Brandon McBee

You have the data centers within it, et cetera.

And one of the latest ones we did was, as we call it, DDTL4.

This was an investment grade rated, first of its class.

No one had done this before for GPU financing, non-recourse HPC infrastructure financing.

And it got done at SOFR plus 225.

That is a phenomenal cost of capital for us and importantly,

we were able to bring in the insurance charge of capital, which is a massive charge of capital out there that is looking to do allocations into the space.

So we're kind of continuously making progress through these different stacks of capital and locking access to more and more types of investors.

That's why I've seen us move into the convertible note market, into the unsecured market as well, along with taking direct strategic equity investments.

But for us, it's

really important for the entire investor space to understand this business, because this business largely didn't exist before, right?

People weren't making loans into the hyperscale to go credit these buildups, right?

It's on CoreWeave, honestly, to be building this path into how do you finance the AI hyperscaler effectively?

And I think we've just done a terrific job of it over the past few years.

I think it's very much a timeline question that's out there.

Short term, no.

And let me offer why no short term.

And then I'd say maybe in the long term.

And it all comes back to fungibility, right?

If you think about gold, gold is defined by its chemical composition, right?