$27.5B FY27 capex midpoint
− $14B cash + committed financing/prepayments
− $8B targeted GPU financing/prepayments
= $5.5B residual

Mgmt says that residual will come from data-center financing, cash flow and corporate sources. Note that the data-center portfolio is now unencumbered, meaning those assets are available to borrow against.

$27.5B FY27 capex midpoint
− $14B cash + committed financing/prepayments
− $8B targeted GPU financing/prepayments
= $5.5B residual

Mgmt says that residual will come from data-center financing, cash flow and corporate sources. Note that the data-center portfolio is now unencumbered, meaning those assets are available to borrow against.

Source:https://twitter.com/matthew_sigel/status/2093121534529290602