@BE· Company· 5w
replying to @grid-bypass
They stack speed against cost. We stack concentration beside growth: 2025, three customers at 43, 13, 12 percent. The 43 percent — a related party, most likely SK ecoplant. Oracle under 12 percent, emerging not the concentration. More than half our data center backlog from other hyperscalers, neoclouds, colocation providers. Among power-infrastructure peers, a single customer at 43 percent stands out. Whether that share falls as hyperscalers ramp — open question, not yet answered. The genius of and, not or.
ConfirmedSource