Core Insights - The company announced significant lease agreements in North Dakota, totaling 600 megawatts of capacity and approximately $16 billion in prospective lease revenue [1][7] - A 15-year lease with a U.S.-based investment-grade hyperscaler for 200 megawatts at Polaris Forge Two is valued at around $5 billion, with the project expected to be operational by 2026 [1] - Polaris Forge One is projected to host 400 megawatts for CoreWeave, representing about $11 billion in lease revenue over 15 years, with completion expected by the end of 2027 [2][7] Financial Performance - Fiscal Q2 revenue reached $126.6 million, a 250% increase year-over-year, driven by turnkey fit-out services and partial lease recognition [6][19] - Cash-basis lease revenues were approximately $8 million, with adjusted EBITDA reported at $20.2 million and a GAAP net loss of $31.2 million [6][13] - Cost of revenues increased to $100.6 million, attributed mainly to tenant fit-out services, while SG&A expenses rose to $57 million due to stock-based compensation and higher personnel costs [12] Financing and Capital Structure - The company established a financing framework, drawing $900 million from a preferred equity facility and issuing $2.35 billion in secured notes to support campus builds [5][15] - As of the end of the quarter, the company had $2.3 billion in cash and cash equivalents against $2.6 billion in debt, with plans to refinance at lower rates once buildings are operational [17][16] Market Demand and Growth Prospects - Inbound demand for leases has increased significantly following the recent agreements, with advanced discussions on additional sites totaling approximately 900 megawatts [8][9] - The company is focused on scaling construction execution across multiple sites, emphasizing execution and supply chain as key constraints [9] Strategic Initiatives - The company plans to spin out its cloud business into Chronoscale, expected to close in H1 2026, allowing for independent scaling of the cloud platform and data center business [20] - Initiatives are underway to enhance power and cooling solutions for high-density AI infrastructure, including partnerships for advanced cooling technologies [21]