Aug. 29 at 12:13 AM
$APLD $IREN said they are in discussion on 3 year deals at
$25M per MW
$CHRN entered a 2 year partnership with MSFT for 50MW (contingent on financing so lease not yet inked, basically an LOI?)
Shorter term leases carry a higher premium, but, for sake of argument lets assume CHRN signs that lease at
$20M per MW over 2 years
This will bring
$1B in ARR to
$APLD's bottom line... added to a HPC ARR that will hit
$1B 3 years sooner than anticipated (next year)
Assume APLD does as advertised, signing the 100MW remaining at PF2 and the 150MW at DF1 Wes mentioned, by EOY '28, they will see
$4B in ARR (with CHRN) not including any BTC hosting revenue, power pass through or TFO revenue (which came in at
$150M last quarter alone)
I want to slow down and enjoy life, but EOY '28 can't come soon enough
APLD & CHRN arent stopping there. With a power pipeline multiple GW's deep, campuses that can expand and what looks like a massive plan coming for AL,
$4B ARR will soon look small...
