On y'all. Welcome back to Blockspace Live, presented by CleanSpark. Packed docket today, Charlie.
We're gonna start with AMD and Anthropic teaming up, a little curve ball there from the little brother in the GPU arms race.
But AMD and Anthropic are teaming up for two gigawatts of capacity, and AMD committing a $5 billion investment to the Frontier Lab.
Following that, we've got a story on OpenAI raising its compute spending guidance to 750 billion through 2030. Also, some notes on a proposed data center in Georgia by the Frontier AI Lab.
Following that, we've got Galaxy Digital coming out, seeking to raise 3.5 billion in senior secured notes.
And at the end of the show, we will cover Ionic Digital, which is set to debut on the Nasdaq on July 28th, and taking a look at its in-scale AI deal from the former Bitcoin miner turned AI infrastructure play.
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This show is brought to you by CleanSpark, Nasdaq listed ticker CLSK. More on CleanSpark later on in the show. Colin, the billions are pouring in. I cannot believe it.
I think we saw more than a trillion dollars worth of, uh, billions mentioned in deals, cumulative deals today. I'll let you kick off with the AMD Anthropic story. Yeah, so interesting story to come across the desk.
We don't get much on AMD. As I said, they are the little brother in the GPU arms race, but punching above their weight perhaps. AMD commits up to 5 billion to Anthropic in two gigawatt AI infrastructure deal.
This is coming to y'all fresh from Blockspace this morning. I'm gonna go ahead and give y'all a TLDR. Collapse this article here.
The TLDR for this one, as the headline reads, they are partnering for a two gigawatt data center, or two gigawatts of data center build-out, excuse me, um, of AMD's MI4 f- [chuckles] four, uh, four five zero series GPUs.
And, and, and, uh, M-AMD is committing a $5 billion in future investments, uh, tied to the deal. More on circular financing, kind of similar to what we covered on the show yesterday. [lips smack] Um,
Charlie, can you collapse this for me? The-- Just take the-- Uh, go, go back to- Yes... dual, dual view here. So a little bit of context. A little more, more cont-context with this.
Um, this rollout of the MI450 is AMD's next gen, uh, design, with the first gigawatt deployment slated to begin in the second half of 2026.
And this is coming off of a number of deals that AMD has struck with other leading AI companies.
Just to go through a few of them here, AMD has a six gigawatt multigenerational deal with OpenAI that was inked in October 2025, and with Meta.
So AMD is starting to move in a little bit on NVIDIA's and terr- NVIDIA's territory, but that being said, they've got a long way to go before they close the gap.
So I was curious while I was doing the research for this one, Charlie. It's like, what is the actual market share? Now, there's no tracking of this that's clean, right?
Because there's no s- you know, single source of data, and the companies are not reporting this. But
looking at a few third-party estimates here, NVIDIA's data center revenue of 75.2 billion in the fiscal year Q1 2027, that was the quar- uh, quarter that, uh, mo- ended, um, in, in, or, uh, ended at the end of March, uh, represented 87.4% of the combined 86 billion in data center revenues reported by NVIDIA, AMD and Intel for that quarter.
So this broadly puts their market share at somewhere between 80, 88%. And AMD is estimated at roughly 5% to 8% of the market.
AMD's Instinct GPU line generated an estimated $7 to 8 billion in 2025, capturing roughly 5% to 7% market share. Uh, one estimate puts AMD at between 6% to 8%, so squarely somewhere between, you know, 5% and 8% for 2026.
The rest is made up from custom silicon, and this is the fastest growing tract within this sector of AI compute.
Hyperscaler custom silicon, such as Google's TPU, AWS's Trainium, Microsoft's M-Maya, and Meta's MTIA, collectively sits near 15% to 20% of the total chunk of compute for AI.
And custom ASIC shipments are growing at about 44.6% year over year versus 16.1% for merchant GPUs, according to TrendForce data for, from May 2026.
Yeah, um, real video gamers and PC builders will probably not- Uh, differentiate hugely between Nvidia, Nvidia and, uh, AMD because they, especially in, in late years, uh, AMD has had pretty competitive GPU models.
I'm a fan of running certain AMD architecture, but that's for the consumer market. Um,
uh, I've, I kinda had to do a little digging on specifically this particular, uh, uh, GPU class and the kinda pods they go in.
The MI450, uh, class, uh, is, uh, kind of interesting because it takes a memory forward approach. So it's got basically h- more memory per, like, GPU and per cluster than N- than Nvidia, which is really interesting.
Um, because the bottleneck right now for frontier training and long context inference has shifted from raw compute to kind of a context model.
Look at the latest Kimi model with a trillion or a billion, however, a lot of parameters. The parameters on all these models is growing. As context becomes a problem that the frontier models realize they can just...
If you, if you can get raw compute, the next problem is g- gonna be raw, like raw large context. So this, uh, is a strategic-- This is a pretty, like, strategic and, uh, forth- a- a- and a forward-thinking move by AMD.
Um, uh, and with M- with, with AMD investing in Anthropic, this means that, uh, the MI450 class has three anchor tenants: OpenAI, Meta, and now Anthropic.
Uh, and then I'll also call back and, and mention that OpenAI, uh, invested, uh...
that, uh, OpenAI invested, uh, in AMD, or more specifically, AMD issued OpenAI a warrant for up to 160 million shares of AMD common stock, so OpenAI got equity. And now AMD gets Anthropic equity.
Is this-- Does this mean OpenAI actually by proxy [laughs] kind of owns part of Anthropic?
Because, like, the joke has been that it's one big circle, the money keeps moving in a circle, but now does the equity move directly in a circle where the competitors now have proxy ownership to each other?
It's just too, too weird to me. Maybe I'm missing something here. Uh, but there's, uh, you know, there's, um, some [laughs], uh, there's some, uh, funny kinda insight on that.
Yeah, I mean, it just goes to show that all these companies ultimately are in each other's pockets one way or the other, right? Yeah.
And it makes sense 'cause there are so few of them that can actually move at size, right? And, and have the, the financial firepower to deploy these things. Yeah.
Um, and then, uh, I'll also note that, uh, of this class of GPU for OpenAI, uh, the OpenAI gets these, these GPU clusters first, and then Anthropic will get them, uh, sometime later. Uh, second,
uh, half of 2026 is the OpenAI timeline. Anthropic gets them in the first half of 2027, and this is also Anthropic's... They haven't, they haven't run their models on AMD GPUs before, so that's kind of a novel thing.
So that's about as much insight I have to this deal. Um, casually throwing around numbers such as, uh, $5 billion now for, uh, financing and equity investment, so.
Like we said before, the numbers stop making sense. Yes. Um, and we've got some more stories. The big one with the biggest numbers, OpenAI, we'll go to next after a word from our sponsor, CleanSpark.
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The number gets even bigger. So the headline that we put out this morning, "OpenAI Lifts Planned Compute Spending to $750 Billion Through 2030." This is a scoop from The Wall Street Journal,
um, and the highlights are as follows. The Wall Street Journal reported that or- you know, originally, the estimate for OpenAI to spend on compute through 2030 was $600 billion earlier this year.
That has now been raised officially to about $750 billion spent on compute by 2030. This, uh, covers the projected compute expenditure rather than OpenAI's valuation.
This is not the same thing as the $1.4 trillion in infrastructure commitments previously that, uh, CEO Sam Altman had mentioned, and a, and different than the $1.15 trillion estimate covering hardware and cloud agreements through 2035
This means OpenAI has assembled agreements including, uh, with pretty much everyone: Microsoft, Oracle, AWS, CoreWeave. It, and its hardware partners now, uh, include Nvid- NVIDIA, AMD, and Broadcom.
This is also on the heels of earlier this year in February, OpenAI announcing that they had closed a round valuing them somewhere a little over 750 billion.
Again, that's the valuation, and the round had closed with 122 billion of committed capital. I'm sorry, correction, at an $852 billion post-money valuation.
And, uh, we've got some numbers on, uh, quarterly and monthly revenues from OpenAI, but I have some numbers that I can dig in there if we want. I'll toss it to you, Colin, for some comments on this story.
[clears throat] Yeah, so I don't know if our wires are getting crossed here, if there were two $1.4 trillion calls from Sam Altman. But The Wall Street Journal does actually say,
quoting directly here, "After Altman's proclamation that OpenAI planned to spend 1.4 trillion on compute capacity set off concerns over the company's financial stability, the CFO walked back that claim, quietly reassuring investors that OpenAI planned to six...
spend 600 billion through 2030." You just imagine, you know, it seems like no matter who the CEO is, the CFO is always having to pick up the bag.
Do you imagine your CEO going on some sort of show and saying, "We're gonna spend 1.4 trillion through 2030," and the CFO is like, "Where did you get that number? Nothing in our sheet says that.
Nothing in our model says that we can do that reliably." So they actually had to walk it back, but you're almost halfway there with this- Yeah... upsize to 750 million.
And I, I'm gonna be honest, I mean, it's a huge number. Don't, don't... I mean, 750 billion. It's a huge number, don't get me wrong.
But when I was looking at through 2030, this is why y- I be- become so desensitized to the numbers. I was like, "Huh, only two, only 750 million over the [chuckles] over the- Yeah [chuckles]... four years? Really?"
I mean, but it, it's a massive spend and it goes back into what we've been saying about most of the compute capacity constraint angles, right?
I, I, I think real- it's, it's obvious enough right now that compute is still incredibly constrained. Yeah.
I mean- We keep seeing these posts about rental prices for, uh, Blackwells and for H200s and H100s and even A100s are up throughout the summer, right? 'Cause there's just like, quite frankly, not enough to go around.
A, a few other things to highlight on this. Um, I think you said you were gonna go into revenue numbers, right? Yep.
Yeah, so maybe we will just go ahead and, and, and ru- go into that because that was gonna be my next follow-up, was just looking at exactly what they're pulling in currently according to their most recent valuation.
Yeah. So, um, we have the numbers that OpenAI says they're gonna spend. Uh, and then we also have the numbers that OpenAI has booked in revenue.
Now, the revenue sounds pretty spectacular for like any company, tech company, especially new tech companies.
In 2025, their GAAP, according to GAAP accounting standards revenue, was 13.1 billion, um, which would put, uh...
But, but now they're saying that the run rate at the end of 2025 was about 20 to 21 billion or around $2 billion per month. That sounds pretty incredible. However,
how do you square the fact that you're only making 25 billion a year and in revenue, and you have 80 to 100 billion in annual compute commitments coming due over the next five years?
And on top of that, they're, they're, they're not profitable today. For every dollar they make, they're, they lose about $1.20.
And so they're burning around 27 billion per year, uh, this year, or, uh, rough, and, and roughly, uh, 63 billion in 2027. So, um, while I totally understand the incredible crazy growth metrics, but
the reality is you're basically, uh, writing checks to be cashed in three to four to five years, which are multiples over your current gross revenue today. So you're betting that you can cash those checks, Colin.
Well, and betting on a windfall from, you know, either equity sales or finance- Yeah... uh, financing once they go public.
But if we look at like the growth rate right now, i- if the run rate of 21 billion holds up, that's 61% growth from 2025. Uh, now obviously that's going to compress as the company matures, right?
But if you assume that growth rate, then they will potentially net, again, this is assuming the 61% growth r- uh, uh, growth rate, they will net roughly 34, uh, billion in 2027.
[slurps] But to your point, Charlie, that's not enough to close the gap between- Yeah. The, the gap...
that's not nearly enough to cover the, you know, more than 150 million that they plan to spend per year, or roughly 150 million they plan to spend per year going forward through 2030 on compute alone.
Not to mention infrastructure if they decide to, uh, build their own sites, you know? That, that's the other part of this that I actually wanted to flag. Yeah.
Um, the interesting bit about this is The Wall Street Journal article also outlined a data center that they are planning in Georgia. Um- Yep... and specifically this is kind of, they almost framed it as,
they almost framed it as a- Not pivot away from, but OpenAI kind of taking the reins for themselves on data center development after there are questions about whether or not Stargate is actually gonna get online.
So that was the, like, five-gigawatt data center that was announced in January 2025. SoftBank was supposed to lead financing for it, and OpenAI was going to be involved in it, along with a h- host of other names.
I haven't seen any updates on that recently, and I'm not even totally sure what the, what the plan for that is right now.
But OpenAI is, according to this Wall Street Journal report, uh, report, looking to build this data center in Georgia, and I am struggling to find my notes here. I've got it here.
It's a $20 billion data center called Project Camellia in Effingham County, Georgia.
OpenAI's VP of Compute Strategy, Sakin Khati, said the Geo- the company has contracted with the utility Georgia Power to receive 3.2 gigawatts of power between 2028 and 2032. So,
uh, we can get into that. This is, this is, this is really, really big.
Um- And I think probably the most interesting part about this, to me at least, um, again, going back to the idea of OpenAI trying to take the reins for development.
Per the Wall Street Journal article, the project, quoting directly from it, "The project represents the first site in which OpenAI is the lead designer and developer.
At its other sites, OpenAI rents chips from cloud providers such as Oracle and AWS."
And critically, OpenAI has hired Brent Mayo, one of the architects at Elon Musk's data center build-out, the Colossus Data Center in Memphis, according to people with knowledge with the matter.
Quoting further from Wall Street Journal, "Mayo, who left Musk's A- xAI earlier this year, played a key role in helping that company build its first Colossus supercomputer facility in Memphis," which they stood up in, what was it, like, 122 days?
It was some absurd... I mean, it w- it was, like, breakneck speed. It was almost within a quarter.
And that, to me, is one of the more interesting bits about this, which shows that they're very serious about getting this done timely and getting it done right.
You know, like, they, they really seem to be taking, taking-- They, they really seem to be taking the asset-heavy model seriously here for themselves, in the sense that they wanna own this infrastructure, and they wanna have one of the premier architects for these data centers to lead it for them.
Yeah.
Um, a little insight on Georgia Power, because I think if, uh, you know, Bitcoin miners are a little bit f- uh, familiar because it's been, uh, Georgia's been popular as Bitcoin miners of the past five years have, uh, used the abundant nuclear power, uh, from that utility over the past years.
It's a CleanSpark, uh, you know, strongholds, h- over half a gigawatt, I believe, in the area.
Um, but Georgia Power is the utility with the mo- with the most recent new nuclear reactors at the Plant Vogtle, uh, is the name of that, and they brought on a couple nuclear reactors recently, um, uh, at 1.1 gigawatts each.
Uh, first newly built US reactors in a generation. Um, there's a whole issue of, of them being expensive and over budget and delayed. Um,
but, uh, the interesting thing is, I was, like, trying to look into where's the power coming from. Is Georgia Power adding more nuclear reactors? The answer is no. The new power from Georgia Power is natural gas.
This is the case with everybody. It's mainly natural gas. They do anticipate having, uh, some solar and batteries, but the lion's share of it would be, uh, natural gas, equivalent to basically 10 new nuclear reactors,
um, if assuming a nuclear reactor is roughly 1.1 gigawatts. Um, this is reported from, by Data Center Dynamics this past winter, kind of diving into the dynamics and plans for the Georgia Power grid. Um,
uh, another interesting thing is the Georgia Data Center pipeline, uh, kinda like the ERCOT queue, has, uh, jumped from 1.6 gigawatts in 2021 to 19 gigawatts in 2025,
projecting 8,500 megawatts of load growth and a 2,600 megawatt jump in peak demand by 2030.
So regulators in the area have approved a $15 billion plan to raise capacity 50% over six years. I can see, with Georgia being a pro-energy state here, at least from what I can see, why OpenAI would wanna go there.
Uh, seems like you have a lot of regulatory blessing, and we've talked a lot about Texas being the great place for en- for energy and building data centers. Georgia's right up there.
It, it looks like they want to, it looks like they want to build out their corner of the power grid and generate a lot of natural gas, which is great for data centers.
Yeah, and clearly a very progressive view on how to build out more generation. I mean, the Vogtle, the Vogtle, uh, nuclear plants were the first nuclear plants to come online, as you said, Charlie, in, I wanted to say
at least a decade, maybe more.
They, they were the only one being constructed at the time, and right now the only one that is currently in the queue, who knows if it'll actually get online 'cause it's a small modular reactor, is in Oak Ridge, Tennessee.
But the nat gas angle makes a lot of sense to me. Like you said, nuclear is very expensive to build.
It also takes a long time because it is choked in red tape because no one wants to have another Three Mile Island or Chernobyl or Fukushima, right?
So you can understand, I'm sure there, there are a lot of nuclear heads that say we could pare down some of that regulation. I'm sure that's the case, like with anything else.
But if you're talking about speed to power and also not-
Pissing off the environmentalists too much, then that gas is your only answer, and it's going to be the thing that is a stop gap for base load for these data centers states over. Yeah. And it's not...
It is really no surprise that honestly,
in a lot of regards, the South is dominating in this res- respect 'cause it is very pro-business friendly, and it's, they typically don't want too many regulations outside of the ones that will keep people safe, and they want people to come build.
Uh, Midwest and Rust Belt definitely pulling a lot of weight here as well, given the fact that they, that used to be the industrial heartland.
There are a lot of opportunities for brownfield sites up there too, but not too shocking for me to see Georgia position itself as a premier data center market going forward. I mean, you basically have
Texas in the Southwest, Georgia in the Southeast leading the charge. Virginia, it seems tapped out.
It's already like 25% of their energy goes to data centers, and I don't really know what they're doing to build any more capacity there. But Georgia definitely a state to watch as these build-outs continue.
Yeah, we'll see. We have effectively infinite natural gas. It's all domestic, and it's really just a matter of getting it from point A to point B and in the right processed form.
I've seen a lot of people say things about natural gas being squeezed, but I think those people are wrong. Natural gas, we have infinite natural gas.
More, we have more natural gas than the, than previous Fed chair has dollars to print, if you're familiar with that meme. We have infinite dollar- We have more natural gas than your entire country. Exactly.
We'll move on. We're gonna go talk about data centers. We're gonna go from Georgia to Texas. Galaxy secures $3.5 billion in senior notes. Before that, a word from our sponsor, Luxur.
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Galaxy Digital plans to raise 3.5 billion, 3.507 billion [chuckles] debt offering for Helios data center expansion.
So there's not too much about this 'cause the note itself has not been closed, so we don't have all of the details, but the TLDR here is that this will go towards their Helios facility, 3.5 billion in senior secured notes due 2031 in a private transaction.
They will use the net proceeds to fund part of Helios Phase Two in Dickens County and build debt service reserves.
The project consists of two buildings with eight data center halls, offering a total of 400 megawatts of utility capacity and 260 megawatts of critical IT capacity.
Now, CoreWeave is the tenant for the whole of this Helios site. [lip smack] They have a 15-year lease with two five-year extension options, and Galaxy is targeting minimum rent commencement in the second quarter of 2027,
uh, I'd, for, for the full, uh, second build-out, while its present- uh, while its, uh, presentation lists 10.4 billion in minimum contract leases payments over the initial 15-year term of the lease.
The thing that's most interesting about this to me, Charlie, is old heads will remember that Helios was never a Galaxy site originally. It was Argo Blockchains, which is- A name many have forgotten by now...
cast into the annals of history and the dusts of memory. Yes, Argo Blockchain, I don't think that they... I, I don't, uh, they're still public, apparently. They're still public. I think they got de-listed.
I mean, that shows you [laughs] kinda where the things are. Yeah. Market cap of 46 million. Wow. They're on Nasdaq Capital Market, so I guess- Yeah... they were delisted from the major exchange. But Galaxy
purchased Helios, I need to fact check myself here, I believe it was 65 million.
Yes, for 65 million in December 2022 when Argo was distressed and looking for a way to restructure the company, sell assets that it could no longer manage.
Galaxy was originally being hosted at the site, then they just purchased it, 65 million. Now it is an AI site that is commanding a $10.4 billion 15-year deal with CoreWeave.
Th- this to me is one of the, obviously it was not suited for AI when they bought it. They've had to invest a lot of capital in order to get that thing revamped. But to me, this is one of the, you know,
best M&A deals in the data center space as we, as, uh, in terms of for the AI landscape as we understand it today.
I mean, the return on that investment is just insane when you look at the fact that they got it for pretty cheap to begin with, and then they made the pivot at the right time and got a premier deal with, uh, a neo, a, a deal with a premier neo cloud like CoreWeave.
So I just think the history of this site's really interesting and, you know- In terms of the, the financing itself, we'll, we'll, we'll cover it once we have more, uh,
o-once we have more information on the terms when they close it, and that'll probably be within the next week or so. Yeah.
Um, we're, we're already starting to run into name clashing here because as we reported in our first story, um, AMD's MI4550X class GPUs, when you put them in a cluster in a big old tower, you call that a Helios tower.
Yeah. [laughs] So, I mean, like, at some point you're like, okay, everyone's using, uh, as- as- as- astronomical, uh, nomenclature for their AI stuff. You have Solterra Luna from GPT. Oh my gosh. Um,
you know, maybe just if we're gonna circular finance everything, let's just also, uh, put, you know, the Helios racks inside the Helios data center and then have ChatGPT, uh, bring a Helios model and run it on those.
That's a joke. This is me, uh, spitballing, but I'm just remarking on, uh, a lot of the name con- uh, conflicting here. Yeah, I think we need more Greco-Roman mythology, Helios being, uh,
one of the original Titans and the personification of the sun. We need a cooling company that goes by Poseidon or Neptune or something like that. Yeah. Um, and then we could always, uh...
And then, and you could have, uh, Sam Altman have his own personal, uh, model called Narcissus. [laughs] What does that make Dario? Uh, there's probably- Is Dario like, uh, what...
Who's, uh, who's the satyr in, uh, Hercules? Oh. Is it, is it... It's not Herme- is it Hermes? Hermes. Hermes who trains him? Hermes the wi- the winged messenger. Right, he's the winged god- Yeah...
but who's the little goat man played by Danny DeVito in Hercules? Oh my goodness, I don't know. We're gonna, uh- Maybe I'd... You're getting in a little bit of trouble here. Oh, oh, no. We're getting, we're...
[laughs] Dario can, can be the, the guy who trains Hercules, and that would make Hercules the US government. Who knows?
[laughs] On that note, we're gonna move on from Greek mythology, uh, to Ionic, but not before a word from our sponsor, Lagos.
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All right, Charlie, let's close on another, uh, a-another company that was the product of distressed assets and bankruptcies, Ionic Digital.
And specifically, Ionic Digital forecasts up to $195 million in 2026 revenue ahead of its NASDAQ debut. So some context really quickly. Ionic Digital was born out of Celsius's bankruptcy, actually.
It was the entity formed to manage Celsius's mining arm, their mining fleet, 'cause they had a quite a sizable Bitcoin mining fleet. In fact, Ionic still has 12.2 exahashes under management.
And now they are going to debut on the NASDAQ. This has been a long time coming. Believe they tried to make a run at public markets in either 2024 or 2025. But now they will be doing a direct listing on the NASDAQ
as of... Or on July 28th. Now, what the direct listing here means is that this is not an IPO, so there's not going to be a raise associated with this.
But they will start trading on the NASDAQ as of July 28th, and this comes after a June 2026 $400 million Series A raise at $53 per share for an implied market value of $2 billion. Now, here's where it gets interesting.
They already have an AI tenant for their sites. They have inked a deal with Inscale,
126-month contract valued at $1.95 billion, and they received their first prepayment for this contract in November of 2025.
What's interesting about this is the way that they recognize the revenue for this, is they won't actually start drawing any more revenue until the site goes live and Inscale is delivered the compute that they are host- or i-Inscale is delivering the services for the compute they're hosting at the site.
So that's coming in August 2026. They won't draw any more revenue until then. That being said, the way the accounting structure works is they're basically recognizing the full value of the contract every month.
So roughly $15.5 million per month, they're logging that as, uh, revenue because they're taking the full contract value and then splitting it up across 126 months and just recognizing a piece every single month.
So they've already logged, as a result of that accounting, uh, $44 million in digital infrastructure leasing revenue in Q1 2026, while mining revenue was just $7.4 million, down 82% year over year from $41.1 million.
This makes total sense though because the facility that is hosting Inscale Was decommissioned for mining in December of 2025. And that site is 234 megawatts of total capacity.
And after, uh, after the initial 18-month ramp-up period for this Enscale lease, the annual fixed rent at that facility at full capacity is 8- 182.5 million per year.
There's also an extension option for 89 megawatts that currently Ionic Digital doesn't have secured. They have to go out and actually get that capacity.
But there is a $250.5 million per year potential if that additional 89-megawatt option is exercised by Enscale. There's also a 3% annual escalator starting after year five.
Ionic is also targeting a future expansion of 700 megawatts at the site.
There's no contractual obligation for that though, but Enscale has the right of first refusal on it, but again, that's going to have to be a matter of execution because they have to actually get that capacity from the grid.
Yeah. So, uh, I don't know if you mentioned it, but who is Ensale- who is Enscale's customer? Enscale's customer is Microsoft, supposedly, running Microsoft's own AI.
So as, you know, a lot of the story is wh- where does the buck stop? Where is, where, who's providing the credit? Who's, who's, like, the most reliable for paying the bills? Microsoft is a great, great tenant.
The thing is, they are a tenant. Oh, you know, if Microsoft does pull some or part of its, uh, AI deal with Enscale, then you have a problem. But while, uh, while they don't, Microsoft, that's great. They have the money.
They can write the checks. They're, uh, you know, the M in the Mag 7. So yeah, l- uh, sounds like a pretty good deal to me. I mean, a great deal for Ionic. Yeah. And one more housekeeping thing.
This is in Ward County, Texas, so we'll see. One of the better places to build, obviously, but a lot of demand there for... So that 700 megawatts might be harder to achieve than not. And they plan to roll out,
like, 100,000 GPUs at this site. And again, the initial deadline for commencing lease payments on this site is August 2026. It wasn't clear to me based on the SEC filing how much capacity that is.
I would be shocked if it were the whole 234 megawatts, 'cause that would, the turnaround time for that would be crazy. Yeah. All right. That's all our news for the day.
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