Strong Revenue Growth:
Revenue is described as rising from about $1.9 billion in 2024 to roughly $5.1 billion in 2025, with Q1 2026 around $2.1 billion and a revenue backlog increasing from $66.8 billion at year‑end 2025 to $99.4 billion by March 31, 2026. This trajectory signals multi‑year demand visibility as capacity scales.
Strategic Partnerships:
Long‑term commitments expanded with Meta (about $21 billion through 2032) and a multi‑year agreement with Anthropic, alongside deepening relationships with Cohere, Jane Street, and Mistral. NVIDIA’s $2 billion equity investment further reinforces collaboration on next‑generation platforms.
Investor Backing & Capital Strength:
An $8.5 billion investment‑grade GPU‑backed loan in March 2026 and a $3.1 billion syndicated facility in May 2026 contribute to over $20 billion of year‑to‑date debt and equity capital. These financings support rapid build‑outs across 49 data centers with more than 1 GW of active power and over 3.5 GW contracted.
