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When a neocloud tells you they are “signing deals” at $25-40M per MW, your next question should be, “From whom, and how big is that contract…?” Self-reported KPI’s like “contract signings” and “ARR” can be gamed…and often are. Particularly when you need to constantly raise $. (2) Furthermore, are those $25M per MW “signings” gross, or net? Many of the lessees get substantial credits for routine non-performance, and pay much lower effective rates over the entire term if they fronted the neocloud a 40-50% pre-payment. $CRWV $IREN $NBIS