TeraWulf Inc. (WULF) 2026 Q2 法說會逐字稿

Greetings, and welcome to the TeraWulf second quarter 2026 earnings conference call. (Operator Instructions) Please note that this call is being recorded.

各位好，歡迎參加 TeraWulf 2026 年第二季財報電話會議。(接線員指示) 請注意，本次通話將被錄音。

I will now turn the call over to John Larkin, Senior Vice President and Director of Investor Relations with TeraWulf. Please go ahead.

現在我將把電話交給 TeraWulf 投資人關係資深副總裁兼總監 John Larkin。請開始。

Good morning, and welcome to TeraWulf's second quarter 2026 earnings call. Joining me today are Chairman and CEO, Paul Prager; our CTO, Nazar Khan; and our CFO, Patrick Fleury.

各位早安，歡迎參加 TeraWulf 2026 年第二季財報電話會議。今天與我一同出席的有董事長兼執行長 Paul Prager；我們的技術長 Nazar Khan；以及我們的財務長 Patrick Fleury。

Before we begin, please note that our remarks today may include forward-looking statements. These statements are subject to risks and uncertainties, and actual results may differ materially. Words such as anticipate, expect, believe, intend, estimate, project, could, should, will and similar expressions are intended to identify forward-looking statements.

在開始之前，請注意我們今天的發言可能包含前瞻性陳述。這些陳述受風險與不確定性影響，實際結果可能有重大差異。諸如 anticipate、expect、believe、intend、estimate、project、could、should、will 及類似用語，旨在識別前瞻性陳述。

For a discussion of these risks, please refer to our filings with the SEC available at sec.gov and in the Investor Relations section of our website. We will also reference certain non-GAAP financial measures. Reconciliations to the most comparable GAAP measures are available in our earnings release and filings.

關於這些風險的討論，請參閱我們向 SEC 提交的文件（可於 sec.gov 及我們網站的投資人關係專區取得）。我們也將引用若干非 GAAP 財務衡量指標。與最可比 GAAP 指標的調節表可於我們的財報新聞稿與申報文件中取得。

With that, I will turn the call over to our Chairman and CEO, Paul Prager.

接下來，我將把電話交給我們的董事長兼執行長 Paul Prager。

Thanks, John, and good morning, everyone. The second quarter was defined by execution and expansion. At Lake Mariner, we converted additional contracted capacity into operating infrastructure and recurring lease revenue. At the same time, we expanded the platform through the acquisition of Muskie. Following quarter end, we executed a 401-megawatt lease with Anthropic at the Justified Data and entered into an agreement to monetize our interest in the Abernathy joint venture.

謝謝你，John，各位早安。第二季的主軸是執行與擴張。在 Lake Mariner，我們將更多已簽約的容量轉化為可營運的基礎設施與經常性租賃收入。同時，我們透過收購 Muskie 擴大了平台規模。在季後，我們於 Justified Data 與 Anthropic 簽署 401 兆瓦租賃合約，並達成協議以變現我們在 Abernathy 合資企業中的權益。

Taken together, these developments demonstrate the model we've been building, which is to secure power advantaged infrastructure, contract with high-quality customers, deliver capacity in phases and selectively recycle capital into the next generation of growth.

綜合而言，這些進展展現了我們一直在打造的模式：取得具電力優勢的基礎設施、與高品質客戶簽約、分階段交付容量，並有選擇地回收資本投入下一代成長。

Our number one priority remains execution. You see that most clearly at Lake Mariner. CB-3 was fully delivered and generating lease revenue in early July, bringing total revenue-generating critical IT capacity at the campus to 102 megawatts. That delivery also satisfied the applicable conditions for $600 million of Google's credit support for FluidStack's obligations to become effective.

我們的首要任務仍然是執行。這在 Lake Mariner 最為明顯。CB-3 已於 7 月初全面交付並開始產生租賃收入，使園區可產生收入的關鍵 IT 容量總計達 102 兆瓦。該次交付亦滿足了使 Google 對 FluidStack 義務之 6 億美元信用支持生效的相關條件。

CB-3, therefore, represents more than just the construction milestone. It is another building delivered, another contracted revenue stream online, and a significant portion of the credit support behind the project now effective.

因此，CB-3 不僅僅代表一個施工里程碑。它代表又一棟建物完成交付、又一條已簽約的收入來源上線，以及支撐該專案的重要一部分信用支持現已生效。

Following quarter end, we also amended certain FluidStack leases. Those amendments increased contracted capacity, added rent associated with tenant requested scope changes and established updated delivery schedules on a data hall-by-data hall basis. Nazar will cover construction and commissioning in greater detail, but the key milestones are straightforward.

在季後，我們也修訂了部分 FluidStack 租約。這些修訂提高了已簽約容量、增加了與承租人要求之範疇變更相關的租金，並以資料機房（data hall）為單位建立更新後的交付時程。Nazar 將更詳細說明施工與試運轉（commissioning），但關鍵里程碑很明確。

At CB-4, we remain on track to begin energizing the first data hall in late September. At CB-5, we expect to begin energizing the first data hall in very early January. The first data hall at CB-4 is already in commissioning, and we continue to work closely with FluidStack, Google, and the broader project team to align infrastructure readiness with hardware deployment.

在 CB-4，我們仍按計畫於 9 月下旬開始為第一座資料機房送電。在 CB-5，我們預期於 1 月初開始為第一座資料機房送電。CB-4 的第一座資料機房已進入試運轉階段，我們持續與 FluidStack、Google 及更廣泛的專案團隊密切合作，使基礎設施就緒度與硬體部署保持一致。

The important point here is that CB-3 is online and generating revenue. CB-4 is in commissioning and CB-5 is advancing against the updated customer aligned schedule. That is execution. And it is increasingly visible in our financial profile with high-power compute leasing representing the majority of our revenue during the quarter.

這裡的重要重點是：CB-3 已上線並開始創造收入。CB-4 正在試運轉，CB-5 也依照更新後、與客戶對齊的時程推進。這就是執行。而且在我們的財務輪廓中愈發清晰可見：本季高功率運算租賃已占我們收入的大多數。

While Lake Mariner continues to deliver, the second major theme is expansion. Nowhere is this more evident than in Kentucky. Following quarter end, we executed a long-term lease with Anthropic for approximately 401 megawatts of critical IT capacity at our Justified Data campus in Hawesville.

在 Lake Mariner 持續交付的同時，第二個主要主題是擴張。在肯塔基州，這點最為明顯。在季後，我們與 Anthropic 簽署長期租約，於位於 Hawesville 的 Justified Data 園區提供約 401 兆瓦的關鍵 IT 容量。

The agreement expands our relationship with Anthropic and represents approximately $19 billion of contracted revenue over the initial 20-year lease term. The economics are highly attractive for our shareholders and reflect the value of controlling large-scale power secured infrastructure in a market where capacity is increasingly scarce.

該協議擴大了我們與 Anthropic 的合作關係，並在初始 20 年租期內代表約 190 億美元的已簽約收入。其經濟性對股東極具吸引力，並反映出在容量日益稀缺的市場中，掌控大規模、已取得電力保障之基礎設施的價值。

But the significance of the agreement goes well beyond its size. Lake Mariner demonstrates that we can take a legacy industrial power site and convert it into a large-scale operating high-power compute campus. Justified demonstrates that we can repeat the model in a new region. We secured the site, control the power infrastructure, and converted that position into long-duration contracts with one of the leading companies in artificial intelligence. That is our model, control the infrastructure, contract capacity, finance it against long-duration revenue, and deliver it in phases.

但該協議的重要性遠不止於規模。Lake Mariner 證明我們能將傳統工業用電場址轉型為大規模、可營運的高功率運算園區。Justified 則證明我們能在新區域複製此模式。我們取得場址、掌控電力基礎設施，並將此優勢轉化為與人工智慧領先企業之一簽訂的長期合約。這就是我們的模式：掌控基礎設施、簽約容量、以長期收入作為融資基礎，並分階段交付。

We also expanded our Kentucky platform through the acquisition of the Muskie Data campus in Eastern Kentucky. Muskie is a gigawatt scale development site and a prime example of the utility partnership path to power that we discussed on our last earnings call. The campus is located within an established industrial park and is being developed in partnership with investment-grade Kentucky Power, an AEP company. Our electric service arrangements were entered into under a data center tariff approved by the Kentucky Public Service Commission, which provides for 1 gigawatt of electric service.

我們也透過收購位於肯塔基州東部的 Muskie Data 園區，擴大了肯塔基平台。Muskie 是一個吉瓦（gigawatt）級的開發場址，也是我們在上次財報電話會議中討論之「與公用事業合作取得電力」路徑的典型案例。該園區位於既有工業園區內，並與具投資等級的 Kentucky Power（AEP 旗下公司）合作開發。我們的供電服務安排係依肯塔基公共服務委員會核准之資料中心電價（tariff）簽訂，該電價框架提供 1 吉瓦的電力服務。

Kentucky Power is expected to construct a new 345-kilovolt substation connected to AEP's existing 765 kV transmission network with initial electric service expected in the fourth quarter of 2028. This is not simply land with a queue position. It is a utility-supported development pathway with contracted electric service, defined infrastructure obligations and a state-approved framework for large-scale data center development.

預期 Kentucky Power 將興建一座新的 345 千伏變電站，並連接至 AEP 既有的 765 kV 輸電網路，初始供電預計於 2028 年第四季提供。這不僅僅是一塊擁有排隊序位的土地。這是一條由公用事業支持的開發路徑，具備已簽約的供電服務、明確的基礎設施義務，以及州政府核准的大型資料中心開發框架。

The market too often treats a queue position or inclusion in a batch study as equivalent to available power. It is not. The relevant and important questions are, when can the power be actually delivered, under what contract or commercial framework and with what degree of infrastructure certainty. Muskie provides considerably greater visibility for each of these points.

市場往往把排隊序位或納入批次研究（batch study）視同於可用電力。但事實並非如此。真正相關且重要的問題是：電力何時能實際交付、依據何種合約或商業框架，以及基礎設施確定性的程度為何。Muskie 在上述各點上提供了顯著更高的能見度。

Muskie also builds on the substantial momentum and relationships we've developed in Kentucky. The Commonwealth is increasingly attractive to prospective tenants because of its power infrastructure, business environment and the constructive engagement we have seen from state, utility and local stakeholders.

Muskie 也延續了我們在肯塔基州建立的強勁動能與關係網絡。由於其電力基礎設施、商業環境，以及我們所見到州政府、公用事業與地方利害關係人的建設性參與，該州對潛在承租人而言正變得愈發具吸引力。

Justified provides our near-term contracted delivery opportunity in Kentucky. Muskie provides the next gigawatt scale platform in our pipeline, and we are actively advancing commercialization discussions for the site. Given its near-term power availability, we are increasingly optimistic about the potential to expand the Muskie campus to as much as 2 gigawatts and accelerate portions of the current development timeline.

Justified 提供我們在肯塔基州近期的已簽約交付機會。Muskie 則提供我們管線中的下一個吉瓦級平台，我們正積極推進該場址的商業化洽談。鑑於其近期的電力可用性，我們對將 Muskie 園區擴大至最高 2 吉瓦並加速現行開發時程的部分階段，愈發樂觀。

In addition to Muskie, our pipeline includes additional expansion opportunities at Lake Mariner and Lake Hawkeye in New York, Chesapeake in Maryland, and there are many other sites we are actively evaluating. Each is at a different stage, but collectively, they provide multiple paths to power, customer contracting, and phased delivery rather than dependence on a single market for an interconnection process.

除 Muskie 外，我們的管線亦包含在紐約州的 Lake Mariner 與 Lake Hawkeye、馬里蘭州的 Chesapeake 的額外擴張機會，並且還有許多其他場址正在積極評估中。各場址所處階段不同，但整體而言，它們提供多條取得電力、客戶簽約與分階段交付的路徑，而非依賴單一市場的併網流程。

As we expand the platform, we are also being disciplined about where we spend our time and capital. That's what drove our decision on Abernathy. Following quarter end, we entered into an agreement to sell our entire interest in the Abernathy joint venture for approximately $530 million.

在擴大平台的同時，我們也在時間與資本投入的方向上保持紀律。這正是我們對 Abernathy 做出決策的原因。在季後，我們達成協議，以約 5.3 億美元出售我們在 Abernathy 合資企業中的全部權益。

Abernathy is a great project. But at this point in TeraWulf's development, it is simply not the right project or the best project for us to continue to own. Our strategy is increasingly focused on large-scale opportunities where we control the site, control the power infrastructure, the development process and the customer relationship. All that drives long-term economics.

Abernathy 是一個很棒的專案。但就 TeraWulf 目前的發展階段而言，它已經不是適合我們繼續持有的專案，也不是對我們而言最好的專案。我們的策略正日益聚焦於大型機會，在這些機會中我們能夠掌控場址、掌控電力基礎設施、開發流程以及客戶關係。這些因素共同驅動長期經濟效益。

The Abernathy transaction allows us to focus our management resources and capital on those opportunities. It also demonstrates our ability to create value through development and selectively recycle capital into larger scale projects that we directly control. The Anthropic lease demonstrates our ability to create long-duration contracted value. The Abernathy transaction demonstrated our ability to realize value and redeploy that capital into the next generation of growth.

Abernathy 交易讓我們得以將管理資源與資本聚焦於這些機會。它也展現了我們透過開發創造價值，並有選擇性地將資本回收再投入到我們可直接掌控、更大規模專案的能力。Anthropic 的租賃協議展現了我們創造長天期合約價值的能力。Abernathy 交易則展現了我們實現價值並將該資本重新部署至下一代成長的能力。

We've also recently cleared an important milestone at Chesapeake. On July 29, the Federal Energy Regulatory Commission, FERC, authorized our proposed acquisition of the Morgantown site. That approval clears a significant regulatory condition towards closing. The site includes approximately 210 megawatts of existing grid-connected generation, substantial electrical infrastructure and meaningful long-term expansion potential in one of the most power-constrained regions in the country.

我們最近也在 Chesapeake 達成了一個重要里程碑。7 月 29 日，聯邦能源管理委員會（FERC）核准了我們擬議收購 Morgantown 場址的申請。該核准排除了交割前一項重要的監管條件。該場址包含約 210 兆瓦既有、已併網的發電能力，具備可觀的電力基礎設施，並在全國電力最受限的地區之一擁有顯著的長期擴張潛力。

Subject to the remaining closing conditions and required consents, Chesapeake offers the potential to develop an integrated generation, storage and data center campus capable of supporting up to 1 gigawatt of data center capacity while serving large-scale compute demand in the most competitive region while supporting regional grid reliability. We have developed our pipeline this way deliberately.

在符合其餘交割條件與所需同意的前提下，Chesapeake 具備開發整合式發電、儲能與資料中心園區的潛力，可支援最高達 1 吉瓦的資料中心容量；同時在最具競爭力的區域滿足大規模運算需求，並支援區域電網可靠性。我們是刻意以這種方式打造我們的專案管線。

Regional diversity gives us access to different power markets and utility partners, but it also provides greater operational and security resilience. We do not want the platform dependent on one grid, one regulatory regime or one source of generation.

區域多元化讓我們能接觸不同的電力市場與公用事業合作夥伴，同時也提供更高的營運韌性與安全韌性。我們不希望平台依賴單一電網、單一監管制度或單一發電來源。

Our portfolio includes utility-supported grid-connected campuses, sites with existing generation infrastructure and locations capable of integrating generation and storage or supporting additional generation on the broader grid. We view behind-the-meter power primarily as a bridge to utility-supported grid-connected campuses. Over time, we believe the most reliable, resilient, and economically sustainable power solutions will be those interconnected with a larger utility system.

我們的投資組合包含由公用事業支持、已併網的園區，具備既有發電基礎設施的場址，以及可整合發電與儲能或可在更廣泛電網上支援額外發電的地點。我們將表後電力（behind-the-meter）主要視為通往由公用事業支持之併網園區的過渡橋樑。隨著時間推移，我們相信最可靠、最具韌性且在經濟上最可持續的電力解決方案，將是與更大型公用事業系統互聯的方案。

That concept is becoming increasingly important. The constraint on AI infrastructure is not demand. It is power, transmission, interconnection and the ability to bring new infrastructure online responsibly. We have consistently said that data center infrastructure should be an asset to the grid, not a burden to it. And that is how we view Governor Hochul's recent executive order in New York.

這個概念正變得愈來愈重要。AI 基礎設施的限制因素不是需求。而是電力、輸電、併網，以及以負責任的方式讓新基礎設施上線的能力。我們一再強調，資料中心基礎設施應該成為電網的資產，而不是負擔。這也是我們看待紐約州州長 Hochul 最近行政命令的方式。

We do not believe the executive order will disrupt our development timing at either Lake Mariner or Lake Hawkeye. The WULF Compute build-out at Lake Mariner is already permitted, and Lake Hawkeye is in the early stage of development, and it has not been impacted.

我們不認為該行政命令會干擾 Lake Mariner 或 Lake Hawkeye 任一項目的開發時程。Lake Mariner 的 WULF Compute 擴建已取得許可；而 Lake Hawkeye 尚處於開發初期，也未受到影響。

Importantly, the governor has described the order as an effort to establish a framework, not a permanent ban on future data center development. We welcome such a framework. Responsible development at this scale necessarily requires careful consideration of environmental impact, grid reliability, cost allocation, and community priorities.

重要的是，州長將該命令描述為建立一套框架的努力，而非對未來資料中心開發的永久禁令。我們歡迎這樣的框架。在此規模下的負責任開發，必然需要審慎考量環境影響、電網可靠性、成本分攤以及社區優先事項。

We do not view those considerations as a binary choice between development and responsibility. Instead, we work constructively with regulators, utilities and local communities to address legitimate concerns, operate responsibly and be an active and valuable long-term member and neighbor within the communities in which we operate.

我們不將這些考量視為在開發與責任之間的二元選擇。相反地，我們會與監管機構、公用事業與地方社區建設性合作，以回應合理關切、負責任地營運，並在我們營運所在的社區中，成為積極且有價值的長期成員與鄰里。

A clear framework should establish the rules of the road around reliability, cost allocation, resource use, generation, storage, and community impact so that credible projects can move forward responsibly. We believe increasingly formal requirements for large load development are inevitable across all major power markets, not only in New York.

清晰的框架應建立關於可靠性、成本分攤、資源使用、發電、儲能與社區影響的「遊戲規則」，使可信的專案能以負責任的方式推進。我們相信，對大型負載開發提出愈來愈正式的要求，將在所有主要電力市場中不可避免地出現，而不僅僅是在紐約。

The better approach is to prepare for reasonable standards now rather than assume projects can avoid them indefinitely. That means developing sites that can demonstrate credible and redundant power delivery, assume appropriate cost responsibility and where required, support additional nameplate generation capacity or otherwise help bring incremental generation and grid resources online.

更好的做法是現在就為合理標準做好準備，而不是假設專案可以無限期地避開這些標準。這意味著開發能夠證明具備可信且冗餘的供電能力、承擔適當成本責任，並在需要時支援額外的名目發電容量，或以其他方式協助新增發電與電網資源上線的場址。

Many of the principles outlined by the governor are entirely consistent with how TeraWulf already approaches development. We understand power markets, generation, transmission and believe clear standards will ultimately favor experienced, well-capitalized developers with credible infrastructure solutions and the demonstrated ability to execute. Increasingly, data center demand is also serving as a catalyst for long overdue investment in the nation's transmission and generation infrastructure. That is where TeraWulf is positioned.

州長所概述的許多原則，與 TeraWulf 既有的開發方式完全一致。我們理解電力市場、發電與輸電，並相信清晰的標準最終將有利於具經驗、資本雄厚的開發商——他們擁有可信的基礎設施解決方案與經證明的執行能力。此外，資料中心需求也正日益成為推動全國輸電與發電基礎設施長期欠缺投資的催化劑。這正是 TeraWulf 所處的位置。

So when you step back, the progress is clear. We've delivered CB-3 and brought another contracted revenue stream online. CB-4 and CB-5 are advancing against updated customer aligned schedules. We've expanded our Kentucky platform through the Anthropic lease of justified and the acquisition of Muskie.

因此，當你退一步看，進展是清楚的。我們已交付 CB-3，並讓另一條合約收入來源上線。CB-4 與 CB-5 正依照更新後、與客戶對齊的時程推進。我們透過 Anthropic 的租賃（具合理性）以及收購 Muskie，擴大了我們在肯塔基的平台。

We've agreed to monetize Abernathy so we can focus our capital and management attention on larger scale opportunities that we directly control. And we've cleared an important regulatory milestone at Chesapeake. Together, these developments reinforce both the consistency and the depth of our strategy, build a regionally diversified pipeline with credible paths to power, contract with high-quality customers, deliver capacity in phases, and recycle capital where doing so creates long-term value for our shareholders.

我們已同意將 Abernathy 變現，以便把資本與管理注意力聚焦於我們可直接掌控、更大規模的機會。同時，我們也在 Chesapeake 清除了一項重要的監管里程碑。綜合而言，這些進展強化了我們策略的一致性與深度：建立區域多元化、具可信供電路徑的專案管線；與高品質客戶簽約；分階段交付產能；並在能為股東創造長期價值時回收並再部署資本。

Based on the strength of the platform and the customer engagement we continue to see, we reaffirm our target of contracting an incremental 250 to 500 megawatts of critical IT capacity annually. We will pursue that growth with discipline and remain focused on power control, customer quality, execution certainty, and shareholder returns. We have the sites, the capital, the people and the customer demand. Now it is about delivering.

基於平台的強勁實力以及我們持續看到的客戶互動，我們重申每年新增簽約 250 至 500 兆瓦關鍵 IT 容量的目標。我們將以紀律推動成長，並持續聚焦於電力掌控、客戶品質、執行確定性與股東報酬。我們有場址、有資本、有人才，也有客戶需求。現在重點在於交付。

With that, I'll turn it over to Nazar to discuss construction, commissioning and the updated Lake Mariner delivery schedule.

接下來，我把時間交給 Nazar，請他說明施工、試運轉（commissioning）以及更新後的 Lake Mariner 交付時程。

Thank you, Paul. I'll focus my remarks on construction, commissioning and delivery at Lake Mariner. As Paul noted, CB-3 is fully online and generating lease revenue. With that building complete, our focus is now on executing against the updated delivery schedules for CB-4 and CB-5, which were developed in close coordination with our tenant.

謝謝你，Paul。我將把重點放在 Lake Mariner 的施工、試運轉與交付。如 Paul 所提，CB-3 已全面上線並開始產生租賃收入。隨著該棟建物完工，我們目前的重點是依照更新後的 CB-4 與 CB-5 交付時程執行；這些時程是我們與承租方密切協調後制定的。

From an execution standpoint, the two most significant variables have been electrical labor availability and ongoing design optimization for our customer. Electrical labor remains highly constrained across the data center industry. As the design and electrical scopes became more fully defined, we added a second electrical contractor and scaled the workforce to support approximately 1,000 electricians at peak. That additional capacity is important to maintaining the targeted delivery schedule.

從執行角度來看，兩個最重要的變數是電氣勞動力的可用性，以及為客戶持續進行的設計最佳化。在整個資料中心產業中，電氣人力仍然極度吃緊。隨著設計與電氣範疇更完整地被界定，我們新增了第二家電氣承包商，並擴編人力以在高峰期支援約 1,000 名電工。這項額外產能對於維持目標交付時程非常重要。

At the same time, working closely with FluidStack, we continue to optimize the electrical, cooling and operational requirements while design, procurement and construction were already underway. Although this added complexity to execution, it enabled our customers to establish a deployment standard tailored to the latest generation hardware. With those resources and updated requirements now incorporated into the plan, we have greater visibility into the remaining work and remain confident in the revised delivery schedules.

同時，我們與 FluidStack 密切合作，在設計、採購與施工已經進行的情況下，持續最佳化電力、冷卻與營運需求。雖然這增加了執行的複雜度，但也使我們的客戶得以建立一套符合最新一代硬體的部署標準。隨著這些資源與更新後的需求已納入計畫，我們對剩餘工作有更高的可視性，並對修訂後的交付時程仍具信心。

Let me now turn to commissioning and explain where CB-4 stands today. Commissioning generally progresses through 6 levels from Level 0 through Level 5. Level 0 covers design and planning, while Level 1 involves factory acceptance testing of major equipment before it is shipped to the site.

接下來我談試運轉，並說明 CB-4 目前的進度。試運轉通常分為 6 個等級，從 Level 0 到 Level 5。Level 0 涵蓋設計與規劃；而 Level 1 則是在主要設備運送到現場之前，先進行工廠驗收測試。

Our current focus is on levels 2 through 4. Level 2 or installation verification confirms the major electrical, mechanical and cooling equipment has been properly installed, connected and configured. This is also when the tenant begins installing and tuning its cooling distribution equipment. Level 3 for start-up and prefunctional testing is when individual systems are powered and tested under operating conditions. The customer also begins bringing server racks into the data hall and integrating them with the building's power, cooling and control systems.

我們目前的重點聚焦在第 2 至第 4 級。第 2 級（或安裝驗證）確認主要電氣、機械與冷卻設備已正確安裝、連接並完成配置。這也是承租戶開始安裝並調校其冷卻分配設備的階段。第 3 級（啟動與預功能測試）是各個系統在運轉條件下通電並進行測試的階段。客戶也開始將伺服器機櫃運入資料機房，並與建築的供電、冷卻與控制系統進行整合。

In practical terms, Level 3 marks the transition from construction into live systems commissioning. Level 4 functional performance testing is the contractual delivery milestone. Once testing is complete, the data hall is turned over to operations and begins generating revenue.

就實務而言，第 3 級標誌著從施工轉入實際系統試運轉（commissioning）的過渡。第 4 級功能性能測試是合約約定的交付里程碑。測試完成後，資料機房移交給營運團隊並開始創造營收。

The first data hall at CB-4 is currently in Level 2 commissioning. We expect to begin Level 3 in mid-August with the customer server rack scheduled to arrive shortly thereafter. We remain on track to reach Level 4 and begin generating lease revenue from the first data hall in late September.

CB-4 的第一座資料機房目前正處於第 2 級試運轉。我們預期於 8 月中旬開始第 3 級，客戶的伺服器機櫃預計將在不久後到達。我們仍按計畫在 9 月下旬達到第 4 級，並自第一座資料機房開始產生租賃營收。

CB-5 is also progressing against the revised schedule with the first data hall expected to begin energizing in very early January. Across the project, we continue to have a highly constructive working relationship with FluidStack, Google and the broader project team. The revised schedules were developed collaboratively to align infrastructure readiness with customer hardware deployment. That coordination is critical on a project of the scale where construction, commissioning, equipment delivery and systems integration must all progress together.

CB-5 也依照修訂後的時程推進，預期第一座資料機房將在 1 月初非常早的時間開始送電（energizing）。在整個專案中，我們持續與 FluidStack、Google 以及更廣泛的專案團隊維持高度建設性的合作關係。修訂後的時程是以協作方式制定，以使基礎設施就緒度與客戶硬體部署相一致。在如此規模的專案中，施工、試運轉、設備交付與系統整合必須同步推進，而這種協調至關重要。

In summary, CB-3 is operating and generating revenue. CB-4 has been commissioning and remains on track for initial delivery in late September. CB-5 is advancing towards initial energization in very early January. We remain confident in the revised delivery schedules and focused on converting the remaining contracted capacity at Lake Mariner into operating infrastructure and recurring revenue.

總結而言，CB-3 已投入營運並產生營收。CB-4 正在進行試運轉，且仍按計畫於 9 月下旬完成初次交付。CB-5 正朝向 1 月初非常早的時間完成初次送電推進。我們對修訂後的交付時程仍具信心，並專注於將 Lake Mariner 剩餘已簽約容量轉化為可營運的基礎設施與經常性營收。

With that, I'll turn it over to Patrick to review the financial results for the second quarter.

接下來，我把時間交給 Patrick，請他回顧第二季的財務結果。

Thank you, Nazar. As Paul outlined, the quarter demonstrated both sides of our capital model, creating long-duration contracted value and selectively recycling capital into larger scale opportunities that we directly control.

謝謝你，Nazar。如 Paul 所述，本季展現了我們資本模式的兩個面向：創造長期合約價值，並有選擇性地回收資本，投入我們能直接掌控的更大規模機會。

Following quarter end, we entered into two transactions of significant financial importance. First, we executed a direct 20-year lease with Anthropic at the Justified Data Campus, representing approximately $19 billion of contracted revenue over the initial term. Second, we entered into an agreement to sell our 50.1% interest in the Abernathy joint venture for approximately $530 million, representing a 20% internal rate of return on our initial investment.

在季度結束後，我們完成了兩筆在財務上具有重大重要性的交易。第一，我們在 Justified Data Campus 與 Anthropic 簽署一份直接 20 年租約，初始租期內約代表 190 億美元的已簽約營收。第二，我們達成協議出售我們在 Abernathy 合資企業的 50.1% 權益，對價約 5.30 億美元，代表我們初始投資約 20% 的內部報酬率。

I'll focus my remarks today on our second quarter results. The financial impact of the FluidStack lease amendments our updated Lake Mariner capital outlook and the liquidity available to fund our growth. Revenue for the second quarter was $44.8 million compared with $34.0 million in the first quarter, primarily reflecting additional HPC capacity coming online. HPC lease revenue increased 52% quarter-over-quarter to $31.9 million from $21.0 million and represented approximately 71% of total revenue.

我今天將把重點放在我們第二季的業績。包括 FluidStack 租約修訂的財務影響、我們更新後的 Lake Mariner 資本展望，以及可用於支持成長的流動性。第二季營收為 4,480 萬美元，較第一季的 3,400 萬美元增加，主要反映更多 HPC 容量上線。HPC 租賃營收季增 52%，由 2,100 萬美元增至 3,190 萬美元，約占總營收的 71%。

As Nazar described, the first data hall at CB-3 achieved ready-for-service status in late June and the second data hall followed in mid-July. As a result, the second quarter included only a partial revenue contribution from CB-3, while we entered the third quarter with 102 critical megawatts operating and generating lease revenue at Lake Mariner.

如 Nazar 所述，CB-3 的第一座資料機房於 6 月下旬達到可提供服務（ready-for-service）狀態，第二座資料機房於 7 月中旬跟進。因此，第二季僅包含 CB-3 的部分營收貢獻；而我們在第三季開始時，Lake Mariner 已有 102 個關鍵兆瓦（critical megawatts）投入營運並產生租賃營收。

Importantly, completion of CB-3 also satisfied the applicable conditions for $600 million of Google's credit support for FluidStack's lease obligations to become effective. This represents an important credit milestone and further strengthens the contracted revenue profile of the Lake Mariner build-out.

重要的是，CB-3 的完工也滿足了使 Google 對 FluidStack 租賃義務提供的 6 億美元信用支持生效的相關條件。這代表一項重要的信用里程碑，並進一步強化 Lake Mariner 擴建的已簽約營收結構。

The FluidStack lease amendments executed in early July also have several important financial implications. The revised commencement dates were mutually agreed with our tenant, and we remain on schedule with the revised time line. TeraWulf will contribute approximately $150 million to address tenant fit-out costs incurred through June 30, 2026. In return, WULF Compute expects to receive more than $300 million of incremental lease revenue over the initial 10-year lease term.

7 月初簽署的 FluidStack 租約修訂也帶來數項重要的財務意涵。修訂後的起租日期已與我們的承租戶共同同意，我們仍按修訂後的時程推進。TeraWulf 將投入約 1.50 億美元，以因應截至 2026 年 6 月 30 日所發生的承租戶裝修（fit-out）成本。作為交換，WULF Compute 預期在初始 10 年租期內可取得超過 3.00 億美元的新增租賃營收。

Together with the previously announced increase in contracted capacity from 162 to 168 critical megawatts at each of CB-4 and CB-5, the amendments are expected to generate more than $500 million of incremental lease revenue for WULF Compute over the initial lease terms.

連同先前已宣布將 CB-4 與 CB-5 各自的已簽約容量由 162 提高至 168 個關鍵兆瓦，上述修訂預期在初始租期內可為 WULF Compute 帶來超過 5.00 億美元的新增租賃營收。

Turning to operating results. Cost of revenue, exclusive of depreciation increased to $12.4 million from $2.4 million in the first quarter. The increase primarily reflects lower demand response proceeds, which are recorded as a reduction in cost of revenue and declined to $2.8 million in the second quarter from $14.1 million in the first quarter.

接著談營運結果。不含折舊的營收成本由第一季的 240 萬美元增加至 1,240 萬美元。增加主要反映需求回應（demand response）收益下降；該收益以沖減營收成本入帳，第二季降至 280 萬美元，低於第一季的 1,410 萬美元。

Operating expenses increased to $23.4 million from $11.2 million as we continued scaling the platform ahead of additional HPC capacity entering service. The increase primarily included $5.8 million of additional site level expenses, including security, labor and pre-revenue operating costs, $3.3 million of site preparation and demolition costs associated with future development and $2.2 million of minor equipment repair costs related to assets expected to be returned to service or sold.

營業費用由 1,120 萬美元增加至 2,340 萬美元，因我們在更多 HPC 容量投入服務前持續擴大平台規模。增加主要包括：額外 580 萬美元的場站層級費用（含保全、人力與營收前營運成本）、與未來開發相關的 330 萬美元場地整備與拆除成本，以及 220 萬美元的小型設備維修成本（與預期將恢復使用或出售的資產相關）。

Reported HPC leasing segment profit margin was approximately 28% during the quarter compared with our long-term target of approximately 85%. The reported margin includes approximately $2.8 million of tenant fit-out revenue and associated costs, $6.8 million of pre-revenue operating costs at WULF Compute and $6.0 million of development costs across our portfolio of uncontracted development sites.

本季報告的 HPC 租賃分部利潤率約為 28%，相較我們約 85% 的長期目標。報告利潤率包含約 280 萬美元的承租戶裝修收入及其相關成本、WULF Compute 約 680 萬美元的營收前營運成本，以及我們未簽約開發場址組合中約 600 萬美元的開發成本。

Adjusting for these three items, HPC leasing segment profit margin was approximately 80%. We expect margins to progress toward our long-term target as additional contracted capacity enters service, pre-revenue operating costs decline and the contribution from mature HPC lease revenue increases.

就這三項進行調整後，HPC 租賃分部利潤率約為 80%。隨著更多已簽約容量投入服務、營收前營運成本下降，以及成熟的 HPC 租賃營收貢獻提高，我們預期利潤率將逐步接近長期目標。

SG&A expense decreased slightly to $126.9 million from $127.8 million in the first quarter. Excluding stock-based compensation and charitable contributions, adjusted SG&A was $28.6 million compared with $26.3 million in the prior quarter. We continue to expect full year adjusted SG&A to remain within our previously disclosed guidance range of $75 million to $100 million.

SG&A 費用由第一季的 1.278 億美元小幅下降至 1.269 億美元。排除股份基礎給付與慈善捐贈後，調整後 SG&A 為 2,860 萬美元，較前一季的 2,630 萬美元增加。我們仍預期全年調整後 SG&A 將維持在先前揭露的指引區間 7,500 萬至 1.00 億美元之內。

Depreciation decreased to $21.2 million from $28.5 million in the first quarter. The first quarter included $11.9 million of accelerated depreciation associated with Bitcoin mining assets whose useful lives were shortened as portions of the Lake Mariner campus transitioned primarily to HPC use compared with $2.6 million in Q2.

折舊由第一季的 2,850 萬美元下降至 2,120 萬美元。第一季包含 1,190 萬美元的加速折舊，係因 Lake Mariner 園區部分區域主要轉為 HPC 用途，導致比特幣挖礦資產的耐用年限縮短；而第二季為 260 萬美元。

Interest expense was $56.4 million compared with $67.1 million in the first quarter, and we recognized interest income of $28.9 million in Q2 compared to $29.4 million in Q1. Cash interest paid was $125.7 million compared with $5.3 million in the first quarter, reflecting the first semiannual interest payment on the WULF Compute senior secured notes in April.

利息費用為 5,640 萬美元，較第一季的 6,710 萬美元下降；第二季認列利息收入 2,890 萬美元，第一季為 2,940 萬美元。支付的現金利息為 1.257 億美元，較第一季的 530 萬美元增加，反映 4 月支付 WULF Compute 優先擔保票據的首次半年期利息。

We recorded a $755.7 million noncash loss from the change in fair value of the Google warrants compared with a $216.3 million noncash loss in the first quarter. The change was primarily driven by the increase in TeraWulf stock price and had no impact on our liquidity.

我們因 Google 認股權證公允價值變動認列 7.557 億美元的非現金損失，第一季為 2.163 億美元的非現金損失。該變動主要由 TeraWulf 股價上升所驅動，且對我們的流動性沒有影響。

Equity in the net loss of the Abernathy joint venture was $11.1 million, generally consistent with the $11.5 million in the first quarter. GAAP net loss attributable to TeraWulf was $939.9 million compared with $427.6 million in the first quarter. The increase was primarily driven by the noncash fair value adjustment associated with the Google warrants.

Abernathy 合資企業之淨損失中按權益法認列的損益為 1,110 萬美元，整體上與第一季的 1,150 萬美元大致一致。依 GAAP 計，歸屬於 TeraWulf 的淨損失為 9.399 億美元，較第一季的 4.276 億美元為高。增加主要係由與 Google 認股權證相關的非現金公允價值調整所致。

Non-GAAP adjusted EBITDA was negative $18.3 million compared with negative $4.1 million in the first quarter, reflecting continued pre-revenue operating and development costs incurred ahead of additional contracted HPC capacity entering service.

非 GAAP 調整後 EBITDA 為負 1,830 萬美元，較第一季的負 410 萬美元惡化，反映在更多已簽約的 HPC 產能投入服務前，持續發生的前營收營運與開發成本。

Now turning to the balance sheet. Cash and restricted cash totaled approximately $3.0 billion as of June 30. At the parent level, we held approximately $1.2 billion of unrestricted cash at quarter end. Including the initial $250 million payment received under the Abernathy transaction in July, unrestricted parent liquidity increased to approximately $1.45 billion. We expect to receive an additional $150 million on or before December 31, 2026, and approximately $130 million on or before April 30, 2027, subject to the terms of the transaction.

接著談資產負債表。截至 6 月 30 日，現金及受限制現金合計約 30 億美元。在母公司層級，我們於季末持有約 12 億美元的非受限制現金。包含 7 月在 Abernathy 交易下收到的首筆 2.5 億美元款項後，母公司非受限制流動性增加至約 14.5 億美元。依交易條款，我們預期將於 2026 年 12 月 31 日或之前再收到 1.5 億美元，並於 2027 年 4 月 30 日或之前再收到約 1.3 億美元。

At WULF Compute, we had approximately $1.9 billion of gross cash at quarter end or approximately $1.5 billion after accounting for debt service reserves and interest-earning construction accounts. Approximately $2.3 billion of project capital expenditures have been completed with approximately $1.7 billion remaining. Approximately two-thirds of the remaining expenditures are committed, providing increased visibility into the remaining capital requirements.

在 WULF Compute，截至季末我們的現金總額約 19 億美元；扣除債務償付準備金及計息的建設專戶後約為 15 億美元。專案資本支出已完成約 23 億美元，尚餘約 17 億美元。剩餘支出約三分之二已承諾，提升了對剩餘資本需求的可視性。

As a reminder, our original cost guidance for the WULF Compute financing and deployment was $8 million to $10 million per critical IT megawatt. We currently estimate total project costs at approximately $9.1 million per megawatt within that original guidance range and modestly above the approximately $8.6 million per megawatt financed in October 2025.

提醒一下，我們對 WULF Compute 融資與部署的原始成本指引為每關鍵 IT 兆瓦 800 萬至 1,000 萬美元。目前我們估計專案總成本約為每兆瓦 910 萬美元，落在原始指引區間內，且略高於 2025 年 10 月融資時每兆瓦約 860 萬美元的水準。

The execution factors Nazar discussed, including electrical labor constraints and evolving customer equipment and operating requirements are reflected in this updated estimate. Following the FluidStack lease amendments and TeraWulf's additional capital contributions, we expect the project's pro forma capitalization to be approximately 32% equity and 68% debt compared with approximately 26% equity and 74% debt at the time of financing.

Nazar 所提到的執行面因素，包括電力勞工限制以及客戶設備與營運需求的演變，均已反映在此更新估計中。在 FluidStack 租約修訂以及 TeraWulf 額外出資後，我們預期該專案的備考資本結構約為 32% 權益與 68% 負債，相較於融資時約 26% 權益與 74% 負債。

At the Justified Data Campus, we had contributed approximately $353 million of equity as of June 30, including the $200 million site acquisition cost. These investments have funded the acquisition and early development work supporting the Anthropic lease and the planned project level financing.

在 Justified Data Campus，截至 6 月 30 日我們已投入約 3.53 億美元的權益資金，其中包含 2 億美元的場址收購成本。這些投資已用於收購及早期開發工作，以支援 Anthropic 租約以及規劃中的專案層級融資。

Based on our current plans and assumptions, our existing liquidity and expected Abernathy proceeds provide the capacity to fund our remaining Lake Mariner commitments, planned equity investment at Justified, interim letter of credit requirements at Muskie, the proposed Chesapeake acquisition and other new sites we are actively pursuing without accessing the equity capital markets.

基於我們目前的計畫與假設，現有流動性及預期的 Abernathy 款項收入，使我們有能力在不進入股權資本市場的情況下，資助 Lake Mariner 剩餘承諾、Justified 的規劃權益投資、Muskie 的過渡期信用狀需求、擬議的 Chesapeake 收購，以及我們正積極推進的其他新場址。

Importantly, this plan also preserves a substantial liquidity reserve during the construction and delivery of these large complex projects. We remain focused on matching capital deployment with contracted customer demand, maintaining financial flexibility, and selectively recycling capital when doing so improves control, scale and long-term shareholder returns.

重要的是，該計畫也在這些大型且複雜專案的建設與交付期間，保留了可觀的流動性準備。我們仍專注於讓資本投放與已簽約客戶需求相匹配、維持財務彈性，並在有助於提升控制力、規模與長期股東報酬時，有選擇性地回收資本。

Over time, we also continue to target investment-grade credit profiles at the TeraWulf parent and each of our finance subsidiaries. In summary, the second quarter reflects a financial profile increasingly driven by long-term contracted HPC revenue. We entered the third quarter with 102 critical megawatts operating at Lake Mariner, greater visibility into our remaining WULF Compute capital requirements and substantial liquidity to complete our contracted developments and fund the next phase of growth.

長期而言，我們也持續以在 TeraWulf 母公司及各融資子公司達成投資等級的信用體質為目標。總結來說，第二季反映出財務輪廓日益由長期已簽約的 HPC 收入所驅動。我們在第三季開始時，Lake Mariner 已有 102 關鍵兆瓦在運轉，對 WULF Compute 剩餘資本需求的可視性更高，且具備充足流動性以完成已簽約的開發並資助下一階段成長。

With that, operator, we are ready to take questions.

接下來，接線員，我們準備開始提問。

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

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

Good morning, guys. It's good to see the service agreements with Kentucky Power. I was hoping you could speak to potential partnerships with utilities. What kind of framework should we have in mind? Should we expect that utilities are willing to share the economics of the project or kind of stop what we're seeing here with Kentucky Power? Thank you.

各位早安。很高興看到與 Kentucky Power 的服務協議。我想請你們談談與公用事業單位潛在合作夥伴關係。我們應該用什麼樣的框架來理解？我們是否應預期公用事業願意分享專案的經濟利益，或是大致就像我們在 Kentucky Power 這裡看到的模式？謝謝。

Good morning. Nick, it's Nazar here. So with the utilities, I think we're seeing a couple of different flavors come about. With the integrated utilities, Kentucky Power being an example and AEP being an example, I think they are independently solving for contracting for the load. So they've signed up a gigawatt of capacity with us under an LOA transmission agreement, and then they go find the generation to support that. And so whether that comes from their existing resources, they contract for it, they recently acquired a power plant or they build more power plants, they're independently solving for that.

早安。Nick，我是 Nazar。就公用事業而言，我認為我們看到幾種不同的模式正在出現。以 Kentucky Power 與 AEP 這類垂直整合型公用事業為例，我認為他們會自行解決負載的簽約安排。他們已透過 LOA 輸電協議與我們簽下 1GW 的容量，接著再去尋找可支援該負載的發電來源。因此，不論是來自其既有資源、對外簽約採購、近期收購電廠或新建更多電廠，都是由他們自行處理。

And so what they're looking for us to do is to kind of commit to both whatever the transmission build-out is for that project. And so that will be project dependent depending upon the location of that and where that sits within their grid and then a backstop for the energy.

因此，他們希望我們做的是，對該專案所需的輸電建設承諾相關事項。這會依專案而定，取決於其位置以及在其電網中的所在點；另外也需要對能源供應提供一個後盾安排。

And so part of the credit that we posted to AEP was for the energy for the initial 500-megawatt allocation as well. And so again, the projects really depend upon the location, which will drive the cost of the transmission required to support it. And then it will be a market -- generally a market price on the cost of energy. When you put those two things together, that's where you see the credit that we posted to Kentucky Power and AEP.

因此，我們提供給 AEP 的部分信用擔保，也涵蓋了最初 500 兆瓦配置的能源部分。同樣地，專案很大程度取決於位置，而位置會決定支援所需輸電的成本。接著，能源成本通常會以市場價格計。把這兩者加總起來，就會形成你看到我們提供給 Kentucky Power 與 AEP 的信用擔保。

That's super helpful. I appreciate it. Maybe switching gears. WULF has not done a deal direct with one of the high IG hyperscalers. And so I was curious whether this is by design or what some of the key differences you see between the deals that you've done to date and one that would be with high IG?

非常有幫助。謝謝。換個話題。WULF 尚未直接與信用評等很高（高 IG）的超大規模雲端業者達成交易。因此我想了解，這是刻意為之，還是你們認為目前已做的交易與未來若與高 IG 對手方交易之間，有哪些關鍵差異？

Yeah. Nick, it's Patrick Fleury. Thanks for the question. So as I think you've heard from us many times, we are highly focused on credit quality of the tenant that's paramount to us. And so we have terrific tenants, both at Lake Mariner and at Hawesville.

是的。Nick，我是 Patrick Fleury。謝謝你的問題。如同你多次聽我們提到的，我們高度重視承租方的信用品質，這對我們至關重要。因此，我們在 Lake Mariner 與 Hawesville 都有非常優質的承租方。

I think you saw us buy Hawesville in February and lease it less than six months later. That process was very robust and Anthropic was the winner of that. It's very strong economics to us, but there were a bunch of other competitors for that capacity in that process that we have moved over to Eastern Kentucky at Muskie. So I think I would just say to you, we are extremely happy with our existing partners. They are very strong credits. As you heard from us, we have the first slug of Google's backstop at Lake Mariner now effective.

我想你也看到我們在 2 月收購 Hawesville，並在不到六個月後就把它租出去了。那個流程非常嚴謹，而 Anthropic 是最終勝出者。對我們而言經濟效益非常強，但在那個流程中也有許多其他競爭者爭取該容量；我們已把這些需求轉移到肯塔基州東部的 Muskie。所以我想我會這樣說：我們對現有合作夥伴非常滿意。他們的信用非常強。如同你聽到我們所說，Google 在 Lake Mariner 的第一筆後盾安排（backstop）現在已生效。

So I think it's a combination of credit quality of the counterparty and that's not just today, Nick, that's us thinking about the business model today, the competitiveness of that business model. And then the credit, not necessarily immediately today, but also three, four, five years down the road. These are 20-year leases, right? So you have to be front foot forward, forward thinking.

所以我認為這是對手方信用品質的綜合考量；而且不只是今天的信用，Nick，我們也在思考當下的商業模式、該商業模式的競爭力。以及信用狀況不僅是眼前，而是三、四、五年後的情況。這些是 20 年期租約，對吧？所以你必須採取更積極的姿態，並以前瞻思維來規劃。

So as an example, as you've seen all the hyperscalers take on more debt, their balance sheets today are not going to be their balance sheets in five, six years. So I think there's an element of us solving for all of those things as we're looking at tenants. But I think stay tuned. And I think as we grow our site portfolio, naturally, the tenants will diversify.

舉例來說，正如你所看到的，所有超大規模業者都在承擔更多債務，他們今天的資產負債表在五、六年後不會還是同一張資產負債表。所以我認為，當我們在評估租戶時，我們需要把所有這些因素都納入考量並加以解題。但我想請大家持續關注。而且我認為，隨著我們擴大站點組合，自然地，租戶也會更加多元化。

And hi, it's Paul here. It's the same from an operation and execution perspective. We're just moving upstream to be closer to the ultimate customer. That enables precision, and that enables us to be a better service provider to our customers. So we get to deal direct now with our customer in Anthropic, and it just makes things that much more efficient in how we build out our facilities for them and how we operate the facilities for them.

嗨，我是 Paul。從營運與執行的角度來看也是一樣。我們只是往上游移動，以更貼近最終客戶。這帶來更高的精準度，也讓我們能成為客戶更好的服務提供者。因此我們現在可以直接與 Anthropic 這位客戶對接，這也讓我們在為他們建置設施以及營運設施的效率大幅提升。

That's good to hear. I appreciate all the color and keep up the good work.

很高興聽到這些。感謝你們提供的所有補充資訊，也請繼續保持出色表現。

Darren Aftahi, Lucid Capital Markets.

Darren Aftahi，Lucid Capital Markets。

Hey, good morning. Thanks for taking my questions. Just two, if I may. So can you maybe balance just the appetite for executing on more sites versus kind of digesting what you have? I guess, said another way, how kind of full do you feel you are? Are there limitations in kind of expanding the portfolio?

嗨，早安。謝謝讓我提問。如果可以的話，我有兩個問題。你們能否談談在執行更多站點與消化既有資產之間，如何平衡你們的意願與節奏？換句話說，你們覺得目前有多「滿載」？在擴大投資組合方面是否存在任何限制？

And then maybe secondly, you talked a little bit about this, but you guys are operating in a few different geographies. Can you kind of talk about the calculus of what you look at from a sort of community and governmental risk perspective when you're thinking about entering into new or existing markets? And maybe if you had to characterize it, are there any markets where you feel more partial to versus others?

第二個問題，你們稍早也提到一些：你們在幾個不同的地理區域營運。當你們考慮進入新市場或既有市場時，能否談談從社區與政府風險角度，你們會如何計算與評估？如果要你們做個概括，有沒有你們相對更偏好的市場，或相較之下較不偏好的市場？

Morning, Darren. It's Nazar here. I'll take your questions in reverse order. First, with respect to just sites and locations and geographies. We've expanded into Kentucky. We received clearance from FERC in Maryland. And so we're traditionally looking for jurisdictions and sites where there's been some activity previously. And so we've had a number of brownfield sites, which we think are well situated for further development.

早安，Darren。我是 Nazar。我會以相反順序回答你的問題。首先，關於站點、位置與地理區域。我們已擴展到肯塔基州。我們也在馬里蘭州取得了 FERC 的核准。因此我們傳統上會尋找那些先前已有一些活動的司法管轄區與站點。我們有多個棕地（brownfield）站點，我們認為這些站點非常適合進一步開發。

There's likely some significant electrical activity that occurred at that site, which bodes well for the future of the site with respect to kind of repositioning that. And so we're looking for areas where some activity has occurred. The local communities understand what that means and can see the vision of what that transformation or repositioning of that asset could look like.

該站點過去很可能曾有相當顯著的電力相關活動，這對於未來在重新定位該站點方面是個正面訊號。因此我們會尋找那些曾經有過一些活動的區域。當地社區了解這代表什麼，也能看見該資產轉型或重新定位後可能呈現的願景。

And so fortunately, for us in Kentucky, whether it's in Hawesville, west of Louisville or in Muskie on the eastern side of the state, we have very strong local support in both of those communities with respect to bringing those projects forward. And the other piece is that the team spends a tremendous amount of time engaging with the various local stakeholders and informing them of what we're up to.

因此，對我們而言很幸運的是，在肯塔基州，無論是路易維爾以西的 Hawesville，或是該州東部的 Muskie，這兩個社區對推動這些專案都有非常強的在地支持。另外一點是，我們的團隊投入大量時間與各類在地利害關係人互動，並向他們說明我們正在做什麼。

A lot of times, we find that it's a lack of information that is a challenge more than just kind of what the information is. And so the team spends quite a bit of time in each of those local jurisdictions, ensuring that we're properly kind of conveying what we're seeking to do with respect to the projects.

很多時候，我們發現挑戰更多來自資訊不足，而不一定是資訊內容本身。因此團隊會在各個地方司法管轄區投入相當多時間，確保我們能適當地傳達我們就這些專案想要達成的目標。

With respect to kind of just the overall portfolio, the guidance we've been giving is 250 to 500 megawatts per year of critical IT. We provide that guidance for a couple of different reasons. One is there's kind of just an operational capacity. Each of these projects at the upper end of the range is still nearly $5 billion of total capital. We have to fund that with both equity and debt. We've got to hire a number of contractors, electricians at our site in Lake Mariner. We peaked at over 1,000 electricians at the site. And so as you scale up, the ability to kind of procure the requisite labor gets more challenging. So that's one kind of component to it.

至於整體投資組合，我們給出的指引是每年 250 到 500 兆瓦的關鍵 IT 容量。我們提供這個指引有幾個原因。其一是營運能力本身存在上限。在區間上緣，每個專案的總資本仍接近 50 億美元。我們必須以股權與債務共同籌措資金。我們也必須在 Lake Mariner 的站點聘用大量承包商與電工。我們在該站點的電工人數高峰超過 1,000 人。因此當你擴大規模時，取得所需勞動力的難度會更高。這是其中一個面向。

The second is, I think we've seen in the market especially here over the past couple of weeks and months is that these large-scale infrastructure projects may not just work on a linear scale. So a lot of times, we all look and say, okay, what's happening in this quarter or that quarter and try to roll it out three or four years. And given the size of these projects, we think there's going to be more fits and starts to it. And so trying to make sure that we pick our spots properly, have a good understanding.

第二點是，我認為我們在市場上看到的情況，特別是過去幾週與幾個月，這些大型基礎建設專案未必能以線性方式推進。很多時候，我們都會看著說，好，這一季或那一季發生了什麼，然後試著把它推演到三、四年後。但考量到這些專案的規模，我們認為推進過程會更常出現時快時慢、反覆啟停的情況。因此要確保我們選點得當，並且有良好的理解。

And I think as Paul alluded to in his intro comments, is just a position in the queue does not represent access to power. And so we really try to spend time ensuring that the projects that we're bringing forth have true -- the ability to really kind of deliver on that power and we can capture it. And so therefore, we can go to our underlying customers and tenants and give them very clear visibility with respect to their ability to start using that. So I think there are a number of things that we're looking at that could increase that. But yeah, for now, we remain focused on that 250 to 500 per year.

而且我想 Paul 在開場談到的一點是：在排隊序位中的位置並不代表就能取得電力。因此我們確實會花時間確保我們提出的專案具備真正的——能夠實際交付電力並且讓我們能取得該電力的能力。因此，我們就能向底層客戶與租戶提供非常清楚的可視性，讓他們了解何時能開始使用這些資源。所以我認為我們正在評估多項因素，這些因素可能會提高那個數字。但就目前而言，我們仍專注於每年 250 到 500 兆瓦。

With that, I think Paul had some other thoughts as well to add.

接下來，我想 Paul 也有一些想法可以補充。

Yeah. This is Paul. Thanks, Nazar. I would only want to add to that, that I think regional diversity is a foundational principle in the development of our portfolio. I don't want to be reliant on one grid. I don't want to be reliant on one regulatory perspective or horizon. I don't want to be reliant on one political mindset. I think our customers will become increasingly sensitive to the notion of security. I'm a Navy guy. And I remember back in the day when we were looking at submarine design versus what the Russians were doing.

是的。我是 Paul。謝謝你，Nazar。我只想補充一點：我認為區域多元化是我們投資組合開發的基礎原則。我不希望依賴單一電網。我不希望依賴單一監管觀點或時間軸。我不希望依賴單一政治思維。我認為我們的客戶會對「安全性」這個概念越來越敏感。我出身海軍。我記得以前我們在研究潛艦設計時，會拿來和俄羅斯的做法比較。

The Russians would put all their major equipment machinery in one part of the boat. So if you hit that part of the boat, they were dead in the water. American submarine design was we would put major machinery throughout our boat so that we had the ability to sort of sustain ourselves in a conflict even if we took hits in one area of the boat. I think security is critical.

俄羅斯會把所有主要設備與機械集中放在船體的一個區域。所以如果那個區域被擊中，他們就會完全失去動力、動彈不得。美國的潛艦設計則是把主要機械分散配置在整艘船上，這樣即使船體某個區域遭到打擊，我們仍有能力在衝突中維持運作。我認為安全性至關重要。

Our customers don't want to be vulnerable to something that happens in one grid, one region, one fuel source. Labor sourcing, as Nazar mentioned, is important. And lastly, as you think about the move towards inference, I think folks want to move to the market as opposed to be in one place. Inference is more of a local consideration. So that's the reason why we're trying to build the portfolio as we have, and we'll continue to focus on regional diversity as a fundamental to what we do.

我們的客戶不希望因為某一個電網、某一個區域、某一種燃料來源發生狀況而變得脆弱。如 Nazar 所提到的，勞動力來源也很重要。最後，當你思考往推論（inference）移動的趨勢時，我認為大家希望更貼近市場，而不是集中在單一地點。推論更偏向在地化的考量。因此這就是我們試圖以目前方式建構投資組合的原因；我們也會持續把區域多元化作為我們工作的基本要素。

Michael Rollins, Citi.

Michael Rollins，花旗（Citi）。

Thanks and good morning. So just building off of the last few questions. I'm curious, if you take all of that together, are you able to size what the incremental pipeline opportunity could be, maybe kind of thinking about it over the next decade. Currently, you've got 2.9 gigawatts of, call it, line of sight of lease capacity in pipeline. Just curious what the TAM is or how big that can get to?

謝謝，早安。我想延續剛才幾個問題。我很好奇，如果把這些因素綜合起來看，你們是否能估算未來可能新增的管線機會規模，大概以未來十年來思考。目前你們在管線中有2.9吉瓦、可視為具備可見度的可租賃容量。想請教整體可服務市場（TAM）大概是多少，或這個規模可能成長到多大？

And then second, with certain regions seeing some new headwinds on timing, for example, recent developments in Texas or you mentioned you discussed earlier the implications of the New York Governor's actions. How is that affecting the conversation, demand, the interest to pre-lease with your portfolio? Thanks.

第二，某些地區在時程上出現新的逆風，例如德州近期的發展，或你先前提到紐約州州長行動所帶來的影響。這對於你們與市場的對話、需求，以及客戶對你們資產組合進行預租（pre-lease）的興趣，有什麼影響？謝謝。

Yeah. This is Patrick Fleury. So we are a long-time power team, as you know. And so I think just maybe I'll kick it off and then Paul can clean up here. But we always try to frame for investors, the power demand and power challenges, right, that the market is dealing with today.

是的。我是Patrick Fleury。如你所知，我們是深耕已久的電力團隊。所以我想我先開個頭，之後Paul再補充。但我們一直嘗試替投資人建立一個框架，來理解市場當前面臨的電力需求與電力挑戰。

So if you step back and think about different power regions, as an example, the state of California is on a stand-alone basis, the fifth largest economy in the world. It has an 85 gigawatt installed grid. The Texas market has a roughly 95 gigawatt installed grid and probably average demand of around 65 to 67 megawatts because it's a peak year market and the system has to be designed for the highest draw day.

如果你退一步看不同的電力區域，例如加州單獨來看就是全球第五大經濟體。它有85吉瓦的已裝置電網容量。德州市場約有95吉瓦的已裝置電網容量，而平均需求大概在65到67兆瓦左右，因為它是尖峰年份市場，系統必須以最高用電日來設計。

The backlog in Texas, as we all know, as an example, is now over 400 gigawatts and Batch Zero is roughly 60 gigawatts. So just again, to frame that, you basically have to build another California in the Texas grid to meet all of the Batch Zero projects.

以德州為例，如大家所知，目前積壓（backlog）已超過400吉瓦，而Batch Zero約為60吉瓦。所以再一次用這個框架來看，你基本上必須在德州電網再建出一個加州，才能滿足所有Batch Zero專案。

Combined cycles are 500 megawatts each roughly and take three years on average to build. So you got to build hundreds of combined cycles. So just -- I think it's important to kind of step back and frame that for folks because that's how we look at and approach each market or utility partnership or otherwise that we are in. And it's power first, like is the transmission grid set up to accommodate our load? Is the local generating system set up to accommodate our load?

複循環機組（combined cycle）每座大約500兆瓦，平均需要三年建置。所以你得建數百座複循環機組。因此——我認為重要的是讓大家退一步用這個框架理解，因為這就是我們看待並切入每個市場、每個公用事業合作夥伴或其他合作關係的方式。而且是以電力優先：輸電電網是否能承載我們的負載？當地發電系統是否能承載我們的負載？

Can we get front-of-meter generation expansion at our sites as opposed to behind the meter and work with the local utility partners, right, to increase our capacity over time, not by limiting our customers to behind the meter single or double point of failure, but connected to the grid that has thousands of points of failure, but also not being a parasite on the grid and providing additional generation and even backup power during times of grid duress. So I think that's our -- in general, how we approach each of these sites, each of these markets from a power first position.

我們能否在場址做表前（front-of-meter）的發電擴增，而不是表後（behind-the-meter），並與當地公用事業夥伴合作，隨時間提升我們的容量；不是把客戶限制在表後、只有單點或雙點故障風險的架構，而是連接到電網——電網雖然有成千上萬個故障點，但同時我們也不當電網的寄生者，而是提供額外發電，甚至在電網承壓時提供備援電力。所以我想，這大致上就是我們以電力優先的立場，來看待每個場址、每個市場的方法。

Yeah. And it's Paul. It's why I said in my remarks, it's nice to know that you're somewhere in the queue or that you're in batch 0 versus some of the batch. But we're all about available contracted power and that's where we focus.

是的。我是Paul。這也是我在發言中說的：知道自己在排隊序列中的某個位置，或是在batch 0，而不是在其他batch，當然很好。但我們關注的是可用且已簽約的電力，這才是我們聚焦的地方。

You asked first about how big could this go. I don't have an answer for you. Demand is extremely strong. At our Muskie site, we have the most active data room we've ever had and with world-class credits as potential customers. But I don't focus on that. I'm trying to focus on execution.

你第一個問題是這能做到多大。我沒有一個答案。需求非常強勁。在我們的Muskie場址，我們的資料室（data room）活動是我們歷來最熱絡的一次，而且潛在客戶都是世界級信用的客戶。但我不把重點放在那裡。我試著把重點放在執行。

And the simple response is as long as we do what we have contracted right, then the customers will continue to come, and that is why Anthropic is a multiple repeat customer. We have guided the markets to 250 to 500 megawatts because that's what we're built for at this time, and we have reaffirmed that in my comments.

簡單的回應是：只要我們把已簽約的事情做好，客戶就會持續上門；這也是為什麼Anthropic會是多次回購的客戶。我們已向市場指引250到500兆瓦，因為以目前而言，我們的建置能力就是為此而設計；我也在我的評論中再次確認了這點。

Can we do more? Maybe with the right EPC contractor, somebody like Fluor with the right region where the labor is available, with the right mature and sophisticated regulatory framework and policy, absolutely. That's why Lake Mariner and Cayuga, Lake Hawkeye are worth so much more money today as a result of some of the things that Governor Hochul is talking about. But we're focused on execution. And as long as we could eat what we have on our plate, then we could ask for more in the next round of service.

我們能做更多嗎？也許可以——在有合適的EPC承包商（例如Fluor）、有勞動力可用的合適地區、以及成熟且完善的監管框架與政策之下，絕對可以。這也是為什麼Lake Mariner與Cayuga、Lake Hawkeye今天值更多錢，部分原因是Hochul州長正在談的一些事情。但我們仍聚焦在執行。只要我們能把盤子裡的東西吃完，下一輪服務時我們就能再要求更多。

In terms of dialogue, what's changed? For us, not a whole lot. We think about dialogue in these projects in two primary ways. One is with the community in the region that we're at. We've always -- because we are power folks, we've always developed power plants with a great level of sensitivity to the region, to the local community and sensibility towards what the regulatory framework is.

至於對話層面，有什麼改變？對我們來說，沒有太多。我們主要用兩種方式來看待這些專案的對話。第一是與我們所在區域的社區溝通。我們一直——因為我們是做電力的——在開發電廠時都非常重視對區域與在地社區的敏感度，也會考量監管框架所要求的合理性。

Likewise, we're talking to our customers about it. These customers are really, really smart. They know the difference between a queue position and a batch position versus a contract with an investment-grade credit to supply giga power. That is where they are focused, and that's how they're prioritizing their time.

同樣地，我們也在和客戶談這些。這些客戶真的非常、非常聰明。他們知道排隊序位（queue position）與batch位置，和一份由投資等級信用背書、供應吉瓦級電力的合約之間的差別。他們關注的是後者，也用這個來優先安排他們的時間。

So I think it's one reason why Muskie is seeing the kind of action it is in the data room today. It's because people recognize when that project could come online and that it's a very credible project. So we're excited about where the market is today, and we look forward to continue to participate in its growth.

所以我想這也是為什麼Muskie今天在資料室會有這樣的熱度。因為大家認得出這個專案何時可能上線，而且它是一個非常可信的專案。因此我們對當前市場狀況感到振奮，也期待持續參與其成長。

Tim Horan, Oppenheimer.

Tim Horan，Oppenheimer。

Thanks, guys. A question on execution really. Obviously, the demand is incredibly strong, and it's relative execution is a question. But I mean, where are you guys or the industry? Where are we getting more electricians and HVAC trades, et cetera? And do you have the cost kind of locked down for them, I guess, especially on the Anthropic contract, do you have the construction contracts locked down at this point?

謝謝各位。我有一個關於執行的問題。顯然需求非常強勁，而相對而言，執行能力才是問題。但我的意思是，你們或整個產業目前在哪個位置？我們要從哪裡找到更多電工與HVAC技工等等？另外我想問成本是否已大致鎖定，尤其是針對Anthropic合約，你們目前是否已把施工合約鎖定？

And one of the reasons I mentioned, I mean, Elon Musk last night from SpaceX is talking about building out 10 gigawatts a year of capacity. I mean, how does the industry find the people to do this? And how do you compete against others looking for the same workers?

我提到這點的原因之一是——例如Elon Musk昨晚在SpaceX談到每年要建置10吉瓦的容量。我的意思是，產業要如何找到人來做這些？以及你們要如何與同樣在找工人的其他人競爭？

If it's okay, I'll start. One of the things that we're very excited about is our relationship with Fluor and the Kentucky project. They're top quality world-class EPC that we have a history with on the power side. And one of their -- the reason why we like them so much is because they've been really good at bringing in top quality talent and locking them down in contracts for the performance of EPC duties on site. So I think that's one driver.

如果可以的話，我先開始。我們非常興奮的一點，是我們與Fluor在肯塔基專案上的合作關係。他們是頂尖、世界級的EPC，我們在電力領域與他們有合作歷史。而我們之所以這麼喜歡他們，其中一個原因是他們很擅長引進高品質人才，並透過合約把人力鎖定下來，以在現場履行EPC職責的績效。所以我認為這是一個驅動因素。

The second thing is experience. We grew up in the trades building power plants. So we just have a lot of experience in working with the right subs and contractors. And we like again, we're sort of risk-averse here. We like to sleep at night. We like to lock down pricing so that we could get comfortable. Early on, I think that was tougher in the space because there wasn't, if you will, a reference design.

第二件事是經驗。我們在工程承包領域長大，曾參與興建發電廠。因此，我們在與合適的分包商與承包商合作方面累積了大量經驗。而且我們再次強調，我們在這裡算是偏向規避風險。我們希望晚上能睡得安穩。我們喜歡把價格鎖定，讓自己能夠放心。在早期，我認為在這個領域要做到這點比較困難，因為當時並沒有（如果你願意這麼說）一個參考設計。

So both everyone needed to figure out how much man hours and how much work needed to sort of go into delivering a data hall. We have that reference design now. So we could help our subs better understand the scope and the project and therefore, get them to take more risk with us and give us a fixed price contract.

因此，大家都需要弄清楚，交付一座資料機房（data hall）到底需要多少工時、多少工作量。我們現在已經有那個參考設計了。所以我們可以協助分包商更好地理解工作範圍與專案內容，進而讓他們與我們一起承擔更多風險，並提供固定價格合約。

Naz, did you want to add something?

Naz，你想補充一下嗎？

Sure. And just -- this is Nazar here, just to add to what Paul said. And this gets back a little bit to the guidance that we have around the 250 to 500 per year. To the extent that we want -- the demand is there, and we wanted to do significantly more than that, finding those folks, as you correctly point out, is a challenge.

當然。我這邊是 Nazar，補充一下 Paul 剛才說的。這也稍微回到我們對每年 250 到 500（MW）的指引。如果我們想要——需求確實存在，而我們也想做遠超過這個規模——如你所正確指出的，找到那些人手是一項挑戰。

And so as Paul mentioned, working with the Fluors of the world, working -- building off the relationships that we have, both in jurisdictions that we're operating in but also kind of properly sizing the opportunity is critical to the execution, and that feeds into the discussions with the tenants and customers that we have as well.

因此，如 Paul 所提到的，與像 Fluor 這類公司合作、在既有關係上延伸——不論是在我們正在營運的司法管轄區，或是把機會適當地做規模配置——對於執行都至關重要，而這也會回饋到我們與租戶及客戶的討論之中。

As you noted, kind of the relative execution of what matters, if you have the power, you have the site, but also the follow-through on being able to point to both the procurement of the equipment as well as the procurement of the labor required to support these projects is critical. And again, therefore, there is some bound that we have to work within as we think about kind of our guidance as well, and that's part of the reason we have this 250 megawatts to 500 megawatts per year that we've been guiding towards.

如你所提到的，執行相對而言什麼最重要：你有電力、你有場址，但同樣關鍵的是後續落地能力——能夠指出設備採購，以及支援這些專案所需勞動力的採購——這點至關重要。因此，當我們思考我們的指引時，也必須在某些界限內運作；這也是我們之所以提出每年 250 兆瓦到 500 兆瓦指引的部分原因。

Mike Grondahl, Northland.

Mike Grondahl，Northland。

Hey, morning, guys. This is Logan on for Mike. First and kind of building off an earlier question, can you provide some additional insight into the demand and discussions for the now potential 2-gigawatt Muskie site relative to Hawesville? And then second for Patrick, can you touch on how we should think about financing that development?

嗨，早安，各位。我是 Logan，代替 Mike 發問。首先，延續先前的一個問題，你們能否就目前潛在 2GW 的 Muskie 場址，相較於 Hawesville，在需求與討論進展上提供更多見解？第二個問題給 Patrick，你能談談我們應該如何看待該開發案的融資方式嗎？

Logan, it's Nazar here. The discussions are pretty robust. We are engaged with all of the usual suspects with respect to that capacity. They are interested in not just kind of the initial tranche, but the total site over time as well. We're working through with them the iterations on hardware and design and deployment given that this could be kind of a multiyear process for the full site as well.

Logan，我是 Nazar。相關討論相當熱絡。就那個容量而言，我們正與所有常見的主要玩家（usual suspects）接洽。他們不僅對初始批次有興趣，也對整個場址隨時間推進的完整開發有興趣。鑑於整個場址可能是一個多年期的流程，我們正與他們一起就硬體、設計與部署的反覆迭代進行推進。

And so we're deep in that. We are working through that heavily as we speak. And so I think, as Paul mentioned earlier, demand remains very strong. That '28 power, we think is becoming more and more kind of what's left on the table. Most of that '27 capacity is either sold or pretty close to being sold. And so therefore, there is a heavy emphasis on '28, and we're finding a very strong demand. And again, we're -- all of the usual suspects are working hard with us and working on that side.

所以我們在這方面投入很深。我們此刻正在大力推進。因此我認為，如 Paul 先前提到的，需求仍然非常強勁。我們認為 2028 年的電力正變得越來越像是市場上剩下的機會。大部分 2027 年的容量不是已經售出，就是非常接近售出。因此，市場重心高度轉向 2028 年，而我們看到非常強勁的需求。同樣地——所有主要玩家都在與我們密切合作、在那一端努力推進。

Yeah, regarding the second question, look, I think you'll see us follow the model that we opened up the markets to last October, which is something that kind of looks like project financing that can be a bond that's amortizing or a term loan. I think our approach there is very different than the rest of the market, and that is on purpose. So our projects are not levered 95% or 100%. They are conservatively levered with a healthy equity layer.

至於第二個問題，我想你會看到我們沿用去年十月我們向市場推出的那套模式，也就是某種看起來像專案融資的架構，可能是分期攤還的債券或定期貸款。我認為我們在這方面的做法與市場其他人非常不同，而且這是刻意為之。因此，我們的專案不會槓桿到 95% 或 100%。我們採取保守的槓桿，並保有健康的股權層。

As I mentioned in my remarks, the WULF Compute project was 75-25 debt equity. It's now being equitized even more, closer to 68-32. So again, I think for the debt markets to continue to take all this paper, you really have to distinguish yourselves. And I think our approach is that we are not levered to the eyeballs like a lot of our peers.

如我在發言中提到，WULF Compute 專案的債股比是 75/25。現在又進一步提高股權比重，接近 68/32。所以我認為，若要讓債務市場持續吸收這些票券，你必須真正讓自己與眾不同。而我們的做法是：不像許多同業那樣把槓桿拉到極限。

We have conservative leverage, and we generate a very significant amount of deleveraging and amortization during the period. And that is something I think you'll continue to see us do at the Hawesville site, and you'll continue to see us follow through on that at Muskie as well.

我們採取保守槓桿，並且在期間內產生非常可觀的去槓桿與攤還。我認為你會持續看到我們在 Hawesville 場址這麼做，也會看到我們在 Muskie 同樣貫徹這個做法。

And again, I do think, importantly, as I mentioned in my remarks, we have a flush balance sheet. We have enough liquidity to do pretty much almost everything that's in our near-term order book today without returning to the equity capital markets. So we will be back in the debt capital markets to finance Hawesville. And then I expect likely sometime probably first half of next year for Muskie.

另外，我也確實認為——重要的是——如我在發言中提到，我們的資產負債表非常充裕。我們有足夠的流動性，幾乎可以完成目前近期期訂單簿中的所有事項，而不需要回到股權資本市場。因此，我們會回到債務資本市場為 Hawesville 融資。至於 Muskie，我預期可能會在明年上半年某個時間點進行。

Thank you, guys. Congrats on the quarter.

謝謝各位。恭喜本季表現。

Stephen Glagola, KBW.

Stephen Glagola，KBW。

Paul, can you provide any more color on the three to five sites currently in active pursuit and final due diligence, particularly around power capacity under evaluation, geography and maybe energization timing as well? And then, Patrick, could you just provide any updates on where you stand with securing credit support on the Anthropic lease at Hawesville and who that counterparty is?

Paul，你能否就目前正在積極推進並進入最終盡職調查的 3 到 5 個場址提供更多細節，特別是正在評估的電力容量、地理位置，以及可能的送電（energization）時程？另外，Patrick，你能否更新一下你們在 Hawesville 的 Anthropic 租約取得信用支持（credit support）的進度，以及該對手方是誰？

Yeah. This is Patrick, Stephen. I'll take the last one. I would just reiterate what we said in that the Hawesville lease will be supported by an investment-grade credit. The fortunate position we are in, right, as we went to the market, did a large equity financing in April.

好的。Stephen，我是 Patrick。我先回答最後一題。我只想重申我們所說的：Hawesville 的租約將由投資等級的信用支持。我們目前所處的有利位置是——對吧——我們在四月到市場上完成了一筆大型股權融資。

We just sold the JV. We have $1.5 billion of cash on balance sheet today. That's plenty of runway. We don't need to rush to the market. And that was done on purpose, as we've talked about, because each time we had announced the deal, in 2025, we had to run to the market to finance it right away.

我們剛剛出售了合資企業（JV）。我們目前資產負債表上有 15 億美元現金。這提供了非常充足的跑道。我們不需要急著進市場。而這是刻意安排的，正如我們談過的，因為過去每次我們在 2025 年宣布交易時，都必須立刻跑去市場融資。

So here, right, we went front foot forward, playing offense. We have all that cash on our balance sheet. We don't need to run to the market anytime soon. So we're going to prepare, and then we'll go when we're ready to go and when we think the markets are open to it. So that's our approach.

所以這一次——對吧——我們是主動出擊、採取進攻姿態。我們的資產負債表上有那麼多現金。我們短期內不需要跑去市場。因此我們會先做好準備，等我們準備好了、也認為市場窗口適合時再進市場。這就是我們的做法。

I don't know if you want -- Paul, do you want to start?

我不知道你是否想——Paul，你要先開始嗎？

In terms of the pipeline, you know what we actively are developing. And I guess your question is with respect to in slide 16, the Phase 4, the 3 to 5 pursuit sites. If that's the case, you should know that the same principle of regional diversity is driving those discussions. We have a team actively led by Kerri Langlais, which looks at dozens of sites real time.

就管線而言，也就是我們正在積極開發的部分。我想你的問題是針對第 16 張投影片中的第四階段，也就是那 3 到 5 個正在追蹤的場址。如果是這樣，你應該知道，同樣的「區域多元化」原則正在驅動這些討論。我們有一個由 Kerri Langlais 領導的團隊，會即時評估數十個場址。

I think one of the sites of the three to five is certainly going to be our first effort at international data center development. We've had tremendous success developing power plants in a number of countries outside of the US. We think that we have the skill set to bring home a data center for customers that want to move to some of the better opportunities in Northern Europe.

我認為在這三到五個選址之中，其中一個地點肯定會成為我們首次進行國際資料中心開發的嘗試。我們在美國以外多個國家開發電廠方面取得了巨大的成功。我們認為，我們具備相應的技能組合，能在北歐一些更具吸引力的機會中，為希望遷移的客戶打造資料中心。

We're very excited about that, but we're not there yet. So when we get there, we will let you know. But we are talking real time to potential customers for that facility. We like as well -- we like the Midwest quite a bit. We like the Southeast quite a bit. So we're looking at sites, talking to our customers, asking what their needs are, where they think they want to be. But again, for us, it's all about available power and our ability to quickly contract that power.

我們對此非常興奮，但我們還沒到那一步。所以等我們到了那一步，我們會告訴各位。不過，我們正即時與該設施的潛在客戶洽談。我們也很喜歡——我們相當喜歡中西部。我們也相當喜歡東南部。因此我們正在看選址、與客戶溝通，詢問他們的需求，以及他們認為想在哪裡落腳。但再說一次，對我們而言，一切都取決於可用電力，以及我們能否快速簽約取得該電力。

The whole process of development isn't one where you sort of pick a site and you say, let's think about -- let's go there and you spend a lot of money. It's a tremendous diligence effort that includes talking to the local community, talking to the political leadership and speaking to customers about their relative interest in it before we sort of go further down the road. So that's sort of what we do and the opportunity set is pretty significant.

整個開發流程並不是那種你隨便選一個地點，然後說：我們想想看——我們就去那裡，接著花一大筆錢。這是一項非常龐大的盡職調查工作，包含與當地社區溝通、與政治領導層溝通，以及在我們進一步推進之前，先與客戶討論他們對此的相對興趣。所以這大致就是我們的做法，而可把握的機會集合相當可觀。

I think, by the way, as a result of what's happening in Texas and in New York, there's a lot of projects and everywhere else, by the way. A lot of projects are going to fall away because they won't -- they're not going to be credible or they won't have the requisite experience to develop it or they won't have the cash to sort of post a collateral to get surety of power. And I think there'll be some additional opportunities for companies that are well positioned like TeraWulf as a result of that.

我認為，順帶一提，因為德州與紐約正在發生的事情，另外還有其他各地的情況。很多專案將會被淘汰，因為它們不會——它們不具可信度，或沒有開發所需的經驗，或沒有現金去提供擔保品以取得電力的確定性。我認為，這也會為像 TeraWulf 這樣具備良好條件的公司帶來一些額外機會。

Thank you.

謝謝。

Chris Brendler, Rosenblatt Securities.

Rosenblatt Securities 的 Chris Brendler。

Congrats on the results here. I was just going to ask on the FluidStack lease modifications. I wasn't quite sure sort of what drove the changes. I feel like it's coming from the client, but was it increased costs that were being -- you're running into? Or was it just modifications of design that caused those changes?

恭喜這次的成果。我想問一下關於 FluidStack 租約修改的部分。我不太確定是什麼驅動了這些變更。我感覺是來自客戶端，但是否是你們遇到——成本上升的問題？還是只是設計修改導致了這些變更？

And the increase in equity, was that -- did that it did not fall out of these changes, it was actually intentional to increase the equity assuming to make the project more palatable for debt investors. Just want to get a clarification there.

另外，權益資本的增加，是不是——它並不是由這些變更所衍生出來的，而是刻意提高權益比重，推測是為了讓專案對債務投資人更具吸引力。我想釐清一下。

Yeah. Chris, it's Patrick. I'll address that. So as we mentioned, these projects are complex and the designs are evolving. As you know, we came up and I tip my hat to our operations team that worked with FluidStack, Google and the customers we came up with the reference national design that has been rolled out to other folks at our site at Lake Mariner last summer. That design has changed over time, particularly as our clients get more experience running the hardware.

是的。Chris，我是 Patrick。我來回應。如我們提到的，這些專案很複雜，設計也在演進。如你所知，我們一路走來——我也要向我們的營運團隊致敬，他們與 FluidStack、Google 以及客戶合作，制定出一套參考的標準化設計，並在去年夏天於我們 Lake Mariner 的場址推行，之後也推廣給其他夥伴。該設計隨時間有所改變，特別是當我們的客戶在運行硬體方面累積更多經驗之後。

And so as Paul mentioned, it is a true partnership with them on site, and there's a constant dialogue of, hey, can we tweak this or that? And so many of those are design changes or what's called tenant fit-out, right? So to give you an idea, at CB-3, I think we had about 43 tenant fit-out requests that were design changes and each of those has a cost impact and has a schedule impact.

因此如 Paul 所說，這確實是與他們在現場的合作夥伴關係，並且持續對話：嘿，我們能不能調整這個或那個？其中很多屬於設計變更，或所謂的承租戶裝修（tenant fit-out），對吧？舉例來說，在 CB-3，我記得大約有 43 項承租戶裝修需求屬於設計變更，而每一項都會影響成本，也會影響工期。

So there's an active dialogue around all of those that candidly ripples through the entire ecosystem, not just TeraWulf's project. And so those -- what you're hearing from us is those impacts were about $150 million at Lake Mariner that TeraWulf in a series of negotiations agreed to fund that is being recovered over the 10-year lease term. That recovery just for those items is over $300 million of rent. So we're effectively receiving a mid-teens return in line with the yield on cost on the lease on those items.

所以針對所有這些事項都有積極的對話，而坦白說，這些影響會波及整個生態系，不只是 TeraWulf 的專案。因此——我們向各位說明的是，這些影響在 Lake Mariner 約為 1.5 億美元，TeraWulf 在一系列談判中同意先行出資，並在 10 年租期內回收。僅就這些項目的回收，租金總額超過 3 億美元。因此，我們實際上在這些項目上取得約中十位數的報酬率，與該租約在成本收益率（yield on cost）上的水準一致。

As you point out, we very easily could have debt financed those. We specifically chose not to. The resulting impact is, again, if you take those changes along with the move from 162 to 168 critical megawatts, it's over $500 million of additional revenue over the initial lease term. That is extremely powerful from a debt deleveraging perspective. So not only are we adding additional equity layer into the project, but the amortization and deleveraging profile of the project and cash flow profile of the project has significantly increased.

如你所指出，我們其實很容易可以用債務來融資這些支出。我們特別選擇不這麼做。其結果是——再一次，如果把這些變更加上關鍵負載從 162 提升到 168 兆瓦，初始租期內將增加超過 5 億美元的額外收入。從債務去槓桿的角度來看，這非常有力。所以我們不僅為專案增加了額外的權益層，同時專案的攤還與去槓桿曲線，以及現金流輪廓也顯著提升。

So again, I think that's a different approach that our team is taking as opposed -- I sort of have a saying internally, just because you can doesn't mean you should. Leverage is great, but I think we want to be very balanced with it, particularly as we build and operate brand-new projects.

所以再說一次，我認為這是我們團隊採取的一種不同做法；我內部常說一句話：不是因為你做得到，就代表你應該做。槓桿很好，但我認為我們希望在使用槓桿上非常均衡，特別是在我們建造並營運全新專案的階段。

That's fantastic color. One quick follow-up, may not quick, but we've seen governor take action in both New York and Texas now, very recently, very rapid sort of change in political tone here in those states. How do you feel about the political situation in West Virginia and Maryland at this point and Kentucky?

這些說明非常有幫助。再追問一個問題，可能不算快，但我們看到州長在紐約與德州都採取了行動，而且是非常近期、政治風向變化很快。你目前如何看待西維吉尼亞、馬里蘭以及肯塔基的政治情勢？

Yes. I don't think we've seen anything that we should be surprised about. We have stated all along that ultimately, listen, data centers are very, very important, but it's also important that they're done right. And so I think everyone is sort of getting there. And that's why in my remarks, I said I'd rather -- we don't want to pretend that that's not going to happen.

是的。我不認為我們看到任何會讓我們意外的事情。我們一直以來都說，最終來看，資料中心非常、非常重要，但同樣重要的是要把它做對。所以我想大家都在逐步走向那個方向。這也是為什麼我在發言中說，我寧可——我們不想假裝那不會發生。

We're quite confident it's going to happen, and therefore, we develop our projects, so we could be in front of that and proactive and be able to affirm to the regulators and the political leadership and the local communities that we are the responsible credible folks doing this.

我們相當有信心那一定會發生，因此我們在開發專案時，會確保自己能走在前面、採取主動，並能向監管機關、政治領導層以及當地社區確認：我們是以負責任且可信的方式來做這件事的人。

Listen, you will always have people who can be particularly loud, who don't want progress, who don't want power plants, who don't want data centers. But the reality is we need power in our country. We're very short, and we need data centers. And the contribution of both power and data, it's what made America such a great country.

聽著，你永遠會遇到一些人，他們可能特別大聲，不想要進步，不想要電廠，不想要資料中心。但現實是，我們國家需要電力。我們非常短缺，而且我們也需要資料中心。電力與資料的貢獻，正是讓美國成為如此偉大國家的原因。

And so I think in Maryland, we've gone to an industrial site. It's an existing power facility down from a much larger coal facility. We're going to work with the state to clean that up. That's a benefit to the state. We're going to bring jobs. That's a benefit to the state.

因此我認為在馬里蘭，我們選在一個工業用地。那是一座既有的發電設施，位於一座更大型燃煤設施的下游。我們將與州政府合作進行整治。這對州政府是好事。我們會帶來就業。這對州政府也是好事。

Maryland is desperately short power, so we'll be a surplus generator to the grid. That's a tremendous benefit to the state. And we have a close relationship with both the local community and the leadership in the state to enable us to move ahead there, and we're very excited about it. Maryland also happens to be one of the most important from a value perspective territories in terms of data center use, particularly the Washington, D.C. corridor.

馬里蘭極度缺電，因此我們將成為電網的淨供給方。這對州政府是非常大的好處。而且我們與當地社區以及州內領導層保持密切關係，使我們能夠在那裡推進，我們也對此非常興奮。此外，從資料中心使用的價值角度來看，馬里蘭也是最重要的區域之一，特別是華盛頓特區走廊一帶。

So I think Maryland, we feel great about it. Kentucky, I mean, it's like winning the lottery to work with Governor Beshear and his team in Kentucky. We have never felt so welcome as we do in the local communities. Again, this is brownfield sites that we are bringing jobs. We're cleaning them up. And we're generating important tax revenue, which supports school systems. It supports highways. It's just fantastic. So Kentucky and Maryland, we're very excited about.

所以我認為在馬里蘭州，我們對此感到非常振奮。至於肯塔基州，我是說，能與貝希爾州長及其肯塔基州團隊合作，簡直就像中樂透一樣。我們從未像在當地社區這樣感到如此受歡迎。再說一次，這些是棕地場址，我們正在把工作機會帶進來。我們正在把它們整治乾淨。而且我們正在創造重要的稅收收入，用以支持學校體系。也支持公路建設。這真的太棒了。所以對肯塔基州和馬里蘭州，我們都非常興奮。

You mentioned West Virginia. It's an area that we study a lot. We like it a lot. We think, again, they want to win and create an opportunity in business environment where we could do a win-win. So as I mentioned, when we talked about development, the regulatory framework, the political horizons, these were all things that we contemplate. And remember, we're building power and data centers that are going to be around for 20 to 30 years.

你提到了西維吉尼亞州。那是一個我們研究很多的地區。我們非常喜歡那裡。我們認為，同樣地，他們希望勝出，並在商業環境中創造機會，讓我們能夠達成雙贏。所以如我所提到的，當我們談到開發時，監管框架、政治視野，這些都是我們會考量的事情。而且請記得，我們正在建造的電力設施與資料中心，將會存在20到30年。

So we try not to worry too much about moment-to-moment areas of people exercising their voices sometimes in the most aggressive ways. And we think about what does the state and local community want and need and how could we be responsive to it and create a win-win for everyone. And we have not been deterred in any of our sites that are currently active or in the pipeline in any real material way.

因此，我們盡量不會過度擔心人們在某些時刻以可能最激烈的方式表達聲音的短期波動。我們會思考州政府與地方社區想要什麼、需要什麼，以及我們如何回應並為所有人創造雙贏。而在任何目前正在推進或已在管線中的場址上，我們都沒有在任何真正重大的層面受到阻礙。

Thanks so much for all that color. I appreciate it, Paul.

非常感謝你提供這麼多背景資訊。我很感激，Paul。

Michael Funk, Bank of America.

美國銀行的 Michael Funk。

Maybe just quickly, you touched a few times on some of the constraints with labor, particularly electrical labor, also highlighted estimate for cost per megawatt. So just wondering what protections do you have in your contracts for rising costs? And then maybe how those costs are impacting development yields or returns projected. I'd love to hear any comments there.

也許快速問一下，你多次提到勞動力方面的一些限制，特別是電氣相關的勞動力，也提到了每兆瓦成本的估算。所以我想了解，你們在合約中對成本上升有哪些保障條款？另外，這些成本如何影響開發的收益率或預期報酬？很想聽聽你們的看法。

Sure. This is Nazar here. So when we are in the middle of negotiating a lease as we just did with Anthropic for the Justified site, on the front end, the two large components of costs are really the labor component and then the second is the equipment component. So on the equipment side, usually, we have these 12-month rolling forecast with our various vendors. And so we've got a pretty good sense of where those costs are.

當然。我是 Nazar。當我們正在協商租約（就像我們剛與 Anthropic 針對 Justified 場址所做的那樣）時，在前端，兩大成本構成主要是勞務成本，其次是設備成本。在設備方面，我們通常會與各家供應商做12個月的滾動式預測。因此，我們對這些成本走勢有相當不錯的掌握。

And so those costs from an equipment perspective, when we're signing up that lease are usually -- we've got deposits down and have firmed up those prices or we're about to. And so we've got decent visibility with respect to the equipment side of things.

因此，從設備角度來看，在我們簽署租約時，通常——我們已經支付訂金並把價格敲定，或是即將敲定。所以在設備端，我們的可視性相當不錯。

On the labor side, there's, I'd say, kind of the two levers there are just the number of labor hours required to complete the job and then the cost per hour of that labor. What we've been seeing is on a cost per hour basis, that's been generally moving up. And so as more and more projects are moving forward, the scale is increasing, the per hour cost of that has been creeping up.

在勞務方面，我會說大概有兩個槓桿：完成工程所需的工時數，以及每小時的勞務成本。我們看到的是，以每小時成本來看，整體上一直在上升。隨著越來越多專案推進、規模擴大，每小時成本也在逐步攀升。

And so it's difficult to kind of pin that down exactly, especially for a construction cycle that's 12 to 15 months long. What we do is working with Fluor and other vendors that we have is that we try to put some parameters around that and awarding it to subcontractors and kind of locking in some sort of range with respect to that price.

因此，要精準釘住這個數字並不容易，尤其是施工週期長達12到15個月。我們與 Fluor 以及其他供應商合作的做法，是盡量為此設定一些參數，透過分包商發包，並在價格上鎖定某種區間範圍。

And then finally, just on the number of hours that are required as we deliver more and more projects, particularly for customers that have a similar design or using the same hardware, our ability to kind of map out the specific number of hours that are needed gets tighter over time as well.

最後，關於所需工時數，隨著我們交付越來越多專案，特別是對於設計相近或使用相同硬體的客戶，我們對所需具體工時的估算能力也會隨時間變得更精準。

So the yield that we've been targeting have kind of been in that mid-teens range. If you looked at what we've done with Anthropic and FluidStack prior to that, we've been in that range. We've been able to maintain that. We've likely been able to kind of have some pricing benefit on our side with each successive contract as well. And again, from a cost management perspective, then the equipment, we usually have a pretty good handle on when we sign that agreement. And with labor, we've got some balance around it.

所以我們目標的收益率大致落在十幾%的中段。如果你看我們與 Anthropic 的合作，以及在那之前與 FluidStack 的合作，我們都在那個區間。我們一直能維持住。而且隨著每一份後續合約，我們很可能也能在定價上取得一些有利於我們的改善。同樣地，從成本管理角度來看，設備部分在簽署協議時我們通常掌握得相當清楚。而勞務方面，我們也有一些平衡與控管機制。

But again, as we've mentioned earlier, the challenge that we have on the labor piece is just that per hour labor cost. Again, we've got a view on what that creep could look like, but that's where I think we have the most work to do. So it's not a perfect science, but working with Fluor and others gives us a chance to kind of control that.

但如同我們先前提到的，我們在勞務這一塊的挑戰，主要就是每小時勞務成本。同樣地，我們對其可能的上升幅度有一定的判斷，但我認為這也是我們最需要持續投入工作的地方。所以這不是一門精準科學，但與 Fluor 等夥伴合作，讓我們有機會在一定程度上加以控制。

Thank you very much.

非常感謝。

And this is Patrick. Let me just address the yield question because that's the right one. But as I mentioned earlier, like the most important part, right, is getting an adequate return on your capital. And so as I mentioned, the changes that we have processed are generating over $500 million of revenue over the lease term. So we are recovering the incremental cost.

我是 Patrick。我想針對收益率的問題補充一下，因為那是關鍵問題。但如我先前提到的，最重要的部分是讓你的資本獲得足夠的回報。因此，如我所說，我們已經處理的變更在租期內將帶來超過5億美元的收入。所以我們正在回收這些增量成本。

I think that is the very important point, right? And as Nazar just mentioned, we are very open with our customers that we need a mid-teens return. That is simply because if your WACC is not below your yield on cost, by definition, there is no equity value.

我認為這是非常重要的一點，對吧？而且如 Nazar 剛才提到的，我們也非常坦率地告訴客戶，我們需要十幾%中段的回報。原因很簡單：如果你的加權平均資本成本（WACC）不低於你的成本收益率（yield on cost），按定義就不會有股權價值。

So if you take the way we finance projects, call it, at roughly 80-20, just to make math simple, if your debt costs 6.5%, that's 5 points of WACC. If your equity costs 25%, right, that's another 5 points of WACC. So your WACC is 10% in that example. So for us to have -- sign a deal that is accretive to our equity, the yield on cost has to be greater than the WACC.

所以如果你看我們的專案融資方式，假設大約是80/20，為了方便計算，若你的債務成本是6.5%，那就是WACC的5個百分點。如果你的股權成本是25%，那又是WACC的另外5個百分點。因此在這個例子中，你的WACC是10%。所以對我們而言，要——簽下一筆能對股權具增益（accretive）的交易，成本收益率必須高於WACC。

So I've sort of seen some folks in our market signing deals that appear where their WACC is actually in excess of the yield they're earning on the lease. Like that doesn't work. That's kind of called real estate where you buy something and you pray and hope that in 10 or 20 years, it's worth more. That's not the game we're in. We are creating tangible real equity value for our shareholders day one.

所以我確實看到我們市場上有些人簽的交易，看起來他們的WACC其實高於他們在租約上賺到的收益率。那樣行不通。那比較像是不動產：你買了某樣東西，然後祈禱並希望10年或20年後它更值錢。那不是我們在玩的遊戲。我們是在第一天就為股東創造具體、真實的股權價值。

That was all very clear and helpful. Thank you, guys.

這些都非常清楚且很有幫助。謝謝各位。

This concludes our question-and-answer session. The conference has now also concluded. Thank you for attending today's presentation, and you may now disconnect.

我們的問答環節到此結束。本次會議也已結束。感謝各位參加今天的簡報，現在可以斷線。