Company Overview - IREN Limited is a vertically integrated data center business focused on Bitcoin, AI, and other advanced computing applications, utilizing 100% renewable energy [3] - The company operates large-scale, grid-connected facilities strategically located in renewable-rich, fiber-connected regions across the U.S. and Canada [3] Financial Results Announcement - IREN will release its financial results for the fiscal year ended June 30, 2025, on August 28, 2025, at 5:00 p.m. Eastern Time [1] - A conference call will follow the financial results announcement, including a Q&A session for participants [2] Operational Capacity - IREN has secured 2,910 MW of grid-connected power across more than 2,000 acres in the U.S. and Canada, with a multi-gigawatt development pipeline [4] - The company operates 810 MW of data centers supporting three verticals: Bitcoin Mining, AI Cloud Services, and AI Data Centers [4] - IREN is one of the world's largest and lowest-cost Bitcoin producers, with an installed self-mining capacity of 50 EH/s [4] - The AI Cloud Services segment provides high-performance cloud computing to AI customers using next-generation NVIDIA GPUs [4] - IREN also specializes in the end-to-end design, construction, and operation of data center infrastructure tailored for AI workloads [4]

Core Insights - TeraWulf has executed an 80-year ground lease for approximately 183 acres at the Cayuga site in Lansing, New York, aimed at expanding its high-performance computing (HPC) and AI data center hosting capabilities [1][2][3] Group 1: Lease Details - The Cayuga Ground Lease grants TeraWulf exclusive rights to develop up to 400 MW of digital infrastructure capacity, with 138 MW of low-cost, predominantly zero-carbon power expected to be operational by 2026 [2][3] - The lease includes reciprocal purchase and sale options for $100 starting in year 50, indicating a long-term strategic investment [2] Group 2: Infrastructure and Energy Profile - The Cayuga site benefits from existing electrical infrastructure, an industrial-scale water intake system, and redundant fiber connectivity, essential for enterprise-scale computing workloads [2] - Nearly 90% of the electricity generation mix in Upstate New York comes from zero-carbon sources, providing TeraWulf with one of the cleanest energy profiles in the country [3] - Electricity costs at the site average below $0.05 per kilowatt-hour, supporting TeraWulf's low-cost operating model [3] Group 3: Financial Aspects - The transaction involves a consideration of $95 million in TeraWulf common stock and $3 million in cash to Cayuga's parent company, reinforcing alignment between management and shareholders [4] - The deal was approved by an independent committee of the Board of Directors, ensuring governance and fairness in the transaction [4] Group 4: Company Overview - TeraWulf specializes in developing, owning, and operating environmentally sustainable, industrial-scale data center infrastructure in the U.S., focusing on HPC hosting and bitcoin mining [5]

Core Insights - TeraWulf has established itself as a leading provider of hyperscale AI infrastructure through significant agreements with Fluidstack, anchoring approximately $3.7 billion in contracted revenues, with potential to reach $8.7 billion through lease extensions [1][3][12] Contractual Agreements - TeraWulf will provide over 200 MW of critical IT load at its Lake Mariner data center, designed specifically for liquid-cooled AI workloads, with a gross capacity of around 250 MW [2] - The agreements include two five-year extension options, which could increase total contract revenue to approximately $8.7 billion [3][12] Financial Backing and Equity - Google will backstop $1.8 billion of Fluidstack's lease obligations to support project-related debt financing and will receive warrants for approximately 41 million shares of TeraWulf common stock, equating to an approximately 8% equity stake [4][12] Deployment Timeline - The first phase of deployment, approximately 40 MW of critical IT load, is expected to be operational in the first half of 2026, with full deployment of over 200 MW by the end of 2026 [6] Leadership Commentary - TeraWulf's CEO emphasized the significance of this transaction in uniting capital and compute partners to deliver next-generation AI infrastructure powered by predominantly zero-carbon energy [7] - The CTO highlighted the facility's capabilities, including dual 345 kV transmission lines and ultra-low-latency fiber connectivity, tailored for demanding AI workloads [7] Transaction Highlights - The expected site net operating income (NOI) margins are projected at 85%, implying approximately $315 million annually [12] - The total project cost is estimated to be between $8 million and $10 million per MW of critical IT load [12]

Core Insights - DayOne, a Singapore-based global data center developer, is investing approximately EUR 1.2 billion in a hyperscale data center campus in Lahti, Finland, to enhance the country's digital infrastructure [1][7][8] Investment and Project Details - The Lahti data center will be built on a 98,901 square meter site, with a total potential capacity of 128 megawatts (MW) IT load, starting with an initial building of 50 MW IT load [3] - Construction is set to begin in Q3 2025, with operations expected to commence in 2027 [3] - The project aims to create 100 direct skilled jobs and employ 1,000 construction workers at its peak [6] Sustainability and Energy Efficiency - The data center is designed to achieve LEED Gold certification or higher, utilizing air cool chiller technology to eliminate the need for freshwater cooling [4][6] - DayOne is collaborating with local firms to leverage Finland's cool climate for energy efficiency and sustainability [4] - The facility will integrate with the local district heating system and explore waste heat reuse [5] Local Collaboration and Economic Impact - DayOne has entered a Growth Partnership Agreement with the City of Lahti and local institutions, committing EUR 2.5 million to LUT Universities [9] - The partnership focuses on aligning educational pathways with industry needs and fostering local talent development [10] - The investment is expected to significantly bolster Lahti's digital economy and contribute to job creation [6][8] Strategic Rationale - Finland is viewed as an ideal location for European growth due to its reliable energy infrastructure, renewable energy leadership, and skilled workforce [7][8] - Lahti's recognition as the European Green Capital 2021 aligns with DayOne's sustainability goals, making it a strategic choice for investment [8]

Project Overview - Samsung C&T 将在越南建造价值 13 亿美元的数据中心 [1] Partnership - Samsung C&T 是该数据中心项目的合作伙伴 [1]

Summary of Conference Call Notes Industry Overview - **Industry**: Data Centers in China - **Key Players**: GDS, VNET, Sinnet, DayOne Core Insights and Arguments - **Upcoming Earnings Reports**: China data center operators are expected to report 2Q25 results soon, with GDS and VNET anticipated to show revenue growth of +11% and +15% year-over-year respectively, and adjusted EBITDA growth of +6% and +21% year-over-year [1][3] - **Chip Supply Constraints**: There are expectations of soft order intakes due to chip supply constraints and reduced capital expenditures from hyperscalers, with Tencent's 2Q25 capex down by 30% quarter-over-quarter to US$2.66 billion, despite a year-over-year increase of +119% [1] - **C-REITs Performance**: Following the listing of China's first two data center C-REITs, the Southern GDS Data Center REIT and Southern Range Tech Data Center REIT saw share price increases of +37% and +36% respectively [1] - **Domestic Order Visibility**: Commentary on domestic order visibility for the second half of 2025 will be crucial for share price movements in the sector, especially in light of US chip export approvals and domestic usage caution from Chinese authorities [1] DayOne's Performance - **Growth Strategy Execution**: DayOne has made significant progress in its growth strategy, securing 974MW of total capacity in the SIJORI region, which is approximately 25% of the region's total capacity [2][20] - **Debt Financing**: DayOne raised nearly US$4 billion in debt and secured agreements for over 500MW of green power, indicating strong financial backing for its expansion [2] - **Construction Updates**: DayOne has commenced construction on the SG1 facility in Singapore, expected to be operational by 2026, and is also developing a data center campus in Tokyo with an initial capacity of 18MW [2][15] - **Regional Expansion**: DayOne is expanding into Thailand and Finland, with a combined potential addition of ~220MW to its committed capacity, bringing the total to ~750MW [2][15] Investment Ratings - **GDS and VNET**: Both companies are rated as "Buy" due to their strong market positions and growth potential [3][22][26] - **Sinnet**: Rated as "Sell" due to market share losses and limited demand recovery visibility [3][28] Additional Insights - **Cloud Revenue Growth**: Anticipated acceleration in cloud revenue from major players like Alicloud, Tencent Cloud, Baidu Cloud, and Kingsoft Cloud, projected at +21% year-over-year for 2Q25 [18] - **Market Dynamics**: The data center sector in Southeast Asia is expected to benefit from rising cloud penetration and expansion by US and Chinese hyperscalers, alongside increased demand for AI capabilities [9][15] Risks and Considerations - **GDS Risks**: Key risks include below-expected demand, slower overseas revenue ramp-up, and pricing pressures [23][25] - **VNET Risks**: Risks involve financing challenges, execution issues, and geopolitical uncertainties regarding AI [27] - **Sinnet Risks**: Limited demand recovery and market share erosion pose significant risks for Sinnet's future performance [29]

Core Insights - EdgeMode and Vertical Data are collaborating to build a 20-megawatt data center in Sweden focused on AI and high-performance computing workloads [1] - The partnership combines EdgeMode's sustainable infrastructure with Vertical Data's expertise in AI cluster design and GPU server supply [1] - The joint venture aims to provide a comprehensive solution for global clients seeking scalable, cost-effective, and environmentally responsible computing capacity [1] Company Overview - EdgeMode is leveraging renewable energy and immersion cooling in its data center infrastructure [1] - Vertical Data specializes in AI cluster design and offers flexible financing options for clients [1] Industry Implications - The collaboration is positioned to enhance the deployment of AI technologies by providing advanced GPU clusters and financing options [1] - The initiative reflects a growing trend towards sustainable and efficient computing solutions in the AI and HPC sectors [1]

Market Trends - Data center construction is about to surpass office construction for the first time in US history [1] - High rise office buildings in major US cities are selling for pennies on the dollar, indicating a significant decrease in value [1] Capital Transformation - Capital transformation from physical to digital real estate is underway, suggesting a shift in investment focus [1]

Core Insights - EdgeMode and Vertical Data have announced a strategic collaboration to develop a 20 MW AI-optimized data center in Sweden, focusing on high-performance computing and artificial intelligence workloads [3][4] - The partnership aims to combine renewable energy infrastructure with flexible financing solutions to enhance growth in the high-demand data center market [2][5] Company Overview - EdgeMode, Inc. specializes in high-performance, sustainable computing infrastructure, with a focus on energy-efficient colocation facilities for AI and cloud computing [7] - Vertical Data Ltd. provides integrated AI infrastructure and GPU financing solutions, including GPU hardware procurement and cluster design [10] Collaboration Details - The collaboration will leverage EdgeMode's Marviken Smart Energy Cluster, which features 95 MW of renewable power and advanced cooling technologies, alongside Vertical Data's AI hardware and financing capabilities [4][9] - The joint offering aims to deliver a comprehensive solution for global AI and HPC customers, facilitating scalable and cost-effective compute capacity [4][5] Market Strategy - Both companies will engage in joint marketing activities, including co-developing marketing materials and participating in industry events to promote the project [6][9] - The first customer-ready solutions are expected to be showcased at upcoming industry events, indicating a proactive approach to market engagement [6]

Market Dynamics & Industry Trends - Demand is outpacing supply in the computing infrastructure space, particularly for parallelized computing, driven by the traction in artificial intelligence for both training new models and inference [1][3][4] - The industry is experiencing a systemic imbalance, leading to a planetary-scale buildout of computing infrastructure expected to support AI for the next 50 years [8][9][10] - Inference demand is continually increasing and now accounts for over 50% of compute usage, while training demand remains strong [12][13][28] - The newest GPU architectures are used for bleeding-edge training, with prior generations being utilized for inference, showing a generational shift in usage [15] Company Strategy & Business Model - The company focuses on delivering comprehensive supercomputer solutions, emphasizing that delivering 97% is insufficient [4][5] - The company is diversifying its client base beyond hyperscalers like Microsoft and penetrating additional layers of the enterprise space, including VFX and life sciences [16][17][18] - The company structures its business around long-term contracts to insulate from short-term spot price variance in computing [25] - The company has seen a 900 basis points (9%) decrease in the cost of capital in its latest delayed draw facility for non-investment grade clients [26] Operational Challenges & Infrastructure - The key bottleneck is the powered shell, encompassing building, cooling, and electricity distribution [5] - The company anticipates facing a cycle of shortages, moving from powered shell bottlenecks to silicon or networking shortages [6] - Hyperscale clients are extending and broadening their contractual relationships, indicating a broader effort to address the systemic imbalance [22][23]