Financial Data and Key Metrics Changes - Revenue increased by 12.4% year on year, while adjusted EBITDA grew by 11.2% [7][17] - Adjusted EBITDA margin for Q2 2025 was 47.3%, down from 47.8% in Q2 2024 [18] - Net debt to LQA adjusted EBITDA decreased from 6.6 times at the end of Q1 2025 to 6.1 times at the end of Q2 2025 [24][25] Business Line Data and Key Metrics Changes - Gross new bookings in Q2 2025 were 23,000 square meters, primarily from traditional internet and cloud businesses [10] - DayOne added 246 megawatts of new commitments in Q2 2025, bringing total power committed by customers to over 780 megawatts [15][28] Market Data and Key Metrics Changes - The utilization rate reached 77.5% in Q2 2025 [8] - The implied cap rate for the C REITs IPO was below 5%, indicating favorable market conditions for asset monetization [8] Company Strategy and Development Direction - The company is focusing on asset monetization strategies, having successfully completed a C REITs IPO and a data center ABS transaction [8][14] - The company aims to develop 900 megawatts of power land for future development in Tier one markets, anticipating significant AI-driven demand [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in AI-driven demand over the medium to long term, despite current uncertainties in chip supply [11] - The company is prepared for future growth opportunities and has established a strong capital recycling strategy [14][75] Other Important Information - The company raised net proceeds of $676 million through convertible bonds and equity offerings, strengthening its balance sheet [7] - CapEx guidance was adjusted down from RMB 4.3 billion to RMB 2.7 billion due to proceeds from the Sea REIT transaction [22][23] Q&A Session Summary Question: Future strategy in asset monetization in China - Management indicated that asset monetization remains highly accretive for shareholders and is essential for future growth opportunities [31][32] Question: Development targets for DayOne - The company targets adding at least 500 megawatts annually, with a commitment to the market of at least 300 megawatts [35][36] Question: Customer profile and workloads - The customer base includes traditional internet companies and cloud service providers, with a mix of CPU and GPU workloads [40][41] Question: Impact of deconsolidation on guidance - Management acknowledged that deconsolidation of the C REIT will materially impact EBITDA but chose not to adjust revenue and EBITDA guidance at this time [63][64] Question: Growth expectations for next year - The company expects a reacceleration in revenue and EBITDA growth in Q2 and Q3 next year, driven by significant capacity deliveries [68][70] Question: AI orders and chip supply - Management noted that chip supply issues are currently limiting stronger bookings, but they remain optimistic about future demand [72][75]

Financial Performance - Total net revenue grew by 124% year-over-year to RMB 2,9003 million ($4049 million)[8] - Adjusted EBITDA grew by 112% year-over-year to RMB 1,3718 million ($1915 million) with a margin of 473%[8] - The company obtained RMB 4,451 million ($6213 million) of new debt financing/refinancing facilities[8] - The company raised net proceeds of $676 million in aggregate through CB and equity new issuance[8] Data Center Capacity and Utilization - New customer commitments (net) reached +14,398 sqm[8] - Total area committed increased by 81% year-over-year to 663,959 sqm[8] - Additional area utilized (net) was +16,763 sqm[8] - Total area utilized reached 479,186 sqm, a +141% year-over-year increase, resulting in a utilization rate of 775%[8] - Capacity in service reached 618,060 sqm with a total IT power of 1,326 MW[29] Backlog and Delivery - Backlog at 2Q25 was 184,773 sqm with approximately 35% scheduled for delivery in 2H25, 35% in FY26, and 30% thereafter[16] DayOne Updates - DayOne's net revenue reached $855 million, with an adjusted EBITDA of $297 million and an adjusted EBITDA margin of 347%[64] - DayOne's utilized IT power reached 213 MW[31] FY25 Business Outlook - The company projects revenue between RMB 11,290 million and RMB 11,590 million, implying a year-over-year growth of 94% - 123%[63] - Adjusted EBITDA is expected to be between RMB 5,190 million and RMB 5,390 million, representing a year-over-year increase of 64% - 105%[63] - Updated Capex (After ABS & C-REIT) is expected to be ~RMB 2,700 million, a (103%) decrease[63]

Core Insights - Flexential has secured approximately $1 billion in capital investment to enhance its data center development and meet rising demand from enterprise and AI customers [1][2][4] Group 1: Investment Details - The investment includes contributions from an oversubscribed continuation vehicle and GI Data Infrastructure, allowing existing limited partners to receive liquidity while providing Flexential with additional equity [1][2] - This funding will accelerate the development of next-generation data centers and strengthen Flexential's high-density colocation presence across the United States [2][4] Group 2: Market Position and Strategy - Flexential is recognized for its leadership in the data center market, supporting latency-sensitive enterprise, AI, and cloud workloads for a diverse base of blue-chip customers [3][4] - The company is addressing challenges such as low vacancy rates and high data center pricing by expanding its facilities and capabilities, including the FlexAnywhere® platform [4][5] Group 3: Future Growth and Operations - The new capital will enable Flexential to accelerate site acquisition, guarantee power commitments, and expedite project timelines, particularly in capacity-constrained markets [6] - Flexential's strategy is focused on delivering scalable, reliable, and interconnected services to meet the complex needs of organizations across the country [4][6]

Core Viewpoint - GDS Holdings Limited reported solid operational and financial performance in Q2 2025, with significant revenue growth and strategic milestones achieved, including the successful IPO of its C-REIT on the Shanghai Stock Exchange, positioning the company to capitalize on new business opportunities in Tier 1 markets driven by AI evolution [3][30]. Financial Highlights - Net revenue for Q2 2025 was RMB 2,900.3 million (US$ 404.9 million), representing a 12.4% increase year-over-year from RMB 2,579.6 million [4][12]. - Adjusted EBITDA grew by 11.2% year-over-year to RMB 1,371.8 million (US$ 191.5 million), with an adjusted EBITDA margin of 47.3% [12][19]. - Gross profit increased by 21.8% year-over-year to RMB 688.9 million (US$ 96.2 million), with a gross profit margin of 23.8% [5][6]. Operational Highlights - Total area committed and pre-committed increased by 8.1% year-over-year to 663,959 sqm as of June 30, 2025 [12][23]. - Area utilized rose by 14.1% year-over-year to 479,186 sqm, with a utilization rate of 77.5% [12][29]. - The area in service increased by 6.5% year-over-year to 618,060 sqm [12][24]. C-REIT IPO and Financial Flexibility - The C-REIT IPO raised gross proceeds of RMB 2,400 million, with GDS holding a 20% stake in the C-REIT [31][32]. - The C-REIT transaction is expected to enhance the company's financing flexibility and support its growth strategy [3][30]. Business Outlook - GDS confirmed its revenue guidance for 2025 remains unchanged at RMB 11,290 – RMB 11,590 million and adjusted EBITDA guidance of RMB 5,190 – RMB 5,390 million [35]. - The company revised its capital expenditure guidance for 2025 down to approximately RMB 2,700 million, reflecting adjustments due to the C-REIT transaction [36].

Core Insights - Vantage Data Centers announced an investment of over $25 billion to develop the "Frontier" data center campus in Shackelford County, Texas [1] - The campus will consist of 10 data centers with a total capacity of 1.4 gigawatts and is expected to employ over 5,000 workers during the construction and operational phases [1] - The project has already commenced construction, with the first building expected to be delivered in the second half of 2026 [1] Industry Trends - The surge in demand for artificial intelligence infrastructure is driving the development of large-scale data center projects [1] - Companies like OpenAI with ChatGPT and Google with Gemini require substantial computing power, increasing the demand for dedicated data centers [1] - Major tech firms, including Google, Microsoft, and Meta Platforms, are investing billions of dollars to expand and build new data center facilities [1]

Market Trends & Investment - Thailand's data center capacity is expected to triple in the next three years [1] - Approximately $6.5 billion (65 亿) investments are expected to pour into Thailand's data center sector [1]

Core Viewpoint - TeraWulf Inc. has announced an offering of $850 million in 1.00% Convertible Senior Notes due 2031, aimed at qualified institutional buyers, with the offering expected to close on August 20, 2025 [1][3]. Group 1: Transaction Details - The initial purchasers of the Convertible Notes have a 13-day option to purchase an additional $150 million [3]. - The expected net proceeds from the offering are approximately $828.7 million, or $975.2 million if the option is fully exercised [4]. - The Convertible Notes will accrue interest at a rate of 1.00% per annum, payable semi-annually, and will mature on September 1, 2031 [5]. Group 2: Use of Proceeds - Approximately $85.5 million of the net proceeds will be used for capped call transactions, with the remainder allocated for data center expansion and general corporate purposes [4]. Group 3: Convertible Notes Features - The initial conversion rate is set at 80.4602 shares per $1,000 principal amount, equating to an initial conversion price of approximately $12.43 per share, representing a 32.50% premium over the closing price of $9.38 on August 18, 2025 [6]. - The Company may redeem the Convertible Notes starting September 6, 2028, under specific conditions [7]. - Holders can require the Company to repurchase their Convertible Notes upon a fundamental change at a cash price of 100% of the principal amount plus accrued interest [10]. Group 4: Capped Call Transactions - The capped call transactions are designed to reduce potential dilution upon conversion of the Convertible Notes, with an initial cap price of $18.76 per share, representing a 100% premium over the last reported sale price [8][11]. - The Company expects to use part of the net proceeds from any additional Convertible Notes sold to enter into further capped call transactions [11]. Group 5: Company Overview - TeraWulf develops and operates environmentally sustainable, industrial-scale data center infrastructure in the U.S., focusing on high-performance computing and bitcoin mining [16].

Core Insights - TeraWulf's shares increased by 4.6% following significant investments from Google, indicating strong market interest in AI data centers [1] - The company has secured a deal with Fluidstack to provide 200 megawatts of compute power, highlighting its role in the AI cloud sector [2] - Google's financial backing has increased from $1.8 billion to $3.2 billion, which will support TeraWulf's data center expansion and enhance creditor confidence [3] Company Developments - TeraWulf is expanding its operations through a partnership with Fluidstack, which will enhance its computing capabilities [2] - The company is utilizing stock sales to raise $400 million in a private placement, which may dilute shareholder value [5] - Despite the growth opportunities, TeraWulf remains unprofitable and heavily reliant on debt financing, making it vulnerable to fluctuations in AI demand [5] Industry Context - The demand for AI computing power is outpacing supply, leading to a competitive environment for data center construction [5] - Companies like TeraWulf are positioned to benefit from this demand surge, although the high costs of expansion pose significant financial risks [5]

Core Viewpoint - Investors are primarily attracted to Applied Digital Corporation for its significant revenue growth rather than its current profitability [5]. Group 1: New Data Center Announcement - Applied Digital announced the construction of a new data center named "Polaris Forge 2," which is a $3 billion investment in North Dakota [3]. - The new data center is designed to operate at 280 megawatts of power to meet the increasing demand for AI computing [3]. - Construction is set to begin in September, with the facility expected to open in 2026 and reach full capacity by early 2027 [3]. Group 2: Business Prospects - The company has reported strong interest from multiple parties, including at least one U.S.-based investment-grade hyperscaler, to lease capacity at the new data center [4]. - Applied Digital has secured power through Cass County Electric Cooperative, ensuring operational readiness for the new facility [4]. Group 3: Financial Performance - Revenue for Applied Digital more than doubled last year and has increased by 1500% over the past two years [5]. - Despite the impressive revenue growth, the company is currently not profitable, with analysts predicting it will not achieve profitability before 2028 [5].

Core Insights - TeraWulf's stock increased by over 10% following Google's decision to raise its stake in the bitcoin miner and datacenter operator, as Google supports the expansion of TeraWulf's Lake Mariner facility in New York [1] - Google will provide up to $1.4 billion in additional funding, increasing its total investment to approximately $3.2 billion and raising its ownership stake in TeraWulf from 8% to 14% [1] - The agreement is seen as a strategic alignment between TeraWulf and Google to develop advanced artificial intelligence infrastructure [2] Financial Performance - TeraWulf's shares have surged about 90% over the past week, driven by the recent agreements and partnerships [2] - The company has secured two 10-year computing contracts with AI cloud provider Fluidstack, which will provide over 200 megawatts of capacity at the Lake Mariner datacenter [2]