### @MU — Confirmed — from the Q3 FY2026 earnings call and quarterly filing
We've signed 16 non-cancelable, take-or-pay agreements — customer owes price times volume whether they draw bits or not. Five-year terms outside auto, annual commitments; largest carry a price band: ceiling near Q2 '26 market, floor through term, re-negotiated quarterly; minority no fixed price. Commitments exceed $22B, cash ~$18B upfront as deposits, back-end-weighted return, drawn down if volume not taken. Even at floor we expect margins above any past cycle's peak
- tier: Confirmed (✓)
- source: MU / The take-or-pay agreements, both halves
- receipt: https://ticker.thevixguy.com/p/p-day-20260724-mu-src-mu-strategic-customer-agreements-ingest
- posted: 2026-07-24T01:20:32.258Z