Core Viewpoint - Bitfarms Ltd. has announced a plan to redomicile from Canada to the United States, which is expected to enhance long-term shareholder value and align with the company's strategic focus on high-performance computing (HPC) and artificial intelligence (AI) infrastructure development [1][2][3] Group 1: US Redomiciliation - The Board of Directors has unanimously approved the US Redomiciliation plan, which requires shareholder, stock exchange, and court approvals [1][2] - The new parent company will be formed under Delaware law and will operate under the name Keel Infrastructure [3][4] - The US Redomiciliation is anticipated to be completed around April 1, 2026, pending necessary approvals [8] Group 2: Strategic Focus and Benefits - The transition to the US is aimed at expanding access to capital, increasing eligibility for index inclusion, and simplifying the company's narrative for U.S. investors [3][5] - The company emphasizes its shift from being a Bitcoin-focused entity to an infrastructure-first developer for HPC/AI data centers across North America [4] - The US Redomiciliation aligns with Bitfarms' commitment to convert to U.S. GAAP, further supporting its strategic focus on U.S. operations [5] Group 3: Financial Position and Debt Management - Bitfarms has announced the full repayment of its $300 million debt facility with Macquarie Group, which strengthens its balance sheet and provides financial flexibility for future projects [11][12] - As of February 5, 2026, the company holds $698 million in net liquidity, primarily in unrestricted cash and some bitcoin, allowing for the retirement of the debt facility while maintaining capital for ongoing developments [12][13] Group 4: Operational Continuity - The US Redomiciliation is not expected to impact existing operations or facilities in Canada and the United States, as Keel Infrastructure will continue the current business activities of Bitfarms [6]

Core Viewpoint - Hyperscale Data, Inc. reported total assets of approximately $323 million and net assets of about $125 million as of January 31, 2026, indicating a strong balance sheet position and intrinsic value per share [1][3][4] Financial Position - The estimated total assets of Hyperscale Data equate to approximately $0.90 per share of Class A common stock, while the estimated net assets equate to approximately $0.35 per share [1] - The company's cash and Bitcoin holdings are valued at approximately $97 million, representing a significant portion of total assets [2] Business Operations - During Q4 2025, the company expanded its digital asset holdings, invested in high-performance computing infrastructure, and optimized its capital structure [3] - Hyperscale Data operates a data center through its subsidiary Sentinum, focusing on mining digital assets and providing colocation and hosting services for AI ecosystems [6] Strategic Initiatives - The company is pursuing a divestiture of its subsidiary ACG, expected to occur in Q4 2026, which will allow it to focus on data center operations and digital asset holdings [7] - ACG is involved in various industries, including AI software, social gaming, and private credit, contributing to the company's diversified growth strategy [7] Shareholder Information - On December 23, 2024, the company issued one million shares of Series F Exchangeable Preferred Stock to common stockholders, which will be exchanged for shares of ACG upon the divestiture [8]

Core Viewpoint - Senator Josh Hawley is advocating for a new bill that mandates data centers to self-supply their electricity when constructing new high-energy facilities, aiming to prevent cost transfer to consumers and protect households from rising electricity prices [1] Group 1: Legislative Proposal - The proposed legislation directly addresses the core issue of the U.S. electricity market, where large data centers consume power far exceeding the current grid capacity, leading to significant price increases for local residents [1] - The bill requires new data centers to implement a "behind-the-meter" power supply arrangement, meaning they must generate their own power and cannot pass energy costs onto consumers [1][2] - This legislative move could fundamentally alter the investment and operational models of the U.S. data center industry, especially as demand for AI and cloud computing surges [1] Group 2: Power Supply Models - The core demand from lawmakers is to establish a responsibility mechanism of "who uses electricity, who generates electricity" [2] - The "behind-the-meter" model is seen as a direct way to alleviate taxpayer burdens by physically isolating corporate electricity use from residential use, ensuring that data centers' energy consumption does not strain existing grid resources [2] - An alternative "front-of-the-meter" model allows data centers to self-generate power while still utilizing the local grid for transmission, which could shorten the operational timeline for facilities [3] Group 3: Market Context - The legislative initiative arises amid growing resistance to new data centers across the U.S., with increasing studies linking electricity price surges to data center construction [4] - The root of the problem lies in the mismatch between supply and demand, where a gigawatt-scale data center can consume power that far exceeds the grid's capacity, leading to local power shortages and price hikes [4] - Lawmakers aim to resolve the supply-demand imbalance by mandating data centers to either self-generate power or fund grid upgrades, ending the reliance on public grid resources that inflate residential electricity prices [4]

We need data centers, but would you want to live next door to one. Here in Abalene, Texas, a mammoth complex is being built. It's one of the data centers springing up to feed the vast computing needs of AI.Developers say the site covers an area bigger than New York's Central Park. Inside, racks of computers will help power Stargate, an AI initiative whose backers include Open AI. This project isn't unique.Across the US, data centers are being built at great speed. Elsewhere, supercomputing hubs are forming ...

Core Viewpoint - Computing power is becoming a crucial element in the competition among nations, especially in the construction of AI infrastructure, leading to a significant increase in demand for green electricity and a focus on reliable and stable energy sources [1] Group 1: Development of Computing Power in Ningxia - Ningxia has been approved to build a national hub node for the integrated computing power network, incorporating the "East Data West Computing" project as a major initiative, with policies aimed at technological innovation, investment, and talent cultivation [1] - By the end of 2025, Ningxia will have established 10 large and super-large data center parks, with the scale of intelligent computing ranking seventh in the country [2] - The region has built 24,000 5G base stations, achieving 100% coverage in administrative villages, and has completed the deployment of 400G optical transmission systems [4] Group 2: Green Energy Initiatives - Ningxia's renewable energy installed capacity exceeds 60%, with a utilization rate of 94%, the highest in Northwest China [4] - The first large-scale "computing power and electricity integration" project in the country has been launched, with a green electricity supply of 2 million kilowatts, expected to reduce carbon emissions by approximately 3.3 million tons annually [6] - The project aims to support the region's goal of achieving "zero-carbon computing power" and establish a new model for the coordinated development of green energy and the digital economy [6] Group 3: Infrastructure and Technological Advancements - China Telecom's Ningxia company has developed a robust intelligent computing cloud base, enhancing infrastructure and exploring development paths for the "East Data West Computing" strategy [6] - The China Unicom Ningxia cloud data center is positioned as a core node for the national strategy, with plans for significant expansion and innovative cooling technologies to achieve a PUE of below 1.1 [13] - The China Communications Construction Group has opened the largest data center in Ningxia, focusing on green efficiency and supporting national computing power demands [14]

MUFG plans to hire bankers to arrange financing deals for data centers as Japan’s biggest bank jumps on the AI boom https://t.co/Ezm3Hy1AMQ ...

Core Insights - 2025 was a transformative year for Digital Realty Trust, Inc., marked by record financial performance and significant growth in bookings and backlog, driven by increased demand for data center capacity due to AI adoption and cloud scaling [1][2][18]. Financial Performance - The company reported core FFO per share of $1.86 for Q4 and $7.39 for the full year 2025, reflecting a 10% increase over 2024 [3][26]. - Total bookings exceeded $1 billion for the second consecutive year, with a record backlog of nearly $1.4 billion [2][22]. - Revenue and adjusted EBITDA showed strong double-digit growth, supported by robust leasing activity and a significant backlog [18][19]. Market Demand and Strategy - Demand for data center capacity remained strong, particularly in the zero to one megawatt interconnection category, which saw bookings of nearly $340 million, a 35% increase from 2024 [6][21]. - The company’s strategy focused on a global connectivity-rich platform, operational excellence, and disciplined capital allocation, which has gained momentum [5][10]. - Hyperscale leasing exceeded $800 million in 2025, indicating strong and durable demand in this segment [7][19]. Product and Service Expansion - The company expanded its PlatformDigital into 31 countries and 56 markets, enhancing its service offerings and interconnection capabilities [6][11]. - The adoption of the private AI exchange platform is growing, enabling enterprises to connect compute data and models across various environments [8][9]. - Investments in APAC markets, including Indonesia and Malaysia, have strengthened the company’s presence in fast-growing regions [10][11]. Operational Highlights - The company maintained a leverage ratio below five times and significant liquidity of nearly $7 billion, positioning itself well for future investments [18][32]. - Development CapEx for 2025 reached $3 billion, with a robust pipeline of projects underway, totaling over $10 billion [29][30]. - The company is transitioning its reporting metrics to focus on power-based metrics, aligning with its operational strategy [28][29]. Future Outlook - Guidance for 2026 indicates core FFO per share growth of 8%, with expectations for total revenue and adjusted EBITDA growth exceeding 10% [34][35]. - The company anticipates continued strong demand for AI-specific services and infrastructure, with a focus on delivering AI-ready solutions in key markets [14][35]. - The backlog provides strong visibility into future revenue, with $634 million of leases scheduled to commence in 2026 [24][36].

Financial Data and Key Metrics Changes - Total revenue for Q2 FY 2026 was $184.7 million, a decrease of 23% compared to the prior quarter, primarily due to lower Bitcoin mining revenue [19][21] - Adjusted EBITDA declined mainly due to reduced Bitcoin mining revenue, partially offset by lower payroll tax accruals and power costs [20][21] - The company recorded $31.8 million in mining hardware impairment associated with the transition to AI cloud, compared to $16 million in the prior period [21] Business Line Data and Key Metrics Changes - AI cloud revenue is accelerating as deployments ramp, with significant growth expected from the commissioning of new GPUs at the Prince George site [19][22] - The company has secured $2.3 billion of annualized revenue run rate under contract, including approximately $0.4 billion at Prince George, which is expected to increase as negotiations finalize [16][17] Market Data and Key Metrics Changes - The company has secured underwriting commitments for $3.6 billion of GPU financing at an interest rate of less than 6%, covering 95% of GPU-related CapEx for the Microsoft contract [5][23] - Demand for AI cloud services remains strong, with multiple advanced negotiations underway for larger scale deployments [6][16] Company Strategy and Development Direction - The company focuses on a vertically integrated model, controlling the design, build, and operation of its data centers, which enhances cost management and service quality [11][14] - The strategy revolves around the "three Cs": capacity, customers, and capital, which reinforce each other to support growth [8][26] - The company aims to scale into one of the world's largest AI cloud platforms, leveraging its secured power and operational capabilities [10][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing transition to AI cloud, expecting subsequent quarters to reflect a growing contribution from AI cloud revenues [22] - The company anticipates reaching a targeted $3.4 billion annualized revenue run rate by the end of 2026, utilizing only about 10% of its secured power capacity [17][27] Other Important Information - The company has secured a new 1.6GW site in Oklahoma, expanding its total secured power to over 4.5GW, which is crucial for future growth [6][14] - The company has a strong cash position of $2.8 billion and has secured $9.2 billion from various financing sources to support growth [24] Q&A Session Summary Question: Update on ERCOT batch processing and its impact on Sweetwater - The company believes Sweetwater will likely be included in the batching process, securing the full 2GW of power [31] Question: Thoughts on verticalized AI cloud versus colocation - The company sees AI cloud as capturing more value than colocation, with higher returns per megawatt [33][36] Question: Update on energization dates for Sweetwater - Sweetwater One is on track to energize in Q2, with customer engagement expected to improve due to the batching process [51][52] Question: Revenue recognition timeline for contracted revenue - Revenue from Prince George is already operational, while the Microsoft contract will come online progressively throughout the year [55] Question: Pricing environment for cloud deals compared to colocation - The company is seeing strong demand and is open to longer contract tenors, with a focus on maximizing the value of each megawatt [60][61]

Financial Data and Key Metrics Changes - The company reported Core FFO per share of $1.86 for Q4 2025 and $7.39 for the full year, representing a 10% increase over 2024 [5][25] - Core FFO per share grew by 8% year-over-year in Q4 2025, reflecting strong core growth and continued growth in fee income [19][25] - Same capital cash NOI growth was 8.6% year-over-year in Q4, driven by an 8.2% increase in data center revenue [26] Business Line Data and Key Metrics Changes - The 0-1 MW-plus interconnection product set posted nearly $340 million in bookings, a record and 35%+ increase over 2024 levels [9] - The company signed leases representing $400 million of annualized rent in Q4, with strong demand for both larger capacity blocks and smaller colocation capacity [20] - The 0-1 MW-plus interconnection category set a new quarterly leasing record of $96 million, 7% higher than the previous record [21] Market Data and Key Metrics Changes - New leasing activity was particularly strong in the Americas, accounting for 65% of bookings in Q4 [20] - Interconnection bookings increased by 22% year-over-year, driven by record bookings in EMEA and momentum within the ServiceFabric product [22] - Hyperscale leasing exceeded $800 million in 2025, indicating strong demand in the Americas [10] Company Strategy and Development Direction - The company aims to evolve its funding strategy to support the growth of hyperscale data center capacity, with over $3.2 billion in LP equity commitments to its closed-end fund [6][31] - The strategy focuses on a global, full-spectrum, and connectivity-rich platform, emphasizing operational excellence and disciplined capital allocation [8] - The company is expanding its footprint in the APAC region, with recent investments in Indonesia and Malaysia to strengthen its presence in fast-growing markets [12][80] Management's Comments on Operating Environment and Future Outlook - Management noted that data centers have gained prominence due to accelerated AI adoption and cloud platform scaling, with power becoming a primary constraint in the industry [8] - The company anticipates continued strong demand for cloud and AI services, with infrastructure needs evolving to support low-latency, secure, and cost-efficient AI workflows [15] - Management expressed confidence in the company's ability to meet future demand, citing a robust backlog of nearly $1.4 billion [23][33] Other Important Information - The company plans to enhance its reporting by transitioning to power-based metrics, aligning occupancy reporting with IT load [26] - The total development pipeline is valued at over $10 billion, with an expected stabilized yield of 11.9% [29] - The company raised EUR 1.4 billion in a dual tranche green Eurobond offering to support its capital needs [30] Q&A Session Summary Question: Insights on hyperscaler activity and bookings - Management noted a significant increase in hyperscaler demand, particularly in Northern Virginia, Charlotte, Atlanta, and Dallas, with customers looking further out for power capacity [38] Question: Context around inference scaling in 2026 - Management indicated that both hyperscale and enterprise businesses are seeing increased demand for AI-related capacity, with a mix of cloud and AI use cases becoming a priority [41] Question: Impact of industry capacity growth on bookings - Management stated that while there is a significant amount of capacity coming online in 2027 and 2028, demand remains strong, and the company is well-positioned to meet this demand [66] Question: Disconnect between public and private data center valuations - Management discussed that asset mix influences valuations and emphasized the company's strong backlog and execution, which positions it well for future growth [72][74] Question: Investments in new markets and interconnection-focused facilities - Management highlighted strategic acquisitions in Malaysia, Indonesia, and Portugal, focusing on network-dense, highly connected assets to support growth [78]

Financial Data and Key Metrics Changes - The company reported Core FFO per share of $1.86 for Q4 2025 and $7.39 for the full year, representing a 10% increase over 2024 [5][25] - Core FFO per share grew by 8% year-over-year in Q4 2025, reflecting strong core growth and continued growth in fee income [20][25] - Same capital cash NOI growth was 8.6% year-over-year in Q4, driven by an 8.2% increase in data center revenue [26] Business Line Data and Key Metrics Changes - The company signed over $1 billion in new leases for the second consecutive year, with bookings of $1.2 billion in 2025, nearly 70% above the average of the previous five years [9][20] - The 0-1 MW-plus interconnection product set posted nearly $340 million in bookings, a record and 35% higher than 2024 levels [9][20] - The greater-than-1 MW category saw $78 million in bookings, with pricing remaining strong at over $180 per kilowatt [22] Market Data and Key Metrics Changes - Demand for data center capacity remained robust, particularly in the Americas, which accounted for 65% of bookings in Q4 [21] - The company expanded its footprint in the APAC region, entering Indonesia and acquiring a highly connected data center in Malaysia [12][78] - The total backlog reached a record of nearly $1.4 billion at year-end, reflecting strong data center fundamentals [23] Company Strategy and Development Direction - The company focuses on a global, full-spectrum, and connectivity-rich platform, emphasizing operational excellence and disciplined capital allocation [8] - The strategy includes expanding into emerging markets and enhancing interconnection capabilities to support AI and cloud demands [12][78] - The company aims to deliver AI-ready infrastructure in tier-one metros, addressing the growing demand for AI inference workloads [11][16] Management's Comments on Operating Environment and Future Outlook - Management noted that data centers have gained prominence due to accelerated AI adoption and cloud platform scaling, with power becoming a primary constraint [7][8] - The outlook for 2026 anticipates continued growth in cloud and AI demand, with expectations for total revenue and Adjusted EBITDA growth of over 10% [33] - Management highlighted the importance of securing power capacity and maintaining a strong track record of on-time delivery to meet customer needs [17][66] Other Important Information - The company raised EUR 1.4 billion in a dual tranche green Eurobond offering to support its growth strategy [30] - The balance sheet remains robust with nearly $7 billion in liquidity and approximately $15 billion in dry powder for hyperscale data center development [31] - The company plans to enhance its reporting metrics to focus more on power-based metrics, aligning with how the business is managed [26] Q&A Session Summary Question: Insights on hyperscaler activity and bookings - Management noted a significant increase in hyperscaler demand, particularly in Northern Virginia, Charlotte, Atlanta, and Dallas, with customers looking further out for power capacity [36][38] Question: Context around AI inference scaling - Management indicated that both hyperscale and enterprise businesses are seeing increased demand for AI-related infrastructure, with a notable rise in enterprise AI use cases [41][42] Question: Impact of industry capacity growth on bookings - Management expressed confidence in continued strong demand despite upcoming industry capacity growth, emphasizing their proactive development strategy [65][67] Question: Disconnect between public and private data center valuations - Management discussed the importance of asset mix in valuation discrepancies and highlighted their strategy to leverage both private and public capital for growth [69][72] Question: Investments in new markets - Management explained their strategy of acquiring highly connected assets in emerging markets like Malaysia and Indonesia, focusing on interconnection capabilities [77][78]