{
  "as_of": "2026-10-22",
  "verification_date": "2026-10-23",
  "verification_scope": "Targeted republication check of pre-cutoff primary records; not a new market update or exhaustive contract census.",
  "units": "USD nominal; capacity boundary and dates retained per row.",
  "unknown_policy": "Null numeric fields and UNKNOWN text mean not established, not zero or absence.",
  "chart": {
    "title": "Selected lease revenue proxies",
    "subtitle": "Average undiscounted initial-term expected contract value per critical IT kW per month; not observed starting rent or NUAI pricing",
    "method": "initial_tcv_usd / (initial_term_years * contracted_critical_it_mw * 1000 * 12)",
    "eligible_ids": [
      "RIOT_AMD_ORIGINAL",
      "APLD_PF3",
      "HUT_BEACON_P1",
      "HUT_RIVER",
      "WULF_JUSTIFIED"
    ],
    "critical_caveats": [
      "Renewals and expansion rights are excluded from the five initial-term quotients.",
      "The denominator is the disclosed contracted critical IT capacity, not gross campus power.",
      "Contract vintage, delivery stage and transaction structure differ and are identified per row.",
      "Power recovery, escalation, ramp, services, fit-out, guarantees and construction capital are not fully standardized.",
      "These are issuer-announced expected-revenue arithmetic proxies, not starting rent, NOI, cash flow, a financing quote or an estimate of NUAI's achievable price."
    ],
    "metric_field": "average_undiscounted_revenue_proxy_usd_per_critical_kw_month",
    "compatibility_alias": "rate_usd_per_critical_kw_month equals the same metric for five eligible rows; other computed rows explicitly use published annual averages."
  },
  "contracts": [
    {
      "announcement_date": "2026-07-06",
      "contract_signing_date": null,
      "initial_delivery_guidance": "H2 2027; full early 2028",
      "contracted_critical_it_mw": 401,
      "gross_facility_mw": null,
      "initial_term_years": 20,
      "initial_tcv_usd": 19000000000,
      "tcv_including_renewals_usd": 33000000000,
      "renewals": "Two five-year options",
      "minimum_payments": "Approximately $19 B expected contracted initial-term revenue; not a disclosed cash rent schedule",
      "annual_escalator": "UNKNOWN in reviewed public records",
      "power_responsibility": "UNKNOWN in reviewed public records",
      "landlord_capex": "TeraWulf develops wholly owned campus; project-specific all-in capital budget not established by the reviewed announcement",
      "tenant_equipment_and_fitout": "UNKNOWN in reviewed public records",
      "conditions_and_termination": "UNKNOWN in reviewed public records",
      "deposits_and_lcs": "UNKNOWN in reviewed public records",
      "guarantees": "Expected investment-grade credit support; do not mark completed",
      "project_finance": "UNKNOWN in reviewed public records",
      "sponsor_equity_and_warrants": "Concurrent exit from 50.1% Abernathy JV at approximately $530 M vs $450 M invested; evidence capital recycling can accompany direct ownership",
      "rate_usd_per_critical_kw_month": 197.42310889443058,
      "rate_basis": "Average undiscounted initial-term announced contracted revenue divided by critical IT kW and months",
      "rate_is_starting_cash_rent": false,
      "classification": "COMPANY CLAIM OR GUIDANCE unless a filed contractual provision is specified",
      "id": "WULF_JUSTIFIED",
      "ticker": "WULF",
      "asset": "Justified / Anthropic",
      "latest_source_date": "2026-08-05",
      "source_ids": [
        "LP01",
        "LP02"
      ],
      "transaction_structure": "Direct landlord lease with Anthropic; future development",
      "transaction_vintage_date": "2026-07-06",
      "transaction_vintage_basis": "Announcement date; exact signing date separate if established",
      "capacity_basis": "Contracted critical IT capacity",
      "expansion_rights": "Future expansion framework; no incremental firm IT quantity included in this row.",
      "delivery_stage_as_of_record": "H2 2027; full early 2028",
      "metric_class": "Initial-term TCV quotient",
      "average_undiscounted_revenue_proxy_usd_per_critical_kw_month": 197.42310889443058
    },
    {
      "announcement_date": "2025-08-14",
      "contract_signing_date": null,
      "initial_delivery_guidance": null,
      "contracted_critical_it_mw": null,
      "gross_facility_mw": 250,
      "initial_term_years": 10,
      "initial_tcv_usd": 3700000000,
      "tcv_including_renewals_usd": 8700000000,
      "renewals": "Two five-year options",
      "minimum_payments": "UNKNOWN in reviewed public records",
      "annual_escalator": "Annual; rate unknown in reviewed original release",
      "power_responsibility": "UNKNOWN in reviewed public records",
      "landlord_capex": "Company estimated $8-10 M/critical IT MW; modified gross landlord structure",
      "tenant_equipment_and_fitout": "UNKNOWN in reviewed public records",
      "conditions_and_termination": "UNKNOWN in reviewed public records",
      "deposits_and_lcs": "UNKNOWN in reviewed public records",
      "guarantees": "Original Google backstop $1.8 B; per 10-K effective at applicable lease commencement and permits termination payment or lease assumption following specified default",
      "project_finance": "UNKNOWN in reviewed public records",
      "sponsor_equity_and_warrants": "Original 41 M Google warrants, approximately 8% pro forma at announcement",
      "rate_usd_per_critical_kw_month": null,
      "rate_basis": "Excluded: capacity disclosed as more than 200 ITMW and later expanded terms should not be mixed with original TCV",
      "rate_is_starting_cash_rent": false,
      "classification": "COMPANY CLAIM OR GUIDANCE unless a filed contractual provision is specified",
      "id": "WULF_LAKE_ORIGINAL",
      "ticker": "WULF",
      "asset": "Lake Mariner original Fluidstack leases (historical terms, later expanded)",
      "latest_source_date": "2026-08-05",
      "contracted_critical_it_mw_qualifier": ">200",
      "source_ids": [
        "LP02",
        "LP03",
        "LP04"
      ],
      "transaction_structure": "Modified-gross landlord leases with Fluidstack; historical original tranches",
      "transaction_vintage_date": "2025-08-14",
      "transaction_vintage_basis": "Announcement date; exact signing date separate if established",
      "capacity_basis": "Unknown critical IT capacity; do not substitute gross facility power",
      "expansion_rights": "Later expansions excluded from original-vintage arithmetic.",
      "delivery_stage_as_of_record": "Unknown in reviewed record",
      "metric_class": "Excluded from numerical chart",
      "average_undiscounted_revenue_proxy_usd_per_critical_kw_month": null
    },
    {
      "announcement_date": "2026-05-20",
      "contract_signing_date": null,
      "initial_delivery_guidance": "August 2027 initial capacity",
      "contracted_critical_it_mw": 300,
      "gross_facility_mw": 430,
      "initial_term_years": 15,
      "initial_tcv_usd": 7500000000,
      "tcv_including_renewals_usd": 18200000000,
      "renewals": "UNKNOWN in reviewed public records",
      "minimum_payments": "Company describes take-or-pay agreement; detailed cash rent schedule unknown",
      "annual_escalator": "UNKNOWN in reviewed public records",
      "power_responsibility": "UNKNOWN in reviewed public records",
      "landlord_capex": "APLD develops the campus. Project-specific all-in capital budget and exact landlord/tenant fit-out allocation unknown in reviewed PF3 release.",
      "tenant_equipment_and_fitout": "UNKNOWN in reviewed public records",
      "conditions_and_termination": "UNKNOWN in reviewed public records",
      "deposits_and_lcs": "UNKNOWN in reviewed public records",
      "guarantees": "UNKNOWN in reviewed public records",
      "project_finance": "Do not allocate PF1 ComputeCo 3 $1.59 B bond to PF3; PF3 financing close not established by these records",
      "sponsor_equity_and_warrants": "Macquarie platform financing includes preferred return and 15% common; project-specific allocations require legal waterfall",
      "rate_usd_per_critical_kw_month": 138.88888888888889,
      "rate_basis": "Average undiscounted initial-term announced contracted revenue divided by critical IT kW and months",
      "rate_is_starting_cash_rent": false,
      "classification": "COMPANY CLAIM OR GUIDANCE unless a filed contractual provision is specified",
      "id": "APLD_PF3",
      "ticker": "APLD",
      "asset": "Polaris Forge 3 / unnamed IG hyperscaler",
      "latest_source_date": "2026-10-07",
      "source_ids": [
        "LP05",
        "LP06",
        "LP07"
      ],
      "transaction_structure": "Take-or-pay landlord lease with unnamed high-investment-grade hyperscaler",
      "transaction_vintage_date": "2026-05-20",
      "transaction_vintage_basis": "Announcement date; exact signing date separate if established",
      "capacity_basis": "Contracted critical IT capacity",
      "expansion_rights": "No incremental expansion quantity established in reviewed PF3 release.",
      "delivery_stage_as_of_record": "August 2027 initial capacity",
      "metric_class": "Initial-term TCV quotient",
      "average_undiscounted_revenue_proxy_usd_per_critical_kw_month": 138.88888888888889
    },
    {
      "announcement_date": "2026-09-25",
      "contract_signing_date": null,
      "initial_delivery_guidance": "Individual halls Q4 2026 to Q1 2027",
      "contracted_critical_it_mw": null,
      "gross_facility_mw": 300,
      "initial_term_years": 20,
      "initial_tcv_usd": 9000000000,
      "tcv_including_renewals_usd": null,
      "renewals": "UNKNOWN in reviewed public records",
      "minimum_payments": "Original ten-year agreement was announced at$3.8 B. September 25, 2026 amendment plus subsequent ten-year AI-lab commitment adds approximately$5.2 B; exact cash payment schedule not established here.",
      "annual_escalator": "UNKNOWN in reviewed public records",
      "power_responsibility": "UNKNOWN in reviewed public records",
      "landlord_capex": "Cipher bears first$359.3 M of cost above initial budget. Tenant reimburses 50% of further excess over aggregate 20-year term as additional rent calculated to provide a contracted return. This clause alone does not establish the amendment's net economic effect.",
      "tenant_equipment_and_fitout": "UNKNOWN in reviewed public records",
      "conditions_and_termination": "UNKNOWN in reviewed public records",
      "deposits_and_lcs": "UNKNOWN in reviewed public records",
      "guarantees": "Google support for original Fluidstack obligations; do not assume it covers all extended AI-lab obligations",
      "project_finance": "$1.4 B 7.125% Barber project notes disclosed in February 2026 presentation",
      "sponsor_equity_and_warrants": "UNKNOWN in reviewed public records",
      "rate_usd_per_critical_kw_month": null,
      "rate_basis": "Excluded: latest critical IT denominator not independently established; original 168 MW must not be paired with expanded current contract",
      "rate_is_starting_cash_rent": false,
      "classification": "COMPANY CLAIM OR GUIDANCE unless a filed contractual provision is specified",
      "id": "CIFR_BARBER",
      "ticker": "CIFR",
      "asset": "Barber Lake / Fluidstack and AI lab extension",
      "latest_source_date": "2026-09-25",
      "initial_tcv_qualifier": "More than $9B across amended original term and separate subsequent ten-year commitment, not the unamended original lease.",
      "source_ids": [
        "LP08",
        "LP09",
        "LP11"
      ],
      "transaction_structure": "Amended Fluidstack lease plus separate binding commitment for a subsequent ten-year AI-lab lease",
      "transaction_vintage_date": "2026-09-25",
      "transaction_vintage_basis": "Announcement date; exact signing date separate if established",
      "capacity_basis": "Unknown critical IT capacity; do not substitute gross facility power",
      "expansion_rights": "Amendment and subsequent term kept separate from original agreement; current critical IT denominator unknown.",
      "delivery_stage_as_of_record": "Individual halls Q4 2026 to Q1 2027",
      "metric_class": "Excluded from numerical chart",
      "average_undiscounted_revenue_proxy_usd_per_critical_kw_month": null
    },
    {
      "announcement_date": "2025-10",
      "contract_signing_date": null,
      "initial_delivery_guidance": "Initial delivered / rent commenced early August 2026; full completion not established",
      "contracted_critical_it_mw": null,
      "gross_facility_mw": 300,
      "initial_term_years": 15,
      "initial_tcv_usd": 5500000000,
      "tcv_including_renewals_usd": null,
      "renewals": "Three five-year options",
      "minimum_payments": "UNKNOWN in reviewed public records",
      "annual_escalator": "3%",
      "power_responsibility": "Triple-net; Amazon parent guarantees base rent and operating expense obligations per company presentation",
      "landlord_capex": "Cipher finances and builds data center; tenant hardware allocation unknown here",
      "tenant_equipment_and_fitout": "UNKNOWN in reviewed public records",
      "conditions_and_termination": "UNKNOWN in reviewed public records",
      "deposits_and_lcs": "UNKNOWN in reviewed public records",
      "guarantees": "Amazon parent guarantee disclosed",
      "project_finance": "$2 B 6.125% project notes disclosed",
      "sponsor_equity_and_warrants": "UNKNOWN in reviewed public records",
      "rate_usd_per_critical_kw_month": null,
      "rate_basis": "Excluded: 300 MW is gross facility power, not critical IT",
      "rate_is_starting_cash_rent": false,
      "classification": "COMPANY CLAIM OR GUIDANCE unless a filed contractual provision is specified",
      "id": "CIFR_BLACKPEARL",
      "ticker": "CIFR",
      "asset": "Black Pearl / AWS",
      "latest_source_date": "2026-08-04",
      "source_ids": [
        "LP09",
        "LP10",
        "LP11"
      ],
      "transaction_structure": "Triple-net landlord lease with AWS; Amazon parent guarantee disclosed",
      "transaction_vintage_date": "2025-10",
      "transaction_vintage_basis": "Announcement date; exact signing date separate if established",
      "capacity_basis": "Unknown critical IT capacity; do not substitute gross facility power",
      "expansion_rights": "No extra expansion MW counted in this row.",
      "delivery_stage_as_of_record": "Initial delivered / rent commenced early August 2026; full completion not established",
      "metric_class": "Excluded from numerical chart",
      "average_undiscounted_revenue_proxy_usd_per_critical_kw_month": null
    },
    {
      "announcement_date": null,
      "contract_signing_date": null,
      "initial_delivery_guidance": "Delivered; rent began Q2 2026",
      "contracted_critical_it_mw": 133,
      "gross_facility_mw": 200,
      "initial_term_years": 15,
      "initial_tcv_usd": null,
      "tcv_including_renewals_usd": null,
      "renewals": "Two five-year options",
      "minimum_payments": "UNKNOWN in reviewed public records",
      "annual_escalator": "Included in published average; rate unknown here",
      "power_responsibility": "UNKNOWN in reviewed public records",
      "landlord_capex": "Approximately $1.8 B construction, equivalent to $13.53 M per critical IT MW; not GPU capital",
      "tenant_equipment_and_fitout": "UNKNOWN in reviewed public records",
      "conditions_and_termination": "UNKNOWN in reviewed public records",
      "deposits_and_lcs": "UNKNOWN in reviewed public records",
      "guarantees": "UNKNOWN in reviewed public records",
      "project_finance": "UNKNOWN in reviewed public records",
      "sponsor_equity_and_warrants": "UNKNOWN in reviewed public records",
      "rate_usd_per_critical_kw_month": 197.3684210526316,
      "rate_basis": "Published average annual base revenue / critical IT kW /12; includes escalators, not first-year cash rent",
      "rate_is_starting_cash_rent": false,
      "classification": "COMPANY CLAIM OR GUIDANCE unless a filed contractual provision is specified",
      "id": "GLXY_HELIOS_P1",
      "ticker": "GLXY",
      "asset": "Helios PhaseI / CoreWeave",
      "latest_source_date": "2026-08-05",
      "published_average_annual_base_revenue_usd": 315000000,
      "source_ids": [
        "LP12",
        "LP13"
      ],
      "transaction_structure": "Landlord data-center lease with CoreWeave; first phase",
      "transaction_vintage_date": null,
      "transaction_vintage_basis": "Unknown in reviewed records",
      "capacity_basis": "Contracted critical IT capacity",
      "expansion_rights": "Separate PhaseII and PhaseIII commitments excluded from PhaseI metric.",
      "delivery_stage_as_of_record": "Delivered; rent began Q2 2026",
      "metric_class": "Published annual average revenue quotient",
      "average_undiscounted_revenue_proxy_usd_per_critical_kw_month": null
    },
    {
      "announcement_date": null,
      "contract_signing_date": null,
      "initial_delivery_guidance": "Initial rent Q2 2027 company guidance",
      "contracted_critical_it_mw": 260,
      "gross_facility_mw": null,
      "initial_term_years": 15,
      "initial_tcv_usd": null,
      "tcv_including_renewals_usd": null,
      "renewals": "Two five-year options",
      "minimum_payments": "UNKNOWN in reviewed public records",
      "annual_escalator": "UNKNOWN in reviewed public records",
      "power_responsibility": "UNKNOWN in reviewed public records",
      "landlord_capex": "Estimated $4 B construction, equivalent to $15.38 M per critical IT MW",
      "tenant_equipment_and_fitout": "UNKNOWN in reviewed public records",
      "conditions_and_termination": "UNKNOWN in reviewed public records",
      "deposits_and_lcs": "UNKNOWN in reviewed public records",
      "guarantees": "UNKNOWN in reviewed public records",
      "project_finance": "UNKNOWN in reviewed public records",
      "sponsor_equity_and_warrants": "UNKNOWN in reviewed public records",
      "rate_usd_per_critical_kw_month": 221.15384615384616,
      "rate_basis": "Published average annual base revenue / critical IT kW /12; includes escalators, not first-year cash rent",
      "rate_is_starting_cash_rent": false,
      "classification": "COMPANY CLAIM OR GUIDANCE unless a filed contractual provision is specified",
      "id": "GLXY_HELIOS_P2",
      "ticker": "GLXY",
      "asset": "Helios PhaseII / CoreWeave",
      "latest_source_date": "2026-08-05",
      "published_average_annual_base_revenue_usd": 690000000,
      "source_ids": [
        "LP12",
        "LP13"
      ],
      "transaction_structure": "Landlord data-center lease with CoreWeave; second phase",
      "transaction_vintage_date": null,
      "transaction_vintage_basis": "Unknown in reviewed records",
      "capacity_basis": "Contracted critical IT capacity",
      "expansion_rights": "Separate PhaseI and PhaseIII commitments excluded from PhaseII metric.",
      "delivery_stage_as_of_record": "Initial rent Q2 2027 company guidance",
      "metric_class": "Published annual average revenue quotient",
      "average_undiscounted_revenue_proxy_usd_per_critical_kw_month": null
    },
    {
      "announcement_date": "2026-01-16",
      "contract_signing_date": null,
      "initial_delivery_guidance": "Initial 25 MW commissioned by August update",
      "contracted_critical_it_mw": 25,
      "gross_facility_mw": null,
      "initial_term_years": 10,
      "initial_tcv_usd": 311000000,
      "tcv_including_renewals_usd": 1000000000,
      "renewals": "Three five-year options",
      "minimum_payments": "UNKNOWN in reviewed public records",
      "annual_escalator": "Annual; rate not established",
      "power_responsibility": "UNKNOWN in reviewed public records",
      "landlord_capex": "$89.8 M retrofit ($3.59 M/ITMW) excludes separate $96 M land acquisition; modified gross",
      "tenant_equipment_and_fitout": "UNKNOWN in reviewed public records",
      "conditions_and_termination": "UNKNOWN in reviewed public records",
      "deposits_and_lcs": "UNKNOWN in reviewed public records",
      "guarantees": "UNKNOWN in reviewed public records",
      "project_finance": "UNKNOWN in reviewed public records",
      "sponsor_equity_and_warrants": "UNKNOWN in reviewed public records",
      "rate_usd_per_critical_kw_month": 103.66666666666667,
      "rate_basis": "Average undiscounted original tranche TCV / critical IT kW / months; not current full AMD relationship",
      "rate_is_starting_cash_rent": false,
      "classification": "COMPANY CLAIM OR GUIDANCE unless a filed contractual provision is specified",
      "id": "RIOT_AMD_ORIGINAL",
      "ticker": "RIOT",
      "asset": "Rockdale original AMD 25 MW lease (historical tranche)",
      "latest_source_date": "2026-08-10",
      "source_ids": [
        "LP14",
        "LP15"
      ],
      "transaction_structure": "Modified-gross lease and services agreement; original retrofit tranche",
      "transaction_vintage_date": "2026-01-16",
      "transaction_vintage_basis": "Announcement date; exact signing date separate if established",
      "capacity_basis": "Contracted critical IT capacity",
      "expansion_rights": "Original agreement: additional 75 MW option and 100 MW right of first refusal; excluded. Later 50 MW contracted relationship does not change original 25 MW vintage.",
      "delivery_stage_as_of_record": "Initial 25 MW commissioned by August update",
      "metric_class": "Initial-term TCV quotient",
      "average_undiscounted_revenue_proxy_usd_per_critical_kw_month": 103.66666666666667
    },
    {
      "announcement_date": "2026-08-10",
      "contract_signing_date": null,
      "initial_delivery_guidance": "96 MW December 2027, 95 MW June 2028",
      "contracted_critical_it_mw": 191,
      "gross_facility_mw": null,
      "initial_term_years": 20,
      "initial_tcv_usd": 9100000000,
      "tcv_including_renewals_usd": 16100000000,
      "renewals": "Two five-year options",
      "minimum_payments": "UNKNOWN in reviewed public records",
      "annual_escalator": "UNKNOWN in reviewed public records",
      "power_responsibility": "UNKNOWN in reviewed public records",
      "landlord_capex": "$11-12 M/critical IT MW illustrative construction budget excludes existing infrastructure and tenant fit-out",
      "tenant_equipment_and_fitout": "UNKNOWN in reviewed public records",
      "conditions_and_termination": "UNKNOWN in reviewed public records",
      "deposits_and_lcs": "UNKNOWN in reviewed public records",
      "guarantees": "Investment-grade backstop described as in finalization, not closed",
      "project_finance": "$573 M interim Morgan Stanley facility; permanent 80-90% LTC is company expectation, not closing evidence",
      "sponsor_equity_and_warrants": "UNKNOWN in reviewed public records",
      "rate_usd_per_critical_kw_month": 199.3891797556719,
      "rate_basis": "Published average annual revenue / critical IT kW /12. Initial TCV includes ramp before 20-year full-delivery term, so do not use TCV/20 as exact annual cash rent.",
      "rate_is_starting_cash_rent": false,
      "classification": "COMPANY CLAIM OR GUIDANCE unless a filed contractual provision is specified",
      "id": "RIOT_AI_LAB",
      "ticker": "RIOT",
      "asset": "Rockdale AI lab",
      "latest_source_date": "2026-08-10",
      "published_average_annual_revenue_usd": 457000000,
      "source_ids": [
        "LP15"
      ],
      "transaction_structure": "Landlord lease with unnamed AI lab; future development",
      "transaction_vintage_date": "2026-08-10",
      "transaction_vintage_basis": "Announcement date; exact signing date separate if established",
      "capacity_basis": "Contracted critical IT capacity",
      "expansion_rights": "191 MW signed scope; nonbinding campus opportunities excluded.",
      "delivery_stage_as_of_record": "96 MW December 2027, 95 MW June 2028",
      "metric_class": "Published annual average revenue quotient",
      "average_undiscounted_revenue_proxy_usd_per_critical_kw_month": null
    },
    {
      "announcement_date": "2025-12-17",
      "contract_signing_date": null,
      "initial_delivery_guidance": "Initial data hall completion/commissioning Q2 2027; remaining halls during 2027, per December 2025 announcement.",
      "contracted_critical_it_mw": 245,
      "gross_facility_mw": null,
      "initial_term_years": 15,
      "initial_tcv_usd": 7000000000,
      "tcv_including_renewals_usd": 17700000000,
      "renewals": "Three five-year renewal options; excluded from initial-term quotient.",
      "minimum_payments": "UNKNOWN in reviewed public records",
      "annual_escalator": "3.0% annual base-rent escalator included in disclosed base-term value.",
      "power_responsibility": "Triple-net; Google financial backstop covers lease payments and related pass-through obligations. Exact cost and performance schedules not fully extracted.",
      "landlord_capex": "Hut 8 project company finances and constructs campus",
      "tenant_equipment_and_fitout": "UNKNOWN in reviewed public records",
      "conditions_and_termination": "UNKNOWN in reviewed public records",
      "deposits_and_lcs": "UNKNOWN in reviewed public records",
      "guarantees": "Google backstop disclosed; detailed triggers not extracted here",
      "project_finance": "$3.25 B 6.192% senior secured notes due November 15, 2042. April 30 8-K reports offering completed April 27 and indenture dated April 30. Principal amortization begins May 15, 2028. Proceeds finance part of 245 ITMW data center/substation, reimburse prior equity, fund reserves and fees.",
      "sponsor_equity_and_warrants": "UNKNOWN in reviewed public records",
      "rate_usd_per_critical_kw_month": 158.73015873015873,
      "rate_basis": "Average undiscounted initial-term announced contracted revenue / critical IT kW / months",
      "rate_is_starting_cash_rent": false,
      "classification": "COMPANY CLAIM OR GUIDANCE unless a filed contractual provision is specified",
      "id": "HUT_RIVER",
      "ticker": "HUT",
      "asset": "River Bend / Fluidstack",
      "latest_source_date": "2026-04-30",
      "source_ids": [
        "LP16",
        "LP19",
        "LP32"
      ],
      "transaction_structure": "Triple-net landlord lease with Fluidstack; Google financial backstop disclosed",
      "transaction_vintage_date": "2025-12-17",
      "transaction_vintage_basis": "Announcement date; exact signing date separate if established",
      "capacity_basis": "Contracted critical IT capacity",
      "expansion_rights": "Right of first offer for up to 1, 000 additional ITMW is excluded from firm 245 ITMW.",
      "delivery_stage_as_of_record": "Initial data hall completion/commissioning Q2 2027; remaining halls during 2027, per December 2025 announcement.",
      "metric_class": "Initial-term TCV quotient",
      "average_undiscounted_revenue_proxy_usd_per_critical_kw_month": 158.73015873015873
    },
    {
      "announcement_date": "2026-05-06",
      "contract_signing_date": null,
      "initial_delivery_guidance": "Future construction delivery; not energized",
      "contracted_critical_it_mw": 352,
      "gross_facility_mw": null,
      "initial_term_years": 15,
      "initial_tcv_usd": 9800000000,
      "tcv_including_renewals_usd": 25100000000,
      "renewals": "UNKNOWN in reviewed public records",
      "minimum_payments": "Triple-net take-or-pay",
      "annual_escalator": "UNKNOWN in reviewed public records",
      "power_responsibility": "Triple-net stated; granular electrical performance guarantees unknown",
      "landlord_capex": "Hut 8 project company finances and constructs campus",
      "tenant_equipment_and_fitout": "UNKNOWN in reviewed public records",
      "conditions_and_termination": "UNKNOWN in reviewed public records",
      "deposits_and_lcs": "UNKNOWN in reviewed public records",
      "guarantees": "Tenant rated AA- or higher at financing date per June9 8-K. Detailed guarantee and completion-support terms unknown in this bounded review.",
      "project_finance": "$4.25 B 6.129% senior secured notes due November 30, 2042; offering/indenture June 9, 2026. Principal amortization begins May 30, 2030. Proceeds finance 352 ITMW data center/substation, reserves and fees; not the later second 352 MW phase.",
      "sponsor_equity_and_warrants": "UNKNOWN in reviewed public records",
      "rate_usd_per_critical_kw_month": 154.67171717171718,
      "rate_basis": "Average undiscounted initial-term announced contracted revenue / critical IT kW / months",
      "rate_is_starting_cash_rent": false,
      "classification": "COMPANY CLAIM OR GUIDANCE unless a filed contractual provision is specified",
      "id": "HUT_BEACON_P1",
      "ticker": "HUT",
      "asset": "Beacon Point PhaseI / unnamed high-IG tenant",
      "latest_source_date": "2026-07-20",
      "source_ids": [
        "LP17",
        "LP18",
        "LP20",
        "LP33"
      ],
      "transaction_structure": "Triple-net landlord lease with unnamed high-investment-grade tenant",
      "transaction_vintage_date": "2026-05-06",
      "transaction_vintage_basis": "Announcement date; exact signing date separate if established",
      "capacity_basis": "Contracted critical IT capacity",
      "expansion_rights": "Separate July 2026 second 352 ITMW lease excluded; campus 1 GW gross is not the PhaseI IT denominator.",
      "delivery_stage_as_of_record": "Future construction delivery; not energized",
      "metric_class": "Initial-term TCV quotient",
      "average_undiscounted_revenue_proxy_usd_per_critical_kw_month": 154.67171717171718
    },
    {
      "announcement_date": null,
      "contract_signing_date": null,
      "initial_delivery_guidance": "395 MW billingJune 30; 437 MW mid-July. Billing milestones are not gross controlled power.",
      "contracted_critical_it_mw": 590,
      "gross_facility_mw": null,
      "initial_term_years": null,
      "initial_tcv_usd": null,
      "tcv_including_renewals_usd": null,
      "renewals": "UNKNOWN in reviewed public records",
      "minimum_payments": "UNKNOWN in reviewed public records",
      "annual_escalator": "UNKNOWN in reviewed public records",
      "power_responsibility": "Power fees passed through without markup and recognized gross in revenue",
      "landlord_capex": "Issuer constructs; $180.9 M of H1 2026 capital spending funded by CoreWeave, requiring advance/credit treatment",
      "tenant_equipment_and_fitout": "UNKNOWN in reviewed public records",
      "conditions_and_termination": "UNKNOWN in reviewed public records",
      "deposits_and_lcs": "UNKNOWN in reviewed public records",
      "guarantees": "UNKNOWN in reviewed public records",
      "project_finance": "$3.3 B 7.75% secured notes issuedMay 2026; corporate total debt not equal to value available to shareholders",
      "sponsor_equity_and_warrants": "UNKNOWN in reviewed public records",
      "rate_usd_per_critical_kw_month": null,
      "rate_basis": "Excluded from simple chart to avoid mixing GAAP averages, gross power recoveries, and funding credits",
      "rate_is_starting_cash_rent": false,
      "classification": "COMPANY CLAIM OR GUIDANCE unless a filed contractual provision is specified",
      "id": "CORZ_COREWEAVE",
      "ticker": "CORZ",
      "asset": "CoreWeave portfolio",
      "latest_source_date": "2026-07-28",
      "contracted_capacity_label": "Leased customer power capacity",
      "source_ids": [
        "LP21",
        "LP22"
      ],
      "transaction_structure": "Colocation contracts; customer capital funding and electricity pass-through",
      "transaction_vintage_date": null,
      "transaction_vintage_basis": "Unknown in reviewed records",
      "capacity_basis": "Leased customer power capacity",
      "expansion_rights": "New AMD/neocloud commitments kept separate.",
      "delivery_stage_as_of_record": "395 MW billingJune 30; 437 MW mid-July. Billing milestones are not gross controlled power.",
      "metric_class": "Excluded from numerical chart",
      "average_undiscounted_revenue_proxy_usd_per_critical_kw_month": null
    },
    {
      "announcement_date": "2026-07-28",
      "contract_signing_date": "2026-07-27",
      "initial_delivery_guidance": null,
      "contracted_critical_it_mw": 529,
      "gross_facility_mw": null,
      "initial_term_years": 15,
      "initial_tcv_usd": 14000000000,
      "tcv_including_renewals_usd": null,
      "renewals": "Three five-year options",
      "minimum_payments": "UNKNOWN in reviewed public records",
      "annual_escalator": "UNKNOWN in reviewed public records",
      "power_responsibility": "UNKNOWN in reviewed public records",
      "landlord_capex": "UNKNOWN in reviewed public records",
      "tenant_equipment_and_fitout": "UNKNOWN in reviewed public records",
      "conditions_and_termination": "UNKNOWN in reviewed public records",
      "deposits_and_lcs": "UNKNOWN in reviewed public records",
      "guarantees": "AMD has right, not obligation, to cure neocloud defaults",
      "project_finance": "UNKNOWN in reviewed public records",
      "sponsor_equity_and_warrants": "Up to 30 M AMD warrants at$23.47; about 6.5 Mvested for initial 529 MW; further 1, 925 MWreservation not contracted capacity",
      "rate_usd_per_critical_kw_month": null,
      "rate_basis": "Excluded: approximate potential revenue, tranche conditions and credit support need legal review before rent comparison",
      "rate_is_starting_cash_rent": false,
      "classification": "COMPANY CLAIM OR GUIDANCE unless a filed contractual provision is specified",
      "id": "CORZ_AMD_NEO",
      "ticker": "CORZ",
      "asset": "AMD/neocloud new contracts",
      "latest_source_date": "2026-07-28",
      "contracted_capacity_label": "377 MW AMD +152 MW neocloud; company presentation rounds to 530 MW",
      "initial_tcv_qualifier": "> potential base contracted revenue",
      "source_ids": [
        "LP21",
        "LP22"
      ],
      "transaction_structure": "Separate AMD and neocloud colocation leases with warrant participation",
      "transaction_vintage_date": "2026-07-28",
      "transaction_vintage_basis": "Announcement date; exact signing date separate if established",
      "capacity_basis": "377MW AMD +152MW neocloud; company presentation rounds to530MW",
      "expansion_rights": "1, 925 MW additional reservation excluded from 529 MW initial signed scope.",
      "delivery_stage_as_of_record": "Unknown in reviewed record",
      "metric_class": "Excluded from numerical chart",
      "average_undiscounted_revenue_proxy_usd_per_critical_kw_month": null
    },
    {
      "announcement_date": "2025-11-03",
      "contract_signing_date": null,
      "initial_delivery_guidance": "Horizon 1 acceptedAugust 2026; do not infer entire 200 MW delivered",
      "contracted_critical_it_mw": 200,
      "gross_facility_mw": null,
      "initial_term_years": 5,
      "initial_tcv_usd": 9700000000,
      "tcv_including_renewals_usd": null,
      "renewals": "UNKNOWN in reviewed public records",
      "minimum_payments": "UNKNOWN in reviewed public records",
      "annual_escalator": "UNKNOWN in reviewed public records",
      "power_responsibility": "UNKNOWN in reviewed public records",
      "landlord_capex": "IREN infrastructure plus Dell hardware commitment approximately$5.8 B",
      "tenant_equipment_and_fitout": "IREN supplies GPU cloud equipment/services; economically unlike landlord lease",
      "conditions_and_termination": "UNKNOWN in reviewed public records",
      "deposits_and_lcs": "20% customer prepayment disclosed",
      "guarantees": "UNKNOWN in reviewed public records",
      "project_finance": "UNKNOWN in reviewed public records",
      "sponsor_equity_and_warrants": "UNKNOWN in reviewed public records",
      "rate_usd_per_critical_kw_month": null,
      "rate_basis": "EXCLUDED: GPU cloud includes hardware/services and accelerated technology replacement; $9.7 B is not rent",
      "rate_is_starting_cash_rent": false,
      "classification": "COMPANY CLAIM OR GUIDANCE unless a filed contractual provision is specified",
      "id": "IREN_MSFT",
      "ticker": "IREN",
      "asset": "Microsoft AI cloud",
      "latest_source_date": "2026-08-13",
      "source_ids": [
        "LP23",
        "LP24"
      ],
      "transaction_structure": "GPU cloud services, including hardware and infrastructure",
      "transaction_vintage_date": "2025-11-03",
      "transaction_vintage_basis": "Announcement date; exact signing date separate if established",
      "capacity_basis": "Contracted critical IT capacity",
      "expansion_rights": "No additional expansion quantity included.",
      "delivery_stage_as_of_record": "Horizon 1 acceptedAugust 2026; do not infer entire 200 MW delivered",
      "metric_class": "Excluded from numerical chart",
      "average_undiscounted_revenue_proxy_usd_per_critical_kw_month": null
    },
    {
      "announcement_date": "2026-03-16",
      "contract_signing_date": null,
      "initial_delivery_guidance": "Initial deployment early 2027",
      "contracted_critical_it_mw": null,
      "gross_facility_mw": null,
      "initial_term_years": 5,
      "initial_tcv_usd": 12000000000,
      "tcv_including_renewals_usd": null,
      "renewals": "UNKNOWN in reviewed public records",
      "minimum_payments": "$12 B dedicated capacity plus up to$15 B available-capacity backstop where capacity not sold to third parties; distinct obligations",
      "annual_escalator": "UNKNOWN in reviewed public records",
      "power_responsibility": "UNKNOWN in reviewed public records",
      "landlord_capex": "Nebius delivers AI cloud and hardware capability",
      "tenant_equipment_and_fitout": "UNKNOWN in reviewed public records",
      "conditions_and_termination": "UNKNOWN in reviewed public records",
      "deposits_and_lcs": "UNKNOWN in reviewed public records",
      "guarantees": "UNKNOWN in reviewed public records",
      "project_finance": "UNKNOWN in reviewed public records",
      "sponsor_equity_and_warrants": "UNKNOWN in reviewed public records",
      "rate_usd_per_critical_kw_month": null,
      "rate_basis": "EXCLUDED: no comparable ITMW denominator and GPU services not bare rent; do not call all$27 B dedicated rental revenue",
      "rate_is_starting_cash_rent": false,
      "classification": "COMPANY CLAIM OR GUIDANCE unless a filed contractual provision is specified",
      "id": "NBIS_META",
      "ticker": "NBIS",
      "asset": "Meta GPU cloud",
      "latest_source_date": "2026-03-16",
      "additional_capacity_backstop_usd": 15000000000,
      "source_ids": [
        "LP25"
      ],
      "transaction_structure": "GPU cloud services: dedicated capacity plus available-capacity purchase backstop",
      "transaction_vintage_date": "2026-03-16",
      "transaction_vintage_basis": "Announcement date; exact signing date separate if established",
      "capacity_basis": "Unknown critical IT capacity; do not substitute gross facility power",
      "expansion_rights": "$15 B available-capacity backstop kept separate from$12 B dedicated capacity.",
      "delivery_stage_as_of_record": "Initial deployment early 2027",
      "metric_class": "Excluded from numerical chart",
      "average_undiscounted_revenue_proxy_usd_per_critical_kw_month": null
    },
    {
      "announcement_date": "2026-08-10",
      "contract_signing_date": null,
      "initial_delivery_guidance": "H2 2027",
      "contracted_critical_it_mw": null,
      "gross_facility_mw": 222,
      "initial_term_years": 15,
      "initial_tcv_usd": 6500000000,
      "tcv_including_renewals_usd": null,
      "renewals": "Two five-year options",
      "minimum_payments": "UNKNOWN in reviewed public records",
      "annual_escalator": "UNKNOWN in reviewed public records",
      "power_responsibility": "UNKNOWN in reviewed public records",
      "landlord_capex": "Fermi develops campus; exact remaining sponsor equity and completed project finance unknown",
      "tenant_equipment_and_fitout": "UNKNOWN in reviewed public records",
      "conditions_and_termination": "Customary conditions include requisite project guaranties and financing; exact termination remedies unknown",
      "deposits_and_lcs": "UNKNOWN in reviewed public records",
      "guarantees": "UNKNOWN in reviewed public records",
      "project_finance": "UNKNOWN in reviewed public records",
      "sponsor_equity_and_warrants": "UNKNOWN in reviewed public records",
      "rate_usd_per_critical_kw_month": null,
      "rate_basis": "EXCLUDED:222 MW is total facility power, not critical IT; >650 MW expansion rights not firm contracted capacity",
      "rate_is_starting_cash_rent": false,
      "classification": "COMPANY CLAIM OR GUIDANCE unless a filed contractual provision is specified",
      "id": "FRMI_TENSOR",
      "ticker": "FRMI",
      "asset": "Project Matador / TensorWave",
      "latest_source_date": "2026-08-10",
      "source_ids": [
        "LP26"
      ],
      "transaction_structure": "Data-center lease stated in total facility power",
      "transaction_vintage_date": "2026-08-10",
      "transaction_vintage_basis": "Announcement date; exact signing date separate if established",
      "capacity_basis": "Unknown critical IT capacity; do not substitute gross facility power",
      "expansion_rights": "Expansion rights exceeding 650 MW excluded from firm 222 MW facility-power scope.",
      "delivery_stage_as_of_record": "H2 2027",
      "metric_class": "Excluded from numerical chart",
      "average_undiscounted_revenue_proxy_usd_per_critical_kw_month": null
    },
    {
      "announcement_date": null,
      "contract_signing_date": null,
      "initial_delivery_guidance": null,
      "contracted_critical_it_mw": null,
      "gross_facility_mw": null,
      "initial_term_years": null,
      "initial_tcv_usd": null,
      "tcv_including_renewals_usd": null,
      "renewals": "UNKNOWN in reviewed public records",
      "minimum_payments": "UNKNOWN in reviewed public records",
      "annual_escalator": "UNKNOWN in reviewed public records",
      "power_responsibility": "UNKNOWN in reviewed public records",
      "landlord_capex": "Development preparation and permitting ongoing; no lease capital budget established",
      "tenant_equipment_and_fitout": "UNKNOWN in reviewed public records",
      "conditions_and_termination": "UNKNOWN in reviewed public records",
      "deposits_and_lcs": "UNKNOWN in reviewed public records",
      "guarantees": "UNKNOWN in reviewed public records",
      "project_finance": "UNKNOWN in reviewed public records",
      "sponsor_equity_and_warrants": "UNKNOWN in reviewed public records",
      "rate_usd_per_critical_kw_month": null,
      "rate_basis": "EXCLUDED: no executed lease established in reviewed update; 2.2 GW pipeline is not energized or contracted IT load. This is not proof no later agreement exists.",
      "rate_is_starting_cash_rent": false,
      "classification": "COMPANY CLAIM OR GUIDANCE unless a filed contractual provision is specified",
      "id": "KEEL_PIPELINE",
      "ticker": "KEEL",
      "asset": "Three priority sites under negotiation",
      "latest_source_date": "2026-08-10",
      "source_ids": [
        "LP27"
      ],
      "transaction_structure": "Development pipeline and commercial negotiations",
      "transaction_vintage_date": null,
      "transaction_vintage_basis": "Unknown in reviewed records",
      "capacity_basis": "Unknown critical IT capacity; do not substitute gross facility power",
      "expansion_rights": "2.2 GW pipeline is not contracted IT capacity.",
      "delivery_stage_as_of_record": "Unknown in reviewed record",
      "metric_class": "Excluded from numerical chart",
      "average_undiscounted_revenue_proxy_usd_per_critical_kw_month": null
    },
    {
      "announcement_date": "2025-12-18",
      "contract_signing_date": "2025-11-22",
      "initial_delivery_guidance": "Initial billing and active customer deploymentAugust 2026; full 40 MWbillingnotestablished",
      "contracted_critical_it_mw": 40,
      "gross_facility_mw": 99,
      "initial_term_years": 10,
      "initial_tcv_usd": 865000000,
      "tcv_including_renewals_usd": null,
      "renewals": "UNKNOWN in reviewed public records",
      "minimum_payments": "UNKNOWN in reviewed public records",
      "annual_escalator": "3%",
      "power_responsibility": "Tenant PUE-adjusted electricity and certain tax/expense pass-throughs; modified gross",
      "landlord_capex": "Landlord development; $150 M equity invested at original announcement",
      "tenant_equipment_and_fitout": "UNKNOWN in reviewed public records",
      "conditions_and_termination": "UNKNOWN in reviewed public records",
      "deposits_and_lcs": "UNKNOWN in reviewed public records",
      "guarantees": "UNKNOWN in reviewed public records",
      "project_finance": "Debt negotiations/credit enhancement not closed in original announcement; latest closing not established in reviewed record",
      "sponsor_equity_and_warrants": "UNKNOWN in reviewed public records",
      "rate_usd_per_critical_kw_month": null,
      "rate_basis": "EXCLUDED: TCV explicitly includes nonrecurring installation/build charges, so 865 M/40 MW/10 yr would overstate recurring rent",
      "rate_is_starting_cash_rent": false,
      "classification": "COMPANY CLAIM OR GUIDANCE unless a filed contractual provision is specified",
      "id": "WYFI_NC1",
      "ticker": "WYFI",
      "asset": "NC1 / Fluidstack",
      "latest_source_date": "2026-09",
      "gross_capacity_label": "Utility agreement campus capacity, not leased facility draw",
      "source_ids": [
        "LP28",
        "LP29",
        "LP31"
      ],
      "transaction_structure": "Modified-gross colocation agreement including nonrecurring installation/build revenue",
      "transaction_vintage_date": "2025-12-18",
      "transaction_vintage_basis": "Announcement date; exact signing date separate if established",
      "capacity_basis": "Contracted critical IT capacity",
      "expansion_rights": "99 MW utility agreement and conditional future expansion are not 40 MW contracted IT.",
      "delivery_stage_as_of_record": "Initial billing and active customer deploymentAugust 2026; full 40 MWbillingnotestablished",
      "metric_class": "Excluded from numerical chart",
      "average_undiscounted_revenue_proxy_usd_per_critical_kw_month": null
    }
  ],
  "financing_precedent": {
    "river_bend_usd": 3250000000,
    "beacon_point_phase1_usd": 4250000000,
    "total_usd": 7500000000,
    "interpretation": "Closed project financing is a counterexample to inevitable new parent common issuance. It does not imply no sponsor equity was invested, unrestricted distributions, or equivalent NUAI tenant credit, completion support or access to capital.",
    "source_ids": [
      "LP19",
      "LP20",
      "LP32",
      "LP33"
    ]
  },
  "market_premium_conclusion": "Available evidence is insufficient to quantify a causal valuation premium after controlling for business mix, financing, dilution, customer concentration and development stage."
}