Rapid Energization and Billing Ramp
Energized ~350 megawatts of capacity as of the call, with close to 200 megawatts currently billing (≈57% of energized capacity). This is up from 213 megawatts energized at year-end (a ≈64% increase in energized capacity). Management will report megawatts when they start billing to reflect commercial progress.
CoreWeave Execution and Deliveries
Delivered multiple AI factory sites supporting the 590-megawatt CoreWeave commitment: broke ground on 5 factories (1 million sq ft shell), ~ $2 billion of installed infrastructure assets, >5 million labor hours, ~3,300 average workers on site and >$5 billion total project investment. Specific site progress includes Denton (~262 MW campus) now representing ~130 billable MW (up from 67 billable MW at end of Q4, ≈94% increase), Marble NC (65 MW) fully energized with 36 billable MW, Muskogee Phase 1 (70 MW) fully energized and in commissioning, Dalton Phase 1 (30 MW) energized and commissioning.
Expanded and High-Quality Development Pipeline
Pipeline of approximately 1.5 gigawatts of customer leasable capacity (only includes real opportunities with power under contract or clear line of sight). Development pipeline was expanded by ~600 leasable megawatts to support next wave of accelerated computing. Company states it already has more power in the pipeline than it can build over the next several years.
New Site Acquisitions and Power Expansions
Secured a contract to acquire the Hunt County, Texas site (~265 acres) expected to support ~430 MW gross (~285 MW leasable) with close and utility interconnection clarity; Dalton, GA expansion to 450 MW gross including 120 MW uncommitted leasable capacity; increased Pecos, TX leasable capacity to 200 MW and converting Pecos from Bitcoin mining to colocation with RFS timeline within 12 months.
Balance Sheet Liquidity and Capital Options
Total liquidity of approximately $530 million. Opportunistically sold just over 1,900 Bitcoin for approximately $175 million in January and now holds under 1,000 Bitcoin. Broad financing options available, including the ability to raise up to $4 billion against contracted capacity with CoreWeave at stabilization and project-level financing with 60%–85% advance rates on build costs.
Strategic Operational Playbook
Operation Forward Observer: pre-advance development through an initial commissioned data hall and secure long-lead equipment to shorten time-to-RFS and improve competitiveness. Auburn, AL (30 MW) progressed with long-lead equipment on site and first 10 MW targeted in H2 2026.