Gated delivery sequence: secured MW becomes per-MW AI revenue only at customer acceptance
gated delivery sequence — the rail yields energized capacity, not revenue
Grid-secured
power ~3.5c/kWh
Transformer
grid, 12-24 mo
Commissioning
data hall
Cooling
liquid / air
GPU install
+ networking
Energized
secure, not earning
6 MW delivered
customer
acceptance
only gate that collects revenue
Monetized
revenue collects
accepted MW earn revenue
~480 MW (2026) → 1.2 GW (2027) delivered base
Delivered MW passed through customer acceptance
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