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The challenge towns face in powering AI and data centers#shorts #datacenters #ai
Bloomberg Television· 2025-08-09 17:00
Our frustration was the fact that we were being kept in the dark. Then finally, a year and a half later, we learn about it because Dominion is proposing these massive transmission lines and that is what was like throwing a match onto a powder cake. The citizens exploded and at first against the um transmission lines in Dominion and then they learned it was tied to the data center. Then we learned from our neighboring jurisdictions what data centers were and the impacts they had, a lot of noise, huge energy ...
X @Bloomberg
Bloomberg· 2025-08-09 13:17
Meta Platforms Inc. has selected Pacific Investment Management Co. and Blue Owl Capital Inc. to lead a $29B financing for its data center expansion in rural Louisiana as the race for AI infrastructure heats up. https://t.co/shHX76hUp0 ...
TeraWulf Reports Second Quarter 2025 Results
Globenewswire· 2025-08-08 11:00
Core Insights - TeraWulf is on track to deliver 72.5 MW of HPC hosting infrastructure to Core42 by 2025 and aims to secure 200-250 MW operational by the end of 2026 [1][6] - The company's Bitcoin mining capacity increased by 45.5% year-over-year to 12.8 EH/s [1][7] Financial Performance - Revenue for Q2 2025 was $47.6 million, a 34% increase from $35.6 million in Q2 2024 [7][10] - Cost of revenue (excluding depreciation) rose to $22.1 million, up 59% from $13.9 million in Q2 2024, resulting in a cost of revenue as a percentage of revenue of 46.4% compared to 39.1% in the previous year [3][10] - Self-mined Bitcoin decreased to 485 from 699 in Q2 2024, with the total value of self-mined Bitcoin at $47.6 million compared to $46.1 million in the same quarter last year [8][10] - Power cost per Bitcoin self-mined increased significantly to $45,555 from $22,954 in Q2 2024 [8] Operational Highlights - TeraWulf's operational hashrate reached 12.2 EH/s, up from 8.0 EH/s in Q2 2024 [5] - The company is in advanced discussions to expand HPC hosting and has secured interconnection approval to draw 500 MW from the grid, with plans to increase this to 750 MW [9] Management Commentary - The CEO emphasized the company's commitment to developing scalable, sustainable digital infrastructure and highlighted strong demand from enterprise and hyperscale customers for low-cost, zero-carbon compute infrastructure [6][9] - The CFO noted that revenue from HPC hosting is expected to begin in Q3 2025, marking a significant inflection point for the company's financial profile [9] Liquidity and Capital Resources - As of June 30, 2025, TeraWulf held $90 million in cash and cash equivalents, with total outstanding debt of approximately $500 million [11] - The company reported a net loss of $18.4 million for Q2 2025, compared to a net loss of $10.9 million in Q2 2024 [20]
Hyperscale Data Reduces Debt by $25 Million, Strengthening Capital Structure and Bolstering Financial Flexibility Ahead of Michigan AI Data Center Expansion
Prnewswire· 2025-08-08 10:30
Core Viewpoint - Hyperscale Data, Inc. has successfully reduced its outstanding consolidated non-affiliated debt by approximately $25 million year-to-date, significantly improving its capital structure and positioning the company for long-term financial strength as it develops its AI data center in Michigan [1][2][3]. Debt Reduction and Financial Position - The $25 million debt reduction was achieved through repayments and strategic conversions, leading to lower leverage and improved liquidity ratios, enhancing the company's ability to access growth capital on favorable terms [2][3]. - This debt reduction is part of a broader strategy to build a financially resilient platform capable of supporting large-scale infrastructure development while delivering long-term value to stockholders [2]. AI Data Center Development - The company is advancing the development of its flagship AI data center in Michigan, which is expected to serve as a hub for enterprise-grade and hyperscale AI workloads [3]. - The Michigan facility, covering 617,000 square feet, aims to increase its power capacity to 70 megawatts (MW) over the next 20 months, with a long-term goal of reaching approximately 340 MW, contingent on agreements with local utility providers and securing funding [3]. Strategic Positioning - The company is positioning itself to be financially agile and operationally ready to meet the exponential growth in AI and compute-intensive applications, enabling it to attract strategic partners and optimize capital deployment [4]. - The divestiture of Ault Capital Group, Inc. is expected to occur in the first quarter of 2026, which will further streamline the company's focus on data center operations and high-performance computing services [6].
X @Bloomberg
Bloomberg· 2025-08-08 01:06
Meta has selected Pimco and Blue Owl Capital to lead a $29 billion financing for its data center expansion in rural Louisiana as the artificial intelligence race heats up https://t.co/kGYaXuveNv ...
Two Seas Capital, Core Scientific's Largest Active Shareholder, Announces Intention to Vote Against the Proposed Sale to CoreWeave
Prnewswire· 2025-08-07 17:30
Core Viewpoint - Two Seas Capital LP opposes the proposed sale of Core Scientific to CoreWeave, believing it materially undervalues the company and exposes shareholders to significant economic risk [1][4][6] Company Background - Core Scientific is recognized as a first-mover in building high-performance computing (HPC) infrastructure, particularly in the context of the growing demand for artificial intelligence (AI) [3][7] - Two Seas Capital has been a committed investor in Core Scientific since 2022, owning approximately 6.3% of the company, making it the largest active shareholder [2][16] Transaction Concerns - The proposed all-stock transaction lacks a protective structure for Core Scientific shareholders, leaving them vulnerable to CoreWeave's share price volatility [4][6] - The transaction is perceived to favor CoreWeave at the expense of Core Scientific shareholders, as evidenced by a 30% decline in Core Scientific's stock price following the announcement [6][9] Strategic Positioning - Core Scientific is positioned to benefit from the increasing demand for energy and compute infrastructure, with expectations of significant growth in the coming years [3][7] - Two Seas Capital is open to a merger but insists that any deal must reflect the strategic value of Core Scientific's assets [5][8] Shareholder Engagement - Two Seas Capital plans to vote against the transaction unless terms are revised to address perceived inadequacies and intends to solicit support from fellow shareholders [9][10]
Bowman(BWMN) - 2025 Q2 - Earnings Call Transcript
2025-08-07 14:00
Financial Data and Key Metrics Changes - The second quarter recorded a 17% increase in gross contact revenue, a 15% increase in net service billing, over 8% organic net service billing growth, and almost 51% growth in adjusted EBITDA [5][6] - Gross revenue and net revenue reached $122 million and $108 million respectively, with adjusted EBITDA of $20.2 million and a margin of $18.7 million, marking record-setting figures [6][7] - Adjusted EBITDA margin increased by 250 basis points year-over-year and is projected to be around 17% for the year [10][11] Business Line Data and Key Metrics Changes - Organic growth in net revenue was positive across all verticals, strongest in transportation at 21%, followed by natural resources and imaging at 19%, power utilities and energy at 5%, and building infrastructure at 4% [14][15] - The backlog at the end of Q2 was nearly $87 million, a 25% increase compared to last year and a 5% increase from Q1 [15] Market Data and Key Metrics Changes - The company is experiencing strong demand in transportation, renewables, and energy transmission, with record bookings well balanced across markets [5][6] - The influence of the data center market is growing, leading to increased demand for power generation, transmission, and consumption [22][23] Company Strategy and Development Direction - The company is focusing on capturing a larger share of the data center market by moving data centers into the power market sector and expanding service offerings through acquisitions [23][26] - A commitment of $25 million for innovation investment through the Bowman Innovation Growth Fund aims to enhance digital and data service offerings and create efficiencies [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the remainder of 2025 and early 2026, expecting a similar growth pattern to the previous year with momentum building through the second and third quarters [28] - The recent "One Big Beautiful" bill is expected to accelerate investment decisions and project pipelines, particularly in renewable energy [84][85] Other Important Information - The company maintains a healthy balance sheet with low leverage of 1.6 times trailing four quarters adjusted EBITDA and $108 million in net debt [15][16] - Cash flow from operations year-to-date is $16.3 million, reflecting a nearly 50% adjusted EBITDA conversion rate [16] Q&A Session All Questions and Answers Question: Can you talk about the Transportation segment and growth areas? - The company is seeing strong synergies from recent acquisitions and increased public spending, leading to wins in construction management and engineering services [30][31] Question: Can you provide more color on the Power and Utilities segment? - Energy transmission is significant for the company, with recent wins in power transmission and applications from the acquisition of Surdex [32] Question: Can you discuss operational capacity and areas of investment? - The company is focused on managing labor increases and investing in innovation to leverage workforce efficiency [34] Question: Can you elaborate on the updated outlook for the year? - The updated view implies improving margins in the second half, despite some inflationary pressure on labor [38][40] Question: How has the acquisition pace affected the organic business? - The slower acquisition pace has allowed the company to focus on organic growth and efficiencies, with plans to continue pursuing larger deals [57][58] Question: What is the impact of the One Big Beautiful bill on project pipelines? - The bill is expected to accelerate investment decisions and project activity, particularly in renewable energy [84][85] Question: What is driving growth in natural resources? - Growth is driven by the acquisition of Certex and increased work in high altitude orthoimetry and geospatial services [87]
EdgeMode Signs Non-Binding Term Sheet for $4 Million Convertible Note to Support Infrastructure Development and Growth Strategy
Globenewswire· 2025-08-07 13:22
Core Viewpoint - EdgeMode, Inc. has signed a non-binding term sheet for a $4 million convertible note financing to support the acquisition of Blackberry AIF and the development of digital infrastructure sites in Sweden, aiming for a target enterprise valuation of $1 billion [1][2]. Financing Details - The proposed convertible note will bear an interest rate of 8% per annum and mature 12 months after funding, with a conversion option available 180 days post-closing at a 35% discount to the average of the two lowest closing bid prices over the prior 15 trading days [3]. - EdgeMode retains the option to prepay the note at a premium of 120% within the first 90 days and 125% between days 91 and 180 [3]. Acquisition and Development - The anticipated capital will facilitate the acquisition of Blackberry AIF and enhance EdgeMode's asset base by approximately $140 million as new digital infrastructure sites in Sweden are brought online [2]. - The company is focused on developing high-potential infrastructure assets to significantly increase revenue potential and shareholder value [3]. Company Overview - EdgeMode, Inc. specializes in high-performance computing data centers, emphasizing energy-efficient colocation facilities for AI, machine learning, and cloud computing [5]. - The company is actively building scalable, sustainable data centers, starting with its flagship campus in Marviken, Sweden, supported by strategic partnerships and long-term energy contracts [5].
DigitalBridge (DBRG) - 2025 Q2 - Earnings Call Transcript
2025-08-07 13:00
Financial Data and Key Metrics Changes - The company reported fee revenue of $85 million for the second quarter, representing an 8% increase year-over-year [26] - Fee-related earnings (FRE) grew by 23% to $32 million compared to the same quarter last year [26] - Distributable earnings were negative $19 million due to a $40 million realized loss from an investment [27] - Fee earning equity under management increased to $39.7 billion, a 21% increase from the previous year [29] - The company maintained a strong balance sheet with approximately $1.6 billion in corporate assets [33] Business Line Data and Key Metrics Changes - The company raised $1.3 billion in new fee-earning commitments during the quarter, a 17% increase over the previous year [29] - The flagship DB3 strategy attracted $6.9 billion year-to-date, with a final close expected to exceed $7 billion [9] - The co-investment program saw fee rates increase by 30% year-to-date, averaging about 60 basis points compared to a historical average of 45 basis points [10] Market Data and Key Metrics Changes - The company is experiencing exceptional demand from limited partners (LPs) to invest in the digital economy, raising a total of $2.5 billion year-to-date [6] - The built and under-construction pipeline has grown to over 5.4 gigawatts, a 50% increase from the prior year [6] Company Strategy and Development Direction - The company focuses on three strategic pillars: fundraising, investing, and scaling [5] - New platforms, such as TACNOC and Yonder, have been established to address critical bottlenecks in the AI revolution [7][14] - The company aims to build predictable, recurring revenue for shareholders while addressing the growing demand for power and data center capacity [12][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in exceeding the $40 billion FEM target for 2025, driven by strong capital formation and investment strategies [11] - The demand for AI-related infrastructure is expected to continue growing, with significant capital deployment anticipated in the coming years [62] - The company is well-positioned to lead in the digital infrastructure space, with a focus on power solutions and data center capacity [39][62] Other Important Information - The company closed a multibillion-dollar acquisition of Yonder, enhancing its global hyperscale portfolio [15] - The company is committed to addressing the power crunch faced by customers, with a focus on developing power land and on-site dispatchable power solutions [44][46] Q&A Session Summary Question: Evidence of hyperscalers scaling up their focus on inference compute - Management indicated that they are in the early stages of inference workloads, with some customers starting to manifest these workloads in data centers [72][73] Question: How inference demand will drive financial results for Digital Bridge - Management noted that returns for inference workloads are expected to be higher than traditional training workloads, with significant interconnection capabilities being a key factor [79][80] Question: Strength in co-investment and future outlook - Management highlighted the importance of co-investment, noting that they have successfully attracted significant capital for large-scale projects, with expectations to exceed capital formation targets for the year [95][96]
Joule, Caterpillar, and Wheeler Announce an Agreement to Power America's Growing Data Center Energy Needs
Prnewswire· 2025-08-07 12:53
Group 1: Project Overview - The initiative aims to provide four gigawatts of energy to the Intermountain West, featuring advanced power and cooling solutions with a liquid cooling architecture [1] - The project includes 1.1 gigawatt hours of battery energy storage and diverse backup power generation sources, enhancing its reliability [1] - The collaboration between Joule, Caterpillar, and Wheeler focuses on delivering gigawatt-scale capacity efficiently to meet the growing demand for compute power [3] Group 2: Company Profiles - Joule Capital Partners is developing a super-compute-ready campus in Central Utah, designed for AI workloads, set to launch with gigawatt capacity in 2026 [4] - Caterpillar Inc. reported sales and revenues of $64.8 billion in 2024, positioning itself as a leading manufacturer in construction and mining equipment, and is committed to sustainability [5] - Wheeler Machinery Co. has been serving Utah since 1951, specializing in Cat power systems and has extensive experience in power plant construction [6][7]