Riot Platforms, Inc. (RIOT) 2026 Q2 法說會逐字稿

Thank you for standing by, and welcome to the Riot Platforms second-quarter 2026 earnings conference call. (Operator Instructions)

感謝各位稍候，歡迎參加 Riot Platforms 2026 年第二季財報電話會議。(接線員指示)

I would now like to turn the call over to Josh Kane, Head of Investor Relations. Sir, please go ahead.

現在我想把電話交給投資人關係主管 Josh Kane。先生，請開始。

Thank you, operator. Good afternoon, and welcome to Riot Platforms second-quarter 2026 earnings conference call. My name is Josh Kane, Head of Investor Relations. And joining me on today's call from Riot are Jason Les, Chief Executive Officer; and Jason Chung, Chief Financial Officer.

謝謝，接線員。各位下午好，歡迎參加 Riot Platforms 2026 年第二季財報電話會議。我叫 Josh Kane，擔任投資人關係主管。今天與我一同出席電話會議的 Riot 團隊成員包括：執行長 Jason Les，以及財務長 Jason Chung。

On the Riot Investor Relations website, you can find our second-quarter 2026 earnings press release and accompanying earnings presentation, which are intended to supplement today's prepared remarks and which include a discussion of certain non-GAAP items.

在 Riot 投資人關係網站上，您可以找到我們 2026 年第二季財報新聞稿及隨附的財報簡報，這些資料旨在補充今天的事先準備發言，並包含對若干非 GAAP 項目的討論。

Non-GAAP financial measures provided should not be considered as a substitute for or superior to the measures of financial performance prepared in accordance with GAAP and are included as additional clarifying items to aid investors in further understanding the company's second-quarter 2026 performance.

所提供的非 GAAP 財務衡量指標不應被視為依 GAAP 編製之財務績效衡量指標的替代或更優者；其作為額外的釐清項目，旨在協助投資人進一步理解公司 2026 年第二季的表現。

During today's call, we will make forward-looking statements regarding potential future events. These statements are based on management's current expectations and assumptions and are subject to risks and uncertainties. Actual results could materially differ due to factors discussed in today's earnings press release, our comments and responses made during today's call, the Risk Factors section of our Form 10-K and Forms 10-Q, including for the three months ended June 30, 2026, which we expect to file later today, and our other filings with the Securities and Exchange Commission.

在今天的電話會議中，我們將就潛在未來事件作出前瞻性陳述。這些陳述係基於管理層目前的預期與假設，並受風險與不確定性影響。實際結果可能因今日財報新聞稿中所討論的因素、我們在今日電話會議中的評論與回應、我們的 Form 10-K 與 Form 10-Q（包括截至 2026 年 6 月 30 日止三個月期間者）之「風險因素」章節（我們預期將於今日稍晚提交），以及我們向美國證券交易委員會提交的其他文件所述因素，而出現重大差異。

With that, I will turn the call over to Jason Les, CEO of Riot Platforms.

接下來，我將把電話交給 Riot Platforms 執行長 Jason Les。

Thank you, Josh, and good afternoon, everyone. The AI era has two binding constraints: power and execution. This quarter demonstrated Riot's answer to both. The second quarter of 2026 marked a decisive step forward in Riot's data center business and represents a clear validation of the assets, team, and strategy we have assembled.

謝謝你，Josh，各位下午好。AI 時代有兩個關鍵制約：電力與執行力。本季展現了 Riot 對這兩者的解答。2026 年第二季標誌著 Riot 資料中心業務向前邁出決定性的一步，並清楚驗證了我們所建立的資產、團隊與策略。

Following our first data center lease with AMD earlier this year, demand for large-scale power data center capacity has continued to accelerate, and we have taken a disciplined approach in response, the right transactions with the right partners on the right terms.

繼今年稍早我們與 AMD 簽訂第一份資料中心租賃合約後，市場對大規模電力資料中心容量的需求持續加速成長；我們也以審慎自律的方式回應——在正確的條件下，與正確的合作夥伴進行正確的交易。

I'm pleased to share our progress with you today. Four key accomplishments define this progress. First, at Rockdale, subsequent to quarter end, we executed a data center lease with one of the world's leading frontier AI labs for 191 megawatts of critical IT capacity. This is our second data center lease at Rockdale. Our lease with the AI lab has a 20-year term and is expected to generate approximately $9.1 billion in total contract revenue with two five-year extension options that, if exercised, would bring total contracted value to approximately $16.1 billion.

我很高興今天與各位分享我們的進展。四項關鍵成就界定了這些進展。第一，在 Rockdale，我們於季後與全球領先的前沿 AI 實驗室之一簽署資料中心租賃合約，提供 191 兆瓦的關鍵 IT 容量。這是我們在 Rockdale 的第二份資料中心租賃合約。我們與該 AI 實驗室的租約為期 20 年，預計可帶來約 91 億美元的合約總收入，並附帶兩個各五年的延長選擇權；若行使，合約總價值將提升至約 161 億美元。

Together with the AMD lease, Riot has now secured approximately $9.8 billion of contracted data center revenue with two leading companies in the AI ecosystem.

加上 AMD 的租約，Riot 目前已與 AI 生態系中的兩家領先公司，取得約 98 億美元的已簽約資料中心收入。

Second, at Corsicana, interest in our 1 gigawatt of fully approved utility power has been substantial. From a broad field of prospective tenants, we have narrowed our focus and entered into a nonbinding letter of intent with a single tenant for the entirety of the site, a transaction which we are engaged in advanced commercial and design discussions. A potential deal of this scale demands deep collaboration across design, commercial, and legal work streams, and that work is well underway.

第二，在 Corsicana，我們已獲核准的 1 吉瓦公用事業電力引發了大量興趣。在眾多潛在承租方之中，我們已縮小範圍，並與單一承租方就整個園區簽署不具約束力的意向書（LOI）；目前我們正就該交易進行深入的商務與設計討論。如此規模的潛在交易需要在設計、商務與法律等工作流之間進行深度協作，而相關工作已在積極推進中。

In parallel, we continue to progress data center development at the site and critical path procurement of long lead time items to ensure delivery timelines and de-risk execution.

同時，我們持續推進該園區的資料中心開發，以及對長交期關鍵設備的採購（critical path procurement），以確保交付時程並降低執行風險。

Third, we continue to deliver on time for AMD as part of our growing partnership. We commissioned and delivered the final phase of the first 25 megawatts of capacity in May to AMD on time and on budget, with AMD operating on the site since January.

第三，作為我們持續擴大的合作關係的一部分，我們仍按時為 AMD 交付。我們於 5 月完成首批 25 兆瓦容量的最後階段啟用並交付給 AMD，按期且符合預算；AMD 自 1 月起即已在該場址運作。

Following AMD's exercise of its expansion option in April, its contracted capacity now stands at 50 megawatts of critical IT capacity at our Rockdale site, with the 25-megawatt expansion under construction with first phase delivery later this year and full delivery scheduled for May 2027.

在 AMD 於 4 月行使其擴充選擇權後，其已簽約容量目前為我們 Rockdale 場址 50 兆瓦的關鍵 IT 容量；其中新增的 25 兆瓦擴建正在施工，第一階段預計於今年稍晚交付，全面交付預定於 2027 年 5 月完成。

And fourth, we secured the funding required for this growth. We continued the sale of Bitcoin from our balance sheet and our mining operations. These proceeds remain our primary source of funding for operations and the equity component of our data center capital expenditures.

第四，我們取得了支撐此成長所需的資金。我們持續出售資產負債表上的比特幣以及來自挖礦營運的比特幣。這些所得仍是我們營運資金與資料中心資本支出中股權部分的主要資金來源。

We ended the quarter with $1.2 billion in total liquidity, consisting of $666 million in Bitcoin and $549 million in cash, giving our partners, tenants, lenders, and shareholders confidence in our ability to execute.

本季末我們的總流動性為 12 億美元，其中包括 6.66 億美元的比特幣與 5.49 億美元的現金，讓我們的合作夥伴、承租方、放款人與股東對我們的執行能力更具信心。

If 2025 was the year of preparation, 2026 is the year of execution. In the last seven months, Riot has gone from zero contracted data center revenue to 241 megawatts of executed capacity with two of the highest quality counterparties in the AI ecosystem, AMD and now a leading frontier AI lab.

如果說 2025 年是準備之年，那麼 2026 年就是執行之年。在過去七個月裡，Riot 已從零的已簽約資料中心收入，成長到與 AI 生態系中兩個最高品質的交易對手方——AMD，以及如今的領先前沿 AI 實驗室——簽署共 241 兆瓦的已執行容量。

Beyond that, the entire Corsicana campus is now under a nonbinding LOI to a single tenant. This pace of execution is a direct result of the strategy, the assets, and the team we have spent the last two years putting in place.

除此之外，整個 Corsicana 園區目前也已在不具約束力的 LOI 下，提供給單一承租方。如此的執行速度，直接源自我們在過去兩年所建立的策略、資產與團隊。

The lease we are announcing today is contracted directly with one of the world's leading frontier AI labs for 191 megawatts of critical IT capacity at our Rockdale campus and marks the beginning of what we expect to be a long and significant partnership.

我們今天宣布的租約，是與全球領先的前沿 AI 實驗室之一直接簽約，於我們 Rockdale 園區提供 191 兆瓦的關鍵 IT 容量，並標誌著我們預期將展開一段長期且重要的合作關係。

Under the lease, Riot is constructing a custom-built Tier 3 data center based on the tenant's latest design specifications, which has now been finalized. It will be built on land we announced the acquisition of earlier this year, which has already been cleared and graded using in-place power capacity under our active interconnection. Development work is already underway, and we are currently targeting delivery for the first 96 megawatts with rent commencing in December 2027.

依據租約，Riot 正依承租方最新的設計規格建置客製化的 Tier 3 資料中心，而該設計現已定案。該資料中心將建於我們今年稍早宣布收購的土地上；該土地已完成清理與整地，並將使用我們現有並網（interconnection）下的既有電力容量。開發工作已在進行中，我們目前目標是在 2027 年 12 月交付首批 96 兆瓦並開始計收租金。

The 20-year initial term runs from full deployment in June 2028, with annual escalations in base rent. Beyond the initial term, the AI lab holds two five-year extension options, which, if exercised, would bring total contract revenue to approximately $16.1 billion.

20 年的初始租期自 2028 年 6 月全面部署起算，基本租金每年調升。在初始租期之後，該 AI 實驗室擁有兩個各五年的延長選擇權；若行使，合約總收入將達約 161 億美元。

Over the initial term, the lease is expected to generate approximately $9.1 billion in total contract revenue and an estimated $7.3 billion to $8.2 billion in net operating income based on an estimated NOI margin range of 80% to 90%. Illustrative capital expenditures are between $11 million and $12 million per IT megawatt.

在初始租期內，該租約預計可帶來約 91 億美元的合約總收入，並基於估計 NOI 利潤率區間 80% 至 90%，產生約 73 億至 82 億美元的淨營運收入（NOI）。示意性的資本支出約為每 IT 兆瓦 1,100 萬至 1,200 萬美元。

On financing, we have secured a $573 million interim financing facility from Morgan Stanley, which will cover initial development CapEx while the investment-grade backstop is finalized. Jason Chung will discuss what this means for our financing strategy later on today's call.

在融資方面，我們已自摩根士丹利取得 5.73 億美元的過渡性融資額度，將在投資級後盾融資（investment-grade backstop）完成定案前，涵蓋初期開發資本支出。Jason Chung 將在今天稍後的電話會議中說明這對我們融資策略的意涵。

Having a frontier partner of this caliber entrusting Riot with 191 megawatts of mission-critical infrastructure on a 20-year commitment is a definitive validation of our team, our sites, and our ability to execute at the highest level. This is precisely the type of durable, high-quality contracted cash flow, which we are building this platform to capture for our shareholders.

能有如此等級的前沿合作夥伴，以 20 年承諾將 191 兆瓦的關鍵任務基礎設施託付給 Riot，明確驗證了我們的團隊、場址以及以最高水準執行的能力。這正是我們打造此平台、為股東掌握的那種具持久性且高品質的已簽約現金流。

Now, let's turn to slide 8 and our delivery schedule. Capacity under the AI lab lease will be delivered in two phases. Phase 1 delivers the first 96 megawatts of critical IT capacity in December 2027, a rapid timeline from signing to initial delivery, and Phase 2 delivers the remaining capacity in June 2028, completing the full 191-megawatt deployment. We are on schedule for that initial delivery and execution has been meaningfully de-risked across several fronts.

現在，讓我們翻到第 8 頁，看看我們的交付時程。AI 實驗室租賃項下的容量將分兩個階段交付。第一階段將於 2027 年 12 月交付首批 96 兆瓦的關鍵 IT 容量，從簽約到首次交付的時程非常迅速；第二階段將於 2028 年 6 月交付剩餘容量，完成總計 191 兆瓦的全面部署。我們正按計畫推進首次交付，且在多個面向的執行風險已顯著降低。

First, design. Our accelerated design strategy incorporates the tenant's basis of design and the complete design and internal architecture have now been finalized, enabling procurement to have already begun.

第一，設計。我們的加速設計策略納入了承租方的設計基準（basis of design），目前完整設計與內部架構已定案，使採購得以提前啟動。

Second, delivery partners. We have selected Yates Construction as our general contractor, a partner with direct development experience with this tenant, giving us increased visibility into cost and schedule.

第二，交付合作夥伴。我們已選定 Yates Construction 擔任總承包商；該夥伴具備與此承租方直接合作開發的經驗，讓我們對成本與工期有更高的可視性。

Third, vertical integration. ESS Metron and E4A are integrated into the delivery plan, accelerating substation development and reducing long lead equipment risk.

第三，垂直整合。ESS Metron 與 E4A 已整合進交付計畫，加速變電站開發並降低長交期設備風險。

Fourth, power. The required capacity is secured under our active interconnection and aligned with project milestones.

第四，電力。所需容量已在我們現行的併網（interconnection）安排下獲得保障，並與專案里程碑對齊。

And fifth, financing. The $573 million interim facility from Morgan Stanley allows us to fund long lead procurement immediately, protecting the delivery schedule while credit support is finalized.

第五，融資。摩根士丹利提供的 5.73 億美元過渡性融資（interim facility），使我們能立即為長交期採購提供資金，在信用增信（credit support）定案前保護交付時程。

Taken together, the combination of in-place power, advanced procurement, coordinated design, our in-house capabilities, and financing allows us to deliver at speed and with a high degree of certainty. That de-risked rapid execution is precisely what attracted this tenant to Riot and to Rockdale.

綜合而言，既有電力、提前採購、協同設計、我們的內部能力與融資的組合，使我們能以高速且高度確定性完成交付。這種在降風險後仍能快速執行的能力，正是該承租方選擇 Riot 與 Rockdale 的原因。

Now, let me turn to AMD, where our deployment progress remains on track. During the quarter, we completed delivery of the initial 25 megawatts of capacity on budget and on schedule. AMD has now commenced operations across this initial footprint, and Riot is generating recurring high-margin operating lease revenue from an investment-grade tenant.

接著談 AMD，我們的部署進度仍按計畫推進。本季我們在預算內、按期完成首批 25 兆瓦容量的交付。AMD 現已在這一初始範圍內開始營運，而 Riot 也正從一位投資等級承租方取得經常性、高毛利的營運租賃收入。

On the second 25 megawatts, design is nearly complete and construction is underway, with the initial 10 megawatts expected this November and the remaining 15 megawatts expected in May 2027.

至於第二批 25 兆瓦，設計已接近完成且施工正在進行中；預計今年 11 月先交付首批 10 兆瓦，其餘 15 兆瓦預計於 2027 年 5 月交付。

As with the initial 25-megawatt deployment, ESS Metron's engineering and manufacturing capabilities are embedded in our delivery plan, supporting both schedule certainty and cost discipline.

與首批 25 兆瓦部署相同，ESS Metron 的工程與製造能力已納入我們的交付計畫，同時支撐工期確定性與成本紀律。

Beyond the contracted 50 megawatts, AMD retains expansion options for up to an additional 150 megawatts at Rockdale, providing a pathway to scaling this relationship to 200 megawatts over time.

除已簽約的 50 兆瓦外，AMD 仍保有在 Rockdale 額外擴充最多 150 兆瓦的選擇權，為未來將此合作關係逐步擴大至 200 兆瓦提供路徑。

Slide 10 shows what Rockdale looks like today on a pro forma basis. In 2026, Riot has secured $9.8 billion of contracted data center revenue. With the leading frontier AI labs 191 megawatts contracted alongside AMD's 50 megawatts, Rockdale has evolved from a single-use Bitcoin mining site into a diversified data center campus, leased to two of the highest-quality tenants in the AI ecosystem on long-term high-margin contracts.

第 10 頁展示了 Rockdale 以備考（pro forma）基礎計算的現況。在 2026 年，Riot 已鎖定 98 億美元的已簽約資料中心收入。隨著領先的前沿 AI 實驗室簽約 191 兆瓦、以及 AMD 的 50 兆瓦，Rockdale 已從單一用途的比特幣挖礦場址，演進為多元化的資料中心園區，並以長期高毛利合約出租給 AI 生態系中兩位最高品質的承租方。

Looking at each lease at Rockdale in more detail, AMD will contribute approximately $63.6 million in average annual revenue and $51 million in average annual NOI on 50 megawatts with total capital expenditures of $170.2 million and reaching full deployment in May 2027.

更細看 Rockdale 的各項租約，AMD 在 50 兆瓦規模下，預計平均年度收入約 6,360 萬美元、平均年度 NOI（淨營運收入）約 5,100 萬美元；總資本支出為 1.702 億美元，並將於 2027 年 5 月達成全面部署。

The frontier AI lab lease will contribute approximately $457 million in average annual revenue and $365 million to $411 million in average annual NOI on illustrative capital expenditures of $2.1 billion to $2.3 billion, reaching full deployment in June 2028. Combined, the two executed leases represent $520 million in average annual revenue and $416 million to $462 million in average annual NOI across 241 megawatts.

前沿 AI 實驗室租約預計在示意性資本支出 21 億至 23 億美元下，於 2028 年 6 月達成全面部署，並貢獻平均年度收入約 4.57 億美元、平均年度 NOI 約 3.65 億至 4.11 億美元。合計而言，兩份已簽署租約在 241 兆瓦規模下，代表平均年度收入 5.20 億美元、平均年度 NOI 4.16 億至 4.62 億美元。

When we acquired the land underlying the Rockdale facility, we had a vision that it could become one of the country's premier data center development campuses. That vision is now being realized. The tenant that chose Rockdale shared a common set of requirements: certainty of power at scale, access to hundreds of megawatts in a single location, and a developer who executes on mission-critical timelines. Riot delivered on all three.

當我們收購 Rockdale 設施所坐落的土地時，我們的願景是將其打造為全國頂尖的資料中心開發園區之一。這個願景如今正在實現。選擇 Rockdale 的承租方有一套共同需求：可確定的大規模電力、在單一地點取得數百兆瓦的能力，以及能在關鍵任務時程上確實交付的開發商。Riot 在這三點上都做到了。

In institutional real estate, the assets that command premium valuations share the same characteristics our portfolio now has, extended lease terms, investment-grade or equivalent tenant credit quality and mission-critical infrastructure.

在機構型不動產領域，能獲得溢價估值的資產通常具備與我們目前投資組合相同的特徵：更長的租期、投資等級或同等水準的承租方信用品質，以及關鍵任務基礎設施。

Importantly, we have also diversified our tenant base across two independent high-quality counterparties, which meaningfully improves the overall quality of our portfolio. This is the asset profile we are building at Rockdale.

重要的是，我們也已將承租方基礎分散至兩個彼此獨立的高品質交易對手，這顯著提升了我們整體投資組合的品質。這就是我們在 Rockdale 正在打造的資產輪廓。

Before I hand the call over, I want to talk about Corsicana because the commercial momentum at that campus is significant. We are engaged in advanced commercial and design discussions, and the full site is now under LOI to a single tenant. In parallel, we are continuing our development and procurement processes to de-risk execution timelines.

在我把電話交給下一位之前，我想談談 Corsicana，因為該園區的商業動能相當顯著。我們正進行深入的商務與設計討論，目前整個場址已與單一承租方簽署意向書（LOI）。同時，我們也持續推進開發與採購流程，以降低執行時程風險。

Development of our first core and shell building remains underway, and we continue to secure long lead items so that we can deliver full build-to-suit capacity on an accelerated basis once the lease is executed.

我們第一棟核心與外殼（core and shell）建築的開發仍在進行中，並持續鎖定長交期項目，以便在租約簽署後，能以加速方式交付完整的量身訂做（build-to-suit）容量。

Corsicana represents 1 gigawatt of fully approved power on Riot-owned land, supporting a potential 756 megawatts of critical IT capacity, and we look forward to sharing more on our leasing progress there in the near future.

Corsicana 在 Riot 自有土地上擁有 1 吉瓦、已完全核准的電力，可支援潛在 756 兆瓦的關鍵 IT 容量；我們期待在不久的將來分享更多當地的租賃進展。

While an LOI is not a signed lease, this milestone reflects the depth of demand for large-scale fully approved power in today's market and the confidence prospective tenants have in Riot's ability to deliver. Taken together, Riot now has approximately 1 gigawatt of capacity across our portfolio that is contracted or in advanced commercial discussions.

雖然意向書（LOI）並非已簽署租約，但這一里程碑反映出當前市場對大規模、已完全核准電力的深厚需求，以及潛在承租方對 Riot 交付能力的信心。綜合而言，Riot 目前在整體投資組合中，約有 1 吉瓦的容量已簽約或正處於深入商務洽談階段。

Now, I'd like to turn the call over to Jason Chung to review our financing strategy and the quarterly financial results.

現在，我想把電話交給 Jason Chung，請他說明我們的融資策略與本季財務結果。

Thank you, Jason. Our financing strategy remains anchored in the framework we've laid out on prior calls, lease to high-quality creditworthy tenants, allocate capital efficiently through the development and execution of our sites, and recycle capital into the next wave of development. We match each asset to the right financing at each stage of its life cycle, from land and greenfield development through lease-up and pre-lease construction to fully contracted stabilized assets that command the lowest cost of capital.

謝謝你，Jason。我們的融資策略仍以先前電話會議所闡述的架構為核心：將資產出租給高品質、具信用的承租方；透過場址的開發與執行有效配置資本；並將資本回收再投入下一波開發。我們在資產生命週期的各階段配置最合適的融資，從土地與綠地（greenfield）開發、到招租與預租施工，再到已完全簽約、穩定化且能取得最低資金成本的資產。

This quarter, that strategy moved from framework to execution, and it rests on three pillars.

本季，該策略已從架構走向落地執行，並建立在三大支柱之上。

First, a strong balance sheet. We ended the quarter with over $1.2 billion in total liquidity, $666 million in Bitcoin, and $549 million in cash, which includes $77.5 million in restricted cash and 5,821 bitcoin securing our $200 million credit facility, collateral that will be released as we repay.

第一，強健的資產負債表。本季結束時，我們的總流動性超過 12 億美元，其中包括 6.66 億美元的比特幣與 5.49 億美元現金；現金中包含 7,750 萬美元的受限制現金，以及用於擔保我們 2 億美元信用額度的 5,821 枚比特幣，該抵押品將在我們償還後解除。

As we've talked about, we continue to utilize our Bitcoin as the primary source of funding for the equity component of our data center capital expenditures. We continue to sell all of our monthly Bitcoin production and have meaningfully sold down our Bitcoin inventory while increasing our cash on hand.

如同我們先前所談，我們持續將比特幣作為資料中心資本支出中股權部分的主要資金來源。我們持續出售每月產出的全部比特幣，並在提高手上現金的同時，顯著降低了比特幣庫存。

The shift to a larger cash position on hand has given us an even greater degree of visibility and certainty in our liquidity position and future equity funding requirements. This strategy also reinforces our alignment with shareholders as we have not issued any common equity during the quarter.

提高現金部位使我們對流動性狀況與未來股權資金需求有更高的可視性與確定性。此策略也強化了我們與股東的一致性，因為本季我們未發行任何普通股股權。

Second, capital recycling. Last quarter, we discussed the opportunity to extract significant value from the first 25 megawatts of AMD capacity. With that capacity delivered in May, the financing process has advanced to late-stage discussions with multiple banks, and we expect to close before the end of the third quarter.

第二，資本回收再利用。上季我們討論了從 AMD 首批 25 兆瓦容量中釋放顯著價值的機會。隨著該容量於 5 月交付，融資流程已推進至與多家銀行的後期洽談階段，我們預期在第三季結束前完成交割。

We anticipate debt proceeds to be nearly double our initial equity position, highlighting our disciplined underwriting and value creation. The facility will also include delayed draw capacity for AMD's second 25 megawatts and future expansion, further diversifying our capital sources while preserving liquidity for additional new investments.

我們預期債務融資所得將接近我們初始股權投入的兩倍，凸顯我們嚴謹的承作審核與價值創造能力。該融資安排亦將包含延後動用額度，用於 AMD 的第二個 25 兆瓦以及未來擴建，進一步分散我們的資金來源，同時保留流動性以支持更多新投資。

And third, capital redeployment. The initial 25-megawatt loan proceeds will be redeployed to fund the equity requirements of the frontier AI lab lease at Rockdale, recycling lower-cost capital to higher return projects while extending the runway of our balance sheet and reducing reliance on external equity financing.

第三，資本再部署。首批 25 兆瓦貸款所得將再部署，用於 Rockdale 前沿 AI 實驗室租賃案的股權資金需求，以較低成本資金循環投入至較高報酬專案，同時延長資產負債表的資金續航並降低對外部股權融資的依賴。

Slide 13 lays out exactly how this disciplined capital allocation works in practice. And the key message is that Riot's financing strategy drives development growth and creates new funding sources for Riot, reducing the need for external equity financing for current projects.

第 13 頁投影片精確說明這種嚴謹的資本配置在實務上如何運作。關鍵訊息是：Riot 的融資策略推動開發成長，並為 Riot 創造新的資金來源，降低目前專案對外部股權融資的需求。

The table on the left illustrates our approach to the AMD financing. On the initial 25 megawatts delivered to AMD, we are nearing finalization of a term loan of approximately $180 million, sized against the stabilized value of the contracted asset.

左側表格說明我們對 AMD 融資的作法。針對已交付給 AMD 的首批 25 兆瓦，我們正接近完成一筆約 1.8 億美元的定期貸款，其規模係以已簽約資產的穩定化價值為基礎。

Against our initial $90 million CapEx budget, which we financed entirely with cash on hand, this new facility will generate approximately $90 million in net new capital for Riot, recapitalizing the deployment at approximately twice our initial equity contribution.

相較於我們最初 9,000 萬美元的資本支出（CapEx）預算（完全以手上現金支應），這項新融資將為 Riot 產生約 9,000 萬美元的淨新增資金，使該部署得以再資本化，規模約為我們初始股權投入的兩倍。

On the second 25 megawatts, a $70 million delayed draw term loan at 85% loan to cost will fund $69 million of the expected $81 million in total CapEx, leaving a net equity requirement of only $12 million. This will enable Riot to shift a large majority of CapEx funding towards new sources while preserving our balance sheet liquidity for new projects.

針對第二個 25 兆瓦，一筆 7,000 萬美元、以成本 85% 貸款成數（loan-to-cost）計算的延後動用定期貸款，將為預估總 CapEx 8,100 萬美元中的 6,900 萬美元提供資金，使淨股權需求僅剩 1,200 萬美元。這將使 Riot 能將絕大部分 CapEx 資金轉向新的來源，同時保留資產負債表流動性以投入新專案。

Moving over to the table on the right-hand side of the slide, we intend to recycle and redeploy this funding into our frontier AI lab build-out, where illustrative capital expenditures range between $2.1 billion to $2.3 billion, anticipated debt financing in the 80% to 90% loan-to-cost range or $1.7 billion to $2.1 billion implies an equity requirement of between $210 million and $460 million. Net of the expected $180 million term loan proceeds from the AMD financing process, net equity required will be reduced to between $30 million and $280 million. That's against $1.2 billion of total liquidity on our balance sheet.

再看投影片右側表格，我們計畫將這筆資金循環並再部署至前沿 AI 實驗室的建置；其示意性資本支出約介於 21 億至 23 億美元，若預期債務融資為成本 80% 至 90% 的貸款成數（約 17 億至 21 億美元），則推算股權需求約介於 2.1 億至 4.6 億美元。扣除 AMD 融資流程預期取得的 1.8 億美元定期貸款所得後，所需淨股權將降至約 3,000 萬至 2.8 億美元。相較之下，我們資產負債表上的總流動性為 12 億美元。

While we finalize this financing process, we have also secured a $573 million interim financing facility from Morgan Stanley, which will be used to fund development costs for the project in the near term. This facility allows Riot to immediately advance the procurement of long lead equipment and fund other initial development costs without added delay or risk to our delivery timelines and while preserving our liquidity.

在我們完成此融資流程的同時，也已自摩根士丹利取得 5.73 億美元的過渡性融資額度，將用於近期專案的開發成本。該融資使 Riot 能立即推進長交期設備的採購並支付其他初期開發成本，不致增加延誤或對交付時程的風險，同時保留我們的流動性。

These projects reflect our disciplined capital allocation. By utilizing our existing balance sheet and anticipated AMD financing process proceeds, we expect to fund the vast majority of our net project equity. As we compound through this cycle, we will retain ownership of high-quality cash flowing assets while continuously redeploying capital to fund additional growth and minimizing future external equity needs.

這些專案體現我們嚴謹的資本配置。透過運用既有資產負債表以及預期的 AMD 融資流程所得，我們預計可為專案所需的淨股權資金提供絕大部分來源。隨著我們在此循環中持續複利成長，我們將保有高品質、可產生現金流的資產，同時不斷再部署資本以支持額外成長，並將未來對外部股權的需求降至最低。

Let's move to the second-quarter financial update, key figures for which are outlined on slide 15. For the second quarter of 2026, Riot reported total revenue of $174 million, a 14% increase year over year, driven by growth across our Data Center and Engineering segments. We recorded a GAAP net loss of $237 million or $0.68 per diluted share and an adjusted EBITDA loss of $70 million.

接著進入第二季財務更新，主要數據列於第 15 頁投影片。2026 年第二季，Riot 報告總營收 1.74 億美元，年增 14%，主要受資料中心與工程兩大事業部成長帶動。我們錄得 GAAP 淨損 2.37 億美元（稀釋後每股 -0.68 美元），調整後 EBITDA 虧損 7,000 萬美元。

As in prior quarters, these results reflect over $240 million in noncash items, chief among them, a $75 million mark-to-market loss on our Bitcoin holdings, $98 million of depreciation and amortization, and a $28 million impairment of mining-related construction items at Rockdale, a direct consequence of our decision to repurpose that capacity for data center development.

與前幾季相同，這些結果反映超過 2.4 億美元的非現金項目，其中主要包括：比特幣持有部位 7,500 萬美元的按市價評價損失、9,800 萬美元的折舊與攤銷，以及 Rockdale 與挖礦相關的在建工程項目 2,800 萬美元減損；這是我們決定將該產能改作資料中心開發的直接結果。

In aggregate, these noncash items exceeded the entire net loss for the quarter and do not reflect the underlying economics of our operations.

整體而言，這些非現金項目合計甚至超過本季全部淨損，並不反映我們營運的基本經濟實質。

In our Data Center segment, we exited the quarter with 25 megawatts of critical IT capacity online and generated $23 million in total segment revenue, including $4.9 million in operating lease revenue, reflecting delivery of the full 25-megawatt AMD deployment in mid-May at an 84% operating lease gross margin, in line with what we've discussed with the market upon announcement of the deal.

在資料中心事業部，我們於季末已有 25 兆瓦的關鍵 IT 產能上線，並創造該事業部總營收 2,300 萬美元，其中包含 490 萬美元的營運租賃收入；這反映我們於 5 月中旬完成向 AMD 交付完整 25 兆瓦部署，營運租賃毛利率為 84%，與我們在交易公告時對市場所溝通的一致。

From signing in January to fully commissioned revenue-generating capacity in under five months represents the execution pace that our platform has been built to achieve.

自 1 月簽約起算，在不到五個月內即完成全面啟用並形成可創收產能，展現我們平台所打造、並旨在達成的執行速度。

In our Bitcoin Mining segment, Riot produced 1,587 bitcoin in the second quarter, equivalent to production of 17.4 bitcoin per day and ended the quarter with a deployed hash rate of 44.4 exahash per second, accounting for approximately 4.6% of the global network. Bitcoin Mining revenue was $113.7 million, with hash rate utilization averaging 87%, partially impacted by minor downtime in Kentucky during the month of May.

在比特幣挖礦事業部，Riot 第二季產出 1,587 枚比特幣，相當於每日 17.4 枚；季末已部署算力為每秒 44.4 艾赫（exahash），約占全球網路 4.6%。比特幣挖礦營收為 1.137 億美元，算力利用率平均 87%，部分受到 5 月肯塔基州輕微停機影響。

Our power strategy generated $10 million in power curtailment credits, equivalent of $6,335 per Bitcoin mined, resulting in a net cost of power of $0.036 per kilowatt hour, which remains one of the lowest in the industry.

我們的電力策略帶來 1,000 萬美元的限電補償（power curtailment credits），相當於每挖出 1 枚比特幣可獲 6,335 美元，使淨電力成本為每度電（kWh）0.036 美元，仍為業界最低水準之一。

Our direct cost to mine was $49,912 per Bitcoin this quarter, which continues to represent industry-leading efficiency despite a 9% year-over-year increase in the average global network hash rate. Our power portfolio and power management capabilities remain a fundamental part of the Riot story. We have always said that Riot is a power-first company and our net cost of power as well as our ability to manage our power trading reflect that industry-leading expertise.

本季我們每枚比特幣的直接挖礦成本為 49,912 美元；儘管全球網路平均算力年增 9%，我們仍持續展現業界領先的效率。我們的電力組合與電力管理能力仍是 Riot 故事的核心。我們一直強調 Riot 是一家以電力為先（power-first）的公司；我們的淨電力成本以及管理電力交易的能力，反映出我們在業界領先的專業能力。

Finally, we ended the quarter holding 11,380 bitcoin on our balance sheet with a quarter end value of $666 million based on a closing price of $58,527 on June 30. This represents a significant reduction in our Bitcoin holdings as we continue to utilize that inventory for data center development. As talked about in our financing strategy, our Bitcoin treasury is a key financial asset that we will continue to leverage in order to fund the development of our data center platform.

最後，我們於季末在資產負債表上持有 11,380 枚比特幣，按 6 月 30 日收盤價 58,527 美元計算，季末價值為 6.66 億美元。隨著我們持續將該庫存用於資料中心開發，這代表我們的比特幣持有量已顯著下降。如同我們在融資策略中所述，我們的比特幣資金庫（treasury）是重要的金融資產，我們將持續加以運用，以資助資料中心平台的開發。

On slide 16, we turn to our Data Center segment results in more detail and present the second-quarter results against the first quarter. Even in these early stages of our build-out, we see the beginning of the high-margin recurring revenue ramp that we have been pointing to.

在第 16 頁投影片，我們更詳細檢視資料中心事業部的表現，並將第二季結果與第一季對照呈現。即使在建置初期階段，我們已看到我們先前所指出的高毛利、經常性收入爬坡的開端。

We delivered an 84% operating lease gross margin and grew AMD contracted capacity to 50 megawatts in the quarter. Recurring operating lease revenue grew to $4.9 million in the second quarter, up over 400% from $900,000 in the first quarter, driven by the delivery of the full 25 megawatts to AMD in May. That revenue generated $4.1 million in gross profit at an 84% gross margin. Tenant fit-out services revenue was $18.3 million, down from $32.2 million in the first quarter, generating $2.4 million in gross profit.

我們達成 84% 的營運租賃毛利率，並在本季將 AMD 的簽約產能提升至 50 兆瓦。第二季經常性營運租賃收入成長至 490 萬美元，較第一季的 90 萬美元成長逾 400%，主要由 5 月向 AMD 交付完整 25 兆瓦所帶動。該收入以 84% 毛利率貢獻 410 萬美元毛利。承租戶裝修（fit-out）服務收入為 1,830 萬美元，較第一季的 3,220 萬美元下降，貢獻毛利 240 萬美元。

Now as a reminder, fit-out revenue represents the procurement and installation of customer-specific equipment reimbursed by tenants on a cost-plus basis, and it will naturally fluctuate with the development cycle.

提醒一下，裝修收入代表採購與安裝客戶專用設備，並由承租戶以成本加成（cost-plus）方式償付，因此會隨開發週期自然波動。

In total, the Data Center segment generated $23.2 million of revenue and $6.5 million of gross profit in the quarter. And while total segment revenue was lower quarter over quarter on reduced tenant fit-out activity, gross profit grew 174% on the strength of the recurring lease revenue mix. This is exactly the evolution we've outlined.

合計而言，資料中心事業部本季創造營收 2,320 萬美元、毛利 650 萬美元。雖然因承租戶裝修活動減少使事業部總營收較上季下降，但在經常性租賃收入占比提升的帶動下，毛利成長 174%。這正是我們所描繪的演進方向。

To put this trajectory in perspective, recurring lease revenue of $4.9 million this quarter builds towards approximately $64 million in average annual revenue and to approximately $520 million in combined average annual revenue after the frontier AI lab development reaches full deployment, layering highly predictable infrastructure-grade cash flows into our consolidated P&L.

為了讓這一成長軌跡更具體，本季經常性租賃收入為490萬美元，正逐步累積至約6,400萬美元的平均年度收入；而在前沿AI實驗室開發達到全面部署後，合計平均年度收入將約為5.2億美元，為我們的合併損益表疊加高度可預測、具基礎設施等級的現金流。

Our Engineering segment, ESS Metron and E4A Solutions continues to serve as a key competitive advantage driving our ability to deliver critical data center components and on a timely basis. Engineering revenue was $37.3 million in the quarter, more than triple the $10.6 million from a year ago, while gross margin expanded from approximately 7% to over 27%, with the data center sector representing approximately 90% of our $177.1 million backlog.

我們的工程事業部（Engineering segment），包括ESS Metron與E4A Solutions，持續作為關鍵競爭優勢，推動我們有能力及時交付資料中心的關鍵組件。本季工程收入為3,730萬美元，較一年前的1,060萬美元成長逾三倍；同時毛利率由約7%擴大至超過27%，而資料中心產業約占我們1.771億美元在手訂單（backlog）的90%。

Importantly, the conversion cycle of backlog into revenue has significantly accelerated as a result of the 25% increase in manufacturing capacity we brought online in 2026. We are also continuing to strategically hold back capacity for Riot's own data center growth.

重要的是，由於我們在2026年上線的製造產能提升25%，在手訂單轉換為收入的週期已顯著加速。我們也持續策略性地保留部分產能，以支援Riot自有資料中心的成長。

As a reminder, within our Engineering business, ESS Metron manufactures low and medium voltage switchgear and power distribution units, among the most severely constrained long lead components in the data center supply chain. And while we are extremely pleased with the continued improvement in the financial results at ESS, the story has never been one of stand-alone profits. .

提醒一下，在我們的工程業務中，ESS Metron製造低壓與中壓開關設備（switchgear）及配電單元（power distribution units）等，這些都是資料中心供應鏈中最受限、交期最長的關鍵組件之一。儘管我們對ESS財務表現持續改善感到非常滿意，但這個故事從來就不是關於單體獲利。.

ESS and E4A are key elements of Riot's vertically integrated approach. With the execution of our data center deals, Riot Engineering is playing a key supporting role in the procurement process for our data center strategy. Through this process, we gained greater control over the supply chain, de-risk delivery of scheduled critical equipment, and generate meaningful CapEx savings, approximately $23.8 million cumulative acquisition of ESS Metron in December 2021 alone.

ESS與E4A是Riot垂直整合策略的關鍵要素。隨著我們資料中心交易的執行，Riot Engineering在我們資料中心策略的採購流程中扮演關鍵支援角色。透過此流程，我們取得對供應鏈更高的掌控度、降低按期交付關鍵設備的風險，並帶來可觀的資本支出（CapEx）節省——僅2021年12月收購ESS Metron一案，累計約2,380萬美元。

This vertical integration was a key factor in our on-schedule delivery of the initial AMD capacity, and it is now fully integrated into the delivery plan for the frontier AI lab build-out.

這項垂直整合是我們能按期交付AMD初始產能的關鍵因素之一，而目前也已全面納入前沿AI實驗室建置的交付計畫中。

Now, I'd like to turn it back over to Jason Les for closing remarks.

現在，我想把時間交還給Jason Les做結語。

Thank you, Jason. I want to close by putting the pace of our execution into perspective. In January, we announced the Rockdale land acquisition and the execution of our first data center lease with AMD. In May, we completed AMD's initial 25 megawatts. Today, we announced a 191-megawatt, $9.1 billion lease with another one of the most consequential AI companies in the world.

謝謝你，Jason。我想在結尾時，從更宏觀的角度說明我們執行速度的意義。1月，我們宣布收購Rockdale土地並與AMD簽署第一份資料中心租賃。5月，我們完成了AMD的初始25兆瓦。今天，我們宣布與全球最具關鍵影響力的AI公司之一簽署191兆瓦、91億美元的租賃合約。

Looking ahead, AMD's expansion completes in May 2027 and the leading frontier AI labs phase deployment begins with 96 megawatts in December 2027 and completes in June 2028, bringing us to 241 megawatts of delivered contracted capacity. Layer in the LOI now signed for the full Corsicana campus, and we have line of sight to approximately 1 gigawatt of leased critical IT capacity across a total power portfolio of more than 2 gigawatts of utility power.

展望未來，AMD的擴建將於2027年5月完成；而領先的前沿AI實驗室將於2027年12月以96兆瓦開始分階段部署，並於2028年6月完成，使我們已交付的已簽約容量達到241兆瓦。再加上目前已簽署的Corsicana全園區意向書（LOI），我們可望清楚看到：在總電力資產組合超過2吉瓦的公用電力（utility power）之上，將有約1吉瓦的關鍵IT容量以租賃形式落地。

With the AMD and frontier AI lab lease executed, we have contracted approximately $416 million to $462 million in estimated average annual NOI.

隨著AMD與前沿AI實驗室租賃合約完成簽署，我們已簽約的預估平均年度NOI約為4.16億至4.62億美元。

The four themes that define this quarter are the ones that will define Riot going forward: rapid delivery, de-risked execution, and a strong balance sheet, and disciplined capital allocation.

定義本季的四大主題，也將定義Riot未來的方向：快速交付、去風險化的執行、強健的資產負債表，以及嚴謹的資本配置。

Our priorities for the balance of 2026 directly follow: deliver contracted megawatts to AMD and advance the AI lab build-out on schedule and on budget, convert our Corsicana LOI into an executed lease, close low-cost project financing that reflects the quality of our tenants and our sites.

我們在2026年剩餘期間的優先事項也由此延伸：向AMD交付已簽約的兆瓦數，並按期、按預算推進AI實驗室建置；將Corsicana的LOI轉換為正式簽署的租賃合約；完成低成本的專案融資，以反映我們租戶與場址的品質。

Beyond that, we remain active in pursuing growth of our power pipeline, and we'll look to make accretive additions that compound value in our portfolio. Riot sits at the intersection of two defining constraints of the AI era: power and execution. As we continue converting our power portfolio into contracted data center leases with the highest-quality counterparties in the world, we believe the quality, scale and cash flow visibility of our platform will become increasingly evident.

除此之外，我們仍積極推動電力管線（power pipeline）的成長，並將尋求能增厚（accretive）報酬、在投資組合中複利累積價值的新增項目。Riot位於AI時代兩大關鍵限制的交會點：電力與執行力。隨著我們持續將電力資產組合轉化為與全球最高品質對手方簽訂的資料中心租賃合約，我們相信平台的品質、規模與現金流可視性將愈發明顯。

We have the assets, over 2 gigawatts of utility power and two of the most attractive data center development sites in the United States. We have the balance sheet to fund development on value-accretive terms, supported by our financial strength, our operating cash flows, and access to institutional capital markets.

我們擁有資產：超過2吉瓦的公用電力，以及美國境內兩處最具吸引力的資料中心開發場址。我們也擁有能以增值條件為開發提供資金的資產負債表，並由我們的財務實力、營運現金流與進入機構資本市場的能力所支撐。

We have the team, a world-class data center organization that is delivering for AMD, building for the leading frontier AI lab and advancing our next wave of leasing discussions.

我們擁有團隊：世界級的資料中心組織，正在為AMD交付、為領先的前沿AI實驗室建置，並推進下一波租賃洽談。

And we have a repeatable approach, lease to creditworthy tenants, finance efficiently, build with discipline and recycle capital, an approach that is designed to compound through multiple deals and multiple sites.

我們也擁有可複製的方法：租給具信用的租戶、有效率地融資、以紀律建置並回收資本；這套方法旨在透過多筆交易與多個場址持續複利成長。

On behalf of our entire management team, I want to thank our shareholders, our partners, and our employees for their continued support as we execute on this exciting opportunity.

我謹代表整個管理團隊，感謝股東、合作夥伴與員工在我們把握這項令人振奮的機會、持續推進執行之際，給予的支持。

With that, we will now open the call up for questions. Operator?

接下來，我們將開放提問。接線員？

(Operator Instructions) Stephen Byrd, Morgan Stanley.

(接線員指示) Morgan Stanley的Stephen Byrd。

Hey guys, congratulations on the deal and the LOI. It's very exciting. That's great news. I wanted to just start on the economics of the deal. And I wondered if you could just maybe speak to the CapEx range, sort of how you arrived at that range for CapEx?

各位好，恭喜這筆交易以及LOI。這非常令人振奮。這是很棒的消息。我想先從交易的經濟性談起。我想請教你們是否能談談資本支出（CapEx）的區間，以及你們是如何得出這個CapEx區間的？

Sure. Thanks for the question, Stephen. So the new lease at Rockdale has a total initial base contract value of $9.1 billion in revenue over the term, which is a little longer than 20 years following the initial deployment. And this lease, like most of the leases we have seen, carries annual escalators that are in line with the market precedents out there.

當然。謝謝你的問題，Stephen。因此，Rockdale的新租賃在初始基礎合約價值上，於租期內的總收入為91億美元；在初始部署完成後，租期略長於20年。而這份租賃合約與我們所見的大多數租約類似，包含符合市場慣例的年度調升條款（annual escalators）。

Our NOI margin is expected to be between 80% to 90% over the term of the lease. We have some good experience already operating at Rockdale for AMD, and we have spent a lot of time assembling a very strong operations team that helps formulate this guidance. We have really invested a lot in building out this operations team over the past year or so.

我們預期在租期內的NOI利潤率將介於80%至90%。我們已在Rockdale為AMD營運累積了不錯的經驗，也花了很多時間組建一支非常強的營運團隊，這也支撐了我們提出這項指引。過去一年左右，我們確實投入了大量資源來擴建這支營運團隊。

Now, to your question on the CapEx side, the illustrative range that we shared benefits from three elements. One, we have spent quite a bit of time between our teams as well as the tenants on design work to know exactly what we're building and how what we're building is going to meet that tenant specifications.

接著回到你關於CapEx的問題，我們分享的示意區間受惠於三個要素。第一，我們的團隊以及租戶在設計工作上投入了相當多時間，能清楚掌握我們要建什麼，以及建置內容將如何符合租戶規格。

Two, we have done a fair amount of work on procurement of long lead items because we already have this design outlined. We've been able to make progress on that. So we have strong visibility on what pricing will look like for all of the individual components.

第二，由於我們已完成設計規劃，我們也在長交期項目的採購上做了不少工作。我們已能在這方面取得進展。因此，我們對各個單項組件的價格走勢具有很高的可視性。

And then finally, we have been working collaboratively with a general contractor who has worked on projects for this tenant before and has given us visibility to help firm up these figures.

最後，我們一直與一位總承包商協同合作；該承包商過去曾為這位租戶執行專案，並提供我們所需的可視性，以協助把這些數字更精確地敲定。

So this has allowed us to have really good clarity on labor availability and pricing to fully deliver the projects. And when you take all of these factors together, it allows us to have a really good sense of CapEx, which I'll add, includes a healthy contingency reserve because there's already been a good amount of effort on the planning and preparation of this deal over the preceding months by both of our teams.

因此，這讓我們能非常清楚掌握勞動力供給與價格，以完整交付這些專案。綜合以上所有因素，我們對CapEx有非常良好的掌握；我也補充，這其中包含充足的預備金（contingency reserve），因為在過去幾個月，雙方團隊已在此交易的規劃與準備上投入了相當多的努力。

Where all of these combine out on a return on cost perspective is very strong, especially for a customer with both the profile and the trajectory of a leading frontier AI lab. It's also, I think, a reflection of the continued and ever-improving strength of the market and demand for this type of large-scale infrastructure that comes with the level of certainty in power delivery that Riot is able to offer.

從成本回報（return on cost）的角度來看，當所有這些因素結合在一起時，表現非常強勁，尤其是對於同時具備領先前沿 AI 實驗室之客戶輪廓與成長軌跡的客戶而言。我認為這也反映出市場對此類大型基礎設施的需求持續存在且不斷增強，而 Riot 能夠提供具高度確定性的電力交付能力，正是這類需求的關鍵。

That's fantastic. That's really helpful. And I wonder if you could just talk about the bridge financing that you've arranged. And I just wanted to confirm, will that be sufficient to cover sort of the near-term build cost that you're going to be incurring here?

太棒了。這真的很有幫助。我想請你談談你們已安排的過橋融資。我也想確認一下，那是否足以涵蓋你們接下來近期將要發生的建置成本？

Jason Chung, do you want to take that?

Jason Chung，你要回答這題嗎？

Sure. Thanks, Stephen. On financing, the structure we put in place has deliberately been set up in stages. So the Morgan Stanley interim financing facility immediately funds long lead equipment, procurement, and other development costs related to this tenant lease and interestingly, is fully secured by the tenant so that near-term build costs come with that tenant credit support from day 1.

當然。謝謝你，Stephen。關於融資，我們所建立的架構是刻意分階段設計的。因此，Morgan Stanley 的臨時融資額度會立即為長交期設備、採購，以及與此承租戶租賃相關的其他開發成本提供資金；而且有趣的是，該融資完全由承租戶提供擔保，因此從第一天起，近期建置成本就有承租戶的信用支持。

Then from there, we plan to execute the takeout financing of this interim facility in the coming months as the investment-grade backstop is completed. And there, we anticipate pricing consistent with the growing number of backstop AI infrastructure deals we've seen in the market.

接下來，隨著投資級（investment-grade）後備支持完成，我們計畫在未來幾個月內執行對這筆臨時融資的承接／置換融資（takeout financing）。在那方面，我們預期定價將與我們在市場上看到、數量日益增加的具後備支持之 AI 基礎設施交易一致。

This lease has been structured with financing in mind from day 1, and we have multiple paths to attractive long-term financing regardless of how the credit support process concludes.

這份租約從第一天起就以融資為考量來設計，而且無論信用支持流程最終如何收斂，我們都有多條路徑可取得具吸引力的長期融資。

That said, we do expect it to conclude in the near term and diligence is well advanced. So I don't want to get ahead of that process by discussing parties or terms just yet. What I'd point to you to is the outcome, which is we are confident in achieving investment-grade level financing economics for this project.

話雖如此，我們確實預期它會在近期完成，而且盡職調查已相當深入。因此，我現在還不想透過討論相關方或條款而超前這個流程。我想請你關注的是結果：我們有信心為此專案達成投資級水準的融資經濟條件。

Great. Thank you so much.

很好。非常感謝。

John Todaro, Needham.

Needham 的 John Todaro。

Hey, guys. Congrats on the lease there. It looks like a pretty good economics per megawatt. I wanted to ask on Corsicana. Nice to see the LOIs for the full site, and it's going to be with one tenant. That is something you guys have talked quite a bit about in the past that the full site would go to potentially one tenant.

嗨，各位。恭喜你們簽下那份租約。看起來每兆瓦的經濟效益相當不錯。我想問一下 Corsicana 的情況。很高興看到整個場址都有 LOI，而且會由單一承租戶承租。這也是你們過去談過不少次的方向：整個場址可能會由一個承租戶拿下。

I would think that suggests hyperscaler, but any additional color on that and then also how the discussions on Corsicana have evolved over time?

我會認為這暗示是 hyperscaler（超大規模雲端業者），但你們能否再多提供一些背景？另外，Corsicana 的討論隨時間推進是如何演變的？

Sure. First off, John, it's funny to think back on previous earnings calls or I've been asked and we've been reticent in disclosing LOIs historically. But I will add that every deal that we've announced previously had an LOI at some point before progressing to a lease, and we chose not to disclose that.

當然。首先，John，回想以前的財報電話會議很有趣；過去有人問到時，我們一直對揭露 LOI 比較保留。但我補充一下：我們先前宣布的每一筆交易，在推進到租約之前的某個時間點都曾有 LOI，只是我們選擇不對外揭露。

As everyone knows, LOIs are subject to uncertainty, but we feel very strongly about our progress here. In this case, we wanted to share with the market that we are under LOI for the entire site with a single tenant to try and give transparency about the process. And I think it's a testament to our progress with the counterparty on working towards a signing completed deal.

如大家所知，LOI 具有不確定性，但我們對目前的進展非常有信心。在這個案例中，我們希望向市場分享：我們已就整個場址與單一承租戶簽署 LOI，以提高流程透明度。我認為這也證明我們與交易對手在朝向完成簽署、落實交易方面取得了進展。

Riot has taken a very calculated approach with marketing this asset because it is our most valuable and in-demand asset. I'll remind everyone that it wasn't until the end of 2025 that we had really acquired all the necessary acreage to have the physical footprint in order to build a full cohesive Tier 3 data center campus that utilizes all of the 1 gigawatt power at Corsicana and met the design requirements of today's market.

Riot 在行銷這項資產時採取了非常審慎、精算的方式，因為這是我們最有價值、需求最高的資產。我提醒大家，直到 2025 年底，我們才真正取得所有必要的土地面積，得以具備實體足跡來建置一個完整、連貫的 Tier 3 資料中心園區，能夠在 Corsicana 使用全部 1 吉瓦電力，並符合當今市場的設計要求。

So because of this, we didn't begin fully marketing the site with a comprehensive plan in place until the beginning of this year. We wanted to be sure before getting in front of prospective tenants, and we've spoken about this, that we had a well-thought-out plan in place that could withstand the most rigorous diligence processes that you'll find from the highest-quality -- high-quality counterparties out there. This has led to a number of conversations with a variety of parties, and we've been very intentional about focusing our efforts on the right counterparties.

因此，在今年年初之前，我們並未在具備完整規劃的情況下全面行銷該場址。在面對潛在承租戶之前——我們也談過——我們希望先確保有一套周延的計畫，能夠承受你在市場上最優質——高品質——交易對手所採取的最嚴格盡職調查流程。這促成了我們與多方的多次對話，而我們也非常刻意地把資源聚焦在合適的交易對手上。

When you're working with a site that is the scale of Corsicana, it is extremely in depth, and it's not a small undertaking for any potential tenant. When you look at what a lease sign for Corsicana could look like for the entire site, you're looking at in excess of $1 billion in annual rent upon full deployment. So you can appreciate that no matter how well-positioned the site is, both parties need to be absolutely careful of what the ultimate deal looks like in order to receive the best possible outcomes. That's a two-way street there. So it's a tremendous investment from both sides.

當你在處理像 Corsicana 這種規模的場址時，工作會非常深入，對任何潛在承租戶而言都不是小工程。如果你看 Corsicana 全場址的租約簽署在全面部署後可能呈現的樣貌，年租金將超過 10 億美元。因此你可以理解，無論場址條件多麼優越，雙方都必須非常謹慎地看待最終交易的樣貌，才能取得最佳結果。這是雙向的。所以這對雙方而言都是一項巨大的投資。

And that process requires an immense amount of technical development, construction, operational, legal, and commercial-related discussions, even much more than our previously announced deals at Rockdale.

而這個流程需要大量的技術開發、施工、營運、法務與商務相關討論，甚至比我們先前在 Rockdale 公布的交易還要多得多。

So we've been deeply engaged in this process. We have a target tenant that we've committed to in the process that we've executed an LOI with. We caution and we're well aware that this process can still take a number of twists and turns, and it's subject to uncertainty. But we want to be transparent about our progress, and we will update the market in the coming months when there's more to share about this process.

因此我們一直深度投入這個流程。我們在流程中已鎖定一個目標承租戶，並已與其簽署 LOI。我們也提醒並清楚知道，這個流程仍可能出現多次轉折，且具有不確定性。但我們希望對進展保持透明，並會在未來幾個月、當有更多可分享內容時，向市場更新這個流程的最新情況。

That's great. Very helpful and a lot of color there. And then just as a follow-up on the same site, can you just go a little bit more into the current state of development, if there's really kind of anything at the base level that still needs to be done to support the full gigawatt and how that phasing of capacity would look?

很好。非常有幫助，也提供了很多細節。接著同一個場址的追問：你能否再多談一些目前的開發狀態？是否在基礎層面仍有任何需要完成的工作，才能支援完整 1 吉瓦？以及容量分期（phasing）會是什麼樣子？

Yes. So we are -- while we're in the deep active discussions that we have, we've continued on the development of the site in Corsicana. That's been important in order to advance progress that ultimately results in delivering Tier 3 capacity. Now we're not committing ourselves to designs or decisions or spends that are going to box us into a certain tenant specifications or design. We are proceeding with horizontal work and long lead equipment procurement for items that we're confident will support any eventual tenant's requirements, whether it is for current LOI or otherwise.

可以。所以我們——在進行這些深入且積極的討論同時——也持續推進 Corsicana 場址的開發。這很重要，因為它能推動進度，最終交付 Tier 3 容量。目前我們不會承諾任何會把我們框死在特定承租戶規格或設計上的方案、決策或支出。我們正推進場地平整等土木基礎工程（horizontal work）以及長交期設備採購，這些項目我們有信心能支援任何最終承租戶的需求，不論是目前 LOI 的對象或其他對象。

I think it's -- as far as the RFS states go, I think it's probably too early to comment on that specifically because Everything is subject to final design choices, specifications and the negotiations that come with that. And as you go through this process and you go through various revisions of a tenant's design, you make trade-off choices between delivery dates and certain features or requirements that may take a little longer to deliver. So there's always this push and pull discussion that we have with our customers that will meet what they need from a timeline and technical perspective. These are active discussions. They're happening on a regular basis.

我認為——就 RFS（Ready for Service）狀態而言——現在可能還太早，無法具體評論，因為一切都取決於最終設計選擇、規格以及隨之而來的談判。而在你走完整個流程、並經歷承租戶設計的多次修訂時，你會在交付日期與某些功能或需求（可能需要更長時間交付）之間做取捨。因此，我們與客戶之間總會有這種拉鋸式的討論，以在時程與技術面滿足他們的需求。這些都是正在進行的討論。而且是定期在發生的。

And yes, we look forward to continuing progressing them to a lease.

是的，我們也期待持續推進，最終把它們落實為租約。

Great. Thank you for that, and congrats again on all the progress, guys. Really nice to see.

很好。謝謝你們的分享，也再次恭喜各位取得的所有進展。看到這些真的很棒。

Thank you, John.

謝謝你，John。

Paul Golding, Macquarie Group.

Paul Golding，麥格理集團（Macquarie Group）。

Thanks so much and echoing the congrats on all the progress. I wanted to ask maybe around Rockdale. Could you remind us of the structure of the remaining AMD options? I know you mentioned, Jason, that you still have 150 megawatts of options outstanding.

非常感謝，也同樣要再次恭喜你們的所有進展。我想問一下，可能是關於 Rockdale。能否請你們提醒我們，剩餘的 AMD 選擇權（options）結構是怎麼安排的？我知道你提到過，Jason，你們目前仍有 150 兆瓦的選擇權尚未行使。

But maybe in addition to sort of talking through how those are structured, if you could also give some color around whether this incremental AI frontier lab lease for 191 megawatts impacts those options or the dynamics with AMD at all. Obviously, the pricing is quite strong with this recent announcement and just looking to see how that might impact the AMD options or not.

不過除了請你們說明這些選擇權的結構之外，也想請你們補充一些背景：這次新增的 AI 前沿實驗室（frontier lab）191 兆瓦租約，是否會影響這些選擇權，或對 AMD 的互動動態造成任何影響。顯然，這次公告的定價相當強勁，所以想了解這是否會影響 AMD 的選擇權，或是不會。

Thanks, Paul. So first on AMD options. So they have two options in their lease. The first of which is an expansion option for an additional 50 megawatts. And that would bring, if exercised, their total IT capacity at Rockdale to 100 megawatts.

謝謝你，Paul。先談 AMD 的選擇權。他們在租約中有兩個選擇權。第一個是擴充選擇權，可再增加 50 兆瓦。若行使，將使其在 Rockdale 的 IT 總容量達到 100 兆瓦。

We signed an initial 25-megawatt lease with them in January. They executed a 25-megawatt amendment to that in April. And now there's 50 megawatts remaining on that original 100-megawatt option. And this additional 50 megawatts would largely be the same type and build-out and economics as their existing 50 megawatts.

我們在 1 月與他們簽署了最初的 25 兆瓦租約。他們在 4 月對該租約執行了 25 兆瓦的修訂（amendment）。而現在，在原本 100 兆瓦的選擇權中，仍剩下 50 兆瓦。這額外的 50 兆瓦，在類型、建置（build-out）與經濟條件上，基本上會與他們現有的 50 兆瓦相同。

AMD's second option is for an additional 100 megawatts of capacity that can be leased only if they fully lease the first 100 megawatts of the lease. And this second 100 megawatts of capacity is subject to a few different restrictions and guardrails that are important for maintaining flexibility for Riot. While on AMD, one thing I do want to highlight is that AMD had a really interesting feature on CNBC recently of all the advancements that they're making in their AI hardware business. And a lot of that interview was done at our Rockdale campus and what they are now referring to as their Megalab.

AMD 的第二個選擇權是額外 100 兆瓦的容量，但只有在他們把租約的第一個 100 兆瓦全部租滿的情況下，才可以承租。而第二個 100 兆瓦容量會受到一些不同的限制與護欄（guardrails）約束，這對於維持 Riot 的彈性很重要。另外談到 AMD，我想特別提一下：AMD 最近在 CNBC 有一個很有意思的專題，介紹他們在 AI 硬體業務上的各項進展。而那段訪談有很大一部分是在我們的 Rockdale 園區拍攝的，他們現在把那裡稱為他們的 Megalab。

And what's really exciting for us is that they say in this interview that they are using this Megalab to test and commission their brand-new Helios Rack AI platform. If anyone is interested, we have a slide in our appendix of our presentation. There's a few interesting screenshots from that piece and a link to the interview that shares a lot of good information about what they're doing.

對我們來說非常令人振奮的是，他們在該訪談中表示，他們正在使用這個 Megalab 來測試並啟用（commission）他們全新的 Helios Rack AI 平台。如果有人有興趣，我們在簡報附錄有一張投影片。裡面有幾張該報導的有趣截圖，以及訪談連結，分享了很多他們正在做的事情的有用資訊。

But I think the second part of your question was, does this new deal at all impact AMD's position on its expansion options? We can't comment on or speculate on the motivations of our tenants. However, if you look at what AMD has stated publicly that even if the -- the entire expansion option went to AMD, it would -- based on public statements, it would still not be enough to fulfill their power demand.

不過我想你問題的第二部分是：這筆新交易是否會影響 AMD 對其擴充選擇權的立場？我們無法評論或推測租戶的動機。然而，如果你看 AMD 公開的說法，即使——即使整個擴充選擇權都給了 AMD，依據其公開聲明，這仍不足以滿足他們的用電需求。

So we have 700 megawatts of capacity out at Rockdale, and we are progressing with commercial discussions across that site and at Corsicana. And our primary strategic objective is to lease up this full portfolio.

因此，我們在 Rockdale 有 700 兆瓦的容量，並且正在推進該場址以及 Corsicana 的商務洽談。我們主要的策略目標，是把整個資產組合全部出租（lease up）。

Thanks, Jason. And maybe just a quick follow-on to that. With the 25 megawatts where the design is nearly complete for AMD at Rockdale. Just on that phrasing of the design still being nearly complete, is there -- are there different terms or, I guess, incremental economics from a design being any different than the preceding 50 megawatts? How should we think about that?

謝謝你，Jason。我再快速追問一下。關於 AMD 在 Rockdale 的 25 兆瓦，設計已接近完成。就「設計仍接近完成」這個措辭而言，是否——是否會因為設計與前面那 50 兆瓦不同，而有不同條款或我想是額外的經濟條件？我們應該怎麼理解？

I am not sure the exact comments that you're referring to. What I meant to clarify is that the first 100 megawatts are for a certain type of design that we've executed on with them, the one -- it's a lower CapEx, quicker timeline deployment. That covers the whole 100 megawatts. The second 100 megawatts has a bit more flexibility to build a new type of capacity, whatever they would be looking for, for their specifications. So if we were -- when we get to the point when they fully execute their -- I should say, if we get to the point where they fully exercise their first 100-megawatt option and then they want to be talking about the 100 megawatts, part of that then would be engaging with them on the design that they're looking for.

我不太確定你指的是哪一段具體評論。我想澄清的是：第一個 100 兆瓦是針對某一種我們已與他們執行的設計——它的資本支出（CapEx）較低、部署時程更快。這涵蓋整個 100 兆瓦。第二個 100 兆瓦則有更大的彈性，可以建置一種新的容量類型，以符合他們的規格需求。所以如果我們——當我們走到他們完全執行——我應該說，如果我們走到他們完全行使第一個 100 兆瓦選擇權、並且他們想討論那額外的 100 兆瓦時，其中一部分工作就會是與他們就所需設計進行對接。

Understood. Thank you so much.

了解。非常感謝。

Yeah. Thank you, Paul.

好的。謝謝你，Paul。

Mike Grondahl, Northland Capital Markets.

Mike Grondahl，Northland Capital Markets。

Hey, this is Logan on for Mike. Congrats on all the progress here. First one from us. With the two leases now signed, can you just clarify, what is the remaining capacity at Rockdale that can be leased? And if there is any preference for the existing tenants or new tenants to take down that capacity? Thank you.

嗨，我是 Logan，代替 Mike 發問。恭喜你們在這裡取得的所有進展。我們的第一個問題是：現在兩份租約都已簽署，能否請你們釐清一下，Rockdale 還剩多少可出租容量？以及在既有租戶與新租戶之間，是否對承租該容量有任何偏好？謝謝。

Yeah. Logan, thanks for the question. Yes, there's still additional capacity at Rockdale. Right now, we have Bitcoin mining and AMD on that site, and now, we're building going to be building development for a new tenant here. We're going to continue to utilize Bitcoin mining to monetize that available capacity until we have the right lease or set of leases to take the balance of that capacity there.

好的。Logan，謝謝你的問題。是的，Rockdale 仍有額外容量。目前該場址有比特幣挖礦與 AMD，現在我們也正在為一位新租戶進行建置開發。在我們找到合適的租約或一組租約來承接那裡剩餘容量之前，我們會持續利用比特幣挖礦來將可用容量變現（monetize）。

As far as preference for tenant goes, we only have a preference to a tenant or tenants that are going to pay the best economics and that have the requisite credit rating or the backstop that allows us to achieve the best possible financing outcome because that is ultimately what's going to translate into delivering the best returns for our shareholders.

至於租戶偏好，我們唯一的偏好是：能提供最佳經濟條件、並且具備必要信用評等或有相應背書（backstop）的租戶，讓我們能取得最佳的融資結果；因為這最終會轉化為為股東帶來最佳回報。

So we like the relationships that we have. We hope to grow both of those relationships significantly. But if the right counterparty comes along and wants to move on capacity and the terms are right then, then we'll be looking very seriously at that as well.

所以我們喜歡目前既有的合作關係。我們也希望能大幅擴大這兩段合作關係。但如果有合適的交易對手出現、希望承接容量且條款合適，那我們也會非常認真地評估。

Great. Then as a follow-up to that, is there a potential to expand capacity at Rockdale past the current 700 megawatts? And would you need additional land if you could secure that power? Thank you.

很好。接著追問：Rockdale 是否有可能把容量擴增到目前 700 兆瓦以上？如果你們能取得那部分電力，是否需要額外土地？謝謝。

Yes. Logan, we believe there is potential at Rockdale for at Rockdale and actually all of our sites to expand the power that's available. And it's something that we keep a close eye on, and we are -- to be clear, we are actively pursuing but it is obviously too early to commit if this is possible, especially with everything that's going on and what extent we may be able to in the future.

是的。Logan，我們相信 Rockdale——其實我們所有場址——都有潛力擴增可用電力。這是我們密切關注的事情；為了說清楚，我們也正在積極推進，但顯然現在還太早，無法承諾是否可行，尤其在目前各種情況之下，以及未來我們可能能做到的程度。

At Rockdale, our site has 200 buildable acres and we've been very intentional and thoughtful about how we build out this site in order to maximize the availability of the campus as part of a broader strategic plan for the campus.

在 Rockdale，我們的場址有 200 英畝可建置用地，而我們在如何開發這個場址上一直非常有意識且審慎，以便在園區更廣泛的策略規劃之下，最大化園區的可用性。

So we are in a great position, I believe, to have the opportunity to get more power at that site and execute it on that if we get that approved.

因此我認為，我們目前處於非常有利的位置，有機會在該場址取得更多電力，並在獲得核准後於該場址加以落實執行。

Thank you. Congrats on the quarter.

謝謝。恭喜本季表現。

Brett Knoblauch, Cantor Fitzgerald.

Brett Knoblauch，Cantor Fitzgerald。

Hey guys, thank you for taking my question, and congrats on both delivering AMD and the new lease. On the Corsicana LOI, I guess, how would you describe the gating items on your end or what you and your prospective tenant need to do to convert it from LOI to kind of definitive lease? If you had to kind of for two or three items, what would they be?

各位好，謝謝讓我提問，也恭喜你們同時交付 AMD 以及簽下新租約。關於 Corsicana 的 LOI（意向書），我想請問，你們這邊有哪些關鍵的關卡項目（gating items），或是你們與潛在承租方需要完成哪些事項，才能把它從 LOI 轉成較為確定的正式租約？如果要你列出兩到三項，會是哪些？

Yeah. Thanks for the question, Brett. Obviously, I don't want to get into too many specifics here. But like I kind of mentioned in the remarks, executing on a build of this size, it's substantial. There's a lot of design and legal and commercial work that goes into that.

是的。謝謝你的問題，Brett。顯然我不想在這裡談太多細節。但就像我在談話中提到的，執行這種規模的建置，是相當龐大的工程。其中涉及大量的設計、法律與商務工作。

I think the level of intensity from both sides scales with the amount of megawatts that you're executing on. So this is -- when you look at Corsicana, it's a multiyear development. It's 700 -- up to 756 megawatts of development across the acreage that we've acquired there. And that requires us to plan carefully and that requires the tenant to be planning their own capacity carefully and making sure that what we are building us -- making sure that what we're building can meet the timelines that they're looking for and they want to make sure that what we're building is going to be the type of design both now and on the first phase of delivery and the final phase of delivery.

我認為，雙方投入的強度會隨著你要落地執行的兆瓦數而等比例提升。所以這個案子——當你看 Corsicana 時——是一個跨多年的開發。在我們於當地取得的土地面積上，開發規模是 700——最高可達 756 兆瓦。這要求我們必須審慎規劃，也要求承租方必須仔細規劃其自身的容量，並確保我們正在建造的內容能符合他們所期待的時程；同時他們也希望我們建造的內容，無論是現在、第一期交付或最終期交付，都會是他們想要的設計類型。

So it's a big lift, but this is a substantial part of the power assets that we have. This is an agreement that we are going to be living with and performing over in 15, 20 years, whatever the ultimate term of that lease is. And our management team, we're significant shareholders of this company, and we think about how we build out this portfolio over a very long timeframe because of that. So it's putting in good work. And moving through a process as quickly as we can, but being diligent to make sure that we're delivering what our tenant looks for and making sure we can deliver for what our tenant wants.

所以這是一項大工程，但它也是我們電力資產中相當重要的一部分。這份協議，我們將在 15、20 年——不論最終租期為何——長期共同履行與執行。而我們的管理團隊也是公司重要股東，因此我們會以非常長的時間尺度來思考如何建構這個投資組合。所以就是把工作做好。在盡可能快速推進流程的同時，也要保持審慎，確保我們交付的是承租方所尋求的內容，並確保我們能交付承租方想要的成果。

Thanks, Jason. And then on the de-risk, it feels like quite de-risked build for the AI lab lease. You talked a bit about how kind of the ESS Metron is going to play a role there on some of the electrical equipment. I think you mentioned kind of substation equipment. I guess what electrical work is needed given kind of that site was already kind of live and pulling power for mining?

謝謝，Jason。另外關於去風險（de-risk），AI 實驗室租約的建置看起來已經相當去風險了。你提到 ESS Metron 會在部分電氣設備上扮演角色。我想你提到的是變電站設備之類的。我想問的是，考量該場址原本就已經上線、且先前為挖礦在拉電用電，那還需要做哪些電氣工程？

Good question. So first, with any new development, you're building at the very least, new low-voltage, medium voltage all of the buildings. So you're procuring a ton of equipment, equipment that is supply chain bottleneck right now, which is why our advantage having ESS Metron in-house really de-risk this. There's also high-voltage work needed for this new building as well. We've already secured the transformers for that as part of our ongoing kind of long-term campus planning strategy.

好問題。首先，任何新的開發案，至少都要為所有建築新建低壓與中壓系統。因此你需要採購大量設備，而這些設備目前正是供應鏈瓶頸，這也是為什麼我們把 ESS Metron 納入內部體系，能大幅降低這方面的風險。此外，這棟新建築也需要進行高壓端的工程。我們已經依照長期園區規劃策略的一部分，先行把所需變壓器確保下來。

So we've put ourselves in a very good position because of the decisions that we've made in the past as far as procurement goes. And it's why we're able to sign a lease in -- right now in the summer of 2026 and be able to deliver 96 megawatts in a little over one year from now.

因此，因為我們過去在採購方面所做的決策，我們讓自己處於非常有利的位置。這也是為什麼我們能在——也就是 2026 年夏天的現在——簽下租約，並能在從現在起略多於一年內交付 96 兆瓦。

Awesome. Thank you, Jason. Really appreciate it.

太棒了。謝謝你，Jason。非常感謝。

Thanks, Brett.

謝謝，Brett。

Brian Dobson, Clear Street.

Brian Dobson，Clear Street。

Hey, thanks so much, and congrats on the new deal. I'll add my congratulations, I guess. So do you think you can give us a little bit more color on your pipeline and how do you see that developing?

嗨，非常感謝，也恭喜你們的新交易。我想我也要補上一句恭喜。所以你們能否再多分享一些你們的案源管線（pipeline）情況，以及你們如何看待它的發展？

And are you -- do you have a preference between, call it, grid connectivity or behind the meter?

另外，你們——在「電網併網」與「表後（behind the meter）」之間，有偏好嗎？

Yeah. That is a great question, Brian, because it is an area that Riot is really invested in. While we have data center teams devoted design, development and leasing and construction, that results in the lease that we're announcing today. We have a separate team devoted to finding the right future assets in order to continue replicating our successful data center strategy.

是的。Brian，這是個很好的問題，因為這正是 Riot 大力投入的領域。我們有資料中心團隊專注於設計、開發、租賃與施工，最終促成了我們今天宣布的這份租約。同時我們也有另一支團隊，專注於尋找合適的未來資產，以便持續複製我們成功的資料中心策略。

I've said before, what we are building here at Riot. It's not just a Rockdale and Corsicana project, it is about building a long-term durable data center platforms. So Corsicana and Rockdale are just the beginning.

我之前說過，我們在 Riot 正在打造的，不只是 Rockdale 和 Corsicana 兩個專案，而是要建立一個長期、耐久的資料中心平台。所以 Corsicana 和 Rockdale 只是開始。

And from the start, our management team and Board at Riot made the conscious decision to deliver the best returns to our shareholders. We needed to have in-house capabilities for data center design, construction, and operations. We have those teams in place now and they're hard at work delivering data centers at Rockdale, Corsicana in Kentucky. However, we made this tremendous investment in order to grow our existing tenant relationships and forge new ones that replicate this business model at new sites that we're able to add to our power portfolio.

從一開始，Riot 的管理團隊與董事會就有意識地做出決策，要為股東帶來最佳報酬。我們需要具備資料中心設計、施工與營運的內部能力。我們現在已經建立這些團隊，並且正全力投入在 Rockdale、Corsicana 以及肯塔基州交付資料中心。然而，我們做出這項巨大的投資，是為了擴大既有的承租方關係並建立新的關係，讓我們能在新場址複製這個商業模式，並把這些新場址納入我們的電力資產組合。

So we are -- in order to support that, we're building durable, repeatable business with teams that are highly specialized in delivering data center to demanding tenants. And every week, we evaluate at least 10 new sites and our team spends an incredible amount of time doing that, taking a critical look at what would make strong additions to our power portfolio, but we are very careful not to add assets that just create a strong headline number of the periodical portfolio.

因此——為了支援這一點——我們正在打造耐久、可重複的業務，並配置高度專業化的團隊，為要求嚴格的承租方交付資料中心。而且每週我們至少評估 10 個新場址，我們的團隊投入了大量時間做這件事，嚴格檢視哪些資產能成為我們電力資產組合的強力補充；但我們也非常謹慎，不會只為了讓定期揭露的資產組合數字看起來漂亮，就去新增資產。

We are looking to commit capital to sites that we believe have a strong ability to become premier data center sites that would stand the scrutiny of hyperscaler and enterprise tenants the rigorous diligence process that they have. So we had a number of very exciting initiatives underway.

我們希望把資本承諾在我們相信具備強大潛力、能成為頂級資料中心場址的地點，並且能通過超大規模（hyperscaler）與企業級承租方所採取的嚴格盡職調查流程的檢驗。因此我們目前有多項非常令人振奮的計畫正在推進。

And to your question, Brian, that includes both grid and behind the meter projects. And we look forward to sharing more about this growth power portfolio at the right time, but it's something we're absolutely involved in, and we fully intend to be delivering on as we execute on our strategic plan.

而回到你的問題，Brian，這些計畫同時包含電網併網與表後（behind the meter）專案。我們期待在適當的時機分享更多關於這個成長型電力資產組合的內容；但這確實是我們深度參與的方向，而且我們完全打算在執行策略計畫的過程中，持續交付成果。

Yeah, great. That's helpful. And then just one follow-up, if I may. Are you involved in the batch process in Texas?

好的，很好。這很有幫助。如果可以的話，我還有一個追問。你們有參與德州的批次流程（batch process）嗎？

So first, thank you for asking that because first, I want to clarify for everyone, Riot's existing sites in Texas in Rockdale Corsicana are not subject to the batch process. That's because their existing power allocations are already under existing interconnection agreements for many years. They've been operating for several years now, and we want to make sure that's absolutely clear up front.

首先，謝謝你問這個問題，因為我想先替大家澄清：Riot 在德州既有的 Rockdale 與 Corsicana 場址不受批次流程影響。這是因為它們既有的配電額度已在既有的併網協議下確立多年。它們已經營運好幾年了，我們希望一開始就把這點講清楚。

In Texas and ERCOT, this batch process is an evolving process, and we remain highly engaged with that, with our power teams, our corporate development teams, our public policy teams. ERCOT has really found itself in an unprecedented position with the amount of data center request for interconnection.

在德州與 ERCOT，這個批次流程仍在演進中，而我們透過電力團隊、企業發展團隊與公共政策團隊，持續高度參與其中。面對大量資料中心提出的併網申請，ERCOT 的確處於前所未有的局面。

And we often like to remind investors that ERCOT's priority, first and foremost, is to ensure reliability for existing customers. And we feel like this is an advantage for sites like our own. Sites like Rockdale Corsicana that already have the in-place power that provides certainty to tenants is not subject to future studies or approvals.

我們也經常提醒投資人，ERCOT 的首要優先事項，首先且最重要的是確保現有客戶的可靠性。我們認為這對像我們這樣的場址而言是一項優勢。像 Rockdale、Corsicana 這類已具備既有電力配置、能為承租戶提供確定性的場址，不會受制於未來的研究或核准。

We do think that over the next year, there will be new opportunities for either acquisition or expansion from sites that do end up with new allocation from the ERCOT batch process. And like I said, it's an area we are actively monitoring and performing diligence on.

我們確實認為在未來一年，對於那些最終在 ERCOT 批次流程中獲得新配額的場址，將會出現新的併購或擴建機會。而且如我所說，這是我們正在積極監控並進行盡職調查的領域。

And to provide some more broad commentary on the process and more recently, Governor Abbott's letter we think, all in all, that this is a positive thing to Riot. And yes, the batch process has made it more challenging to get new power, and that's what makes our current sites even more valuable. ERCOT is navigating a difficult situation or they have to deal with a lot of phantom interconnect requests and less reputable developers. And as a -- ERCOT is really trying to set and establish the rules that are going to get rid of that.

另外，就流程本身以及近期 Abbott 州長的信函提供更廣泛的評論，我們整體而言認為這對 Riot 是正面的。是的，批次流程確實讓取得新電力更具挑戰，而這也使我們現有場址更具價值。ERCOT 正在處理一個困難的情況，他們必須面對大量「虛假」的併網申請以及較不具公信力的開發商。而 ERCOT 也正努力制定並建立規則，以排除這些情況。

Now, if you look at the comments that Governor Abbott is asking data centers to implement for new data centers, this is in line with Riot is already doing. We're supportive of being good members of the community whether that's paying for your own infrastructure, paying for transmission upgrades, utilizing closed-loop water cooling for your own water. These are all areas we've been very focused on implementing at our current sites. Anyone who's been to our sites have actually seen this in action. So we want to make sure that we are building projects in a responsible way.

現在，如果你看 Abbott 州長要求新資料中心採行的相關作法，這與 Riot 目前已在做的事情一致。我們支持成為社區的良好成員，不論是自付基礎設施成本、支付輸電升級費用，或採用封閉式循環水冷來管理自身用水。這些都是我們在現有場址一直非常專注落實的面向。任何到訪過我們場址的人其實都看過這些措施的實際運作。因此我們希望確保以負責任的方式來建置專案。

So to sum it up, I think this has positioned us to take advantage of new opportunities and continue to be good partners with ERCOT and our surrounding communities and further enhances the value of the sites that we have.

總結來說，我認為這讓我們得以把握新機會，並持續成為 ERCOT 與周邊社區的良好合作夥伴，同時進一步提升我們既有場址的價值。

Great. Thanks very much.

很好。非常感謝。

Martin Turner, RBC Capital Markets.

RBC Capital Markets 的 Martin Turner。

Hey, guys. Thanks so much for taking my question. I really appreciate it and wonderful to see these two -- well, this great deal and then another potential one in the hopper. I think it might be useful for you guys to reiterate how you're going to -- how you take this deal with the AI lab, the bridge financing and then turn it into an investment-grade backstop. Can you kind of just walk us through why you're confident that, that will -- that that's effectively a certainty?

嗨，各位。非常感謝讓我提問。我真的很感激，也很高興看到這兩個——嗯，這筆很棒的交易，以及另一筆可能正在籌備中的交易。我想你們或許可以重申一下，你們將如何——如何把與 AI 實驗室的這筆交易、過橋融資，進一步轉化為投資級的後盾安排。你們能否帶我們走一遍，說明為什麼你們有信心這——這基本上是確定會發生的？

Thanks for that question, Martin. Let me turn that over to Jason Chung.

謝謝你的問題，Martin。我把這題交給 Jason Chung。

Hey, Martin. So we talk a little bit earlier about the facility itself and how it allows us to fund some of our immediate long-lead equipment procurement as well as additional development costs. And so that's been a really great tool in making sure that we both have the financial resources today to begin procurement immediately and not put our timelines at risk, while also maintaining the liquidity on our balance sheet as we await the investment-grade backstop. And so without getting too much into it at this point, as I mentioned earlier, I don't want to necessarily say too much.

嗨，Martin。我們先前稍早談到這項融資工具本身，以及它如何讓我們能夠為部分近期的長交期設備採購，以及額外的開發成本提供資金。因此，這是一個非常好的工具，能確保我們今天就具備財務資源立即啟動採購、不讓時程承受風險，同時在等待投資級後盾安排到位期間，仍能維持資產負債表上的流動性。不過在此我不想談得太深入，正如我先前提到的，我不一定想說太多。

We've spoken across the board with both the tenants and the potential backstop provider. Those negotiations, we expect to conclude fairly quickly. And we feel confident given the level of diligence that both parties on the other side have put into this. And so that's intentionally what the bridge or the sort of interim facility is intended to support.

我們已與承租戶以及潛在的後盾提供方全面溝通。我們預期這些談判會相當快地完成。而基於對方雙方所投入的盡職調查程度，我們感到有信心。這也正是過橋或所謂中期融資工具所要支援的目的。

That being said, I mentioned as well earlier, there's additional sort of contractual protections we put in place to make sure that regardless of the outcome, we will be protected and we have secured investment-grade or investment-grade equivalent economics in terms of how that -- takeout financing is going to look like.

另外，如我先前也提到，我們也設置了額外的合約性保護條款，以確保無論結果如何，我們都會受到保障，並且就未來的——退出融資（takeout financing）將呈現的樣貌而言，我們已鎖定投資級或等同投資級的經濟條件。

That's great. Thanks very much. Real quick, what would the cadence of CapEx be for the $2 billion for this 200-megawatt deal?

太好了。非常感謝。很快問一下，這筆 200 兆瓦交易、總額 20 億美元的資本支出（CapEx）節奏會是怎樣？

Sure. So on this particular deal, as we've discussed, Phase 1 is 96 initial megawatts is going to be delivered in December of 2027 and so we've got all the long lead equipment procurement, the transformers, chillers, switchgears, et cetera, underway now, and that's supported by the Morgan Stanley interim financing facility that we have put in place. So we expect that CapEx will really ramp up through the back half of 2026, probably peak in the first half of 2027 and then continue on into early 2028 when that Phase 2 delivery in June 2028 kind of comes in.

當然。就這筆特定交易而言，如我們所討論的，第 1 期為最初 96 兆瓦，預計於 2027 年 12 月交付；因此我們目前已在進行所有長交期設備的採購，包括變壓器、冷卻機（chillers）、開關設備（switchgears）等，而這由我們已建立的摩根士丹利中期融資額度所支持。因此我們預期資本支出將在 2026 年下半年明顯加速，可能在 2027 年上半年達到高峰，並延續到 2028 年初，屆時第 2 期於 2028 年 6 月交付將陸續到位。

So when we pair that alongside the AMD build-out for this additional 25 megawatts in combination, that sort of peak combined project level CapEx is probably going to be around Q2 -- between Q2 and Q3 of 2027.

因此，當我們把這與 AMD 的擴建（build-out）——額外 25 兆瓦——一起搭配來看，合併後的專案層級資本支出高峰，可能會落在 2027 年第 2 季到第 3 季之間。

Now, that being said, it's important to remember that the substantial majority of the CapEx spend across both of these is going to be funded at the project level, so we'll have the AMD financing facility in place, which will include a delayed draw mechanism to fund additional AMD options as they exercise them.

不過話說回來，重要的是要記得，這兩個專案的資本支出絕大部分將在專案層級籌資，因此我們會有 AMD 的融資額度到位，其中將包含延後提用（delayed draw）機制，以在 AMD 行使其額外選擇權時，為新增的 AMD 選項提供資金。

And then the Morgan Stanley interim financing facility plus the eventual takeout of that. So we feel really good about the financing model that we've put in place and how that positions us to make sure we can hit delivery milestones on time.

以及摩根士丹利的中期融資額度，加上最終對該額度的退出安排。因此我們對已建立的融資模式以及其如何讓我們確保能按時達成交付里程碑，感到非常有信心。

Very helpful. Thank you very much, Jason.

非常有幫助。非常感謝你，Jason。

Thank you.

謝謝。

That will now conclude the Q&A portion of the call, and we'll turn the call back to Jason Les for final remarks.

問答部分到此結束，我們將把電話交回 Jason Les 作最後結語。

Thank you, operator, and thank you, everyone, for joining us on our call today. We're very proud to announce this landmark new deal. We're very excited about the progress that we're making, and we look forward to sharing as we continue to hit new milestones on our strategic growth plan. So we will see you all next quarter. Thank you.

謝謝接線員，也謝謝各位今天加入我們的電話會議。我們非常自豪能宣布這項具里程碑意義的新交易。我們對目前取得的進展感到非常振奮，也期待在我們持續達成策略性成長計畫的新里程碑時與各位分享。那麼我們下個季度再見。謝謝。

Ladies and gentlemen, this concludes today's call. Thank you, all, for joining. You may now disconnect.

各位女士先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。