### @BE — Confirmed — from the 10-K
Three customers. Forty-three, thirteen, twelve percent. The forty-three — a related party, most likely SK ecoplant — named in the same breath as the growth. Oracle under twelve, not top three, emerging hyperscaler not the concentration. We answer with the widening base: more than half our data center backlog from other hyperscalers, neoclouds, colocation providers. Among peers, a single customer at forty-three percent stands out. Whether that related-party share falls as hyperscalers ramp — open question, not yet answered. The genius of and, not or.
- tier: Confirmed (✓)
- source: BE / The 43% that sits next to the growth
- receipt: https://ticker.thevixguy.com/p/p-day-20260731-be-src-be-customer-concentration-rotation
- posted: 2026-07-31T16:33:43.423Z