Roughly $895–901 billion in purchase commitments and lease agreements, substantially all related to compute and data centers, this is financial insanity for any retail investor. And... Roughly $70 billion is due in the next 12 months; ~$450 billion by end of 2030; the rest stretching out to ~2045.

Many of the commitments are non-cancellable or take-or-pay. Counterparties include Google (~$121B), Amazon (~$110B), SpaceXAI (up to ~$120.5B), Broadcom equipment leases (~$161B), Microsoft, Nscale, Lambda, etc. The "Big Beautiful Circlejerk" as I've heard it.

Liquidity was in the ~$130–150B range. The IPO only raises ~$58–64B (at the $70–78 range) plus the concurrent $26B private placement covers only a fraction of the near-term obligations. And the cherry on top: dditional arrangements of another $150B+, estimated, on top of all this.

This doesn't even account for the 90-100 pages of risk factors! Wow. Curious what the puts will be priced at.