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So given timing and likely escalators over the twenty years, $WULF is signing a colo deal w/Anthropic for likely under $2M per MW annually in the first year. That’s BELOW what legacy DC companies $DLR and $EQIX currently get for their small, non-AI compliant DC’s annually. https://t.co/bvMvasM5LJ (2) And because some of you have asked, here is our $WULF deal model, which assumes the Anthropic lease is triple net. The economics are far worse if it’s not. The deal finally gets to a 16% pre-tax ROIC…in 2047. In 2037 it’s a 10% pre-tax ROIC deal. https://t.co/fY8YAsaqJ0 (3) And of course, one of $WULF’s biggest bulls(Cantor) took the opportunity of this deal announcement to cut their FY 2027 revenue estimate 19%! https://t.co/E9Y9zK979U (4) And finally, they sold half of their interest in a potential $1.5B site for $530M (over time), a slight premium to the $450M they had already invested. The NASDAQ was up as much over the same time period. $WULF https://t.co/0DTDYVYoIy