Darren Aftahi

on Base Electron, can you just give us a general sense for when that capacity might come online?

your commentary about potentially being operational mid-2027. I guess what does that say or infer about when a lease effectively needs to be signed?

But like what does that say about your confidence when you're progressing on sites where you don't have signed leases?

can you just talk generally about the landscape for leases and how pricing may have changed over the last 6 months?

is that an aggressive time frame? And if there's any slippage? Are you penalized in terms of a credit against the lease?

moving from a single-tenant to multi-tenant and the technical issues, was that a prior inter-quarter in the February

has disposition about data center build change at all just given kind of the current macro environment

Is there a scenario where that 400 megawatts in Ellendale be a split amongst 2?

when you talk on yield on cost on the second one, is there a target range that you guys are looking at in terms of that?

is the lease just for 100 megawatts? Or do they -- is that hyperscaler have options on additional capacity

economics on colo have continue to creep up. I know you guys initially signed this cloud deal with Microsoft.

There's a lot of noise around ERCOT. I'm sure people on the phone kind of want to know.

with Microsoft, was colocation ever on the table with them? Did they come to you asking for AI cloud?

you kind of left the door open that there may be other uses. So I'm kind of curious on strategic thinking there

how are you able to kind of reach that CapEx spend when it seems like it's kind of below market?

what's the strategic benefit of you guys announcing Sweetwater 2? Is this more customer focus?

what calculus you kind of went through with Horizon 1 in terms of kind of reducing the 5 exahash

walk through just the mindset of accelerating the 50 exahash in the context of maybe looking at opportunity costs

can you just give us some general long-term thoughts on what that campus potentially could be used for other than Bitcoin mining

how critical is that master site design in terms of their willingness to kind of continue negotiating

what's the capacity theoretically for HPC there? And then I guess, what steps have to be taken to kind of make that other piece of land

what's the feasibility that that could be used for something other than Bitcoin

you talked about procuring additional land, any kind of indulgence on how large of an additional plot that would be

Is there a scenario analysis economically where you would flip the switch and completely make that an HPC campus