reply $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.

reply $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://x.com/matthew_sigel/status/2093121534529290602