Summary of xA's Coossus 2 Conference Call Company and Industry Overview - The conference call focuses on xA, a company involved in the development of advanced data centers, specifically the Coossus 2 project, which is positioned as the world's first gigawatt-scale data center [1][2][14]. Key Points and Arguments 1. **Coossus 2 Project Launch**: The Coossus 2 project was initiated on March 7, 2025, with the acquisition of a 1 million square foot warehouse in Memphis and adjacent sites totaling 100 acres [18]. 2. **Cooling Capacity**: By August 22, 2025, xA had installed 11 air-cooled chillers, providing approximately 200 MW of cooling capacity, sufficient to support around 110,000 GB200 NVL72 systems [18]. 3. **Speed of Construction**: xA completed the Coossus 2 project in six months, a significant reduction compared to the 15 months taken by competitors like Oracle, Crusoe, and OpenAI [19]. 4. **Power Infrastructure**: The power infrastructure for Coossus 2 is being developed in Southaven, Mississippi, where xA acquired a former Duke Energy power plant and received temporary approval to operate gas turbines [24][31]. 5. **Partnership with Soaris Energy**: xA has partnered with Soaris Energy Infrastructure, which owns a fleet of 100 MW gas turbines, to enhance power generation capabilities [33][34]. 6. **Future Capacity Plans**: xA aims to scale its power capacity to over 1.5 GW, with plans to deploy additional turbines and infrastructure [40]. 7. **Funding Needs**: The required capital expenditures for Coossus 2 are projected to be in the tens of billions of dollars, raising concerns about xA's ability to generate meaningful external revenue [51]. 8. **Middle East Expansion**: xA is considering large-scale expansion in the Middle East, leveraging existing relationships with regional investors and potential funding sources [56][58]. Additional Important Insights - **Technological Edge**: xA is utilizing unique reinforcement learning methodologies that may allow it to surpass competitors like OpenAI and Anthropic in AI capabilities [14]. - **Internal Revenue Generation**: A significant portion of xA's revenue may come from inter-company transfers, raising questions about the sustainability of its revenue model [67]. - **Investor Sentiment**: There are challenges in justifying xA's valuation, which is nearing $200 billion, especially in comparison to competitors like Anthropic [58]. This summary encapsulates the critical aspects of xA's Coossus 2 project and its strategic positioning within the data center and AI industry, highlighting both opportunities and challenges ahead.