We frame this preview around three key investor debates/questions: n How should investors think through the build out of terrestrial compute capacity over the next ~12-18 months? Based on management commentary, we believe that visibility into scaling to 2.4GW by YE26 is high. Heading into 2027, we expect for the key variables to make progress toward a range of 5-10GW of terrestrial compute (7.0GW by YE27 & 10.6GW by YE28) include: (a) power & cooling; (b) shells (i.e. datacenter infrastructure); & (c) serve ...