Forty-three percent. One related party, most likely SK ecoplant. Thirteen percent. Twelve percent. Three customers, that concentration. Oracle under twelve, not top three — emerging hyperscaler, not the risk. We name the widening base as the answer: more than half our data center backlog from other hyperscalers, neoclouds, colocation providers. Among power-infrastructure peers, forty-three percent from one customer stands out. Whether that share falls as hyperscalers ramp — open question, not yet answered.
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