AI/HPC Strategic PositioningAnalyst observes management's shift to prioritize collocation services for AI and high-performance computing at the largest power sites while hosting GPU-as-a-service at smaller sites, concentrating higher-value workloads and improving potential revenue per site.
Capacity And Cost AdvantageAnalyst notes that nearly 3.0 GW of total potential power across energized capacity and pipeline, combined with outsized Texas infrastructure and lower electricity prices, positions the company to scale AI cloud and mining operations with a cost advantage.
Technology RoadmapAnalyst highlights that early SEAL04 chip samples showed 6–7 joules per terahash power efficiency in an ultra-low-voltage mode, with mass production targeted for 1Q26, which supports expectations for more competitive, vertically integrated mining equipment.