Good day everyone. Welcome to the SharonAI second quarter 2026 conference call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. It is now my pleasure to hand the floor over to your host, Ross Barrows, Head of Capital Strategy and Investor Relations. Sir, the floor is yours. Good afternoon. Welcome to our earnings call to discuss SharonAI's operating results for the quarter ended June 30, 2026. Joining me today is James Manning, SharonAI's Chief Executive Officer, and Tim Broadfoot, SharonAI's Chief Financial Officer. I'll now take a moment to read the safe harbor statement. During the course of this conference call, we may make certain forward-looking statements within the meaning of the Federal securities laws, including statements regarding our expectations, plans, prospects, strategies, future operating results, and financial performance. Although they may reflect our current expectations and are based on our current view of the industry and our business, they are not guarantees of future performance. These statements are subject to risks and uncertainties that could cause our actual results to be materially different from those expressed in these statements and speak only as of the date of this call. For more details on factors that could affect these expectations and cause these differences, please see our most recent Form 10-K and Form 10-Q and other SEC reports filed with the Securities and Exchange Commission, and available on the SEC's website and in the investor relations section of our website. SharonAI undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information or future events. In addition, during this call, we may discuss certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP measures and related disclosures are available in today's earnings release and/or on our investor relations website. I'll now turn the call over to James. Hello everyone. Welcome to SharonAI's second quarter 2026 earnings call. I'm James Manning, CEO and co-founder of SharonAI. I'll begin with the highlights from the quarter and an overview of our market position. I'll then cover some of our recent customer wins. I'll talk about some of the additional capacity and our capital strategy moving forward. The central message from the quarter is that we have materially increased each of the three inputs required to scale this business: AI factory capacity, contracted customer demand, and capital. Let me give you the headline numbers first. I'll unpack them. As of today, we have 212 MW of total secured AI factory capacity across Australia and New Zealand, which is an upgrade of 80 MW from our last guidance of 132 MW. 120 MW are contracted through multi-year take-or-pay agreements. I'll expand further on the updated capacity shortly. We expect to have more than 64,000 NVIDIA GPUs deployed by mid-2027. We've raised approximately $2.2 billion of capital since December 2025. We've executed roughly $8.8 billion of total contract value year to date. Three months ago, our portfolio was comprised of 100 MW of capacity and $2.2 billion of TCV. The contracted book has grown by roughly four times, and our secured capacity has more than doubled since. That demonstrates both the strength of demand and our ability to expand our supply to meet it. On customers, the standout is a six-year strategic compute collaboration with NVIDIA, worth $4.9 billion in total contract value. Alongside that, we have signed a five-year take-or-pay agreement with a global AI lab worth $1.32 billion and a five-year take-or-pay agreement with a global technology company worth $950 million. A few days ago, we secured a five-year take-or-pay agreement with a global AI platform worth $373 million in TCV. Notably, this is a B300 deployment with a record price of over $4 per GPU hour. On platform, we have a growing pipeline beyond our announced capacity. We've expanded our partnership with VAST Data to 600 PB of storage commitment, providing sufficient backend infrastructure support continued growth of up to 100,000 GPUs. On capital and governance, we completed a $1.6 billion oversubscribed financing round in June, which followed a $350 million convertible note in April. We've made three significant leadership appointments. Anuj Goel, formerly of Macquarie Group, joins as our CFO. Melissa Anastasiou joins as our Chief Legal Officer. Andrew Penn has been appointed as a Non-Executive Chairman of the Board. Bringing in senior leadership of Andrew, Anuj, and Melissa's caliber strengthens our governance and ability to execute SharonAI, as SharonAI enters its next phase of growth. I'm delighted to welcome the multiple new team members we have added across the organization, including technical, operations, and sales to the team. SharonAI is a leading Australian NeoCloud and trusted AI infrastructure partner. Sharon is purpose-built to power the next generation of artificial intelligence and high-performance computing. We do so through our partner-led ecosystem, enabling our customers to confidently build, train, and deploy AI that drives productivity, innovation, and growth for their customers and themselves. What that practically means is we design and operate AI infrastructure optimized for large-scale training, inference, and high-performance compute. We deliver GPU-as-a-service, AI platform layers, and high-performance storage as one integrated solution. We serve enterprise, government, hyperscaler, and AI natives. I'm often asked why are we well-positioned. I like to think of it this way. Our NVIDIA Cloud Partner status supports our prioritized access to NVIDIA's latest generation of GPUs. Our networking storage and orchestration are purpose-built for AI and HPC workloads. Our Australian/New Zealand-hosted sovereign infrastructure is particularly relevant to regulated and data sensitive customers in the region. Our capital-efficient deployment model is built around partnering with leading data center operators to deploy their Tier 3 and Tier 4 facilities. By co-locating with the improved data center infrastructure, we accelerate our deployment, reduce capital requirements, and minimize the development risks associated with greenfield builds. Finally, while we're headquartered in Australia, our customers are global. Our contract wins this year emphasize just that point. I said last quarter that we solve for 1P and that's scarcity. Using that framework, which hasn't changed, I'd argue this quarter has validated it on all four fronts. From a GPU allocation, timely access to NVIDIA's GPUs remains one of the most critical constraints in this market. Manufacturing constraints and demand from hyperscalers continue to limit the supply available to everyone, and emerging providers are facing long lead times. Our NVIDIA Cloud Partner status, and now a six-year collaboration with NVIDIA, puts us in a unique position to provide access to AI compute. Power. High-density GPU clusters need substantial, reliable power. However, ready data center sites with source power are becoming increasingly scarce due to grid constraints and long regulatory queues. Our multi-site data center relationships underpin our secure capacity, which has now grown to 212 MW. On the regulatory front, data residency and sovereignty requirements are becoming increasingly important across a number of markets. That trend supports our locally hosted model, and we extend our footprint this quarter with our first New Zealand facility. Finally, on capital and talent. Executing in this market takes significant capital and highly specialized HPC talent. Our successful capital raisings to date address the first issue, and our senior hires, as I mentioned earlier, address the second, in addition to our ongoing technical team build-out. Let me spend a bit more time on NVIDIA and our relationship. This is a first-of-its-kind partnership, six years and initial 72 MW, 40,000 GB300s, and $4.9 billion of minimum revenue, or an average of $817 million of revenue per annum at the implied base rates. This partnership does two things. It expands our ability to provide compute access to the broader AI ecosystem, namely AI natives and enterprise customers. It reinforces supply certainty at scale through the NVIDIA Cloud Partner program. The other thing we've seen it do is reaffirm to our partners globally that Sharon is a regional leader in AI compute. We are well positioned to expand our megawatt and GPU opportunities throughout the region with the support of all our partners and including NVIDIA. Next, I want to be clear about how this works commercially, because I think it's been misunderstood based on some of the commentary we've seen. Under the agreement, NVIDIA provides a six-year anchor commitment. That commitment helps de-risk the capital investment by providing NVIDIA guaranteed minimum revenue stream for the initial six-year period of the hardware deployed. This is viewed very favorably by debt providers who help fund the substantial capital investment in the GPUs and the associated infrastructure as they can bank the guaranteed revenues in their models. The pricing under this agreement is guaranteed as minimum only. That is, it provides a floor, not a ceiling. We expect to secure customers for a significant portion of the GPU capacity at prices above the guaranteed minimum. In those cases, we retain 100% of the anchor price and then share the incremental revenue above it. Importantly, NVIDIA will share in this incremental revenue too, which creates a new strategic alignment with NVIDIA who are incentivized to support us to both deliver a premium GPU service and to source and secure higher rate paying customers to maximize the share of the incremental revenue. Importantly, if we perform successfully under the initial 40,000 GB300 allocation, we believe there may be an opportunity to expand the program over time. On the contracting model itself, not much has changed from what I described last quarter, but it's worth reiterating. Here's an example showing what a contract might look like. In month one, the customer contracts and prepays an amount. That prepayment lets us submit the purchase orders for the specific GPUs and networking infrastructure in a way that reduces our upfront capital outlay. Over months one to four, we receive and install the hardware. The GPU and the other hardware is delivered within three to four months, and final payment lands on delivery, and installation and configuration takes two to four weeks. From month five onward, we recognize monthly revenue on reserved capacity for the full term. For a take-or-pay contract, we are paid irrespective of whether they use the compute 100% of the time or 40% of the time, which gives us real clarity on the expected revenues. At the end of the term, depending on tenure, there might be several years less useful economic life. We can recontract or sell to the on-demand market. The question we get asked the most is whether customers actually recontract. I'd like to point out a few things. Data gravity, or moving petabytes between clouds is a real switching cost, not moving compute. The 600 PB committed under the expanded VAST Data partnership is there for customers to grow into. Second, the platform itself. Because networking, storage, and orchestration are chained to each workload, switching means rebuilding and revalidating their stacks. Third, the time to compute, because redeploying elsewhere means a multi-month hardware and deployment lead times all over again for the customer. Finally, the upgrade path. Because as an NVIDIA Cloud Partner, we have priority access to generational upgrades of future GPU allocation. We can save the customer from joining the queue for scarce supply. Who are our partners? We see our partner ecosystem as a unique differentiator. We orchestrate a best-in-class ecosystem around a single AI cloud platform, compute, data, networking, data centers, procurement and installation, and hardware lifecycle support. We don't need to own every layer. Instead, we combine leading technologies and infrastructure partners within a single SharonAI platform. That model is designed to support faster deployment and more capital-efficient growth. To name a few, NVIDIA is our primary supplier of compute. NEXTDC is our primary supplier of data center capacity. Recently, our agreement with VAST has notably strengthened our storage strategy. We can't forget World Wide Technology, which is our exclusive APAC procurement, testing, and implementation partner. It's also worth calling out that this partnership approach has had two big impacts. One is that this results in lower operational risk, greater market validation, and credibility. Two, that our internal technical headcount does not need to scale as fast as some others as they internalize these capabilities. Now to capacity. This is a piece of news I want to make sure doesn't get lost today. Since our last capacity update, we executed an additional 80 MW in Australia, taking our total secured AI factory capacity to 212 MW. To put that trajectory in context, we had 54 MW at the start of the year. We have therefore increased our secured capacity roughly four times year to date while accelerating customer wins. Demand has consistently run ahead of what we can supply. Having 92 MW of secured available capacity heading to the back half of this year is exactly the strong position we wanted to be in. Pipeline isn't just a number, it's a commitment to deliver compute online. I'm pleased to confirm that we have successfully handed over a B300 cluster to one of our customers this month as well. We are actively focused on our next deployments of both B300 and GB300 equipment into the balance of this quarter and into early quarter four. If you look at how the contracted revenue book has built throughout the year, it's a fairly steep line. We started Q1 with Kanda, GMI, and ESDS with a $1.3 billion of total TCV. In May, we announced a global technology company with a major Asia -Pac presence for a further $950 million. In June, NVIDIA for $4.9 billion. In July, the Global AI Lab for $1.32 billion. Just a few days ago, we signed another agreement with a global AI platform for $373 million. That takes us to roughly $8.8 billion of total contracted value for the 120 MW of contracted capacity, which leaves us with 92 MW available to sell. Finally, it's worth turning to our capital strategy. We've secured approximately $2.2 billion of cash since December 2025. That includes the recent $1.6 billion strategic financing closed in the second quarter. The June financing was oversubscribed and led by a cohort of top-tier institutional funds, and we remain grateful to their ongoing support. Many of you will have joined the call today, and we appreciate your continued support and suggestions as we work to deliver our GPUs to customers. I'll now close with four points on our outlook. First, demand continues to materially outpace supply, and we've secured 212 MW of capacity for deployment by the end of 2027, while our contracting visibility now extends out through to 2031. Second, we're well-funded for our near-term build-out following the $1.6 billion financing and other capital raises to date. Third, we expect the first material revenue to commence in the fourth quarter of 2026 as large-scale B300 and GB300 deployments come online. Fourth, we are targeting more than 64,000 GPUs deployed by mid-2027 across our footprint in Australia and New Zealand. We've made significant progress in a short period of time, but the hard work is still ahead of us as contracted revenue becomes recognized through execution, delivery, and operating at the high standards our customers expect. That's what the next 12 months is about, and I'm confident in our ability to deliver. Finally, on a personal note, I wanted to take this opportunity to thank Tim Broadfoot, our CFO, for his work in getting to Sharon where it is today. This will be Tim's last 10-Q, and we look forward to a new school joining our team and leading the next call. Tim will continue consulting the company for a period, and we wish him all the best in the future. Operator, please open the line for some Q&A. Certainly. At this time, we will be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please while we poll for questions. Your first question for today is from Darren Aftahi with Lucid Capital Markets. Hey, guys. Thanks for taking my questions and congrats on all the progress. Just two, if I may. The additional capacity, the 80 MW you guys added this morning in the release, is that source coming from a same partner you're working with or is it a new partner? Second question on the NVIDIA partnership, the 72, any updates on releasing that? With that question on the release, are conversations with customers, I assume, in the ballpark of where your latest contract was north of $4 GPU hour? Thanks. Thanks, Darren. James. New partner solution for the additional 80 MW. Fairly confident around some early megawatts potentially as early as late this year, but definitely in Q1 next year. Good to unlock some capacity there, and delivery through 2027, from that perspective. The 80 MW is in Australia, and there's some strategic activities we're focused on around that capacity. At this time, it's probably not appropriate to give you much more detail on it. As we've been through the whole history to date, it's been about adding consistently megawatts across partners and delivery modules to get them online and get those programs working. With respect to your second question, for the customer demand on the AICP program that we've been running for the 40,000 GPUs. I'd point you to the announcement. Just this week, we sold that capacity for record dollars per hour or price per megawatt hour, depending on both ways you think about it, for both B300 and GB300. That's the demand profile we're seeing, and the pricing mechanisms that we're having with our pricing discussions we're having with our current customers. We are seeing quite a constrained market ultimately, for access to GPUs. With those constraints, we're out at being able to incrementally increase those price per hour that we're getting. Appreciate it. Thank you. Certainly other thing is I'd say, based on the customer demand profiles we're seeing, we'd expect that strong pricing to continue throughout the year. Your next question is from Brett Knoblauch with Cantor Fitzgerald. Hey, guys. Thank you for taking my questions. Related to kind of the NVIDIA contract, I know it's quite unique there. Congrats on adding the additional capacity in Australia. What is your priority, to resell the potential, the backstop capacity from NVIDIA, or to sell the remaining capacity or the remaining 92 MW that you have? Is there a preference for what would come first or what would NVIDIA want first? How should we think about that? Great question. We often talk about our sales cycle, Brett, and that's probably the way we think about this. When I talk about the program that we've got currently going to resell the space in Melbourne, that's compute that's very well designed. We have a very clear path about how we're going to build that out, what the compute form is going to be, when it's coming online, all the RFS dates are done. We know with that knowledge, we can start giving customers RFS dates and contracts. Short term, we're very focused on the resale of that NVIDIA capacity. There's a lot of deals there for AI natives, and we're seeing a lot of demand in there. The program really put us on the map globally for a lot of other customers that we didn't historically have relationships with. We've got some great relationships, which are giving us really good insight to then the other capacity that we've just announced. Quite often, I've spoken about this on several calls, but key to us is when we get capacity online and we know we've got energy or white space, we then have to go through a design process to get the right form factor of compute to then be able to take that out to customers. We're early in the journey on the additional megawatts, but we are already having those conversations with those customers. One of the great things we're seeing out of the resale process on the AICP is we're talking to these AI natives, and they're looking at what's the rest of your capacity? What are you saying to our sales guys? What are you seeing for 2027? What are you going to have online for 2028? We're getting a lot more further out insight as to what customer demand profiles are looking like. They're all asking for it. They're like, "Can we guarantee if we get 5,000 GPUs out of the 40,000 on this, can you guarantee us some 5,000 or 10,000 in your next bit of capacity that you're going to be building out?" That's amazing from a forecasting perspective. It gives us a lot of confidence, but it also enables us to start to talk to those customers about specifically what they're looking for. Are you looking for a cluster with more storage next time? We can do a bit more planning. Having released that additional capacity publicly and now being able to talk to customers about where we see that pipeline and what's publicly available as pipeline, and then when we talk to them about what's not publicly available as pipeline. It's very helpful overall from an organizational perspective about planning overall capacity and how we're thinking about growing the business. Awesome. No, very helpful. On contract duration, if I look at all the contracts you've signed, maybe absent some of the really small ones, it's been five years, except for NVIDIA at six. Is there a target duration you're looking for when you do ultimately get into the reselling the NVIDIA capacity? Is it more one, two years? Is it shorter? Is there a target duration that we're thinking of? Look, we're largely being driven by customers on that component and that conversation. I think every customer, it's a bit of a balance between price and duration. Every customer would love to have the longest term they can, is the general conversation we're having with them. The demand we're seeing is in a three to five-year range. They all want to lock up as much as they can. We're trying to find a balance, book, where we take the limited resource of 40,000 GPUs and split it between a mix of three to five-year contracts. Also, depending on what we see that customer's forward demand profile or curve is, thinking about how we match those things across future demand as well. What we want to try and do is find those customers that we can expand, not just so once we've landed a customer, how do we expand the customer? Because it's a lot easier once you've got that customer on your books to expand those relationships. Yeah, that makes sense. Maybe just one follow-up from me. If I do some back- of- the- napkin math here on the storage with your partnership with VAST, it's about 100,000 GPUs, which is about similar to how much megawatts you've now secured from the 80. At what point would you look to expand that, just ahead of additional capacity ramp in the future, or are you thinking about that yet, or is that still a bit of a ways out? Oh, great question. We always like to leave a few breadcrumbs in an announcement, is the way we like to think about it. I think those early indications of where we're thinking as we sign those deals, like the one we did with VAST, was a good indicator about where we were thinking the business was going and where we thought we'd be announcing our megawatts as we came into this period. We're always in discussions with VAST. They've been an amazing partner. So we are looking at how we expand that storage. The other thing I'd just say more broadly on storage is, we've seen huge customer demand and shifts in the storage dynamic. That is as to how we design a facility, how we turn on a facility, is changing those dynamics as well as we're realizing with customers, we need to be able to take more storage into a design beyond the standard three petabytes per 1,000 GPU sort of reference architecture. Customers are looking for more storage. As we think about that, the recent $1.32 billion contract was 10 PB of storage per 1,000 GPUs. Now that's a material upgrade from three. That means you have to think about storage capacity, that additional loads, traditionally they're air-cooled loads, attaching to our GB environment. There are mixes here that we have to start considering as we're seeing these shifts in storage. Awesome. Really appreciate it. Thank you, guys. As a reminder, if you would like to ask a question, please press star one. Your next question for today is from Michael Donovan with Compass Point. Hey, guys, this is Ian Generous calling in for Michael Donovan. Congrats on the continued progress and signings. My first question, I just wanted to ask, your partnerships now include NVIDIA, Dell, VAST, and a number of data center operators. Can you talk about how those relationships support the growth strategy from here, whether that's validating next gen GPUs and what kind of line of sight they give you into future demand? Yeah. I think the demand cycle we're seeing from our partner networks, partners are obviously referring us business. That's very helpful. When we start to talk to our supply side on demand, we're definitely hearing about supply constraints in market, where their customers are experiencing demand. What we're hearing through supplier relationships with the Dells, with the Supermicros, with the Lenovos, is an overwhelming story of large demand. When we talk to our storage customer partners like VAST and so forth, we hear about what they're doing in storage and what other NeoClouds and other people in the space are doing. Really, by using this partner network, it's all about lowering our execution risk. Everyone's got to have a relationship with an OEM, when we have a relationship like at WWT and we have those relationships with the data center operators, it just lowers our overall net operating risk. We get a lot of the customer referrals through those channels. From that perspective, it's absolutely fantastic, that partner-led model. Working within the ecosystem, you get a lot of insights as to those changes in customer profiles, and how we need to be thinking about them before they necessarily need to be implemented in our business as well, because like we've just mentioned before, 10 PB per 1,000 GPUs. I'm sure VAST will tell someone else they need to start thinking about more storage per 1K customers for some of their other customers. That may not necessarily be true for their customers today, but it is true for what we're experiencing. That information flow through the network is very valuable over time, I think. That's very helpful. Thank you. As a follow-up, as those conversations extend into the next generation, how are you observing pricing dynamics on Vera Rubin? Are customers engaging on Rubin commitments today for late 2027, 2028 deliveries? How do you see pricing trending relative to GB300s, for example? Yeah. We haven't started pricing Vera Rubin, but we are seeing extraordinary amount of demand for it. We are now actively having the capacity, as I sort of said. We go through design phases once we secure capacity, and we work through those design phases to go to the Design Review Board with NVIDIA around certain specific capacity and compute workloads. That's when we then have those customer conversations for that specific compute demand in that location. That said, a lot of early demand for Vera Rubin. Those customers that we're talking to on AICP are saying, "Well, what's your late 2027 VR capacity? How are we going to get some of that? Can you promise us some of that? Can we get our hands on it?" We are working through where the Vera Rubin deployments will be for us in maybe late 2027, early 2028. Customers are already looking for us to secure and lock in those deliveries for them ultimately. We're very conscious of that in the way we're thinking about data center procurement and data center capacity procurement and design for implementation as well. That's great to hear. Thank you for taking my question and keep up the good work. Anytime. Thank you. Your next question for today is from Jonathon Higgins with Unified Capital Partners. Hi, guys. Thanks for taking the time today. Congratulations on the momentum. Just a couple from me today. Just firstly, just on capacity, you're sort of averaging about $1 billion in TCV being signed, or if not more every month, and the deal frequency is getting better or getting more frequent, sorry. How do you sort of strategically think about that capacity? You've raised it today to obviously 200 or above. How should we think about that probably into 2028 and what you're seeing on the demand side of things? Yeah. Capacity is a great question, we're thinking about how we grow. We haven't provided guidance out through 2027, 2028 for additional megawatts than what we've done, obviously, to market. We've taken an approach where once we announce some capacity, we're very focused on designing and delivering that capacity, allocating that capacity to customer contracts. To your point, there is a bit of momentum there. We are contracting at a faster rate. We're trying to focus on those customers that can grow with us and bringing on good quality, high-quality customers that will take up that capacity. I'd expect you'll see in the forward period us announcing some customer contracts which will be attached to that capacity that we've already got locked up under AICP. You'll see some recontracting of some of that capacity from our perspective. There's a little bit of that for us to work through over the forward period. We're going to be starting to work through, again, the outlook capacity that we've got coming up. There's a few 1K clusters and some smaller clusters for us to contract and announce as well that we're very focused on from a deployment perspective. Bringing that all together, I'm not going to promise you the same momentum or the same pace, but we do have quite a lot of customer conversations that are very materially advanced for the existing AICP cluster. We are starting to have those early conversations about the larger announced capacity when that's coming online and so forth. We've got to go through, as I alluded to earlier, we've got to finalize those designs so we perform factor the delivery dates and work with our OEM partners around that delivery. We confirm up the RFS dates. We want to get customers on those GB300s. We want to deliver that in 2027. We want to make sure we're there for those customers for VR in 2028. How we mix and match all of those. Obviously, we're going to need additional capacity. We're very clear that we are ambitious about growing those things. I've always said this is a customer-led journey in many ways. We're matching our capacity to our customer demands and making sure that we're comfortable that we can finance those and get those things deployed in appropriate time frames. Yeah, I understand, sort of stepping through it. Just another one. You sort of talk about the sovereign sort of capability of the group, the demand that's in Australia, New Zealand, and part of Asia Pacific. Can you talk about that, like give us an idea of what the demand is or the shortages are out of ANZ and Asia versus, say, like what you're seeing in the U.S.? Like, are they having a greater inability to be able to source the compute than what you're seeing in, say, the U.S. market, which is obviously experiencing shortages as well? I think the entire market's constrained to start with. It doesn't matter whether we're talking to customers that are in North America or in Asia or Australia, the entire market is constrained. When you start talking to any of the customer conversations that we're having, it's for hundreds of thousands of GB300s just on this AICP program. We've got 40,000. We've got a multiple of the cluster that we have in demand. That's why these conversations and releasing some additional capacity and announcing that is very useful because what we can start to talk to is, "Hey, yeah, we can give you 5,000 or a number of the 40,000 GPUs, and we can work with you on this additional capacity for 2027. We can work with you for this in 2028." Those conversations are giving customers a pipeline, making sure they've got access to compute, and democratizing that access and making sure we've got a lot of customers on it because we want to broaden the base ultimately of customers on the compute. We're not just focused on those, but also the smaller 1K clusters, those customer contracts, because as you land those and expand them out, finding lots of customers on 1K or half K clusters and the ability to grow out that is very important for us as well. Look, I think, the only other thing I'd say is the demand from both U.S. and Asia is equally strong. We're very focused on having that balanced customer book. We are very much prioritizing those customers that we think have got strong growth profiles, so we can expand those relationships over multi-year terms. Excellent. I might just take one more if that's okay. Just more on the financial side of the business. I mean, the financing, as you say in your release, you're talking about you've got a lot more dry powder than you had at the start of the year. With the NVIDIA deal and the movement that we've seen in sort of financing and the like, can you talk about how you're sort of seeing the IRRs in the business? You don't need to necessarily call up a number, how are you seeing them and where the cost of finance has moved for you guys and the ability to access that over the last sort of several months from the last quarter? I think what we did in the last quarter had been phenomenal, and we're very thankful for our ongoing shareholder support, with the $1.6 billion raise, and Oaktree's earlier one for the convertible note. They were all instrumental steps for us to grow this business. I think, we have been very lucky that we've had that level of support from equity markets and the trust in us delivering that story has been given to us. On the debt markets piece, we're very advanced on debt facilities across the business. We'd expect to be coming to market and exploring and explaining some of those solutions that we've got near term. I won't bid against myself, Jono, and tell everyone where we are on pricing and so forth on this call, we are seeing really strong, and you can see that at the top line. You can see that in the price per megawatt or price per GPU hour. We're seeing very strong pricing on the compute side that's reflective to the strong customer demand, and that's reflecting in very strong IRRs, which is supportive of a debt environment ultimately. We've just recently concluded our full technical diligence for lenders and we got through all of that in very short order and in very good order. We're very comfortable about delivering now on that program. Thanks, guys. Your next question is from Fedor Shabalin with B. Riley Securities. Thank you very much, operator, and good time of day, everyone. My question is kind of a follow-up of the first two questions that have been asked. On the NVIDIA partnership, and the GB300 capacity under the management, what kind of customers are you targeting to fill that capacity, and can you frame how much of it you expect to be contracted, like take-or-pay versus sold on demand? Is there a preference here? Related to that, does the mix skew differently by customer type, like hyperscaler versus enterprise, and how does that affect the GPU hour rates you're underwriting? If you can comment on what the deployment schedule looks like for these 40,000 GPUs, that would be super helpful. Thank you very much. Well, thanks for the question. No, always happy to give you the breakdown. For the AI natives that we're seeing on the AICP program, I think you can expect the vast majority of them will be the more take-or-pay. Who are they? They're various model builders, inference providers, and we'll be deploying that over the first half of 2027. That compute will be online. We are seeing there'll be a little bit of spot, but the vast majority will be, as I alluded to earlier, those three to five-year terms on a take-or-pay basis. Very focused on those customers that we can grow with. I think the great thing for us is they've been a really good way for us to get that early conversation about what they need elsewhere in our capacity pipeline for 2027. We're seeing those AI natives all wanting to lock up as much compute as possible for as long as possible. The overwhelming comment is, "Can we have more? And can we have term?" We're trying to balance that against what we can see is clearly a constrained market, and matching all those components so we can continue to grow and execute, but also know that it's fully deployed. We don't have that huge customer churn across the platform. Because while you might look at doing some of those customers on spot and we'll have a portion of the market in spot, it's a lot easier to have those customer relationships. The egress that we talk about for storage, when you're at 4,000 or 5,000 GPUs, it is a bit of work, egressing a customer on and off on a network at that scale. It makes a lot of sense to keep them locked in for a bit more term versus a short-term spot for that sort of stuff. If it's the inference stuff, we're going to see that inference can come and go a lot faster. A lot of the AI natives are looking for a longer-term solution with a bit more storage deployment. We're looking to ensure that we've got deployment over, half one 2027 with full billing on our latest in Q3 across that cluster. That's helpful. My follow-up is, you've guided to revenue ramping materially from third quarter this year through 2027. My question is, what's the biggest swing factor that could push that ramp, like into 4 Q? For example, if ESDS, if I recall correctly, service start date is September 16th. Just want to figure out what could potentially happen, or you can just reassure us that this is a starting date. Great question. We've got RFS dates from a data center perspective. We obviously rely on our data center partners to make sure they do their delivery. We are carefully tracking and monitoring our supply deliveries, so those deliveries are Supermicro, for instance. If you say what are the risk factors, it's hardware delivery and data center readiness. They're the two ones, and their third-party supplier relationships. We'll have a very solid Q4. We believe that it's an end of Q3 turning on, so Q4 would be where you materially see that revenue ramping. As I sort of alluded to on the call, we've delivered the B300 to that customer. We're mid-quarter now, so you'll see a full month and a bit of billing in Q3 for the B300 as well. That's all starting to ramp. You'll see as we get the hardware deployed and we were out looking at the site last week, physically the data centers look like they're in good order. We're getting through those processes and deployment. We've just got to get their compute online and get it delivered and get it online, and then hand it over to the customer. I think you'll see a solid Q4 result on those numbers. Thank you very much for that. I promise this is the last one. You raised the mid 2027 GPU target and secured capacity multiple times since June. Just a question, is that upward revision being driven by signed contracts pulling capacity forward or by anticipated demand ahead of signed paper? What conditions make you confident to raise a contracted megawatt target, if it will happen? Thank you. I think, the customer demand's definitely there. The data center delivery piece, we're very confident of looking at the, from our perspective, how we look at those things being built and delivered. We can see that the data centers can be built and delivered in that timeframe. The 64,000 GPUs that we're talking about is contracted demand by mid-2027. We're very comfortable about that. We don't have an issue with that. It's really then how we think about, what else are we delivering in 2027? We upgraded the 80 megawatts today, and we'll look to update additional megawatts in the future. As you know, we've been slowly building this story out. It doesn't feel so slow when you're inside the business, I can assure you. We're constantly adding people and team to make sure that we can deliver. That's really important. We moved from 132 MW- 212 MW by the end of 2027 today. I just point back to our history from where we came through from the beginning of the year, I know there's a slide in the deck about how we've upgraded megawatts. I'm not going to promise you I'm going to upgrade at that rate all the way through for my 2027 turn-on dates, we are very focused on how we expand our 2027 opportunity. We've 4x-ed capacity in sort of eight months across the business. I don't know if I can promise you a 4x capacity in the next eight months, we're going to work really hard to add capacity. We've got to do it in a measured way. We have to make sure that the customer are signing contracts, we have to make sure the financing for each of these sort of deals are in place before we just go and sign up. We're not going to go YOLO capacity, without having the right dynamics in place, both around the customer and the financing economics are in place to do this. Thank you for all the details, continue and best of luck. Great. Thank you very much. I think that concludes our call today. I just wanted to say thank you for all our shareholders, and everyone that was on the call and listened to us. Importantly, I wanted to say thank you to our team. They continue to execute. We got that B300 on this recently, and we're moving to deliver the next batch of compute. It's really important our team hears my thanks for delivery, because 2026 and 2027 will be the year about delivery for us. I just want to reiterate from a closing position, we're both well-positioned financially and operationally to continue to grow the APAC story, both Australia, New Zealand, Asia- Pac markets across the balance of the year and beyond. We just wanted to thank everyone for their support and time again today. Thank you. This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.