Brandon McBee

I don't think we're supposed to be supporting just one or two companies.

Seeing the inference aspect of it really emboldened investors, but that was really just January or maybe late Q4 where you started seeing this just massive inflection of demand driven by inference.

For us, it's tough for me to speak about other companies, but for us, why have we been underwritten

at such scale and at a decreasing cost of capital, I think it goes back to that track record of execution, right?

It's just the market has watched us execute and watch us deliver on these contracts.

And the way, and tell me if I'm going into too much detail here, but the way that we finance our business, you kind of break it into two broad buckets, right?

You have parent co-financing and asset co-financing.

And asset co-financing is

is where all of the GPUs get financed, right?

It's where all of our client contracts sit.

And we can take these financings and put them into STDs, or we'll just call it a box, so to say.

And you- Sorry, keep going.

We put them into STDs.

And these STBs, they have the infrastructure, they have the data center costs, and they have the debt agreements within them.

And so you're able to pair this five-year take-or-pay contract to an amortization schedule on the debt, and you have the revenue come into the box, pay down the amortization schedule, pay down the operating costs of the data center,

And it still contributes a, it has a 25% contribution margin of profit up to the parent code, right?

Like these are highly profitable agreements down in the SPV stack.

And so you take that SPV out to the credit market and say,

look at this instrument.

It's a discrete set of contracts with counterparties, like entities who want to consume GPU compute.