BkSteve @BkSteeb - Twitter Profile

A few people have Thursday's numbers tangled, so let me untangle them. The majority of the $684m loss is the cost of retiring Bitcoin miners as we convert those sites to AI Cloud. Non-cash. The cloud business underneath ran ~87% gross margins (ex D&A). Every megawatt that comes off mining goes back on at multiples of the revenue. Recent 3-year AI Cloud contracts are at >$20m per MW (IT), more than double late last year. And the $25-30bn of forecasted FY27 capex isn't an equity number. Customer prepayments can cover about half the GPU capex. Lenders can fund most of the rest. We raised ~$19bn over the last twelve months and only ~$3bn of it was equity. We haven't borrowed a dollar against the data centers yet either. $4bn of ARR is contracted, with three sites commissioning between now and year end to bring it online. And that's the 2026 story. The real ramp is 2027, when Sweetwater and the next wave of capacity come into play. It's delivery time.

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BkSteve

@BkSteeb

about 2 months ago

@Agrippa_Inv Great take Agrippa. Dan just made a post on X this morning corroborating your thesis.

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BkSteve

@BkSteeb

2 months ago

@ChartGuys @junglefunk_ Thanks for this. EMA retest makes sense to me as well. What do mean by "volume profile." Do you mean the retest needs to be on lower volume?

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