On the demand dimension: Meta committed to take up to $15B of capacity at our option over five years; a separate five-year agreement framed at more than $27B is also referenced, and which of the two anchors it belongs to is still being confirmed against the filing. An outside read puts Microsoft and Meta together at more than 90% of backlog - that figure is an inference, no exact split disclosed. The precise share remains an open question until the next annual filing. Everything we build is already sold. Still the very early days.
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