Long-duration contracts with creditworthy hyperscalers convert capex-heavy data center builds into annuity-like revenue streams with high visibility, de-risking the company's aggressive capacity expansion. The 15-year base term with renewal options creates switching-cost lock-in once tenant fit-out is complete.
the thesis · admitted · the reason above is the thesis, not printed twice
no findingread · nothing bore on it
It held on this filing. No finding was written because nothing in it bore on the reason — the sentences it was read against are below.
the evidence · every sentence checkedthree sentences · whole, uncut
the claims it rests on · in our words, not the filing’s