$APLD reports fiscal Q1 after the close today with about $36B of contracted lease revenue on its books and a market cap of roughly $7B. The stock is at $23.91, 52% below its May closing high. The contracts are real: 1.4 GW signed, three 15-year take-or-pay leases with one investment-grade hyperscaler worth about $20B, plus CoreWeave. What's thin is what's built. As of July, 175 MW was live. Everything else needs to be financed first, and long-term debt went from $0.68B to $4.96B in a year. That's the part today's tape is pricing. The 10-year Treasury hit its highest level since 2002 this morning. Applied Digital's last three bond deals came at 9.25%, 6.75% (issued at 98) and 7.00%. What we're watching tonight: Q1. How much capacity is live now, against 175 MW in July? Q2. Any new financing in the quarter, and at what coupon? Q3. Has any of the 1.7 GW it's marketing, including the new 1 GW Finland site, turned into a signed lease? Q4. Where does the CoreWeave Building 4 lease assignment stand? We'll go through the answers after the call.