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CEO Ben Gagnon explained that the primary goal is maximizing shareholder value through long-term, high-margin contracted revenues, with a strong focus on Return on Invested Capital (ROIC). He suggested the powered shell model represents a potential 'sweet spot' that balances capital expenditure with revenue and margin, possibly yielding a better ROIC than a more capital-intensive full build-out. The final strategy will ultimately be driven by customer demand and conversations.

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CFO Jeff Lucas detailed that the 2024 growth plan is fully funded, with approximately $140 million in remaining CapEx for the year, covered by liquidity and operating cash flow. He added that ATM usage has been dramatically reduced and will be very selective going forward. CEO Ben Gagnon stated that after a thorough review, the board unanimously determined that pursuing the company's standalone plan is the best path to maximize shareholder value.

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Founder and CEO Michael Novogratz explained that the Phase 1 financing should close in weeks, with strong demand from both bank project finance groups and direct lenders. He noted that the lease structure and CoreWeave's credit quality are key factors, and an improvement in CoreWeave's credit should lead to cap rate compression for the asset. For the equity component, he stated that all options are on the table to maximize return on equity.

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Executive Christopher Ferraro outlined a phased delivery for Helios, with data halls for Phase 1 coming online in early to mid-2026. He explained the lease uses a percentage yield on CapEx structure, which is common for new, collaborative data center builds. He clarified that while CoreWeave is the direct client and partner, the design specs are informed by the needs of their end customers, including large hyperscalers.

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CFO Patrick Fleury stated there is significant market interest. He benchmarked against comparable deals, noting that while their customer is a high-quality credit, it is less known than others. He is targeting a pricing range around SOFR plus 400 to 500 basis points for the initial financing, with hopes to achieve even better terms as they find a long-term financial partner to grow with.

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CFO Patrick Fleury indicated the request for the next 250 MW would depend on customer expansion plans but could begin next year. CEO Paul Prager added that the Cayuga site is being prepared to meet future demand for TeraWulf, subject to a formal board process. Fleury confirmed the goal is to use project financing for future builds, which would leave the ~$387 million in cash unallocated and available for shareholder returns or other opportunities.

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CEO Adam Sullivan stated that specifics on pass-throughs would need to be discussed with CoreWeave, but reiterated the value of the commercial relationship. COO Matt Brown clarified that the activity in North Dakota involved acquiring 70 acres of land adjacent to the existing site to prepare for a future high-density colocation facility, leveraging the current power infrastructure.

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CEO Adam Sullivan explained that the strategy for new sites is focused on single-tenant, build-to-suit projects involving deep collaboration with clients on design and engineering. He acknowledged CoreWeave's success and confirmed that Core Scientific continues conversations with them and other cloud providers to capitalize on the growing GPU cloud market.

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CEO Jason Les clarified the fiber addition was a proactive measure to enhance the site's attractiveness, not a specific tenant request, with an estimated 12-month completion timeline using a third party. He noted that while natural gas generation is a possibility given their internal expertise, the current plan for backup power at Corsicana is focused on diesel generation as the ideal solution.

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CEO Jason Les stated it was too early to comment on specific metrics like PUE, as they depend on the customer and technology. He confirmed that the strategy encompasses a 'whole spectrum' of deal structures, including, at the far end, an 'outright sale of the asset.' He noted that financial advisors were engaged to run a competitive process covering all possibilities.

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CEO Jason Les attributed the SG&A increase to onetime M&A costs related to Bitfarms and ongoing litigation with legacy hosting customers, noting that run-rate SG&A remains in line with guidance. He confirmed that discussions with potential HPC counterparties are preliminary but ongoing, and Riot is encouraged by the interest from multiple parties.

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CCO Kent Draper explained that coalescing demand and the ability to catalyze customer conversations drove the decision, making it more than a speculative build, and confirmed project debt is a possibility for contracted colocation assets. Co-CEO Daniel Roberts estimated the substation CapEx is in the 'tens of millions' and expressed a preference for controlling projects directly rather than entering into JVs.

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Co-Founder and Co-CEO Daniel Roberts clarified that the 2-year payback is a rough guide based on transparent market pricing. He asserted that IREN's data centers, which operate at a high 70-kilowatt rack density, are well-positioned and somewhat "future-proof" for new chips, unlike traditional data centers that struggle with lower power densities.

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