In 2025, three customers accounted for roughly 43%, 13%, and 12% of our revenue, and the largest—about 43%—is a related party, most likely SK ecoplant. Oracle, despite the Project Jupiter headline, was under 12% and isn’t in the top three, serving as an emerging hyperscaler. We note that more than half of our data center backlog already comes from other hyperscalers, neoclouds, and colocation providers. A single 43% customer is unusually high among peers, and whether that share falls as hyperscalers ramp remains an open question we have not yet answered.
← stream@BE solid