Potential labor shortage threatens the speed at which new capacity can be brought online. Kate Rogers is in San Francisco and she has that story for us this morning. Kate, >> hi again.David, it seems like we're getting a data center announcement weekly at this point in the frenzy to help feed the need for AI demand. But as you mentioned, there's a glaring bottleneck here that predates the artificial intelligence boom, and that's labor. In manufacturing, construction, and electrical trades, there's an ongoin ...

Financial Performance - DigitalBridge reported fee revenues of $94 million for Q3 2025, representing a 22% year-over-year increase [4][26] - Fee-related earnings (FRE) grew by 43% to $37 million, indicating continued margin improvement as revenue growth outpaced expenses [4][29] - The company raised $1.6 billion in new capital during the quarter, bringing the year-to-date total to $4.1 billion [4][34] Business Line Performance - The company achieved a record 2.6 gigawatts of data center leasing in Q3, which accounted for one-third of total U.S. hyperscale leasing for the quarter [17][18] - DigitalBridge's fee-earning equity under management (FEEUM) increased to $40.7 billion, a 19% increase from the previous year [33] Market Data - The APAC data center market is projected to grow at double-digit rates, expected to reach $77 billion by 2030, driven by AI initiatives [47] - The company is positioned to capture significant market share in Asia Pacific, with strategic investments in key markets like Johor, Kuala Lumpur, and Sydney [50][56] Company Strategy and Industry Competition - DigitalBridge's strategy focuses on leveraging its power bank, which consists of over 20 gigawatts of secured power across its data center portfolio, to gain a competitive advantage in the AI infrastructure market [17][19] - The partnership with Franklin Templeton aims to democratize access to institutional-quality digital and energy infrastructure investments, targeting a $94 trillion global infrastructure need by 2040 [11][12] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in meeting or exceeding full-year objectives, highlighting the strong demand for digital infrastructure and the execution capabilities of the DigitalBridge platform [4][5] - The company anticipates continued robust leasing activity and capital formation, with a focus on expanding margins in co-investment programs [9][10] Other Important Information - DigitalBridge is launching new investment strategies, including a programmatic private wealth distribution channel in partnership with Franklin Templeton [10][11] - The company maintains a strong balance sheet with $173 million in available corporate cash, providing liquidity for future investments [32][34] Q&A Session Summary Question: Can you help us understand when unrealized carried interest is recognized? - Management indicated that carried interest is recognized at various stages, including when leases are signed and when data halls are delivered, with full realization taking three to five years [71][77] Question: What is your view on how new data center projects achieve stabilized capitalization? - Management noted that there is significant interest from real estate allocators in stabilized data centers, which are seen as low-risk investments with predictable cash flows [85][86] Question: Is the Franklin Templeton partnership a one-time initiative? - Management clarified that while the partnership is currently focused on a specific product, there are plans for additional partnerships in the future [108][109]

Core Insights - CleanSpark (CLSK) has acquired approximately 271 acres of land in Austin County, Texas, and entered into long-term power supply agreements totaling 285 megawatts to support a next-generation data center campus [1] - The acquisition positions CleanSpark to provide scalable, resilient, and energy-efficient capacity to meet the growing demand from AI, cloud, and enterprise workloads [1] - The site is strategically located on a regional fiber backbone and has strong grid infrastructure, with proximity to high-capacity natural gas pipelines, enhancing CleanSpark's diversification beyond bitcoin mining into high-performance computing [1] Acquisition Details - The purchase agreement involved a combination of cash and shares of CleanSpark's common stock at closing, with additional cash consideration contingent on post-closing events [1] - The land acquisition and power agreements are aimed at supporting the development of a data center campus that can cater to increasing technological demands [1] Strategic Positioning - CleanSpark's new site offers a favorable platform for industrial-scale behind-the-meter generation opportunities, which aligns with the company's strategy to diversify its operations [1] - The investment reflects CleanSpark's commitment to expanding its capabilities in the high-performance computing sector, responding to market trends in AI and cloud services [1]

Financial Performance - DigitalBridge reported GAAP net income attributable to common stockholders of $17 million, or $0.09 per share, for the third quarter of 2025[5] - Distributable Earnings (DE) reached $21.7 million, or $0.12 per share, in 3Q25[5] - Fee revenue increased by 22% year-over-year in 3Q25, reaching $93.5 million, driven by new capital formation from the DBP Flagship series[17, 43] - Fee-Related Earnings (FRE) grew by 43% year-over-year in 3Q25, amounting to $37.3 million[17, 43] - Fee Earning Equity Under Management (FEEUM) increased by 19% year-over-year, reaching $40.7 billion in 3Q25[43] - New capital formation during 3Q25 totaled $1.6 billion, primarily driven by new data center co-invest capital formation[18, 43] Strategic Initiatives and Investments - DigitalBridge exceeded its full-year FEEUM target, reaching $40.7 billion one quarter early[9] - The company achieved record leasing activity of over 2.6 gigawatts across its portfolio in 3Q25[9] - Total Capex of $14 billion is in-flight for 2025 across the AI ecosystem[22] - A strategic partnership with Franklin Templeton was launched to innovate distribution and target the private wealth channel, focusing on digital infrastructure, energy security, connectivity, and electrification[26, 30] - GIC and ADIA invested $1.6 billion to scale Vantage's APAC platform to 1GW, supporting the Johor campus acquisition and regional expansion[65]

Core Points - Digi Power X Inc. plans to announce its financial results for Q3 2025 on November 13, 2025, after market close, with an operational update on November 14, 2025, before market open [1] - A conference call to discuss the Q3 2025 results will be held on November 14, 2025, at 8:30 AM ET, where executives will review financial results and provide updates [2] Company Overview - Digi Power X is a U.S. developer of Tier III-grade high-performance computing infrastructure, focusing on modular AI data centers and sustainable energy asset expansion [3]

TeraWulf upsizes private offering to $900 million to fund Texas data center expansion https://t.co/loLEFPP2iq ...

Core Viewpoint - Bitfarms Ltd. is set to report its third quarter 2025 financial results on November 13, 2025, before market opening, with a conference call scheduled for the same day at 8:00 am EST [1]. Company Overview - Bitfarms is a North American energy and digital infrastructure company focused on building and operating advanced data centers and energy infrastructure for high-performance computing and Bitcoin mining [3]. - The company has a significant energy pipeline of 1.3 GW, with over 80% of its projects based in the U.S., strategically located in areas with strong access to power and fiber infrastructure [3]. - Founded in 2017, Bitfarms has established itself as a leader in digital infrastructure across the Americas, with headquarters in New York, NY, and Toronto, ON, and is publicly traded on both the Nasdaq and Toronto Stock Exchange [4].

Core Viewpoint - TeraWulf Inc. has announced the pricing and upsize of its offering of $900 million in 0.00% Convertible Senior Notes due 2032, aimed at funding a data center campus in Texas and general corporate purposes [1][3]. Group 1: Transaction Details - The offering consists of $900 million aggregate principal amount of Convertible Senior Notes, with a potential increase of up to $125 million if the initial purchasers exercise their option [7]. - The expected net proceeds from the offering are approximately $877.6 million, or about $999.7 million if the additional notes are fully purchased [3]. - The offering is set to close on October 31, 2025, pending customary closing conditions [7]. Group 2: Convertible Notes Characteristics - The Convertible Notes will be senior unsecured obligations, will not bear regular interest, and will mature on May 1, 2032 [4]. - The initial conversion rate is 50.1567 shares of common stock per $1,000 principal amount, equating to an initial conversion price of approximately $19.9375 per share, representing a 37.5% premium over the closing price of $14.50 on October 29, 2025 [5]. - Holders can require the company to repurchase their notes upon a fundamental change at a cash price of 100% of the principal amount plus any accrued special interest [8]. Group 3: Use of Proceeds - The net proceeds from the offering will be used to fund part of the construction costs for a data center campus in Abernathy, Texas, as well as for general corporate purposes [3]. Group 4: 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 [11].

Core Insights - The rise of AI and accelerated computing is viewed as a significant development, with skepticism about a potential bubble being dismissed as unfounded [2][11] - Companies like Kamico and Bloom Energy are highlighted as examples of firms that are successfully navigating the data center and clean energy markets, leading to substantial stock price increases [5][7] Company Analysis - Kamico, a uranium company, saw a 23% stock increase following a government partnership for an $80 billion nuclear buildout, driven by data center power demand [5] - Bloom Energy, which faced years of stagnation, reported a strong quarter leading to an 18% stock increase, establishing itself as a leader in clean energy solutions for data centers [7] Industry Trends - The data center buildout is creating significant investment opportunities, particularly in AI and clean energy sectors, with many companies working to innovate in power generation and data processing [2][8] - Speculative stocks are currently yielding high returns, suggesting a favorable environment for investors willing to take calculated risks [10][12]

Financial Data and Key Metrics Changes - Global Q3 revenues were approximately $2.32 billion, up 5% year over year [21] - Global Q3 adjusted EBITDA was $1.15 billion, approximately 50% of revenues, up 8% year over year [22] - Global Q3 AFFO was $965 million, up 12% year over year, significantly above expectations [22] - Monthly Recurring Revenue (MRR) churn in Q3 decreased to 2.3%, with expectations for Q4 to be within 2% to 2.5% [22] Business Line Data and Key Metrics Changes - MRR growth was 8% year over year on a normalized and constant currency basis [5] - Interconnection revenue grew 8% year over year to $422 million, driven by a 57% year-over-year increase in Equinix Fabric bookings [11] - The company closed over 4,400 deals with more than 3,400 customers in Q3, reflecting strong demand across various sectors [7] Market Data and Key Metrics Changes - The company achieved record annualized gross bookings of $394 million, a 25% increase year over year [5] - The demand for latency-sensitive AI and non-AI workloads has significantly increased, supporting data residency and sovereignty requirements [8] Company Strategy and Development Direction - The company aims to double its capacity by 2029, supported by recent land acquisitions in key metros [7][14] - The strategy includes three moves: Serve Better, Solve Smarter, and Build Bolder, focusing on customer value, simplifying solutions, and accelerating capacity delivery [9][11][13] - The company is actively pursuing land acquisitions to support over 900 megawatts of retail and xScale capacity [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand backdrop and the ability to secure future growth through strategic land acquisitions [18] - The company is focused on executing Q4 expectations and building momentum for 2026, with a strong pipeline for bookings [27] - Management noted that the pricing environment remains firm, with no dilution in pricing despite increased pre-sales activity [52] Other Important Information - The company has issued approximately $9.5 billion in green bonds, with $7 billion allocated to eligible green projects [23] - Capital expenditures for the quarter were approximately $1.14 billion, with a focus on opening new data centers and expanding capacity [24] Q&A Session Summary Question: How strategic are the new cloud on-ramps and what is being done to attract AI magnets? - Management highlighted the market-leading position in native cloud on-ramps and the importance of connectivity for enterprise customers [30] Question: Is the strength in pre-sales activity due to changes in the sales approach? - Management confirmed that the new pre-sales strategy has contributed to increased bookings and visibility for future capacity [40] Question: What is the current pricing environment and expectations for 2026? - Management indicated firm pricing and confidence in demand, with a focus on revenue execution and cost management for 2026 [48][52] Question: Can you provide details on the land acquisitions and their intended use? - Management stated that significant portions of the new land acquisitions in London and Chicago will be earmarked for xScale business [58] Question: What is the confidence level regarding power availability for xScale projects? - Management confirmed that all current xScale projects have secured power, indicating no constraints on development [87]