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3000, "shares_2028_m": 285, "equity_2028": 51000, "price_2028": 178.94736842105263, "discount_rate": 0.12, "years": 2.3, "present_equivalent": 137.887171819344, "vs_price": -0.281575721255958 }, { "scenario": "Bull", "avg_billed_mw": 800, "net_revenue_per_mw_m": 7.5, "other_revenue_m": 1000, "revenue_2028": 7000.0, "gross_margin": 0.5, "op_margin": 0.2, "op_income": 1400.0, "ev_sales_multiple": 16, "ev_2028": 112000.0, "net_cash_2028": 4000, "shares_2028_m": 305, "equity_2028": 116000.0, "price_2028": 380.327868852459, "discount_rate": 0.12, "years": 2.3, "present_equivalent": 293.0601028831573, "vs_price": 0.5269113889603361 } ], "hurdle_2028_revenue": 5665.7243508388965, "financial_pyramid": { "as_of": "2026-09-12", "unit": "USD million", "income_statement": [ { "period": "2024 FY", "revenue": 290.252, "cost_of_revenue": 167.514, "gross_profit": 122.738, "rd": 158.234, "sales_marketing": 20.98, "ga": 44.962, "operating_expenses": 224.176, "operating_income": -101.438, "other_income_net": -378.237, "pretax_income": -479.675, "income_tax": 1.927, "net_income": -481.602, "source": 1, "gross_margin": 0.42286702589473973 }, { "period": "2025 FY", "revenue": 509.991, "cost_of_revenue": 310.92, "gross_profit": 199.071, "rd": 243.319, "sales_marketing": 70.645, "ga": 30.969, "operating_expenses": 344.933, "operating_income": -145.862, "other_income_net": 390.746, "pretax_income": 244.884, "income_tax": 7.057, "net_income": 237.827, "source": 1, "gross_margin": 0.39034218250910313 }, { "period": "2026 H1", "revenue": 373.516, "cost_of_revenue": 261.781, "gross_profit": 111.735, "rd": 395.646, "sales_marketing": 101.67, "ga": 106.689, "operating_expenses": 604.005, "operating_income": -492.27, "other_income_net": 29.507, "pretax_income": -462.763, "income_tax": 1.771, "net_income": -464.534, "source": 2, "gross_margin": 0.2991438117778087 }, { "period": "2026 Q2", "revenue": 180.11, "cost_of_revenue": 154.551, "gross_profit": 25.559, "rd": 320.151, "sales_marketing": 86.969, "ga": 95.672, "operating_expenses": 502.792, "operating_income": -477.233, "other_income_net": 26.979, "pretax_income": -450.254, "income_tax": 0.274, "net_income": -450.528, "source": 2, "gross_margin": 0.14190772305813112 } ], "revenue_costs": [ { "period": "2024 FY", "category": "Hardware", "revenue": 211.965, "cost": 137.31, "source": 1, "gross_profit": 74.655, "gross_margin": 0.352204373363527 }, { "period": "2024 FY", "category": "Cloud and other services", "revenue": 78.287, "cost": 30.204, "source": 1, "gross_profit": 48.083000000000006, "gross_margin": 0.6141888180668565 }, { "period": "2025 FY", "category": "Hardware", "revenue": 358.44, "cost": 204.746, "source": 1, "gross_profit": 153.694, "gross_margin": 0.4287858497935498 }, { "period": "2025 FY", "category": "Cloud and other services", "revenue": 151.551, "cost": 106.174, "source": 1, "gross_profit": 45.37699999999998, "gross_margin": 0.29941735785313184 }, { "period": "2026 H1", "category": "Hardware", "revenue": 164.712, "cost": 118.072, "source": 2, "gross_profit": 46.639999999999986, "gross_margin": 0.2831609111661566 }, { "period": "2026 H1", "category": "Cloud and other services", "revenue": 208.804, "cost": 143.709, "source": 2, "gross_profit": 65.095, "gross_margin": 0.31175169058064023 }, { "period": "2026 Q2", "category": "Hardware", "revenue": 54.119, "cost": 53.141, "source": 2, "gross_profit": 0.9780000000000015, "gross_margin": 0.018071287348251103 }, { "period": "2026 Q2", "category": "Cloud and other services", "revenue": 125.991, "cost": 101.41, "source": 2, "gross_profit": 24.581000000000003, "gross_margin": 0.19510123738997232 } ], "balance_sheet": [ { "metric": "Cash and equivalents", "prior": 701.706, "current": 6742.157, "role": "Unrestricted cash; predominantly financed, not retained operating earnings" }, { "metric": "Short-term investments", "prior": 406.531, "current": 1179.39, "role": "Liquid investments; excluded from operating capital expenditure" }, { "metric": "Restricted cash", "prior": 228.672, "current": 684.68, "role": "Restricted liquidity; not interchangeable with free cash" }, { "metric": "Accounts receivable, net", "prior": 50.423, "current": 123.361, "role": "Recognized revenue awaiting collection; not another revenue item" }, { "metric": "Inventories", "prior": 63.626, "current": 32.666, "role": "Materials and systems pending use or sale; net of reserves" }, { "metric": "Prepaid and other current assets", "prior": 31.782, "current": 191.698, "role": "Advance payments and other operating claims" }, { "metric": "Property and equipment, net", "prior": 437.396, "current": 986.808, "role": "Owned equipment, improvements and construction in progress; net of accumulated depreciation" }, { "metric": "Operating lease right-of-use assets", "prior": 248.95, "current": 528.275, "role": "Contractual use of leased capacity and facilities; not owned property" }, { "metric": "Customer warrants, current and non-current", "prior": 152.353, "current": 1128.397, "role": "Customer equity consideration capitalized and amortized against related revenue; not cash or productive equipment" }, { "metric": "Other non-current assets", "prior": 4.598, "current": 30.44, "role": "No separately stated intangible asset line in the primary balance sheet" }, { "metric": "Total assets", "prior": 2326.037, "current": 11627.872, "role": "Sum of the preceding ten asset categories" }, { "metric": "Accounts payable", "prior": 48.63, "current": 88.313, "role": "Suppliers finance part of the purchase cycle" }, { "metric": "Deferred revenue, current and non-current", "prior": 166.896, "current": 418.264, "role": "Outstanding obligations; also includes non-cash financing adjustments, not all cash prepayments" }, { "metric": "Customer deposits", "prior": 354.46, "current": 242.672, "role": "Customer funding that still requires performance" }, { "metric": "Operating lease liabilities", "prior": 261.822, "current": 568.827, "role": "Recognized current and non-current lease obligations" }, { "metric": "Working capital loan", "prior": 0.0, "current": 918.244, "role": "Financing from OpenAI; cash/services repayment mechanics" }, { "metric": "Accrued and other current liabilities", "prior": 139.536, "current": 236.91, "role": "Operating and other accrued obligations" }, { "metric": "Total liabilities", "prior": 971.344, "current": 2473.23, "role": "Sum of the preceding six liability categories" }, { "metric": "Redeemable convertible preferred stock", "prior": 1933.348, "current": 0.0, "role": "Mezzanine presentation in 2025; converted at IPO, not part of ordinary stockholders' equity" }, { "metric": "Stockholders equity (deficit)", "prior": -578.655, "current": 9154.642, "role": "Total assets less liabilities and redeemable convertible preferred stock" } ], "asset_detail": [ { "metric": "Data center and computer equipment, cost", "prior": 277.421, "current": 403.579 }, { "metric": "Machinery and equipment, cost", "prior": 25.37, "current": 31.4 }, { "metric": "Leasehold improvements, cost", "prior": 22.348, "current": 38.79 }, { "metric": "Construction in progress", "prior": 163.451, "current": 604.03 }, { "metric": "Property and equipment, gross reported", "prior": 488.59, "current": 1077.8 }, { "metric": "Accumulated depreciation", "prior": 51.194, "current": 90.992 }, { "metric": "Property and equipment, net reported", "prior": 437.396, "current": 986.808 }, { "metric": "Inventory raw materials, net", "prior": 15.939, "current": 6.09 }, { "metric": "Inventory work in progress, net", "prior": 10.968, "current": 0.753 }, { "metric": "Inventory finished goods, net", "prior": 36.719, "current": 25.823 }, { "metric": "Inventory reserve", "prior": 0.9, "current": 20.1 } ], "notes": [ "Dates: balance_sheet and asset_detail prior = 2025-12-31, current = 2026-06-30; ref 2 balance sheets p.6 and Note 8 pp.20-21.", "Income statement: ref 1 MD&A p.99 and audited statements; ref 2 statements of operations p.7. Revenue costs use corresponding GAAP category costs, without allocating corporate operating expenses.", "June 2026 gross property subcategories sum to 1,077.799m while the filed total is 1,077.800m; retain the $0.001m presentation difference rather than change original figures.", "H1 2026 inventory provision expense was $19.2m and Q2 $11.8m. Reserve balance is distinct from period expense; provisions do not represent new cash spending.", "H1 depreciation $42.551m, of which $28.353m in cost of revenue. H1 cash PPE purchases $548.873m; PPE purchases in payables/accruals $58.560m, PPE transferred into inventory $8.443m. Net PPE change cannot be treated as cash capex.", "No separate intangible asset line in the primary balance sheet is not a zero valuation of technology. R&D is expensed as incurred and software is expensed before technological feasibility (ref 2 MD&A p.32; ref 1 accounting policy and MD&A pp.96-97).", "Dedicated Capacity is generally take-or-pay (ref 2 MD&A p.31): purchaser usage is not the sole billing driver; availability, delivery and contract conditions still matter. On-Demand is consumption based." ] }, "operating_costs": { "revision_date": "2026-09-13", "amount_period": "2026 H1 unless specified", "unit": "USD million", "cost_items": [ { "activity": "制造系统", "resource": "TSMC晶圆、ASE工艺、部件、组装测试、运输及质保", "payee": "代工及部件供应商、物流商、生产质量人员", "driver": "系统数量、晶圆及部件单价、良率、组装与交付要求", "amount": 118.072, "scope": "硬件营业成本合计；原材料及物流未单列", "source": "2: income statement; 1: Manufacturing and Suppliers p.145" }, { "activity": "提供算力与配套服务", "resource": "设备使用、机房、电力冷却、运维和工程支持", "payee": "设备和机房供应商、设施服务商、工程人员", "driver": "合同容量、设备寿命、计费覆盖、调用量、能源与人员成本", "amount": 143.709, "scope": "云及其他营业成本合计；纯云与其他服务未单列", "source": "2: income statement; MD&A pp.31–32" }, { "activity": "取得租赁资源", "resource": "长期、短期及可变租赁", "payee": "总部、办公及数据中心等出租方", "driver": "租赁容量、期限、固定及可变收费", "amount": 115.008, "scope": "全公司费用，跨多个用途；非云业务独占、非现金付款值", "source": "2: Note 15" }, { "activity": "消耗自有设备", "resource": "设备及租赁装修折旧", "payee": "资产采购时向设备或工程供应商付款；折旧期无对应新付款", "driver": "资产原值、使用寿命、投用时间", "amount": 42.551, "scope": "全公司折旧；营业成本28.353、研发11.568、销售1.639、管理0.991", "source": "2: Note 8" }, { "activity": "向交付人员提供权益报酬", "resource": "计入营业成本的股权激励", "payee": "有关员工及其他符合披露的授予对象", "driver": "权益授予、服务期、IPO等归属条件", "amount": 16.303, "scope": "营业成本内含项目，不可再加到营业成本总额上", "source": "2: Note 13" }, { "activity": "处理过时或不合格存货", "resource": "存货减值和报废", "payee": "并非当期新增采购付款", "driver": "产品代际、良率、可回收价格和需求", "amount": 19.2, "scope": "约数；存货减值及报废相关费用；期末准备20.1是另一存量", "source": "2: Note 8" }, { "activity": "预计并履行质保义务", "resource": "质保准备新增", "payee": "未来维修部件供应商及质保服务资源", "driver": "售出系统数量、预计故障和维修成本", "amount": 8.43, "scope": "新增准备；非现金维修支出；使用5.751、期末余额12.047", "source": "2: Note 8" }, { "activity": "研发新芯片和软件", "resource": "工程人员、版图掩膜、流片原型、测试、云计算和AI工具", "payee": "员工、设计及试制服务商、计算资源提供方", "driver": "研发人数、薪酬、试制批次、实验与软件适配需求", "amount": 395.646, "scope": "研发费用合计；包含股权激励227.846和折旧11.568", "source": "2: income statement; Note 13; MD&A p.32" }, { "activity": "获取客户", "resource": "销售人员和佣金、客户演示及试用算力、展会公关、广告、差旅", "payee": "员工、活动和广告服务商、试用所用计算资源", "driver": "销售团队、试用资源、广告活动及商机转化", "amount": 101.67, "scope": "销售营销费用合计；包含股权激励72.847和折旧1.639；广告金额未单列", "source": "2: income statement; Notes 8,13; MD&A pp.32,36" }, { "activity": "管理公司", "resource": "财务法务HR与IT、审计合规、专业服务、软件和保险", "payee": "员工、审计和律师等服务商、软件及保险提供方", "driver": "组织人数、合规要求和外部服务规模", "amount": 106.689, "scope": "管理费用合计；包含股权激励69.605和折旧0.991", "source": "2: income statement; Notes 8,13; MD&A pp.32,37" }, { "activity": "购买晶圆及其他部件", "resource": "TSMC WSE晶圆、存储及服务器、冷却和互连组件", "payee": "TSMC等供应商", "driver": "采购数量、规格与良率", "amount": null, "scope": "未披露单独金额或材料清单占比；已包含在相应生产投入内", "source": "1: Manufacturing and Suppliers p.145; inventories F-15" }, { "activity": "运输系统", "resource": "物流与运输服务", "payee": "物流供应商", "driver": "货量、线路、交付条款", "amount": null, "scope": "未披露单独金额或收入占比", "source": "2: Hardware Cost of Revenue p.32" }, { "activity": "向机房供能", "resource": "电力、冷却及相关设施服务", "payee": "设施运营方或能源服务提供方，取决于合同", "driver": "用电量、有效单价、冷却负荷及收费范围", "amount": null, "scope": "未披露独立全公司电费；可能内含于设施或可变租赁收费", "source": "1: OpenAI pass-through costs F-19–F-20; 2: Note 15" }, { "activity": "广告获客", "resource": "广告投放", "payee": "广告及媒体服务方；具体平台未在本次资料中确认", "driver": "投放量、单价、转化与留存", "amount": null, "scope": "未披露广告投流单独金额，不能将全部销售费用代入", "source": "2: Sales and Marketing Expenses p.32" }, { "activity": "支付工程及运营现金薪酬", "resource": "现金工资和福利", "payee": "相关员工", "driver": "人数、工资与福利水平", "amount": null, "scope": "未披露完整业务/职能现金薪酬分拆；不能用费用减股权激励直接代替现金工资", "source": "2: Components of Results of Operations pp.31–32" } ], "natural_costs_by_function": [ { "nature": "stock_compensation", "cogs": 16.303, "rd": 227.846, "sales_marketing": 72.847, "ga": 69.605, "total": 386.601, "source": "2: Note 13" }, { "nature": "depreciation", "cogs": 28.353, "rd": 11.568, "sales_marketing": 1.639, "ga": 0.991, "total": 42.551, "source": "2: Note 8" } ], "lease_costs": { "operating": 55.641, "short_term": 54.586, "variable": 4.781, "total": 115.008, "scope": "whole company; not allocated to cloud exclusively" }, "warranty": { "opening": 9.368, "additions": 8.43, "utilization": 5.751, "closing": 12.047, "scope": "liability rollforward, not cash spending" }, "notes": [ "Rows combine functional totals and natural cost components; do not sum the cost_items column.", "Unreported amounts are null, never zero or assumed percentages.", "Equipment acquisition for owned cloud is capital spending; depreciation is period consumption. Equipment rented from others generates rental costs; project-level ownership mix is not fully disclosed.", "No new estimates of materials, freight, electricity, cash payroll or advertising spend are introduced." ] } }