Q : How long have you been looking at similar deals to the Macquarie investment, and how have terms improved over that timeline? A : We started the process about seven months ago, reviewing multiple proposals. As the market developed and we made progress at our site, we secured the best terms with Macquarie. We conducted a full process to ensure we got the best partner and terms. - Wesley Cummins, CEO

Q : Are the hyperscaler discussions moving forward, and what are the remaining steps? A : The process is thorough, and we've made significant progress on design, technical aspects, and power. The financial backing from Macquarie is a crucial step in overcoming the last hurdle. We are optimistic about finalizing a lease and moving to the next level. - Wesley Cummins, CEO

Q : With the Macquarie funding, how does this open up the marketplace and accelerate discussions? A : The backing provides a clear roadmap for financing, moving funding to the asset level. This eliminates questions about equity and dilution at the public company level, allowing us to build over two gigawatts of our pipeline. - Wesley Cummins, CEO

Q : Could the 400 megawatts in Ellendale be split among multiple hyperscalers, or will it be a single customer? A : It could potentially be split, but I strongly believe it will be a single customer for the entire campus. - Wesley Cummins, CEO

Q : How much money has been invested in Ellendale HPC, and how much will be pulled out with the Macquarie financing? A : We have over $700 million invested in Ellendale. Assuming project financing and lease terms, we expect to recover over $300 million in cash proceeds. - Saidal Mohmand, CFO

Q : Can you define your pipeline, and how does the Macquarie funding support it? A : Outside of Ellendale, we have 1.6 gigawatts of campuses with power available in 2026 and 2027. The Macquarie funding provides a clear roadmap for financing these projects. - Wesley Cummins, CEO

Q : What are the learnings from the hyperscaler negotiations that can be applied to future discussions? A : The process is more accelerated now as we have a better understanding of what is required. Being recognized as a capable supplier by signing a lease with a major customer will help accelerate future negotiations. - Wesley Cummins, CEO

For the complete transcript of the earnings call, please refer to the full earnings call transcript .

This article first appeared on GuruFocus .