Dan Letter

And we have deep relationships with these hyperscalers.

We have a fortress of a balance sheet.

And every megawatt we can deliver over the next three years is in some sort of lease discussion right now.

And we have 5.7 gigawatts of power that we control or are in its advanced stages.

No, that's not the case.

Just the next three years of power that we can deliver.

These hyperscalers, these major data center users are heavily focused on near-term power.

And we're focused on delivering power much longer beyond that.

And so we're certainly in discussions beyond that next three years.

And that's where this 5.7 gigawatts of power will come in.

So we've secured 1.8 gigawatts, and then we have 3.9 gigawatts that we call in the advanced stages, which means it's a year or two behind.

But again, think of the universe of opportunities we have behind that 5.7, which is just the size of our platform.

Absolutely.

We are working.

And remember, we're a global company.

As you said, we're in 20 countries.

And so we're working around the tier one, tier two markets in the United States.

We work around the flap D markets in Europe.

And we're starting to see it actually in Latin America and Japan as well.

Well, as it relates to logistics real estate, again, it's 3% to 5% of the overall cost.