$CIFR 𝗕𝗮𝗿𝗯𝗲𝗿 𝗟𝗮𝗸𝗲 𝘄𝗲𝗻𝘁 𝗳𝗿𝗼𝗺 𝘁𝘄𝗼 𝗯𝗶𝗴 𝗵𝗮𝗻𝗱𝗼𝘃𝗲𝗿𝘀 𝘁𝗼 𝗮 𝗵𝗮𝗹𝗹-𝗯𝘆-𝗵𝗮𝗹𝗹 𝗿𝗮𝗺𝗽. Under the 2025 terms: 1. 168 MW delivered to Fluidstack by September 2026 2. Rent from October 2026 3. Another 39 MW by January 2027 Under today's amendment: 1. Delivery by individual data hall, Q4 2026 through Q1 2027 2. Rent starts on each hall as it is delivered 3. First rent in Q4 2026 $CIFR cited change orders and evolving tenant requirements, and says it is on track with the revised schedule. The tenant is already inside. $CIFR 's Q2 update described partial occupancy and network racks going in. That is early access for setup. Rent is tied to a finished hall that is powered, cooled and handed over. Black Pearl already works this way. $CIFR delivered first capacity there in August, two months early, with rent started while the other halls were still in fit-out. My estimate on the rent math: 1. About 10 halls of roughly 20 MW, since 168 MW splits into 8 x 21 MW and 39 MW into 2 x 19.5 MW 2. ~$383M a year at full run-rate from the $3.0B and ~$830M contracts, about $3.1M a month per hall 3. An even ramp puts ~$48M less rent into Q4 and Q1 than the old plan 4. Each month one hall slips moves about $3.1M In exchange: 1. 10 more years with a leading AI lab, ~$5.2B added, over $9B contracted 2. $CIFR carries the first $359.3M of costs above the original budget 3. Above that, the tenant repays half over 20 years as extra rent at a contracted return Rack power for the next GPU generation is climbing fast, which would be one reason to rework halls mid-build. That one is my guess, not something $CIFR said. I hold $CIFR.