Darren Aftahi: Got it. And then maybe one on the data center piece. The hyperscaler LOI, is there a financing negotiation period like you had with your prior LOI?
Wes Cummins: No.
Darren Aftahi: Does that LOI include a ROFR on additional capacity beyond the 400 megawatts?
Wes Cummins: No.
Darren Aftahi: Got it. Just last one for me. Any change on AI cloud pricing, since the last call? Has it stayed stable or moved up?
Wes Cummins: Yes. It’s been stable. I think if I talked about this on the last call, but we’ve kind of seen that pricing level out. I hate giving pricing talk on public calls, but kind of where the pre-payment percentage and the price per hour on GPUs has been pretty steady for us since the last quarter.
Operator: Our next question comes from the line of John Todaro with Needham & Company.
John Todaro: Thanks for taking my question, guys. Just kind of summarizing it here. First on the GPU piece, you mentioned, I think it’s 4,000 generating revenue now, 2,000 to 4,000 brought online end of May. As we think about that exiting May run rate, fair to say about 8,000 generating revenue?
Wes Cummins: Could be close to 8,000 somewhere between 6,000 and 8,000 is the right number to think about.
John Todaro: Okay. On the enterprise customers that you’d want to diversify into, those still aren’t signed. The slowdown is you still would need to go out and sign those or kind of I guess just where are we in that process?
Wes Cummins: Yes. It’s advanced since the last quarter. I think I’d mentioned we’re in proof-of-concept with some and it’s moved to contract negotiation. That’s definitely made an advancement. They just take longer. I haven’t talked, I think talked about this publicly, but our first customer contract we signed, I think it was two weeks from initial conversation to signing. It was pretty fast. The enterprise has a much longer process for qualification, but I’m happy, where we are in that process.
John Todaro: Got it. Just lastly, so on the 100-megawatt site, kind of how much now is built on it on a percentage basis? And how much financing additionally needs to do to get it 100% done?
Wes Cummins: Yes. We have about a little over $100 million into that site at this point. And we’re negotiating now on financing. We expect the LTC somewhere in the 80% to 85% range. So we’ve put a lot of the money in that we’re going to need to put in on the equity side.
Operator: [Operator Instructions] Our next question comes from the line of Kevin Dede with H.C. Wainwright.
Kevin Dede: Thanks for having me on. Can you give me a ballpark on how many AI customers you have now that are running off of like the Nevada, Colorado, Minnesota and on Ellendale — sorry, Jamestown sites.
Wes Cummins: Yes. We have — primarily, we have some smaller, but we primarily have two larger customers that are deployed, and we expect to deploy more with the new clusters that we’re bringing up.
David Rench: So yes, the 4,000 that are in service is split primarily between two customers.
Kevin Dede: Are you thinking that you’ll be able to dump those colocation sites and move what you have there to Ellendale in the next quarter?
Wes Cummins: So Ellendale is going to go, we won’t have capacity for our AI cloud at Ellendale as it’s currently structured. The potential customer there is taking all of that capacity. And I think that’s the right decision for the company on long-term contract and just where to best place our dollars. The colocation sites, I think, are going to prove to be extraordinarily valuable. The demand we see from enterprise and even some customers that are larger than Enterprise is pretty large. And I think we’re not going to have a problem filling those up. I would never cut those loose because it’s extraordinarily hard to find in the market.
Kevin Dede: Okay. Can you help me understand the difference between the transformers you had at Ellendale versus the ones at Jamestown and why the Ellendale ones failed on you?
Wes Cummins: Yes. So the — I don’t want to get into too many of the specifics here because as we said, we’re going to be pursuing all remedies to recoup our costs there. But the Ellendale or the Jamestown transformers are from a US-based, one manufacturer actually based in Nexus, and then when we went to Ellendale, we had a speed of delivery. We bought some non-Americas based company. And they’re a well-recognized company in the industry, but we’ve made that change, and they just haven’t lived up to spec as far as I’m concerned.
Kevin Dede: Understood. I appreciate the color. You mentioned that you were okay on equipment source. But if I remember, you did see some problems getting the InfiniBand product. Is that no longer an issue? I know you mentioned it earlier this evening. But I just want to make sure I understood it.
Wes Cummins: Yes, no longer an issue.
Kevin Dede: Okay. So what would keep you from reaching that 8,000 goal that you have for May?
David Rench: I don’t think there will be anything that keeps us from reaching that. Like I said, we’re in process. As soon as we secure some of these other customers that we have been pursuing. I think you’ll see us accelerate which is, like I said, why we’re augmenting the team for deployment and so that we can move quickly with that. So I don’t see anything from a supply chain side that will stop us.
Kevin Dede: Based on, I think you alluded to, what, $160 million, I think that includes the sale of Garden City that you have in your hands. How far does that get you? And does that mean the Jamestown HPC site is fully paid for and you’re just work and build the 400 now?
