Timing of the AI-power window:
within window
milestones missed
Equity-funded growth versus valuation: ATM raises fill a liquidity reservoir that funds construction while diluting shares, so the market cap prices future cash flow gated by the AI-power window.
Pre-revenue builder
ATM equity raises
issues shares for cash
Liquidity pool
cash + securities
funds construction
Funded construction
capex + long runway
Share dilution
no current earnings
Market cap prices
future cash flow
AI-power window
Capital + licensing
commercial operations
Equity compounds
cash-generating
business
Dilution outruns
milestones