SharonAI Holdings Inc (SHAZ) 2026 Q2 法說會逐字稿

Good day everyone, and welcome to the Sharon AI second quarter 2026 conference call.

各位大家好，歡迎參加 Sharon AI 2026 年第二季電話會議。

At this time, all participants are in a listen-only mode.

此刻，所有與會者皆處於僅收聽模式。

A question-and-answer session will follow the formal presentation. (Operator Instructions) Please note this conference is being recorded. It is now my pleasure to hand the floor over to your host, Ross Barrows, Head of Capital Strategy and Investor Relations. Sir, the floor is yours.

正式簡報結束後將進行問答環節。(接線員指示)請注意，本次會議將被錄音。現在我很榮幸將會議交給主持人——資本策略與投資人關係主管 Ross Barrows。先生，請開始。

Good afternoon, and welcome to our earnings call to discuss Sharon AI's operating results for the quarter ended June 30, 2026. Joining me today is James Manning, Sharon AI's Chief Executive Officer and Tim Broadford, Sharon AI's Chief Financial Officer. I'll now take a moment to read the safe harbor statement.

各位下午好，歡迎參加我們的財報電話會議，討論 Sharon AI 截至 2026 年 6 月 30 日止季度的營運成果。今天與我一同出席的有 Sharon AI 執行長 James Manning，以及 Sharon AI 財務長 Tim Broadford。我先花一點時間宣讀安全港聲明。

During the course of this conference call, we may make certain forward-looking statements within the meeting of the federal securities laws, including statements regarding our expectations, plans, prospects, strategies, future operating results and financial performance. Although they may reflect our current expectations and are based on our current view of the industry and our business, they are not guarantees of future performance.

在本次電話會議過程中，我們可能會發表若干符合聯邦證券法定義的前瞻性陳述，包括關於我們的預期、計畫、前景、策略、未來營運結果與財務表現的陳述。儘管這些陳述可能反映我們目前的預期，並基於我們對產業與業務的當前觀點，但並不保證未來表現。

These statements are subject to risks and uncertainties that could cause our actual results to be materially different. From those expressed in these statements and speak only as of the date of this call.

這些陳述受風險與不確定性影響，可能導致我們的實際結果與這些陳述所表達者存在重大差異。且僅截至本次電話會議日期為準。

For more details on factors that could affect these expectations and cause these differences, please see our most recent Form 10-K and Form 10-Q and other SEC reports filed with the Securities and Exchange Commission and available on the SEC's website and in the Investor Relations section of our website.

關於可能影響上述預期並造成差異的因素之更多細節，請參閱我們最新的 Form 10-K 與 Form 10-Q 以及其他向美國證券交易委員會（SEC）提交的報告；相關文件可於 SEC 網站及我們網站的投資人關係專區取得。

Sharon IR undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information or future events. In addition, during this call, we may discuss certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP measures and related disclosures are available in today's earnings release and/or on our Investor Relations website.

Sharon IR 不承擔公開更新或修訂任何前瞻性陳述之義務，無論係因新資訊或未來事件所致。此外，在本次電話會議中，我們可能會討論若干非 GAAP 財務衡量指標。與最直接可比的 GAAP 指標之調節表及相關揭露，已載於今日的財報新聞稿及／或我們的投資人關係網站。

I'll now turn the call over to James.

接下來我把電話交給 James。

Hello, everyone, and welcome to Sharon IR's 2026 earnings call.

各位好，歡迎參加 Sharon IR 的 2026 年財報電話會議。

I'm James Manning, CEO and co-founder of Sharon AI.

我是 Sharon AI 的執行長暨共同創辦人 James Manning。

I'll begin with the highlights from the quarter and an overview of our market position. I'll then cover some of our recent customer wins, and I'll talk about some of the additional capacity and our capital strategy moving forward.

我將先分享本季重點與我們市場定位的概覽。接著我會談到近期的客戶得標情況，並說明我們新增的產能以及未來的資本策略。

The central message from the quarter is that we have materially increased each of the three inputs required to scale this business, AI factory capacity, contracted customer demand, and capital.

本季的核心訊息是：我們已實質提升擴大此業務所需的三項投入——AI 工廠產能、已簽約的客戶需求，以及資本。

Let me give you the headline numbers first, then I'll unpack them. As of today, we have 212 megawatts of total secured AI factory capacity across Australia and New Zealand, which is an upgrade of 80 megawatts from our last items of 132 megawatts.

我先給各位重點數字，接著再逐一說明。截至今日，我們在澳洲與紐西蘭合計已取得 212 兆瓦的 AI 工廠總確保產能，較上次的 132 兆瓦增加 80 兆瓦。

120 megawatts are contracted through multi-year take-or-pay agreements, and I'll expand further on the updated capacity shortly.

其中 120 兆瓦已透過多年期 take-or-pay（照付不論用量）合約完成簽約，我稍後會進一步說明更新後的產能。

We expect to have more than 64,000 NVIDIA GPUs deployed by mid-2027.

我們預期到 2027 年年中將部署超過 64,000 顆 NVIDIA GPU。

We've raised approximately $2.2 billion of capital since December 25, and we've executed roughly $8.8 billion of total contract value year to date.

自 12 月 25 日以來，我們已募集約 22 億美元資本；今年迄今我們已簽署約 88 億美元的合約總價值（TCV）。

Three months ago, our portfolio was comprised of 100 megawatts capacity and $2.2 billion of TCV.

三個月前，我們的組合包含 100 兆瓦產能與 22 億美元的 TCV。

So the contracted book has grown by roughly four times, and our secured capacity has more than doubled since.

因此，已簽約訂單簿約成長至原來的四倍，而我們的確保產能自那時起也已增加逾一倍。

That demonstrates both the strength of demand. And our ability to expand our supply to meet it.

這同時展現了需求的強勁。以及我們擴大供給以滿足需求的能力。

On customers, the standout is a six-year strategic compute collaboration with NVIDIA, worth $4.9 billion in total contract value. Alongside that, we have signed a five-year take-for-pay agreement with a global AI lab worth $1.32 billion and a five-year take-for-pay agreement with a global technology company worth $950 million. A few days ago, we secured.

在客戶方面，最突出的成果是一項與 NVIDIA 的六年期策略運算合作，合約總價值達 49 億美元。此外，我們也與一家全球 AI 實驗室簽署五年期 take-for-pay（照付不論用量）協議，TCV 為 13.2 億美元；並與一家全球科技公司簽署五年期 take-for-pay 協議，金額為 9.5 億美元。幾天前，我們也取得了。

A five-year take-off pay agreement is a global AI platform worth $373 million in TCV.

一項與全球 AI 平台簽署的五年期 take-off pay 協議，TCV 為 3.73 億美元。

Notably, this is a V300 deployment with a record price of over $4 per GPU hour.

值得注意的是，這是一項 V300 的部署，創下每 GPU 小時超過 4 美元的紀錄價格。

On platform, we have a growing pipeline beyond our announced capacity, and we've expanded our partnership with Vast Data to 600 petabytes of storage commitment, providing sufficient backend infrastructure to support continued growth of up to 100,000 GPUs.

在平台方面，除已公告的產能之外，我們仍有持續成長的案源管線；同時我們將與 Vast Data 的合作擴大至 600PB 的儲存承諾，提供足夠的後端基礎設施，以支援持續成長至多達 100,000 顆 GPU。

On capital and governance, we completed a $1.6 billion oversubscribed financing round in June, which followed a $350 million from . We've made three significant leadership appointments. Anuj Gul, formerly of Macquarie Group, joined the Dow's CFO Melissa Anastasiou joined the Dow's Chief Legal Officer and Andrew Penn has been appointed as the non-executive Chairman of the board.

在資本與治理方面，我們於 6 月完成一輪 16 億美元、超額認購的融資，該輪融資之前還有一筆 3.5 億美元的融資，來源為 .我們也完成三項重要的領導層任命。前麥格理集團（Macquarie Group）的 Anuj Gul 加入擔任本公司的財務長；Melissa Anastasiou 加入擔任本公司的法務長；Andrew Penn 已被任命為董事會非執行主席。

Premium see the leadership of Andrew, Anuj and Melissa's caliber strengthens our governance and ability to execute Sharon AI as Sharon AI enters its next phase of growth.

Andrew、Anuj 與 Melissa 這樣等級的領導加入，強化了我們的公司治理與執行能力，協助 Sharon AI 進入下一階段的成長。

I'm delighted to welcome the multiple new team members we have added across the organization, including technical, operations and sales to the team.

我也很高興歡迎我們在全組織新增的多位團隊成員加入，包括技術、營運與銷售等職能。

Sharon AI is a leading Australian Neo Cloud and trusted AI infrastructure partner. Sharon is purpose-built to power the next generation of artificial intelligence and high-performance computing.

Sharon AI 是澳洲領先的 Neo Cloud（新型雲）與值得信賴的 AI 基礎設施合作夥伴。Sharon 專為驅動下一代人工智慧與高效能運算而打造。

We do so through our partner-led ecosystem, enabling our customers to confidently build, train, and deploy AI that drives productivity, innovation, and growth for their customers and themselves.

我們透過以合作夥伴為核心的生態系來實現，讓客戶能夠有信心地建置、訓練並部署 AI，為其客戶與自身帶來生產力、創新與成長。

What that practically means is we design and operate AI infrastructure optimized to large-scale training, inference, and high-performance compute.

具體而言，這代表我們設計並營運針對大規模訓練、推論與高效能運算最佳化的 AI 基礎設施。

We deliver GPU as a service, AI platform layers, and high-performance storage as one integrated solution.

我們以整合式方案提供 GPU 即服務（GPUaaS）、AI 平台層，以及高效能儲存。

And we serve enterprise, government, hyperscaler, and AI natives.

我們服務的客群涵蓋企業、政府、超大規模雲端業者（hyperscaler）以及 AI 原生公司。

I'm often asked why are we well-positioned, and I like to think of it this way.

我常被問到我們為何具備良好定位，我喜歡用這樣的方式來看。

Our NVIDIA Cloud partner status supports our prioritized access to NVIDIA's latest generation of GPUs.

我們的 NVIDIA Cloud 合作夥伴身分，支持我們優先取得 NVIDIA 最新一代 GPU。

Our networking, storage, and orchestration are purpose-built for AI and HPC workloads.

我們的網路、儲存與編排（orchestration）皆為 AI 與 HPC 工作負載量身打造。

Our Australian-New Zealand-hosted sovereign infrastructure is particularly relevant to regulated and related sensitive customers in the region.

我們在澳洲與紐西蘭託管的主權基礎設施，對本區域受監管及其他敏感型客戶尤其重要。

A capital-efficient deployment model is built around partnering with leading data center operators to deploy their tier 3 and tier 4 facilities.

我們採用資本效率高的部署模式，核心在於與領先資料中心營運商合作，部署其 Tier 3 與 Tier 4 設施。

And by co-locating with the improving data center infrastructure, we accelerate our deployment, reduce capital requirements, and minimize the development risks associated with greenfield builds.

並且透過與既有且持續改善的資料中心基礎設施共址，我們能加速部署、降低資本需求，並將綠地（greenfield）新建案相關的開發風險降至最低。

Finally, while we're headquartered in Australia, our customers are global, and our contract wins this year emphasize just that point.

最後，雖然我們總部位於澳洲，但客戶遍及全球，而我們今年的合約得標也正凸顯了這一點。

I said last quarter that we sold for one thing and that's scarcity, and using that framework, which hasn't changed. I'd argue this quarter has validated it on all four fronts.

我在上季說過，我們賣的只有一件事——稀缺性；以這個框架來看，而這點並未改變。我認為本季已在四個面向上驗證了這一點。

From a GPU allocation, finally access to NVIDIA's GPUs remains one of the most critical constraints in this market.

就 GPU 配置而言，最終能取得 NVIDIA 的 GPU 仍是此市場最關鍵的限制之一。

Manufacturing constraints and demand from hyperscalers continue to limit the supply available to everyone, and emerging providers are facing long lead times. NVIDIA cloud partner status and now a six-year collaboration with NVIDIA puts us in a unique position to provide access to AI compute.

製造端限制與超大規模雲端業者（hyperscalers）的需求，持續壓縮所有人可取得的供給，新興供應商正面臨漫長的交期。我們的 NVIDIA 雲端合作夥伴身分，以及如今與 NVIDIA 長達六年的合作，使我們處於能提供 AI 算力存取的獨特位置。

Power.

電力。

High-density GPU clusters need substantial reliable power.

高密度 GPU 叢集需要大量且可靠的電力。

However, ready data center sites with source power are becoming increasingly scarce due to grid constraints and long regulatory queues.

然而，由於電網限制與冗長的監管排隊流程，具備電源供給的現成資料中心場址正變得愈來愈稀缺。

Our multi-site data center relationships underpin our secure capacity, which has now grown to 212 megawatts.

我們與多個場址的資料中心合作關係支撐了我們的確保容量，目前已成長至 212 兆瓦。

On the regulatory front, data residency and sovereignty requirements are becoming increasingly important across a number of markets. That trend supports our locally hosted model, and we extend our footprint to this quarter with our first New Zealand facility.

在監管面，資料駐留與主權要求在多個市場正變得愈來愈重要。這一趨勢支持我們的在地託管模式，而本季我們也透過首座紐西蘭設施擴展了版圖。

And finally, on capital and talent, executing in this market takes significant capital and highly specialized HPC talent. Our successful capital raisings to date address the first issue, and our senior hires, as I mentioned earlier, address the second in addition to our ongoing technical team build-out.

最後，在資本與人才方面，要在此市場執行需要大量資本與高度專業的 HPC 人才。我們迄今成功的募資解決了第一個問題；而如我先前提到的高階招募，除持續擴編技術團隊外，也解決了第二個問題。

So let me spend a bit more time on NVIDIA in our relationship.

接著我想再多花一點時間談談我們與 NVIDIA 的關係。

This is a first of its client partnership, six years, an initial 72 megawatts, 40,000 GD300s and $4.9 billion of minimum revenue or an average of $817 million of revenue per annum at the implied base rates.

這是一項同類型中首見的客戶合作夥伴關係：為期六年、初始 72 兆瓦、40,000 顆 GD300，以及最低 49 億美元的收入承諾；按隱含基準費率計算，平均每年收入為 8.17 億美元。

But this partnership does two things. It expands our ability to provide computer access to the broader AI ecosystem, mainly AI natives and enterprise customers. And it reinforces supply certainty at scale through the NVIDIA Cloud Partner Program.

但這項合作夥伴關係帶來兩件事。它擴大了我們向更廣泛 AI 生態系提供算力存取的能力，主要面向 AI 原生公司與企業客戶。同時也透過 NVIDIA Cloud Partner Program，在規模化層面強化供應確定性。

But the other thing we've seen it do is reaffirm to our partners globally that Sharon is a regional leader in AI compute.

但我們也看到它帶來的另一個效果：再次向我們全球合作夥伴確認，Sharon 是區域 AI 算力的領導者。

We are well positioned to expand our megawatts and GPU opportunities throughout the region with the support of all our partners and including NVIDIA.

在所有合作夥伴（包含 NVIDIA）的支持下，我們具備良好條件在整個區域擴大我們的兆瓦規模與 GPU 機會。

Next, I want to be clear about how this works commercially, because I think it's been misunderstood based on some of the commentary we've seen.

接下來，我想清楚說明這在商業上如何運作，因為我認為基於我們看到的一些評論，外界對此有所誤解。

Under the agreement, NVIDIA provides a six-year anchor commitment.

依據協議，NVIDIA 提供為期六年的錨定承諾（anchor commitment）。

That commitment helps de-risk the capital investment by providing NVIDIA guaranteed minimum revenue stream for the initial six-year period of the hardware deployed.

該承諾透過在硬體部署後的初始六年期間，為 NVIDIA 提供保證的最低收入來源，從而降低資本投資風險。

This is viewed very variably by debt providers. Who help fund the substantial capital investment in the GPUs and the associated infrastructure as they can ban the guaranteed revenues in their models.

債務提供者對此的看法差異很大。他們協助為 GPU 與相關基礎設施的龐大資本投資提供資金，因為他們可以在模型中納入這些保證收入。

But the pricing under this agreement is guaranteed as minimum only. That is, it provides a floor, not a ceiling.

但本協議下的定價僅保證「最低」水準。也就是說，它提供的是底線，而非上限。

We expect to secure customers for a significant portion of the GPU capacity at prices above the guaranteed minimum.

我們預期能以高於保證最低價的價格，為相當比例的 GPU 容量取得客戶。

In those cases, we retain 100% of the anchor price and then share the incremental revenue above it.

在這些情況下，我們保留錨定價格的 100%，並分享高於該價格的增量收入。

Importantly, NVIDIA will share in this incremental revenue too, which creates a new strategic alignment with NVIDIA who are incentivized to support us to both deliver a premium GPU service and to source and secure higher rate paying customers to maximize the share of incremental revenue.

重要的是，NVIDIA 也將分享這部分增量收入，這使我們與 NVIDIA 形成新的策略一致性；NVIDIA 也因此有動機支持我們提供高端 GPU 服務，並協助開發與鎖定支付更高費率的客戶，以最大化增量收入的分成。

Importantly, if we perform successfully under the initial 40,000 GB 300 allocation, we believe there may be an opportunity to expand the program over time.

同樣重要的是，若我們在初始 40,000 顆 GB 300 配額下表現成功，我們相信未來可能有機會隨時間擴大該計畫。

On the contracting model itself, not much has changed from what I described last quarter, but it's worth reiterating.

就合約模式本身而言，與我上季所描述的相比沒有太大改變，但值得再次強調。

Here's an example showing what a contract might look like.

以下是一個合約可能長什麼樣子的例子。

In month one, the customer contracts and prepays an amount.

在第 1 個月，客戶簽約並預付一筆金額。

That prepayment lets us submit the purchase orders for the specific GPUs and networking infrastructure in a way that reduces our upfront capital outlay.

該筆預付款讓我們能針對特定 GPU 與網路基礎設施提交採購訂單，從而降低我們的前期資本支出。

Over months one to four, we receive and install the hardware. The GPU and the other hardware is delivered within three to four months. Our final payment lands on delivery, and installation and configuration takes two to four weeks.

在第 1 至第 4 個月期間，我們接收並安裝硬體。GPU 與其他硬體在 3 到 4 個月內交付。我們的尾款在交付時支付，而安裝與設定需 2 到 4 週。

From month five onward, we recognize monthly revenue on reserve capacity for the full term.

自第 5 個月起，我們就全期的保留容量按月認列收入。

For take-to-play contract, we have paid irrespective of whether they use the compute 100% of the time or 40% of the time, which gives us real clarity on the expected revenues.

對於 take-to-play 合約，我們會收取費用，不論客戶使用算力的時間是 100% 或 40%，這讓我們對預期收入有非常清晰的掌握。

And at the end of the term, depending on tenure, there might be several years less useful economics life.

而在合約期末，視任期而定，可能仍有數年的剩餘經濟使用年限。

So we can recontract or sell to the on-demand market.

因此我們可以重新簽約，或出售到隨需（on-demand）市場。

The question we get asked the most is whether customers actually recontract. And I'd like to point out a few things.

我們最常被問到的問題是：客戶是否真的會續約（recontract）。我想指出幾點。

Data gravity or moving petabytes between clouds is a real switching cost, not moving compute. And the 600 petabytes permitted under the.

資料重力（data gravity）或在雲之間搬移 PB 級資料，是實際的轉換成本；不是搬移算力。以及在該協議下允許的 600 PB。

Expanded vast data partnership is there for customers to grow into.

擴大的 Vast 資料合作夥伴關係，讓客戶有空間隨著需求成長而使用。

Second, the platform itself.

第二，平台本身。

Because networking, storage, and orchestration are tuned to each workload, switching means rebuilding and revalidating their stacks.

由於網路、儲存與編排（orchestration）都會針對各工作負載調校，轉換意味著必須重建並重新驗證其技術堆疊。

Third, the time to compute, because redeployment elsewhere means a multi-nonpart hardware and deployment lead times all over again for the customer. And finally, the upgrade path.

第三，取得算力的時間（time to compute），因為改在其他地方重新部署，對客戶而言意味著又要重新經歷多個硬體與部署交期。最後是升級路徑。

Because as an NVIDIA cloud partner, we have priority access to generational upgrades of future GPU allocation.

因為作為 NVIDIA 雲端合作夥伴，我們能優先取得未來 GPU 配額的世代升級。

If we can save the customer from joining this, the queue for scarce supply.

如果我們能讓客戶免於加入這個稀缺供給的排隊隊伍。

So who are our partners?

那麼，我們的合作夥伴是誰？

We see our partner ecosystem as a unique differentiator.

我們將合作夥伴生態系視為獨特的差異化優勢。

We orchestrate a best-in-class ecosystem around a single AI cloud platform, compute. Data, networking, data centers, procurement and installation, and hardware lifecycle support.

我們以單一 AI 雲端平台為核心，編排一個同級最佳的生態系：算力。資料、網路、資料中心、採購與安裝，以及硬體生命週期支援。

We don't need to own every layout. Instead, we combine leading technologies and infrastructure partners within a single-sharing AI platform. That model is designed to support faster deployment and more capital-efficient growth.

我們不需要擁有每一個環節。相反地，我們在單一共享的 AI 平台中整合領先技術與基礎設施合作夥伴。此模式旨在支援更快部署與更具資本效率的成長。

To name a few, Nvidia is our primary supply of compute, NextDC is our primary supply of data center capacity, and recently.

舉幾個例子，Nvidia 是我們主要的算力供應來源，NextDC 是我們主要的資料中心容量供應來源，而近期。

Our algorithm with Vast has notably strengthened our storage strategy, and we can't forget Worldwide Technology, which is our exclusive APAC procurement, testing, and implementation partner.

我們與 Vast 的合作顯著強化了我們的儲存策略；此外也不能忘記 Worldwide Technology，它是我們在亞太地區（APAC）獨家的採購、測試與導入合作夥伴。

It's also worth calling out that this partnership approach has had two big impacts.

也值得強調，這種合作夥伴策略帶來兩個重大影響。

Is that this results in lower operational risk, greater market validation and credibility, and two, that internal technical headcount does not need to scale as fast as some others as they internalize these capabilities.

第一，它帶來較低的營運風險、更高的市場驗證與可信度；第二，內部技術人力不需要像某些其他公司那樣快速擴張，因為他們將這些能力內化。

And now to capacity.

接著談容量。

And this is a piece of news I want to make sure does the debt loss today.

這是一則我想確保今天不會被忽略的消息。

Since our last capacity update, we executed an additional 80 megawatts in Australia, taking our total secured AI factory capacity to 212 megawatts.

自上次容量更新以來，我們在澳洲額外落實了 80 兆瓦，使我們已確保的 AI 工廠總容量達到 212 兆瓦。

To put that trajectory in context, we had 54 megawatts at the start of the year.

為了讓這個成長軌跡更有脈絡：我們在年初時為 54 兆瓦。

We have therefore increased our secured capacity roughly four times year-to-date while accelerating customer wins.

因此，我們在今年迄今將已確保容量大約提升至四倍，同時加速贏得客戶。

Demand has consistently run ahead of what we can supply, so having 92 megawatts of secured available capacity heading to the back half of this year is exactly the strong position we wanted to be in.

需求一直持續超過我們可供應的能力，因此在今年下半年有92兆瓦已確保的可用容量即將投入，正是我們希望處於的強勁位置。

The pipeline isn't just a number, it's a commitment to deliver compute online, and so I'm pleased to confirm that we have successfully handed over B300 cluster to one of our customers this month as well.

管線不只是一個數字，而是將運算能力上線交付的承諾，因此我很高興確認，我們本月也已成功將B300叢集交付給我們的一位客戶。

We are actively focused on our next deployments of both B300s and GB300 equipment into the balance of this quarter and in early quarter four.

我們正積極聚焦於在本季剩餘期間以及第四季初，進行下一波B300與GB300設備的部署。

If you look at how the contracted revenue book has built throughout the year, it's a fairly steep line. We started Q1 with Canva, GMI and ESDS with a $1.3 billion of total TCV.

如果你看今年以來已簽約的收入訂單簿如何累積，會是一條相當陡峭的曲線。我們在第一季以Canva、GMI與ESDS起步，總TCV為13億美元。

It mainly announced a global technology company with a major Asia-Pac presence for a further $950 million in June, NVIDIA for $4.9 billion, and in July, the Global AI Lab for $1.32 billion.

之後主要是在6月宣布與一家在亞太地區具有重大據點的全球科技公司再簽9.5億美元、與NVIDIA簽49億美元，以及在7月與Global AI Lab簽13.2億美元。

And just a few days ago, we signed another agreement with the Global AI platform for $373 million.

而就在幾天前，我們又與Global AI平台簽署另一份3.73億美元的協議。

That takes us to roughly $8.8 billion of total contracted value for the 120 megawatts of contracted capacity, which leaves us with 92 megawatts available to sell.

這使我們在120兆瓦已簽約容量上，總合約價值約達88億美元，並留下92兆瓦可供銷售。

Finally, it's worth turning to our capital strategy. And we secured approximately $2.2 billion of cash since December 2025. That includes the recent $1.6 billion strategic financing closed in the second quarter. The June financing was oversubscribed and led by a cohort of top-tier institutional funds, and we remain grateful to their ongoing support.

最後，值得談談我們的資本策略。自2025年12月以來，我們已取得約22億美元現金。其中包括第二季完成的近期16億美元策略性融資。6月的融資獲得超額認購，並由一群頂級機構基金領投，我們也持續感謝他們的長期支持。

Many of you will have joined the call today, and we appreciate your continued support and suggestions as we work to deliver our GPUs to customers.

今天許多人也加入了電話會議，我們感謝各位在我們努力將GPU交付給客戶的過程中，持續提供支持與建議。

I'll now close with four points on our outlook. First, demand continues to materially outweigh supply. And we secured 212 megawatts of capacity for deployment by the end of 2027, while contracting visibility now extends out through to 2031. Second, we're well-funded for our near-term buildout following the $1.6 billion financing and other capital raises to date.

我最後以四點展望作結。第一，需求仍然顯著高於供給。我們已確保到2027年底前可部署的212兆瓦容量，而合約能見度如今已延伸至2031年。第二，在16億美元融資及迄今其他募資之後，我們的短期擴建資金相當充裕。

Third, we expect the first material revenue to commence in the fourth quarter of 2026 as large-scale B300 and GB3.

第三，我們預期第一筆具規模的營收將於2026年第四季開始，隨著大規模B300與GB3。

GB300 deployments come online. And fourth, we are targeting more than 64,000 GPUs deployed by mid-2027 across our footprint in Australia and New Zealand.

GB300部署上線。第四，我們目標是在2027年年中前，於澳洲與紐西蘭的據點合計部署超過64,000顆GPU。

We've made significant progress in a short period of time, but the hard work is still ahead of us. Contracted revenue becomes recognized through execution, delivery, and operating at the high standards our customers expect. That's what the next 12 months is about, and I'm confident in our ability to deliver.

我們在短時間內取得了顯著進展，但艱鉅的工作仍在前方。已簽約收入要透過執行、交付，以及以客戶期待的高標準營運，才能被認列。接下來12個月就是圍繞這些工作，我對我們的交付能力充滿信心。

Finally, on a personal note, I wanted to take this opportunity to thank Tim Borfoot, our CFO, for his work in getting to Sharon where it is today. This will be Tim's last 10-Q, and we look forward to Anujal joining our team and leading the next call. Tim will continue consulting the company for a period, and we wish him all the best in the future.

最後，從個人角度，我想藉此機會感謝我們的財務長Tim Borfoot，為讓Sharon發展到今天所付出的努力。這將是Tim最後一次10-Q，我們也期待Anujal加入團隊並主持下一次電話會議。Tim將在一段期間內繼續擔任公司顧問，我們祝福他未來一切順利。

Operator, please open the line for some Q&A.

接線員，請開放線路進行問答。

Certainly. At this time, we will be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad.

好的。此時我們將進行問答環節。若您想提問，請在電話鍵盤按下星號一。

A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue.

確認音將表示您的線路已進入提問佇列。若您想將問題自佇列移除，可按星號二。

For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please while we poll for questions.

使用擴音設備的與會者，可能需要先拿起話筒再按星號鍵。請稍候，我們將開始收集問題。

Your first question for today is from Darren Eftahi with Lucid Capital Markets.

今天的第一個問題來自Lucid Capital Markets的Darren Eftahi。

Hey, guys. Thanks for taking my questions and congrats on all the progress. Just, if I may, the additional capacity, the 80 megawatts you guys added this morning in the release, is that source coming from a same partner you're working with or is it a new partner?

嗨，各位。謝謝讓我提問，也恭喜你們取得這麼多進展。我想請問，今天早上新聞稿提到你們新增的80兆瓦額外容量，來源是你們目前合作的同一個夥伴，還是新的合作夥伴？

Second question on the NVIDIA partnership, the 72 megawatts, any updates on releasing that?

第二個問題關於與NVIDIA的合作，72兆瓦那部分，有沒有任何釋出方面的最新進展？

And with that question on the release, our conversations with customers, I assume, in the ballpark of where your latest contract was north of $4 GPUR. Thanks.

另外延伸到釋出這個問題，關於我們與客戶的對話，我假設大致上會落在你們最新合約所呈現的水準，也就是每GPU每小時超過4美元的區間。謝謝。

Thanks, Aaron James.

謝謝，Aaron James。

New partner solution for the additional 80 megawatts, fairly confident around some early megawatts potentially as early as late this year, but definitely in Q1 next year, so good to unlock some capacity there and delivery through 2027 from that perspective.

新增的80兆瓦是來自新的合作夥伴方案；我們對於其中部分早期兆瓦可能最快在今年年底前落地相當有信心，但肯定會在明年第一季，因此從這個角度來看，能解鎖一些容量並在2027年前完成交付，是很好的進展。

So, the 80 megawatts is in Australia, and there's some strategic activities we're focused on around that capacity. And at this time, it's probably not appropriate to give you much more detail on it. But, as we've been through the whole history to date, it's been about adding consistently megawatts across partners and delivery modules to get them online and get those programs working.

所以，這80兆瓦在澳洲，我們也正針對該容量推進一些策略性工作。目前可能不適合提供更多細節。但如同我們一路走來的歷史，重點一直是透過不同合作夥伴與交付模組，持續增加兆瓦、讓它們上線，並讓這些計畫順利運作。

With respect to your second question for the customer demand on the AICP program that we've been running. For the 40,000 GPUs, look, I'd point you to the announcement, just this week, we sold that capacity for record dollars per hour or price per megawatt hour, depending on both ways you think about for both B300 and GD300, and that's the demand profile we're seeing.

至於你第二個問題，關於我們正在推進的AICP計畫所反映的客戶需求。針對40,000顆GPU，我會請你參考本週的公告：我們以創紀錄的每小時美元收入，或以每兆瓦時價格（取決於你用哪種方式思考）售出了該容量，涵蓋B300與GD300，而這就是我們看到的需求輪廓。

And the pricing mechanisms that we're having with our pricing discussions we're having with our current customers. So we are seeing quite a constrained market ultimately for access to GPUs.

以及我們在與現有客戶進行定價討論時所採用的定價機制。因此我們確實看到GPU存取在市場上相當受限。

And with those constraints, we're being able to incrementally increase those price per hour that we're getting.

在這些限制之下，我們得以逐步提高我們取得的每小時價格。

Appreciate it.

了解，謝謝。

I'd say, based on the customer demand profiles we're seeing, we'd expect that strong pricing to continue throughout the year.

我想說，基於我們看到的客戶需求輪廓，我們預期這樣的強勁定價將在全年持續。

Your next question is from Brett Knoblock with Cantor Fitzgerald.

下一個問題來自Cantor Fitzgerald的Brett Knoblock。

Hey guys, thank you for taking my questions.

嗨，各位，謝謝讓我提問。

Related to kind of the Nvidia contract, I know it's quite unique there, and congrats on adding the additional capacity in Australia.

關於Nvidia合約，我知道那部分相當獨特，也恭喜你們在澳洲新增了額外容量。

What is your priority to resell the potential, the backstop capacity from Nvidia or to sell the remaining capacity or the remaining 92 megawatts that you have? Is there a preference for what would come first or what would Nvidia want first? How should we think about that?

你們的優先順序是轉售Nvidia可能提供的（作為後盾的）容量，還是先出售你們剩餘的容量，也就是剩下的92兆瓦？在先後順序上有偏好嗎，或Nvidia會希望先做哪一個？我們應該如何看待這件事？

Great question.

好問題。

We often talk about our sales cycle, Brett, and that's probably the way we think about this. So when I talk about the program that we've got currently going to resell the space in Melbourne, that's compute that's very well designed.

Brett，我們常談到我們的銷售週期，這大概就是我們思考這件事的方式。所以當我談到我們目前正在進行、用以轉售墨爾本機房空間的計畫時，那是設計得非常完善的運算能力。

We have a very clear path about how we're going to build that out, what the compute form is going to be, when it's coming online, all the RFS dates are done. And so we know with that.

我們對於要如何把這件事建置起來、運算的形態（form factor）會是什麼、何時上線，都有非常清楚的路徑；所有的 RFS 日期也都已經確定完成。因此我們對此是有把握的。

With that knowledge, we can start giving customers RFS dates and contracts. So short-term, we're very focused on the resale of that NVIDIA capacity because there's a lot of deals there for AI natives and we're seeing a lot of demand in there and the program really put us on the map globally for a lot of other customers that we didn't historically. Have relationships with and so we've got some great relationships, which are giving us really good insight to then the other capacity that we've just announced. And so quite often, I've spoken about this on several calls, but key to us is when we get capacity online and we know.

有了這些資訊，我們就可以開始向客戶提供 RFS 日期與合約。短期來看，我們非常專注於轉售這些 NVIDIA 產能，因為那裡有很多針對 AI 原生客戶的交易，我們也看到非常強勁的需求；而這個計畫也讓我們在全球範圍內被更多客戶看見，這些客戶在過去我們並沒有建立關係。因此我們建立了一些很棒的合作關係，這也讓我們對於剛宣布的其他產能有非常好的洞察。所以我在好幾次電話會議上都談過，對我們而言關鍵在於當我們讓產能上線並且掌握情況時。

We know we've got energy or white space, we then have to go through a design process to get the right form factor of compute to then be able to take that out to customers. So we're early in the journey on the additional megawatts, but we are already having those conversations with those customers. So one of the great things we're seeing out of the.

我們知道自己有能源或白區（white space）之後，就必須走一個設計流程，確定正確的運算外形規格（form factor），才能把方案帶給客戶。所以在新增兆瓦數（megawatts）的部分，我們還在旅程初期，但我們已經在和那些客戶進行對話。因此，我們從……看到的一個很棒的事情是。

The resale process on the AICPs, we're talking to these AI natives and they're looking at what's the rest of your capacity? What are you saying to our sales guys? What are you seeing for 27? What are you going to have online for 28? And so we're getting a lot more further out insight as to what customer demand profiles are looking like. And they're all asking for it. They're like, can we guarantee if we get 5,000 GPUs out of the 40,000 on this, can you guarantee us some 5,000 or 10,000 in your next. Bit of capacity that you're going to be building out. And so that's amazing from a forecasting perspective. It gives us a lot of confidence, but it also enables us to start to talk to those customers about specifically what they're looking for. Are you looking for a cluster with more storage next time? And so we can do a bit more planning. And so having released that additional capacity publicly and now being able to talk to customers about where we see that pipeline and what's publicly available to pipeline and then when we talk to them about what's not. Those pipelines.

在 AICP 的轉售流程中，我們正在和這些 AI 原生客戶交流，而他們會問：你們其餘的產能是什麼？你們對我們的業務同仁怎麼說？你們對 27 年看到什麼？28 年會有哪些上線？因此我們能更早、更長期地洞察客戶需求輪廓會長什麼樣子。而且他們都在要這些產能。他們會說：如果我們在這 40,000 顆 GPU 裡先拿到 5,000 顆，你們能不能保證在下一波你們要建置的產能裡，再給我們 5,000 或 10,000 顆？也就是你們下一段要擴建的產能。從預測的角度來看，這非常棒。這讓我們很有信心，同時也讓我們能開始和客戶更具體地討論他們到底在找什麼。例如下次你們想要一個有更多儲存的叢集嗎？因此我們可以做更多規劃。所以在我們公開發布新增產能之後，現在也能和客戶談我們如何看待那個管線、哪些是公開可見的管線，以及接著我們再談哪些不是公開的。那些管線。

It's very helpful overall from an organizational perspective about planning overall capacity and how we're thinking about growing the business.

從組織整體角度來看，這對於規劃整體產能，以及我們如何思考業務成長，都非常有幫助。

Awesome. No, very helpful.

太好了。不，這非常有幫助。

On contract duration, if I look at all the contracts you've signed, maybe absent some of the really small ones, it's been five years except for Nvidia at six.

關於合約期間，如果我看你們簽下的所有合約，可能先不算一些非常小的合約，基本上都是五年，只有 Nvidia 是六年。

Is there a target duration you're looking for when you do ultimately get into the resell or reselling the Nvidia capacity?

當你們最終開始轉售或轉售 Nvidia 產能時，你們有沒有一個目標合約期間？

Like, is it more one, two years? Is it shorter? Is there a target duration that we're thinking of?

例如是偏一到兩年嗎？會更短嗎？我們有在思考一個目標期間嗎？

Look, we're largely being driven by customers on that component and that conversation, I think every customer, it's a bit of a balance between price and duration, every customer would love to have the longest term they can is the general conversation we're having them, but the demand we're seeing is in the three to five-year range.

坦白說，這一塊的討論很大程度是由客戶驅動；我認為每個客戶都在價格與期間之間做平衡。一般來說，每個客戶都希望能拿到越長期越好，這是我們與他們對話的主軸，但我們看到的需求大多落在三到五年期。

But they all want to lock up as much as they can. And so we're trying to find a balance book where we take the limited resource of 40,000 GPUs and split it between a mix of three to five-year contracts.

但他們都想盡可能鎖定更多。因此我們正試著找到一個平衡點：把 40,000 顆 GPU 這個有限資源，在三到五年期合約的組合之間做分配。

But also, depending on what we see that customer's forward demand profile or curve is, thinking about how we match those things across future demand as well.

同時也要視我們對該客戶未來需求輪廓或需求曲線的判斷，思考如何把這些配置與未來需求做匹配。

What we want to try and do is find those customers that we can expand, not just so, once we've landed a customer, how do we expand the customer? Because it's a lot easier once you've got that customer on your books to expand those relationships.

我們想做的是找到那些我們可以擴張的客戶；不只是說一旦我們拿下客戶後，如何擴大該客戶的用量？因為一旦客戶已經在我們的客戶名單上，要擴大這些關係會容易得多。

Yeah, that makes sense. And then maybe just one follow-up for me.

是的，這很合理。那我這邊可能再追問一個。

If I kind of like do some back of the napkin math here on the storage with your partnership with the vast, it's, about 100,000 GPUs, which is about similar to how much megawatts you've now secured from the 80.

如果我用很粗略的方式算一下你們和 Vast 的合作在儲存方面的規模，大概對應 100,000 顆 GPU，這跟你們現在從那 80（兆瓦）中已經取得的兆瓦數大致相當。

At what point would you look to expand that just ahead of additional capacity ramp in the future? Are you thinking about that yet or is that still a bit of a ways out?

你們會在什麼時間點考慮擴大那個合作，以便在未來額外產能爬坡之前先行布局？你們已經在想這件事了嗎，還是還要一段時間？

Great question. I mean, we always like to leave a few breadcrumbs in an announcement is the way we are thinking about it. I think those early indications of where we're thinking as we sign those deals, like the one we did with Bust, was a good indicator about where we were thinking the business is going and where we had a. Where we thought that was, where we thought we'd be announcing at megawatts as we came into this period, we're always in discussions with ******* and an amazing partner, and so we are looking at how we expand that storage. The other thing I'd just say more broadly on storage is we've seen huge customer demand and shifts in those storage, the storage dynamic.

好問題。我的意思是，我們在公告裡總是喜歡留下一些線索（breadcrumbs），這是我們的思考方式。我認為我們在簽那些交易時（例如我們和 Bust 做的那筆）所透露的早期訊號，是一個很好的指標，顯示我們認為業務會往哪裡走，以及我們……我們當時的判斷是，隨著進入這個期間，我們會在兆瓦數上做出公告；我們也一直在和 ******* 討論，他們是很棒的合作夥伴，因此我們正在評估如何擴大那個儲存規模。另外更廣泛地談儲存，我們看到客戶需求非常強勁，而且儲存的動態正在發生轉變。

And that is as to how we design a facility, how we turn on a facility is changing those dynamics as well as we're realizing with customers, we need to be able to take more storage into a design beyond the standard 3 petabytes per 1,000 GPU sort of reference architecture, customers are looking for more storage and so as we think about that.

也就是說，我們如何設計一個機房、如何啟用一個機房，這些動態也在改變；因為我們逐漸意識到，客戶需要我們在設計中納入更多儲存，超越每 1,000 顆 GPU 配 3PB 的標準參考架構。客戶想要更多儲存，因此當我們思考這件事時。

The recent $1.32 billion contract was 10 petabytes of storage per 1,000 GPUs. Now, that's a material upgrade from three.

最近那份 13.2 億美元的合約，是每 1,000 顆 GPU 配 10PB 的儲存。這相較於 3PB 是一個實質性的升級。

And that means you have to think about storage capacity, that additional loads, traditionally their air-cooled loads attaching to our GB environment. So there are mixes here that we have to start considering as we're seeing these shifts in storage.

這代表你必須思考儲存容量與額外負載；傳統上那些是以氣冷的負載，接到我們的 GB 環境上。因此這裡有不同的組合，我們必須開始納入考量，因為我們正看到這些儲存需求的轉變。

Awesome. Really appreciate it.

太好了。非常感謝。

Thank you guys.

謝謝各位。

As a reminder, if you would like to ask a question, please press star one.

提醒一下，如果您想提問，請按星號一。

Your next question for today is from Michael Donovan with Compass Point.

今天的下一個問題來自 Compass Point 的 Michael Donovan。

Hey guys, this is Ian Jenner calling in for Michael Donovan. Congrats on the continued progress and signings.

各位好，我是 Ian Jenner，代 Michael Donovan 來電。恭喜你們持續取得進展並完成簽約。

My first question: I just wanted to ask your partnerships now include Nvidia, Dell, Vast, and a number of data center operators. Can you talk about how those relationships support the growth strategy from here, whether that's validating next-gen GPUs and what kind of line of sight they give you into future demand?

我的第一個問題：我想請教你們目前的合作夥伴包含 Nvidia、Dell、Vast，以及多家資料中心營運商。你們能談談這些關係如何支持接下來的成長策略嗎？例如是否有助於驗證下一代 GPU，以及它們能讓你們對未來需求有什麼樣的可視性（line of sight）？

Yeah, so I think...

是的，所以我認為……

The demand cycle we're seeing from the, we're seeing demand cycle from our partner network, partners are obviously referring us business, and that's very helpful. When we start to talk to our supply side on demand, we're definitely hearing about supply constraints in market where customers are, where customers, their customers are experiencing demand. So what we're hearing through, supply relationships with.

我們看到的需求週期來自於——我們從合作夥伴網路看到需求週期，合作夥伴顯然在把業務介紹給我們，這非常有幫助。當我們開始跟供應端談需求時，我們確實聽到在客戶所在的市場存在供應限制——客戶、以及他們的客戶正在經歷需求。所以我們透過供應關係所聽到的是。

With the Dells, with the Supermicros, with the Lenovos, there's an overwhelming story of large demand. But then when we talk to our storage customer partners like Fast and so forth, we hear about what they're doing in storage and what other neo-clouds and other people in the space are doing. But really, by using this partner network, it's all about lowing out execution risk. And so everyone's got to have a relationship with an OEM, but when we have a relationship like a WWT and we have those relationships with. The data center operators, it just lowers our overall net operating risk and we get a lot of those we we get a lot of the customer referrals through those channels, so from that perspective, it's absolutely fantastic that partner-led model and working within the ecosystem, you get a lot of insights as to those.

不論是 Dell、Supermicro、Lenovo，都有一個壓倒性的敘事：需求非常大。但當我們與像 Fast 等儲存客戶夥伴交流時，我們會聽到他們在儲存方面做了什麼，以及其他新型雲（neo-cloud）和該領域其他業者在做什麼。但真正地，透過這個合作夥伴網路，一切都在於降低執行風險。因此每個人都必須與 OEM 建立關係；但當我們與像 WWT 這樣的夥伴建立關係，並且我們也與……建立那些關係時。與資料中心營運商的關係，會降低我們整體的淨營運風險，而且我們也會透過這些通路獲得大量客戶轉介；所以從這個角度來看，這種以夥伴為主導的模式、以及在生態系中運作，絕對非常棒，你也能獲得很多關於那些……的洞見。

Changes in customer profiles and how we need to be thinking about them before they necessarily need to be implemented in our business as well, because like we just mentioned before, 10 petabytes per 1,000 GPUs, I'm sure that will Vasil tell someone else they need to start thinking about more storage per 1K customer for some of their other customers. And that may not necessarily be true for their customers today, but it is true for what we're experiencing. So that information through the network is very valuable over time, I think.

客戶輪廓的變化，以及在它們不一定需要在我們業務中落地之前，我們該如何思考它們；因為就像我們剛才提到的，每 1,000 顆 GPU 需要 10PB，我相信 Vasil 會告訴其他人，他們需要開始思考對某些其他客戶而言，每 1K 客戶要配置更多儲存。而這對他們今天的客戶未必成立，但對我們正在經歷的情況確實成立。所以，隨著時間推移，透過網路取得這些資訊非常有價值，我認為。

That's very helpful.

這非常有幫助。

Thank you. And as a follow-up, as those conversations extend into the next generation, how are you observing pricing dynamics on Vera Rubins? Are customers engaging on Rubin commitments today for late '27, '28 deliveries? And how do you see pricing trending relative to GB300s, for example?

謝謝。再追問一下，當這些對話延伸到下一代產品時，你們如何觀察 Vera Rubin 的定價動態？客戶現在是否已在就 Rubin 的承諾進行洽談，以便於 2027 年底、2028 年交付？你們如何看待相對於例如 GB300 的價格走勢？

Yeah, so we haven't started pricing Vera Rubin.

是的，所以我們還沒有開始為 Vera Rubin 定價。

But we are seeing extraordinary amount of demand for it. So we are now actively having the capacity as I sort of said, we go through design phases once we secure capacity and we work through those design phases to go to the DRB with NVIDIA around certain specific capacity and compute workloads. And that's when we then have those customer conversations. For that specific compute demand in that location.

但我們確實看到對它的需求非常驚人。所以我們現在正積極地——如我剛才所說——一旦我們確保了產能，就會進入設計階段，並在那些設計階段中，與 NVIDIA 針對某些特定產能與運算工作負載一起推進到 DRB。然後我們才會進行那些客戶對話。針對該地點的特定運算需求。

That said, a lot of early demand for Beer Rubin. So, those customers that we're talking to on AICP are saying, well, what's your late 27 VR capacity? How are we going to get some of that?

話雖如此，對 Beer Rubin 的早期需求很多。所以，我們在 AICP 上對話的那些客戶會說，那你們在 2027 年底的 VR 產能是多少？我們要怎麼拿到一些？

Can you promise us some of that? Can we get our hands on it? So, we are working through, where the Beer Rubin deployments will be for us in.

你們能承諾給我們一些嗎？我們能不能拿到？所以，我們正在推進——對我們而言，Beer Rubin 的部署會在哪裡。

Maybe late '27, early '28, and then, customers are already looking for us to, secure and lock in those deliveries for them ultimately.

可能在 2027 年底、2028 年初；而且客戶已經在期待我們最終能為他們確保並鎖定那些交付。

So, we're very conscious of that in the way we're thinking about data center curement and data center capacity to procurement and design for implementation as well.

因此，在我們思考資料中心採購、以及資料中心產能的採購與設計以便落地實施時，我們對此非常謹慎。

That's great to hear.

很高興聽到。

Thank you for taking my questions and keep up the good work.

謝謝你回答我的問題，繼續保持好表現。

Anytime.

隨時。

Thank you.

謝謝。

Your next question for today is from Jonathan Higgins with Unified Capital Partners.

今天的下一個問題來自 Unified Capital Partners 的 Jonathan Higgins。

Hi, guys. Thanks for taking the time today. Congratulations on the momentum. Just a couple from me today.

嗨，各位。謝謝今天撥冗。恭喜你們的成長動能。我這邊只有幾個問題。

Firstly, just on capacity, you're sort of averaging about a billion dollars in TCV being signed or if not more every month and the deal frequency is getting better or getting more frequent, sorry. How do you sort of strategically think about that capacity?

第一個是關於產能：你們平均每個月簽下大約 10 億美元的 TCV（總合約價值），甚至更多，而且交易頻率也在改善——抱歉，是變得更頻繁。你們在策略上如何思考這些產能配置？

You've raised it today to obviously 200 or above. How should we think. About that probably into 2028 and what you're seeing on the demand side of things.

你們今天把它提高到顯然是 200 或以上。我們應該如何看待。大概到 2028 年的情況，以及你們在需求端看到的狀況？

Yeah, I mean, capacity is a great question, and we're thinking about how we grow.

是的，我的意思是，產能是個很好的問題，我們也在思考如何成長。

And we haven't provided guidance out through '27, '28 for additional megawatts than what we've done obviously to market. And we've taken an approach where once we announce some capacity, we're very focused on designing and delivering that capacity.

而且我們尚未就 2027、2028 年額外的兆瓦數提供指引，超出我們已經對市場公布的部分。我們採取的做法是：一旦我們宣布某些產能，我們就非常專注於設計並交付該產能。

And allocating that capacity customer contracts. So, it is, to your point, there is a bit of momentum there. We are, contracting at a faster rate.

並把該產能分配到客戶合約上。所以，正如你所說，確實有一些動能。我們簽約的速度更快。

We're trying to focus on those customers that can grow with us and bringing on good quality, high-quality customers that will take up that capacity.

我們試著聚焦在能與我們一起成長的客戶，並引入優質、高品質的客戶來消化這些產能。

I'd expect you'll see, in the forward period, us announcing some customer contracts, which will be attached to that capacity that we've already got locked up under AICP. So you'll see some recontracting with some of that capacity from our perspective. So there's a little bit of that for us to work through over the forward period, and then we're going to be starting to work through again.

我預期你會在未來一段時間看到我們宣布一些客戶合約，這些合約會對應到我們在 AICP 下已經鎖定的產能。所以從我們的角度，你會看到部分產能的重新簽約。因此在接下來一段時間，我們還有一些事情要推進，然後我們會再開始推進。

The outlook capacity that we've got coming up. There's a few 1K classes and some smaller classes for us to contract and announce as well that we're very focused on from a deployment perspective. So bringing that all together, I think I'm not going to promise you the same momentum or the same pace, but we do have quite a lot of customer conversations. They're very materially advanced.

我們即將到來的產能展望。我們有幾個 1K 等級以及一些較小等級的案子要簽約並宣布，我們也非常專注於部署面。綜合來看，我想我不會向你承諾同樣的動能或同樣的速度，但我們確實有相當多的客戶對話。而且它們在實質上已經非常成熟。

For the ECC and AICP cluster, and then we are saying I had those early conversations about the larger announced capacity when it's coming online and so forth. So we've got to go through that, as I alluded to earlier, we've got to finalize those designs, so we perform factor the delivery dates and work with our OEM partners around that delivery.

針對 ECC 與 AICP 叢集；同時我們也在進行我所說的那些早期對話，關於更大、已宣布的產能何時上線等等。所以我們必須走完那個流程——如我先前提到的——我們必須完成那些設計，才能把交付日期納入考量，並與我們的 OEM 夥伴就交付進行協作。

So we confirm up the RFS dates, but we want to get customers on those GB300s, we want to deliver that in '27, we want to make sure we're there for those customers in VR in 2028.

因此我們會確認 RFS 日期，但我們希望讓客戶用上那些 GB300，我們希望在 2027 年交付，我們也希望確保在 2028 年 VR 上能為那些客戶到位。

Of how we match it, mix and match all of those. Obviously, we're going to need additional capacity. We're very clear that we are ambitious about growing those things, but I've always said this is a customer-led journey in many ways.

至於我們如何把這些做搭配、混搭。顯然，我們會需要額外的產能。我們非常清楚我們對成長這些事情很有企圖心，但我一直說，這在很多方面是一段以客戶為主導的旅程。

We're matching our capacity to our customer demands and making sure that we're comfortable that we can finance those and get those things deployed in appropriate time frames.

我們會把產能與客戶需求做匹配，並確保我們有把握能為其融資，並在適當的時間框架內完成部署。

I understand sort of stepping through it. And just another one, I mean, you sort of talk about the sovereign sort of capability of the group, the demand that's in Australia, New Zealand, part of Asia-Pacific. Can you talk about that, like give us an idea of what the demand is or the shortages are out of, ANZ in Asia versus sort of like what you're seeing in the US? Like is it, they're having a greater inability to be able to source the compute than what you're seeing in, say, the US market, which is obviously experiencing 40 years as well?

我大概理解你逐步帶著我們走一遍。另外再問一個，我的意思是，你有提到集團在主權層面的能力，以及澳洲、紐西蘭與亞太部分地區的需求。你能談談這點嗎？例如讓我們了解一下，澳紐（ANZ）與亞洲相較於你們在美國看到的情況，需求有多大或短缺有多嚴重？像是，他們在取得運算資源方面的困難是否比你在例如美國市場看到的還更大？美國市場顯然也正經歷同樣的情況（40年來之最）？

I think the entire market's constrained to start with. So it doesn't matter whether we're talking to customers that are in North America or in Asia or Australia, the entire market's constrained.

我認為整個市場一開始就處於供給受限的狀態。所以不管我們談的是北美、亞洲或澳洲的客戶，整個市場都受限。

And so when you start talking to any of the customer conversations that we're having, it's for hundreds of thousands of GD300s just on this AICP program.

因此，當你開始看我們與任何客戶的對話時，光是在這個 AICP 計畫上，需求就是數十萬顆 GD300。

We've got 40,000.

我們只有 40,000 顆。

So, we've got a multiple of the cluster that we have in demand, and so that's why these conversations and releasing some additional capacity and announcing that is very useful, because what we can start to talk to is, hey, yeah, we can give you.

所以，需求是我們現有叢集規模的好幾倍；這也是為什麼這些對話、釋出一些額外產能並對外宣布非常有幫助，因為我們就能開始跟客戶談：嘿，對，我們可以給你。

5,000 or you know a number of the 40,000 GPUs and we can work with you on this additional capacity for 27 and we can work with you for this in 28 and so those conversations are you know giving customers a pipeline making sure they've got access to commun confusion democratizing that access and making sure we've got you know a lot of customers on it because we want to build that broaden the base ultimately of customers on the compute.

5,000 顆，或是 40,000 顆 GPU 中的一個數量；我們也可以跟你合作 2027 年的額外產能，也可以在 2028 年為此與你合作。這些對話是在為客戶建立一條供應管線，確保他們能取得運算資源——我剛剛口誤說成 commun confusion——把取得權民主化，並確保有很多客戶能用到，因為我們最終希望擴大在運算資源上的客戶基礎。

And so we're not just focused on those, but also like the smaller 1K clusters, those customer contracts, because as you land those and expand them out, finding lots of customers on 1K or half K clusters and the ability to grow out that is very important for us as well. So look, I think the only other thing I'd say is the demand from both US and Asia is equally strong, but we're very focused on having that balanced customer book.

因此我們不只聚焦在那些（大型需求），也會關注較小的 1K 叢集、那些客戶合約；因為當你把這些客戶落地並擴張時，讓很多客戶先用 1K 或半 K 的叢集，並具備往外擴的能力，對我們也非常重要。所以，我想我唯一還要補充的是，美國與亞洲的需求同樣強勁，但我們非常專注於維持客戶組合的平衡。

But we are very much prioritizing those customers that we think have got strong growth profiles so we can expand those relationships over multi-year terms.

但我們確實會優先考量那些我們認為具備強勁成長輪廓的客戶，這樣我們就能在多年期的合約中擴大這些關係。

Excellent. I might just take one more if that's okay. Just more on the financial side of the business. So, I mean, the financing, as you say, in your release you're talking about, you've got a lot more dry powder than you had at the start of the year.

很好。如果可以的話我再問最後一個。比較偏財務面。所以，關於融資，你在新聞稿裡提到，你們現在的「乾火藥」（可動用資金）比年初多很多。

With the Nvidia deal and the movement that we've seen in sort of financing and the like. Can you talk about how you sort of see the IRRs in the business, you don't think to necessarily call up and all, but how do you see them and where the cost of finances move through you guys and the ability to access that over the last several months from the last quarter?

隨著 Nvidia 的交易，以及我們在融資等方面看到的變化。你能談談你們如何看待這個業務的 IRR（內部報酬率）嗎？我知道你不一定想把所有細節都攤開講，但你怎麼看？另外，融資成本在你們這邊是如何傳導的？以及過去幾個月、相較上一季，你們取得融資的能力有什麼變化？

Yeah, so I think what we did in the last quarter has been.

是的，所以我認為我們上一季所做的事情非常。

Phenomenal and we're very thankful for our, ongoing shareholder support, with the $1.6 billion raise and Otree's earlier one for the convertible note that we, they were all instrumental steps for us to grow this business and, so I think.

卓越，我們也非常感謝股東持續的支持；包含 16 億美元的募資，以及 Otree 先前那筆可轉換公司債的資金，這些都是我們擴張這項業務的關鍵步驟。所以我認為。

We have been very lucky that we've had that level of support from equity markets and the trust in us delivering that story has been given to us.

我們很幸運能獲得股權市場這樣程度的支持，而市場也信任我們能把這個故事交付出來。

On the debt markets piece, we're very advanced on debt facilities across the business. We'd expect to be coming to market and exploring and explaining some of those solutions that we've got. Near term.

在債務市場方面，我們在整個業務的債務融資額度上已經推進到非常成熟的階段。我們預期近期會走向市場，並探索與說明我們所取得的一些解決方案。短期內。

I won't bid against myself, John, and tell everyone where we are on pricing and so forth on this call, but we are seeing really strong, and you can see that at the top-line. You can see that in the price per megawatt or price per GPU hour. We're seeing very strong pricing on the compute side. That's reflective to the strong customer demand, and that's reflecting very strong IRRs, which is supportive of a dead environment, ultimately. So.

John，我不會在這通電話上跟自己競價，把我們在定價等方面的狀況都講出來；但我們確實看到非常強勁的表現，你從營收端就看得出來。你也能從每兆瓦價格或每 GPU 小時價格看出來。我們在運算服務端看到非常強的定價。這反映了強勁的客戶需求，也反映出非常強的 IRR，最終也支撐了債務環境。所以。

We've just recently included full technical diligence for lenders, and we got through all of that in very short order and in very good order. So, we're very comfortable about delivery now on that program.

我們最近剛完成放貸方的完整技術盡職調查，而且在很短的時間內、以很好的品質完成。所以我們對於現在在該計畫上的交付非常有信心。

So, yeah.

所以，是的。

Thanks, guys.

謝謝各位。

Your next question is from Fedor Shadlin with B. Riley Securities.

下一個問題來自 B. Riley Securities 的 Fedor Shadlin。

Thank you very much, operator, and good day. Time of day, everyone.

非常感謝，接線員，大家好。各位在不同時區，祝大家今天都順利。

My question is kind of a follow-up of the first two questions that have been asked.

我的問題算是對前兩個問題的延伸追問。

So on the NVIDIA partnership and the GB300 capacity under the management, what kind of customers are you targeting to fill that capacity and can you frame how much of it you expect to be contracted, like take a pay versus sold on demand? Is there a preference here? And related to that, does the mix skew differently by customer type, like hyperscaler versus enterprise? And how does that affect the GPU hour rates you're underwriting? And if you can comment on what the deployment schedule looks like for these 40,000 GPUs, that would be super helpful.

關於 NVIDIA 的合作夥伴關係，以及在管理之下的 GB300 產能，你們打算鎖定哪些類型的客戶來填滿這些產能？你能否說明一下，你們預期其中有多少會以 take-or-pay（保量付費）方式簽約、多少會以隨需（on-demand）方式出售？這裡有偏好嗎？另外，這個組合是否會因客戶類型而不同，例如超大規模雲端（hyperscaler）對比企業客戶（enterprise）？這又會如何影響你們承作（underwrite）的每 GPU 小時費率？如果你也能評論一下這 40,000 顆 GPU 的部署時程會長什麼樣子，那就非常有幫助。

Thank you very much.

非常感謝。

Well, thanks for the question.

好的，謝謝你的問題。

No, it's.

不，這。

Always happy to give you the breakdown.

我一直都很樂意把拆分情況提供給你。

For the AI natives that we're seeing on the AICP program, I think you can expect the vast majority will be them on take or pay.

就我們在 AICP 計畫上看到的 AI 原生（AI natives）客戶而言，我認為你可以預期絕大多數會採 take-or-pay。

So, who are they?

那他們是誰？

They're various model builders, inference providers, and, we'll be deploying that over the, first half of 2027.

他們是各類模型建構者、推論服務提供者；我們會在 2027 年上半年完成部署。

And that computer will be online.

而那套運算資源會上線。

We are seeing there'll be a little bit of spot, but vast majority will be, as I alluded to earlier, those three to five-year terms on a take-or-pay basis, so very focused on those customers that we can grow with.

我們確實會看到有一小部分是現貨（spot），但絕大多數會如我先前提到的，以 take-or-pay 方式簽三到五年的合約期，因此我們非常聚焦在那些我們能一起成長的客戶。

And so I think the great thing for us is that there's been a really good way for us to, get that early conversation about what they need elsewhere in our capacity pipeline for 27. And so we're seeing those AI natives all wanting to lock up as much compute as possible for as long as possible. And, the overwhelming comment is can we have more?

我認為對我們來說很棒的一點是，這讓我們能很早就開始對話，了解他們在 2027 年我們產能管線的其他部分還需要什麼。所以我們看到這些 AI 原生客戶都想盡可能多、盡可能久地鎖定運算資源。而且壓倒性的回饋是：我們能不能要更多？

And can we have term, and so we're trying to balance that against what we can see is clearly constrained market, and matching all those components, so we can continue to grow and execute, but also know that it's fully deployed.

以及能不能要長約；因此我們正試著在明顯供給受限的市場中，平衡我們能提供的能力並把各個要素配對好，讓我們能持續成長與執行，同時也確保它能被完全部署。

And we don't have a huge customer churn across the platform.

而且我們的平台不會出現很高的客戶流失率（churn）。

While you might look at doing some of those customers on spot and we'll have a portion of the market in spot, it's a lot easier to have those customer relationships. The egress that we talk about for storage, when you're at 4,000 or 5,000 GPUs, it is a bit of work egressing a customer on a network at that scale. And so it makes a lot of sense to keep them locked in for a bit more term versus a short-term spot for that sort of stuff. If it's the imprint stuff, we're going.

雖然你可能會考慮讓其中一些客戶採用即期（spot）方式，而我們也會在即期市場占有一部分份額，但要建立並維繫這些客戶關係，用長約會容易得多。我們談到的儲存外傳（egress），當你規模達到 4,000 或 5,000 顆 GPU 時，要在那樣的網路規模下把客戶資料外傳出去，確實需要不少工作。因此，與其做那種短期即期方案，把他們以較長的合約期間鎖定下來會更合理。如果是 imprint 那類型的東西，我們會……

Can come and go a lot faster.

可以更快地進出。

But a lot of the AR natives are looking for a longer-term solution with a bit more storage deployment.

但很多 AR 原生客戶正在尋找較長期的解決方案，並搭配更多的儲存部署。

So we're looking to ensure that we've got deployment over half 1 2027 with full billing on our latest in Q3 across that cluster.

因此我們希望確保在 2027 年上半年之後仍有部署延續，並在該叢集於第三季全面開始計費，涵蓋我們最新的部署。

That's helpful. And my follow-up is you've guided to revenue ramping materially from third quarter this year for 2027. And my question is, what's the biggest swing factor that could push that ramp into 4Q? For example, is DS, right? We have, if I recall correctly, service start date is September 16th.

這很有幫助。我的追問是，你們指引顯示營收將自今年第三季起，並在 2027 年顯著爬升。我的問題是，最大的變動因素是什麼，可能把那個爬升推遲到第四季？例如是 DS，對吧？如果我沒記錯，服務開始日期是 9 月 16 日。

Just want to figure out what could potentially happen or you can just reassure us that this is a starting date.

我只是想釐清可能會發生什麼，或者你也可以讓我們放心，這就是啟用日期。

Yeah, great question.

是的，這是個好問題。

So, we've currently, we've got RFS dates from a data center perspective.

所以，目前從資料中心的角度來看，我們已經有 RFS（可投入服務）日期。

We obviously rely on our data center partners to make sure they do their delivery.

我們當然仰賴資料中心合作夥伴，確保他們能如期交付。

We are carefully tracking and monitoring our supply deliveries, so those deliveries are super micro, for instance, but if you say one of the risk factors is hardware delivery and data center readiness, they're the two ones, and they're third-party supplier relationships.

我們正非常謹慎地追蹤並監控供應交付；例如這些交付來自 Supermicro。但如果你要說風險因素，硬體交付與資料中心就緒度是兩個主要項目，而它們都涉及第三方供應商關係。

We'll have a very solid Q4. We believe that it's an end of Q3 turning on, so Q4 would be where you materially see that revenue ramping. So as I sort of alluded to on the call, we've delivered the B300 to that customer. So we're mid-quarter now, so you'll see a month and a full month and a bit of billing in Q3 for the B300 as well, so that's all starting to ramp.

我們第四季會非常穩健。我們相信會在第三季末啟用，因此你會在第四季看到營收明顯爬升。所以如同我在電話會議中稍早提到的，我們已經把 B300 交付給該客戶。我們現在在季度中段，因此你會在第三季看到一個月加上一個完整月再多一點的 B300 計費，這些都已開始逐步拉升。

And then you'll see as we get the hardware deployed and we're out looking to site.

接著，隨著我們把硬體部署到位，並且我們也在外部尋找場址。

Last week, physically the data centers look like they're in good order.

上週我們實地查看，資料中心看起來狀況良好。

We're getting through those processes and deployments, so we just got to get the compute online and get it delivered and get it online and then get it handed over to the customer.

我們正在完成這些流程與部署；所以我們只需要把算力上線、交付、上線，然後移交給客戶。

But I think you'll see a solid Q4 result on those numbers.

但我認為你會在這些數字上看到第四季的穩健成果。

Thank you very much, and I promise this is the last one.

非常感謝，我保證這是最後一題。

You arrived the mid-2027 GPU target and secured capacity multiple times since June.

你們自 6 月以來，多次上調 2027 年中期的 GPU 目標並取得產能。

Just a question, is that a port revision being driven by signed contracts pulling capacity forward or by anticipated demand ahead of signed paper? And kind of what conditions make you confident to pause contracted megawatt target if it will happen?

想請問，這樣的上調是因為已簽合約把產能需求提前拉動，還是因為在正式簽約文件之前就預期需求會更強？以及在什麼條件下，你們會有信心暫停上調已簽約的兆瓦（megawatt）目標（如果真的會發生的話）？

Thank you.

謝謝。

So I think the customer demand is definitely there, and then the data center delivery piece, we're very confident of looking at the, from our perspective, how we look at those things being built and delivered. We can see that the data centers can be built and delivered in that time frame.

所以我認為客戶需求確實存在；至於資料中心交付這一塊，從我們的角度來看，我們對建置與交付的進度非常有信心。我們看得到資料中心能在那個時間範圍內建好並交付。

The 64,000 GPUs that we're talking about is contracted demand by mid-27. So we're very comfortable about that. We don't have an issue with that. So it's really then how we think about what else are we delivering in '27? And we upgraded the 80 megawatts today, and we'll look to update additional megawatts in the future.

我們所談的 64,000 顆 GPU，是截至 2027 年中已簽約的需求。所以我們對此非常放心。我們沒有這方面的問題。因此接下來真正要思考的是：在 2027 年我們還要交付哪些其他內容？我們今天把目標上調到 80 兆瓦，未來也會再更新更多兆瓦數。

But as we've been slowly building this story out.

但隨著我們逐步把這個故事建立起來。

And it doesn't feel so slow when you're inside the business, I can assure you, we're constantly adding people and team to make sure that we can deliver and that's really important, so we moved from 132 megawatts to 212 megawatts by the end of 2027 today.

而且我可以向你保證，當你身在公司內部時，這一點也不覺得慢；我們一直在增加人力與團隊，以確保我們能交付，這非常重要。所以今天我們把 2027 年底的目標從 132 兆瓦提高到 212 兆瓦。

I just point back to our history from where we came through from the beginning of the year, and I know there's a slide in the deck about how we've upgraded megawatts, so I'm not going to promise you I'm going to upgrade at that rate all the way through for my '27 turn on dates, but we are very focused on how we expand our '27 opportunity.

我只想回顧一下我們今年年初以來的歷程；我知道簡報裡有一頁在講我們如何上調兆瓦數，所以我不會承諾我會以同樣的速度一路上調到 2027 年的啟用日期，但我們非常專注於如何擴大 2027 年的機會。

We've 4x capacity in sort of eight months across the business. I don't know if I can promise you a 4x capacity in the next eight months, but we're going to work really hard to add capacity. But we've got to do it in a measured way. We have to make sure that the customer are signing contracts and we have to make sure the financing for each of these sort of deals are in place before we just go and sign up.

我們在大約八個月內，讓整個業務的產能成長了 4 倍。我不確定我能否承諾接下來八個月再成長 4 倍，但我們會非常努力去增加產能。不過我們必須以審慎、可控的方式來做。在我們直接去簽之前，我們必須確保客戶已簽合約，也必須確保每一筆交易的融資都已到位。

We're not going to go YOLO capacity.

我們不會 YOLO 式地衝產能。

Without having the right dynamics in place, both around the customer and the financing economics in place to do this.

在客戶面與融資經濟性等正確條件尚未到位之前，我們不會這麼做。

Thank you for all the details and continue. Best of luck.

感謝你提供所有細節，請繼續加油。祝你好運。

Great.

好的。

Thank you very much. So I think that concludes our poll today. I just wanted to say thank you for all our shareholders and everyone that was on the poll and listened to us.

非常感謝。我想今天的電話會議就到這裡。我想向所有股東以及所有參與並收聽我們電話會議的人致謝。

Importantly, I wanted to say thank you to our team.

更重要的是，我想向我們的團隊致謝。

They continue to execute. We've got that B300 on this, recently, and we're moving to deliver the next bat of compute. So it's really important our team.

他們持續把事情落實到位。我們最近已經把 B300 上線到這個項目，並正推進交付下一批算力。所以我們的團隊真的非常重要。

Team, here's my thanks for delivery because 2026 and 2027 will be the year about delivery for us. So I just want to reiterate from a closing position, we're both well positioned financially and operationally to continue to grow the APAC story, both Australia, New Zealand, Asia Pac.

團隊，感謝你們的交付，因為 2026 與 2027 對我們而言將是「交付之年」。所以我想在結語再次重申：無論在財務或營運面，我們都已做好準備，能持續擴大 APAC 的成長故事，涵蓋澳洲、紐西蘭與亞太地區。

Markets across the balance of the year and beyond, and we just wanted to thank everyone for their support and time again today.

在今年剩餘時間及未來，我們將持續深耕各市場；也再次感謝大家今天的支持與撥冗參與。

Thank you.

謝謝。

This concludes today's conference, and you may disconnect your lines at this time.

今天的會議到此結束，您現在可以掛斷電話。

Thank you for your participation.

感謝您的參與。