revenue backlog to over $20 billion, 2/3 of it with investment-grade customers. We closed GPU financing, that with customer prepayments, funds more than 100% of the GPU CapEx for the Mackenzie deployments. We handed over Horizon 1 to Microsoft with NVIDIA Exemplar Cloud status.

謝謝，Mike。各位下午好，感謝各位加入我們。本季我們簽署了新的多年期合約，其中包括與一家領先的前沿 AI 實驗室合作，使營收積壓訂單（revenue backlog）提升至 200 億美元以上，其中三分之二來自投資級客戶。我們完成了 GPU 融資；加上客戶預付款，已為 Mackenzie 部署的 GPU 資本支出（CapEx）提供超過 100% 的資金。我們已將 Horizon 1 交付給 Microsoft，並取得 NVIDIA Exemplar Cloud 身分。

And finally, we advanced construction of new data center campuses across the globe, including our flagship 2-gigawatt Sweetwater hub. Compared to the last quarter, AI cloud revenue nearly tripled to $200 million. Operating ARR doubled to $1 billion, and adjusted EBITDA margin went from 14% to 29%.

最後，我們也推進全球各地新資料中心園區的建設，包括我們旗艦的 2 吉瓦 Sweetwater 樞紐。相較上一季，AI 雲端營收幾乎成長至三倍，達到 2 億美元。營運中 ARR 翻倍至 10 億美元，調整後 EBITDA 利潤率由 14% 提升至 29%。

One date has moved, so let me deal with it first. In July, we said more than $4 billion of operating ARR was targeted to be online by year-end. It's now January. Two reasons: one, a customer asked for a design change, which we agreed to, and it sits outside the original scope; and two, supplier timing. The data centers are practically done, and we're waiting for remaining equipment to arrive to finish commissioning.

有一個日期有所調整，我先說明。7 月時，我們表示目標是在年底前讓超過 40 億美元的營運中 ARR 上線。現在改為 1 月。原因有二：第一，客戶要求進行設計變更，我們同意了，而該變更不在原始範疇內；第二，供應商交期因素。資料中心幾乎已完工，我們正在等待剩餘設備到貨以完成啟用測試（commissioning）。

If suppliers deliver, we're targeting January. If they're late, as suppliers have been across the industry this year, it may run to the end of February. Building at this scale is complex and even more complex when you own every layer: land and power, data centers, compute and the people to bring it together. We've spent years building all of it. Today, we run three businesses, summarized on Slide 4 of our presentation.

若供應商如期交付，我們目標是 1 月。若供應商延遲——如同今年整個產業的情況——可能會延至 2 月底。以這樣的規模建設本就複雜；當你擁有每一層——土地與電力、資料中心、算力，以及把一切整合起來的人員——就更為複雜。我們花了多年打造這一切。目前我們經營三項業務，已在簡報第 4 頁彙總。

First, AI cloud, $1 billion of operating ARR today, more than $4 billion contracted and fully funded, ramping as the remaining capacity is commissioned. Second, the data centers, $6 billion of data center assets today, $10 billion targeted by June next year, 20-year assets that can carry several generations of compute, cash funded to date and unencumbered. Third and final, land and power, more than 30,000 acres across global markets, supporting both over 5 gigawatts of secured power and more than 35 gigawatts in development.

第一，AI 雲端：目前營運中 ARR 為 10 億美元，已簽約且資金完全到位的金額超過 40 億美元，隨著剩餘產能完成啟用測試而逐步爬坡。第二，資料中心：目前資料中心資產為 60 億美元，目標在明年 6 月達到 100 億美元；這些是可承載多代算力的 20 年期資產，迄今以現金出資，且未設定擔保負擔（unencumbered）。第三也是最後一項，土地與電力：在全球市場擁有超過 30,000 英畝土地，支撐超過 5 吉瓦的已確保電力，以及超過 35 吉瓦的開發中電力。

Many of those are early stage, and not all of them will convert to grid connection agreements. Securing land and power ahead of demand is what we've done since day one, and it's why the platform today spans three continents. Most companies do one of those three. We do all three, which keeps more of the economics with us, gives us more ways to fund growth and more control over delivery.

其中許多仍處於早期階段，並非全部都會轉化為電網接入協議。自創立第一天起，我們就一直在需求之前先行取得土地與電力，這也是為什麼我們的平台如今橫跨三大洲。多數公司只做這三者之一。我們三者皆做，這讓我們能保留更多經濟利益，提供更多資金支持成長的方式，並對交付有更高的掌控度。

Demand for compute hasn't slowed. Since quarter end, we've signed contracts at $22 million of annualized revenue per megawatt of IT load on a five-year term and in excess of $40 million per megawatt on a shorter duration contract. Importantly, the five-year agreement also includes a customer prepayment covering approximately 90% of the associated GPU CapEx. We've also expanded our AI cloud contract further with the same leading AI frontier lab and contracted H100s at double the original pricing. That's the pricing backdrop for contracting our Vera Rubin capacity.

對算力的需求並未放緩。自季末以來，我們已簽署合約：在五年期條款下，以每兆瓦 IT 負載年化營收 2,200 萬美元的價格；在較短期合約下，每兆瓦超過 4,000 萬美元。重要的是，該五年期協議亦包含客戶預付款，約可覆蓋相關 GPU 資本支出的 90%。我們也與同一家領先的前沿 AI 實驗室進一步擴大 AI 雲端合約，並以原始定價的兩倍簽下 H100 合約。這就是我們簽約 Vera Rubin 產能時所面對的定價背景。

Capital markets have become more selective in the last few weeks. And the questions have undoubtedly moved from how big the contract is to whether it can be delivered, financed and run at a profit. Those are the right questions, and this quarter for us answers them. Horizon 1 went from civils to an NVIDIA Exemplar validated GB300 cluster in about 14 months. JLL puts the global average at 18 months to build a 50-megawatt data center, and that's the building alone.

過去幾週，資本市場變得更為挑剔。問題也無疑從「合約有多大」轉向「是否能交付、能融資、並能以獲利方式營運」。這些都是正確的問題，而我們本季的表現給出了答案。Horizon 1 從土建工程到通過 NVIDIA Exemplar 驗證的 GB300 叢集，大約用了 14 個月。JLL 指出，全球平均需要 18 個月才能建成一座 50 兆瓦資料中心，而那還僅僅是建築本體。

We delivered the building and the cluster inside of four months faster than that benchmark. I'll come back to what that last stage involves. Operating capacity rose 127% in the quarter to 0.1 gigawatts. We raised $19 billion in the 12 months to September, including $6.5 billion of GPU financing since May at 6% to 9.5%. Our AI cloud ran at an 86% gross margin, in line with last quarter.

我們交付建築與叢集的速度，比該基準快了 4 個月以上。我稍後會再回到最後階段包含哪些工作。本季營運產能成長 127%，達到 0.1 吉瓦。截至 9 月的 12 個月內，我們籌集了 190 億美元資金，其中自 5 月以來完成 65 億美元 GPU 融資，利率為 6% 至 9.5%。我們的 AI 雲端毛利率為 86%，與上一季一致。

Now this is where IREN differs from a typical neocloud. We don't lease someone else's data center and carry the liability on our balance sheet. We secure the power, we develop the land, we build the infrastructure and we deploy the compute. Each deployment leaves us with long-term assets we own.

接下來這點是 IREN 與典型新型雲端（neocloud）不同之處。我們不租用他人的資料中心，並在資產負債表上承擔租賃負債。我們取得電力、開發土地、建設基礎設施並部署算力。每一次部署都會為我們留下我們所擁有的長期資產。

Owning the power, the land and the data centers also means we set the pace. We want to build as fast as demand allows, but we're not obligated to develop every site at once. The power is secured, and the data centers are ours, so we don't sign contracts or raise capital to cover lease payments. Investment and contracting decisions are made on risk-adjusted returns, financing conditions included.

擁有電力、土地與資料中心也意味著我們能掌握節奏。我們希望在需求允許的情況下盡可能快速建設，但我們並不必須同時開發每一個場址。電力已確保，資料中心也屬於我們，因此我們不需要為了支付租金而簽合約或募資。投資與簽約決策係以風險調整後報酬為依據，並將融資條件納入考量。

And the economics justify building. During the quarter, average revenue per megawatt on our 3- and 5-year contracts continued to increase, now supporting GPU paybacks of around 18 months or even lower depending on the level of customer prepayments. At Mackenzie, customer prepayments and GPU financing together covered more than 100% of the associated GPU CapEx. The contracts signed since quarter end reinforce that picture, attractive pricing alongside customers funding a substantial portion of the GPU CapEx.

而且從經濟性來看，建置是合理的。本季，我們在3年期與5年期合約上的每兆瓦平均營收持續上升，現在可支撐GPU回收期約18個月，甚至在客戶預付款水準較高時更短。在Mackenzie，客戶預付款與GPU融資合計已覆蓋相關GPU資本支出（CapEx）的100%以上。季後簽署的合約進一步強化了這一點：具吸引力的定價，同時客戶為GPU資本支出提供了相當大比例的資金。

And as we add capacity, we're strengthening how we deploy and how we operate it. Our work with NVIDIA and the Mirantis and k0rdent AI teams is improving how we provision, manage and support these environments. Existing customers are renewing and expanding with us. New logos are proving demand, and the renewals are proving ongoing delivery.

隨著我們擴增產能，我們也在強化部署方式與營運方式。我們與NVIDIA，以及Mirantis與k0rdent AI團隊的合作，正在改善我們如何佈建、管理並支援這些環境。既有客戶正在與我們續約並擴大合作。新客戶標誌（new logos）證明需求存在，而續約則證明我們持續交付的能力。

Now to delivery on the ground. Slides 13 and 14 of the presentation show progress site by site on our targeted expansion to 0.8 gigawatts by the end of '27 and data center expansion beyond that. The initial 0.3 gigawatts is in the final stages, and construction for further capacity is underway across six sites.

接著談現場交付進度。簡報第13與第14頁逐一展示各據點的進展，目標是在27年底前擴張至0.8吉瓦，並在此之後持續擴大資料中心規模。首批0.3吉瓦已進入最後階段，另外六個據點的後續產能建置也正在進行中。

That last mile is the most complex. It's the part you don't see from the drone photos. GPUs wrapped, miles of fiber pulled, whole clusters connected and tested and the data center business handing over to the AI cloud business. The expertise behind these deployments is also shaping the next generation of AI factories. Led by our Chief Innovation Officer, John Gross, we're working closely with NVIDIA to advance data center design and develop even faster ways to build.

最後一哩路最為複雜。這是你從空拍照片看不到的部分。GPU完成包裝、拉設數英里的光纖、整個叢集完成連接與測試，並由資料中心業務移交給AI雲端業務。支撐這些部署的專業能力，也正在塑造下一代AI工廠。在我們的首席創新長John Gross帶領下，我們正與NVIDIA緊密合作，推進資料中心設計並開發更快速的建置方式。

That work also means getting more out of the sites we already own, using power headroom within existing connections to support more compute. Mackenzie is the example, 100 megawatts of power secured, mass grading now started for new liquid cooled data centers, built to the same design we've already delivered.

這項工作也意味著要從我們既有的據點榨取更多效益，利用現有連線中的電力餘裕來支援更多運算。Mackenzie就是例子：已確保100兆瓦電力，新的液冷資料中心已開始大規模整地，採用我們已交付的同一套設計。

Slide 17 shows the pipeline behind the data center and AI cloud businesses I just described. Our development team keeps originating sites ahead of the next phase of growth. Those more than 30,000 acres span North America, Europe and Asia Pacific. That gives us choices about where we serve customers and where we progress sites as local conditions allow.

第17頁展示了我剛才描述的資料中心與AI雲端業務背後的案源管線。我們的開發團隊持續在下一階段成長之前提前取得據點。這些超過30,000英畝的土地橫跨北美、歐洲與亞太地區。這讓我們能在服務客戶的地點與依當地條件推進據點開發之間做出選擇。

We don't need every market to move at the same pace. Where we build is just as important as how we build. We focus on rural locations with appropriate setbacks from neighbors and engage with communities and regulators before progressing grid applications to understand local priorities from the outset. Our recently announced 900-megawatt Redbank site is a good example of this in Australia.

我們不需要每個市場以相同速度前進。在哪裡建置，與如何建置同樣重要。我們聚焦於鄉村地點，與鄰近住戶保持適當退縮距離，並在推進電網申請之前就與社區及監管機構溝通，從一開始就了解在地優先事項。我們近期在澳洲宣布的900兆瓦Redbank據點，就是很好的例子。

We hire locally, we work with local suppliers, and we prioritize bringing water to site for our closed-loop cooling systems to reduce reliance on local suppliers. We want our projects to bring lasting jobs and investment to these communities while respecting the needs of the people who live there. We're being deliberate about how we grow, contracts with customers who renew, returns that justify the capital and the financing attached to each deployment. With that, I'll hand over to Anthony to walk through the numbers and how we're funding the next phase.

我們在地聘用、與在地供應商合作，並優先將水引入場址，用於我們的封閉迴路冷卻系統，以降低對在地供應商的依賴。我們希望專案能為這些社區帶來長期的就業與投資，同時尊重當地居民的需求。我們在成長方式上採取審慎策略：與會續約的客戶簽約、取得足以支撐資本投入的報酬，以及為每次部署配置相應的融資。接下來我把時間交給Anthony，請他帶大家看數字以及我們如何為下一階段提供資金。

Thanks, Dan, and good evening, everyone, and thank you for your attendance. Starting with our results, we delivered another quarter of significant growth in AI cloud revenue, supported by continued execution. AI cloud revenue was $200 million for the September quarter, up 183% quarter-over-quarter, reflecting the continued deployment and monetization of our data center and GPU capacity. Total revenue was $228 million, up 66% quarter-over-quarter, with Bitcoin mining revenue falling to $28 million as we continue to actively decommission Bitcoin mining hardware ahead of GPU installations. We aim to substantially complete this transition by the end of this quarter.

謝謝你，Dan，各位晚安，也感謝各位出席。先從業績開始，我們在持續執行力的支撐下，再次交出AI雲端營收顯著成長的一季。9月季度AI雲端營收為2億美元，季增183%，反映我們持續部署並變現資料中心與GPU產能。總營收為2.28億美元，季增66%；比特幣挖礦營收降至2,800萬美元，因為我們在GPU安裝前持續積極汰除比特幣挖礦硬體。我們目標在本季末前大致完成這項轉型。

Gross margin before depreciation and amortization was 80%, up from 76% in the prior quarter as AI cloud revenue represented a larger share of total revenue. AI cloud gross margin before depreciation and amortization was 86%, consistent with the prior quarter. Adjusted EBITDA was $66 million, representing a margin of approximately 29% compared with 14% in the prior quarter. Operating expense, including SG&A and R&D, was $224 million, up $96 million quarter-over-quarter, reflecting an increase in cash operating expense of $33 million as we added the Mirantis operations from the middle of the quarter and continue to significantly expand headcount to support our growth and after stock-based compensation of $63 million.

折舊與攤銷前毛利率為80%，高於上一季的76%，因為AI雲端營收占總營收比重提高。AI雲端折舊與攤銷前毛利率為86%，與上一季一致。調整後EBITDA為6,600萬美元，約29%的利潤率，相較上一季的14%有所提升。營業費用（含SG&A與研發）為2.24億美元，季增9,600萬美元；其中反映我們自本季中段起納入Mirantis營運帶來的現金營運費用增加3,300萬美元，並持續大幅擴編人力以支援成長，另包含6,300萬美元的股票基礎薪酬。

After taking into account other items, including depreciation, amortization, financing costs and other expenses and income, that gave a net loss for the quarter of $263 million. The results demonstrate our ability to convert our infrastructure investments and customer commitments into revenue-generating operating capacity. As Dan mentioned, our 0.3 gigawatt expansion is nearing completion, with the associated ramp to more than $4 billion of operating ARR expected to extend into early 2027, primarily due to customer-requested design changes and supplier timing.

在考量其他項目（包括折舊、攤銷、融資成本以及其他費用與收入）後，本季淨損為2.63億美元。這些結果展現了我們將基礎設施投資與客戶承諾轉化為可產生營收之營運產能的能力。如Dan所提，我們的0.3吉瓦擴建接近完成，相關營運ARR提升至超過40億美元的爬坡期預期將延伸至2027年初，主要因客戶要求的設計變更與供應商時程所致。

We expect ARR to grow meaningfully beyond that level as additional capacity comes online through calendar year 2027. However, we're not providing a specific target at this stage as both the level of ARR and its timing will depend on the contracts that we sign and when capacity comes online and deployments are accepted.

隨著更多產能在2027曆年內上線，我們預期ARR將在此基礎上顯著成長。不過，現階段我們不提供具體目標，因為ARR的水準與時點將取決於我們簽署的合約，以及產能何時上線與部署何時驗收。

Now looking towards the December quarter specifically, we exited September with $1 billion of operating ARR, 1/4 of which we expect to recognize as revenue during the second quarter. We do not expect material revenue contribution from incremental Horizon and Mackenzie capacity, most of which will arrive late in December or early calendar year '27. For the December quarter, we expect cash operating expense, including SG&A and R&D, to increase approximately $50 million to $60 million sequentially.

再特別看12月季度，我們在9月期末的營運ARR為10億美元，其中四分之一預期將在第二季認列為營收。我們不預期新增的Horizon與Mackenzie產能會對營收有重大貢獻，因為其中大部分將在12月下旬或2027曆年初才到位。就12月季度而言，我們預期現金營運費用（含SG&A與研發）將較前一季再增加約5,000萬至6,000萬美元。

Before turning to balance sheet and funding, I'd like to spend a few minutes walking through recent contracting activity and how prepayments support our funding plan and generate enhanced paybacks and returns on our investments. As Dan covered, demand for our AI cloud services remains strong, and we're seeing attractive opportunities across hyperscalers, frontier AI labs and other customers.

在轉向資產負債表與資金籌措之前，我想花幾分鐘說明近期簽約活動，以及預付款如何支撐我們的資金計畫，並帶來更佳的回收期與投資報酬。如Dan所述，市場對我們AI雲端服務的需求仍然強勁，我們在超大規模雲端業者（hyperscalers）、前沿AI實驗室及其他客戶方面都看到具吸引力的機會。

During the quarter, three-year pricing was at $19 million to $23 million per megawatt of IT load and five-year pricing at approximately $17 million. And as Dan noted, after the quarter end, we have signed contracts at $22 million to $40 million per megawatt. This demand backdrop gives us the ability to be selective about the contracts we sign and how we structure them.

本季三年期定價為每兆瓦IT負載1,900萬至2,300萬美元，五年期定價約為1,700萬美元。如Dan所提，季後我們已簽署每兆瓦2,200萬至4,000萬美元的合約。在這樣的需求背景下，我們有能力對簽約對象與合約結構採取更具選擇性的策略。

Customer prepayments are an important part of our model. As Dan mentioned, some recent contracts have included customer prepayments representing up to 90% of associated GPU CapEx. Prepayments reduce upfront funding requirements and help align capital deployment with contracted demand. Combined with equipment financing, they can substantially reduce the amount of corporate capital required for deployment and reduce the cash payback period on total investment.

客戶預付款是我們模式的重要一環。如Dan所述，近期部分合約包含客戶預付款，最高可達相關GPU資本支出（CapEx）的90%。預付款可降低前期資金需求，並有助於使資本部署與已簽約需求對齊。搭配設備融資後，可大幅降低部署所需的公司資本投入，並縮短總投資的現金回收期。

The table on Slide 9 of the accompanying presentation illustrates this point for a hypothetical 1-megawatt liquid cooled deployment for around $60 million of CapEx, 1/3 for the data center and 2/3 for GPUs, and customer prepayments of 0% to 90% of the GPU costs. On a five-year contract of $20 million per megawatt and with the prepayment covering 50% of GPU CapEx, we get a payback on the GPUs of 18 months. And if we include the cost of the data centers, the payback is around three years.

隨附簡報第 9 頁的表格以一個假設的 1 兆瓦液冷部署為例說明此一觀點：資本支出（CapEx）約 6,000 萬美元，其中 1/3 用於資料中心、2/3 用於 GPU，且客戶就 GPU 成本的預付款比例介於 0% 至 90%。在每兆瓦 2,000 萬美元、為期五年的合約下，若預付款涵蓋 GPU CapEx 的 50%，我們可在 18 個月內收回 GPU 的投資。若再納入資料中心成本，回收期約為三年。

These are illustrative, and deal economics and payback periods will ultimately vary by customer, hardware and contract structure. But it shows that our focus is not simply on how much revenue we can track, it's on how efficiently we can fund that revenue and the returns it generates.

以上僅為示意；交易經濟性與回收期最終將因客戶、硬體與合約結構而異。但這顯示我們的重點不只是能追蹤多少營收，而是我們能以多高效率為該營收提供資金，並取得其所帶來的報酬。

Now turning to the strength of the balance sheet. At September 30, we had $20.6 billion of total assets, including $12.3 billion of property, plant and equipment. That includes $6 billion of unencumbered data center assets. Cash totaled $5.8 billion, including $2.3 billion of restricted cash set aside primarily to finance GPU deployments. Total debt was $10.2 billion, largely in low coupon convertible notes and with maturities concentrated in 2032 and beyond.

接著談資產負債表的強度。截至 9 月 30 日，我們總資產為 206 億美元，其中包含 123 億美元的不動產、廠房及設備。其中包括 60 億美元未設定擔保的資料中心資產。現金合計 58 億美元，其中包含 23 億美元的受限制現金，主要用於為 GPU 部署提供融資。總負債為 102 億美元，主要為低票息可轉換公司債，且到期日集中於 2032 年及其後。

Over the 12 months to September 30, we secured $19 billion of funding across a range of sources, including customer prepayments and secured GPU financing. Taking into account the balance of this financing, which is yet to be drawn down, we have a total of approximately $9 billion of cash and undrawn commitments to fund growth.

在截至 9 月 30 日的 12 個月內，我們透過多元來源取得 190 億美元資金，包括客戶預付款與以 GPU 作擔保的融資。考量其中尚未動用的融資餘額，我們合計約有 90 億美元的現金與未動用承諾，可用以支持成長。

In terms of outlook for CapEx, we spent a total of approximately $5 billion in the quarter. Our planned CapEx for the remainder of the fiscal year is approximately $15 billion. This is down from the prior estimate, reflecting the flexibility to pace data center and GPU CapEx. So with cash and committed funding sources of $9 billion, that leaves $6 billion additional planned CapEx to be funded.

就資本支出（CapEx）展望而言，本季我們合計支出約 50 億美元。本會計年度剩餘期間的規劃 CapEx 約為 150 億美元。此數字較先前估計下調，反映我們可彈性調整資料中心與 GPU CapEx 的投入節奏。因此，在 90 億美元現金與已承諾資金來源之下，仍有 60 億美元的額外規劃 CapEx 需要籌資。

With this updated plan, we expect to see deployments of Childress's air cooled capacity spread across calendar year 2027, which were previously expected to be more front-loaded. We will target additional investments in support of longer-term capacity targets, and we'll continue to adjust our plan based on a range of factors, including the fundraising environment, contracting and customer requirements and other factors. As Dan noted, that's the strength of our vertically integrated model, which gives us maximum flexibility to adjust our planning to different conditions.

依據此更新後的計畫，我們預期 Childress 的氣冷產能部署將分散於 2027 曆年進行；先前預期會更偏向前期集中。我們將鎖定額外投資以支持更長期的產能目標，並將持續依多項因素調整計畫，包括募資環境、簽約與客戶需求及其他因素。如 Dan 所提，這正是我們垂直整合模式的優勢，使我們能以最大彈性因應不同情況調整規劃。

Now turning to the funding plan. As shown on Slide 19 of the presentation, with $10 billion of unencumbered data center assets projected at the end of FY '27 and $6 billion of unencumbered GPUs before further secured financing and cash flows supported by multiyear contracts with high-quality customers, 2/3 of our backlog being Microsoft and NVIDIA as investment-grade counterparties, that gives us substantial funding options across data center financing, GPU prepayments and financing and other corporate-level initiatives. Indicatively, $12 billion to $15 billion is against the $6 billion to be funded. And that's in addition to other capital market sources such as convertibles and equity, which leaves us very well placed to fund our fiscal year '27 growth and beyond.

接著談資金規劃。如簡報第 19 頁所示，預計在 27 財年末我們將有 100 億美元未設定擔保的資料中心資產，以及在進一步的擔保融資之前有 60 億美元未設定擔保的 GPU；再加上由與高品質客戶簽訂多年期合約所支持的現金流，且我們積壓訂單（backlog）的 2/3 來自作為投資級對手方的 Microsoft 與 NVIDIA，這使我們在資料中心融資、GPU 預付款與融資，以及其他公司層級計畫上擁有相當充足的資金選項。概略而言，可動用資金約 120 億至 150 億美元，對應需籌資的 60 億美元。此外，還有可轉債與股權等其他資本市場來源，使我們在為 27 財年及其後的成長提供資金方面處於非常有利的位置。

Touching on a few aspects of our plans more specifically regarding our data center financing priorities. As you would expect, a near-term focus will be Horizons 1 to 4, which service the Microsoft contract. We continue to advance a number of parallel initiatives, taking into account its advanced stage of construction and delivery, the underlying AAA-rated cash flows for the Microsoft contract and the high-quality long-term physical infrastructure.

再更具體談幾項與資料中心融資優先順序相關的計畫。如各位所預期，短期重點將放在服務 Microsoft 合約的 Horizons 1 至 4。我們持續推進多項並行方案，並考量其施工與交付已進入較成熟階段、Microsoft 合約所對應的 AAA 評級現金流，以及高品質的長期實體基礎設施。

From a GPU perspective, as previously discussed, prepayments will continue to be a core pillar of our overall funding strategy. Across the portfolio, we are targeting total financing for GPU CapEx, including prepayments, of 90% of associated GPU CapEx. This is consistent with our previously announced investment-grade and noninvestment-grade GPU financings, where we secured funding of circa 95% and greater than 100%, respectively.

就 GPU 而言，如先前所述，預付款將持續作為我們整體資金策略的核心支柱。在整體組合中，我們目標是讓 GPU CapEx 的總融資（含預付款）達到相關 GPU CapEx 的 90%。這與我們先前公布的投資級與非投資級 GPU 融資一致：前者我們取得約 95% 的資金，後者則取得超過 100% 的資金。

In terms of our near-term priorities for GPU financing, we have advanced work streams underway for the Childress air cooled deployments. These will be anchored by the NVIDIA and leading lab contracts, the latter of which was recently expanded. In addition to data center and GPU financing activities, you can expect other corporate level initiatives over time, and we will continue to maintain an appropriate balance of debt and equity funding as the platform scales.

就近期 GPU 融資優先事項而言，我們已針對 Childress 的氣冷部署推進多條工作線。這些將以 NVIDIA 與領先實驗室的合約作為支柱；其中後者近期已擴大。除資料中心與 GPU 融資活動外，隨時間推進，各位也可預期我們將展開其他公司層級的計畫；並且隨著平台規模擴大，我們將持續維持債務與股權資金之間的適當平衡。

In closing, this quarter showed our ability to convert infrastructure investment and customer commitments into operating capacity and high-margin revenue, and we feel very well placed to continue to scale the business with the ability to tailor our growth to external conditions. With that, I'll turn it back to Dan.

最後總結，本季展現了我們將基礎設施投資與客戶承諾轉化為營運產能與高毛利營收的能力；我們也認為自己處於非常有利的位置，能持續擴大業務規模，並具備依外部環境調整成長步調的能力。接下來我把時間交回給 Dan。

Thanks, Anthony. So where I started on delivery. We're delivering across three layers of our business: securing land and power, building data centers and bringing AI cloud capacity into service. By June next year, we expect to have $25 billion of data center and GPU assets. We raised $19 billion in the 12 months to September.

謝謝，Anthony。回到我一開始提到的交付。我們在業務的三個層面同步交付：取得土地與電力、建置資料中心，以及讓 AI 雲端產能投入服務。到明年 6 月，我們預期將擁有 250 億美元的資料中心與 GPU 資產。在截至 9 月的 12 個月內，我們籌集了 190 億美元。

The capacity behind the more than $4 billion of ARR is fully funded. The additional $6 billion of planned expansion CapEx sits against $12 billion to $15 billion of sources before converts or equity.

支撐超過 40 億美元年度經常性收入（ARR）的產能已全數完成資金到位。額外規劃的 60 億美元擴張 CapEx，對應在可轉債或股權之前的 120 億至 150 億美元資金來源。

We also have the flexibility to pace or accelerate that investment. We'll keep building the contracts, funding, and returns justify it. The next milestone for us is the more than $4 billion of operating ARR. It's funded, and it's targeted for January. Thank you for joining us.

我們也具備彈性，可放慢或加速該投資。只要合約、資金與報酬能夠支撐，我們就會持續建置。我們下一個里程碑是超過 40 億美元的營運中 ARR。這部分已完成資金到位，目標是在 1 月達成。感謝各位參與。

We're happy to take your questions.

我們很樂意回答各位的問題。

(Operator Instructions) Paul Golding, Macquarie.

(接線員指示) Paul Golding，Macquarie。

Congrats on all the progress and the new leasing. I wanted to ask, there's been a lot of press around the delivery of the Microsoft capacity. And I was wondering, Dan, if you could give any additional color there on some of the dynamics you discussed in the prepared remarks, maybe parse out how much of the supplier delay related to the change orders or if they're unrelated? And just any other clarity around some of that commentary we've been hearing in the marketplace?

恭喜你們取得所有進展以及新的租賃。我想請教，近期媒體對於 Microsoft 產能交付有很多報導。我想問 Dan，你是否能就你在事先準備的發言中提到的一些動態補充更多細節？例如能否拆解一下供應商延遲有多少與變更單（change orders）相關，或兩者其實無關？以及對於我們在市場上聽到的一些評論，是否能提供任何其他更清楚的說明？

Thanks, Paul. Absolutely. So as we announced back in August, Horizon 1 was handed over to Microsoft. And subsequent to that, they made a request to reconfigure it, upgrade some of the network infrastructure. And the purpose of that was really to enable the 200 megawatts of capacity to service these latest generation frontier models.

謝謝，Paul。當然可以。如同我們在 8 月宣布的，Horizon 1 已交付給 Microsoft。在那之後，他們提出重新配置的要求，並升級部分網路基礎設施。其目的主要是讓 200 兆瓦的產能能夠支援這些最新一代的前沿模型。

And not everything -- this market moves very quickly, right? So signing the contract back in 2025, not everything was contemplated. So look, we said yes. Of course, no problems. We're here to say yes to customers, not no.

而且並非所有事情——這個市場變化非常快，對吧？所以在 2025 年簽署合約時，並沒有把所有情況都納入考量。所以你看，我們說可以。當然，沒有問題。我們在這裡是對客戶說「可以」，不是說「不行」。

As a result, there will be a small delay. We're targeting January, as we noted in the release. It does depend on supplier timing, and it's been a tough year for suppliers and reliability of delivery. So there is every chance that moves to the end of February.

因此，會有一點小幅延遲。如同我們在公告中提到的，我們目標是 1 月。這確實取決於供應商的時程，而對供應商而言，今年在交付可靠性方面是艱難的一年。所以很有可能會延到 2 月底。

But in terms of the construction progress, we're in a good spot, and Horizon 2 is built. Power's on at the rack in all three halls, the GPUs are racked, the fiber's in, deal is actually commissioning now. So there's one integrated test there. Horizon 3 has got all the GPUs on site, all three halls energized. Horizon 4's GPUs are delivering in the coming weeks.

但就施工進度而言，我們目前狀況良好，Horizon 2 已經建好。三個機房廳的機櫃都已通電，GPU 已上架，光纖也已到位，專案其實正在進行試運轉（commissioning）。所以那邊有一項整合測試。Horizon 3 的所有 GPU 都已到場，三個機房廳也都已送電。Horizon 4 的 GPU 將在未來幾週交付。

So yes, we have noticed the speculation, but it's a great relationship. I think in some ways, it's a testament to the relationship and the business model that we were able to pivot and be flexible around this network infrastructure. So I'll give you one example. If we were a different type of business where we're an asset-light neocloud with a colocation partner, I'm not sure Microsoft would have made the same request because as a cloud provider, you would then need to go back to your colocation provider and ask for those changes.

所以是的，我們注意到外界的揣測，但這是一段很棒的合作關係。我想在某些方面，這也證明了這段關係與商業模式：我們能夠因應並在這套網路基礎設施上保持彈性、快速轉向。我舉個例子。如果我們是另一種型態的企業，例如資產輕量的新型雲（neocloud）且搭配機房代管（colocation）夥伴，我不確定微軟會提出同樣的要求，因為作為雲端供應商，你就必須回頭找你的代管夥伴，請他們做出那些變更。

So look, at 31 December, would we love to hit it? Absolutely. Very close, but it's looking like it will be January, potentially February, depending on supply performance.

所以你看，12 月 31 日能達成的話，我們會不會很想達成？當然。非常接近，但看起來會落在 1 月，甚至可能是 2 月，取決於供應表現。

I just wanted to follow up just on those points, if I may. What -- how should we think about the CapEx per megawatt then as it relates to maybe some of this upgraded networking gear? Is that equation changing at all in terms of that 14 to 16? Or is this something that we might expect to be more pervasive across the leasing that's already been done in terms of change orders? How should we think about that?

如果可以的話，我想就這些點再追問一下。那麼就每兆瓦的資本支出（CapEx）而言，面對這些升級後的網路設備，我們應該怎麼看？在 14 到 16 這個區間上，這個等式有任何改變嗎？或者，這是否會更普遍地出現在已經完成的租賃中，以變更單（change orders）的形式發生？我們應該怎麼理解？

And any -- the tenant responsibility to cover any change orders along those lines?

另外——承租方是否需要負責承擔這類變更單的費用？

So the CapEx -- the incremental CapEx associated with the network upgrade is entirely immaterial against the backdrop of the CapEx for the broader cluster. We're talking new cables, labor and just a different methodology in terms of implementation. So I wouldn't get caught up on that.

所以資本支出——與網路升級相關的增量資本支出，放在整個叢集（cluster）的資本支出背景下看，完全不具重要性。我們談的是新線材、人工，以及在導入方式上採用不同的方法。所以我不會在這上面鑽牛角尖。

In terms of what it gives us is it's effectively upgrading the full 200 megawatts for those latest-generation cutting-edge use cases. And also importantly, I should have mentioned, we're then compounding that learning into all our other sites under construction. So I guess this is a benefit of kind of being at that leading edge delivering. We've always said you need to be doing things to learn how to do things in a way. So the more you do, the more you learn, the more those learnings compound and roll into the platform more broadly, which is what we're seeing at the moment.

就它帶來的效益而言，等於是把整個 200 兆瓦都升級到可支援最新一代、最前沿的使用情境。而且同樣重要的是，我剛才應該也要提到，我們也會把這些學習成果複製到我們其他正在施工的場址。所以我想這就是站在交付最前沿的好處。我們一直說，你必須去做，才能學會怎麼做。所以你做得越多、學得越多，這些學習就會累積並滾動到更廣泛的平台上，而這正是我們目前看到的情況。

Brett Knoblauch, Cantor Fitzgerald.

Brett Knoblauch，Cantor Fitzgerald。

Maybe to start, there's been a lot of talk recently about kind of modular data centers. And I'm curious if you guys are looking into that at any one of your sites that span across the globe? I know NVIDIA is coming out with their own modular products. A peer, I think, is some powered land lease for that product, if I had to guess. Is that something you're looking? Or do you guys want kind of your own design and build? Or are you flexible on that?

或許先從這裡開始：最近有很多人在談所謂的模組化資料中心。我很好奇，你們是否在全球各地的任何一個場址研究這件事？我知道 NVIDIA 正在推出他們自己的模組化產品。我猜有一家同業可能是為了那個產品做了某種帶電土地租賃（powered land lease）。這是你們正在看的方向嗎？還是你們想要自己的設計與建造？或者你們在這方面是有彈性的？

This is something we've actually been looking into for quite some time. And we've got dedicated teams internally, specifically set up in the last nine months who are dedicated to construction methodologies and making things quicker and easier. And central to that is a couple of key concepts. One is modularization and the ability to plug and play more components on site. So having that standardized methodology, standardized supply chain so that it does become more plug-and-play and moving a lot of the construction offsite into factories where it's more scalable.

其實我們研究這件事已經有一段時間了。而且我們內部有專責團隊，特別是在過去九個月成立，專注於施工方法學，讓事情更快、更容易。其中有幾個關鍵概念是核心。其中之一是模組化，以及在現場能夠更「即插即用」地安裝更多元件的能力。也就是建立標準化的方法、標準化的供應鏈，讓它更能即插即用，並把大量施工從現場移到工廠，在那裡更具規模化。

So the modular design is something that we've been looking at for quite some time. We've got a very close relationship with NVIDIA, as you'll be well aware. We're talking to them about the different designs. Whether or not that specific modular design is implemented the way that has been presented is something we're working through, but certainly, the concepts and the overall North Star of trying to make construction simpler, quicker, easier, reduced labor requirements on site is absolutely where the industry and we are heading.

所以模組化設計是我們已經研究相當久的方向。我們與 NVIDIA 的關係非常緊密，這點你們也很清楚。我們正在和他們討論不同的設計。至於是否會以目前所呈現的方式導入那個特定的模組化設計，我們仍在評估推進中；但可以確定的是，這些概念以及整體的「北極星」（North Star）——讓施工更簡單、更快速、更容易、降低現場人力需求——絕對是產業以及我們前進的方向。

And then I guess if I could just follow up on how you guys are thinking about maybe contract duration? I know you guys are signing maybe a barbell approach, long-short pricing, and economics kind of vary between the both. But in this environment where funding is a concern, is having more IG-backed customers an emphasis for you? Or do you not view it that differently if you're signing deals with customers that are prepaying for the entirety of the CapEx in some cases.

另外我想追問一下，你們如何看待合約期限？我知道你們可能採取槓鈴策略（barbell approach），長短期定價並行，而兩者的經濟性也有所不同。但在這個資金籌措成為顧慮的環境下，擁有更多由投資等級（IG）背書的客戶，是否是你們的重點？或者如果你們與客戶簽的交易在某些情況下是預付全部 CapEx，你們就不會把它看得那麼不同？

Good question. The answer is both. They're not mutually exclusive, and you alluded to the barbell approach. So we've got a $20 billion backlog of customer contracts at the moment. And it's been very deliberately constructed where 2/3 of that is investment-grade.

好問題。答案是兩者都是。它們並不互斥，而你也提到了槓鈴策略。所以我們目前有 200 億美元的客戶合約在手訂單（backlog）。而且這是非常刻意建構的，其中 2/3 是投資等級。

So we're talking the likes of Microsoft, NVIDIA, $4 trillion credits standing behind that. And then, yes, there is a portion that is a lower credit, but they tend to go hand in hand with higher prepayments, as you mentioned, it is central to our broader strategic objective of servicing the broader ecosystem.

所以我們談的是像微軟、NVIDIA 這類，背後有 4 兆美元信用實力支撐。然後，是的，也有一部分信用等級較低，但如你所提，通常會搭配較高的預付款；這也是我們更廣泛策略目標的核心——服務整個生態系。

So we're very happy with the investment-grade counterparties. We've got a fantastic relationship with Microsoft, a really good relationship with NVIDIA, and we'd love to continue servicing their requirements. But equally in parallel, we've said for quite some time, it's important to be servicing the broader ecosystem.

所以我們對投資等級的交易對手非常滿意。我們與微軟有非常棒的合作關係，與 NVIDIA 也有非常良好的關係，我們也很希望持續滿足他們的需求。但同時並行地，我們也已經說了相當久：服務更廣泛的生態系同樣重要。

So I feel like we've constructed that customer book deliberately and in a position that leaves us in a good spot today where we've got forecast $25 billion in data center and GPU assets at 30 June next year against that sort of credit profile, which dovetails into the financing and how we look to grow from here.

所以我覺得我們是刻意地建構這本客戶組合，讓我們在今天處於一個很好的位置：在明年 6 月 30 日，我們預估將擁有 250 億美元的資料中心與 GPU 資產，並且搭配這樣的信用結構；這也與融資以及我們接下來如何成長的思路相互契合。

Joseph Vafi, Canaccord Genuity.

Joseph Vafi，加拿大豐業證券（Canaccord Genuity）。

Terrific results. Totally appreciate your comments, Dan, about the vertical integration here and your ability to dial up or dial down development and rollout. Just maybe against that backdrop, could you provide maybe some color on things that you look at in the market that may gate your development -- pace of development, maybe things that you look at that might result in you dialing it down or dialing up pace of development of supply chain financing, demand, ability to physically develop the infrastructure or other things?

成果非常亮眼。Dan，非常感謝你對此處垂直整合以及你能夠上調或下調開發與部署節奏的評論。在這樣的背景下，你能否多分享一些你們在市場上會觀察哪些因素來作為開發的「關卡」——例如開發速度，或哪些因素會讓你們放慢或加快供應鏈融資的開發節奏、需求、實體基礎設施的建置能力或其他因素？

Thanks, Joe. So we've been chatting since our IPO five years ago, almost to the date, coming up. And I think what we've seen over that time in the three years of our history prior to that is we've continued to build up this asset base with a strong foundation for the long term. This is when there's never short-term vision. It was founded eight years ago with a long-term vision around this digital exponential demand for compute.

謝謝你，Joe。我們自五年前IPO以來一直在交流，幾乎就快到同一天了。我認為我們在那段期間，以及在此之前三年的公司歷史中所看到的是：我們持續建立這個資產基礎，為長期打下堅實根基。這裡從來沒有短期視角。公司在八年前成立時，就以長期願景為核心，聚焦於數位化帶來的、呈指數成長的算力需求。

So we thought it appropriate today to disclose a little bit more about that development portfolio. So we've got 30,000 acres of land now secured globally underpinning 5 gigawatts of secured grid connection and another 35 gigawatts of prospective grid connections. And every layer has been built on top of every preceding layer.

因此我們認為今天適合多揭露一些關於該開發投資組合的資訊。我們目前在全球已取得3萬英畝土地，支撐5吉瓦已確保的電網接入容量，另有35吉瓦的潛在電網接入容量。而且每一層都是建立在前一層之上。

So there's the land and power. We then have cash funded, every bit of our data centers to date, not an ounce of debt against it. So it's cash funded, $6 billion today, forecast to go to $10 billion by 30 June. And then we buy the GPUs on top of that.

先是土地與電力。接著，我們迄今為止的每一座資料中心都是以現金出資建置，完全沒有任何債務。也就是說，以現金出資，目前規模為60億美元，預計到6月30日將達到100億美元。然後我們再在其上採購GPU。

And the benefit of this model is we aren't a WeWork business model in the sense we're not sitting in between a provider of infrastructure and a user of the compute that leverages that infrastructure. And because we own and control our own destiny. And I know these are words that you've heard many times over the last five years.

這個模式的好處在於，我們不是WeWork那種商業模式——也就是夾在基礎設施供應商與使用該基礎設施的算力用戶之間。因為我們擁有並掌控自己的命運。我知道，這些話你在過去五年已經聽過很多次了。

We are in full control. We can flex up, we can flex down. And this goes to global diversification of projects, being able to throttle up and down depending on the local environment. It goes to availability of capital, it goes to strength of demand.

我們完全掌控。我們可以彈性上調，也可以彈性下調。這也關乎專案的全球多元化，能夠依據各地環境來調節快慢。也關乎資本可得性，以及需求的強勁程度。

And then I think that's a really good segue just to comment on the market environment that we're seeing. It's actually incredible when we look at how the markets are behaving, but then look at what's happening at the customer level and the actual substance and fundamentals of our business model. But the demand -- I know we tend to say this each quarter, but I will reiterate it again. It has never been stronger.

我認為這正好銜接到我們對目前市場環境的看法。當我們觀察市場的表現，再對照客戶端正在發生的事情，以及我們商業模式的實質內容與基本面，真的非常不可思議。但需求——我知道我們每一季都會這麼說，但我還是要再重申一次。需求從未如此強勁。

And as we just announced, these are deals that were signed this week. So this isn't old information. We just had a customer agree to fund 90% of the GPU CapEx. We signed a short-term deal at $40 million per megawatt. We had one of the leading frontier AI labs, the same one we announced previously a couple of months ago, expand their capacity again.

而且如同我們剛剛宣布的，這些都是本週簽下的交易。所以這不是舊資訊。我們剛有一位客戶同意出資90%的GPU資本支出（CapEx）。我們簽了一筆短期合約，價格為每兆瓦4,000萬美元。我們也讓一家領先的前沿AI實驗室——就是我們幾個月前曾宣布過的同一家——再次擴充其容量。

And also, I think it's worth noticing that we have some older generation H100s where we just recontracted those old units at double the original pricing. So the demand for compute, the supply issues that we're all seeing is creating this exceptional opportunity as underlying business level. And the dislocation with financial markets is really stark at the moment. And I guess the benefit of our model is we can be patient, we can work through these market dynamics and be ready to flex up our growth once the financial markets recorrect.

另外，我認為也值得注意的是，我們有一些較舊世代的H100，我們剛把那些舊機組重新簽約，價格是原本的兩倍。因此，算力需求以及我們都看到的供給問題，正在在底層業務層面創造出這個絕佳機會。而金融市場的錯位目前非常明顯。我想我們模式的好處在於：我們可以保持耐心，穿越這些市場動態，並在金融市場回歸修正時，準備好彈性加速成長。

(Operator Instructions) Greg Lewis, BTIG.

（接線員指示）Greg Lewis，BTIG。

I did have a question, and Daniel, I think you were talking about it, alluding to it with the flexibility around the spending. But kind of as we look at what -- where CapEx for fiscal year '27 stands today, it's come down from the previous quarter, which looks to be down from the quarter before that. So just kind of -- like as we think about that flexibility around the CapEx, what's kind of driving that? And if you could provide some more color around why that looks like it's ticking down for this year?

我有個問題，Daniel，我想你剛才有提到、也暗示了支出方面的彈性。但就我們來看——目前2027財年的資本支出（CapEx）水位，相較上一季已經下修，而看起來又比再前一季更低。所以就CapEx彈性而言，背後主要是什麼在驅動？以及你能否多補充一些，為什麼今年看起來是在往下走？

Good question. And it absolutely is ticking down. We have deliberately flexed it down. And it's not because we want to. It's because -- and it's not because we need to because of a lack of growth opportunities.

好問題。而且確實是在往下走。我們是刻意把它下調的。並不是因為我們想這麼做。也不是因為我們因缺乏成長機會而不得不這麼做。

The demand is there. The customers are there. The sites, the 30,000 acres, the 5 gigawatts of secured power, all the ingredients are there. It's purely and simply financial markets in the current state. And capital needs to be respected in the current environment, and we're not going to grow at all costs. We're going to find that middle ground based on the availability of funding, the cost of funding to throttle that growth curve.

需求在。客戶在。場址、3萬英畝土地、5吉瓦已確保電力——所有要素都具備。純粹就是當前金融市場的狀態。在目前環境下必須尊重資本，我們不會不計代價地成長。我們會依據資金可得性、資金成本，找到中間的平衡點來調節那條成長曲線。

As we noted in the deck in our prepared remarks, we don't sign 20-year colocation agreements where we've got a 20-year liability. We don't -- we haven't signed $100 billion TCV contracts with AI labs. We haven't signed up to tens and tens of billions of GPU CapEx and created this business model where we need to go and raise money at all costs. In fact, that perception around a neocloud in inverted commerce, I feel like we're diametrically opposed in terms of our core underlying business model, which has been constructed literally from the ground up, the land, the power, the data centers, cash-funded.

如同我們在簡報與事先準備的發言中提到的，我們不簽20年的機房代管（colocation）協議，讓自己背上20年的負債。我們也沒有——我們沒有與AI實驗室簽下總合約價值（TCV）達1,000億美元的合約。我們也沒有承諾數百億、數百億美元的GPU資本支出，打造出一種必須不計代價去募資的商業模式。事實上，市場對所謂「新雲」（neocloud）與倒置商業（inverted commerce）的那種看法，我覺得我們在核心底層商業模式上幾乎是完全相反的；我們的模式真的是從零開始建構：土地、電力、資料中心，且以現金出資。

And the strength and resilience of that platform allows us to ride the volatility in financial markets, but be poised to capitalize when it returns. And it's a pity because the demand signals are there. As I mentioned, all those data points are this week, like this is live. So what's happening at the business level is very disconnected from what we're seeing in the market.

而這個平台的強度與韌性，使我們能夠承受金融市場的波動，同時在市場回暖時蓄勢待發、把握機會。這其實很可惜，因為需求訊號都在。如我所說，所有那些數據點都是本週發生的——這是即時的。所以在業務層面正在發生的事情，與我們在市場上看到的狀況是非常脫節的。

Yes. No, that's super helpful. And then, I mean, you alluded to the strength in GPU pricing, even for the H100, spot on. I'm curious, can you share any details around the contract durations and maybe some of these recontracting that you're seeing with some of your GPUs?

是的。不，這非常有幫助。另外，你也提到GPU定價的強勢，即便是H100也一樣，完全切中要點。我很好奇，你能否分享一些合約期限的細節，以及你們在部分GPU上看到的重新簽約情況？

Yes, I'm happy to jump in with some additional detail there. And obviously, we don't comment specifically on individual contracts, but --

可以，我很樂意在這裡補充一些細節。當然，我們不會針對單一合約做具體評論，但——

No, a broad range is fine.

不，範圍廣一些也沒問題。

Yes. I mean, the reference that Dan gave on the H100s to doubling the price that they were previously being leased out, that is now for a multiyear term that, that additional pricing has been locked in for. So yes, it's not that we were able to double capacity by selling on an ultra short-term contract. This is genuine long-term contracting for those H100s that has still resulted in a doubling in price. And as Dan alluded to, I mean, that is just indicative of the strength of the market at the moment and the level of demand that there is.

是的。我的意思是，Dan 提到的 H100 參考案例——相較於先前出租的價格翻倍——現在是以多年期的合約來承作，而那部分額外的定價也已經在該多年期內鎖定了。所以是的，並不是我們靠著超短期合約就能把容量翻倍。這些 H100 是真正的長期簽約，但仍然帶來了價格翻倍的結果。而且如同 Dan 所暗示的，這也只是反映了目前市場的強勁，以及現階段需求的水準。

(Operator Instructions) Michael Donovan, Compass Point.

(接線員指示) Michael Donovan，Compass Point。

Going back to your commentary on flexing. When looking at your sites, how are you thinking about prioritizing sites such as Oklahoma and Spain, if financing is the governor?

回到你對於彈性調整（flexing）的評論。在檢視你們的各個場址時，如果融資是主要限制因素，你們會如何思考像奧克拉荷馬與西班牙這類場址的優先順序？

So there's a portfolio of sites, obviously. Our philosophy and mentality has always been cheaper call options, without that sounding the wrong way. So it's about building optionality on top of a strong foundation. And what you find is through the value creation curve, all the way from development of land and power through to buying the computers, there is an inverse correlation between time and the amount of money you need to spend to preserve that time to compute that we keep talking about.

顯然我們有一個場址組合。我們的理念與心態一直是「便宜的買權」，希望這樣說不會讓人誤解。也就是在穩固基礎之上建立更多選擇權。你會發現，沿著價值創造曲線，從土地與電力的開發一路到採購電腦，在我們一直談的「保留取得算力的時間」這件事上，時間與你需要投入的資金規模之間呈現反向關係。

And to be a bit more specific around that, keeping projects ticking along is cheap. And then it starts to get more expensive. So signing a land option is relatively cheap, buying the land is relatively cheap. Building money on -- spending money on a grid connection then becomes a little bit more. Civils, land clearing, laying down concrete foundations. You can see how the CapEx starts to grow as your time to compute gets closer.

更具體一點來說，讓專案持續推進其實很便宜。接著才會開始變得更昂貴。所以簽土地選擇權相對便宜，買下土地也相對便宜。在電網接入上投入資金就會再多一些。土木工程、整地清除、鋪設混凝土基礎。你可以看到，隨著你距離可提供算力的時間點越來越近，資本支出（CapEx）就開始增加。

So what we've done throughout our history is make live time decisions around capital allocation where we preserve optionality around that. So construction activity is happening at six sites at the moment. That's likely to expand in the short term.

因此，我們一路走來所做的，就是在資本配置上做即時的決策，同時保留這些選擇權。目前有六個場址正在進行施工活動。短期內這個數量很可能會擴大。

And then it comes to capital availability. And as I've mentioned a few times, we know what's happening in the financial markets, but there are a lot of options for us on the capital side even beyond what we've tried to outline in a lot of detail in our slide deck today. A lot of our background comes from private markets, real assets, infrastructure funds. The depth of capital generally in the world, whether it's listed or unlisted, I believe the fundamentals and what we're seeing in terms of customer demand will prevail, and we're having a lot of conversations around funding that.

接著就回到資本可得性。如我已經提過幾次，我們知道金融市場正在發生什麼，但在資本端我們其實有很多選項，甚至超出我們今天在簡報投影片中試圖非常詳細說明的範圍。我們很多背景來自私募市場、實體資產、基礎建設基金。全球資本的深度，不論是上市或非上市，我相信市場基本面以及我們看到的客戶需求終將勝出，而我們也正在就融資進行大量對話。

My personal view is that this dislocation between the fundamentals in the market sentiment at the moment is unlikely to persist very long. We are prepared if it does. But there are a number of options that we can continue monetizing that 5 gigawatts, even the absence of equity market recovery.

我個人的看法是，目前市場基本面與市場情緒之間的這種脫節，不太可能持續太久。如果真的持續，我們也已經做好準備。但即便股權市場沒有復甦，我們仍有多種選項可以持續將那 5 吉瓦的資產變現。

Appreciate that. And you mentioned working with NVIDIA to increase the speed of site development. Are you also utilizing NVIDIA software to eke out more power? And if so, how -- what commentary can you give around efficiency gains and perhaps more GPUs being able to be deployed at a given site?

了解，謝謝。你提到與 NVIDIA 合作以提升場址開發速度。你們是否也在使用 NVIDIA 的軟體來榨出更多電力效益？如果是的話，關於效率提升，以及在同一個場址能部署更多 GPU，你能提供哪些評論？

Yes, I'm happy to jump in and give some additional color there. So one of the reasons why we are working so closely with NVIDIA is they are not just focused purely on the chip side of the business, but they are looking at the broader data center as the unit of compute. And you hear Jensen talking about this a lot. It's no longer just the chips or the servers. It's how that entire integrated data center unit functions to ultimately produce compute.

是的，我很樂意補充一些細節。我們之所以與 NVIDIA 緊密合作，其中一個原因是他們不只專注在晶片端的業務，而是把更廣義的資料中心視為「算力單元」。你也常聽 Jensen 談到這點。現在不再只是晶片或伺服器而已。而是整個整合式資料中心單元如何運作，最終產出算力。

And there are a number of elements within that. Part of it is software, and we have been looking at some of the NVIDIA software, which is called MaxLPS, to enable more nameplate GPUs per megawatt than you would have if you just limit the GPUs to the exact power envelope. And the reason that you're able to do that is the vast majority of time, GPUs are actually operating under 100% of their nameplate power draw. And obviously, if you're just sizing to the nameplate power draw, that means you have stranded megawatts a lot of the time.

其中包含許多要素。一部分是軟體。我們一直在研究 NVIDIA 的一些軟體，名為 MaxLPS，用來在每兆瓦可配置的 GPU 額定數量上，做到比你把 GPU 嚴格限制在精確功率包絡（power envelope）時更多。之所以能做到，是因為絕大多數時間，GPU 實際運作並未達到其額定功耗（nameplate power draw）的 100%。而顯然，如果你只按額定功耗來做容量配置，就代表很多時候會有閒置的兆瓦（stranded megawatts）。

What their software allows you to do is actually oversubscribe the GPUs. And in the rare instances where they are all operating near nameplate capacity, the software will actually step in to make sure that you throttle the GPUs so you're not exceeding nameplate capacity. So that's one example where you're able to get additional GPUs per grid-connected megawatt.

他們的軟體讓你能做的是，實際上對 GPU 進行超額配置（oversubscribe）。而在少數情況下，當所有 GPU 都接近額定容量運作時，軟體會介入，確保你對 GPU 進行降頻（throttle），使其不會超過額定容量。所以這是一個例子，說明你如何在每一個已接入電網的兆瓦上配置更多 GPU。

Another example is NVIDIA is doing a lot of work around the temperatures at which you can operate. And to the extent that you're able to operate at a higher temperature, it means you can direct less of your grid-connected megawatts towards cooling infrastructure and more of your grid-connected megawatts to the actual underlying IT compute. So those are a couple of examples, but there are numerous other elements that we continue to refine and work on with NVIDIA.

另一個例子是，NVIDIA 也在可運作溫度方面做了大量工作。在你能以更高溫度運作的程度上，代表你可以把較少的已接入電網兆瓦分配給冷卻基礎設施，而把更多的已接入電網兆瓦用在實際底層的 IT 算力上。以上是幾個例子，但我們仍持續與 NVIDIA 一起精進與推進的面向還有很多。

And I think just to add to those comments, there's also the physical infrastructure advantage as well, the fact that we own the grid connections, the data centers and the opportunity to optimize beyond the software envelope rather than being stuck in the middle between an infrastructure provider and the end customer. So a lot of this is why we have been asked to upgrade clusters because we can, and we have that execution capability. It's a lot of the reason why we are getting expansion contracts from leading AI frontier labs and getting a lot of this customer traction because they have confidence in our ability to execute because we own and control all the stack.

我想再補充一點，還有實體基礎設施的優勢：我們擁有電網接入、資料中心，以及能在軟體包絡之外進一步最佳化的機會，而不是卡在基礎設施供應商與終端客戶之間的中間位置。因此，這也是為什麼我們被要求升級叢集，因為我們做得到，而且具備執行能力。這也很大程度解釋了為什麼我們能從領先的 AI 前沿實驗室拿到擴充合約，並獲得這麼多客戶動能，因為他們對我們的執行能力有信心——我們擁有並掌控整個技術堆疊（stack）。

And I think that data point in the deck really sums it up. We delivered Horizon 1 data centers and GPUs. Our first-ever liquid called data center, we delivered it in 14 months versus an 18-month industry standard for just the data centers. So it's really hard to understate the value of that physical infrastructure. And I know we've been talking about it for a while, but I think this market, particularly on the customer side at least, is really starting to appreciate it.

而且我認為投影片裡的那個數據點很能說明一切。我們交付了 Horizon 1 的資料中心與 GPU。我們第一座液冷資料中心，在 14 個月內交付完成；相較之下，業界標準是光資料中心本體就要 18 個月。所以實體基礎設施的價值真的很難被低估。我知道我們談這件事談了一段時間，但我認為這個市場——至少在客戶端——真的開始更能體會其價值。

Mike Colonnese, H.C. Wainwright.

Mike Colonnese，H.C. Wainwright。

So just curious, what portion of the 500 megawatts of planned incremental data center capacity for '27 is now contracting for after the recent deals you signed here? And just curious how we should think about future contract signings relative to phased data center deployments next year as you look to fill out this remaining capacity? And how do you balance that with back up? It would be great to get your thoughts there.

我只是好奇，在你們規劃於 2027 年新增的 500 兆瓦資料中心增量產能中，最近簽下這些交易之後，目前已有多少比例正在簽約中？另外也想請教，當你們展望明年分期部署資料中心、並希望填滿剩餘產能時，我們應該如何看待未來的合約簽署節奏與分期部署之間的關係？以及你們如何在這之間與備援（back up）做平衡？很希望聽聽你們的想法。

So in terms of the 0.5 gigawatts, we haven't guided specifically on that, the exact composition. But within that, it's clear that NVIDIA is a proportion of that capacity. It's clear that another good credit with one of these leading AI frontier labs is another credit behind that. So we've got the air cooled at Childress that's rolling out in 2027. And then we've got Vera Rubins arriving later in the year, so the latest generation liquid for both Childress and Sweetwater 1.

就 0.5 吉瓦而言，我們尚未就其具體構成提供明確指引。但在其中，很明顯 NVIDIA 佔了該產能的一部分。也很明顯，另一個與這些領先 AI 前沿實驗室之一合作、信用良好的客戶，是其背後的另一項支撐。因此，我們在 Childress 的氣冷方案將於 2027 年開始推出。接著，我們會在今年稍晚迎來 Vera Rubin，因此 Childress 與 Sweetwater 1 都將採用最新一代的液冷方案。

And I think that's where we're particularly excited. We haven't mentioned on this call, but the supply of VRs next year is exceptionally scarce, and we're seeing a lot of interest, and that's something that's really exciting to us in terms of the prospective economics on it. But most of the near-term activity we're seeing is on the air cooled at Childress.

我想這也是我們特別感到興奮的地方。我們在這通電話中尚未提到，但明年 VR 的供應極度稀缺，我們看到非常多的興趣；就其潛在經濟性而言，這讓我們非常振奮。不過，我們目前看到的大多數短期活動，仍集中在 Childress 的氣冷方案上。

(Operator Instructions) Michael Ng, Goldman Sachs.

(接線員指示) Michael Ng，高盛。

I just have two, if I may. First, just on the change in the CapEx outlook. Could you just talk a little bit about that flexibility that you mentioned? And why does the kind of change in the CapEx outlook not change the expectation in terms of data center capacity kind of targeted for year-end 2027?

如果可以的話，我有兩個問題。第一個是關於資本支出（CapEx）展望的變動。能否請你多談一點你提到的那種彈性？以及為什麼 CapEx 展望的變動，並未改變你們對於 2027 年底目標資料中心產能的預期？

And then second, I just wanted to ask that in the event there's some sort of community opposition that results in a delay, could customers kind of exit any leases or get any of their kind of GPU deposits back if there were something that causes a substantial delay?

第二個問題是，若發生某種社區反對而導致延遲，在出現重大延誤的情況下，客戶是否可以退出任何租約，或取回其 GPU 訂金？

Sorry, would you mind repeating the first half of that question? I've got the community opposition.

抱歉，你介意重複一下問題的前半段嗎？我有聽到社區反對那一部分。

Yes. So the first part of the question was just on the reduction for fiscal year. Yes. Why is -- how does the CapEx come down, but the kind of planned capacity kind of stay the same?

好的。問題的第一部分是關於本財年的下調。是的。為什麼——CapEx 下降了，但規劃的產能卻大致維持不變？

I think the simplest answer to that is it's indicative of the investment in the 35 gigawatts of development that we're pursuing. We're not here for 200 megawatts of Horizon 1. We're not even here for the 5 gigawatts of secured power, where we've got a vision. We want to pursue it. We've got the ability to flex up and down the capital spend.

我想最簡單的答案是，這反映了我們正在推進的 35 吉瓦開發投資。我們不是只為了 Horizon 1 的 200 兆瓦而來。我們甚至也不只是為了已取得的 5 吉瓦電力（我們對此有願景）。我們想要推進它。我們具備讓資本支出上調或下調的能力。

But it goes back to what I was saying earlier around long lead items and getting ahead of things. So starting fresh now and looking for large-scale power. if you can find it, you are into the 2030s very comfortably. So it's important we keep that 35 gigawatts ticking away. But equally in the presentation where the CapEx becomes more meaningful, the long-term development is not overly material.

但這也回到我先前提到的長交期項目，以及提前布局。因此，若現在重新開始、去尋找大規模電力資源，即使你找得到，也很容易就會排到 2030 年代。所以，讓那 35 吉瓦的開發持續推進很重要。但同樣地，在簡報中 CapEx 變得更具意義的部分，長期開發本身並不是特別重大的因素。

You can see we've started building across many, many sites. And we haven't provided guidance for 2028, other than we've said that we're constructing capacity to be available then. So there is the opportunity to flex up and down the cadence of CapEx spend and the pace of growth across all of those sites.

你可以看到我們已經在許多、許多場址開始建設。而我們尚未對 2028 年提供指引，除了我們說過我們正在建造可於那時可用的產能。因此，在所有這些場址上，CapEx 支出的節奏與成長速度，都有上調或下調的空間。

And when you see the market turn the way it has in the last few months, the first thing we do is just pace that construction and pace that CapEx spend and just hold it off and wait for market conditions to turn. So this is the flexibility of the model when you own and control everything. And we're not building into 20-year colocation liabilities where we're building assets and where you get the choice when and how to build on top of those assets rather than be forced to double down when markets are conducive.

當你看到市場在過去幾個月出現這樣的轉向時，我們做的第一件事就是調整施工節奏、調整 CapEx 支出節奏，先暫緩，等待市場狀況回轉。這就是當你擁有並掌控一切時，這種模式所具備的彈性。而且我們不是在建立 20 年期的機房代管（colocation）負債；我們是在建資產，並且你可以選擇何時、如何在這些資產之上繼續建設，而不是在市場有利時被迫加碼投入。

In terms of the community opposition, I mean, when we say opposition, like our view is what we're seeing is entirely sensible. AI isn't unknown. And I think data centers are the physical manifestation of AI and this big thing that's happening in the world. And I think whether it's Texas, whether it's Australia, whether it's Spain, everywhere, all we're seeing is people wanting to ensure that data centers pay their own way and do the right thing.

至於社區反對，我的意思是，當我們說「反對」時，我們的看法是：我們所看到的一切其實都很合理。AI 並不是未知事物。我認為資料中心是 AI 以及這個世界正在發生的巨大變化的實體呈現。我想不論是在德州、澳洲或西班牙，各地我們看到的都是人們希望確保資料中心能自負其成本並做對的事。

And it feels completely reasonable. We hire locally. We work with local suppliers. We prioritize bringing the limited water we need for our closed-loop systems from off-site. I think everyone wants these projects to bring lasting jobs and investment to these communities and respect the needs of the people that live there.

這感覺完全合理。我們在地聘用。我們與在地供應商合作。我們優先將封閉循環系統所需的有限用水從場外運入。我想每個人都希望這些專案能為社區帶來長期的工作與投資，並尊重居住在那裡的人們的需求。

So I think we're just going through that period where the size and scale of the opportunity in the end market for AI, I think what we're seeing is a political and community level is indicative of the size of the market and the growth that we're growing into. And there's a sensible desire to just make sure that's done properly.

所以我想，我們正處於這樣一個階段：AI 終端市場的機會在規模與量級上非常巨大；而我們在政治與社區層面看到的反應，正反映了市場的規模，以及我們正在成長進入的增長幅度。大家有一個合理的期待，就是確保這一切能以正確的方式完成。

Great. Thank you, Dan.

很好。謝謝你，Dan。

The one other comment I'd add to that as well is we take into account these issues from day one of our development, including the siting of the projects themselves. So if you look across our fleet of projects, these are not data centers that are located in urban environments that have specific near-term impacts on residential areas with construction noise and operational noise.

我還想補充一點：我們從開發的第一天起就把這些議題納入考量，包括專案本身的選址。因此，如果你看我們整體的專案組合，這些資料中心並不是位於都會環境中，不會在短期內對住宅區造成特定影響，例如施工噪音與營運噪音。

Our data centers are located in regional areas where the additional economic development that is brought in by these projects is enormously beneficial for those local communities. And we work very closely with those local communities all the way from, as Dan mentioned, local hiring, use of local contractors, to community grants programs and also in the case of new developments, community consultation and education. So yes, this is something that we literally build into our development process from day 1.

我們的資料中心位於區域地帶，這些專案所帶來的額外經濟發展，對當地社區有極大的助益。而且我們從頭到尾都與當地社區密切合作——如 Dan 所提到的，在地聘用、使用在地承包商、社區補助計畫；此外，在新開發案中也包含社區諮詢與教育。所以是的，這確實是我們從第 1 天起就實際納入開發流程的事項。

Jonathan Petersen, Jefferies.

Jonathan Petersen，Jefferies。

Okay. Maybe first question, maybe I'll stick on the same topic. Curious if you could remind us at Sweetwater, I know you have conditional baseload approval. Is your expectation still that you get final interconnection approval in December? And then are there any other outstanding permits or just anything that we should think about in terms of bringing Sweetwater online?

好的。第一個問題，我可能會延續同一個主題。想請你提醒一下 Sweetwater 的情況；我知道你們已取得有條件的基載核准。你們是否仍預期在 12 月取得最終的併網核准？另外，還有沒有其他尚未完成的許可，或是我們在讓 Sweetwater 上線時需要考量的任何事項？

So just to be clear, at Sweetwater, so Sweetwater 1, which is our 1.4-gigawatt project, that is already connected to the grid. So I'm not quite sure what the December date was that you were referring to, but that project is already grid-connected. As we announced a couple of months ago, both Sweetwater 1 and Sweetwater 2 were included in the batch -- Batch 0 -- or sorry, the baseload of the batching process. So that means all of the capacity, the 2 gigawatts across those sites is secured.

所以先澄清一下，在 Sweetwater，Sweetwater 1 是我們 1.4 吉瓦的專案，已經接入電網。所以我不太確定你所指的 12 月日期是什麼，但該專案已經完成併網。如同我們在幾個月前宣布的，Sweetwater 1 與 Sweetwater 2 都被納入該批次——第 0 批（Batch 0）——抱歉，是納入分批流程的基載。這表示這些場址合計 2 吉瓦的全部產能都已確保。

In addition to that, we had a number of other projects that qualified for the Batch 0 process as well. As we mentioned at the time, we only announce projects once they actually sign binding grid interconnection agreements. And so we plan to announce those projects in due course, but we do have additional projects outside of Sweetwater that are included as well.

除此之外，我們還有多個其他專案也符合 Batch 0 流程的資格。正如我們當時提到的，我們只會在專案實際簽署具約束力的電網併網協議後才對外公告。因此，我們會在適當時機陸續公告這些專案；而且除了 Sweetwater 之外，我們也確實還納入了其他額外專案。

I'd also note for both Sweetwater 1 and Sweetwater 2, those projects are already well under construction, as Dan pointed out during the presentation. You can see very clearly the status of those, but there is a significant amount of construction work on site already underway, and we obtained the relevant permits throughout the construction process. So hopefully, that gives you a bit more color as to the status of each of those projects.

我也想補充，Sweetwater 1 與 Sweetwater 2 這兩個專案，如同 Dan 在簡報中指出的，已經在大規模施工中。你可以很清楚看到它們的進度狀態，現場已經有相當多的施工工作正在進行，我們也在整個施工過程中取得了相關許可。希望這能讓你對各專案目前的狀態有更具體的了解。

Yes, that's great. Sorry for mixing up the dates. Another question here. Can you talk to us about the cost of purchasing new GPUs and how that's trending? And do you see GPUs being available to you as long as you can bring data center infrastructure online?

是的，這很棒。抱歉我把日期搞混了。這裡還有一個問題。你們能談談購買新 GPU 的成本以及其趨勢嗎？另外，只要你們能把資料中心基礎設施上線，你們是否就能取得足夠的 GPU 供應？

And I guess, how do you expect those costs of purchasing GPUs to trend in the coming quarters? I guess, in other words, what I'm trying to get at is, will the cost to purchase GPUs catch up to where you're leasing them at today? Or do you expect these very short payback periods to persist for a while?

另外，你們預期未來幾季購買 GPU 的成本會如何變化？換句話說，我想問的是：購買 GPU 的成本是否會追上你們目前的租賃成本水準？或者你們預期這種非常短的回收期還會持續一段時間？

So I think it's well publicized that there continued to be supply challenges throughout the industry, in particular, SSDs and RAM. So these various forms of memory have been constrained for quite a while. There are other components that continue to be constrained. And in that environment, we would expect to continue to see GPU pricing increase over time. And obviously, that is driven by the end-user customer demand.

我想大家都很清楚，整個產業仍持續面臨供應挑戰，特別是 SSD 和 RAM。因此，這些不同形式的記憶體已經受限相當長一段時間。還有其他零組件也持續供應吃緊。在這樣的環境下，我們預期 GPU 價格會隨時間持續上升，而這顯然是由終端客戶需求所驅動。

So again, it's always interesting to see these dynamics where ultimately, the customer demand is just so strong that, that is what is causing price increases in terms of hardware. What we see on the pricing side with customers is that any price increases flow through immediately to hourly pricing under contracts.

所以，再次強調，看到這些動態總是很有意思：最終是客戶需求強勁到足以推動硬體價格上漲。在客戶端的定價方面，我們看到任何價格上調都會立即反映到合約下的按小時計費價格中。

And so the payback periods continue to at least remain where they are. And we've actually seen a shrinking of some of the payback periods over the past six months as that market demand continues to come through. So to answer your question in short, yes, the payback periods very much remain the same as hardware price increases come through.

因此，回收期至少能維持在目前水準。事實上，過去六個月隨著市場需求持續湧入，我們也看到部分回收期進一步縮短。簡短回答你的問題：是的，即使硬體價格上升，回收期基本上仍維持不變。

Maybe just to add to that as well. If we kind of fast forward and think about our strategy and capital allocation, that's part of the reason we deliberately haven't acquired 100% of the GPUs for next year. We see there's right way risk. So if you scenario map where we're at in the market at the moment, if financial markets remain weak in terms of sentiment, then -- and if construction and execution continues to be challenging across the industry, then it may well be that GPUs will fall in price, just to reflect the lack of power points, purely and simply.

我也補充一下。如果我們往前看、思考我們的策略與資本配置，這也是我們刻意沒有把明年所需 GPU 一次買到 100% 的原因之一。我們認為存在「順風風險」（right way risk）。所以，如果你把目前市場情境做情境推演：若金融市場情緒仍然疲弱——再加上整個產業在施工與執行上仍具挑戰——那麼 GPU 價格很可能會下跌，純粹只是反映電力接入點（power points）不足的現實。

And then we think it's right way risk because if markets recover, they start charging. Worst case, it's correlated and maybe we've got to pay a slight premium for the GPUs. Maybe we've got to wait two or three months. But it comes back to the central thematic around it's time to compute, it's time to those data, to those power points. So prioritizing the physical infrastructure, commencing construction across all these sites around the world and preserving that optionality.

我們之所以稱之為順風風險，是因為如果市場復甦、開始加速，那就會反過來。最壞情況下，兩者高度相關，我們可能得為 GPU 多付一點溢價，或是得多等兩三個月。但這又回到核心主題：關鍵在於算力的時間點、資料的時間點，以及電力接入點的時間點。因此，我們優先投入實體基礎設施，在全球各地站點啟動施工，同時保留這種選擇權彈性。

If the markets are good, we'll be able to afford the GPUs, we'll be able to afford to wait an extra couple of months on the supply. But if markets remain muted, we're going to be very pleased that we haven't overcommitted on the GPU CapEx, and we're keeping the platform growth ticking along in the background.

如果市場狀況良好，我們買得起 GPU，也承受得起供應多等幾個月。但如果市場持續低迷，我們會很慶幸自己沒有在 GPU 資本支出（CapEx）上過度承諾，同時仍讓平台成長在背景中持續推進。

Thank you. Ladies and gentlemen, I'm showing no further questions in the queue. I would now like to turn the call back over to Dan Roberts, Co-Founder and Co-CEO, for closing remarks.

謝謝。各位女士先生，我看到提問佇列中已無其他問題。現在我想把電話交回給共同創辦人兼共同執行長 Dan Roberts，請他做結語。

Thanks, everyone. To close, so Horizon 1 has been handed over to Microsoft with NVIDIA Exemplar status, 14 months from civils against an 18-month industry benchmark. And Horizons 2 to 4 are now nearing completion. The more than $4 billion of contracted IRR -- ARR, I should say -- is funded and now targeted for January. Perhaps it extends to the end of February.

謝謝各位。最後總結：Horizon 1 已以 NVIDIA Exemplar 身分交付給 Microsoft，從土建工程起算 14 個月完成，對比產業基準 18 個月。而 Horizons 2 到 4 目前也接近完工。超過 40 億美元的已簽約 IRR——我是說 ARR——已完成資金到位，現在目標是 1 月。也可能延到 2 月底。

This quarter, we're very proud AI cloud revenue almost tripled and our operating ARR reached $1 billion. Our backlog is over $20 billion, with 2/3 of it investment-grade counterparties. Demand, as we've mentioned many times on this call, has frankly never been stronger. In the last few days, we've contracted with a leading frontier AI lab to expand their existing capacity with us. We signed a new five-year contract at about $22 million a megawatt, with that customer prepaying 90% of the GPU CapEx.

本季我們非常自豪，AI 雲端營收幾乎成長到三倍，而我們的營運中 ARR 達到 10 億美元。我們的在手訂單（backlog）超過 200 億美元，其中 2/3 來自投資等級對手方。如同我們在本次電話會議中多次提到的，需求坦白說從未如此強勁。在過去幾天，我們已與一家領先的前沿 AI 實驗室簽約，擴增他們在我們這裡的既有容量。我們簽下了一份新的五年期合約，價格約為每兆瓦 2,200 萬美元，且該客戶預付了 90% 的 GPU 資本支出（CapEx）。

We signed a short-term contract at $40 million a megawatt. And importantly, older generation H100s, we just recontracted at double the original contract price.

我們也簽了一份短期合約，價格為每兆瓦 4,000 萬美元。而且很重要的是，較舊世代的 H100，我們剛以原合約價格的兩倍完成續約。

We own the land, the power, the data centers under all of it, which is what lets us set the pace. Thank you all for your time. The next milestone for us is the 0.3 gigawatts targeted for January. Thank you.

我們擁有土地、電力，以及其下所有資料中心資產，這也是讓我們能掌握節奏的原因。感謝各位撥冗參與。我們下一個里程碑是目標在 1 月達到 0.3 吉瓦。謝謝。

That concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。