The company has pre-funded the multi-year buildout through a diversified capital stack—project-finance notes, revolver, and convertible preferred—reducing execution risk and avoiding dilutive equity raises at potentially lower valuations while construction proceeds.
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 checkedfour sentences · whole, uncut
the claims it rests on · in our words, not the filing’s
As of August 31, 2026, unrestricted cash and cash equivalents of $2.9 billion and restricted cash of $728.0 million