Demand scales
Demand relents
OCI growth is gated by a single account
leverage-funded build
debt-backed capacity
single-account demand
OpenAI concentration
concentrated backlog
roughly half of backlog
OCI growth engine
roughly doubling growth
single account
scales & prepays
growth & FCF supported
sustained
growth & FCF reverse
quickly
leverage remains
scales & prepays
relents /
renegotiates