Operators · Landscape
Operators
Financials, debt and market signals for the listed data center and AI cloud operators, with a stress scorecard. Built for lenders, insurers and investors.
Funding gap, trailing 12 months · capex less operating cash flow $30.2bn†
Combined cash of $35.4bn covers about 14 months of that gap at the current pace, across 8 operators.
Operators at Elevated or High stress 6 of 8 on the seven-factor scorecard below
CCC-and-lower corporate yield 17.83% one-year range 11.78% to 17.83%, FRED 2026-10-19
Market read Landscape Scorecard Maturity wall Market signals News Filings Funding Pipeline Operators
Market read
Where the mid-market is stretched GENERATED FROM THE DATA BELOW 6 of 8 operators screen Elevated or High on the Azraq stress score: Applied Digital, Cipher Mining, CoreWeave, Core Scientific, IREN, Nebius. Combined trailing capex of $52.4bn against operating cash flow of $22.2bn leaves a funding gap of $30.2bn†. Their combined cash of $35.4bn covers about 14 months of that gap at the current pace. All 8 operators have $10.0bn of debt principal due within 12 months, 28% of their cash. Market capitalisation is below net debt at CoreWeave: the equity cushion is gone on current prices. Neocloud and AI/HPC hosting shares are down 31% on average over one month and 59% from their 52-week highs; the colocation REITs are down 5% and 15%. Insider trades over 90 days (SEC Form 4, open-market only): insiders bought on net at Applied Digital (+$6.0m); the largest net sellers were Equinix (-$4.9m) and CoreWeave (-$4.7m). Recent 8-Ks flagging a new debt obligation: Cipher Mining (16 Oct), Digital Realty (9 Oct), Core Scientific (27 Aug), CoreWeave (10 Aug). Most negative news flow over 30 days: IREN (7 of 8 articles) and Cipher Mining (3 of 4 articles) (Akta sentiment scores). Next results: Nebius 22 Oct, Equinix 28 Oct, Digital Realty 29 Oct, Core Scientific 5 Nov. US corporate borrowing costs: the CCC-and-lower yield is 17.83%, at its one-year high (11.78% to 17.83%), and the overall high-yield index yields 8.18%, against 5.15% on the 10-year Treasury (FRED, 2026-10-19). Highest stress scores: Applied Digital (3.6), Cipher Mining (3.6), CoreWeave (3.3). Shortest funding runway: CoreWeave (6 months, market cap 0.75x net debt); then Applied Digital (9 months, market cap 1.81x net debt). Source SEC EDGAR A 21 Oct 2026 FRED A 21 Oct 2026 TradingView B 20 Oct 2026 Finnhub B 21 Oct 2026 Akta B 21 Oct 2026 Azraq Enriched Sites B 19 Aug 2026
Landscape
Aggregate, trailing twelve months 8 OPERATORS
Capex, trailing 12 months $52.4bn† 189% of combined TTM revenue
Cash operating cost, TTM $17.4bn on revenue of $27.7bn; revenue less EBITDA
Op. cash flow covers capex 42% $22.2bn against $52.4bn, TTM
Total debt $129.2bn net debt $93.8bn after $35.4bn cash
Consensus revenue, next 12m $50.0bn +80% on TTM; $83.7bn the year after
Sites mapped 742 616 operational, 40 building, 86 planned
By segment
Segment Operators TTM revenue TTM cash operating cost TTM capex Capex / revenue Op. cash flow / capex Total debt Net debt Next 12m revenue (consensus) Neocloud 2 $8.9bn $5.1bn $31.0bn 347% 40% $61.7bn $47.2bn $26.8bn Colocation REIT 2 $16.6bn $9.9bn $8.9bn 54% 78% $43.2bn $39.1bn $18.1bn AI / HPC hosting 4 $2.2bn $2.4bn $12.5bn 570% 23% $24.3bn $7.5bn $5.1bn All operators 8 $27.7bn $17.4bn $52.4bn† 189% 42% $129.2bn $93.8bn $50.0bn
TTM is the sum of each operator's last four reported quarters. Balance sheet items are the latest quarter. Cash operating cost is revenue less EBITDA, so it excludes depreciation. † Nebius: capex and cash flow in the feed cover 3 of the last 4 quarters, so TTM capex is understated and ratios use the matching quarters.
Source TradingView company financials B 20 Oct 2026
Risk profile
Financial stress scorecard 1 LOWEST STRESS · 4 HIGHEST
How the score is built Each dimension scores 1 (lowest stress) to 4 (highest). Flows use trailing twelve months, the sum of the last four reported quarters. Balance sheet items use the latest quarter; debt maturities and interest come from SEC filings and market data from TradingView. The overall score is the simple average of the dimensions that have data, banded Low (below 1.75), Moderate (below 2.5), Elevated (below 3.25) and High (3.25 and above). A dash means no filed data, so that dimension is left out rather than assumed.
Dimension Measure Thresholds Leverage Net debt / TTM EBITDA Below 3x = 1 · 3 to 5x = 2 · 5 to 8x = 3 · 8x or more, or EBITDA at or below zero = 4 Runway Cash / monthly TTM funding gap (capex less operating cash flow) Self-funding or 18 months or more = 1 · 12 to 18 = 2 · 6 to 12 = 3 · below 6 months = 4 Self-funding TTM operating cash flow / TTM capex 100% or more = 1 · 50 to 100% = 2 · 15 to 50% = 3 · below 15% or negative = 4 Margin TTM EBITDA / TTM revenue 40% or more = 1 · 20 to 40% = 2 · 0 to 20% = 3 · negative = 4 Balance sheet Total debt / equity (latest quarter) Below 1x = 1 · 1 to 2.5x = 2 · 2.5 to 5x = 3 · 5x or more, or negative equity = 4 Debt service Worse of: TTM EBITDA / interest expense, and debt due in 12 months / cash (SEC filings) Interest cover 4x or more = 1 · 2 to 4x = 2 · 1 to 2x = 3 · below 1x or EBITDA at or below zero = 4. Due in 12 months / cash: up to 0.25 = 1 · to 0.5 = 2 · to 1 = 3 · above 1 = 4. Not scored if neither is filed Market signal Worse of: market cap / net debt, and fall from the 52-week high Equity cushion 3x or more = 1 · 1.5 to 3x = 2 · 0.75 to 1.5x = 3 · below 0.75x = 4. Fall from high: under 20% = 1 · 20 to 40% = 2 · 40 to 60% = 3 · over 60% = 4
Source TradingView B 20 Oct 2026 SEC EDGAR A 21 Oct 2026 FRED A 21 Oct 2026
Refinancing
Debt maturity wall PRINCIPAL DUE · SEC FILINGS
CoreWeave CoreWeave: Next 12 months $6.2bn $6.2bn CoreWeave: Year 2 $4.4bn $4.4bn CoreWeave: Year 3 $2.4bn $2.4bn CoreWeave: Year 4 $3.2bn $3.2bn CoreWeave: Later years $14.9bn $14.9bn $31.1bn Equinix Equinix: Next 12 months $1.1bn Equinix: Year 2 $1.4bn Equinix: Year 3 $2.2bn $2.2bn Equinix: Year 4 $3.2bn $3.2bn Equinix: Later years $11.4bn $11.4bn $19.3bn Digital Realty Digital Realty: Next 12 months $2.2bn $2.2bn Digital Realty: Year 2 $2.5bn $2.5bn Digital Realty: Year 3 $3.6bn $3.6bn Digital Realty: Year 4 $1.7bn Digital Realty: Later years $8.0bn $8.0bn $17.9bn Nebius Nebius: Year 3 $588m Nebius: Later years $9.5bn $9.5bn $10.0bn IREN IREN: Next 12 months $177m IREN: Year 2 $270m IREN: Year 3 $194m IREN: Year 4 $573m IREN: Later years $6.5bn $6.5bn $7.7bn Applied Digital Applied Digital: Next 12 months $222m Applied Digital: Year 2 $341m Applied Digital: Year 3 $354m Applied Digital: Year 4 $4.3bn $4.3bn Applied Digital: Later years $1.4bn $6.6bn Cipher Mining Cipher Mining: Next 12 months $217m Cipher Mining: Year 2 $296m Cipher Mining: Year 3 $301m Cipher Mining: Year 4 $1.6bn Cipher Mining: Later years $3.6bn $3.6bn $6.0bn Core Scientific Core Scientific: Year 3 $650m Core Scientific: Year 4 $380m Core Scientific: Later years $3.4bn $3.4bn $4.4bn
Principal due, and against cash
Operator Next 12 months Year 2 Year 3 Year 4 Later years Next 12m / cash As of CoreWeave $6.2bn $4.4bn $2.4bn $3.2bn $14.9bn 1.0x 2026-06-30 Digital Realty $2.2bn $2.5bn $3.6bn $1.7bn $8.0bn 1.2x 2026-06-30 Equinix $1.1bn $1.4bn $2.2bn $3.2bn $11.4bn 0.5x 2026-06-30 Applied Digital $222m $341m $354m $4.3bn $1.4bn 0.1x 2026-08-31 Cipher Mining $217m $296m $301m $1.6bn $3.6bn 0.1x 2026-06-30 IREN $177m $270m $194m $573m $6.5bn 0.0x 2026-06-30 Nebius $0m $0m $588m $0m $9.5bn 0.0x 2026-06-30 Core Scientific $0m $0m $650m $380m $3.4bn 0.0x 2026-06-30
Only operators whose filing carries the maturity tags are shown; the rest are marked not filed rather than estimated, and values older than eight months are dropped. Later years combine everything after year four. Cover against cash ignores undrawn credit facilities, which matter most for the listed REITs.
Source SEC EDGAR 10-Q and 10-K A 21 Oct 2026
Market signals
What the equity and credit markets are showing TRADINGVIEW · FRED
Cipher Mining Cipher Mining: Fall from the 52-week high -70% -70% IREN IREN: Fall from the 52-week high -64% -64% Applied Digital Applied Digital: Fall from the 52-week high -62% -62% CoreWeave CoreWeave: Fall from the 52-week high -57% -57% Core Scientific Core Scientific: Fall from the 52-week high -55% -55% Nebius Nebius: Fall from the 52-week high -43% -43% Digital Realty Digital Realty: Fall from the 52-week high -17% -17% Equinix Equinix: Fall from the 52-week high -14% -14%
Prices, cushion and distress score
Operator Market cap 1 week 1 month 3 months 1 year From 52-week high Market cap / net debt Altman Z Beta Cipher Mining $3.7bn -33% -50% -57% -49% -70% 2.43x 0.99 2.8 IREN $11.2bn -24% -38% -32% -53% -64% 40.94x 1.16 3.5 Applied Digital $5.8bn -18% -29% -33% -45% -62% 1.81x 0.74 3.7 CoreWeave $33.7bn -24% -23% -19% -56% -57% 0.75x 0.29 3.5 Core Scientific $4.4bn -10% -23% -40% -26% -55% 1.78x -0.93 2.0 Nebius $46.3bn -22% -22% -12% +44% -43% 22.98x 3.02 2.9 Digital Realty $64.2bn -3% -6% -2% +1% -17% 3.57x 1.68 0.5 Equinix $96.3bn -4% -5% -4% +20% -14% 4.56x 2.43 0.4
Valuation and liquidity
Market cap / net debt below 1x means the equity is worth less than net debt on current prices. The Altman Z-score is TradingView's trailing calculation; it was built for manufacturers, so treat it as a cross-check (below 1.8 is the classic distress zone), not as a score input.
Credit backdrop
0% 5% 10% 15% 20% Nov 25 Jan 26 Mar 26 May 26 Jul 26 Sep 26 10-year Treasury 5.15% BB 6.90% B 8.24% CCC and lower 17.83% 2025-10-03 2026-10-19 ICE BofA US corporate effective yields by rating band, daily, with the 10-year Treasury for reference. Yields are what an issuer pays; the spread over Treasuries understates it. The B and CCC bands are the closest systematic proxy for neocloud borrowing costs: individual bond yields need a paid feed.
Source TradingView B 20 Oct 2026 Finnhub via treg B 21 Oct 2026 FRED (ICE BofA) A 21 Oct 2026
News flow
News and sentiment, last 30 days AKTA · SCORED BY THEIR MODEL
IREN IREN: 1 positive of 8 1 IREN: 7 negative of 8 7 8 articles Cipher Mining Cipher Mining: 1 neutral of 4 1 Cipher Mining: 3 negative of 4 3 4 articles Nebius Nebius: 4 positive of 8 4 Nebius: 1 neutral of 8 1 Nebius: 3 negative of 8 3 8 articles Equinix Equinix: 3 positive of 8 3 Equinix: 3 neutral of 8 3 Equinix: 2 negative of 8 2 8 articles Digital Realty Digital Realty: 4 positive of 8 4 Digital Realty: 2 neutral of 8 2 Digital Realty: 2 negative of 8 2 8 articles Core Scientific Core Scientific: 4 positive of 8 4 Core Scientific: 2 neutral of 8 2 Core Scientific: 2 negative of 8 2 8 articles CoreWeave CoreWeave: 4 positive of 5 4 CoreWeave: 1 negative of 5 1 5 articles Applied Digital Applied Digital: 5 positive of 8 5 Applied Digital: 2 neutral of 8 2 Applied Digital: 1 negative of 8 1 8 articles
Latest articles
Articles that name the operator. Sentiment is scored by Akta's model on the article text and can misread headline framing (a "hits new 12-month low" piece can score positive), so read the tone with the headline.
Source Akta via treg B 21 Oct 2026
Signals
Insiders, analysts and catalysts SEC FORM 4 · TRADINGVIEW
Insider net is open-market purchases less sales over 90 days; sales under pre-arranged plans are included. Analyst target is the average 12-month price target against the current price, and next results is the scheduled date.
Source SEC Form 4 via Financial Datasets A 21 Oct 2026 TradingView B 20 Oct 2026
Filings
Recent SEC filings SEC EDGAR · LAST 120 DAYS
Filed Operator Form What it flags Filing 16 Oct Cipher Mining 8-K Material agreement, New debt obligation , Unregistered share sale, Regulation FD Open 14 Oct Cipher Mining 8-K Other events Open 13 Oct Cipher Mining 8-K Regulation FD, Other events Open 9 Oct Digital Realty 8-K Material agreement, New debt obligation Open 7 Oct Applied Digital 10-Q — Open 7 Oct Applied Digital 8-K Results of operations Open 6 Oct Digital Realty 8-K Regulation FD, Other events Open 6 Oct Digital Realty 8-K Material agreement, New debt obligation , Regulation FD Open 6 Oct Digital Realty 8-K Other events Open 1 Oct Nebius 6-K — Open 25 Sep Cipher Mining 8-K Regulation FD, Other events Open 22 Sep CoreWeave 8-K Material agreement, Unregistered share sale, Other events Open 17 Sep CoreWeave 8-K Regulation FD, Other events Open 17 Sep CoreWeave 424B5 — Open 10 Sep Core Scientific 8-K Regulation FD Open 8 Sep Nebius 6-K — Open
Latest 8-Ks, 6-Ks, quarterly and annual reports and prospectus supplements across the eight operators. The 8-K item codes say what the filing is about; debt-related items are highlighted. Foreign filers (Nebius) file 6-Ks, which carry no item codes.
Source SEC EDGAR A 21 Oct 2026
Capex and how it is funded TRAILING 12 MONTHS
Where the green bar is far shorter than the blue one, the build-out is being paid for with debt, equity or customer prepayments, not operating cash.
CoreWeave CoreWeave: Capex, TTM $20.6bn $20.6bn CoreWeave: Operating cash flow, TTM (negative bars drawn at zero, value labelled) $6.9bn $6.9bn Nebius Nebius: Capex, TTM $10.5bn $10.5bn† Nebius: Operating cash flow, TTM (negative bars drawn at zero, value labelled) $5.5bn $5.5bn† Equinix Equinix: Capex, TTM $5.4bn $5.4bn Equinix: Operating cash flow, TTM (negative bars drawn at zero, value labelled) $3.9bn $3.9bn Applied Digital Applied Digital: Capex, TTM $4.7bn $4.7bn Applied Digital: Operating cash flow, TTM (negative bars drawn at zero, value labelled) $236m $236m IREN IREN: Capex, TTM $4.6bn $4.6bn IREN: Operating cash flow, TTM (negative bars drawn at zero, value labelled) $2.3bn $2.3bn Digital Realty Digital Realty: Capex, TTM $3.5bn $3.5bn Digital Realty: Operating cash flow, TTM (negative bars drawn at zero, value labelled) $3.0bn $3.0bn Core Scientific Core Scientific: Capex, TTM $1.7bn $1.7bn Core Scientific: Operating cash flow, TTM (negative bars drawn at zero, value labelled) $531m $531m Cipher Mining Cipher Mining: Capex, TTM $1.4bn $1.4bn Cipher Mining: Operating cash flow, TTM (negative bars drawn at zero, value labelled) -$221m -$221m
Source TradingView company financials B 20 Oct 2026
Debt, leases and liquidity LATEST QUARTER
CoreWeave CoreWeave: Total debt $51.6bn $51.6bn CoreWeave: Cash and short-term investments $6.4bn $6.4bn Equinix Equinix: Total debt $23.4bn $23.4bn Equinix: Cash and short-term investments $2.2bn $2.2bn Digital Realty Digital Realty: Total debt $19.8bn $19.8bn Digital Realty: Cash and short-term investments $1.9bn $1.9bn Nebius Nebius: Total debt $10.1bn $10.1bn Nebius: Cash and short-term investments $8.0bn $8.0bn IREN IREN: Total debt $7.8bn $7.8bn IREN: Cash and short-term investments $7.6bn $7.6bn Applied Digital Applied Digital: Total debt $6.5bn $6.5bn Applied Digital: Cash and short-term investments $3.3bn $3.3bn Cipher Mining Cipher Mining: Total debt $5.6bn $5.6bn Cipher Mining: Cash and short-term investments $4.1bn $4.1bn Core Scientific Core Scientific: Total debt $4.4bn $4.4bn Core Scientific: Cash and short-term investments $1.9bn $1.9bn
Total debt, leases and debt service
Operator Total debt (feed) of which leases Debt excl. leases Interest, TTM Interest cover Backlog (RPO) Backlog / debt CoreWeave $51.6bn $16.5bn $35.1bn $1.6bn 2.3x $103.7bn 2.0x Equinix $23.4bn $3.6bn $19.7bn $569m 5.9x $15.0bn 0.6x Digital Realty $19.8bn — — $456m 7.3x — — Nebius $10.1bn $1.6bn $8.4bn $240m 0.5x $37.5bn 3.7x IREN $7.8bn — — $47m 0.8x $5.1bn 0.7x Applied Digital $6.5bn $107m $6.4bn $99m — — — Cipher Mining $5.6bn $45m $5.5bn $161m — — — Core Scientific $4.4bn $109m $4.3bn $163m — — —
Total debt on the feed basis includes lease liabilities. The lease share is measured from filings, not assumed. CoreWeave's $35.1bn of debt excluding leases equals the carrying value in its own release, so the higher feed total is leases. Interest is expense on debt and excludes interest capitalised during construction, so cover is flattering for operators that are still building.
Source TradingView B 20 Oct 2026 SEC EDGAR A 21 Oct 2026 Company releases A
Site pipeline
Pipeline against leverage AZRAQ ENRICHED SITES · AUG 2026 SNAPSHOT
Operators ranked by net debt per dollar of trailing revenue, most leveraged first, with how many of their mapped sites are operational, under construction or planned.
Sites by stage, Azraq Enriched Sites Net debt / TTM revenue 0x 2x 4x 6x 8x Cipher Mining Cipher Mining: 4 operational of 8 mapped sites 4 Cipher Mining: 4 planned / emerging of 8 mapped sites 4 Cipher Mining: net debt $1.5bn on TTM revenue $191m 8.0x CoreWeave CoreWeave: 1 operational of 4 mapped sites 1 CoreWeave: 3 planned / emerging of 4 mapped sites 3 CoreWeave: net debt $45.2bn on TTM revenue $7.6bn 6.0x Core Scientific Core Scientific: 9 operational of 11 mapped sites 9 Core Scientific: 1 under construction of 11 mapped sites 1 Core Scientific: 1 planned / emerging of 11 mapped sites 1 Core Scientific: net debt $2.5bn on TTM revenue $440m 5.6x Applied Digital Applied Digital: 4 operational of 8 mapped sites 4 Applied Digital: 1 under construction of 8 mapped sites 1 Applied Digital: 3 planned / emerging of 8 mapped sites 3 Applied Digital: net debt $3.2bn on TTM revenue $854m 3.8x Digital Realty Digital Realty: 281 operational of 326 mapped sites 281 Digital Realty: 15 under construction of 326 mapped sites Digital Realty: 30 planned / emerging of 326 mapped sites 30 Digital Realty: net debt $18.0bn on TTM revenue $6.8bn 2.7x Equinix Equinix: 308 operational of 352 mapped sites 308 Equinix: 15 under construction of 352 mapped sites Equinix: 29 planned / emerging of 352 mapped sites 29 Equinix: net debt $21.1bn on TTM revenue $9.8bn 2.2x Nebius Nebius: 4 operational of 19 mapped sites 4 Nebius: 6 under construction of 19 mapped sites 6 Nebius: 9 planned / emerging of 19 mapped sites 9 Nebius: net debt $2.0bn on TTM revenue $1.4bn 1.5x IREN IREN: 5 operational of 14 mapped sites 5 IREN: 2 under construction of 14 mapped sites 2 IREN: 7 planned / emerging of 14 mapped sites 7 IREN: net debt $274m on TTM revenue $707m 0.4x
Site counts are mapped to each operator and its consolidated subsidiaries (Digital Realty includes Teraco, Bersama, icolo.io and others; the Ascenty joint venture is excluded). Planned / emerging combines Planned, Land Banked and Uncertain; cancelled and decommissioned sites are excluded. Net debt and revenue are from the financials above; the dot takes the operator's stress band colour.
Source Azraq Enriched Sites B 19 Aug 2026 TradingView B 20 Oct 2026
Growth against debt
Can consensus growth carry the debt? ANALYST CONSENSUS REVENUE
Each line shows how net debt compares with revenue today and if analysts' revenue forecasts arrive. A long line to the left means growth would do much of the deleveraging.
Net debt / revenue, net debt held at its latest level 0x 2x 4x 6x 8x Consensus revenue growth Cipher Mining Cipher Mining: Trailing 12 months 8.0x Cipher Mining: Next 12 months 2.9x Cipher Mining: Following 12 months 1.7x +172% then +68% CoreWeave CoreWeave: Trailing 12 months 6.0x CoreWeave: Next 12 months 2.3x CoreWeave: Following 12 months 1.3x +158% then +72% Core Scientific Core Scientific: Trailing 12 months 5.6x Core Scientific: Next 12 months 2.8x Core Scientific: Following 12 months 1.7x +104% then +60% Applied Digital Applied Digital: Trailing 12 months 3.8x Applied Digital: Next 12 months 3.3x Applied Digital: Following 12 months 1.5x +13% then +128% Digital Realty Digital Realty: Trailing 12 months 2.7x Digital Realty: Next 12 months 2.4x Digital Realty: Following 12 months 2.1x +9% then +16% Equinix Equinix: Trailing 12 months 2.2x Equinix: Next 12 months 2.0x Equinix: Following 12 months 1.7x +10% then +14% Nebius Nebius: Trailing 12 months 1.5x Nebius: Next 12 months 0.3x Nebius: Following 12 months 0.1x +429% then +140% IREN IREN: Trailing 12 months 0.4x IREN: Next 12 months 0.1x IREN: Following 12 months 0.0x +286% then +174%
Consensus revenue for the next four quarters, then the four after. Net debt is held at its latest level, so this is a best case for operators still borrowing to build; forward capex, EBITDA and debt consensus are not available. Consensus can lag fast-growing operators, and fiscal-year operators (Applied Digital, IREN) are on their own fiscal quarters.
Source TradingView analyst consensus B 20 Oct 2026
Peer table TTM · SORTED BY CAPEX
Operator Segment TTM revenue EBITDA margin Cash operating cost TTM capex Capex / revenue Op. cash flow / capex Total debt Net debt Net debt / TTM EBITDA Risk CoreWeave Neocloud $7.6bn 50% $3.8bn $20.6bn 271% 34% $51.6bn $45.2bn 12.0x ■ HighNebius Neocloud $1.4bn 9% $1.2bn $10.5bn† 866% 52% $10.1bn $2.0bn 16.0x ◆ ElevatedEquinix Colocation REIT $9.8bn 34% $6.5bn $5.4bn 55% 73% $23.4bn $21.1bn 6.3x ▲ ModerateApplied Digital AI / HPC hosting $854m -11% $946m $4.7bn 549% 5% $6.5bn $3.2bn n.m. ■ HighIREN AI / HPC hosting $707m 5% $669m $4.6bn 658% 50% $7.8bn $274m 7.2x ◆ ElevatedDigital Realty Colocation REIT $6.8bn 49% $3.5bn $3.5bn 51% 85% $19.8bn $18.0bn 5.4x ▲ ModerateCore Scientific AI / HPC hosting $440m -14% $500m $1.7bn 391% 31% $4.4bn $2.5bn n.m. ■ HighCipher Mining AI / HPC hosting $191m -33% $254m $1.4bn 749% -15% $5.6bn $1.5bn n.m. ■ High
Source TradingView B 20 Oct 2026 Derived by Azraq B
Operator detail 8 OPERATORS · SEARCH BY NAME OR TICKER
CoreWeave NASDAQ: CRWV Neocloud ■ HighQ2 2026 (to 30 Jun 2026) Website · LinkedIn · X
TTM revenue $7.6bn next 12m consensus $19.6bn (+158%)
TTM capex $20.6bn 271% of revenue
Net debt $45.2bn 12.0x TTM EBITDA
Sites mapped 4 1 operational, 0 building, 3 planned
4 Leverage4 Runway3 Self-funding1 Margin4 Balance sheet3 Debt service4 Market signal
Trailing twelve months B Revenue, TTM $7.6bn Cash operating cost (revenue less EBITDA) $3.8bn EBITDA $3.8bn Net income -$1.9bn Capex $20.6bn Operating cash flow $6.9bn Free cash flow -$13.7bn
Balance sheet and latest quarter B Cash $6.4bn Total debt (feed basis) $51.6bn Net debt $45.2bn Short-term debt $8.1bn Equity $5.0bn Latest quarter revenue $2.6bn Latest quarter capex $6.4bn
Forward revenue, consensus B Revenue, TTM $7.6bn Next 12 months (consensus) $19.6bn (+158%) Following 12 months (consensus) $33.7bn (+72%) Next quarter (consensus) $3.5bn
Sites by stage, Azraq Enriched Sites B Operational 1 Under construction 0 Planned / emerging 3 Sites 4 Share operational 25%
Market signals B Share price $61.12 Market capitalisation $33.7bn Market cap / net debt (equity cushion) 0.75x Change, 1 week / 1 month -24% / -23% Change, 3 months / 1 year -19% / -56% From 52-week high -57% Enterprise value (Finnhub) $63.5bn EV / revenue, EV / EBITDA (TTM) 8.4x / 16.9x Current ratio 0.5x Altman Z-score (cross-check) 0.29
Debt service and funding A Funding runway 6 months Interest expense, TTM (SEC filings) $1.6bn Interest cover (TTM EBITDA / interest) 2.3x Debt due in next 12 months (SEC filings) $6.2bn as a multiple of cash 1.0x Leases in total debt (SEC filings) $16.5bn Revenue backlog (RPO, SEC filings) $103.7bn (2.0x debt)
Debt maturity ladder, principal at 2026-06-30 A Period Principal due Next 12 months $6.2bn Year 2 $4.4bn Year 3 $2.4bn Year 4 $3.2bn After year 4 $14.9bn
Recent news, 4 positive, 1 negative B Insider trades, net -$4.7m over 90 days A Date Insider Transaction Value 12 Oct Agrawal NitinChief Financial Officer Open market sale $1m 12 Oct Agrawal NitinChief Financial Officer Open market sale $1m 13 Oct Jones JonathanChief Revenue Officer Open market sale $1m 13 Oct Jones JonathanChief Revenue Officer Open market sale $0m 13 Oct Jones JonathanChief Revenue Officer Open market sale $0m
Recent SEC filings A Filed Form What it flags Filing 22 Sep 8-K Material agreement, Unregistered share sale, Other events Open 17 Sep 8-K Regulation FD, Other events Open 17 Sep 424B5 — Open 12 Aug 10-Q — Open 11 Aug 8-K Results of operations Open 10 Aug 8-K Material agreement, New debt obligation , Regulation FD Open
Last four quarters B Quarter Revenue EBITDA Capex Free cash flow Q3 2025 $1.4bn $682m $2.4bn -$700m Q4 2025 $1.6bn $732m $4.1bn -$2.5bn Q1 2026 $2.1bn $1.0bn $7.7bn -$4.7bn Q2 2026 $2.6bn $1.3bn $6.4bn -$5.7bn
Company-reported A Adjusted EBITDA, quarter (company) $1.5bn Interest expense, net, quarter (company) $640m Total debt, carrying value (company) $35.1bn recourse $31.4bn non-recourse $3.7bn Active power 1.5 GW Contracted power 3.7 GW Revenue backlog $104bn
Source: CoreWeave Q2 2026 results release.
Debt instruments Instrument Principal Coupon Maturity Security Issued Confidence Recourse debt (all instruments) $31.4bn — — Mixed — A Non-recourse debt (all instruments) $3.7bn — — Secured — A
Company-reported debt is balance-sheet carrying value ($35.1bn). The feed total ($51.6bn) adds operating and finance lease liabilities ($16.5bn, SEC filings), so the two reconcile. Feed basis: NASDAQ:CRWV.
Nebius NASDAQ: NBIS Neocloud ◆ ElevatedQ2 2026 (to 30 Jun 2026) Website · LinkedIn · X
TTM revenue $1.4bn next 12m consensus $7.2bn (+429%)
TTM capex $10.5bn† 866% of revenue
Net debt $2.0bn 16.0x TTM EBITDA
Sites mapped 19 4 operational, 6 building, 9 planned
4 Leverage1 Runway2 Self-funding3 Margin1 Balance sheet4 Debt service3 Market signal
Trailing twelve months B Revenue, TTM $1.4bn Cash operating cost (revenue less EBITDA) $1.2bn EBITDA $126m Net income $62m Capex $10.5bn† Operating cash flow $5.5bn† Free cash flow -$5.0bn†
Balance sheet and latest quarter B Cash $8.0bn Total debt (feed basis) $10.1bn Net debt $2.0bn Short-term debt $47m Equity $10.3bn Latest quarter revenue $582m Latest quarter capex $5.9bn
Forward revenue, consensus B Revenue, TTM $1.4bn Next 12 months (consensus) $7.2bn (+429%) Following 12 months (consensus) $17.2bn (+140%) Next quarter (consensus) $905m
Sites by stage, Azraq Enriched Sites B Operational 4 Under construction 6 Planned / emerging 9 Sites 19 Share operational 21%
Market signals B Share price $170.24 Market capitalisation $46.3bn Market cap / net debt (equity cushion) 22.98x Change, 1 week / 1 month -22% / -22% Change, 3 months / 1 year -12% / +44% From 52-week high -43% Enterprise value (Finnhub) $46.8bn EV / revenue, EV / EBITDA (TTM) 34.5x / n.m. Current ratio 4.0x Altman Z-score (cross-check) 3.02
Debt service and funding A Funding runway 19 months† Interest expense, TTM (SEC filings) $240m Interest cover (TTM EBITDA / interest) 0.5x Debt due in next 12 months (SEC filings) $0m as a multiple of cash 0.0x Leases in total debt (SEC filings) $1.6bn Revenue backlog (RPO, SEC filings) $37.5bn (3.7x debt)
Debt maturity ladder, principal at 2026-06-30 A Period Principal due Next 12 months $0m Year 2 $0m Year 3 $588m Year 4 $0m Year 5 $5.5bn After year 5 $3.9bn
Recent news, 4 positive, 1 neutral, 3 negative B Insider trades, net -$0.5m over 90 days A Date Insider Transaction Value 19 Oct Grimme Arne Open market purchase $0m 15 Oct Boynton John Wilson IV Open market sale $0m 15 Oct Boynton John Wilson IV Open market sale $0m 15 Oct Boynton John Wilson IV Open market sale $0m 15 Oct Boynton John Wilson IV Open market sale $0m
Recent SEC filings A Last four quarters B Quarter Revenue EBITDA Capex Free cash flow Q3 2025 $146m -$18m — — Q4 2025 $228m -$54m $2.1bn -$1.3bn Q1 2026 $399m $114m $2.5bn -$215m Q2 2026 $582m $84m $5.9bn -$3.5bn
Company-reported A Adjusted EBITDA, quarter (company) $236m Interest expense, net, quarter (company) $119m Contracted power 5 GW ARR $3bn
Source: Nebius Q2 2026 6-K (interim statements and results release); contracted power is year-end 2026 guidance from its shareholder letter.
Debt instruments Instrument Principal Coupon Maturity Security Issued Confidence Convertible senior notes due June 2029 $588m 2.000% June 2029 Unsecured — A Convertible senior notes due September 2030 $1.8bn 1.000% September 2030 Unsecured — A Convertible senior notes due June 2031 $612m 3.000% June 2031 Unsecured — A Convertible senior notes due September 2032 $1.8bn 2.750% September 2032 Unsecured — A Convertible senior notes due March 2031 $3.1bn 1.250% March 2031 Unsecured — A Convertible senior notes due March 2033 $2.1bn 2.630% March 2033 Unsecured — A
Feed EBITDA ($84m a quarter) is far below the adjusted EBITDA Nebius quotes ($236m for Q2), so the leverage and margin scores understate its position on an adjusted basis. Nebius files quarterly results on Form 6-K with no XBRL, so interest, debt by series, leases, backlog and adjusted EBITDA are read from the 6-K exhibits on SEC EDGAR. Convertible notes priced after 30 June 2026 are not in the 30 June debt table. Feed basis: NASDAQ:NBIS. TTM capex and cash flow cover 3 of 4 quarters†.
Equinix NASDAQ: EQIX Colocation REIT ▲ ModerateQ2 2026 (to 30 Jun 2026) Website · LinkedIn · X
TTM revenue $9.8bn next 12m consensus $10.8bn (+10%)
TTM capex $5.4bn 55% of revenue
Net debt $21.1bn 6.3x TTM EBITDA
Sites mapped 352 308 operational, 15 building, 29 planned
3 Leverage1 Runway2 Self-funding2 Margin2 Balance sheet2 Debt service1 Market signal
Trailing twelve months B Revenue, TTM $9.8bn Cash operating cost (revenue less EBITDA) $6.5bn EBITDA $3.3bn Net income $1.5bn Capex $5.4bn Operating cash flow $3.9bn Free cash flow -$1.5bn
Balance sheet and latest quarter B Cash $2.2bn Total debt (feed basis) $23.4bn Net debt $21.1bn Short-term debt $1.5bn Equity $14.4bn Latest quarter revenue $2.6bn Latest quarter capex $1.6bn
Forward revenue, consensus B Revenue, TTM $9.8bn Next 12 months (consensus) $10.8bn (+10%) Following 12 months (consensus) $12.2bn (+14%) Next quarter (consensus) $2.6bn
Sites by stage, Azraq Enriched Sites B Operational 308 Under construction 15 Planned / emerging 29 Sites 352 Share operational 88%
Market signals B Share price $975.71 Market capitalisation $96.3bn Market cap / net debt (equity cushion) 4.56x Change, 1 week / 1 month -4% / -5% Change, 3 months / 1 year -4% / +20% From 52-week high -14% Enterprise value (Finnhub) $118.3bn EV / revenue, EV / EBITDA (TTM) 12.1x / 26.7x Current ratio 1.1x Altman Z-score (cross-check) 2.43
Debt service and funding A Funding runway 18 months Interest expense, TTM (SEC filings) $569m Interest cover (TTM EBITDA / interest) 5.9x Debt due in next 12 months (SEC filings) $1.1bn as a multiple of cash 0.5x Leases in total debt (SEC filings) $3.6bn Revenue backlog (RPO, SEC filings) $15.0bn (0.6x debt)
Debt maturity ladder, principal at 2026-06-30 A Period Principal due Next 12 months $1.1bn Year 2 $1.4bn Year 3 $2.2bn Year 4 $3.2bn After year 4 $11.4bn
Recent news, 3 positive, 3 neutral, 2 negative B Insider trades, net -$4.9m over 90 days A Date Insider Transaction Value 4 Sep Paladin Michael ShaneChief Customer & Rev Officer Open market sale $0m 2 Sep Paladin Michael ShaneChief Customer & Rev Officer Open market sale $0m 2 Sep Paladin Michael ShaneChief Customer & Rev Officer Open market sale $0m 20 Aug Pletcher KurtChief Legal Officer Open market sale $0m 18 Aug PAISLEY CHRISTOPHER B Open market sale $0m
Recent SEC filings A Filed Form What it flags Filing 6 Aug 8-K Other events Open 31 Jul 424B2 — Open 31 Jul FWP — Open 30 Jul 424B5 — Open 29 Jul 8-K Material agreement, Agreement terminated, New debt obligation Open 29 Jul 10-Q — Open
Last four quarters B Quarter Revenue EBITDA Capex Free cash flow Q3 2025 $2.3bn $663m $1.1bn -$122m Q4 2025 $2.4bn $641m $1.4bn -$292m Q1 2026 $2.4bn $750m $1.3bn -$539m Q2 2026 $2.6bn $1.3bn $1.6bn -$511m
Feed figures plus SEC filings (maturities, interest, leases, backlog). Feed basis: NASDAQ:EQIX.
Applied Digital NASDAQ: APLD AI / HPC hosting ■ HighFiscal Q1 2027 (to 31 Aug 2026) Website · LinkedIn
TTM revenue $854m next 12m consensus $964m (+13%)
TTM capex $4.7bn 549% of revenue
Net debt $3.2bn n.m. TTM EBITDA
Sites mapped 8 4 operational, 1 building, 3 planned
4 Leverage3 Runway4 Self-funding4 Margin2 Balance sheet4 Debt service4 Market signal
Trailing twelve months B Revenue, TTM $854m Cash operating cost (revenue less EBITDA) $946m EBITDA -$92m Net income -$462m Capex $4.7bn Operating cash flow $236m Free cash flow -$4.5bn
Balance sheet and latest quarter B Cash $3.3bn Total debt (feed basis) $6.5bn Net debt $3.2bn Short-term debt $175m Equity $3.8bn Latest quarter revenue $342m Latest quarter capex $2.1bn
Forward revenue, consensus B Revenue, TTM $854m Next 12 months (consensus) $964m (+13%) Following 12 months (consensus) $2.2bn (+128%) Next quarter (consensus) $159m
Sites by stage, Azraq Enriched Sites B Operational 4 Under construction 1 Planned / emerging 3 Sites 8 Share operational 50%
Market signals B Share price $19.25 Market capitalisation $5.8bn Market cap / net debt (equity cushion) 1.81x Change, 1 week / 1 month -18% / -29% Change, 3 months / 1 year -33% / -45% From 52-week high -62% Enterprise value (Finnhub) $9.3bn EV / revenue, EV / EBITDA (TTM) 10.9x / n.m. Current ratio 2.6x Altman Z-score (cross-check) 0.74
Debt service and funding A Funding runway 9 months Interest expense, TTM (SEC filings) $99m Interest cover (TTM EBITDA / interest) n.m. Debt due in next 12 months (SEC filings) $222m as a multiple of cash 0.1x Leases in total debt (SEC filings) $107m Revenue backlog (RPO, SEC filings) —
Debt maturity ladder, principal at 2026-08-31 A Period Principal due Next 12 months $222m Year 2 $341m Year 3 $354m Year 4 $4.3bn After year 4 $1.4bn
Recent news, 5 positive, 2 neutral, 1 negative B Insider trades, net +$6.0m over 90 days A Date Insider Transaction Value 16 Oct Zhang Jason GechenPresident Open market purchase $6m 16 Oct Cummins WesCEO; Chairman Open market purchase $1m 13 Oct Nottenburg Richard N Open market sale $1m
Recent SEC filings A Filed Form What it flags Filing 7 Oct 10-Q — Open 7 Oct 8-K Results of operations Open 29 Jul 10-K — Open 27 Jul 8-K Results of operations Open 26 Jun 8-K Material agreement, New debt obligation , Unregistered share sale Open
Last four quarters B Quarter Revenue EBITDA Capex Free cash flow Nov 2025 qtr $127m -$8m $552m -$568m Feb 2026 qtr $127m $2m $775m -$720m May 2026 qtr $259m -$81m $1.3bn -$1.2bn Aug 2026 qtr $342m -$5m $2.1bn -$2.0bn
Feed figures only. Fiscal year differs from the calendar-quarter peers. Feed basis: NASDAQ:APLD.
IREN NASDAQ: IREN AI / HPC hosting ◆ ElevatedFiscal Q4 2026 (to 30 Jun 2026) Website · Investors · News · LinkedIn
TTM revenue $707m next 12m consensus $2.7bn (+286%)
TTM capex $4.6bn 658% of revenue
Net debt $274m 7.2x TTM EBITDA
Sites mapped 14 5 operational, 2 building, 7 planned
3 Leverage1 Runway3 Self-funding3 Margin2 Balance sheet4 Debt service4 Market signal
Trailing twelve months B Revenue, TTM $707m Cash operating cost (revenue less EBITDA) $669m EBITDA $38m Net income -$703m Capex $4.6bn Operating cash flow $2.3bn Free cash flow -$2.3bn
Balance sheet and latest quarter B Cash $7.6bn Total debt (feed basis) $7.8bn Net debt $274m Short-term debt $295m Equity $4.2bn Latest quarter revenue $137m Latest quarter capex $2.1bn
Forward revenue, consensus B Revenue, TTM $707m Next 12 months (consensus) $2.7bn (+286%) Following 12 months (consensus) $7.5bn (+174%) Next quarter (consensus) $230m
Sites by stage, Azraq Enriched Sites B Operational 5 Under construction 2 Planned / emerging 7 Sites 14 Share operational 36%
Market signals B Share price $27.73 Market capitalisation $11.2bn Market cap / net debt (equity cushion) 40.94x Change, 1 week / 1 month -24% / -38% Change, 3 months / 1 year -32% / -53% From 52-week high -64% Enterprise value (Finnhub) $12.7bn EV / revenue, EV / EBITDA (TTM) 18.0x / n.m. Current ratio 3.6x Altman Z-score (cross-check) 1.16
Debt service and funding A Funding runway 39 months Interest expense, TTM (SEC filings) $47m Interest cover (TTM EBITDA / interest) 0.8x Debt due in next 12 months (SEC filings) $177m as a multiple of cash 0.0x Leases in total debt (SEC filings) — Revenue backlog (RPO, SEC filings) $5.1bn (0.7x debt)
Debt maturity ladder, principal at 2026-06-30 A Period Principal due Next 12 months $177m Year 2 $270m Year 3 $194m Year 4 $573m Year 5 $128m After year 5 $6.4bn
Recent news, 1 positive, 7 negative B Insider trades, net — over 90 days A Date Insider Transaction Value 16 Sep Guzowski Christopher Open market sale $0m
Recent SEC filings A Filed Form What it flags Filing 27 Aug 10-K — Open 27 Aug 8-K Results of operations Open 13 Aug 8-K Regulation FD Open 4 Aug 424B7 — Open 4 Aug 8-K Regulation FD, Other events Open 20 Jul 8-K Results of operations Open
Last four quarters B Quarter Revenue EBITDA Capex Free cash flow Sep 2025 qtr $240m $21m $281m -$138m Dec 2025 qtr $185m $18m $829m -$649m Mar 2026 qtr $145m $23m $1.5bn -$1.4bn Jun 2026 qtr $137m -$24m $2.1bn -$188m
Feed figures only. Operating cash flow in the quarter is large relative to revenue, probably customer prepayments; not verified. Feed basis: NASDAQ:IREN.
Digital Realty NYSE: DLR Colocation REIT ▲ ModerateQ2 2026 (to 30 Jun 2026) Website · LinkedIn · X
TTM revenue $6.8bn next 12m consensus $7.4bn (+9%)
TTM capex $3.5bn 51% of revenue
Net debt $18.0bn 5.4x TTM EBITDA
Sites mapped 326 281 operational, 15 building, 30 planned
3 Leverage1 Runway2 Self-funding1 Margin1 Balance sheet4 Debt service1 Market signal
Trailing twelve months B Revenue, TTM $6.8bn Cash operating cost (revenue less EBITDA) $3.5bn EBITDA $3.3bn Net income $799m Capex $3.5bn Operating cash flow $3.0bn Free cash flow -$507m
Balance sheet and latest quarter B Cash $1.9bn Total debt (feed basis) $19.8bn Net debt $18.0bn Short-term debt $825m Equity $29.5bn Latest quarter revenue $1.9bn Latest quarter capex $914m
Forward revenue, consensus B Revenue, TTM $6.8bn Next 12 months (consensus) $7.4bn (+9%) Following 12 months (consensus) $8.5bn (+16%) Next quarter (consensus) $1.8bn
Sites by stage, Azraq Enriched Sites B Operational 281 Under construction 15 Planned / emerging 30 Sites 326 Share operational 86%
Market signals B Share price $173.00 Market capitalisation $64.2bn Market cap / net debt (equity cushion) 3.57x Change, 1 week / 1 month -3% / -6% Change, 3 months / 1 year -2% / +1% From 52-week high -17% Enterprise value (Finnhub) $81.0bn EV / revenue, EV / EBITDA (TTM) 12.0x / 27.3x Current ratio 0.7x Altman Z-score (cross-check) 1.68
Debt service and funding A Funding runway 44 months Interest expense, TTM (SEC filings) $456m Interest cover (TTM EBITDA / interest) 7.3x Debt due in next 12 months (SEC filings) $2.2bn as a multiple of cash 1.2x Leases in total debt (SEC filings) — Revenue backlog (RPO, SEC filings) —
Debt maturity ladder, principal at 2026-06-30 A Period Principal due Next 12 months $2.2bn Year 2 $2.5bn Year 3 $3.6bn Year 4 $1.7bn After year 4 $8.0bn
Recent news, 4 positive, 2 neutral, 2 negative B Insider trades, net -$0.0m over 90 days A Date Insider Transaction Value 27 Aug Patterson Mark R Open market sale $0m
Recent SEC filings A Filed Form What it flags Filing 9 Oct 8-K Material agreement, New debt obligation Open 6 Oct 8-K Regulation FD, Other events Open 6 Oct 8-K Material agreement, New debt obligation , Regulation FD Open 6 Oct 8-K Other events Open 19 Aug 8-K Other events Open 19 Aug 424B7 — Open
Last four quarters B Quarter Revenue EBITDA Capex Free cash flow Q3 2025 $1.6bn $722m $687m -$34m Q4 2025 $1.6bn $798m $1.0bn -$283m Q1 2026 $1.6bn $782m $870m -$338m Q2 2026 $1.9bn $1.0bn $914m $149m
Feed figures plus SEC filings (maturities, interest, leases). Feed basis: NYSE:DLR.
Core Scientific NASDAQ: CORZ AI / HPC hosting ■ HighQ2 2026 (to 30 Jun 2026) Website · News · LinkedIn
TTM revenue $440m next 12m consensus $896m (+104%)
TTM capex $1.7bn 391% of revenue
Net debt $2.5bn n.m. TTM EBITDA
Sites mapped 11 9 operational, 1 building, 1 planned
4 Leverage1 Runway3 Self-funding4 Margin4 Balance sheet4 Debt service3 Market signal
Trailing twelve months B Revenue, TTM $440m Cash operating cost (revenue less EBITDA) $500m EBITDA -$60m Net income -$1.4bn Capex $1.7bn Operating cash flow $531m Free cash flow -$1.2bn
Balance sheet and latest quarter B Cash $1.9bn Total debt (feed basis) $4.4bn Net debt $2.5bn Short-term debt $14m Equity -$2.4bn Latest quarter revenue $164m Latest quarter capex $798m
Forward revenue, consensus B Revenue, TTM $440m Next 12 months (consensus) $896m (+104%) Following 12 months (consensus) $1.4bn (+60%) Next quarter (consensus) $197m
Sites by stage, Azraq Enriched Sites B Operational 9 Under construction 1 Planned / emerging 1 Sites 11 Share operational 82%
Market signals B Share price $13.73 Market capitalisation $4.4bn Market cap / net debt (equity cushion) 1.78x Change, 1 week / 1 month -10% / -23% Change, 3 months / 1 year -40% / -26% From 52-week high -55% Enterprise value (Finnhub) $6.9bn EV / revenue, EV / EBITDA (TTM) 15.8x / 33.9x Current ratio 0.9x Altman Z-score (cross-check) -0.93
Debt service and funding A Funding runway 20 months Interest expense, TTM (SEC filings) $163m annualised latest quarter Interest cover (TTM EBITDA / interest) n.m. Debt due in next 12 months (SEC filings) $0m as a multiple of cash 0.0x Leases in total debt (SEC filings) $109m Revenue backlog (RPO, SEC filings) —
Debt maturity ladder, principal at 2026-06-30 A Period Principal due Next 12 months $0m Year 2 $0m Year 3 $650m Year 4 $380m After year 4 $3.4bn
Recent news, 4 positive, 2 neutral, 2 negative B Insider trades, net -$0.7m over 90 days A Date Insider Transaction Value 19 Oct DUCHENE TODD MSee remarks Open market sale $0m 12 Oct DUCHENE TODD MSee remarks Open market sale $0m 5 Oct DUCHENE TODD MSee remarks Open market sale $0m 28 Sep DUCHENE TODD MSee remarks Open market sale $0m 21 Sep DUCHENE TODD MSee remarks Open market sale $0m
Recent SEC filings A Filed Form What it flags Filing 10 Sep 8-K Regulation FD Open 27 Aug 8-K Material agreement, New debt obligation , Regulation FD Open 14 Aug 8-K Regulation FD, Other events Open 29 Jul 8-K Executive or director change, Regulation FD Open 28 Jul 10-Q — Open 28 Jul 8-K Results of operations, Regulation FD Open
Last four quarters B Quarter Revenue EBITDA Capex Free cash flow Q3 2025 $81m -$46m $255m -$113m Q4 2025 $80m -$22m $279m -$122m Q1 2026 $115m -$4m $389m -$139m Q2 2026 $164m $12m $798m -$816m
Feed figures only. Negative book equity; the net loss this quarter is very large against revenue, cause not yet checked. The feed's free cash flow history for Core Scientific did not reconcile to operating cash flow less capex in the latest quarter (corrected here); earlier quarters were not checked, so TTM operating cash flow is uncertain. Feed basis: NASDAQ:CORZ.
Cipher Mining NASDAQ: CIFR AI / HPC hosting ■ HighQ2 2026 (to 30 Jun 2026) Website
TTM revenue $191m next 12m consensus $521m (+172%)
TTM capex $1.4bn 749% of revenue
Net debt $1.5bn n.m. TTM EBITDA
Sites mapped 8 4 operational, 0 building, 4 planned
4 Leverage1 Runway4 Self-funding4 Margin4 Balance sheet4 Debt service4 Market signal
Trailing twelve months B Revenue, TTM $191m Cash operating cost (revenue less EBITDA) $254m EBITDA -$63m Net income -$1.1bn Capex $1.4bn Operating cash flow -$221m Free cash flow -$1.7bn
Balance sheet and latest quarter B Cash $4.1bn Total debt (feed basis) $5.6bn Net debt $1.5bn Short-term debt $101m Equity $588m Latest quarter revenue $25m Latest quarter capex $410m
Forward revenue, consensus B Revenue, TTM $191m Next 12 months (consensus) $521m (+172%) Following 12 months (consensus) $876m (+68%) Next quarter (consensus) $38m
Sites by stage, Azraq Enriched Sites B Operational 4 Under construction 0 Planned / emerging 4 Sites 8 Share operational 50%
Market signals B Share price $8.94 Market capitalisation $3.7bn Market cap / net debt (equity cushion) 2.43x Change, 1 week / 1 month -33% / -50% Change, 3 months / 1 year -57% / -49% From 52-week high -70% Enterprise value (Finnhub) $8.4bn EV / revenue, EV / EBITDA (TTM) 44.0x / n.m. Current ratio 3.0x Altman Z-score (cross-check) 0.99
Debt service and funding A Funding runway 29 months Interest expense, TTM (SEC filings) $161m Interest cover (TTM EBITDA / interest) n.m. Debt due in next 12 months (SEC filings) $217m as a multiple of cash 0.1x Leases in total debt (SEC filings) $45m Revenue backlog (RPO, SEC filings) —
Debt maturity ladder, principal at 2026-06-30 A Period Principal due Next 12 months $217m Year 2 $296m Year 3 $301m Year 4 $1.6bn After year 4 $3.6bn
Recent news, 1 neutral, 3 negative B Recent SEC filings A Filed Form What it flags Filing 16 Oct 8-K Material agreement, New debt obligation , Unregistered share sale, Regulation FD Open 14 Oct 8-K Other events Open 13 Oct 8-K Regulation FD, Other events Open 25 Sep 8-K Regulation FD, Other events Open 4 Aug 10-Q — Open 4 Aug 8-K Results of operations, Regulation FD Open
Last four quarters B Quarter Revenue EBITDA Capex Free cash flow Q3 2025 $72m $23m $207m -$256m Q4 2025 $60m -$8m $261m -$280m Q1 2026 $35m -$29m $554m -$462m Q2 2026 $25m -$48m $410m -$654m
Feed figures only. Revenue is small against debt: an early-stage build-out. Feed basis: NASDAQ:CIFR.
Source TradingView B 20 Oct 2026 SEC EDGAR A 21 Oct 2026 Company releases A Akta via treg B 21 Oct 2026 Finnhub via treg B 21 Oct 2026 Azraq Enriched Sites B 19 Aug 2026
Azraq Derived | Sources: company filings (SEC EDGAR), TradingView, FRED, Akta, Finnhub and Financial Datasets via treg, company and operator pages, Azraq Enriched Sites
Data updated 21 Oct 2026, 11:16 UTC
checking data refresh…