Customer commitments
as of 30 Jun 2026 · Q2 2026 shareholder letter
as of 30 Jun 2026 · Q2 2026 shareholder letter
Disclosed backlog by counterparty credit
Computed over $36.4B of individually disclosed commitments, not the full $40.0B book, so these shares are an upper bound on concentration, not the whole picture.
as of 30 Jun 2026 · Q2 2026 shareholder letter
as of 30 Jun 2026 · Q2 2026 shareholder letter
Customers
Multi-year capacity agreement of $17.4B through 2031, expandable to $19.4B, served from Vineland NJ.
$12B of dedicated capacity, plus up to $15B of additional available capacity across upcoming clusters.
AI infrastructure agreement valued at approximately $3B over five years.
One of four landmark Q2 2026 mid-term deals, each above $1B total contract value at $20–25M per MW.
One of four landmark Q2 2026 mid-term deals, each above $1B total contract value at $20–25M per MW.
Frontier model developer. One of the four landmark Q2 2026 mid-term deals, above $1B total contract value.
Large US-based quant firm. One of the four landmark Q2 2026 mid-term deals, above $1B total contract value.
Commitments convert to revenue only as capacity comes online. They set a ceiling on near-term growth, not a forecast. Credit tiers are this site's classification from public information, not a rating.