Nick Giles

Wes tied it to a flexible fourth-generation design built for long-term use, contrasting peers racing to bring capacity online.

Wes explained the site was purchased with power options, initial power in 2028, and an off-ramp before further payments.

Saidal said most restricted cash was the Polaris Forge 2 bond held in escrow, released in June; deferred full account detail to the 10-K.

Saidal guided CapEx to ~$600M for the upcoming quarter, stepping up further as new campuses reach more advanced construction stages.

Wes laid out the energization ramp: the PF1 RFS date is July 1 with data halls energizing through July, August and September, a revenue step-up in the August quarter, a close-to-full quarter in November, then the first PF2 building coming online later.

Wes said the B&W natural-gas steam-turbine solution brings power online 3-4 years faster than traditional turbines, accelerating campus expansion.

Wes framed ChronoScale's key edge as its Applied Digital relationship and access to large-scale data center capacity, but declined to detail how that will work.

Wes gave a substantive market view: a shakeout is coming as new entrants miss construction timelines, favoring proven developers into 2027 and 2028.

Saidal directly confirmed the project financing will cover both buildings together rather than building-by-building, given the size and timing to market.

CEO cited the seasonal late-August slowdown as the main gating item; CFO added consultant and documentation lag.

Management confirmed groundbreaking has already started on 1 additional campus, with potentially 2 before year-end.

Direct, DTC assets fit in a REIT structure and pair with HPC capacity to absorb unused power; views them as effectively one business.

Direct, four of six clusters in reserve, two moved to on-demand; said technical issues are rectified but did not quantify total value.

Wes said the process ran about seven months across multiple proposals and that he was happy with the final Macquarie terms.

Wes confirmed the site is open to multiple hyperscalers in varying stages of progress but gave no specifics on timing or exclusivity.

Management clarified the 112 MW is just the initial deployment, with commercial discussions focused on the full 1 GW site and most supply-constrained long-lead equipment already procured for the first buildings.

Management described active evaluation of acquisition opportunities with several processes underway, emphasizing that increasingly difficult grid interconnections make their existing portfolio more valuable while also pursuing bring-your-own-power strategies.

Management confirmed 1.49 PUE as the base case with active efforts to improve beyond that, noting better PUE directly translates to improved project economics.

Management noted most long lead equipment has been secured without deposits through internal capabilities, and the Bitcoin mining business generates strong cash flow to support development funding.

Management confirmed critical substation equipment already procured and arriving, with long lead item procurement underway and not expected to impact lease timeline.

Management described the basis of design as foundational to going to market, noting significant progress under Jonathan Gibbs with expected completion by end of Q3 2025.

Management declined to provide specific CapEx targets, noting ongoing work on power shell infrastructure while leaving deal structure open.

Management described regulatory expertise as a competitive advantage for securing and operating large power sites, not just for curtailment participation.

Management noted both sites have advantages and they are actively expanding land at Corsicana while highlighting Rockdale's large cleared acreage.

Management emphasized counterparty quality as the top priority to drive favorable financing terms and premium valuations.

Kent Draper said IREN already aligns with Abbott's directive on transparency, grid, water, and welcomes it.

Kent Draper said IREN historically avoids expansion options unless compensated, given the value of scarce infrastructure.

Dan Roberts drew parallels between AEMO (Australia) and ERCOT (Texas), land, transmission, fiber, renewables, but said Texas is an easier place to do business; IREN is getting closer to Australian projects becoming a reality given APAC demand.

Continuous building for years gives IREN labor and supply-chain relationships that ease the bottleneck.

Mgmt framed the deal's strategic validation and detailed IRRs (unlevered low-double-digit, levered ~25-30% with a $2.5B financing package).

Kent Draper said cloud and colocation are not mutually exclusive; Horizon 1 and Horizon 2 give optionality to mix monetization models and maximize risk-adjusted returns over time.

Dan answered directly, framing AI Cloud scaling around capital and risk-adjusted returns and a preference for GPU/debt financing matched to customer contracts over equity.

Dan directly acknowledged that a $70B Sweetwater buildout would require project/debt and potentially equity partners, weighing lower infrastructure cost of capital against control considerations.

Henry Hearle, on for Nick Giles, asked whether the Sandersville tenant had exclusivity options on the GA/TN/WY sites; Matt said the tenant was offered three sites (Sandersville plus Texas), which they seized, and Washington GA later drew overwhelming inbound demand.

Henry Hearle, on for Nick Giles, asked whether Austin County's data-center moratorium would impact the Sealy site; Harry called the moratorium temporary, noting many local zoning attempts get overturned in court and CleanSpark stays constructive with the community.

Matt Schultz named Washington as the next-highest HPC candidate with an expansion line study underway, plus Jackson, Tennessee and Cheyenne, Wyoming as promising conversions; answered directly with specifics.

Harry declined granular pipeline figures but pointed to Georgia, Tennessee, Wyoming, and Texas as the expansion regions.

Giles pressed on the treasury desk run-rate timeline; Vecchiarelli said it will ramp over the next year without giving a firm date.