capacity
Contracted-power guidance
4.0 GWto5.0 GW
+1.0 GWThe year-end contracted-power target increased by 1.0 GW. Contracted power is not yet connected or active.
Q2 2026 shareholder letterEarnings changes
A mechanical before-and-after view. It includes only observations with usable source records and removes values marked as placeholders.
2026-Q1 compared with 2026-Q2
4
publishable changes
Updated 12 Aug 2026
funding
Deferred revenue
$4.8Bto$6.0B
+$1.2BCustomer cash booked against future delivery increased before the related revenue was recognised.
Q2 2026 financial results, balance sheetdilution
Shares outstanding
253,898,194to271,855,218
+17,957,024A higher share count reduces each existing share’s percentage claim on the business.
Q2 2026 financial results, outstanding sharesrevenue
Annualized run-rate revenue
$1.9Bto$3.0B
+$1.1BARR is the final month’s revenue multiplied by twelve. It is not recognised revenue for the quarter.
Q2 2026 shareholder letter