🧐What people don't undertand about the data center buildout: The BIGGEST variable is time-to-build. Let's assume you have a 6 month payback period once the datacenter is up and running (which, btw, is NUTZ but true). That means if you need 18 months vs. 6 months to stand it up, your ROI and debt situation will be MASSIVELY different. Think about it like this: you want to build as many 1GW clusters as possible. you need 50B for one. With 18 month buildtime and 6 months payback, you need 50B in rolling debt and can build one every 2 years. With 6 months build time, you can build one every 1 year with rolling 50B debt. In addition, after another 6 months, you can build an ADDITIONAL one in parallel with NO debt. This entire math situation is deeply misunderstood by the market - mostly because it can't wrap its head around 1. MASSIVE differences in buildout time 2. MASSIVELY fast paybacks. While the market (kind of) knows it, it breaks their brain and they believe it's a one-off right now that won't be the case next year or the year after. Guess what: you are WRONG. Payback will stay super fast for a long time to come. This is the greatest bonanza in human history - but just the bootloader of what is to come. Easy to understand once you understand intelligence. Impossible to understand if you don't. In a way, nothing has changed: only the intelligent can make money from intelligence. /AI / SPCX compute buildout